{"id":2649,"date":"2016-09-01T03:19:07","date_gmt":"2016-08-31T21:49:07","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2649"},"modified":"2021-08-13T15:57:37","modified_gmt":"2021-08-13T10:27:37","slug":"corporate-and-professional-update-aug-22-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-22-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE AUG 22, 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-6a05a37fa1578\" 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-6a05a37fa1578\"  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-aug-22-2016\/#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-aug-22-2016\/#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-aug-22-2016\/#FAQ_ON_GST\" title=\"FAQ ON GST \">FAQ ON GST <\/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-22-2016\/#FAQ_ON_COMPANY_LAW\" title=\"FAQ ON COMPANY LAW:\">FAQ ON 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-22-2016\/#RBI_UPDATE\" title=\"RBI UPDATE \">RBI UPDATE <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-22-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\">Professional Update For the Day:<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5.png\" alt=\"Untitled5\" \/><\/p>\n<h2 style=\"text-align: justify;\"><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 style=\"text-align: justify;\">\n<li>ITAT Chennai held that <a href=\"https:\/\/carajput.com\/blog\/capital-gains-exemption-of-in-case-of-investment-in-residential-house-construction\/\">exemption U\/s. 54<\/a>F will be allowed despite of delayed investment in Capital Gain Account Scheme. The provisions of section 54F are beneficial provisions and are to be considered liberally in the aspect of limitation period [\u00a0ACIT vs. Smt. Umayal Annamalai].<\/li>\n<li>Allahabad HC upholds penalty levy u\/s 272A(2)(k) for assessee\u2019s failure to furnish e-TDS quarterly statements within prescribed time for 5 years and also after issue of notice from the IT Department. Further notes that despite various show cause notices issued by AO, it was only before CIT(A) that assessee, for the first time, offered an explanation for such default, remarks that \u201cthat adequate opportunity had been granted to the appellant but the appellant failed to utilize the opportunities.[TS-445-HC-2016(ALL)]<\/li>\n<li>CBDT issues Clarifications on Income Declaration Scheme, 2016. CBDT Circular No.29 of 2016 dated 18.08.16.<\/li>\n<li>Deduction U\/s 35AC available only up to the previous year ending 31-03-2017.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBDT has issued a press release regarding the approval of Eligible Projects or Schemes under section 35AC of the Income Tax Act, 1961 dated 19\/08\/2016. Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018.(Click here to view)<\/li>\n<li>In the below citied case it was held that benefit of carry forward losses cannot be denied due to belated receipt of ITR-V acknowledgement-(Fibres &amp; Fabrics International (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 11(3), Bangalore)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><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 style=\"text-align: justify;\">\n<li>Transfer of goods by way of hiring, leasing, licensing or in any such manner without transfer or right to use such goods is a \u201cdeclared service\u201d and hence liable to service tax.<\/li>\n<li>Delhi High Court held that service Tax on manufacture of alcoholic liquor for human consumption on job work basis with effect from 1st June 2015 is Constitutionally Valid. (\u00a0Carlsberg India Private Limited Vs. Union Of India &amp; Ors)<\/li>\n<li>Airport runways aren&#8217;t roads, their repair and maintenance is liable to service tax. Commercial or industrial construction service was introduced as taxable service under the head \u201cconstruction service\u201d with effect from 10th September, 2004. The same service was renamed as \u201ccommercial or industrial construction service\u201d with effect from 16th June, 2005. Though it refers to repair, alteration, renovation etc., but that does not include such services provided in respect of roads, airports, railways, transport terminal (P. Jain &amp; Company Infrastructure (P.) Ltd. v. Union of India)<\/li>\n<li>Refund denial business support service services received inside the port Held that &#8211; there is no dispute that the services are with reference to export of goods rendered inside the port, the claim cannot be denied on the ground that tax has been paid under different classification by the provider of service. The Board also clarified that there is no requirement of verification of registration certificate of the supplier of service refund allowed.(Natural Slate &amp; Sandstone Exports Pvt. Ltd. Versus C.C.E., Jaipur I &#8211; 2016 (8) TMI 547 &#8211; CESTAT NEW DELHI &#8211; Service Tax<\/li>\n<li>Disallowance made on account of survey charges &#8211; Tribunal deleted addition &#8211; Held that &#8211; We find that the impugned order of the Tribunal has deducted the disallowance on a finding of fact that the tax has already been offered on the same for the Assessment Year 1999-2000 on receiving it from the successful bidder.(The Commissioner of Income Tax-3 Versus Sicom Ltd). &#8211; 2016 (8) TMI 610 &#8211; BOMBAY HIGH COURT &#8211; Income Tax<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_ON_GST\"><\/span><strong><u>FAQ ON GST <\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><u><\/u><strong><u>Start of GST regime<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">How will imports be taxed under <a href=\"https:\/\/carajput.com\/blog\/gst\/\">GST<\/a>?