{"id":3453,"date":"2017-09-26T18:29:14","date_gmt":"2017-09-26T12:59:14","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3453"},"modified":"2021-12-06T11:46:26","modified_gmt":"2021-12-06T06:16:26","slug":"corporate-and-professional-update-september-23rd-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/","title":{"rendered":"corporate and professional update september 23rd 2017"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eaa374b4310\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eaa374b4310\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#CORPORATE_AND_PROFESSIONAL_UPDATE_SEPTEMBER_23rd_2017\" title=\"CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 23rd 2017\">CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 23rd 2017<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#DIRECT_TAX\" title=\"DIRECT\u00a0 TAX\">DIRECT\u00a0 TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#INDIRECT_TAX\" title=\"INDIRECT TAX:\">INDIRECT TAX:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#GST_UPDATE\" title=\"GST UPDATE:\">GST UPDATE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#FAQ_on_GST\" title=\"FAQ on GST:\">FAQ on GST:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#MCA_UPDATE\" title=\"MCA UPDATE:\">MCA UPDATE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#OTHER_UPADATE\" title=\"OTHER UPADATE:\">OTHER UPADATE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-23rd-2017\/#WORD_OF_WISDOM\" title=\"WORD OF WISDOM:\">WORD OF WISDOM:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><\/h2>\n<h3><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19473\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/09\/corporate.jpg\" alt=\"\" width=\"693\" height=\"471\" \/><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_SEPTEMBER_23rd_2017\"><\/span>CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 23rd 2017<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong>DIRECT\u00a0 TAX<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Delhi ITAT allows deduction u\/s 10B to assessee [(operating an Export Oriented Unit (EOU)] for AY 2010-11 and AY 2011-12 in respect of duty drawback receipts forming part of EOU&#8217;s profits, ITAT\u00a0holds that manner of computing profits u\/s 10B(4) does not require direct nexus with business unlike Sec 80(IB).\u00a0\u00a0TS-408-ITAT-2017(DEL)<\/li>\n<\/ul>\n<ul>\n<li>Mumbai ITAT treats interest earned by assessee company on fixed deposit as capital receipt for AY 2012-13, being inextricably linked with setting up of power project, directs set-off against pre-operative expenditure.\u00a0[TS-409-ITAT-2017(Mum<strong>)<\/strong><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><span style=\"text-decoration: underline;\">INDIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>CBEC made amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.11\/2017- Central Tax (Rate), dated the 28thJune, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 690(E), dated the 28thJune, 2017.\u00a0Vide notification no 24\/2017, dated 21th September 2017<\/li>\n<\/ul>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Department at the time of login asking for Residential Status, Mobile and Email, Bank details and at last Mobile and E-mail OTP. Otherwise Login is not allowed. Also, one Mobile and E-mail address cannot be used for more than 3 Assessee.<\/li>\n<\/ul>\n<ul>\n<li>CBDT via Notification No. 9 dated. 19.09.2017 notifies procedure for filing Statement of Income to avail foreign tax credit as per Rule 128 of Income Tax Rules 2016.<\/li>\n<\/ul>\n<ul>\n<li>CBEC exempts intra state supply of heavy water and nuclear fuels falling in Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) by the Department of Atomic Energy to the Nuclear Power Corporation of India Ltd from the whole of the central tax leviable thereon under section 9 of the Central Good and Services Tax Act, 2017. Vide notification no 26\/2017, dated 21th September\u00a02017.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"GST_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/\">GST<\/a> UPDATE:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Extension of last date for filing TRAN-1 to\u00a010.2017. Now original TRAN1 can be filed and revised once till\u00a031.10.2017. \u00a0[Order 03\/2017-GST of 21.9.2017.]<\/li>\n<\/ul>\n<ul>\n<li>As many as 2.97 million assessees have filed the summary input-output return under the GST for the month of August (\u2018GSTR 3B\u2019), much less\u00a0than the 4.6 million that came for the month of July.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on GST:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><span style=\"text-decoration: underline;\">Query<\/span><\/strong><span style=\"text-decoration: underline;\">:<\/span>\u00a0I have a registration as an Input Service Distributor. Am I required to raise invoices even though no taxable supplies are made from this registration number?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer<\/span><\/strong><span style=\"text-decoration: underline;\">:<\/span>\u00a0Yes. An Input Service Distributor (ISD) should issue a tax invoice being an \u2018ISD invoice\u2019 for distributing credits to the <a href=\"https:\/\/carajput.com\/gst\/gst-registration.php\">GST registrations<\/a> that have the same<a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\"> PAN<\/a> as that of the ISD. Such invoice will be different from invoices reflecting supply of goods or services (refer Invoice Rules). This is a document required under Section 20 of the Act.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MCA_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">MCA UPDATE:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>MCA made amendments in companies Act, 2013. These rules may be called the Companies (Restriction on number of layers) Rules, 2017 which shall come into force on the date of their publication in the official Gazette.\u00a0Vide notification no 01\/1312013 CL-V (Vol.IIl), dated 20.09.2017<span style=\"text-decoration: underline;\">.<\/span><\/li>\n<\/ul>\n<ul>\n<li>The last date for submission of research proposal for &#8220;Funding of Research Studies and Workshops conference, etc. under the CDM plan Scheme&#8221;\u00a0is now extended up to\u00a029th September, 2017.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"OTHER_UPADATE\"><\/span><strong><span style=\"text-decoration: underline;\">OTHER UPADATE:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> has empowered stock exchanges to conduct forensic audits on listed companies which seem dubious, being suspected of \u00a0use as conduits for illicit fund flow.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><strong><span style=\"text-decoration: underline;\">KEY DATES:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Return of input service distributer for August:\u00a023\/09\/2017<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"WORD_OF_WISDOM\"><\/span><strong><span style=\"text-decoration: underline;\">WORD OF WISDOM:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>To be successful, you must decide exactly what you want to accomplish, then resolve to pay the price to get it.<\/li>\n<\/ul>\n<ul>\n<li>\u201cThere is only one corner of the universe you can be certain of improving, and that\u2019s your own self\u201d<\/li>\n<\/ul>\n<p>We look forward for your valuable comment www.carajput.com<\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com\u00a0<\/a>\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a> \u00a0 T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 23rd 2017 DIRECT\u00a0 TAX Delhi ITAT allows deduction u\/s 10B to assessee [(operating an Export Oriented Unit (EOU)] for AY 2010-11 and AY 2011-12 in respect of duty drawback receipts forming part of EOU&#8217;s profits, ITAT\u00a0holds that manner of computing profits u\/s 10B(4) does not require direct nexus with business &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,110,1],"tags":[5313,5317,623,5316,5315,4572],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3453"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=3453"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3453\/revisions"}],"predecessor-version":[{"id":19475,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3453\/revisions\/19475"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}