{"id":2688,"date":"2016-09-15T14:04:33","date_gmt":"2016-09-15T08:34:33","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2688"},"modified":"2021-12-07T14:55:53","modified_gmt":"2021-12-07T09:25:53","slug":"corporate-and-professional-update-sept-15-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-15-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE SEPT 15, 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-69d05561cee56\" 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-69d05561cee56\"  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-sept-15-2016\/#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-sept-15-2016\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><\/ul><\/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-sept-15-2016\/#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-sept-15-2016\/#MCA_Updates\" title=\"MCA Updates:-\">MCA 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-sept-15-2016\/#GST_UPDATE\" title=\"GST UPDATE \">GST 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-sept-15-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/33-1-768x432.png\" alt=\"33\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span>Professional Update For the Day:<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=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">ITAT Chennai in the below citied case held that exemption u\/s 54F of the Act shall not be eligible for construction of swimming pool.( GuruprasadAngisetty, Chennai Vs.\u00a0ITO, Non-Corporate Ward 1 (2), Chennai)<\/p>\n<p style=\"text-align: justify;\">ITAT Banglore in the below citied case held that expenditure incurred on renovation of showroom was not incurred on any capital outlay. Therefore, the expenditure is revenue in nature\u00a0\u00a0[M\/s. Bellad and Co. Vs.DCIT, Hubli. and\u00a0ACIT, Circle 1 (1) , Hubballi Vs. M\/s. Bellad&amp; Co.]<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Expenditure incurred on renovation of showroom was not incurred on any capital outlay. Therefore the expenditure is revenue in nature &#8211;\u00a0Bellad and Co. Vs DCIT, Hubli. &amp; ACIT, Cir-1(1), HubballiVsBellad&amp; Co. (2016 (9) TMI 390 &#8211; ITAT Bangalore)<\/p>\n<p style=\"text-align: justify;\">No penalty for short deduction of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> on warehouse charges if applicability of sec. 194C or sec. 194-I is debatableHindustan Coca Cola Beverages (P.) Ltd.\u00a0v.\u00a0Joint Commissioner of Income-tax[2016] 73\u00a0taxmann.com\u00a071 (Delhi).<\/p>\n<p style=\"text-align: justify;\">Under Income Declaration Scheme 2016 no capital gains\/TDS on transfer (without consideration) of declared benami property within 1 year to the Declarant.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">The Central Government issued a notification regarding provisions relating to Formation of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Council comes into effect from 12-9-2016 &#8211; The Constitution (One Hundred and First Amendment) Act, 2016 vide Notification No.\u00a0\u00a0S.O. 2915(E)\u00a0dated 10\/09\/2016.\u00a0The Central Government hereby appoints the 12th day of September, 2016 as the date on which the provisions of\u00a0section 12\u00a0of the said Act shall come into force.<\/p>\n<p style=\"text-align: justify;\">While interpreting an exemption notification there is no room of any intendment and regard must be had to the language used therein.( M\/s. H.R. Steels Pvt. Ltd. Versus C.C.E. Jaipur)-I &#8211; 2016 (9) TMI 283 &#8211; CESTAT NEW DELHI &#8211; Central Excise<\/p>\n<p style=\"text-align: justify;\">ST:\u00a0There is no service tax liability on the appellant engaged in providing Mid Day Meals to various schools and are getting paid for the same from the Schools\/Government &#8211;\u00a0Suruchi Caterers Vs C.C.E., Mumbai (2016 (9) TMI 430 &#8211; CESTAT Mumbai)<\/p>\n<p style=\"text-align: justify;\">Service tax exemption available on renting of religious place owned by a trust registered under Income Tax Act NOTIFICATION NO. 40\/2016-Service Tax Dated 6th September, 2016<\/p>\n<ul>\n<li><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a> &amp; ST:\u00a0Classification &#8211; bitumen and bitumen emulsion are one and the same commodity \u2013\u00a0C.C.T., U.P. Vs A. R. Thermosets (Pvt.) Ltd. (2016 (9) TMI 410 &#8211; Supreme Court)<\/p>\n<p style=\"text-align: justify;\">Extension of credit period of sales to AE deemed as international transaction under transfer pricingTally Solutions (P.) Ltd.