{"id":2263,"date":"2016-03-08T11:25:03","date_gmt":"2016-03-08T05:55:03","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2263"},"modified":"2021-12-18T17:17:24","modified_gmt":"2021-12-18T11:47:24","slug":"corporate-and-professional-update-dated-march-12016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-12016\/","title":{"rendered":"corporate and professional update dated march 1,2016"},"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-69d2dedcdf02c\" 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-69d2dedcdf02c\"  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-dated-march-12016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_12016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 1,2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 1,2016<\/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-dated-march-12016\/#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-dated-march-12016\/#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-dated-march-12016\/#Company_Law\" title=\"Company Law\">Company Law<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-12016\/#MCA_Updates\" title=\"MCA Updates\">MCA Updates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-12016\/#Other_Updates\" title=\"Other Updates\">Other Updates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-12016\/#Rail_Budget_2016\" title=\"Rail\u00a0\u00a0Budget 2016:\">Rail\u00a0\u00a0Budget 2016:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-12016\/#No_hikes_in_fare_Sub-quota_of_33_for_women_increased_quota_of_lower_berths_for_senior_citizens_women_enhanced_capacity_of_eticketing_system\" title=\"No hikes in fare; Sub-quota of 33% for women; increased quota of lower berths for senior citizens &amp; women; enhanced capacity of eticketing system.\">No hikes in fare; Sub-quota of 33% for women; increased quota of lower berths for senior citizens &amp; women; enhanced capacity of eticketing system.<\/a><\/li><\/ul><\/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\/2015\/11\/Untitled33A.png\" rel=\"attachment wp-att-1612\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1612\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled33A-300x194.png\" alt=\"Untitled33A\" width=\"799\" height=\"516\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled33A-300x194.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled33A.png 554w\" sizes=\"(max-width: 799px) 100vw, 799px\" \/><\/a><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_12016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 1,2016<\/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><strong><span style=\"color: #00ccff;\">TP:<\/span> <\/strong>Turnover is a relevant factor to consider comparability.\u00a0[CIT vs.\u00a0Pentair\u00a0Water India Pvt. Ltd (Bombay High Court)].<\/li>\n<li>A mere change in the head of income does not attract a concealment penalty. [CIT vs. Shri. Hiralal Doshi (Bombay High Court)].<\/li>\n<li><span style=\"color: #00ccff;\"><strong>CBDT: <\/strong><\/span>CBDT has issued Clarification for the implementation of FATCA and CRS. An Inter-Governmental Agreement between India and USA was signed for the implementation of the Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for the Automatic Exchange of Information as per Common Reporting Standard (CRS).<\/li>\n<li><strong><span style=\"color: #00ccff;\">IT: TDS u\/s 194A<\/span><\/strong> &#8211; Non-Deduction of TDS on payment of Hire Charge &#8211; The hire charges do not fall under the term interest as defined in section 2(28A) of the Act NOT liable for TDS u\/s 194A &#8211; ITO, W-1(1), Kolkata Vs. Shahi Roadways Pvt. Ltd. (2016 (2) TMI 743 ITAT Kolkata)<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>: <\/strong><\/span>Benefit of exemption u\/s 11 and 12 &#8211; As the activities carried out by the Assessee certainly amounts to charitable purpose as it is being covered under the limb education to the definition of charitable purpose is contained in section 2(15) exemption allowed &#8211;\u00a0ITO, W-IV, New Delhi Vs. J.D. Tytler School Society (2016 (2) TMI 735 ITAT Delhi)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Section 154<\/strong>:<\/span> AO cannot refuse rectification for mistakes attributed to the assessee. [ACIT vs Rupam Impex (ITAT Ahmedabad)].<\/li>\n<li>Section 12AA Deemed registration effective after 6 months from application. [CIT vs. Society for the Promo. Of Edn (Supreme Court) \u00a0Civil Appeal No. 1478 of 2016].<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Expenditure on the construction of the house of a laborer<\/strong><\/span> &#8211; revenue v\/s capital expenditure &#8211; when the structure does not vest in the assessee and it has to pay monthly rent thereof to the Government the expenditure incurred by the assessee thereon has been rightly treated as a revenue expenditure- (The Commissioner of Income-tax, Vidarbha, Nagpur Versus M\/s. Manganese Ore India Limited\u00a0&#8211; 2016 (2) TMI 711 &#8211; BOMBAY HIGH COURT).<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Reopening of assessment<\/strong> <\/span>&#8211; charging of share premium over and above the intrinsic value of the share is income which has escaped assessment &#8211; the share premium being on the capital amount cannot be subjected to tax as income- (Khubchandani Healthparks Pvt. Ltd. Versus Income-Tax Office 6 (3) (4) , Mumbai and Ors.