<\/p>\n<p style=\"text-align: justify;\">Answer\u00a0: The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the territory of India. Unlike in the present regime, the States where imported goods are consumed will now gain their share from this IGST paid on imported goods.<\/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<p style=\"text-align: justify;\">How will be Inter-State Transactions of Goods and Services be taxed under GST in terms of IGST method?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0In case of inter-State transactions, the Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supplies of goods and services under Article 269A (1) of the Constitution. The IGST would roughly be equal to CGST plus SGST. The IGST mechanism has been designed to ensure seamless flow of input tax credit from one State to another. The inter-State seller would pay IGST on the sale of his goods to the Central Government after adjusting credit of IGST, CGST and SGST on his purchases (in that order). The exporting State will transfer to the Centre the credit of SGST used in payment of IGST. The importing dealer will claim credit of IGST while discharging his output tax liability (both CGST and SGST) in his own State. The Centre will transfer to the importing State the credit of IGST used in payment of SGST.Since GST is a destination-based tax, all SGST on the final product will ordinarily accrue to the consuming State.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_ON_COMPANY_LAW\"><\/span><u><\/u><strong><u>FAQ ON COMPANY LAW:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>Query: \u00a0\u00a0Whether independent director of a company could be appointed by the shareholders in general meeting under the Companies Act, 2013?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0 \u00a0Appointment of Independent Directors- In terms of paragraph IV of schedule IV of the Companies Act, 2013, appointment of independent directors has to be made by the Board of Directors and approval by the shareholders in general meeting<\/p>\n<p style=\"text-align: justify;\">Query:\u00a0\u00a0Can partly paid shares be issued by the way of preferential issue of shares as per Companies Act 2013?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0The Companies (Share Capital and Debenture) Amendment Rules, 2016 have done away with the requirement of shares allotted under preferential allotment to be fully-paid up at the time of allotment. Accordingly, now partly-paid securities can be allotted by means of a preferential issue.<\/p>\n<p style=\"text-align: justify;\">Query:\u00a0In case of change in Registered office of <a href=\"https:\/\/carajput.com\/blog\/tag\/process-of-forming-the-llp\/\">LLP<\/a> within state, whether we are required to file Form 3 as well?<\/p>\n<p style=\"text-align: justify;\">Answer: Yes, you are required to file Form 3 in case of change in Registered office of LLP within state enclosing the copy of Supplementary LLP Agreement.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_UPDATE\"><\/span><strong><u>RBI UPDATE <\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>SEBI has issued Frequently Asked Questions (FAQs) on SEBI (Alternative Investment Funds) Regulations, 2012.<\/li>\n<li>Eminent economist and RBI Dy. Governor, Mr. Urjit Patel replaces Raghuram Rajan as RBI Governor.<\/li>\n<li>SEBI has launched electronic mode for payment of penalties, disgorgement as well as settlement amounts.<\/li>\n<li>SEBI vide Circular on mutual funds increased the additional exposure limits provided for housing finance companies (HFCs) in financial services sector from 5% to 10%.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><u>Key Dates:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Issue of DVAT certificate for deduction made for the month of July-22\/08\/2016<\/li>\n<li>Payment of ESI for the month of July-21\/08\/2016<\/li>\n<li>E-Payment of DVAT &amp; CST tax for the month of July-21\/08\/2016<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The cost of leadership is self-interest.\u00a0\u00a0\u00a0\u00a0\u00a0 -Simon Sinek<\/p>\n<p style=\"text-align: justify;\">\u201cSuccess has only one amazing formula, stop thinking in terms of limitations and start thinking in terms of possibilities.\u201d<\/p>\n<p style=\"text-align: justify;\">&#8220;You may only succeed if you desire\u00a0succeeding;\u00a0you may only fail if you do not mind failing.\u201d<\/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:<\/p>\n<p style=\"text-align: justify;\">W:\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>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 E: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 9-555-555-460<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: ITAT Chennai held that exemption U\/s. 54F will be allowed despite of delayed investment in Capital Gain Account Scheme. The provisions of section 54F are beneficial provisions and are to be considered liberally in the aspect of limitation period [\u00a0ACIT vs. Smt. Umayal Annamalai]. Allahabad HC upholds penalty &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[208,150,172,9],"tags":[8550,8549,8548],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2649"}],"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=2649"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2649\/revisions"}],"predecessor-version":[{"id":15688,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2649\/revisions\/15688"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}