{"id":1922,"date":"2016-01-25T11:49:50","date_gmt":"2016-01-25T06:19:50","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=1922"},"modified":"2021-12-17T16:59:29","modified_gmt":"2021-12-17T11:29:29","slug":"corporate-and-professional-update-january-20-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-20-2016\/","title":{"rendered":"corporate and professional update january 20, 2016"},"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-69d0347738f2b\" 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-69d0347738f2b\"  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-january-20-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_20_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY \u00a020, 2016\">CORPORATE AND PROFESSIONAL UPDATE JANUARY \u00a020, 2016<\/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-january-20-2016\/#DIRECT_TAX\" title=\"DIRECT TAX\">DIRECT 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-january-20-2016\/#SERVICE_TAX\" title=\"SERVICE TAX\">SERVICE 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-january-20-2016\/#Sebi_updates\" title=\"Sebi updates\">Sebi updates<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\">\u00a0<span style=\"color: #000080;\"><strong><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/21.png\" rel=\"attachment wp-att-1843\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1843\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/21-300x173.png\" alt=\"21\" width=\"845\" height=\"487\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/21-300x173.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/21-768x444.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/21.png 883w\" sizes=\"(max-width: 845px) 100vw, 845px\" \/><\/a><\/strong><\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_20_2016\"><\/span><span style=\"color: #000080;\"><strong><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/?p=1381\">CORPORATE AND PROFESSIONAL UPDATE JANUARY \u00a020, 2016<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Government of India has vide its Notification F.No. 4(19)-W&amp;M\/2014 dated 14.01.2016 announced that the Sovereign Gold Bonds, 2016 will be open for subscription from 18.01.2016 to 22.01.2016.<\/li>\n<li>Refunds up to Rs.5,000\/- and refunds in cases where arrear demand is up to Rs.5,000\/- may be issued without any adjustment of outstanding arrears under section 245 of the Act during financial year 2015-2016.<\/li>\n<li>Protocol amending the agreement between Government of the Republic of India and the Government of the Republic of Belarus for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on property (Capital) notified vide notification no. 2\/2016.<\/li>\n<li><span style=\"color: #800000;\"><strong>Transfer pricing adjustment &#8211;<\/strong><\/span> TPO take the amount of ALP at NIL &#8211; determination of Management Consultancy Fee &#8211; foreign exchange loss in financial transactions cannot be considered as service charge for the intra group- (M\/s. DQ Entertainment (International) Ltd, Versus Asst. Commissioner of<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax<\/a>, Circle-1 (2) , Hyderabad &#8211; 2016 (1) TMI 451 &#8211; ITAT HYDERABAD).<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #0000ff;\">DIRECT TAX<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #800000;\"><strong>DTAA:<\/strong><\/span>\u00a0Amendment made in the Agreement between Republic of India and the Government of the Republic of Belarus to make the treaty effective from 19 NOV 2015 &#8211;\u00a0Notification No.2\/2016, Dt.13th\u00a0Jan 2016.<\/li>\n<li>Initiatives taken by CBDT to reduce litigation.<\/li>\n<li>Now CBDT would issue refunds up to Rs. 5,000 without adjustment of outstanding tax liability.<\/li>\n<li>CBDT notifies forms for accumulation of income by a trust.<\/li>\n<li>Initiation of penalty proceedings u\/s 271(1)(c) without specifying basis makes such proceedings void -ab-initio.<\/li>\n<li><span style=\"color: #800000;\"><strong>Tax Reforms Committee submits its first report <\/strong>:<\/span>Recommends presumptive scheme for professionals, lower TDS rates.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"SERVICE_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>SERVICE TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #800000;\"><strong>ST:\u00a0<\/strong><\/span> is considering higher Service Tax Exemption Limit to benefit small service provides.<\/li>\n<li>Likely to hike Service Tax exemption threshold for small service providers &#8220;service tax exemption threshold limit could be hiked from Rs 10 lakh to Rs 25 lakh.