Monthly Archives: July 2016

07.29.16
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Get your Income Tax Return Filled by 31 July 2016.

How to file income Tax Return?

This was the most common question in the comments section of my post on e-Filing Income Tax Procedure of AY 2015-16. In spite of easy ITR form and quick e-filing option we can make mistakes. One may miss to add tax saving deductions  in ITR form. We may miss to account capital loss to carry forward. We may also fill gross salary in place of taxable income. We may also fill the home loan interest in positive value.

RJA is here to help you to avoid all these errors and let all your Tax related worries simply fly.

taxThere are two types of tax levy one is direct tax second one is indirect tax. Income tax is a direct tax which is directly attributable on the income of the assessee.

Income which is generated from various head of income viz. Salary, House property, Business, Capital Gain and Income from other sources.

Assessee have to pay Income tax if his total Income after allowing Chapter VI-A Deduction is more than the taxable income limit.

Income Tax Forms for e-filling and Due Dates of Income Tax for AY 2016-17.

Department has made new ITR forms in various format viz PDS, Java utility, Excel utility on income tax website for AY 2016-17.

Be ready to file your tax return before deadlines.

There are different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. Due Date is different according to audit or non-audit case of such categories as defined in section 139(1).time

Last Date of Filing Income Tax Return

  • 31st July – Last Date of Return Filling for non-audit cases.
  • 30th September – Last Date of Return Filling for audit cases.

Advance Taxes of Income Tax for AY 2017-18

If the tax liability is more than Rs 10,000 in a financial year then advance tax needs to be paid by assessee.

Capture

 

 

07.29.16
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PROPOSED CONSTITUTIONAL AMENDMENT BILL FOR GST

PROPOSED CONSTITUTIONAL AMENDMENT BILL FOR GOODS AND SERVICES TAX (GST)

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On Tuesday, the State Finance Ministers panel failed in reaching into a consent which would enable the government to have Constitutional Amendment Bill for GST (Goods and Services Tax) passed in the house of RajyaSabha.

The vital RNR (Revenue Neutral Rate) of taxation and also the capping of the rate of GST in the bill could not be accepted by many states when the State Finance Ministers Empowered committee had a meeting. About 15 to 15.5 percentage of RNR and about 17 to 18 percentage of standard rate of GST were suggested by the committee which was headed by Arvind Subramanian who is the Chief Economic Advisor.

According to what Thomas Isaac, Finance minister of Kerala, told the press after the meeting happened, every state had an opinion that the rates of tax proposed by Arvind Subramanian were not agreeable. However, they did not voice together what the rate actually should be. It could be 18% or more than that. This was the consensus all had come to.

Isaac also went on to tell that the rates must not have an adverse effect on the citizens and should also be beneficial to the state’s revenue. All of them agreed upon dropping the idea of RNR rate. He said that they would make sure of a rate and certain structure that would decrease the possible burden of tax on the citizens and also ensured that the decided rate and the structure would secure the revenues that exist in the states as well as the unions.

AmitMitra, Finance Minister of West Bengal and also the committee chairman told that as far as the rates were concerned, it was vital that certain wording be powered that would mean that the tax incidence on the common citizens should be considerably reduced. He also said that this must simultaneously secure the level of revenue trends that exist in states as well as the unions.

On the aspect of capping the rate of GST, which is a prime demand from the party of Congress, Mitra told that everybody agreed upon keeping the rate of GST out of the bill.

Mitra went on to say that no rates of tax are proposed in our constitution. It would be discussed and everybody reached a conclusion that Union Finance minister would talk to other existing parties. He would let them know that it cannot come under a constitutional amendment bill but in the act of GST or GST bill.

States ruled by Congress, on the contrary, did not flinch from their stand of capping the rate of GST in the constitutional amendment bill. HC Mahadevappa, a Karnataka Minister, told that the taxation of GST must be particularly brought in the bill so that the taxpayers know what the rates are going to be. All the states, however, came to a conclusion in the meeting on various other issues of mechanism of dispute resolution and dual control.

Mitra said that there often was a persisting issue about the dual control. The consensual conclusion of the finance ministers of the states was that about 1.5 crore rupees or less would be under the control of the state and this was told to the union finance minister. This implies that states would be the sole entities which would take care of small businesses that happen in the states. If the business is over 1.5 crore, a free methodology which is very consistent as been planned for both state and Centre to work in unison hand in hand pertaining to the generation of revenue.

The states also consented on the resolution of disputes to be carried out by the council of GST, contrary to the demand by Congress for a mechanism that works independently.

