{"id":2531,"date":"2016-07-07T12:44:48","date_gmt":"2016-07-07T07:14:48","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2531"},"modified":"2021-12-08T11:36:19","modified_gmt":"2021-12-08T06:06:19","slug":"corporate-and-professional-update-july-6-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-6-2016\/","title":{"rendered":"corporate and professional update july 6, 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-69e1ed0d6ba38\" 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-69e1ed0d6ba38\"  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-6-2016\/#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-july-6-2016\/#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-july-6-2016\/#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-july-6-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES:\">OTHER UPDATES:<\/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-july-6-2016\/#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-july-6-2016\/#CORPORATE_SOCIAL_RESPONSIBILITY_CSR_NORMS_AS_PER_NEW_INDIAN_COMPAN\" title=\"CORPORATE SOCIAL RESPONSIBILITY (CSR) NORMS AS PER NEW INDIAN COMPAN\">CORPORATE SOCIAL RESPONSIBILITY (CSR) NORMS AS PER NEW INDIAN COMPAN<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/untitled15.png\" alt=\"untitled15\" width=\"515\" height=\"236\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><strong><span style=\"color: #008000;\">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\/\"><strong><span style=\"color: #800000;\">DIRECT TAX:<\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Income Tax : ITAT in the given case held that-as the international transactions of payment of royalty and fees for technical services are separate transactions and not closely linked with the other transactions with which the assessee has merged them, we cannot permit such merger or aggregation for the purpose of the determining their ALP on entity level under TNMM. (Gruner India Pvt. Ltd. Vs. DCIT, New Delhi)<\/p>\n<p style=\"text-align: justify;\">Income Tax : S. 37(1): Expenditure on Corporate Social Responsibility (<a href=\"https:\/\/carajput.com\/blog\/corporate-social-responsibility-csr-norms-as-per-new-indian-companies-act-2013\/\">CSR<\/a>), though voluntary, is allowable as business expenditure. Explanation 2 to s. 37(1) inserted w.e.f. 01.04.2015 is not retrospective. It applies only to CSR expenditure referred to in s. 135 of the Companies Act and not to voluntary CSR expenditure ACIT vs. Jindal Power Limited (ITAT Raipur)<\/p>\n<p style=\"text-align: justify;\">Income Tax: No notional interest on belated payments by AE when assessee allows credit period to non-AEs as well GSS Infotech Ltd. v. Assistant Commissioner of Income-tax, Circle-2(2), Hyderabad\u00a0[2016] 70 taxmann.com 356 (Hyderabad &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">Income Tax: Apex Court admits SLP of revenue against &#8216;Vodafone India&#8217; to decide taxability of transfer of call option rights<br \/>\nCommissioner of Income-tax-3 v. Vodafone India Services (P.) Ltd.\u00a0[2016] 70 taxmann.com 383 (SC).)<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #800000;\"><strong>INDIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Vat &amp; sales tax: Department of Trade &amp; Taxes has issued a circular regarding description of goods \/Items along with their item codes vide circular No. 10 \/2016-17 dated 01.07.2016.<\/p>\n<p style=\"text-align: justify;\">All registered dealers of Delhi are mandatorily required to file their returns as per the list made by the department for the tax period commencing from 1st April, 2016 and all subsequent tax periods. The list along with item codes has been uploaded on the website of the department.<\/p>\n<p style=\"text-align: justify;\">Vat &amp; sales tax: Department of Trade &amp; Taxes has issued a notification regarding filling of return through Digital Signature vide notification No. F3 (643)\/Policy\/VAT\/2016\/419-31 dated 01-07-2016.<\/p>\n<p style=\"text-align: justify;\">The dealers with gross turnover exceeding one crore rupees, shall furnish their returns in Form DVAT 16 or in Form DVAT 17, as the case may be with digital signatures in accordance with the provisions of the Information Technology Act, 2000 for the tax period 1st April, 2016 to 30th June, 2016 and subsequent tax periods.<\/p>\n<p style=\"text-align: justify;\">CBEC has issued a circular regarding recovery of confirmed demands during the pendency of stay application vide circular No. 1035\/23\/2016-CX dated 04-07.2016.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><strong><span style=\"color: #800000;\">OTHER UPDATES:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">COMPAT quashes CCI\u2019s penalty order of Rs. 6.75 crores on India Trade Promotion Organisation India Trade Promotion Organisation v. Competition Commission of India , New Delhi [2016] 71 taxmann.com 71 (CAT &#8211; New Delhi)<\/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<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><strong><span style=\"color: #800000;\">KEY DATES :<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">E- Payment of service tax for June: 06\/07\/2016<\/p>\n<p style=\"text-align: justify;\">Payment of TDS for the month of June: 07\/07\/2016<\/p>\n<p style=\"text-align: justify;\">\u201cTrust because you are willing to accept the risk, not because it&#8217;s safe or certain.\u201d<\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<br \/>\nW: www.carajput.com E: singh@carajput.com T: 011-233-4-3333, 9-555-555-480<\/p>\n<p style=\"text-align: justify;\">Disclaimer:<br \/>\nAll efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law.<\/p>\n<p style=\"text-align: justify;\">In case, any loss or damage is caused to any person due to his\/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.<br \/>\nThe visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_SOCIAL_RESPONSIBILITY_CSR_NORMS_AS_PER_NEW_INDIAN_COMPAN\"><\/span><a href=\"https:\/\/carajput.com\/blog\/corporate-social-responsibility-csr-norms-as-per-new-indian-companies-act-2013\/\">CORPORATE SOCIAL RESPONSIBILITY (CSR) NORMS AS PER NEW INDIAN COMPAN<\/a><!--more--><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: Income Tax : ITAT in the given case held that-as the international transactions of payment of royalty and fees for technical services are separate transactions and not closely linked with the other transactions with which the assessee has merged them, we cannot permit such merger or aggregation for &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":[4846,4850,4848,4849,4836],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2531"}],"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=2531"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2531\/revisions"}],"predecessor-version":[{"id":19582,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2531\/revisions\/19582"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}