{"id":2529,"date":"2016-07-05T17:36:06","date_gmt":"2016-07-05T12:06:06","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2529"},"modified":"2021-08-14T11:55:38","modified_gmt":"2021-08-14T06:25:38","slug":"corporate-and-professional-update-july-5-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-5-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 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-69d799ebdc545\" 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-69d799ebdc545\"  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-july-5-2016\/#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-july-5-2016\/#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-july-5-2016\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-5-2016\/#KEY_DATES\" title=\"KEY DATES :\">KEY DATES :<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong><span style=\"color: #808000;\">Professional Update For the Day:<br \/>\n<\/span><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/blog-rja-with-image.png\" alt=\"blog-rja-with-image\" \/><strong><span style=\"color: #ff6600;\">DIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> : Gujrat High Court held that the payment of stamp duty is not for business expediency but it is in the nature of a compulsory levy under the Bombay Stamp Act. It is legally settled that accounting practice cannot over rider the provisions of the Income Tax Act, 1961. Whole expenditure allowed as revenue expenditure. (M\/s. Prithvi Associates Vs. ACIT)<\/p>\n<p style=\"text-align: justify;\">Income Tax : ITAT Delhi in the given case held that business loss cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income.(\u00a0ACIT, Circle, Haridwar Vs.\u00a0M\/s. Sant Steel &amp; Alloys (P) Ltd.)<\/p>\n<p style=\"text-align: justify;\">Income Tax: Transfer-fees from outgoing member not taxable for co-operative housing society applying \u2018mutuality\u2019\u00a0\u00a0[TS-346-HC-2016(BOM)]<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>: \u00a0AO isn&#8217;t required to furnish reasons for rejecting computation of assessee for determination of ALP<br \/>\nPhilips Electronics Ltd. v. Assistant Commissioner of <a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\">Income-tax<\/a>, Circle-11, Kolkata<br \/>\n[2016] 70\u00a0taxmann.com\u00a0350 (Kolkata &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">Voluntary CSR Expense allowable as business expenditure. [ACIT vs. Jindal Power Limited (ITAT Raipur)].<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>INDIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Vat &amp; sales tax: \u00a0Uploading of notice on DVAT website in account of assessee is valid service of notice: HC Bajrang Fabrics (P.) Ltd. v. Commissioner of VAT [2016] 70\u00a0taxmann.com\u00a0348 (Delhi)<\/p>\n<p style=\"text-align: justify;\">Excise: Onus of establishing that inputs have been received is on person taking credit and not on revenue. (Commissioner of Central Excise, Pune-II v. K.B. Chougula)<\/p>\n<p style=\"text-align: justify;\">Custom : Clearance of bunker fuels to Indian ship\/vessel carrying containerized cargo\u2014reg. vide Circular No. 1034\/22\/2016-CX dated 1st\u00a0July, 2016.<\/p>\n<p style=\"text-align: justify;\">Excise: Buyer can take credit of excess duty paid by supplier as long as assessment at end of supplier isn&#8217;t modified Commissioner of Central Excise, Bhopal v. Hindustan Electro Graphite Ltd.<br \/>\n[2016] 70\u00a0taxmann.com\u00a0353 (New Delhi &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/tds.php\">Service tax<\/a> : Ministry of Finance\u00a0has vide notification exempted the entire\u00a0service tax leviable on taxable services provided by way of transportation of goods by a vessel from outside India\u00a0upto the customs station in India with respect to which the invoice for the service has been issued on or before the 31st May, 2016. However, the exemption is subject to the condition that the import manifest or import report required to be delivered under Section 30 of the Customs Act, 1962 has been delivered on or before 31st May, 2016 and the service provider or recipient produces Customs certified copy of such import manifest or import report.<\/p>\n<p style=\"text-align: justify;\">CENVAT: Canteen, Housekeeping &amp; cleaning service- CENVAT credit allowed. [M\/S. Tata Steel Ltd. Vs. Commissioner Of Central Excise &amp; Service Tax, Jamshedpur (Cestat Kolkata)]<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><span style=\"color: #ff6600;\"><strong>OTHER UPDATES:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Form MR-1 (Return of Appointment) not required to be filed for CEO, CS, and CFO w.e.f. 30.06.16. Companies (Appt. &amp; Remuneration of Managerial Personnel) Amendment Rules, 2016.]<\/p>\n<p style=\"text-align: justify;\">Time period u\/s 139 to comply with provisions of rotation, changed to 1st AGM held after 3yrs from commencement of Companies Act, 2013. Removal of Difficulties 3rd Order, 2016.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><strong><span style=\"color: #ff6600;\">KEY DATES :<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">E- Payment of <a href=\"https:\/\/carajput.com\/tds.php\">service tax<\/a> for June:\u00a006\/07\/2016<\/p>\n<p style=\"text-align: justify;\">Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> for the month of June:\u00a007\/07\/2016<\/p>\n<p style=\"text-align: justify;\">\u201cTough times are like physical exercise, you may not like it while you are doing it but tomorrow you\u2019ll be stronger because of it.\u201d<\/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 9-555-555-480<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: Income Tax : Gujrat High Court held that the payment of stamp duty is not for business expediency but it is in the nature of a compulsory levy under the Bombay Stamp Act. It is legally settled that accounting practice cannot over rider the provisions of the Income &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,9,4],"tags":[4858,4855,4857,4853,4854,4836,4856],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2529"}],"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=2529"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2529\/revisions"}],"predecessor-version":[{"id":15722,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2529\/revisions\/15722"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}