{"id":2554,"date":"2016-07-18T15:12:49","date_gmt":"2016-07-18T09:42:49","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2554"},"modified":"2021-12-02T17:10:29","modified_gmt":"2021-12-02T11:40:29","slug":"corporate-and-professional-update-july-18-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-18-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 18, 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-69e18c5177665\" 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-69e18c5177665\"  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-18-2016\/#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-18-2016\/#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-18-2016\/#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-18-2016\/#COMPANY_LAW_UPDATES\" title=\"COMPANY\u00a0 LAW UPDATES :\">COMPANY\u00a0 LAW UPDATES :<\/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-july-18-2016\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-18-2016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/06\/trademark-patent-startup-india-incentive-1050x600-768x439.jpg\" alt=\"trademark-patent-startup-india-incentive-1050x600\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><strong><span style=\"color: #0000ff;\">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><span style=\"color: #ff6600;\"><strong>DIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Income Tax : No denial of Sec. 54F relief if taxpayer is unable to get possession of flat due to builder&#8217;s fault<br \/>\nRajeev B. Shah v. Income-tax Officer, Ward-19 (2) (1), Mumbai<br \/>\n[2016] 71\u00a0taxmann.com\u00a0198 (Mumbai &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">Income Tax: The Government of India has given Relaxation of time schedule for making payments under the Scheme the Income Declaration Scheme 2016: (I) a minimum 25% of the tax, paid by 30.11.2016; (ii) further 25% by 31.3.2017; and balance on or before 30.9.2017.<\/p>\n<p style=\"text-align: justify;\">Income tax : In a bid to end taxpayers harassment, the CBDT has prescribed revised format for Scrutiny Notice u\/s 143(2) of the Income Tax Act\u20191961 in &#8220;three new formats&#8221; that will clearly stipulate if the inquiry against them is &#8220;limited, complete or manual&#8221;.<\/p>\n<p style=\"text-align: justify;\">All scrutiny notices, shall henceforth, be issued in these revised formats. Further, Taxpayers residing in cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai can opt for paperless\/E-Assessment (if their case falls under scrutiny) as part of a new pilot project that the CBDT is running in this regard.<\/p>\n<p style=\"text-align: justify;\">Income tax : Where activities of assessee-society in organising seminars\/conferences and Auto Expo were performed with prior object of promotion of growth of automobile industry in India which is an object of general public utility, such activities would not come within ambit of proviso to section 2(15) even if some income was generated from such activities &#8211;\u00a0[2016] 71 taxmann.com 138 (Delhi &#8211; Trib.)<\/p>\n<p><strong><em><u>Read more on<\/u><\/em><\/strong><u> <\/u><strong><em><u><a href=\"https:\/\/carajput.com\/blog\/basic-concept-of-bitcoin-taxation-in-indian\/\">Basic Concept of Bitcoin Taxation in India<\/a><\/u><\/em><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><span style=\"color: #ff6600;\">INDIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Service tax : While dismissing appeal as time-barred, appellate authority cannot go into merits; hence, if appellate authority, while dismissing appeal as time barred, has entered into merits of case and dismissed same, on merits, then, such an act of appellate authority would be an illegality, which can be set aside in writ &#8211;\u00a0[2016] 71 taxmann.com 113 (Madras)<\/p>\n<p style=\"text-align: justify;\">Vat &amp; sales tax : TEAM STBA with their efforts has done:(i) CDT Form 9, For 2015-16 put on site, also allows forms details of 12-13, 13-14 &amp; 14-15 to be filed.(ii) Like 2013-14 VATO allowed to correct 2A\/2B details of 2014-15 where Name\/TIN needs correction without change in amount<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW_UPDATES\"><\/span><span style=\"color: #ff6600;\"><strong>COMPANY\u00a0 LAW UPDATES :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Query:\u00a0In one of our Company, shareholders have appointed their respective nominees as per Section 72 of the Companies Act 2013. Now, one of the shareholder died and his nominee wants to transfer shares to third party. Now, our question is &#8211; Can the nominee sell the shares without registration in `his favour. If yes, what is the procedure?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0Yes, a nominee can sell the shares to a third party, without registration of shares in his favour. However, the usual procedure for transfer of shares will have to be followed.<\/p>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\">SEBI : Carrying on CIS on or after 25-1-1995 without obtaining registration certificate has been prohibited: SAT<br \/>\nSecurities and Exchange Board of India v. Gaurav Varshney<br \/>\n[2016] 71\u00a0taxmann.com\u00a0197 (SC)<\/p>\n<p style=\"text-align: justify;\">SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 &#8211; Insertion of Regulation 43A &#8211;\u00a0NOTIFICATION NO.SEBI\/LAD-NRO\/GN\/2016-17\/008, DATED 17-6-2016<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><span style=\"color: #ff6600;\"><strong>KEY DATES:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Payment of ESI for the month of June-21\/07\/2016<\/p>\n<p style=\"text-align: justify;\">E-payment of DVAT &amp; CST for the month\/quarter ended June-21\/07\/2016<\/p>\n<p style=\"text-align: justify;\"><strong>\u201cIf you can&#8217;t explain it simply, you don&#8217;t understand it well enough\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.carajput.com%2F&amp;h=gAQHsWv16AQFzlc4f70dAECucTda_B9jilKfCgneeqqu7PA&amp;enc=AZPUk1qSy7_DGmookvElFjnUXYX3K0FPXVQ6LxfUnjgljqDX0P6jFZnpNH5t7Yt6TpvPD_TBP30DWaadPDKvaBy4FKUuIg27nk64qxy4GjjzfG96BrSAO9DKSM7QZ-zRr0H_1seDnwx81zv7LENE7mngqEq05doeSutrNoPIQRvjIbEFb_PEZA8D1pUlJzy7MCsIwWN_xt9o3UmaFFdtL9S1&amp;s=1\">www.carajput.com<\/a><\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<br \/>\nW:\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.carajput.com%2F&amp;h=SAQGflxq6AQEemiXU5m1Sleu5gX786YxP36euwMDL4osVrw&amp;enc=AZNOhiS8emvOi54UCNVnOtgbK0wGSKeEDPbJpQZAlf7cr5YxodSOowKyOSqQSaPOGvHdnvM7BqIC59kJjZSk01ga1fRZiYW43kCBMakJLj2AABFBk9rS2CYBcAfrJuc94lg0aPhuGpayaxGpsPeGoOhC-uzXppp1p3gEF_2Ypq758ZRU2ATuk77eX5g1paVf-MLMxpH-3DA9l9FUmq44lBe_&amp;s=1\">www.carajput.com<\/a> E: singh@carajput.com , 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.<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: Income Tax : No denial of Sec. 54F relief if taxpayer is unable to get possession of flat due to builder&#8217;s fault Rajeev B. Shah v. Income-tax Officer, Ward-19 (2) (1), Mumbai [2016] 71\u00a0taxmann.com\u00a0198 (Mumbai &#8211; Trib.) Income Tax: The Government of India has given Relaxation of time &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,1],"tags":[4805,4806,4803,4804,4802,4807],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2554"}],"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=2554"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2554\/revisions"}],"predecessor-version":[{"id":19369,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2554\/revisions\/19369"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}