{"id":2455,"date":"2016-05-28T12:44:40","date_gmt":"2016-05-28T07:14:40","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2455"},"modified":"2021-08-14T12:51:57","modified_gmt":"2021-08-14T07:21:57","slug":"corporate-and-professional-update-may-14-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-14-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 14, 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-69d01f2eb050e\" 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-69d01f2eb050e\"  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-14-2016\/#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-14-2016\/#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-14-2016\/#Company_Law\" title=\"Company Law:\">Company Law:<\/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-14-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong><span style=\"color: #339966;\">Professional Update For the Day:<\/span><\/strong><\/p>\n<p><strong><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/29-768x406.png\" alt=\"29\" \/><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><span style=\"color: #993366;\"><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;\">CBDT\u00a0has granted\u00a0relaxation of time for submitting Form<a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\"> ITR<\/a>-V to be filed electronically without attesting digital signature\u00a0for the Asst. Years from 2009-10 to 2014-2015 through Electronic Verification Code (EVC) till 31 AUG 2016.<\/p>\n<p style=\"text-align: justify;\">Primary agricultural credit society can claim <a href=\"https:\/\/carajput.com\/blog\/taxes-on-income-received-from-blogging-under-income-tax\/\">deduction u\/s 80P.<\/a> [ The Chirakkal service Co-Operative Bank Ltd vs. CIT (Kerala HC)].<\/p>\n<p style=\"text-align: justify;\">Big B\u2019 in Tax trouble; Apex Court nods to reopening of his tax case of 2001[2016] 69\u00a0taxmann.com\u00a0170 (SC)\u00a0Commissioner of Income-tax, Mumbai v. Amitabh Bachchan<\/p>\n<p style=\"text-align: justify;\">CBDT has not revised due dates for filing of TCS returns<\/p>\n<p style=\"text-align: justify;\">Tax returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Sec.139, to be verified through ITR V Form by 31.08.16.CBDT Circular no.13\/2016.<\/p>\n<p style=\"text-align: justify;\">The government has gained the right to tax capital gains arising in Mauritius from sale of shares acquired on or after April 1, 2017.<\/p>\n<p style=\"text-align: justify;\">Exercise of S. 263 on expenses claim withdrawn by assessee valid. [Commissioner Of Income Tax vs.Amitabh Bachchan (SC)].<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Depreciation in respect of electrical installations, elevators, DG sets installed in the building let-out by the assessee which is receiving rental income from the said building allowed \u2013\u00a0M\/s IBC Knowledge Park Pvt. Ltd. Vs. CIT &amp; DCIT, Bangalore (2016 (5) TMI 372 \u2013 Karnataka High Court)<\/p>\n<p style=\"text-align: justify;\">Exercise of Sec. 263 on expenses claim withdrawn by assessee valid. [Commissioner of Income Tax vs.Amitabh Bachchan (SC)].<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Penalty U\/s 271(1)(c) &#8211; penalty proceedings are distinguished and separate and assessee can raise fresh plea in the penalty proceedings which has been done in this case \u2013\u00a0Sudhir Awasthi Vs. ITO, W-5(2), Jaipur (2016 (5) TMI 367 \u2013 ITAT Jaipur)<\/p>\n<p style=\"text-align: justify;\">The Income declaration scheme 2016 and the direct tax dispute resolution scheme 2016 expected to come into force on 01.06.16.CBDT press release of 12.05.16.<\/p>\n<p style=\"text-align: justify;\">Sec. 40 (a) (i) is discriminatory and not applicable to Indo-US DTAA. [CIT vs. Herbalife International India Pvt. Ltd (Delhi HC)].<\/p>\n<p style=\"text-align: justify;\">Section 94-A(1) is constitutional valid.[Madras High Court T. Rajkumar and Others vs. UOI and Ors. (Madras HC)].<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #993366;\"><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;\"><strong>ST:<\/strong>\u00a0Advertising agency service on commission basis &#8211; Model (1) Placement of advertisement in traditional media on behalf of the advertiser &#8211; Modes (2) Buying and selling of advertisement inventory in non-traditional media on its own account &#8211; In both Models there is no service tax liability \u2013\u00a0M\/s AKQA Media India Pvt. Ltd. Vs. CST, Mumbai\u00a0<strong>(2016 (5) TMI 456 \u2013 AAR)<\/strong><\/p>\n<p style=\"text-align: justify;\">VAT &amp; ST:\u00a0The contracts of construction of glass curtain wall executed by the Applicant would not constitute contracts for construction of buildings mentioned in Para A of the Notification dated 8 MAR 2000 issued for the purpose of section 6A(1) of the Works Contract Act \u2013\u00a0M\/s Permasteelisa Vs. ACST &amp; DCST(2016 (5) TMI 497 \u2013 Bombay High Court)<\/p>\n<p style=\"text-align: justify;\">DTAA:\u00a0After successful renegotiating tax treaty with Mauritius, the GoI is looking to rework the double taxation avoidance pact with Singapore to plug the leakage.<\/p>\n<p style=\"text-align: justify;\">Service Tax wrongly paid on the manufacturing activity is allowed to be adjusted against excise duty. [Hyva India Pvt. Ltd. vs. Comm of Central Excise, Customs and Service Tax, Bangalore-I (2016) 68\u00a0taxmann.com\u00a0383 (CESTAT)].