{"id":2441,"date":"2016-05-28T11:45:46","date_gmt":"2016-05-28T06:15:46","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2441"},"modified":"2021-08-14T12:53:20","modified_gmt":"2021-08-14T07:23:20","slug":"corporate-and-professional-update-may-28-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-28-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 3, 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-69d005fa1cf42\" 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-69d005fa1cf42\"  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-may-28-2016\/#DIRECT_TAX\" title=\"DIRECT TAX:\">DIRECT TAX:<\/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-may-28-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX:\">INDIRECT TAX:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-28-2016\/#Company_Law_Updates\" title=\"Company Law Updates:\">Company Law Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-28-2016\/#Other_Updates\" title=\"Other Updates:\">Other Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-28-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Professional Update For the Day:<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #339966;\"><strong><span style=\"text-decoration: underline;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/29-768x406.png\" alt=\"29\" width=\"631\" height=\"334\" \/><\/span><\/strong><\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #339966;\"><strong><span style=\"text-decoration: underline;\">DIRECT TAX:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Now, deductor is liable to furnish of evidence of claims by employee for deduction of tax under section 192 of IT Act, 1961. Notification no. 30\/2016 dated\u00a029\/06\/2016.<\/p>\n<p style=\"text-align: justify;\">Property TDS Payment due date extended to 30 days. Notification no. 30\/2016-IT dated 29\/04\/2016.<\/p>\n<p style=\"text-align: justify;\">In absence of contumacious conduct penalty U\/s. 271C not leviable. [ITO (TDS), Vs. Pushpanjali Hospital and Research Centre Pvt. Ltd. (ITAT Agra)].<\/p>\n<p style=\"text-align: justify;\">CBDT has issued a Press Release on Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies dated on 28th\u00a0April, 2016.<\/p>\n<p style=\"text-align: justify;\">CBDT has issued a MAT-IndAS Committee Report.<\/p>\n<p style=\"text-align: justify;\">Madras HC sets-aside ITAT order, holds loss on share-sale transaction, not speculative for assessee\u00a0rejects Revenue\u2019s invocation of deeming fiction under Explanation to Sec 73;Held that\u00a0When there is no systematic or organised course of activity and when there is no regularity in the transaction and as the purchase is infact an one time activity it cannot be construed as a speculative transaction\u201d\u00a0and further cannot come under the ambit of \u2018business.<\/p>\n<p style=\"text-align: justify;\">PERMANENT ACCOUNT NUMBER\u00a0 : Duplicate PAN card :\u00a0Where two PAN Cards were allotted in name of assessee-society to two factions within management of assessee &#8211; society, it was held that question as to, which of two actions should be authorized to operate PAN CARD would depend on orders of pending suit; till that time, holder of second PAN CARD should Surrender said second PAN Card to PAN Service provider &#8211;\u00a0[2016] 68\u00a0taxmann.com\u00a0297 (Delhi)<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #339966;\"><strong><span style=\"text-decoration: underline;\">INDIRECT TAX:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Central Govt. exempts all coastal vessels carrying exclusively coastal goods and operating from coastal or EXIM berths from provisions of Sections 92, 93, 94, 95, 97 and 98(1) of Customs Act; Accordingly, such vessels would no longer be required to make entry by presenting bill of coastal goods and carry advice book; Also, goods can be loaded at any port without bill being passed by the officer and can depart without written order vide notification No. 56\/2016 dated 27th\u00a0April,2016.<\/p>\n<p style=\"text-align: justify;\">Delhi Govt. issues clarification on new composition scheme for restaurants and halwais u\/s 16(12) of DVAT Act; States that condition requiring payment of tax on opening stock is not applicable to those dealers who w.e.f April 1, 2016 intend to shift from composition scheme u\/s 16(1) to new the scheme, as such goods have already suffered VAT at time of purchases and also no ITC has been claimed thereon; Also clarifies that such dealers shifting to new scheme shall not be eligible to claim ITC on closing stock held on March 31, 2016 vide Circular No. 1 of 2016-17 dated 27-04-2016.<\/p>\n<p style=\"text-align: justify;\"><strong>ST:<\/strong>\u00a0Cenvat credit &#8211; Common Input services belongs to three units but whole of the credit was availed at one unit &#8211; assessee has been able to prove that all the three units are one and the same have common management &#8211; credit allowed \u2013\u00a0National Engineering Industries Ltd. Vs. CCE, Jaipur\u00a0<strong>(2016 (5) TMI 12 \u2013 Rajasthan High Court)<\/strong><\/p>\n<p style=\"text-align: justify;\">VAT &amp; ST:\u00a0Waiver of pre-deposit under APGST Act &#8211; It is always open to the petitioner to file appropriate proceedings before ADC seeking stay in the appeal filed or by filing a separate application as required under Section 19(2A) \u2013\u00a0Anand Cements\u00a0Vs. State of Telangana (2016 (5) TMI 5 \u2013 Supreme Court)<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law_Updates\"><\/span><span style=\"color: #339966;\"><strong><span style=\"text-decoration: underline;\">Company Law Updates:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Company Law Board has notified the\u00a0amended Regulations further to amend the Company Law Board Regulation, 1991 through which\u00a0official timing for hearing at CLB has been changed w.e.f 02.05.2016,\u00a0words\u00a0\u00a0and\u00a0\u00a0 expression &#8220;10.30 a.m. to 1.30 p.m.\u00a0\u00a0and\u00a02.30 p.m. to 4.30 p.m.&#8221; the words and\u00a0\u00a0expression\u00a0\u00a0&#8220;10.30 a.m.\u00a0\u00a0to 1.00 p.m.\u00a0and\u00a02.00 p.m. to 4.30 p.m.&#8221; shall be substituted in Regulation 9 of the said regulation.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><span style=\"color: #339966;\"><strong><span style=\"text-decoration: underline;\">Other Updates:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">The\u00a0Real Estate (Regulation and Development) Act, 2016\u00a0came into force on May 01, 2016.\u00a0Union Ministry of Housing and Urban Poverty Alleviation (HUPA) notified 69 of the total 92 sections of the Act to bring it into force from 1 May 2016.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #339966;\"><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Last date of E-payment of service tax foe April by companies vide Challan No. GAR-7 -06\/05\/2016<\/p>\n<p style=\"text-align: justify;\">Look at mistake as just a mistake not as &#8220;My&#8221; or &#8220;His&#8221; mistake because &#8220;My&#8221; brings guilt &amp; &#8220;His&#8221; brings anger. Only acceptance brings Improvement.<\/p>\n<p style=\"text-align: justify;\">Noble deeds that are concealed are most esteemed. -Blaise Pascal<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\">www.carajput.com<\/a><\/p>\n<p style=\"text-align: justify;\"><strong>FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/p>\n<p style=\"text-align: justify;\">W: www.carajput.com<\/p>\n<p style=\"text-align: justify;\">E: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a><\/p>\n<p style=\"text-align: justify;\">\u00a0T:011-233 -4 -33333 ,\u00a0 9-555-555-480<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: Now, deductor is liable to furnish of evidence of claims by employee for deduction of tax under section 192 of IT Act, 1961. Notification no. 30\/2016 dated\u00a029\/06\/2016. Property TDS Payment due date extended to 30 days. Notification no. 30\/2016-IT dated 29\/04\/2016. In absence of contumacious conduct penalty U\/s. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,15],"tags":[4678,4676,9042,333,4675,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2441"}],"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=2441"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2441\/revisions"}],"predecessor-version":[{"id":15746,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2441\/revisions\/15746"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}