{"id":2449,"date":"2016-05-28T12:14:32","date_gmt":"2016-05-28T06:44:32","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2449"},"modified":"2021-12-09T14:26:09","modified_gmt":"2021-12-09T08:56:09","slug":"corporate-and-professional-update-may-5-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-5-2016\/","title":{"rendered":"corporate and professional update may 5, 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-69d01c6d369cb\" 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-69d01c6d369cb\"  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-5-2016\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\">Professional Update For the Day:<\/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-may-5-2016\/#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-may-5-2016\/#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-may-5-2016\/#OTHER_UPDATE\" title=\"OTHER UPDATE\">OTHER UPDATE<\/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-may-5-2016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/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-may-5-2016\/#More_updates_New_TDS_deduction_No_cash_transactions_exceeding_1_Crore_-Section_194N\" title=\"More updates; New TDS deduction No cash transactions exceeding 1 Crore -Section 194N\">More updates; New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/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-may-5-2016\/#More_updates_Deduction_us_80CCD_of_Income_Tax_Act_196\" title=\"More updates: Deduction u\/s 80CCD of Income Tax Act, 196\">More updates: Deduction u\/s 80CCD of Income Tax Act, 196<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled24A.png\" alt=\"Untitled24A\" width=\"571\" height=\"369\" \/><\/strong><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><span style=\"color: #3366ff;\"><strong>Professional Update For the Day:<\/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><span style=\"color: #800000;\"><strong><span style=\"text-decoration: underline;\">DIRECT TAX:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">IT:\u00a0Waiver of levy of interest u\/s 234B &#8211; Application made u\/s 119(2)(a) before CCIT &#8211; Chief Commissioners of Income Tax cannot exercise that power except in accordance with directions which are issued by the CBDT \u2013\u00a0Arun Sunny\u00a0Vs. CCIT &amp; DCIT\u00a0<strong>(2016 (5) TMI 74 \u2013<\/strong>\u00a0Kerala High Court<strong>)<\/strong><\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Deemed dividend addition u\/s.2(22) &#8211; trade advance in relation to business transaction cannot be treated as deemed dividend \u2013\u00a0M\/s Penguin Apparels Pvt. Ltd. Vs. ACIT (2016 (5) TMI 71 \u2013 ITAT Chennai)<\/p>\n<p style=\"text-align: justify;\">CBDT\u00a0has extended due date for payment of TDS on Transfer of Immovable Property u\/s 194IA from the existing 7 days to 30 days &#8211; Notification No.30\/2016, dt.29.04.2016<\/p>\n<p style=\"text-align: justify;\">CBDT\u00a0has issued\u00a0Income Tax (10th Amendment) Rules, 2016.\u00a0The Board has made submission of report in relation to the approval of in-house research and development facility in Part A of Form 3CL and quantifying the expenditure incurred on in-house research and development facility by the company during the previous year and eligible for weighted deduction in Part B of Form No.3CL, electronic.<\/p>\n<p style=\"text-align: justify;\">It has also introduced a new Form 3CLA to be submitted electronically to the Secretary, Department of Scientific and Industrial Research on or before the due date specified in Explanation 2 to sub-section (1) of section 139 of the Act for furnishing the return of income, for each succeeding year.<strong>\u00a0<\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #800000;\"><strong><span style=\"text-decoration: underline;\">INDIRECT TAX:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>ST:<\/strong>\u00a0Test of input being used in or in relation to manufacture is to be applied to consider allowance of CENVAT credit of the service tax paid on the input utilized and having relevance to the output manufactured \u2013M\/s ITC Ltd. Vs. CCE, Salem\u00a0<strong>(2016 (5) TMI 89 \u2013 CESTAT Chennai)<\/strong><\/p>\n<p style=\"text-align: justify;\">VAT &amp; ST:\u00a0A quasi judicial authority should discharge the statutory discretionary powers independently and not under the dictation of superior officers \u2013\u00a0Kumagai Skanska Hcc Itochu Group\u00a0Vs. CVAT (2016 (5) TMI 77 \u2013 Delhi High Court)<\/p>\n<p style=\"text-align: justify;\">Delhi Com Vat in a meeting informed that the Notification dated 12\/4\/16 relating to ITEM \/ ITEM Code being issued by finance deptt. after partial modification from relevant deptt. to come up soon.