{"id":2460,"date":"2016-05-28T13:02:13","date_gmt":"2016-05-28T07:32:13","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2460"},"modified":"2021-12-10T14:33:39","modified_gmt":"2021-12-10T09:03:39","slug":"corporate-and-professional-update-may-26-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-26-2016\/","title":{"rendered":"corporate and professional update may 26, 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-69d004cd48d3f\" 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-69d004cd48d3f\"  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-26-2016\/#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-26-2016\/#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-26-2016\/#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-26-2016\/#Company_Law\" title=\"Company Law:\">Company Law:<\/a><\/li><\/ul><\/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-26-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><span style=\"color: #800000;\"><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><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><span style=\"color: #00ccff;\"><strong><span style=\"text-decoration: underline;\">DIRECT TAX:<\/span><\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">CBDT notifies jurisdiction for Income Declaration Scheme, 2016 Circular No. 19\/2016-<a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>.<\/p>\n<p style=\"text-align: justify;\">SCN cannot be issued to debtors until tax liability crystallise \u2013 HC [M\/s Quality Fabricators and Erectors Vs The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (High Court Of Bombay)\u00a0]<\/p>\n<p style=\"text-align: justify;\">Sec. 263 not justified due to multiple view on applicability of<a href=\"https:\/\/carajput.com\/tds.php\"> TDS<\/a>[Neo Sports Broadcast Pvt.Ltd Vs CIT (TDS) (ITAT Mumbai)]<\/p>\n<p style=\"text-align: justify;\">No Addition u\/s 68 if identity, creditworthiness &amp; genuineness established[DCIT Vs. M\/s Overseas Infrastructure Alliance (I) Pvt. Ltd. (ITAT MUMBAI)]<\/p>\n<p style=\"text-align: justify;\">ITAT deletes hypothetical, harassing &amp; inconvenient decision[Mrs.Mintu Sayermal Jain Vs Income Tax Officer (ITAT Mumbai)]<\/p>\n<p style=\"text-align: justify;\">Income tax has enabled Electronic Verification Code for online filling of appeal before Commissioner (Appeal) in Form 35 for taxpayers not required file using DSC on income tax India E-filing.(Click here to view)<\/p>\n<p style=\"text-align: justify;\">Mumbai ITAT upholds CIT(A)\u2019s inclusion of interest income earned on Fixed Deposit Receipts as part of operating income while benchmarking international transactions in assessee\u2019s Manufacturing and Trading Activities segment for AY 2005-06.<\/p>\n<p style=\"text-align: justify;\">Holds that since advances received against exports were immediately placed in FDR with the bank for the purpose of taking the letter of credit in favour of the overseas sellers, it could not be said that surplus funds were parked in FDRs only to earn interest income. MUMBAI ITAT &#8211; [TS-264-ITAT-2016(Mum)-TP]<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><span style=\"text-decoration: underline;\">INDIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Central Govt. issues draft Notification and Circular proposing to provide optional single registration and return to first stage dealer and importer; As per proposed Notification, an assessee who conducts business as first stage dealer shall be exempt from taking separate registration as an importer and vice versa.<\/p>\n<p style=\"text-align: justify;\">However, the same is optional and any assessee needing separate registration for his own business purposes may so register; This is so as the credit chain becomes shorter when an importer operates also as a first stage dealer.<\/p>\n<p style=\"text-align: justify;\">Moreover, such assessees henceforth shall have the option to file a single quarterly return giving details of transactions as first stage dealer and importer in one single table; CBEC invites feedback from Departmental Officers and members of a trade by June 6th: CBEC Circular<\/p>\n<p style=\"text-align: justify;\">No\u00a0<a href=\"https:\/\/carajput.com\/services-tax-registration.php\">service tax<\/a> applicable on payment processing services proposed to be rendered to a foreign entity, who provides domain registration services to customers in India; Such intended services, classifiable as \u201cBusiness Support Services\u201d, would be rendered on the applicant\u2019s own account for a fee equal to operating costs incurred plus 13% mark-up.<\/p>\n<p style=\"text-align: justify;\">Consequently, since the recipient is located outside India and applicant would receive payment in convertible foreign exchange, these services would qualify as \u2018export\u2019 in terms of Rule 6A of Service Tax Rules and remain non-taxable for purpose of service tax.<\/p>\n<p style=\"text-align: justify;\">Further, no services can be said to have been provided to Indian customers as the applicant would receive fees from foreign entity even in respect of those customers who directly remit service charges through International Credit Card, wherein the applicant is not in the picture<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #00ccff;\"><strong><span style=\"text-decoration: underline;\">Company Law:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Query:<\/strong> Whether a partner would be able to give loan to or transact other commercial transactions with <a href=\"https:\/\/carajput.com\/services-llp-consultancy.php\">LLP<\/a>?<\/p>\n<p style=\"text-align: justify;\"><strong>Answer<\/strong><strong>:<\/strong>\u00a0A partner may lend money to and transact other business with the LLP and shall have the same rights and obligations with respect to the loan or other transactions as a person who is not a partner<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #00ccff;\"><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;\">Advance information for the 1st\u00a0fortnight of June of functions with booking cost &gt; Rs1 lakh in Banquet halls, hotels etc. in Delhi:\u00a027.05.2016<\/p>\n<p style=\"text-align: justify;\">Issue of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> certificates for March quarter by all deductors\/collectors:\u00a030.05.2016<\/p>\n<p style=\"text-align: justify;\">\u201cIt always seems impossible until it\u2019s done.\u201d<\/p>\n<p style=\"text-align: justify;\">&#8220;Originality will always catch the attention of a good critic whether you&#8217;re striving for success \u00a0or living proof of success. Be yourself! Stay \u00a0Original!&#8221;<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\">www.carajput.com<\/a><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><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 9-555-555-480<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/taxation-on-income-from-equity-and-debt-mutual-fund\/\">More read: Taxation on Income from Equity and Debt Mutual Fund<\/a><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: CBDT notifies jurisdiction for Income Declaration Scheme, 2016 Circular No. 19\/2016-Income Tax. SCN cannot be issued to debtors until tax liability crystallise \u2013 HC [M\/s Quality Fabricators and Erectors Vs The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (High Court Of Bombay)\u00a0] Sec. 263 not justified due &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4,15],"tags":[4622,5,333,4621,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2460"}],"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=2460"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2460\/revisions"}],"predecessor-version":[{"id":19674,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2460\/revisions\/19674"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}