{"id":2646,"date":"2016-08-11T18:12:37","date_gmt":"2016-08-11T12:42:37","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2646"},"modified":"2021-08-13T17:07:27","modified_gmt":"2021-08-13T11:37:27","slug":"corporate-and-professional-update-aug-11-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-11-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE AUG 11, 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-69d0c34f96c48\" 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-69d0c34f96c48\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-11-2016\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\">Professional Update For the Day:<\/a><\/li><\/ul><\/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-aug-11-2016\/#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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-11-2016\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-11-2016\/#COMPANY_LAW\" title=\"COMPANY LAW:\">COMPANY LAW:<\/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-aug-11-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><strong>Professional Update For the Day:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h2><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/1-768x392.png\" alt=\"1\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><strong><u>DIRECT TAX:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Gujarat High Court held thatTDS u\/s 194LA &#8211; The buildings do not form part of the agricultural lands or at any rate have not been shown to be in the nature of small farm houses or go downs for agricultural operations. The Tribunal therefore, committed an error in reversing the orders of the revenue authorities with respect to the applicability of section 194LA qua the compensation for the buildings\u00a0\u2013[Gujarat High Court in case of [CIT (TDS) Vs. Special Land Acquisition Officer]<\/li>\n<li>Roads and boundaries, railway sidings, jetty pire, bouys, mooring and navigation structure can be considered as plant and machinery for the purpose of granting of depreciation under Sec. 32\u2013\u00a0[Gujarat High Court in case of [CIT Vs. Kandla Port Trust] ]<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><u>INDIRECT TAX:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>CESTAT grants exemption benefit under Notification No. 21\/2002-Cus on import of heavy duty crane cum pipe laying ship, notes that said Notification exempts goods required in connection with petroleum operations undertaken under petroleum exploration licenses or mining leases, as granted by the Govt. of India to ONGC or OIL on nomination basis[TS-305-CESTAT-2016-CUST]<\/li>\n<li>CESTAT sets aside order which rejected service tax exemption under Notification 4\/2004-ST to assessee for logistic services rendered to SEZ unit on the ground that services were not consumed within the Zone\u00a0[TS-300-CESTAT-2016-ST]<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"COMPANY_LAW\"><\/span><strong><u>COMPANY LAW:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>MCA Update: <\/strong>Amendment in Incorporation Rules dated 27.07.2016<strong>. <\/strong>Ministry of Corporate Affairs has issued a notification dated 27th July, 2016 to amend Companies (Incorporation) Rules, 2016.\u00a0Following are the major amendments mentioned in the Notification:<\/p>\n<ol>\n<li><strong> Subscription Sheet of Incorporation: <\/strong>Now, the type written or printed particulars of the subscribers and witnesses shall be allowed as if it is written by the subscriber and witness so long as they appends his or her signature or thumb impression.<\/li>\n<li><strong> Proofs of Subscribers* : <\/strong>In case the subscriber is already holding a valid DIN, and theparticulars provided therein have been updated as on the date of application, and the declaration to this effect is given in the application, the proof of identity and residence need not be attached.<\/li>\n<\/ol>\n<ol start=\"3\">\n<li><strong> Form INC-10 is omitted.: <\/strong>Now, no need to attach Form INC-10 in Incorporation application.<\/li>\n<li><strong> Publication of name by Company: <\/strong>Every company which has a website for conducting online business or otherwise, shall disclose\/publish its name, address of its registered office, CIN, etc. on the landing\/home page of the said website.<\/li>\n<li><strong> Shifting of RO from One state to another: <\/strong><\/li>\n<li>NOC from RBI to be attached with Form INC-23, in case Company is registered NBFC.<\/li>\n<li>In case of Listed Company, now no need to serve notice alongwith copy of application to SEBI.<\/li>\n<\/ol>\n<p>Copy of notification can be accessed at below link:<\/p>\n<p><u><a href=\"https:\/\/www.mca.gov.in\/Ministry\/pdf\/CompaniesThridAmendementRules_28072016.pdf\">https:\/\/www.mca.gov.in\/Ministry\/pdf\/CompaniesThridAmendementRules_28072016.pdf<\/a><\/u><\/p>\n<p><strong><u>OTHER UPDATE \u00a0&#8211; <\/u><\/strong><\/p>\n<p><u><\/u><strong><u>FDI IN NBFCS<\/u><\/strong><\/p>\n<ul>\n<li>Yesterday, the Cabinet approved liberalization of foreign investment norms for the non-banking finance companies (NBFCs), in yet another measure aimed at improving the ease of doing business.<\/li>\n<li>At present, only investments in 18 specified NBFC activities are permitted under the automatic route.<\/li>\n<li>Foreign investment (FDI) in all NBFC activities can now come under the automatic route provided they are regulated by any of the financial sector regulators.<\/li>\n<li>Entities not regulated by any of the regulators will need approval from the Foreign Investment Promotion Board (FIPB).<\/li>\n<li>The Cabinet also did away with minimum capital requirements, saying that such requirements are already imposed by regulators.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><u>Key Dates:<\/u><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Extension to\u00a029.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), &amp; MGT-7. Circular No.08\/2016 Dated 29.07.2016.<\/li>\n<li>Public Servants Annual Assets Liabilities Return Filing due date extended to\u00a031.12.2016<\/li>\n<li>15-08-16\u00a0is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors.<\/li>\n<\/ul>\n<ul>\n<li>Be honest when in trouble, be simple when in wealth, be polite when in authority and be silent when in anger.<\/li>\n<li>\u201cPeople Reach great heights in life only if they have great depth. The tallest building has the strongest foundation.\u201d<\/li>\n<li>Don\u2019t find fault, find a remedy.\u00a0\u00a0\u00a0\u00a0 -Henry Ford<\/li>\n<\/ul>\n<p>We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a><\/p>\n<p><strong>FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/p>\n<p>W: www.carajput.com \u00a0E:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0\u00a0 \u00a0T:011-233-4-33333,\u00a0 M: 9-555-555-480<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: Gujarat High Court held thatTDS u\/s 194LA &#8211; The buildings do not form part of the agricultural lands or at any rate have not been shown to be in the nature of small farm houses or go downs for agricultural operations. The Tribunal therefore, committed an error in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,15],"tags":[6256,5,322,9022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2646"}],"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=2646"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2646\/revisions"}],"predecessor-version":[{"id":15692,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2646\/revisions\/15692"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}