<\/p>\n<p style=\"text-align: justify;\">Further, assured DVAT systems will be ready with the option of accepting Q4 returns on old pattern or new pattern by\u00a08\/5\/16. Furthermore, vide Notification no. 157 dated: 3\/5\/16 use of DSC for Q4 made optional for all dealers. TEAM STBA<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATE\"><\/span><span style=\"color: #800000;\"><strong><span style=\"text-decoration: underline;\">OTHER UPDATE<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">IASB,ICAI org. certificate course on concurrent audit at hamirpur from\u00a0may 7, for regn call: 09418026466, or mail at\u00a0\u00a0<a href=\"mailto:info@himachalicai.org\">info@himachalicai.org<\/a><\/p>\n<p style=\"text-align: justify;\">Registration opens for ICAI certificate course on service tax starting @ Delhi from\u00a04 June 16, contact- 120-3045954,\u00a0 visit\u00a0www.idtc.icai.org<\/p>\n<p style=\"text-align: justify;\">ICAI invites innovative suggestions for govt. on policy matters. Link:\u00a0<a href=\"https:\/\/goo.gl\/2OymKi\">https:\/\/goo.gl\/2OymKi<\/a>\u00a0 Email:\u00a0<a href=\"mailto:neac@icai.in\">neac@icai.in<\/a><\/p>\n<p style=\"text-align: justify;\">Dena Bank invites applications by CA firms for empanelment as Concurrent Auditors for the period July 2016-June 2017 to be submitted by\u00a010.05.16.<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><span style=\"color: #800000;\"><strong><span style=\"text-decoration: underline;\">KEY DATES:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\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;\">It should be noted that &#8211;\u00a0Last date of filing TDS returns for F.Y 2015-16 shall be 15thMay 2016.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong><span style=\"text-decoration: underline;\">WORD OF WISDOM:<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">One today is worth two tomorrows. -Benjamin Franklin<\/p>\n<p style=\"text-align: justify;\">\u201cKeep your eyes on the stars and your feet on the ground.\u201d<\/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;\"><span style=\"color: #3366ff;\"><strong>FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">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;\">T:011-233 -4 -33333 ,\u00a0 9-555-555-480<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"More_updates_New_TDS_deduction_No_cash_transactions_exceeding_1_Crore_-Section_194N\"><\/span><a href=\"https:\/\/carajput.com\/learn\/new-tds-deduction-provision-prevent-cash-transactions-of-more-than-1-crore-section-194n.html\"><strong>More updates; New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"More_updates_Deduction_us_80CCD_of_Income_Tax_Act_196\"><\/span><strong><a href=\"https:\/\/carajput.com\/learn\/deductions-under-section-80ccd-of-income-tax-act.html\">More updates: Deduction u\/s 80CCD of Income Tax Act, 196<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4 style=\"text-align: justify;\"><\/h4>\n<h4 style=\"text-align: justify;\"><!--more--><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: IT:\u00a0Waiver of levy of interest u\/s 234B &#8211; Application made u\/s 119(2)(a) before CCIT &#8211; Chief Commissioners of Income Tax cannot exercise that power except in accordance with directions which are issued by the CBDT \u2013\u00a0Arun Sunny\u00a0Vs. CCIT &amp; DCIT\u00a0(2016 (5) TMI 74 \u2013\u00a0Kerala High Court) IT:\u00a0Deemed dividend &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9,4,117,15],"tags":[4658,4659,4657,4660],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2449"}],"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=2449"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2449\/revisions"}],"predecessor-version":[{"id":19619,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2449\/revisions\/19619"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}