{"id":2560,"date":"2016-07-21T16:22:13","date_gmt":"2016-07-21T10:52:13","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2560"},"modified":"2021-12-21T11:40:11","modified_gmt":"2021-12-21T06:10:11","slug":"corporate-and-professional-update-july-21-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-21-2016\/","title":{"rendered":"corporate and professional update july 21, 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-69ea805bc9927\" 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-69ea805bc9927\"  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-21-2016\/#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-21-2016\/#DIRECTTAX\" title=\"DIRECTTAX:\">DIRECTTAX:<\/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-21-2016\/#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-21-2016\/#COMPANY_LAW_UPDATES\" title=\"COMPANY LAW UPDATES :\">COMPANY 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-21-2016\/#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-21-2016\/#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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-21-2016\/#CBDT_issue_an_explanation_in_Vivad_se_Vishwas_act2020\" title=\"CBDT issue an explanation in Vivad se Vishwas act,2020\">CBDT issue an explanation in Vivad se Vishwas act,2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-21-2016\/#CBDT-Tax_deptt_hopes_to_finalize_all_faceless_e-assessment\" title=\"CBDT-Tax deptt. hopes to finalize all faceless e-assessment\">CBDT-Tax deptt. hopes to finalize all faceless e-assessment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-21-2016\/#Tax_filing_Changes_are_taken_into_account_when_filing_ITR_for_FY-2019-20\" title=\"Tax filing Changes are taken into account when filing ITR for FY-2019-20\">Tax filing Changes are taken into account when filing ITR for FY-2019-20<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><span style=\"line-height: 1.5;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/07\/1-2-768x433.jpg\" alt=\"1 (2)\" width=\"635\" height=\"358\" \/><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_for_the_Day\"><\/span><span style=\"color: #ff6600;\"><strong>Professional Update for the Day:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECTTAX\"><\/span><span style=\"line-height: 1.5;\"><span style=\"color: #0000ff;\"><strong>DIRECTTAX:<\/strong><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax:<\/a> \u00a0Interest paid by contractor to finance its business wasn&#8217;t includible in cost of inventory; No understatement of WIP Deputy Commissioner of Income-tax, Central Circle 2(2), Bangalore v. JSR Constructions (P.) Ltd. [2016] 71\u00a0taxmann.com\u00a0184 (Bangalore &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">Income tax : ITAT Chennai in below citied case held that\u00a0Continuance\u00a0of registration u\/s 12AA &#8211; The beneficiaries\u00a0is\u00a0only the members and benefit is not passed on to the public at large in any way. &#8211; Therefore, the objects and activities of the applicant cannot be called as \u201ccharitable\u201d within the definition of main provision of section 2(15)\u00a0\u2013(\u00a0ITAT Chennai in case of [M\/s. Aiema Technology Centre Vs. The DIT, (Exemptions)]<\/p>\n<p style=\"text-align: justify;\">Income tax : ITAT C Ahmedabad in below citied case held that\u00a0Valuation u\/s 50C is a deeming provision and it extends only to land or building or both. &#8211; Rights in the land cannot be equated to land or building or both and therefore section 50C is not applicable on transfer of such rights\u00a0\u2013(\u00a0ITAT Ahmedabad in case of [Smt. Devindraben I. Barot Vs. ITO, Ahmedabad])<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>INDIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Excise : Where assessee manufactured two machineries and used same within its factory for manufacturing of final products and subsequently it cleared these machineries to its job worker and for discharging duty liability on machineries calculated assessable value of machineries by availing benefit of depreciation, availing of depreciation was in consonance with law &#8211;\u00a0[2016] 71\u00a0taxmann.com\u00a0122 (Bangalore &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-tax-registration.php\">Service tax<\/a> : Where assessee provided site formation and clearance and excavation services to one &#8216;S&#8217; and &#8216;S&#8217; in terms of agreement supplied explosives and diesel oil free of cost to assessee for rendering services and