{"id":2691,"date":"2016-09-17T16:38:26","date_gmt":"2016-09-17T11:08:26","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2691"},"modified":"2021-08-13T15:49:53","modified_gmt":"2021-08-13T10:19:53","slug":"corporate-and-professional-update-sept-172016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-172016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE SEPT 17,2016"},"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-69d0706d06ba1\" 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-69d0706d06ba1\"  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-sept-172016\/#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-sept-172016\/#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-sept-172016\/#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-172016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-172016\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-172016\/#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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-172016\/#ICAI_UPDATES\" title=\"ICAI UPDATES:\">ICAI UPDATES:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-172016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span>Professional Update For the Day:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/04\/Untitled33-768x314.png\" alt=\"Untitled33\" \/><\/p>\n<h2 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><\/h2>\n<p style=\"text-align: justify;\">CBDT has extended the due date of filling of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income tax return<\/a>\u00a0 by tax payers whose accounts are required to be audited under the Income Tax Act\u00a0from 30th September , 2016 to 17th october, 2016\u00a0vide order\u00a0 F.No.225\/195\/2016-1TA-II dated 09\/06\/2016.<\/p>\n<p style=\"text-align: justify;\">ITAT Delhi in the below citied case held that no penalty u\/s 271(1))(c) will be levied as\u00a0 The entire addition was based on the conditional surrender made by the assessee. The AO did not honour the condition of not levying penalty and went ahead and issued notice for levying penalty u\/s 271(1)(c)-\u00a0[AdeshTyagi, S\/o Shri Karan Singh Tyagi Vs. ITO, Ward-1 (1) , Ghaziabad]<\/p>\n<p style=\"text-align: justify;\">Office in Chennai doesn&#8217;t confer territorial jurisdiction to Chennai HC if assessment records available at Delhi Tecpro Systems Ltd.\u00a0v.\u00a0Union of India [2016] 73\u00a0taxmann.com\u00a058 (Madras)<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0The NOIDA has been constituted by the State Act and therefore entitled to exemption of payment of tax at source under section 194-A (1) of the Act \u2013\u00a0CIT (TDS) Vs Syndicate Bank (2016 (9) TMI 308 &#8211; Allahabad High Court).<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Transfer pricing adjustments &#8211; TPO directed to take into account 30 additional cost base to account free of cost material and revised the OP\/TC margin of 13.65 for determining the arm s length margin as claimed by the Assessee \u2013\u00a0Pr.CIT-02 Vs Bombardier Transportation India Pvt. Ltd (2016 (9) TMI 306 &#8211; Delhi High Court)<\/p>\n<p style=\"text-align: justify;\">If there is neither anything in its condition nor anything in the evidence to indicate the intention of its owners or possessors so as to connect it with an agricultural purpose the land could not be agricultural land.( Mr. Rajesh J. Thakkar Versus The Deputy Commissioner of Income Tax)<\/p>\n<p style=\"text-align: justify;\">CBDT has launched the ambitious &#8216;e-nivaran&#8217; facility for online redressal of taxpayers&#8217; grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T Department.<\/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 doctrine of unjust enrichment is established even if the credit notes are issued after clearance of goods.\u00a0\u2013( C.C.E., Bhopal Versus M\/s. Tesla Transformer Ltd.) &#8211; 2016 (9) TMI 285 &#8211; CESTAT NEW DELHI &#8211; Central Excise<\/p>\n<p style=\"text-align: justify;\">ST:\u00a0The\u00a0Department of Revenue has specified that the religious places shall be exempted from payment of Service Tax.\u00a0All religious places shall be considered to fall within the purview of clause (a) of entry 5 of Notification No. 25\/2012- ST, to be exempted from payment of service tax.<\/p>\n<p style=\"text-align: justify;\">DVAT: Date of filling of <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">DVAT Return<\/a> in Form-16, 17 &amp; 48 for Q-1FY2016-17 has been extended up to 19 SEP 2016. Circular No.14, dt.09-09-2016.<\/p>\n<p style=\"text-align: justify;\">DVAT\u00a0has extended the due date of filling the return in form 16,17 &amp; 48 for Q1 2016-17 upto\u00a019-09-2016\u00a0videcircular No- 14\/2016 F. No. .7(420)\/VAT\/Policy\/2011\/PF\/ 172-17 dated 09-0-2016.<\/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 Act of the Parliament received the assent by the president on the 8th September,2016 and has been published for general information.This Act may be called the Constitution (One Hundred and First Amendment) Act, 2016.