&#8221; said a government source.<\/li>\n<li><span style=\"color: #800000;\"><strong><a href=\"https:\/\/carajput.com\/services-tax-registration.php\">Service-tax<\/a>: <\/strong><\/span>&#8216;Mistaken payment&#8217; of service tax in excess of actually payable amount amounts to &#8216;deposit&#8217; and time-limit of section 11B would not apply to refund thereof [2016] 57 (Ahmedabad &#8211; CESTAT)\u00a0Nobles Constructions Gujarat (P.) Ltd. v. Commissioner of Service Tax.<\/li>\n<li>No denial of Cenvat credit availed on invoices issued in the name of branch offices, which were not registered [Manipal Advertising Services Pvt. Ltd. vs. C.C.E., Mangalore (2009 (10) TMI 434 \u2013 CESTAT, BANGALORE)].<\/li>\n<li>Central Government hereby appoints the 13th day of January, 2016 as the date on which the provisions of sub-section (5), sub-section (6) [except with respect to the manner of administration of the investor Education and Protection Fund] and sub-section (7) of section 125 of the said act shall come into force.<\/li>\n<li>No service tax on advance received as an earnest money for which bank guarantee of equal amount is given to the customers [Thermax Instrumentation Ltd. vs. Commissioner of Central Excise, Pune \u2013 I (2015 (12) TMI 1222 \u2013 CESTAT MUMBAI)].<\/li>\n<li>All Govt. entities in Delhi to file return for purchases made by them for purpose of consumption.<\/li>\n<li><span style=\"color: #800000;\"><strong>Startup India:\u00a0<\/strong><\/span>Hon&#8217;ble PM Modi launches Startup India Program on Sat, 16 JAN 2016 to boost innovation based business with many incentives and ease of doing business.<\/li>\n<li>New Juvenile Justice Act comes into force from Jan 15, 2016.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Sebi_updates\"><\/span><span style=\"color: #0000ff;\"><strong>Sebi updates<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/sebi-investment-advisors-amendment-regulations-2020\/\">SEBI <\/a>looking to lower expense charges for mutual funds.<\/li>\n<li><span style=\"color: #800000;\"><strong>SEBI:\u00a0<\/strong><\/span>SEBI has established its Local Office at Jammu\u00a0under the administrative control of its Northern Regional Office at New Delhi.<\/li>\n<li>Minister of State for Finance Jayant Sinha\u00a0on Thursday\u00a0said that the government will present the Budget for 2016-17 on\u00a0February 29, 2016.<\/li>\n<li><a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> rates for individuals be reduced to 5% from 10%.<\/li>\n<li>Making the process of refunds fasterand pay 12-18% interest if refund issued beyond 6 months.<\/li>\n<li>Deferring the contentious Income Computation and Disclosure Standards (ICDS) provision.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.<\/p>\n<p style=\"text-align: justify;\">Hope the information will assist you in your Professional endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p><b>popular blog :<\/b><\/p>\n<p><strong><a href=\"https:\/\/carajput.com\/press-releases\/sebi-has-extended-the-date-from-30-june-to-15-sept-2020-for-filing-of-financial-results.pdf\">SEBI has extended the date from 30 June to 15 Sept 2020 for the filing of financial results<\/a><\/strong><\/p>\n<p><strong><a href=\"https:\/\/carajput.com\/archives\/amendments-in-sebi-listing-obligations-and-disclosure-requirements-regulations-2015.pdf\">Amendments in SEBI -Listing Obligations and Disclosure Requirements Regulations 2015<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 CORPORATE AND PROFESSIONAL UPDATE JANUARY \u00a020, 2016 Government of India has vide its Notification F.No. 4(19)-W&amp;M\/2014 dated 14.01.2016 announced that the Sovereign Gold Bonds, 2016 will be open for subscription from 18.01.2016 to 22.01.2016. Refunds up to Rs.5,000\/- and refunds in cases where arrear demand is up to Rs.5,000\/- may be issued without any &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,12],"tags":[3989,162,5,3987,9038,3991,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1922"}],"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=1922"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1922\/revisions"}],"predecessor-version":[{"id":20078,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1922\/revisions\/20078"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=1922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=1922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=1922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}