also paid bonus to it for a good performance, Adjudicating Authority was wrong in including value of explosives and diesel oil and bonus received by assessee in assessable value of services &#8211;\u00a0[2016] 71\u00a0taxmann.com\u00a0175 (Bangalore &#8211; CESTAT)<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW_UPDATES\"><\/span><span style=\"color: #0000ff;\"><strong>COMPANY LAW UPDATES :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Query:\u00a0\u00a0\u00a0What shall be treatment of reserves in case we convert our <a href=\"https:\/\/carajput.com\/services\/private-limited-company-registration.php\">Private Limited company<\/a> to <a href=\"https:\/\/carajput.com\/services-llp-consultancy.php\">LLP<\/a>?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0\u00a0\u00a0In case of conversion of Private company into LLP, reverves can be treated in two ways. &#8211; for the treatment of reserves subsisting in the Balance sheet of Company,\u00a0either distribute the reserves\u00a0among the partners in their capital sharing ratio or the same would be transferred in the reserves account of the LLP under the head Reserves &amp; Surplus.<\/p>\n<p style=\"text-align: justify;\">Use latest version of e-Forms INC-23, MR-1 and MR-2, which are likely to be revised on MCA Portal by 21.07.2016.<strong>\u00a0<\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><strong><span style=\"color: #0000ff;\">OTHER UPDATES:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The recommendation of the Supreme Court-constituted special investigation team (SIT) to ban cash transactions above\u00a0Rs.3 lakh and capping cash holdings of\u00a0companies and individuals at\u00a0Rs.15 lakh will be detrimental for India\u2019s traditional economy, according to a leading traders body.<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><span style=\"color: #0000ff;\"><strong>KEY DATES:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Payment of <a href=\"https:\/\/carajput.com\/pf-esi.php\">ESI<\/a> for the month of June-21\/07\/2016<\/p>\n<p style=\"text-align: justify;\">E-payment of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> &amp; CST for the month\/quarter ended June-21\/07\/2016<\/p>\n<p style=\"text-align: justify;\">Time limit for payment of tax and penalty under the Income Declaration Scheme 2016 extended to 30.09.2017. CBDT Press Release dated 14.07.16<\/p>\n<p style=\"text-align: justify;\">\u201cThose who cannot renounce attachment to the results of their work are far from the path.\u201d<\/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>\u00a0E: singh@carajput.com T: 011-233-4-3333, 9-555-555-460<\/p>\n<p>Also, read related blogs;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"CBDT_issue_an_explanation_in_Vivad_se_Vishwas_act2020\"><\/span><a href=\"https:\/\/carajput.com\/learn\/cbdt-issue-an-explanation-in-respect-of-direct-tax-vivad-se-vishwas-act-2020.html\">CBDT issue an explanation in Vivad se Vishwas act,2020<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"CBDT-Tax_deptt_hopes_to_finalize_all_faceless_e-assessment\"><\/span><a href=\"https:\/\/carajput.com\/learn\/income-tax-department-hopes-to-finalize-all-faceless-eassessments-by-midseptember.html\">CBDT-Tax deptt. hopes to finalize all faceless e-assessment<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Tax_filing_Changes_are_taken_into_account_when_filing_ITR_for_FY-2019-20\"><\/span><a href=\"https:\/\/carajput.com\/learn\/tax-filing-changes-are-taken-into-account-when-making-the-itr-for-fy-20192020.html\">Tax filing Changes are taken into account when filing ITR for FY-2019-20<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update for the Day: DIRECTTAX: Income Tax: \u00a0Interest paid by contractor to finance its business wasn&#8217;t includible in cost of inventory; No understatement of WIP Deputy Commissioner of Income-tax, Central Circle 2(2), Bangalore v. JSR Constructions (P.) Ltd. [2016] 71\u00a0taxmann.com\u00a0184 (Bangalore &#8211; Trib.) Income tax : ITAT Chennai in below citied case held that\u00a0Continuance\u00a0of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933,150,9,4],"tags":[9156,5,333,9040],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2560"}],"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=2560"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2560\/revisions"}],"predecessor-version":[{"id":4892,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2560\/revisions\/4892"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}