<\/p>\n<p style=\"text-align: justify;\">GST bill now a law, President Shri Pranab Mukherjee gives assent to the constitutional amendment bill. GST Council to be constituted to resolve GST rates, dual control over assessment \/ scrutiny &amp; area based exemptions.<\/p>\n<p style=\"text-align: justify;\">GST:\u00a0Provisions relating to Formation of GST Council comes into effect from\u00a0 (12 SEP 2016 &#8211; The Constitution (One Hundred and First Amendment) Act, 2016 as notified on 10.09.2016.<\/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=\"FAQ_on_Company_Law\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on Company Law:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Query:\u00a0\u00a0\u00a0A Private limited Company has subsidiary named \u2018Y Private Limited, and both are SMC\u2019s. Kindly confirm whether that Private Limited\u00a0 Company\u00a0 be required to prepare CFS?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0As per section 129(3) every company is required to prepare the CFS. In AS-21, it is clearly\u00a0stated that the accounting standard does not mandate an enterprise to present consolidated financial statements but, if the enterprise presents consolidated financial statements for complying with the requirements of any statute or otherwise, it should prepare and present consolidated financial statements in accordance with AS.<\/p>\n<p style=\"text-align: justify;\">So in this case, that <a href=\"https:\/\/carajput.com\/services\/private-limited-company-registration.php\">Private Limited Company<\/a> will be required to prepare the CFS as per the requirement of Companies Act, 2013 and for the purpose of preparing CFS it has to follow guidelines of AS.<\/p>\n<p style=\"text-align: justify;\">Query:\u00a0\u00a0Can a director attend all Board meetings in a year through video conferencing mode. Will it be counted for quorum? Please advice.<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0Yes, as per Rule 3(2)(e) &amp; (f) of the Companies (Meetings of Board and its Powers) Rules, 2014, any director who desire, to participate may intimate his intention of participation through electronic mode at the beginning of calendar year and such declaration shall be valid for one calendar year. And in absence of any intimation, it shall be assumed that director shall attend the meeting in person.<\/p>\n<p style=\"text-align: justify;\">Further, Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 provides for the matters which shall not be dealt with in a meeting through video conferencing mode or other audio visual means.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">RBI UPDATE <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> asks banks to accept cash from declarants of IDS, 2016 RBI\/2016-17\/62 Dated September 8, 2016 DBR.No.Leg.BC. 13\/09.07.005\/2016-17 Dated September 8, 2016<\/p>\n<p style=\"text-align: justify;\">RBI issued Income Declaration Scheme , 2016 \u2013Acceptance of cash over the counter vide\u00a0RBI\/2016-17\/62 dated 08\/09\/2016.\u00a0RBI asks banks to accept cash from declarants of IDS, 2016<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"ICAI_UPDATES\"><\/span><strong><span style=\"text-decoration: underline;\">ICAI UPDATES:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">MEF online submission date has been\u00a0 extended to\u00a020th Sept\u00a0. This is the second extension. Declaration to be submitted by\u00a030 Sept\u00a0in case of manual submission of declaration. You can also sign it digitally. In case of partnership firm, DSC of all the partners required. The application is in three Parts. Now only Part A shall be filed.\u00a0 B and Part\u00a0 C of MEF have been made non functional thus MEF PART A for Bank Audit is to be filed by\u00a020 sep\u00a0rest to be filed after\u00a01 October 2016.<\/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 <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> 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;\">The difference between a successful person and others is not a lack of strength, nor a lack of knowledge, but rather a lack of will.<\/p>\n<p style=\"text-align: justify;\">The way to get started is to quit talking and begin doing.\u00a0\u00a0\u00a0\u00a0\u00a0 -Walt Disney<\/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","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: CBDT has extended the due date of filling of Income tax return\u00a0 by tax payers whose accounts are required to be audited under the Income Tax Act\u00a0from 30th September , 2016 to 17th october, 2016\u00a0vide order\u00a0 F.No.225\/195\/2016-1TA-II dated 09\/06\/2016. ITAT Delhi in the below citied case held that &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9,4,15],"tags":[4917,4921,4918,4182,4922],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2691"}],"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=2691"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2691\/revisions"}],"predecessor-version":[{"id":7619,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2691\/revisions\/7619"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}