On the matter of compensation for the states, Mitra told that he was very happy to announce that a wording was worked out that would assure a compensation for five years. However he also told that he would not get into the details of it and could only pass the spirit of it saying that all the states were satisfies with the five year compensation guarantee if there occurs a loss in revenue. It is indeed a great development as an appropriate wording has been clearly defined.

According to Mitra, the states have also consented on removing the One percent extra levy that is to be levied during trade of goods between states that was proposed for constitutional amendment, so that it helps manufacturing states.

The GST bill for constitutional amendment is in the pipeline, waiting to be passed in the Upper house of Parliament as the government does not hold majority there. This bill proposal is probably going to be tabled during the monsoon session which is ongoing. After that, it must be consented by half of all the states.

In the meeting that happened on Tuesday, ArunJaitley, our Union Finance Minister, has supposedly appealed to finance ministers of all the states to make sure of the passage of the bill of GST in Rajyasabha, according to an official who was present in the meeting. He also said that Jaitley ensured states of taking care of all their concerns once the bill is passed.

Deemed to be the biggest reform of indirect tax in the country, the GST would subsume almost all of the state and central levies that include service tax, central sales tax, value added tax and also the excise duty. It would also add about two percent points to the gross domestic product of India

We look forward for your valuable comments. www.carajput.com

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07.27.16
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The Cabinet today (27 July 2016) approved the amendments to the Goods and Services Constitutional Act.

The Cabinet today approved the amendments to the Goods and Services Constitutional Act.

CaptureThe GST bill, intends to convert 29 states into a single market through a new indirect tax regime.

Among the amendments approved include the abolishment of 1 per cent additional tax levy which was demanded by the Opposition parties led by the Congress.

It also approved the compensation for states for five years instead of the earlier ‘up to’ five years as proposed in the draft GST bill.

The Constitutional Bill will include that dispute resolution will be handled by the GST council.

The Cabinet also dropped a 1 per cent manufacturing tax.

The GST was supposed to be implemented from April 1, 2016 but strong opposition from Congress led to the delay.

The Bill has already been passed by the lower house of Parliament and awaits the passage from the Upper House. It requires two-third vote to get passed from both the houses.

07.27.16
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Government of India has levied a new tax called “Equalisation Levy” effective from June 1, 2016. It is levied on specified services which includes online advertisement services, provision for digital advertising space etc.

Government of India has levied a new tax called “Equalisation Levy” effective from June 1, 2016. It is levied on specified services which includes online advertisement services, provision for digital advertising space etc.

Equalisation Levy – Is it a beginning of a new saga?CN_6-Percent-Equalisation-Levy_Blog-Post-704x454

Tax challenges faced by International Community

In the ever growing digital world it is possible to be heavily involved in the economic life of another country without having a fixed place of business therein which results in base erosion. Base erosion happens when a deductible payment is made for the purpose of business and claimed as business expense but the income arising from such payments is not taxable because of the limitations of existing international taxation rules. For example, deduction claimed by an Indian resident for incurring online advertisement expenses, however, income earned by the non-resident [not having a Permanent Establishment (‘PE’) in India] from rendering such online advertisement services not offered to tax in India in the absence of such non-resident’s PE in India.

Continue reading →

07.26.16
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CORPORATE AND PROFESSIONAL UPDATE JULY 26, 2016

Professional Update for the Day:

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DIRECT TAX:

Income Tax: CBDT has issued standard operating procedure for handling AIR transactions without valid PAN videF.No.225/193/2016/ITA.1I dated 22nd July 2016.

 Income tax ITAT Mumbai in the below citied case held that the fair market value of the property is dependent on several factors which influence valuation and there is no scientific or straight jacket method to value the property at a particular point of time and somewhere estimation element will definitely creep in while determining the fair market value of the property as on date keeping in view the mandate of Section 55 and 55A.

Income tax : The ITAT Delhi in the below cited case held that the need, rendition and benefit test for services availed by the assessee from associated enterprises should be applied having regard to the assessee’s business and not in a generic manner. TPO should have given due thought to the requirements, benefits and manner of rendition of services by AEs before jumping to the conclusion that services not provided and no benefit accrued to assessee.

