This document contains a market watch report from Lunawat & Co. summarizing stock market performance and providing compliance due dates. It reports that the Sensex closed at 33,213.13 and Nifty closed at 10,335.30 on October 31, 2017. It lists various tax filing and compliance due dates for November. It also summarizes recent developments related to income tax, GST, MCA, and provides an overview of Lunawat & Co.'s services.

1. November 2017November 2017November 2017November 2017
Lunawat Bulletin
Market Watch
SensexSensexSensexSensex
31.10.2017:31.10.2017:31.10.2017:31.10.2017: 33213.1333213.1333213.1333213.13
30.09.2017 :30.09.2017 :30.09.2017 :30.09.2017 : 31283.7231283.7231283.7231283.72
NiftyNiftyNiftyNifty
31.10.2017:31.10.2017:31.10.2017:31.10.2017: 10335.3010335.3010335.3010335.30
30.09.2017 :30.09.2017 :30.09.2017 :30.09.2017 : 9788.609788.609788.609788.60
For Private Circulation Only
Lunawat & Co.
Chartered Accountants
www.lunawat.com
Inside …..
Compliance
Due Dates
2
Income Tax 3
GST 4
MCA 5
Lunawat Up- 6
Infosys for long the face of India’s
software sector, finds its management
of the GST information technology
backbone under scrutiny at the highest
levels of the government. It had won
the Rs 1,380-crore deal for developing
and running GST’s backend in 2015.
Three top government functionaries
expressed strong disappointment with
the company over frequent glitches
that have beset the Goods and Services
Tax Network (GSTN), leading to ex-
tension of deadlines for returns several
times.
Infosys is to blame for GST
Network glitches, say
Government Officials
Singapore offers help to promote
RuPay card overseas
India hits 100 in Ease of doing Business Ranking done by
World Bank
Singapore has offered assistance to pro-
mote India's digital payment network Ru-
Pay card overseas by becoming its first
international partner. Singapore Foreign
Affairs Minister Vivian Balakrishnan said
his country is ready to become RuPay
Card's first international partner, while
praising steps taken by the government
such as promotion of digital payments and
use of Aadhaar.
The RuPay card is a digital payment plat-
form whose benefits include lower trans-
action cost as the processing is done with-
in India, which also leads to faster transac-
tions.
Reforms in access to credit, power supplies and protection of minority investors
have helped India ace 30 places to reach 100th place on the World Bank’s ranking
of countries by Ease of Doing Business for 2018.
This is for the first time the country is surging to this spot. It has brought much
cheer to the reform process undertaken by the government with Prime Minister
Narendra Modi terming it a 'historic jump'. This is a major jump for India. India
has improved a lot (this year), but there’s still room for improvement, it’s a right
direction to become a nice place.

2. Page 2
Lunawat Bulletin
Compliance Due Dates
Due Date Related to Particulars
07.11.2017
(Tuesday)
TDS/TCS
(Income Tax)
Deposit Tax deducted/collected during the month of October 2017 for all
corporate assessees
07.11.2017
(Tuesday)
Income Tax File of Income tax returns along with tax audit report pertaining to A.Y.
2017-18 as extended from 31st October 2017
15.11.2017
(Wednesday)
EPF Deposit PF under Employees Provident Fund & Misc. Provision Act, 1952
deducted for the month of October 2017.
15.11.2017
(Wednesday)
TDS/TCS
(Income Tax)
Issue Quarterly TDS / TCS Certificate for the Quarter ending September
30, 2017 by downloading from TRACES
15.11.2017
(Wednesday)
ESI Deposit ESI under Employees State Insurance Act, 1948 deducted for the
month of October 2017.
15.11.2017
(Wednesday)
GST • File GSTR-6 for the period from July to September 2017.
• File of GSTR-4 for the period from July to September 2017.
• Submit detail of closing held as on 31st March 2017 & 30th June 2017
20.11.2017
(Monday)
GST • Deposit GST collected during the month of October 2017
• File GSTR-3B for the month of October 2017.
• File GSTR-5A for the month of July and August 2017.
29.11.2017
(Wednesday)
COMPANY
LAW
• File Form AOC - 4, AOC-4 CFS & AOC - 4 (XBRL) for Financial
Statements (Extended from October 29, 2017) of companies for the FY
2016-17
• File MGT - 7 for Annual Return of companies for the FY 2016-17
30.11.2017
(Thursday)
Income Tax • File ITRs, Submit Tax Audit Report & TP Report of Companies and
assesses who are required to get their accounts audited u/s 92E under In-
come Tax Act, 1961 (Domestic and International Transfer Pricing
Audit) for AY 2017-18
• Submit statement by Scientific research association, university, col-
lege, etc as required by Rule 5D / 5E / 5F if it has International or Speci-
fied Domestic Transactions
• Furnish Statement of income distribution for FY 2016-17 by VC Com-
pany Fund in Form 64 by Business Trust in Form 64A and Investment
Fund in Form 64D
• Upload statement to accumulate / set apart income u/s 10(21) / 11(2) in
Form 10, & Form 9A to apply income in next year as per Expl. to s. 11
(1). In case required to file return by 30th November 2017.
• Electronically submit copy of audit of accounts to the Secretary Deptt of
Scientific and Industrial Research in case company is eligible for
weighted deduction u/s 35(2AB).
30.11.2017
(Thursday)
GST • File GSTR-2 of July 2017
• File GST ITC 04
• File GST ITC 01
• File Tran 1 and those who have already filed can also be revised

