{"id":2497,"date":"2016-06-27T10:37:38","date_gmt":"2016-06-27T05:07:38","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2497"},"modified":"2021-12-27T16:05:28","modified_gmt":"2021-12-27T10:35:28","slug":"corporate-and-professional-update-june-24-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-june-24-2016\/","title":{"rendered":"corporate and professional update june 24 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-69eaa37431a93\" 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-69eaa37431a93\"  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-june-24-2016\/#Corporate_And_Professional_Update_For_the_Day\" title=\"Corporate And Professional Update For the Day:\">Corporate And 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-june-24-2016\/#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-june-24-2016\/#Income_tax\" title=\"Income tax:-\">Income 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-june-24-2016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-june-24-2016\/#Excise_Duty\" title=\"Excise Duty\">Excise Duty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-june-24-2016\/#service_tax\" title=\"service tax:-\">service tax:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-june-24-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES :\">OTHER UPDATES :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-june-24-2016\/#MCA_Updates\" title=\"MCA Updates:-\">MCA Updates:-<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-june-24-2016\/#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-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-june-24-2016\/#significant-changes-introduced-in-foreign-director-investment-policy\" title=\"significant-changes-introduced-in-foreign-director-investment-policy\">significant-changes-introduced-in-foreign-director-investment-policy<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A.png\" alt=\"Untitled18A\" width=\"1019\" height=\"669\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Corporate_And_Professional_Update_For_the_Day\"><\/span><strong><span style=\"color: #0000ff;\">Corporate And Professional Update For the Day:<\/span><\/strong><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: #800000;\">DIRECT TAX:<\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<hr \/>\n<p style=\"text-align: justify;\">Registration u\/s 12AA cannot be denied on town planning activities continuing from earlier years.[ ITO vs. Moradabad Development Authority (ITAT Delhi)].<\/p>\n<p style=\"text-align: justify;\">where Assessing Officer of the person searched and such other person is same, then also, first while making an assessment in case of the person searched, Assessing Officer has to record such satisfaction, then, copy of this satisfaction note is to be placed in file of such other person and relevant document should also be transferred from file of person searched to file of such other person.<\/p>\n<p style=\"text-align: justify;\">Thereafter, incapacity of Assessing Officer of such other person, he has to issue notice under section 153A, read with section 153C &#8211; [2016] 70 taxman 156 (Delhi &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">Registration u\/s 12AA cannot be denied on town Planning Activities continuing from earlier years [ITO vs. Moradabad Development Authority (ITAT Delhi)].<\/p>\n<p style=\"text-align: justify;\">Income Tax: CBDT clarifies that the higher turnover threshold of Rs. 2 crores for non-audit of accounts is granted only to assesses, opting for a presumptive taxation scheme u\/s 44AD.<\/p>\n<p style=\"text-align: justify;\">The Income Tax : Interest U\/s. 244A on excess self-assessment tax payment cannot be denied. [CIT vs. Birla Corporation Limited].<\/p>\n<p style=\"text-align: justify;\">Income tax : \u00a0ITAT can examine whether AO has rightly exercised discretionary powers to extend due date of Special Audit Report<br \/>\nPrincipal Commissioner of Income-tax v. Nilkanth Concast (P.) Ltd.<br \/>\n[2016] 70\u00a0taxmann.com\u00a0157 (Delhi)<\/p>\n<p style=\"text-align: justify;\">Income Tax: Reassessment held as invalid as notice was affixed at the wrong address Income-tax Officer, Ward 2 (3), Chandigarh v. Om Parkash \u00a0Kukreja [2016] 70\u00a0taxmann.com\u00a0147 (Chandigarh &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">A Income Tax: Tax audit threshold of Rs 2 cr. only applicable to taxpayers opting for presumptive tax scheme: CBDT<\/p>\n<p style=\"text-align: justify;\">Income Tax:\u00a0Proceedings can be initiated against the amalgamated company on account of the failure of the amalgamating company to distribute the statutory percentage of the accumulated profits.