INDIRECT TAX:

Excise: CESTAT allows Revenue appeal, holds that assessee cannot claim refund of Additional Duty of Excise (Textile and Textile Articles) credit remaining unutilized under Rule 5 of CENVAT Credit Rules, upon opting for Notification exemption. It held that assessee is not entitled to such refund unless it shows fulfillment of conditions prescribed under Rule 5 and Notification there under, and in terms of SC ruling in Woodcraft Products Ltd, assessee is bound to restitute the amount refunded pursuant to appellate order  : Mumbai CESTAT  [TS-292-CESTAT-2016-EXC]

Vat & Service tax: Levy of VAT and Service tax both on Supply of tangible goods service – Merely because the petitioner argues that not service tax but value added tax would be leviable since the title in the property does not pass on to the lessee would not be a ground to hold that the tax authorities cannot examine and entertain such a contention thus rendering them wholly without jurisdiction. – HC – Service Tax

COMPANY LAW UPDATES:

Query:  Do we need to execute any agreement/deed for transferring the assets & liabilities on conversion of company into LLP?

Answer:  On conversion of the Company into LLP, all tangible (movable or immovable) and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.

The transfer of assets and liabilities will be made automatically on approval of conversion application and therefore there is no requirement of executing any agreement/deed.

OTHER UPDATES:

SEBI: SEBI through its Circular has asked intermediaries to upload KYC documents with the central server for all new individual accounts that will be opened from August 1.

Govt notifies pay scale as per 7th Pay Commission recommendations .Notification No. 1-2/2016-IC dated 25.07.2016.

KEY DATES:

Advance information in Form BE-2  for 1st fortnight of August of functions with booking cost more than Rs 1 lakh in Banquet Halls, hotel etc. in Delhi in DVAT Act:- 27/07/2016

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 28/07/2016

Last Date of filling of ITR for the A.Y. 2016-17 is 31st July, 2016.

“Anger comes alone but takes away all our good qualities. Patience too comes alone but brings all the good qualities for us. Choice is our so have patience.”

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07.25.16
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CORPORATE AND PROFESSIONAL UPDATE JULY 25, 2016

Professional Update for the Day:

DIRECT TAX:

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Income Tax:  CBDT launches paperless PAN & TAN application process vide Press release dated on 22nd July 2016.Under the new process PAN/TAN to be issued within one day. Similarly, New Aadhaar e-Signature based application process also made available.

 Income tax : HC rules in favour of Revenue, holds that exemption to services provided in relation to management, maintenance or repair of roads under Notification No. 24/2009-ST cannot be extended to ‘repair of airport runways. [TS-291-HC-2016(BOM)-ST]

Income tax : No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies. [Batlivala & Karani Securities (India) Pvt. Ltd. vs. DCIT (ITAT Kolkata)].

INDIRECT TAX:

Excise : Where assessee manufactured two machineries and used same within its factory for manufacturing of final products and subsequently it cleared these machineries to its job worker and for discharging duty liability on machineries calculated assessable value of machineries by availing benefit of depreciation, availing of depreciation was in consonance with law – [2016] 71 taxmann.com 122 (Bangalore – CESTAT)

Service tax :Excess payment of service tax can be adjusted for payment of subsequent months Schwing Stetter India (P.) Ltd. v. Commissioner of Central Excise, LTU, Chennai [2016] 71 taxmann.com 228 (Chennai – CESTAT)

Service tax : CBEC issued Clarification regarding payment of Service Tax through non electronic modes like cheque vide instruction F.No 137/08/2013-Service Tax dated 07.22.2016.

COMPANY LAW UPDATES:

Query:  Do we need to execute any agreement/deed for transferring the assets & liabilities on conversion of company into LLP?

Answer:  On conversion of the Company into LLP, all tangible (movable or immovable) and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.

The transfer of assets and liabilities will be made automatically on approval of conversion application and therefore there is no requirement of executing any agreement/deed.

OTHER UPDATES:

In cases under ‘Limited Scrutiny’, the scrutiny assessment proceedings would initially be confined only to issues under ‘Limited Scrutiny’ and questionnaires, enquiry, investigation etc. would be restricted to such issues. Only upon conversion of case to ‘Complete Scrutiny’ after following the procedure outlined above, the AO may examine the additional issues besides the issue(s) involved in ‘Limited Scrutiny.

KEY DATES:

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 25/07/2016

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 28/07/2016

“Innovation distinguishes between a leader and a follower.”

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07.23.16
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CORPORATE AND PROFESSIONAL UPDATE JULY 23, 2016

Professional Update for the Day:

1 (2)

DIRECT TAX:

Income Tax:  Leasehold rights in land not eligible for allowance of depreciation
Cyber Park Development & Construction Ltd. v. Deputy Commissioner of Income-tax, Circle 11(2), Bangalore [2016] 71 taxmann.com 210 (Bangalore – Trib.)