<\/p>\n<p style=\"text-align: justify;\"><strong>ST:<\/strong>\u00a0Import of internet connectivity services &#8211; The server placed outside India are meant for internet connectivity services and can\u2019t be considered as hiring of simple physical space for placing servers &#8211; prima facie case is in favor of assessee \u2013\u00a0M\/s HT Media Ltd. Vs. CST, Delhi\u00a0<strong>(2016 (5) TMI 377 \u2013 CESTAT New Delhi)<\/strong><\/p>\n<p style=\"text-align: justify;\">VAT &amp; ST:\u00a0Detention of goods in transit &#8211; detention order passed u\/s 70A of the GVAT Act suffers from the breach of principles of natural justice as well as lack of application of mind and therefore stands vitiated \u2013\u00a0Jay Ambey Traders\u00a0Vs. State of Gujarat (2016 (5) TMI 435 \u2013 Gujarat High Court)<\/p>\n<p style=\"text-align: justify;\">DVAT Regd dealers to display certificate of registration at principal place and certified copy at other places of business in Delhi. DVAT circular no: 4 of 2016-17.<\/p>\n<p style=\"text-align: justify;\">VAT on diesel reduced to 16.75% from 18% in Delhi<\/p>\n<p style=\"text-align: justify;\">Excise &amp; Customs : Before initiating garnishee proceedings for recovery of dues of assessee from assessee&#8217;s debtor under Section 11(2), revenue must first of all adjudicate what sums are due to Government[2016] 69\u00a0taxmann.com\u00a037 (Bombay)\u00a0 Sikkim Ferroys Alloys Ltd. v. Office of the Assistant Commissioner of Central Excise<\/p>\n<p style=\"text-align: justify;\">Changes in VAT rate schedules w.e.f 10.05.2016. VAT rates on sweets and namkeen, marble, footwear, e-rickshaws reduced to 5%. DVAT Notification dated 09.05.2016.<\/p>\n<p style=\"text-align: justify;\">Govt.\u00a0amended Mauritius Treaty to bring LTCG, STCG &amp; Derivatives Income to tax at par with the Domestic Tax w.e.f. 01.04.2019. No tax till March 31, 2017. From 01.04.17 to 31.03.2019, LTCG is exempt, STCG to be taxed @ 7.50% &amp; Derivatives Income to be taxed @15%.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #993366;\"><strong><span style=\"text-decoration: underline;\">Company Law:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">MCA\u00a0has notified\u00a0The Companies (Registration Offices and Fees) Amendment Rules, 2016.\u00a0The Ministry has amended Forms GNL-1 and GNL-4 which shall be compatible with the latest V2 platform designed by the MCA.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993366;\"><strong>Other Update :<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Rajya Sabha passes the insolvency and bankruptcy bill and the finance bill 2016 on wednesday, 11th May, 2016.<\/p>\n<p style=\"text-align: justify;\">Get ICAI now mobile app for latest ICAI updates. Available on android, iOS, windows and blackberry 10. To download please visit: &#8211;\u00a0<a href=\"https:\/\/www.icai.org\/mobile\">https:\/\/www.icai.org\/mobile<\/a>.<\/p>\n<p style=\"text-align: justify;\">FEMA (exports of goods and services) regulations, 2015. Notification no. RBI\/2015-16\/395A.P. (DIR series) Circular No.68 [(1)\/23(R)] dated may 12, 2016.<\/p>\n<p style=\"text-align: justify;\">CAs to submit PAN nos. to ICAI at https:\/\/icai.org\/new_post.html?post_id=12138. For DSC\u00a0latest by 14th May, 2016.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #993366;\"><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;\"><strong>Deposit of DVAT TDS for April in Form DVAT-20:\u00a0<\/strong><strong>15\/05\/2016<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>TDS\/TCS return for March Quarter by all Deductors\/Collectors Including Govt. on the Form 24Q,26Q,27Q and 27EQ:<\/strong><strong>&#8211;\u00a015\/05\/2016<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Advance information for 2<sup>nd<\/sup>\u00a0fortnight of May of functions with booking cost &gt; Rs. 1 Lakh in Banquet Halls,Hotels etc. in Delhi :\u00a0<\/strong><strong>12\/05\/2016<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>E-Payment of PF for April(No grace of 5 days):\u00a0<\/strong>15\/05\/2016<\/p>\n<p style=\"text-align: justify;\"><strong>15.05.16<\/strong><strong>\u00a0(Sunday) is last day to file TDS\/TCS returns for Q4 of F.Y. 2015-16. TDS statements to be filed in 31 days from F.Y. 16-17.<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\">The chief danger in life is that you may take too many precautions.\u00a0\u00a0\u00a0\u00a0\u00a0 -Alfred Adler<\/p>\n<p style=\"text-align: justify;\">Deep relationship is not built by forcing others to understand you but by giving them, the confidence that you will never misunderstand them.<\/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: #993366;\"><strong>FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/span><\/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;\">T:011-233 -4 -33333 ,\u00a0 9-555-555-480<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax: CBDT\u00a0has granted\u00a0relaxation of time for submitting Form ITR-V to be filed electronically without attesting digital signature\u00a0for the Asst. Years from 2009-10 to 2014-2015 through Electronic Verification Code (EVC) till 31 AUG 2016. Primary agricultural credit society can claim deduction u\/s 80P. [ The Chirakkal service Co-Operative Bank Ltd &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,420,9,4,15],"tags":[4645,4647,2799,4646,4182,4644],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2455"}],"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=2455"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2455\/revisions"}],"predecessor-version":[{"id":15745,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2455\/revisions\/15745"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}