<\/p>\n<p style=\"text-align: justify;\">In the given case Calcutta High Court held that Tribunal was not right in holding that the proceedings against the amalgamated company could not be initiated on account of the failure of the amalgamating company to distribute the statutory percentage of the accumulated profits.(\u00a0CIT Vs. M\/s. Shaw Wallace Distilleries Ltd.)<\/p>\n<p style=\"text-align: justify;\">Income Tax: CBDT vide\u00a0Notification No. 45\/2016\u00a0dated\u00a014-th\u00a0June , 2016\u00a0has exempted the tax in the hand of the resident on the investment made in the shares issued by the start-up companies, if the consideration is in excess of the face value for issue of shares\u00a0 of the \u201cstart-up\u201d companies.<\/p>\n<p style=\"text-align: justify;\">For the purposes of this notification, &#8220;startup&#8221; shall mean a company in which the public are not substantially interested and which fulfills the conditions specified in the notification of the Government of India.<\/p>\n<p style=\"text-align: justify;\">Further the Central Government hereby notifies the &#8216;classes of persons&#8217; for the purposes of the said clause as being the &#8216;person&#8217; defined under sub-section (31) of section 2 of the said Act.<\/p>\n<p style=\"text-align: justify;\">Income Tax:\u00a0CBDT has made\u00a015th\u00a0Amendments Rules, 2016\u00a0vide\u00a0Notification No. 48\/2016\u00a0dated\u00a020th\u00a0June, 2016.<\/p>\n<p style=\"text-align: justify;\">CBDT has made amendments in FATCA rules for registration, Due Diligence &amp;information maintenance. Further, in the said rules, in Appendix-II Form 61B has been substituted with the new amended form with effect from\u00a01st\u00a0January, 2017.<\/p>\n<p style=\"text-align: justify;\">Income Tax:\u00a0CBDT has issued clarification regarding\u00a0Threshold limit of tax audit under section 44AB and section 44AD\u00a0vide press release dated\u00a020th\u00a0June 2016.<\/p>\n<p style=\"text-align: justify;\">The higher threshold for non-audit of accounts has been given only to assessee opting for presumptive taxation scheme under\u00a0section 44AD.<\/p>\n<p style=\"text-align: justify;\">CBDT vide\u00a0Notification No. 46\/2016\u00a0dated\u00a017th\u00a0June 2016\u00a0has notified that no deduction of tax under\u00a0Chapter XVII\u00a0of the said\u00a0Act\u00a0shall be made on the payments of the nature specified in\u00a0clause (23DA) of section 10\u00a0of the said\u00a0Act\u00a0received by any securitization trust as defined in\u00a0clause (d) of the Explanation to section 115TC\u00a0of the said\u00a0Act.<\/p>\n<p style=\"text-align: justify;\">Deferred consideration contingent on the uncertain future event cannot be taxed before vesting of right to receive via {CIT vs. Mrs. Hemal Raju Shete (Bombay High Court)}<\/p>\n<p style=\"text-align: justify;\">Where the Assessee uses a network of computers for its business purposes, the LAN\/WAN equipment is an essential part and to be regarded as computer peripherals. Hence depreciation will be allowed @ 60%.- (Global Trust Bank Limited, New vs. Department Of Income Tax) Delhi<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Income_tax\"><\/span><span style=\"color: #800000;\"><strong>Income tax:-<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Income Tax: New Explanation to sec. 263 doesn&#8217;t give unfettered powers to CIT to revise every order of AO Narayan Tatu Rane v.\u00a0 Income-tax Officer, Ward 27(1)(1), Mumbai [2016] 70 taxmann.com 227 (Mumbai &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">Income Tax:\u00a0Deeming fiction of sec. 50 won&#8217;t be triggered on transfer of rights in land Smt. Devindraben I. Barot v. Smt. Devindraben I. Barot \u00a0[2016] 70\u00a0taxmann.com\u00a0235 (Ahmedabad &#8211; Trib.)