 Income tax : The Central Government amended the notification of the Ministry of Finance (Department of Revenue), notification number S.O.1830 (E) dated the 19th May, 2016, published in the Gazette of India, Extraordinary, Part-II, Section-3, and Subsection (ii) dated the 19th May, 2016 vide Notification No. 59/2016 dated 20/07/2016.In the said notification , for clause II , the clause has been substituted with the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of undisclosed income .

Income tax : The Central Government has notified the districts of the state of Telangana, State of West Bengal and State of Bihar as  backward areas under the first proviso to clause (iia) of sub section (1) of section 32 and sun section (1) of section 32AD vide Notification No. 61/2016 dated 20th July 2016

CBDT gives option to file revised income declaration in Form 1 of IDS.

INDIRECT TAX:

Excise : Where assessee manufactured two machineries and used same within its factory for manufacturing of final products and subsequently it cleared these machineries to its job worker and for discharging duty liability on machineries calculated assessable value of machineries by availing benefit of depreciation, availing of depreciation was in consonance with law – [2016] 71 taxmann.com 122 (Bangalore – CESTAT)

Service tax : Permission to pay service tax through non electronic modes

Vat & sales tax : Delhi Govt. calls for speedy disposal of DVAT refund claims
No.F.3(378)/Policy/VAT/2016/489-494 Dated 21st July 2016

COMPANY LAW UPDATES :

Query:  What basic conditions are required to be checked for conversion of company into LLP?

Answer: Following points should be noted for conversion of Company into LLP:

1.All the members of the Company shall become the partners of the LLP on conversion.
2. No security interest in the assets of the company is subsisting or in force on the date of conversion i.e the assets are free of any encumbrance.
3. Up to date Income-tax return has been filed under the Income-tax Act, 1961.
4. Any clearance, approval or permission for conversion of the company into limited liability partnership if required from anybody/ authority etc has been obtained.

OTHER UPDATES:

Sebi may help in government’s recapitalisation plans for PSBs

CBDT launches paperless PAN & TAN application process, PAN/TIN to be issued within one day. New Aadhaar e-Signature based application process also made available.

KEY DATES:

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 25/07/2016

“Those who cannot renounce attachment to the results of their work are far from the path.”

We look forward for your valuable comments. www.carajput.com

FOR FURTHER QUERIES CONTACT US:
W: www.carajput.com E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications. Continue reading →

07.22.16
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CORPORATE AND PROFESSIONAL UPDATE JULY 22, 2016

Professional Update for the Day:

8-Tips-Biz-Name

DIRECT TAX:

Income Tax: ITAT Ahemdabad confirmed the addition of unexplained investments in purchase of agricultural land u/s 69 as the co-purchaser admittedly is not entitled to purchase agricultural lands. It has been observed that even he had purchased the land in assessee’s name, the latter is the sole owner thereof as per the provisions of the Benami transations (Prohibition) Act 1988. (Shri Chandrakant N. Patel Vs. The ITO, Ahmedabad) Continue reading →

07.21.16
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CORPORATE AND PROFESSIONAL UPDATE JULY 21, 2016

Professional Update for the Day:

1 (2)DIRECT TAX:

Income Tax:  Interest paid by contractor to finance its business wasn’t includible in cost of inventory; No understatement of WIP Deputy Commissioner of Income-tax, Central Circle 2(2), Bangalore v. JSR Constructions (P.) Ltd. [2016] 71 taxmann.com 184 (Bangalore – Trib.)

Income tax : ITAT Chennai in below citied case held that Continuance of registration u/s 12AA – The beneficiaries is only the members and benefit is not passed on to the public at large in any way. – Therefore, the objects and activities of the applicant cannot be called as “charitable” within the definition of main provision of section 2(15) –( ITAT Chennai in case of [M/s. Aiema Technology Centre Vs. The DIT, (Exemptions)]

Income tax : ITAT C Ahmedabad in below citied case held that Valuation u/s 50C is a deeming provision and it extends only to land or building or both. – Rights in the land cannot be equated to land or building or both and therefore section 50C is not applicable on transfer of such rights –( ITAT Ahmedabad in case of [Smt. Devindraben I. Barot Vs. ITO, Ahmedabad])

INDIRECT TAX:

Excise : Where assessee manufactured two machineries and used same within its factory for manufacturing of final products and subsequently it cleared these machineries to its job worker and for discharging duty liability on machineries calculated assessable value of machineries by availing benefit of depreciation, availing of depreciation was in consonance with law – [2016] 71 taxmann.com 122 (Bangalore – CESTAT)

Service tax : Where assessee provided site formation and clearance and excavation services to one ‘S’ and ‘S’ in terms of agreement supplied explosives and diesel oil free of cost to assessee for rendering services and also paid bonus to it for a good performance, Adjudicating Authority was wrong in including value of explosives and diesel oil and bonus received by assessee in assessable value of services – [2016] 71 taxmann.com 175 (Bangalore – CESTAT)

COMPANY LAWUPDATES :

Query:   What shall be treatment of reserves in case we convert our Private Limited company to LLP?