\u00a0v. Assistant Commissioner of Income-tax, Circle-12 (1), Bangalore[2016] 73\u00a0taxmann.com\u00a070 (Bangalore &#8211; Trib.)<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">MCA Updates:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">MCA notified Section 227, Section 242 (1)(b), Section 242(2)(c)(g), Section 246, Section 337 to 341 (to the extent to their applicability for Section 246) vide Notification dated 09\/09\/2016<\/p>\n<p style=\"text-align: justify;\">Spice Jet&#8217; to refund amount received under share purchase agreement as it failed to allot shares : HCKal Airways (P.) Ltd.\u00a0v.\u00a0Spicejet Ltd.[2016] 73\u00a0taxmann.com\u00a028 (Delhi).<\/p>\n<p style=\"text-align: justify;\">MCA has issued circular regarding relaxation of additional fees for filing Form IEPF-1 vide General circular No- 10\/2016 dated 07.09.2016.<\/p>\n<p style=\"text-align: justify;\">MCA has amended the schedule v of companies act 2013 dated 12th sept. 2016 [F.No. 1\/5\/2013 CL-V].<\/p>\n<p style=\"text-align: justify;\">MCA vide Notification notified that the\u00a0<strong><a href=\"https:\/\/www.mca.gov.in\/Ministry\/pdf\/Notification_12092016.pdf\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.mca.gov.in\/Ministry\/pdf\/Notification_12092016.pdf&amp;source=gmail&amp;ust=1474011695888000&amp;usg=AFQjCNHNWxWtQK_b-xIOrsmsk-QIWEvm4Q\">Remuneration Limits for the Companies having no or inadequate profits can be enhanced without the Central Government approval<\/a><\/strong>,\u00a0that is, Section II of Part II has been substituted.<\/p>\n<p style=\"text-align: justify;\">It states that managerial person who is functioning in a professional capacity, no approval of Government is required if such managerial person is not having any interest in the capital of the Company, its holding company or any of its subsidiary companies during last 2 years on or after date of appointment and possesses graduate-level qualification and specialized knowledge in field of which the Company operates. Schedule V of the Companies Act, 2013 relating to the condition to be fulfilled for appointment of Managing Director\/ Whole Time Director\/ Manager has been amended.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"GST_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> UPDATE <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">GST:\u00a0One step ahead &#8211; President Pranab Mukherjee gives assent to the Constitutional Amendment Bill y\u2019day (08.09.2016) to enable the Central Govt. to bring GST Law in the winter session of Parliament.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Issue of TDS certificate in case of payment\/credit made in july for the purchase of property u\/s 194IA-\u00a014\/09\/2016<\/li>\n<li>Deposit of<a href=\"https:\/\/carajput.com\/services-vat.php\"> DVAT<\/a>\/TDS for the month of August-15\/09\/2016<\/li>\n<li>Payment of Advance Tax(Second Installment) for the A.Y. 2017-18.-15\/09\/2016<\/li>\n<li>Last date of deposit of PF contribution by the employee;-\u00a015\/09\/2016<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Success comes to those who have the will power to win over their snooze buttons.<\/p>\n<p style=\"text-align: justify;\">Life becomes interesting when you start speaking silently with your eyes, but life becomes more interesting when someone starts reading those eyes silently.<\/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: 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> E: singh@carajput.com , 9-555-555-480<\/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","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax: ITAT Chennai in the below citied case held that exemption u\/s 54F of the Act shall not be eligible for construction of swimming pool.( GuruprasadAngisetty, Chennai Vs.\u00a0ITO, Non-Corporate Ward 1 (2), Chennai) ITAT Banglore in the below citied case held that expenditure incurred on renovation of showroom was &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":[4925,5,4928,4597,4930],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2688"}],"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=2688"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2688\/revisions"}],"predecessor-version":[{"id":19540,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2688\/revisions\/19540"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}