{"id":2565,"date":"2016-07-23T16:08:48","date_gmt":"2016-07-23T10:38:48","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2565"},"modified":"2022-01-13T15:53:40","modified_gmt":"2022-01-13T10:23:40","slug":"corporate-and-professional-update-july-23-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-23-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 23, 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-69d01f2fa03c1\" 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-69d01f2fa03c1\"  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-23-2016\/#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-23-2016\/#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-23-2016\/#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-23-2016\/#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-23-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES:\">OTHER UPDATES:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-23-2016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/a><\/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\/07\/1-2-768x433.jpg\" alt=\"1 (2)\" width=\"926\" height=\"522\" \/><\/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><strong><span style=\"color: #ff6600;\">DIRECT TAX:<\/span><\/strong><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>: \u00a0Leasehold rights in a land not eligible for an allowance of depreciation<br \/>\nCyber Park Development &amp; Construction Ltd. v. Deputy Commissioner of Income-tax, Circle 11(2), Bangalore [2016] 71\u00a0taxmann.com\u00a0210 (Bangalore &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">\u00a0Income tax: The Central Government amended the notification of the Ministry of Finance (Department of Revenue), notification number S.O.1830 (E) dated the 19th May 2016, published in the Gazette of India, Extraordinary, Part-II, Section-3, and Subsection (ii) dated the 19th May, 2016 vide Notification No. 59\/2016 dated 20\/07\/2016.<\/p>\n<p style=\"text-align: justify;\">In the said notification, for clause II, the clause has been substituted with the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of undisclosed income.<\/p>\n<p style=\"text-align: justify;\">Income tax: The Central Government has notified the districts of the state of Telangana, State of West Bengal and the State of Bihar as\u00a0 backward areas under the first proviso to clause (iia) of subsection (1) of section 32 and sub section (1) of section 32AD vide Notification No. 61\/2016 dated 20th July 2016<\/p>\n<p style=\"text-align: justify;\">CBDT gives option to file revised income declaration in Form 1 of IDS.<\/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;\">Excise: Where assessee manufactured two types of machinery and used same within its factory for manufacturing of final products and subsequently it cleared these types of machinery to its job worker and for discharging duty liability on machinery calculated assessable value of machinery by availing the benefit of depreciation, availing of depreciation was in consonance with the law &#8211; [2016] 71 taxmann.com 122 (Bangalore &#8211; CESTAT)<\/p>\n<p><strong><a href=\"https:\/\/carajput.com\/learn\/delayed-in-payment-of-gst-then-intt-to-be-paid-on-net-gst-liability-from-sep-1-2020.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/delayed-in-payment-of-gst-then-intt-to-be-paid-on-net-gst-liability-from-sep-1-2020.html\">Delayed in payment of GST then Intent to be paid on net GST liability from Sep 1, 2020.<\/a><\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-tax-registration.php\">Service tax<\/a>: Permission to pay service tax through nonelectronic modes<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-vat.php\">Vat<\/a> &amp; sales tax: Delhi Govt. calls for speedy disposal of DVAT refund claims<br \/>\nNo.F.3(378)\/Policy\/VAT\/2016\/489-494 Dated 21st July 2016<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW_UPDATES\"><\/span><strong><span style=\"color: #ff6600;\">COMPANY LAW UPDATES :<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Query: \u00a0What basic conditions are required to be checked for conversion of company into LLP?<\/p>\n<p style=\"text-align: justify;\">Answer: Following points should be noted for conversion of the Company into <a href=\"https:\/\/carajput.com\/services-llp-consultancy.php\">LLP<\/a>:<\/p>\n<p style=\"text-align: justify;\">1.All the\u00a0members of the Company shall become the partners of the LLP on conversion.<br \/>\n2.\u00a0No security interest in the assets of the company is subsisting or in force on the date of conversion i.e the assets are free of any encumbrance.<br \/>\n3.\u00a0Up to date Income-tax return has been filed under the Income-tax Act, 1961.<br \/>\n4. Any clearance, approval, or permission for conversion of the company into limited liability partnership if required from anybody\/ authority etc has been obtained.<\/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 may help in the government\u2019s recapitalization plans for PSBs<\/p>\n<p style=\"text-align: justify;\">CBDT launches paperless PAN &amp; TAN application process, PAN\/TIN to be issued within one day. New Aadhaar e-Signature based application process also made available.<\/p>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\">E-Return of DVAT in form no-16 and CST-1 for the quarter ended June-\u00a025\/07\/2016<\/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;\">We look forward to your valuable comments. <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>\u00a0E: 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 a 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 website 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: \u00a0Leasehold rights in a land not eligible for an allowance of depreciation Cyber Park Development &amp; Construction Ltd. v. Deputy Commissioner of Income-tax, Circle 11(2), Bangalore [2016] 71\u00a0taxmann.com\u00a0210 (Bangalore &#8211; Trib.) \u00a0Income tax: The Central Government amended the notification of the Ministry of Finance (Department of &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],"tags":[4767,4776,5,9039,9040,9022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2565"}],"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=2565"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2565\/revisions"}],"predecessor-version":[{"id":19621,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2565\/revisions\/19621"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}