{"id":2392,"date":"2016-04-30T15:09:29","date_gmt":"2016-04-30T09:39:29","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2392"},"modified":"2021-12-20T18:54:31","modified_gmt":"2021-12-20T13:24:31","slug":"corporate-and-professional-update-april-13-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-13-2016\/","title":{"rendered":"corporate and professional update april 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-69e88951f0d34\" 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-69e88951f0d34\"  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-april-13-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_13_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE APRIL 13, 2016\">CORPORATE AND PROFESSIONAL UPDATE APRIL 13, 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-april-13-2016\/#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-april-13-2016\/#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-april-13-2016\/#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-april-13-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4 style=\"text-align: justify;\"><\/h4>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/04\/Untitled37A.png\" alt=\"Untitled37A\" width=\"807\" height=\"443\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_13_2016\"><\/span><a href=\"https:\/\/carajput.com\/blog\/?p=2381\">CORPORATE AND PROFESSIONAL UPDATE APRIL 13, 2016<\/a><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\/\"><strong>DIRECT TAX:<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Income Tax:\u00a0Refundable amount utilized by the Department hence interest was payable under Section 244(1A) \u2013M\/S. Jyotsna Holdings (P) Ltd. CIT, Delhi-II\u00a0<strong>(2016 (4) TMI 390 &#8211;<\/strong>\u00a0Supreme Court<strong>)<\/strong><\/li>\n<li>Income Tax:\u00a0\u00a0Penalty u\/s 271D &#8211; cash transactions of the assessee with the directors and shareholders of the company due to business expediency. Nobody has doubted the genuineness of the transactions &#8211; No Penalty -M\/s Chawla Chemtech Pvt. Ltd. Vs. CIT, Gobindgarh (2016 (4) TMI 378 &#8211; ITAT Chandigarh)<\/li>\n<li>Income Tax:\u00a0\u00a0Depreciation carried forward and set off against the profits and gains of subsequent years without any limit whatsoever allowed \u2013K. Lakshmi Cement Ltd. Vs. CIT\u00a0<strong>(2016 (4) TMI 376 &#8211;<\/strong>\u00a0ITAT\u00a0Kolkata<strong>)<\/strong><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong>INDIRECT TAX :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Service Tax:\u00a0Date for deposit of Service tax by cheque &#8211; VCES Scheme 2013 &#8211; With the cheque having been realized the date on which the service tax should be taken to have been paid is deemed to be the date of presentation of the said cheque in terms of Rule 6(2A) of the ST Rules -Disha Securities &amp; Manpower Pvt. Ltd. Vs. ACST<strong>(2016 (4) TMI 374 &#8211;<\/strong>\u00a0Delhi High Court<strong>)<\/strong><\/li>\n<li>EXCISE: As long as an assessee had manufactured goods, the mere fact that he used to trade or brand name of another individual, would not disentitle him from exemption &#8211; [2016] 68 Taxmann 7 (Andhra Pradesh)<\/li>\n<li>VAT: Period of limitation &#8211; Invocation of Section 61(1) of the Bombay Sales Tax Act 1959 &#8211; an order of the court cannot override the legal provision which is specific in nature &#8211; period of limitation statutorily prescribed cannot be waived -Raskamal Food &amp; Fruit Pvt. Ltd. Vs. CST, State of Maharashtra (2016 (4) TMI 319 &#8211; Bombay High Court)<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW\"><\/span><span style=\"color: #ff6600;\"><strong><span style=\"text-decoration: underline;\">COMPANY LAW:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><strong>Query<\/strong>:\u00a0One of our client company has not done annual filing since F.Y 2009-10. Now when are trying to file the same. Form 23AC, ACA and Form 20B are not available on MCA portal. Can we file the same through Form GNL- 2. Advice<\/li>\n<li><strong>Answer<\/strong><strong>:\u00a0<\/strong>No, Annual filing e-forms under the Companies Act, 1956 viz. 23AC\/ACA, 23AC\/ACA-XBRL, 20-B, 21-A, Form 66, I-XBRL, A-XBRL, 23B, 23C and 23D would be made available shortly for filing purposes on MCA Portal. You are therefore advised not to file these forms as attachments with GNL-2 e-forms.<\/li>\n<li>MCA has issued general circular no. 04\/2016 dated 27th April 2016: amended AS should be used for preparation of accounts for accounting periods commencing on or after the date of notification.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>MCA has released Clarification with regard to Companies (Accounting Standards) Amendment Rules 2016 vide Circular No- 04\/2016 dated 27\/04\/2016.<\/li>\n<li>MCA has released Notification regarding the Jurisdiction of the state of Telangana under Section 396 of Companies Act 2013 vide Notification dated 26\/04\/2016.<\/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<\/a> cuts repo rate by 25 bps to 6.5%, being the lowest repo rate in 6 years, CRR kept unchanged at 4%.<\/li>\n<li>Amended ASs to be applied from FY 16-17 onwards<\/li>\n<li>ICAIin order to make the Members aware as to what information is going to flow from Institute&#8217;s records in MEF this year\u00a0has hosted Pre-MEF data verification at\u00a0meficai.org\u00a0for applicants&#8217; perusal w.e.f. TODAY (27 APR 2016).<\/li>\n<li>RBIhas issued a\u00a0Master Direction for merger of private sector banks and also between NBFCs and banks.<\/li>\n<li>releases draft guidelines for computation of book profit by Ind AS compliant Cos<\/li>\n<li>Courier entities in Delhi to file return in CR-II for F.Y.2015-16 byMay 16, 2016<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>\u00a0\u201cEvery exit has an entry somewhere. Every end has a new beginning. Every black cloud has a silver lining. Never leave hope, life means possibilities.\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\">www.carajput.com<\/a><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE APRIL 13, 2016 DIRECT TAX: Income Tax:\u00a0Refundable amount utilized by the Department hence interest was payable under Section 244(1A) \u2013M\/S. Jyotsna Holdings (P) Ltd. CIT, Delhi-II\u00a0(2016 (4) TMI 390 &#8211;\u00a0Supreme Court) Income Tax:\u00a0\u00a0Penalty u\/s 271D &#8211; cash transactions of the assessee with the directors and shareholders of the company due 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":[9933],"tags":[9156,4509,4508],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2392"}],"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=2392"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2392\/revisions"}],"predecessor-version":[{"id":20278,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2392\/revisions\/20278"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}