<\/p>\n<p>CBDT vide Notification No. 47\/2016 dated 17th June 2016 has notified that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified in the notification, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934CBDT vide Notification No. 47\/2016 dated 17th June 2016 has notified that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified in the notification, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934<\/p>\n<p>Income tax: Whereas per sale agreement, transaction of sale of the property was to be completed after five years of agreement at buyer&#8217;s option but possession of the property was allowed to be taken over by buyer on next day of agreement in part performance of the agreement, transfer within the meaning of section 2(47) took place when possession was taken over by buyer and not when buyer exercised an option to buy said property after five years &#8211; [2016] 70 taxman 118 (Panaji &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">I<a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\">ncome Tax:<\/a> Where the issue of allowability of MAT credit was decided by AO by order dated 8-12-2011, even though the issue of surcharge and cess was also allowed to be carried forward by AO by order dated 29-11-2012, revisional order passed on 30-3-2015 denying MAT credit would be time-barred [2016] 70 taxmann.com 155 (Kolkata &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">SLP dismissed against High Court&#8217;s ruling that even if assessee voluntarily disclosed a sum subsequent to search and offered said sum to tax, the penalty levied under section 271(1)(c) was justified<br \/>\n[2016] 70\u00a0taxmann.com\u00a0175 (SC)\/[2015] 373 ITR 681 (SC)\/[2015] 279 CTR 536 (SC)<\/p>\n<p>Income Tax: Recording of satisfaction by Assessing Officer of the person searched that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized belong to a person other than person searched is a sine qua non for initiating action under section 153C.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #800000;\">INDIRECT TAX:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<hr \/>\n<p style=\"text-align: justify;\">CENVAT: Refund claims under rule 5 of the CENVAT Credit Rules, 2004: This scheme is applicable only to service tax registrants who are exporters of services, with respect to refund claims under rule 5 of the CENVAT Credit Rules, 2004, which have been filed on or before 31-3-2015, and which have not been disposed of as on the date of the issue of the circular dated 10-11-2015.<\/p>\n<p style=\"text-align: justify;\">As clarified therein, claims which have been remanded are out of the purview of this scheme<\/p>\n<p style=\"text-align: justify;\">There is no provision to send the matter back merely because of differences between assessee and department &#8211; [2016] 70 taxman 168 (Delhi)<\/p>\n<p style=\"text-align: justify;\">Central Excise: Valuation &#8211; excise duty on the sample bottles under Rule 8 of the Valuation Rules &#8211; nothing is flowing back to the manufacture from the distributors &#8211; the genuineness of transaction not doubted by the revenue &#8211; no demand can be raised &#8211; Tri<\/p>\n<p style=\"text-align: justify;\">VAT: Non-production of &#8216;C&#8217;-Forms &#8211; Demanding a higher rate of tax under the CST Act, 1956 due to the nonproduction of &#8216;C&#8217; Forms &#8211; The appellants and petitioners are not entitled to the reliefs prayed for \u2013 HC<\/p>\n<p style=\"text-align: justify;\">An enterprise of a Contracting State shall not be deemed to have a permanent establishment in the other Contracting State merely because it carries on business in that other State through a broker, general commission agent, or any other agent of an independent status, provided that such persons are acting in the ordinary course of their business.<\/p>\n<p style=\"text-align: justify;\">It was held in the given case that Nortel India is an independent company and a separate taxable entity under the Act.<\/p>\n<p style=\"text-align: justify;\">There is no material on record that would indicate that its office was used as an office by the Assessee or Nortel Canada the same cannot lead to the conclusion that Nortel India was acting as a sales outlet. (M\/S Nortel Networks India International Inc. Vs DIT)<\/p>\n<p style=\"text-align: justify;\">Holds that such Cesses can only be levied on duties of excise and merely because machinery provisions of Central Excise Act have been incorporated in OID Act for collection and refund of Cess, it cannot be inferred that Oil Cess assumes the character of \u2018excise duty.