{"id":2533,"date":"2016-07-07T14:20:47","date_gmt":"2016-07-07T08:50:47","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2533"},"modified":"2021-08-14T10:58:03","modified_gmt":"2021-08-14T05:28:03","slug":"2533","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/2533\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 7, 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-69e1d95f24a92\" 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-69e1d95f24a92\"  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\/2533\/#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\/2533\/#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\/2533\/#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\/2533\/#KEY_DATES\" title=\"KEY DATES :\">KEY DATES :<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/2533\/#Disclaimer\" title=\"Disclaimer:\">Disclaimer:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #003300;\">Professional Update For the Day:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled15A.png\" alt=\"Untitled15A\" width=\"779\" height=\"432\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>DIRECT TAX:<\/strong><\/span><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> : Deduction u\/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision.\u00a0Indian Railway Const. Co. Ltd. Vs. IAC (A)\u00a0-ITAT Delhi<\/p>\n<p style=\"text-align: justify;\">Income Tax : Bangalore ITAT upholds capital gains addition in respect of sale of various lands held by assessee, engaged in buying \/ selling of immovable properties, during AY 2007-08, rejects assessee\u2019s claim of exemption on the ground that land was agricultural land and falls under exclusion clause (iii) to Sec 2(14).\u00a0[TS-360-ITAT-2016(Bang)]<\/p>\n<p style=\"text-align: justify;\">Income Tax: \u00a0ITAT in the given case held that the \u2018upfront fee\u2019 paid to Central Bank of India on loan taken from it is allowable as a deduction from the assessee\u2019s income. (\u00a0DCIT, Mumbai Vs.\u00a0M\/s Videocon Industires Ltd.)<\/p>\n<p style=\"text-align: justify;\">Income Tax:\u00a0 Income Computation and Disclosure Standards (ICDS) are to be applicable from 1.4.2016 i.e. previous year 2016-17 (AY 2017-18), postponed by one year.<\/p>\n<p style=\"text-align: justify;\">Payment made to agencies for services of Toll collection would attract sec. 194C <a href=\"https:\/\/carajput.com\/blog\/tag\/tds-tcs-changes-to-covid19\/\">TDS<\/a> and not sec. 194H TDS Deputy Commissioner of Income-tax, Circle-3(1), (<a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a>), Vijayawada v. Project Director, NHAI [2016] 71\u00a0taxmann.com\u00a07 (Visakhapatnam &#8211; Trib.)<\/p>\n<p>Also read on :<strong><a href=\"https:\/\/carajput.com\/learn\/nsdl-extension-of-qtr-tdstcs-statement-filing-dates-for-4-quarter-of-fy-201920-until-30-june.html\">Extention of TDS\/TCS statement filing Date<\/a><\/strong><\/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;\">CENVAT : CENVAT Credit on Canteen Services and House Keeping\/Cleaning Services availed in office building are admissible to Assessee when same was situated within licensed factory premises of Assessee.(\u00a0M\/S. Tata Steel Ltd. Vs. Commissioner Of Central Excise &amp; Service Tax, Jamshedpur (Cestat Kolkata)<\/p>\n<p style=\"text-align: justify;\">\u00a0Vat &amp; sales tax: \u00a0Joint Commissioner has to decide VAT proceedings without any interference of other authority Tanuj Agency (P.) Ltd. v. State of Gujarat [2016] 71\u00a0taxmann.com\u00a04 (Gujarat)<\/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;\">COMPAT quashes CCI\u2019s penalty order of Rs. 6.75 crores on India Trade Promotion\u00a0 Organization India Trade Promotion Organization v. Competition Commission of India , New Delhi [2016] 71\u00a0taxmann.com\u00a071 (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<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;\">Submission of form 27C (TCS) received in the month of June:\u00a007\/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;\">\u201cThere was never a night\u00a0that could defeat sunrise, as equally\u00a0there is never a problem that could defeat hope. Hope for the best always.\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 T: 011-233-4-3333, 9-555-555-480<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">All 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. 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.<\/p>\n<p style=\"text-align: justify;\">The visitors may visit the web site of\u00a0Government site Like\u00a0Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: Income Tax : Deduction u\/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision.\u00a0Indian Railway Const. Co. Ltd. Vs. IAC &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],"tags":[4845,5,333],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2533"}],"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=2533"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2533\/revisions"}],"predecessor-version":[{"id":15716,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2533\/revisions\/15716"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}