\u00a0&#8211; 2016 (2) TMI 710 &#8211; BOMBAY 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><span style=\"color: #00ccff;\"><strong>ST: <\/strong><\/span>Claim for refund of <a href=\"https:\/\/carajput.com\/services-tax-registration.php\">service tax<\/a> alleged to have been collected contrary to law &#8211; Service tax was paid by the provider of construction of residential complex service &#8211; claim of refund by the joint owner \/ purchase of flat &#8211; refund allowed \u2013<strong>\u00a0<\/strong>Sumeet C Tholle &amp; Pratima S Tholle Vs. CCE, Aurangabad (2016 (2) TMI 774 CESTAT Mumbai)<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Service charge, user charge, convenience fee paid by gateways &amp; vendors on online or card payments will be waived once steps approved by the Cabinet.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Quantum of Refund of service tax on services provided by commission agent located outside India &#8211;<\/strong> <\/span>for export of goods &#8211; Revised rate of 10 of the FOB value (old rate 2 ) has retrospective effect- (M\/s. Needle Industries (India) Pvt. Ltd. Versus Commissioner Of Central Excise, Salem- 2016 (2) TMI 771 &#8211; CESTAT CHENNAI)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Refusal to give refund despite clear direction by the higher authority &#8211;<\/strong> <\/span>it appears that the refund sanctioning authority took it on himself to sit in judgment on the higher appellate authority by issue of a fresh notice for rejection on the ground of limitation without applying his mind to the scope of his authority-\u00a0(RITES Ltd. Versus Commissioner of Service Tax, Delhi- 2016 (2) TMI 726)<\/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<ul style=\"text-align: justify;\">\n<li><strong><span style=\"color: #00ccff;\">Query:<\/span>\u00a0<\/strong>We have a query as we have recently incorporated a Private company through Form INC-29 but while filing Form INC-29, we mentioned its name in CAPITAL LETTERS. Now Certificate of Incorporation which has been generated is also in CAPITAL LETTERS, while we want its name with only first letter of every word to be in Capital &amp; rest all alphabets in small letters. Please suggest some solution.<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:\u00a0<\/strong><\/span>Certificate of Incorporation is issued with the same name which is mentioned in the Form while incorporating company. In case you have mentioned name of Company in CAPITAL LETTERS, so you cannot raise any question from the ROC for any mistake\/error.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">But now for the purpose of obtaining its name as only First alphabet in CAPITAL, rest all small letters. You are required to file Form INC-1 for reservation of name enclosing letter addressed to ROC with detailed issue &amp; then file Form INC-24 with the ROC for changing the name of Company.<\/p>\n<h4 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><\/h4>\n<ul style=\"text-align: justify;\">\n<li>MCA has amended the Chartered Accountants Procedure of Meetings of Quality Review Board and Terms &amp; Conditions of Service and Allowances of Chairperson and Members of the Board (Amendment) Rules, 2006. The new clause has been inserted to Rule 9(2) which provides that Chairperson and Members nominated by the CG to the Board, shall not undertake any foreign tour without the prior approval of CG\u00a0Vide Notification No. 1\/30\/2015\/PI dated 08.02.2016.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><span style=\"color: #ff6600;\"><strong>Other Updates<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Rail_Budget_2016\"><\/span><span style=\"color: #00ccff;\"><strong>Rail\u00a0\u00a0Budget 2016:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"No_hikes_in_fare_Sub-quota_of_33_for_women_increased_quota_of_lower_berths_for_senior_citizens_women_enhanced_capacity_of_eticketing_system\"><\/span>No hikes in fare; Sub-quota of 33% for women; increased quota of lower berths for senior citizens &amp; women; enhanced capacity of eticketing system.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>NIRC:<\/strong><\/span>\u00a0The constitution of NEW Executive Committee of NIRC is expected TODAY (26 FEB 2016).<\/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; 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 DATED MARCH 1,2016 Direct Tax TP: Turnover is a relevant factor to consider comparability.\u00a0[CIT vs.\u00a0Pentair\u00a0Water India Pvt. Ltd (Bombay High Court)]. A mere change in the head of income does not attract a concealment penalty. [CIT vs. Shri. Hiralal Doshi (Bombay High Court)]. CBDT: CBDT has issued Clarification for the implementation &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,4,1],"tags":[3403,5,354,9038,4071],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2263"}],"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=2263"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2263\/revisions"}],"predecessor-version":[{"id":2265,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2263\/revisions\/2265"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}