Answer:   In case of conversion of Private company into LLP, reverves can be treated in two ways. – for the treatment of reserves subsisting in the Balance sheet of Company, either distribute the reserves among the partners in their capital sharing ratio or the same would be transferred in the reserves account of the LLP under the head Reserves & Surplus.

Use latest version of e-Forms INC-23, MR-1 and MR-2, which are likely to be revised on MCA Portal by 21.07.2016. 

OTHER UPDATES:

The recommendation of the Supreme Court-constituted special investigation team (SIT) to ban cash transactions above Rs.3 lakh and capping cash holdings of companies and individuals at Rs.15 lakh will be detrimental for India’s traditional economy, according to a leading traders body.

KEY DATES:

Payment of ESI for the month of June-21/07/2016

E-payment of DVAT & CST for the month/quarter ended June-21/07/2016

Time limit for payment of tax and penalty under the Income Declaration Scheme 2016 extended to 30.09.2017. CBDT Press Release dated 14.07.16

“Those who cannot renounce attachment to the results of their work are far from the path.”

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Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications. Continue reading →

07.20.16
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CORPORATE AND PROFESSIONAL UPDATE JULY 20, 2016

Professional Update for the Day:

Untitled18A

DIRECT TAX:

Income Tax: CBDT has notified the transfer pricing- computation of arm length price .It notified percentage under third proviso to section 92C vide Notification No. 57/2016 dated 14th July 2016.The Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent of the latter in respect of wholesale trading and three percent of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for Assessment Year 2016-2017.

Income tax : Receipts from mobilization of vessel are parts of contract for seismic data processing; includible in sec. 44BB profits Western Geco International Ltd. v. Assistant Commissioner of Income-tax [2016] 71 taxmann.com 166 (Delhi – Trib.)

INDIRECT TAX:

Excise : Where assessee manufactured two machineries and used same within its factory for manufacturing of final products and subsequently it cleared these machineries to its job worker and for discharging duty liability on machineries calculated assessable value of machineries by availing benefit of depreciation, availing of depreciation was in consonance with law – [2016] 71 taxmann.com 122 (Bangalore – CESTAT)

Excise : No extended period when dept. itself is unclear on classification of goods Zenith Spares v. Commissioner of Central Excise, Bhopal [2016] 71 taxmann.com 148 (New Delhi – CESTAT)

Service tax : Where assessee, a restaurant, opted to pay tax under Composition Scheme, whereas Assessing Authority passed reassessment order on assessee and denied him benefit of Composition Scheme based on ground that during year he purchased from outside State tiles and since they were ‘goods in stock’, there was a violation of conditions and restrictions imposed under rule 135(2), as tiles were fixed in floor of restaurant, they could not be said to be ‘goods in stock’ –  [2016] 71 taxmann 77 (Karnataka)

COMPANY LAW UPDATES :

Query:  What are the requirements and consequence provided in the Act in respect of licences, permits, approvals etc obtained by a firm, private company or an unlisted public company, prior to its conversion into LLP?

Answer:  On conversion of a firm/private company/unlisted public company into LLP, any approval, permit or licence issued to the firm/private company/unlisted company under any other Act shall, subject to the provisions of such other Act under which such approval, permit or licence was issued, be transferred in the name of converted entity viz LLP.

 OTHER UPDATES:

SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 – Insertion of Regulation 43A – NOTIFICATION NO.SEBI/LAD-NRO/GN/2016-17/008, DATED 17-6-2016

KEY DATES:

Payment of ESI for the month of June-21/07/2016

E-payment of DVAT & CST for the month/quarter ended June-21/07/2016

“Holding on to anger is like grasping a hot coal with the intent of throwing it at someone else, but you are the one who gets burned.”

We look forward for your valuable comments. www.carajput.com

FOR FURTHER QUERIES CONTACT US:
W: www.carajput.com E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications. Continue reading →