{"id":2571,"date":"2016-07-25T17:32:25","date_gmt":"2016-07-25T12:02:25","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2571"},"modified":"2021-08-13T18:44:02","modified_gmt":"2021-08-13T13:14:02","slug":"corporate-and-professional-update-july-25-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-25-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 25, 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-69d04ceb14552\" 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-69d04ceb14552\"  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-25-2016\/#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\/corporate-and-professional-update-july-25-2016\/#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\/corporate-and-professional-update-july-25-2016\/#COMPANY_LAW_UPDATES\" title=\"COMPANY LAW UPDATES:\">COMPANY LAW 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\/corporate-and-professional-update-july-25-2016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-25-2016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Professional Update for the Day:<\/span><\/strong><\/p>\n<h2 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><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/07\/1-768x433.jpg\" alt=\"1\" \/><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>: \u00a0CBDT launches paperless <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> &amp; TAN application process vide Press release dated on 22nd\u00a0July 2016.Under the new process PAN\/TAN to be issued\u00a0within one day. Similarly, New Aadhaar e-Signature based application process also made available.<\/p>\n<p style=\"text-align: justify;\">\u00a0Income tax : HC rules in favour of Revenue, holds that exemption to services provided in relation to management, maintenance or repair of roads under Notification No. 24\/2009-ST cannot be extended to &#8216;repair of airport runways.\u00a0[TS-291-HC-2016(BOM)-ST]<\/p>\n<p style=\"text-align: justify;\">Income tax : No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies. [Batlivala &amp; Karani Securities (India) Pvt. Ltd. vs. DCIT (ITAT Kolkata)].<\/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;\">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> :Excess payment of service tax can be adjusted for payment of subsequent months Schwing Stetter India (P.) Ltd. v. Commissioner of Central Excise, LTU, Chennai [2016] 71\u00a0taxmann.com\u00a0228 (Chennai &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\">Service tax : CBEC issued Clarification regarding payment of Service Tax through non electronic\u00a0modes like cheque vide instruction F.No 137\/08\/2013-Service Tax dated 07.22.2016.<\/p>\n<p><strong>Read our articles:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\"><strong>E-Invoice Mechanism under the GST<\/strong><\/a><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/blocking-the-e-way-bill-creation-system-if-fails-to-file-gstr-3b-gstn\/\">Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\">Reasons for the Movement of Goods under the GST<\/a><\/strong><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW_UPDATES\"><\/span><span style=\"color: #ff6600;\"><strong>COMPANY LAW UPDATES:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Query:\u00a0\u00a0Do we need to execute any agreement\/deed for transferring the assets &amp; liabilities on conversion of company into <a href=\"https:\/\/carajput.com\/services-llp-consultancy.php\">LLP<\/a>?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0\u00a0On conversion of the Company into LLP, all tangible (movable or immovable) and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.<\/p>\n<p style=\"text-align: justify;\">The transfer of assets and liabilities will be made automatically on approval of conversion application and therefore there is no requirement of executing any agreement\/deed.<\/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;\">In cases under \u2018Limited Scrutiny\u2019, the scrutiny assessment proceedings would initially be confined only to issues under \u2018Limited Scrutiny\u2019 and questionnaires, enquiry, investigation etc. would be restricted to such issues. Only upon conversion of case to \u2018Complete Scrutiny\u2019 after following the procedure outlined above, the AO may examine the additional issues besides the issue(s) involved in \u2018Limited Scrutiny.<\/p>\n<h2 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><\/h2>\n<p style=\"text-align: justify;\">E-Return of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> in form no-16 and CST-1 for the quarter ended June-\u00a025\/07\/2016<\/p>\n<p style=\"text-align: justify;\">E-Return of DVAT in form no-16 and CST-1 for the quarter ended June-\u00a028\/07\/2016<\/p>\n<p style=\"text-align: justify;\"><strong>\u201cInnovation distinguishes between a leader and a follower<em>.<\/em>\u201d<\/strong><\/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<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update for the Day: DIRECT TAX: Income Tax: \u00a0CBDT launches paperless PAN &amp; TAN application process vide Press release dated on 22nd\u00a0July 2016.Under the new process PAN\/TAN to be issued\u00a0within one day. Similarly, New Aadhaar e-Signature based application process also made available. \u00a0Income tax : HC rules in favour of Revenue, holds that exemption &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,4,15],"tags":[4775,5,9039,4770,9040],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2571"}],"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=2571"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2571\/revisions"}],"predecessor-version":[{"id":15712,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2571\/revisions\/15712"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}