<\/p>\n<p style=\"text-align: justify;\">Notes that Oil Cess is levied and administered by the Ministry of Petroleum and Natural Gas, whereas conditions precedent for levy of said Cesses are that excise duty should be levied and collected by Ministry of Finance.Gujrat High Court<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Excise_Duty\"><\/span><strong><span style=\"color: #800000;\">Excise Duty<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Excise: Activities of image scanning, editing and loading on CD are classifiable as photography services Global Digital Color Lab v. Commissioner of Central Excise, Jaipur-I\u00a0\u00a0 [2016] 70 taxmann.com 226 (New Delhi &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\">The Excise: Dept. can&#8217;t revoke excise registration on allegations of fraud without hearing assessee Commissioner, Central Excise Commissioner ate, Udaipur v. Mangalam Cement Ltd., Kota [2016] 70 taxmann.com 241 (Rajasthan)<\/p>\n<p style=\"text-align: justify;\">Excise: Service of notice by registered post without acknowledgment due isn&#8217;t a valid service under excise: HC RP Casting (P.) Ltd. v. Customs, Excise &amp; Service Tax Appellate Tribunal, New Delhi[2016] 70 taxmann.com 242 (Rajasthan)<\/p>\n<p>Excise: Settlement Commission can reject application only in two cases : (a) assessee has not made full and true disclosure [section 32F], or (b) assessee has not co-operated in proceedings before it [section 32L].<\/p>\n<p>Gujarat HC grants refund of Education Cess &amp; Secondary and Higher Secondary Education Cess (\u2018 paid by the assessee under a mistake of law on Oil Cess levied u\/s 15 of Oil Industry Development Act.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"service_tax\"><\/span><span style=\"color: #800000;\"><strong>service tax:-<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Service tax : No service tax on under construction flats if price includes land value via {Suresh Kumar Bansal vs UOI (Delhi High Court)}<\/p>\n<p style=\"text-align: justify;\">Service tax : No service tax audit by service tax department or CAG via {Mega Cabs Pvt. Ltd. Vs. Union of India &amp; Ors. (Delhi High Court)}<\/p>\n<p>Penalty couldn&#8217;t be waived off on grounds of financial hardship if taxpayer failed to deposit collected tax Amcon Engineers (P.) Ltd. v. commissioner of Service Tax, Delhi [2016] 70 taxmann.com 217 (New Delhi &#8211; CESTAT<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><span style=\"color: #800000;\">OTHER UPDATES :<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<hr \/>\n<p style=\"text-align: justify;\">RBI : RBI decides to simplify and rationalise the process of registration of new NBFCs In order to make the process of registration of new NBFCs smoother and hassle free, the application form for registration of new NBFCs and the checklist of documents to be submitted have been revised.<\/p>\n<p style=\"text-align: justify;\">The number of documents to be submitted by the NBFC applicants has been reduced from existing set of 45 documents to 7-8 in the revised process.<\/p>\n<p style=\"text-align: justify;\">Secondly, from now onwards, there would be two different types of applications for non-deposit taking NBFCs (NBFC-ND) based on Sources of Funds &amp; Customer Interface as follows:<\/p>\n<p style=\"text-align: justify;\">a) Type I &#8211; NBFC-ND not accepting public funds1 \/ not intending to accept public funds in the future and not having customer interface2 \/ not intending to have customer interface in the future<\/p>\n<p style=\"text-align: justify;\">b) Type II &#8211; NBFC-ND accepting public funds\/ intending to accept public funds in the future and\/or having customer interface\/intending to have customer interface in the future The processing of cases for Type I &#8211; NBFC-ND applicants would be on fast track mode.<\/p>\n<p style=\"text-align: justify;\">SEBI : SEBI invites applications from CA firms, for empanelment to take up assignments relating to forensic audit of SEBI registered RTA\/STA.<\/p>\n<p style=\"text-align: justify;\">Central Depository Services (India) Limited [CDSL] has launched \u2018m-Voting\u2019, a mobile app for e-Voting. This m-Voting app enables Android based smart phone users to cast their vote on company resolutions even while they are on the move.<\/p>\n<p style=\"text-align: justify;\">The m-Voting can also be used for voting at the AGM\/EGM venue. The m-Voting app can be downloaded from Google Play Store for Android based phones, while the app for iPhone and Windows Phone would be released shortly and can be downloaded from the App Store and Windows Phone Store, respectively.