{"id":2276,"date":"2016-03-08T12:58:28","date_gmt":"2016-03-08T07:28:28","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2276"},"modified":"2021-12-18T17:43:35","modified_gmt":"2021-12-18T12:13:35","slug":"corporate-and-professional-update-march-4-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-4-2016\/","title":{"rendered":"corporate and professional update march 4, 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-69ea46a223ff0\" 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-69ea46a223ff0\"  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-march-4-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_4_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED \u00a0MARCH 4, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED \u00a0MARCH 4, 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-march-4-2016\/#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-march-4-2016\/#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-march-4-2016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-4-2016\/#Other_Updates\" title=\"Other Updates\">Other Updates<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A.png\" rel=\"attachment wp-att-2277\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2277\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A-300x197.png\" alt=\"Untitled18A\" width=\"725\" height=\"477\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A-300x197.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A.png 550w\" sizes=\"(max-width: 725px) 100vw, 725px\" \/><\/a><\/strong><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_4_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE DATED \u00a0MARCH 4, 2016<\/strong><\/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>New Form 35 for Appeal to the Commissioner of<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income-tax<\/a> (Appeals) introduced vide CBDT NOTIFICATION dated 01.03.16.<\/li>\n<li>Last day to pay advance tax is\u00a015th March\u00a0for payment of 100% of income tax for FY 15-16.<\/li>\n<li>Time Limit for completion of property acquired or constructed with the borrowed capital increase from 3 year to 5 years for getting exemption u\/s 24(b) in respect of Self Occupied House Property<\/li>\n<li>Contributions made on or after the 1st day of April, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 % of the accumulated balance attributable to such contributions on withdrawal shall be exempt from tax.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>68 :<\/strong> <\/span>No addition where creditability of creditors established. [Mahalaxmi Housing &amp; Finstock Pvt. Ltd. vs. ACIT (ITAT Ahmedabad)].<\/li>\n<li>CBDT notifies 15% depreciation allowance on Oil Wells.\u00a0Notification 13\/2016.<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>:\u00a0<\/strong><\/span>Deduction u\/s. 10B &#8211; Even though an estimation of excess stock in the middle of the year while accepting the Books of Accounts of the year is not generally permitted by various decisions of the ITAT since Assessee is eligible for deduction u\/s.<\/li>\n<li>10B on the additions\/disallowance made on these units we are of the opinion that the same amount can be allowed for deduction u\/s. 10B as the stock pertains to Hosur and Ongole units which are eligible for deduction u\/s. 10B &#8211;\u00a0Madhucon Granites Ltd. Vs. DCIT, Hyderabad (2016 (3) TMI 83 ITAT Hyderabad)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Addition u\/s. 68<\/strong><\/span> &#8211; CIT(A) should not have rubbished the affidavit without going into the merits. Therefore in the interest of justice and fair play we restore this issue to the files of the A.O. &#8211;\u00a0Shri Dinesh Tarachand Kasat and Others Versus The Dy. Commissioner of Income-Tax, Central Circle-1 (3) , Ahmedabad and Vica-Versa (2016 (3) TMI 91 &#8211; ITAT Ahmedabad)<\/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>Services of transportation of passengers by stage carriage excluded from Negative List\u00a0(applicable\u00a0w.e.f.1st\u00a0June\u2019 2016) such services by a non-air-conditioned contract carriage will continue to be exempted, notification No. 09\/2016-S.<\/li>\n<li>Education services deleted from Negative List (Applicable w.e.f. the enactment of Finance Bill\u2019 2016)\u00a0\u00a0but the service tax exemption on them is being continued by incorporating them in the general exemption notification (Notification No. 25\/2012-ST) &#8211; notification No. 09\/2016-ST.<\/li>\n<li>CCI doubles limit of value of assets &amp; turnover for determining entities combination. NOTIFICATION S.O. 675(E).<\/li>\n<li>Prior permission to transfer Cenvat Credit after Amalgamation \/ Merger. [M\/s. S.C. Johnson Products (P) Ltd. vs.\u00a0\u00a0C.C.E. (CESTAT Delhi)]<\/li>\n<li>Cenvat Credit can be claimed on the basis of photocopy of duty payment document.[Arbes Tools P. Ltd. vs. CCEx (CESTAT Mumbai)].<\/li>\n<li>Increase in clean energy cess (Notification No. 1 &amp; 2\/2016 dated 29th\u00a0Feb, 2016) applicable from 1st\u00a0March, 2016.<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a>:<\/strong><\/span>\u00a0Due date for filing online Form 9 for FY 2014-15 has been extended to 31 MAR 2016.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>DVAT:\u00a0<\/strong><\/span>Digital Signatures made mandatory for filing DVAT-16 and DVAT-17 w.e.f. Q4-FY 2015-16 returns for dealers with GTO exceeding Rs.50 Lac in FY 2014-15.<\/li>\n<\/ul>\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><span style=\"color: #00ccff;\"><strong>MCA:\u00a0<\/strong><\/span>As the National Company Law Tribunal (NCLT) and its Appellate Authority is at an advanced stage of constitution and after its constitution, it is proposed to commence the provisions relating to Revival of Sick Companies (Chapter XIX) of Companies Act, 2013.<\/li>\n<li>The\u00a0draft Rules for the Revival of Sick Companies (Chapter XIX) of Companies Act, 2013, have been prepared by a Committee consisting of Ministry officials and Experts drawn from various fields.<\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI\u00a0<\/a>has issued\u00a0Know Your Customer Direction, 2016\u00a0for all Banks or entities\u00a0licensed u\/s 22 of Banking Regulation Act, 1949, Etc.<\/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: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DATED \u00a0MARCH 4, 2016 Direct Tax New Form 35 for Appeal to the Commissioner of Income-tax (Appeals) introduced vide CBDT NOTIFICATION dated 01.03.16. Last day to pay advance tax is\u00a015th March\u00a0for payment of 100% of income tax for FY 15-16. Time Limit for completion of property acquired or constructed with the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933,150,172,9,1],"tags":[9156,6],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2276"}],"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=2276"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2276\/revisions"}],"predecessor-version":[{"id":20177,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2276\/revisions\/20177"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}