{"id":2626,"date":"2017-01-06T06:27:24","date_gmt":"2017-01-06T06:27:24","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2626"},"modified":"2021-07-14T11:58:33","modified_gmt":"2021-07-14T11:58:33","slug":"corporate-and-professional-update-jan-06-2017","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-06-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JAN 06, 2017"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e6ea439cc73\" 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: #999;color:#999\" 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: #999;color:#999\" 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-69e6ea439cc73\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-06-2017\/#Today_Update\" title=\"Today Update :\">Today Update :<\/a><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-06-2017\/#DIRECT_TAX\" title=\"DIRECT TAX:-\">DIRECT TAX:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-06-2017\/#Indirect_Tax\" title=\"Indirect Tax:-\">Indirect Tax:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-06-2017\/#GST_Update\" title=\"GST Update:-\">GST Update:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-06-2017\/#Other_Update\" title=\"Other Update:-\">Other Update:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-06-2017\/#Key_Dates\" title=\"Key Dates:-\">Key Dates:-<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Today_Update\"><\/span><span style=\"color: #333399;\"><strong>Today Update :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<figure id=\"attachment_2627\" aria-describedby=\"caption-attachment-2627\" style=\"width: 300px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/annual-compliance-of-a-private-limited-company.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-2627\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/annual-compliance-of-a-private-limited-company-300x150.jpg\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/annual-compliance-of-a-private-limited-company-300x150.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/annual-compliance-of-a-private-limited-company-1024x512.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/annual-compliance-of-a-private-limited-company.jpg 1200w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-2627\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">DIRECT TAX:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Bombay High court held that an unintentional error on the part of the assessee while filing an appeal, more so when the department also acted ignoring the error, would not result in rejecting the assessee\u2019s appeal being time-barred. Therefore, in the present case, the mistake of the assessee to file the appeal with AO instead of CIT(A) was unintentional &amp; therefore, should hear the appeal on the merits. [Prashanth Projects Ltd. Vs DCIT]<\/li>\n<li>The Supreme court held that amount received as a subvention\/grant from the parent company by a loss-making subsidiary cannot be considered as a revenue receipt in the hands of the subsidiary company as the grant was made by a parent company to protect its investment made in the subsidiary. Therefore, such a grant is a capital receipt that is not taxable. [Siemens Public Communication Network P. Ltd. Vs CIT]<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">Indirect Tax:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Supreme Court held that in terms of circular dated 01.07.2002 by which, where no sale is involved but only a transfer by one sister unit to another, the value shown in the invoice on the basis of which Cenvat Credit was taken by the assessee would be the value for the purpose of Rule 57AB and Rule 3(4).\u00a0[Commissioner of Central Excise, Raigad Vs M\/s. Ispat Metallics Industries Ltd. &amp; Ors.]<\/li>\n<li>Bombay High Court held that in case of non-payment of service tax by the assessee, the notices for recovery cannot be issued to the assessee\u2019s debtors unless the liability has been crystallized. [M\/s. Quality Fabricators &amp; Erectors Vs The Deputy Director, DGCEI, Zonal unit Mumbai &amp; Others ]<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"GST_Update\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">GST Update:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>GST aggregate turnover includes exports, exempt (including non-taxable) &amp; inter-state supplies calculated PAN wise on all India basis.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Other_Update\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">Other Update:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Finance Minister expressed confidence that direct and indirect tax mop-up will surpass the budget estimate of Rs.16.3 lakh crore by March-end.<\/li>\n<li>SEBI issued Guidelines for participation\/functioning of Eligible Foreign Investors (EFIs) and FPIs in the International Financial Services Centre (IFSC).<\/li>\n<li>ICAI \u00a0issued exposure draft standard on auditing (SA) 720 (Revised) The auditor&#8217;s responsibilities relating to other information.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">Key Dates:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>E-Payment of Service Tax for the month of December \u2013\u00a006.01.2017<\/li>\n<li>Due date of deposit of Tax deducted\/collected for the month of December \u2013 07.01.2017<\/li>\n<li>Due date to a deposit of DVAT of December &#8211; 21.01.2017.<\/li>\n<\/ul>\n<p>\u201cSuccess does not lie in RESULTS, but in EFFORTS. Being the\u00a0 best is not so important, Doing the best is all that matters.\u201d<\/p>\n<p>We look forward for your valuable comments.\u00a0 <a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a><\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a> \u00a0E: info@caindelhiindia.com T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today Update : DIRECT TAX:- Bombay High court held that an unintentional error on the part of the assessee while filing an appeal, more so when the department also acted ignoring the error, would not result in rejecting the assessee\u2019s appeal being time-barred. Therefore, in the present case, the mistake of the assessee to file &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[642,21,20,647,144,142,146],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2626"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=2626"}],"version-history":[{"count":3,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2626\/revisions"}],"predecessor-version":[{"id":2737,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2626\/revisions\/2737"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}