{"id":2695,"date":"2016-09-19T13:27:13","date_gmt":"2016-09-19T07:57:13","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2695"},"modified":"2024-01-04T21:08:25","modified_gmt":"2024-01-04T15:38:25","slug":"corporate-and-professional-update-sept-192016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-192016\/","title":{"rendered":"Corporate and Professional update Sept 19, 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-69d08c42b3d31\" 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-69d08c42b3d31\"  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-192016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_SEPT_192016\" title=\"CORPORATE AND PROFESSIONAL UPDATE SEPT 19,2016\">CORPORATE AND PROFESSIONAL UPDATE SEPT 19,2016<\/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-192016\/#DIRECT_TAX_UPDATE\" title=\"DIRECT TAX UPDATE \">DIRECT TAX UPDATE <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-192016\/#ICAI_UPDATE\" title=\"ICAI UPDATE \">ICAI UPDATE <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-192016\/#OTHER_UPDATE\" title=\"OTHER UPDATE\">OTHER UPDATE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-192016\/#RBI_UPDATE\" title=\"RBI UPDATE \">RBI UPDATE <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-192016\/#GST_UPDATE\" title=\"GST UPDATE\">GST UPDATE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-192016\/#MCA_UPDATE\" title=\"MCA UPDATE \">MCA UPDATE <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-192016\/#FAQ_on_Company_Law\" title=\"FAQ on Company Law:\">FAQ on Company Law:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-192016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/04\/Untitled55.png\" alt=\"Untitled55\" width=\"908\" height=\"563\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_SEPT_192016\"><\/span>CORPORATE AND PROFESSIONAL UPDATE SEPT 19,2016<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">DIRECT TAX UPDATE <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Extension to\u00a017-10-2016\u00a0of due date for filing <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITRs<\/a> in cases where the due date of ITR is 30.9.2016 due to clash with Income Declaration Scheme 2016. CBDT Order of 9-9-2016.<\/li>\n<li style=\"text-align: justify;\">No penalty for not declaring STCG due to bonafide mistake\/clerical error [Shri Raj Dutta vs. JCIT (ITAT Delhi)].<\/li>\n<li style=\"text-align: justify;\">Under Income Declaration Scheme 2016 no capital gains\/<a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> on transfer (without consideration) of declared benami property\u00a0within 1 year\u00a0to the Declarant.<\/li>\n<li style=\"text-align: justify;\">Direct cash deposit in supplier\u2019s bank a\/c does not attract disallowance u\/s 40A (3) [Bolkunda Pachwai &amp; (S) C.S. Shop vs. <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax<\/a> Officer (ITAT Kolkata)].<\/li>\n<li style=\"text-align: justify;\">CBDT clarifies due date extension is also applicable to Accounts audited under Sec 44AB vide notification no 225\/195\/2016-ITA II.<\/li>\n<li style=\"text-align: justify;\">IT: The service fee payable by the applicant to DRL Russia under the agreement for the promotion of goods cannot be regarded for the purpose of fees for technical services. &#8211; Not Taxable &#8211; In Re: Dr. Reddy Laboratories Limited(AAR)<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">INDIRECT TAX UPDATE <\/span><\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">The date of filing of <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">DVAT return<\/a> in forms 16,17 &amp; 48 for Q-1 2016-17 has been extended upto 19-09-2016vide circular no-14, dated 09-09-2016.<\/li>\n<li style=\"text-align: justify;\">CBDT launches online &#8216;Nivaran&#8217; to resolve Income Tax grievances.<\/li>\n<li style=\"text-align: justify;\">The last date for payment of the second installment of Advance Tax is 15.09.16.<\/li>\n<li style=\"text-align: justify;\">Dept 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- Service Tax, to be exempted from payment of service tax.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"ICAI_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">ICAI UPDATE <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">MEF online submission date extended to\u00a020 September 2016\u00a0declaration to be submitted\u00a030 September 2016.