3. Page 3
November 2017
Income Tax
CBDT recognizes trading in Indian
Commodity Exchange not to be speculative
transaction
CBDT issued a notification dated 30th
October 2017
notifying Indian Commodity Exchange Limited
(PAN: AABCI9479D) as a recognised association not
for speculative transactions in respect of trading in
commodity derivatives which is chargeable to com-
modity transactions tax. Transactions in this exchange
would not to be speculative transaction u/s 43(5)(e)
read with Rule 6DDD(4)
As per the notification dated 27th
October, 2017 of
CBDT, Madhya Pradesh Pollution Control Board
and Swasthya Sathi Samiti constituted under the
State Government of Madhya Pradesh and West
Bengal respectively, the specified income and ex-
penses occurred by the board shall be exempt under
section 10(46).
Madhya Pradesh Pollution Control Board
and Swasthya Sathi Samiti
Draft Notification of amendment of Rule
17A and Form 10A of the Income-tax Rules,
1962
As per the notification dated 17th
October, 2017 of
CBDT a new clause is to be inserted in Rule 17A relat-
ed to charitable Trusts. The prescribed Form 10A is to
be amended to conform the modification for the trust
or charitable organizations registered under the section
12A or 12AA. Press Release and Draft notification for
was released for public comments to be made by
27.10.17
Clarification related to guidelines for
establishing 'Place of Effective
Management’ (PoEM) in India
CBDT has issued Circular No 25 of 2017 dated 23rd
October 2017 by which it has provided clarification
related to guidelines for establishing ‘Place of Effec-
tive Management’ (PoEM) in India. The CBDT has
in particular addressed concerns that as per the ex-
tant guidelines, PoEM may be triggered in cases of
certain multinational companies with regional head-
quarter structure merely on the ground that certain
employees having multi-country responsibility or
oversight over the operations in other countries of
the region are working from India, and cosequently,
their income from operations outside India may be
taxed in India
Other Updates
• CBDT extends due date of filing International
group country-by-country reporting u/s 92D(4)
read with section 286(2) in Form 3CEBA to
3CEBE to 31st March 2018
• CBDT issues notification for TDS on interest on
deposits made under Capital gain Accounts
Scheme where depositor has deceased

4. Page 2
Lunawat Bulletin
Goods And Service Tax
Due Dates for filing GST Returns
1. Introduced Form GSTR 1E to be submitted by
exporters who have made exports by paying IGST
on exports of goods to avail refund.
2. CBEC extends facility of Letter of Undertaking to
all exporters.
3. At its 22nd meeting GST Council has recommend-
ed various facilitative changes to ease the burden
of compliances of SMEs.
4. From 10.10.2017 the held up refund of IGST paid
on goods exported outside in July has begin where-
as for the month of August the same has been start-
ed from 18.10.2017.
5. At its 22nd meeting GST Council provided recom-
mendation regarding change in GST Rates for
Goods and IGST Rates in case of Import.
6. Officers appointed under the GST Act shall also act
as proper officer for the purpose of sanction of re-
fund.
7. Registered person whose turnover is less than Rs.
1.50 Crore shall furnish details as specified in
Schedule IX of the GST Act.
8. Persons making inter-State supplies of taxable ser-
vices and having an aggregate turnover, to be com-
puted on all India basis, not exceeding an amount of
twenty lakh rupees in a financial year as the catego-
ry of persons exempted from obtaining registration
n under the said Act.
9. Purchasing Limit of Rs. 5000 per day from URD
stands with drawn for Reverse Charge mechanism
of collection of GST.
10. CBEC provides rules for cancellation of registra-
tion in case of person registered under any other law
11.CBEC notifies Evidences which are required to be
produced by the supplier of deemed export supplies
for claiming refund.
Details/Returns Tax Period Revised due
date
GSTR-3 July, 2017 11th
December,
2017
GSTR-3B November, 2017 20Th
December
2017
GSTR-3B December 2017 20Th
January
2018
GSTR 2 July, 2017 30th November
2017
GSTR-3B October, 2017 20Th
November
2017
GST Highlights
GST collections in line with projections,
no shortfall
Tax collections under the new GST regime are
more or less in line with the projections and
there are no plans yet to revise the annual reve-
nue targets, CBEC Chairperson Vanaja N Sar-
na said. He said the target for revenue for the
Department of Customs is about Rs 9.68 lakh
crore for the current fiscal.
Customs collection growth is "alright", she said,
adding that the GST roll out from July 1 has
been relatively smooth.
E-WALLET FOR EXPORTERS
The National Payments Corporation of India
(NPCI) and the National Securities Depository
Ltd (NSDL) are in the fray for operating the pro-
posed e-wallet system for exporters under the
goods and services tax (GST) regime.
The government is yet to decide on the agency
that will develop the notional credit system to
help exporters with working capital flow. GST
Network (GSTN), the information technology
backbone of GST, is also being considered for
this, in the government’s push for a cashless
economy.

