{"id":2217,"date":"2016-02-22T15:06:29","date_gmt":"2016-02-22T09:36:29","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2217"},"modified":"2021-11-23T17:31:58","modified_gmt":"2021-11-23T12:01:58","slug":"corporate-and-professional-update-february-21-2016-2","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-21-2016-2\/","title":{"rendered":"Corporate and professional update february22, 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-69cfd71c512d4\" 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-69cfd71c512d4\"  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-21-2016-2\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_22_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 22, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 22, 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-february-21-2016-2\/#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-february-21-2016-2\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT 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-february-21-2016-2\/#COMPANY_LAW\" title=\"COMPANY LAW\">COMPANY LAW<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-21-2016-2\/#MCA_UPDATES\" title=\"MCA UPDATES\">MCA UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-21-2016-2\/#KEY_DATES\" title=\"KEY DATES\">KEY DATES<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5A.png\" rel=\"attachment wp-att-2139\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2139\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5A-300x170.png\" alt=\"Untitled5A\" width=\"856\" height=\"485\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5A-300x170.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5A.png 548w\" sizes=\"(max-width: 856px) 100vw, 856px\" \/><\/a><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_22_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 22, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><span style=\"color: #ff6600;\"><strong>DIRECT TAX<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>The petitioner is admittedly not a foreign Company. &#8211; Since the petitioner is not an eligible assessee in terms of Section 144C(15)(b) no draft order can be passed in the case of the petitioner u\/s 144C(1) \u2013(\u00a0Honda Cars India Limited (Formerly \u2013 M\/s. Honda Siel Cars India Limited Versus Deputy Comm. of Income Tax &amp; Another\u00a0&#8211; 2016 (2) TMI 527 &#8211; DELHI HIGH COURT)<\/li>\n<li>Addition under Section 41(1) &#8211; The loan transactions were on the capital account and the writing off the loan was also on capital account and did not find place in the Profit and Loss Account &#8211; Thus the cessation of the liability by itself would not lead to the attraction of Section 41(1)- (Principal Commissioner of Income Tax-09 Versus M\/s. Tinna Finex Ltd.\u00a0&#8211; 2016 (2) TMI 526 &#8211; DELHI HIGH COURT)<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>INDIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Seeks to further amend notification No. 12\/2012-Customs, dated 17.03.2012-\u00a0(click here to view)<\/li>\n<li>Classification of services &#8211; providing services relating to transportation of light Commercial Motor Vehicles &amp; Multi Utility Vehicle manufactured by M\/s Force Motors Ltd.<\/li>\n<li>By way of getting them driven by skilled drivers &#8211; None of the limbs of BAS covers the impunged activity &#8211; Taxable under BSS w.e.f. 1.5.2006- (Capital Transport Convoy Contractor Versus Commissioner of Central Excise And Service Tax, Indore &#8211; 2016 (2) TMI 546 &#8211; CESTAT NEW DELHI)<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW\"><\/span><span style=\"color: #ff6600;\"><strong>COMPANY LAW<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #00ccff;\"><strong>Query:<\/strong><\/span>Sub-section 6 of the Section 149 of Companies Act 2013 provides for meaning of <a href=\"https:\/\/carajput.com\/blog\/tag\/who-is-an-independent-director\/\">independent Director<\/a> and clause (c) &amp; (d) of sub-section 6 of section 149 of Co. Act, 2013 provides that Independent Director or his relatives has or had no pecuniary relationship or transaction with Company, its holding, subsidiary or associate company etc. Please explain the meaning of &#8220;Pecuniary Relationship&#8221; and &#8220;materiality&#8221; in this regard.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:<\/strong><\/span>Ministry of Corporate Affairs has in its Report of Expert Committee on Management and Board Governance has explained that the term material pecuniary relationship should also be clearly defined for the purpose of determining whether the director is independent or not.<\/p>\n<p style=\"text-align: justify;\">The concept of \u201cMateriality\u2019 is relevant from the recipient\u2019s point of view and not from that of the company. The term \u2018material\u2019 needs to be defined in terms of percentage.<\/p>\n<p style=\"text-align: justify;\">In view of the Committee, 10% or more of recipient\u2019s consolidated gross revenue \/ receipts for the preceding year should form a material condition affecting independence.<\/p>\n<p style=\"text-align: justify;\">For determining materiality of pecuniary relationship, transactions with an entity in which the director or his relatives hold more than 2% shareholding, should also be considered.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_UPDATES\"><\/span><span style=\"color: #ff6600;\"><strong>MCA UPDATES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>MCA has recently invited comments on the draft companies (Incorporation) Second Amendment Rules, 2016<\/li>\n<li>MCA has recently invited comments\u00a0on the draft companies\u00a0(authorised to registered) amendment rules 2016<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><span style=\"color: #ff6600;\"><strong>KEY DATES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">E-payment of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT &amp; CST tax<\/a> for Jan:\u00a021.02.2016<\/p>\n<p style=\"text-align: justify;\">Payment of ESI of Jan:\u00a021.02.2016<\/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.<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 22, 2016 DIRECT TAX The petitioner is admittedly not a foreign Company. &#8211; Since the petitioner is not an eligible assessee in terms of Section 144C(15)(b) no draft order can be passed in the case of the petitioner u\/s 144C(1) \u2013(\u00a0Honda Cars India Limited (Formerly \u2013 M\/s. Honda Siel Cars &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,172,9,4,1,11],"tags":[162,5,333,9078,6,9038,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2217"}],"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=2217"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2217\/revisions"}],"predecessor-version":[{"id":14012,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2217\/revisions\/14012"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}