<\/p>\n<p style=\"text-align: justify;\">Govt. allows 100% FDI in e-commerce, aviation and defense<\/p>\n<p style=\"text-align: justify;\">Sebi : SAT sets aside 5 years ban on merchant banker who failed to examine bank statement of issuer Co. Almondz Global Securities Ltd. v. Securities and Exchange Board of India [2016] 70 taxmann.com 222 (SAT &#8211; Mumbai)<\/p>\n<p style=\"text-align: justify;\">MCA : Construction carried out by builder under joint development agreement amounts to construction services N. Bala Baskar v. Union of India, Ministry of Finance [2016] 70 taxmann.com 151 (Madras)<\/p>\n<p style=\"text-align: justify;\">MCA : Ministry of Corporate Affairs has notified that\u00a0Annual Filing Forms for Companies Act, 1956\u00a0&#8211;\u00a023AC (Form for filing balance sheet and other documents with the Registrar), 23ACA (Form for filing Profit and Loss account and other documents with the Register), 23B (Information to the Registrar by company for appointment of auditor), 20B (Form for filing annual return by a company having a share capital with the Registrar), 21A (Particulars of annual return for the company not having share capital) are likely to be available on MCA21 portal by mid-August 2016.<\/p>\n<p style=\"text-align: justify;\">The Ministry had earlier removed these e-forms due to maintenance of the website. Stakeholders are requested to plan accordingly.<\/p>\n<p style=\"text-align: justify;\">The NDA government\u00a0on Monday\u00a0announced relaxed\u00a0foreign direct investment (FDI) norms in single brand retail, civil aviation, airports, pharmaceuticals, animal husbandry and food products.<\/p>\n<p style=\"text-align: justify;\">\u00a0It has allowed up to 100% foreign direct investment (FDI) in defence through the approval route, 100%\u00a0FDI\u00a0in food product e-commerce, 100% FDI in greenfield pharma via the automatic route, 100% in browfield pharma &#8211; of which 74% will be through automatic route &#8211; 100% FDI in scheduled airlines, and up to 49% FDI in airlines through automatic route.<\/p>\n<p style=\"text-align: justify;\">While FDI in defence beyond 49% was already allowed through approval route and up to 49% through automatic route, the new norms have done away with\u00a0the condition of access to \u2018state-of-art\u2019 technology in the country for FDI more than 49%.<\/p>\n<p style=\"text-align: justify;\">Sebi : SAT sets aside 5 years ban on merchant banker who failed to examine bank statement of issuer Co. Almondz Global Securities Ltd. v. Securities and Exchange Board of India [2016] 70 taxmann.com 222 (SAT &#8211; Mumbai)<\/p>\n<p style=\"text-align: justify;\">The Ministry had earlier removed these e-forms due to maintenance of the website. Stakeholders are requested to plan accordingly.<\/p>\n<p style=\"text-align: justify;\">The NDA government\u00a0on Monday\u00a0announced relaxed\u00a0foreign direct investment (FDI) norms in single brand retail, civil aviation, airports, pharmaceuticals, animal husbandry and food products.<\/p>\n<p style=\"text-align: justify;\">\u00a0It has allowed up to 100% foreign direct investment (FDI) in defence through the approval route, 100%\u00a0FDI\u00a0in food product e-commerce, 100% FDI in greenfield pharma via the automatic route, 100% in browfield pharma &#8211; of which 74% will be through automatic route &#8211; 100% FDI in scheduled airlines, and up to 49% FDI in airlines through automatic route.<\/p>\n<p style=\"text-align: justify;\">\u00a0While FDI in defence beyond 49% was already allowed through approval route and up to 49% through automatic route, the new norms have done away with\u00a0the condition of access to \u2018state-of-art\u2019 technology in the country for FDI more than 49%.<\/p>\n<p style=\"text-align: justify;\">PPF : The Central Government has amended Public Provident Fund Scheme, 1968. This Scheme may be called Public Provident Fund (Amendment) Scheme, 2016.<\/p>\n<p style=\"text-align: justify;\">It shall come into force on the date of its publication in the Official Gazette. The Government changed the norms for Public Provident Fund deposits, allowing the subscribers of the scheme to prematurely close their accounts and withdrawal the complete amount after five years.<\/p>\n<p style=\"text-align: justify;\">However, the withdrawal will be allowed for expenditure towards higher education or medical treatment. Currently, the lock-in-period for complete withdrawal from PPF accounts is 15 years.<\/p>\n<p style=\"text-align: justify;\">Annual filing forms for Companies Act, 1956 &#8211; 23AC, 23ACA, 23B, 20B, 21A are likely to be available on MCA21 portal by mid-August 2016.<\/p>\n<p style=\"text-align: justify;\">Interest rate on PPF retains at 8.1% for quarter ending September, 2016, same as stayed in 1st Quarter of 2016-17.