5. Page 5
November 2017
Ministry Of Corporate Affairs
1. The Central Government announces 18th No-
vember 2017 as the date of commencement of
Section 247 of companies Act 2017 along
with its rules.
2. These rules provide for registration of valuers
for conducting valuation under Companies
Act 2013with the authority specified by Cen-
tral Government.
3. Registered Valuers are also required to be
members of the Registered Valuers Organi-
sations (RVOs), recognised by the authority
under the Rules.
4. A transition period upto 31st March, 2018 for
registration of valuers with the authority .
5. Central Government hereby delegates the
powers and functions vested in it under sec-
tion 247 of the said Act to the Insolvency and
Bankruptcy Board of India.
MCA Updates
1. The Central Government announces 18th November
2017 as the date of commencement of Section 247 of
companies Act 2017 related to registered valuers
along with its rules.
2. IEPF Authority has opened demat accounts with
NSDL and CDSL through PNB and SBICAP securi-
ties limited respectively.
3. In case a resolution plan implemented under Insolven-
cy and Bankruptcy Code, the shareholders approval
would be deemed to have been given if Resolution
Plan approved by Adjudicating Authority.
Highlights of Section 247– Valuation by
Registered Valuers
Other MCA News
• MCA amends Companies (Acceptance of Deposit)
Rules - IFSC Public Companies and certain Private
Companies can now accept deposit from members
and File Form DPT 3
• MCA clarifies that new Form DPT 3 would be availa-
ble after November 2017, till then, old DPT 3 can be
used
• MCA extends due rate of filing AOC-4, AOC-4
(XRBL non- Ind As) & AOC-4 CFS without addition-
al fee till 28.11.2017
• MCA extends due rate of filing AOC-4 XRBL for Ind
- AS based Financial Statements to 31st March 2018
• MCA has called an urgent meeting to discuss if there
are “grey areas” in the Companies Act that need to be
addressed.
• Proviso to S. 2(87) related to restriction on layers of
subsidiaries beyond 2 made applicable w.e.f. 20th
September 2017
• MCA notifies Companies (Restriction on number of
Layers) Rules 2017, exempt categories to file Form
CRL 1 within 150 days
• Demonetization deposits: Shell firms could face crim-
inal action under revamped law

6. © 2017 Lunawat & Co. All Rights Reserved
Information in this document is intended to provide only a general outline of the subjects covered. We recommend that you seek professional advice prior to initiat-
ing action on specific issues. Lunawat & Co. does not take any responsibility for any loss arising from any action taken or not taken by anyone using this material.
Disclaimer
Lunawat Update
Page 6
November 2017
Our Services
• Audit and Assurance
• International Taxation
• Indian Direct Tax Laws
• Goods & Service Tax (GST)
• Corporate Laws
• Limited Liability Partner-
ship (LLP)
• NGOs/Societies and Trusts
• Insolvency & Bankruptcy
Code
• Compliance Audits
• Investigations
• Outsourcing Services
• Setting up Business in India
• Consulting Services
• Trainings
• Valuations
• XBRL
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Presentations
During October 2017, our partner CA. Pramod
Jain gave following presentations:
• ‘’Driving Financial Performance” at Institute
of Directors, Kolkata.
• “Financial Literacy for Directors” at Institute
of Directors, Kolkata.
• “Critical Issues in Tax Audit & ICDS I to II”
at Advocate Forum, Delhi
• Overview of Critical issues in Tax Audit &
ICDS I & II - at Sales tax Bar Association,
Delhi
Editorial Team: CA. Vikas Yadav, CA Rahul Modi, Monika, Rashika.
We may be contacted at:
We also have ASSOCIATES at :
Chennai, Kolkata, Ludhiana, Jalandhar,
Pune, Chandigarh, Udaipur, Vadodara,
Bangalore, Cochin, Indore, Jodhpur, Jai-
pur, Bharatpur, Hyderabad, Jharsuguda,
Panipat, Ranchi & Ghaziabad.
During October 2017, our partner CA. Rajesh Salu-
ja gave following presentations:
• “Lecture on GST”, at Law Center II, Delhi Uni-
versity
• “Finance for Non Finance” at Bharti Infratel,
Jammu.
• “Finance for Non Finance” at Bharti Infratel,
Patna