{"id":2180,"date":"2016-02-15T14:09:41","date_gmt":"2016-02-15T08:39:41","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2180"},"modified":"2021-12-17T18:45:57","modified_gmt":"2021-12-17T13:15:57","slug":"corporate-and-professional-update-february-10-2016-2","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-10-2016-2\/","title":{"rendered":"corporate and professional update february 13, 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-69ea46a14d47f\" 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-69ea46a14d47f\"  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-february-10-2016-2\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_13_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 13, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 13, 2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-10-2016-2\/#STAY_OF_DEMAND_UNDER_THE_INCOME_TAX_ACT_1961_PRACTICAL_APPROACH_JUDICIAL_CASES_DEPARTMENTAL_CIRCULARSINSTRUCTIONS\" title=\"STAY OF DEMAND UNDER THE INCOME TAX ACT 1961, PRACTICAL\u00a0APPROACH, JUDICIAL CASES &amp; \u00a0DEPARTMENTAL CIRCULARS\/INSTRUCTIONS:- \">STAY OF DEMAND UNDER THE INCOME TAX ACT 1961, PRACTICAL\u00a0APPROACH, JUDICIAL CASES &amp; \u00a0DEPARTMENTAL CIRCULARS\/INSTRUCTIONS:- <\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-10-2016-2\/#LEGAL_NITTY-GRITTY_OF_SECTION_14A_rwr_8D_OF_THE_INCOME-TAX_RULES_1962\" title=\"LEGAL NITTY-GRITTY OF SECTION 14A r.w.r 8D OF THE INCOME-TAX RULES\u2019 1962 :\">LEGAL NITTY-GRITTY OF SECTION 14A r.w.r 8D OF THE INCOME-TAX RULES\u2019 1962 :<\/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-february-10-2016-2\/#NEW_ICAI_PRESIDENT_WANTS_PANEL_FOR_BANK_AUDIT_APPOINTMENTS\" title=\"NEW ICAI PRESIDENT WANTS PANEL FOR BANK AUDIT APPOINTMENTS:\">NEW ICAI PRESIDENT WANTS PANEL FOR BANK AUDIT APPOINTMENTS:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled55.png\" rel=\"attachment wp-att-1565\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1565\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled55-300x186.png\" alt=\"Untitled55\" width=\"734\" height=\"455\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled55-300x186.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled55.png 497w\" sizes=\"(max-width: 734px) 100vw, 734px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_13_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 13<\/span><span style=\"color: #000080;\">, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STAY_OF_DEMAND_UNDER_THE_INCOME_TAX_ACT_1961_PRACTICAL_APPROACH_JUDICIAL_CASES_DEPARTMENTAL_CIRCULARSINSTRUCTIONS\"><\/span><span style=\"color: #ff6600;\"><strong><span style=\"color: #ff6600;\">STAY OF DEMAND UNDER THE <a style=\"color: #ff6600;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\">INCOME TAX ACT<\/a><a style=\"color: #ff6600;\" href=\"https:\/\/carajput.com\/services-tax-registration.php\"> 1961<\/a>, PRACTICAL\u00a0APPROACH, JUDICIAL CASES &amp; \u00a0DEPARTMENTAL CIRCULARS\/INSTRUCTIONS:-<\/span> <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">It is quite common for the Assessing Officers to make high-pitched assessments determining taxable incomes many times more than those returned by the assessees.<\/p>\n<p style=\"text-align: justify;\">When this is done, the assessees are put to considerable hardship as demands beyond the capacity of the assessee to pay are pressed for payment. In such situations, the only course open to the taxpayers is to seek a stay of disputed demands.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"LEGAL_NITTY-GRITTY_OF_SECTION_14A_rwr_8D_OF_THE_INCOME-TAX_RULES_1962\"><\/span><span style=\"color: #ff6600;\"><strong>LEGAL NITTY-GRITTY OF SECTION 14A r.w.r 8D OF THE <a style=\"color: #ff6600;\" href=\"https:\/\/carajput.com\/services-tax-registration.php\">INCOME-TAX RULES\u2019 1962<\/a> :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">It is quite common for the Assessing Officers to\u00a0mechanically apply\u00a0\u00a0Section 14A r.w.r 8D of the Income Tax Rules, 1962 during the assessment proceedings and make huge additions irrespective of the fact as to whether there is any exempt income or not.<\/p>\n<p style=\"text-align: justify;\">The\u00a0introduction of Section 14A (2) &amp; (3) and further Rule 8D as prescribed by CBDT has complicated the calculation of the amount related to exempt income. It has given birth to a lot of anomalies and a handle for the Assessing Officer to make unwanted additions.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"NEW_ICAI_PRESIDENT_WANTS_PANEL_FOR_BANK_AUDIT_APPOINTMENTS\"><\/span><span style=\"color: #ff6600;\"><strong>NEW ICAI PRESIDENT WANTS PANEL FOR BANK AUDIT APPOINTMENTS:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The Institute of Chartered Accountants of India (ICAI) is recommending a revamp of the auditor appointment system for banks, both for central statutory and branch-level audits, its new President, M Devaraja Reddy, said.<\/p>\n<p style=\"text-align: justify;\">Reddy, who assumed office on Friday after emerging victorious in the institute\u2019s intensely fought annual elections, said the current system, wherein the management of a bank directly selects and appoints the auditor from a list provided by the <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India (RBI)<\/a>, could have indirectly caused the current non-performing assets (NPAs) crisis.<\/p>\n<p style=\"text-align: justify;\">NPAs reported by public sector banks have ballooned after RBI tightened provisioning norms in December. According to a recent news report in The Indian Express, 29 state-owned banks wrote off a total of Rs 1.14 lakh crore of bad debt between financial years 2013 and 2015, much more than they had done in the preceding nine years.<\/p>\n<p style=\"text-align: justify;\">\u201cThere is a concern that independence of auditors is eroding. It is a delicate issue. Everybody is not virtuous,\u201d Reddy said. A fellow member of the institute, Reddy has 28 years of professional experience and has held several positions in the ICAI hierarchy. He was vice-president for 2015-16.<\/p>\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; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 13, 2016 STAY OF DEMAND UNDER THE INCOME TAX ACT 1961, PRACTICAL\u00a0APPROACH, JUDICIAL CASES &amp; \u00a0DEPARTMENTAL CIRCULARS\/INSTRUCTIONS:- It is quite common for the Assessing Officers to make high-pitched assessments determining taxable incomes many times more than those returned by the assessees. When this is done, the assessees are put to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9,1],"tags":[162,5,4101,6],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2180"}],"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=2180"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2180\/revisions"}],"predecessor-version":[{"id":20109,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2180\/revisions\/20109"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}