<\/p>\n<p style=\"text-align: justify;\">Only new version of e-form will be acceptable. Stakeholders are requested to plan accordingly and ensure that latest\u00a0version\u00a0of form is downloaded for e-filing. Form- wise date of last\u00a0version\u00a0change is available at on the website of\u00a0MCA.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MCA_Updates\"><\/span><span style=\"color: #800000;\"><strong>MCA Updates:-<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">MCA : Construction carried out by builder under joint development agreement amounts to construction services N. Bala Baskar v. Union of India, Ministry of Finance [2016] 70 taxmann.com 151 (Madras)<\/p>\n<p style=\"text-align: justify;\">MCA : Ministry of Corporate Affairs has notified that\u00a0Annual Filing Forms for Companies Act, 1956\u00a0&#8211;\u00a023AC (Form for filing balance sheet and other documents with the Registrar), 23ACA (Form for filing Profit and Loss account and other documents with the Register), 23B (Information to the Registrar by company for appointment of auditor), 20B (Form for filing annual return by a company having a share capital with the Registrar), 21A (Particulars of annual return for the company not having share capital) are likely to be available on MCA21 portal by mid-August 2016.<\/p>\n<p>A MCA has changed Version of e-forms MR-1 (Return of Appointment of MD\/WTD\/Manager), CHG-1 (Application for Registration of Creation, Modification of charge other than those related to debenture), CHG-4 (Particulars for satisfaction of charge thereof), MGT-14 (Filing of Resolutions and Agreements to the Registrar) w.e.f 7th June, 2016. The form has been updated on MCA Portal.<\/p>\n<p>MCA : Forms AOC-4 XBRL, GNL-1, INC-6, INC-2 and CRA-2 are likely to be revised on MCA21 Company Forms Download page w.e.f\u00a025th June 2016. Stakeholders are advised to check the latest version before filing.<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><span style=\"color: #800000;\">KEY DATES<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<hr \/>\n<p style=\"text-align: justify;\">Payment of\u00a0ESI\u00a0for the month of May-\u00a021-06-2016<\/p>\n<p style=\"text-align: justify;\">E-Payment of\u00a0DVAT &amp; CST\u00a0tax for the month of May\u00a0-21-06-2016<\/p>\n<p style=\"text-align: justify;\">Issue of TDS certificate in case of payment\/credit made in the month of May for purchase of property u\/s 194IA -22-06-2016<\/p>\n<p style=\"text-align: justify;\">Issue of DVAT certificate for deduction made in month of May\u00a0-22-06-2016<\/p>\n<p style=\"text-align: justify;\">Advance Information for 1st\u00a0fortnight of July of functions with booking cost more than Rs. 1 lakh in Banquet halls; hotels etc. in Delhi in form No. BE-2 under DVAT Act. &#8211;\u00a027-06-2016<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>\u201c<\/strong>Start everyday with new hope, leave bad memories behind and have faith for a better tomorrow.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0www.carajput.com<\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<\/p>\n<p style=\"text-align: justify;\">W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a> \u00a0E: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0 T: 9-555-555-480<\/p>\n<p>Popular blog:<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"significant-changes-introduced-in-foreign-director-investment-policy\"><\/span><a href=\"https:\/\/carajput.com\/blog\/significant-changes-introduced-in-foreign-director-investment-policy\/\">significant-changes-introduced-in-foreign-director-investment-policy<\/a><!--more--><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Corporate And Professional Update For the Day: DIRECT TAX: Registration u\/s 12AA cannot be denied on town planning activities continuing from earlier years.[ ITO vs. Moradabad Development Authority (ITAT Delhi)]. where Assessing Officer of the person searched and such other person is same, then also, first while making an assessment in case of the person &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,258,150,9,4],"tags":[4994,4711,4708,4709,4710,4712,4713],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2497"}],"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=2497"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2497\/revisions"}],"predecessor-version":[{"id":2847,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2497\/revisions\/2847"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}