<\/li>\n<li style=\"text-align: justify;\">Please pay ICAI Membership and COP fee before 30th September 2016 in order to avoid removal.<\/li>\n<li style=\"text-align: justify;\">ICAI launch\u00a0a\u00a0\u201cSupport-desk for Implementation of Ind AS\u201d, so as to address the difficulties faced by the members and stakeholders.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">OTHER UPDATE<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">ESIC Hikes wage ceiling from Rs.15000 to Rs.21000 w.e.f\u00a01st Oct 2016.<\/li>\n<li style=\"text-align: justify;\">EPF:\u00a0To know your BALANCE, give a missed call on\u00a0011-22901406\u00a0from your registered mobile number to get SMS alert immediately.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> UPDATE <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">RBI issued Income Declaration Scheme, 2016 \u2013Acceptance of cash over the counter vide RBI\/2016-17\/62 dated 08\/09\/2016. RBI asks banks to accept cash from declarants of IDS, 2016 (<a href=\"https:\/\/www.rbi.org.in\/Scripts\/NotificationUser.aspx?Id=10599&amp;Mode=0\">Click here to view<\/a>)<\/li>\n<li style=\"text-align: justify;\">The Reserve Bank of India issues guidelines for the preparation of half-yearly ProformaInd AS Financials by specified financial institutions CIRCULAR DBR.FID.NO.1\/01.02.000\/2016- 17, DATED 4-8-2016.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/archives\/unclaimed-deposits-or-inoperative-accounts-in-banks-rbi-revised.pdf\"><span style=\"color: #000080;\"><strong>Unclaimed Deposits or Inoperative Accounts in Banks- RBI Revised Instructions<\/strong><\/span><\/a><\/p>\n<ul>\n<li>The Reserve Bank of India has issued revised Instructions with effect from 01 April 2024 relating to Unclaimed Deposits\u00a0 Inoperative Accounts in Banks &amp; waiver of related Penal Charges applicable to Clients<\/li>\n<\/ul>\n<h3 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><\/span><\/strong><strong><span style=\"text-decoration: underline;\">U<\/span><\/strong><strong><span style=\"text-decoration: underline;\">PDATE<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Under GST For Refund, Assessee to submit CA Certificate that GST burden not passed to the customer. Self Certification up to threshold amount.<\/li>\n<li style=\"text-align: justify;\">GST:\u00a0Cabinet approves creation of GST Council and its Secretariat &#8211; The Finance Minister to be the Chairperson, decided to call the first meeting of the GST Council on 22nd and 23rd SEP 2016 in New Delhi.<\/li>\n<li style=\"text-align: justify;\">For GST roll out wef\u00a01.4.2017, Parliament will have to approve CGST &amp; IGST Bills &amp; State Assemblies will pass their own SGST Bills.<\/li>\n<li style=\"text-align: justify;\">Under GST late returns would attract a fee of 100 per day subject to a maximum of Rs 5,000\/- maximum fee in case of annual return is 0.25% of aggregate turnover.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">MCA UPDATE <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">MCA\u00a0has relaxed\u00a0additional fees for filing Form IEPF-1, replacing the Form-1-INV prescribed under CA\u2019 1956 and was not available for filing since 25 MAR 2016, upto 07 OCT 2016.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">CS authorized to do compliance audit of labor laws for shops or factories in Haryana<br \/>\nNOTIFICATION\u00a0 NO.11\/38\/2016-4Lab Dated 10th August 2016<\/p>\n<p style=\"text-align: justify;\">MCA amends Schedule V of the Companies Act,2013, w.e.f. 12th September 2016. MCA Notification dated 12.09.16.<\/p>\n<p style=\"text-align: justify;\">An MCA has enforced certain provisions of the Companies Act, 2013 w.e.f 9th Sept 2016. Section 227, 242, 246,241 or 245 and Sec 337 to 341 (to the extent of their applicability for Section 246.<\/p>\n<p style=\"text-align: justify;\">MCA vide Notification dated 9 Sept. 2016 has notified the Companies Mediation and Conciliation Rules 2016, which shall come into force from the date of their publication in the Official Gazette.<\/p>\n<p style=\"text-align: justify;\">The MCA has designated Special Courts for the States of Chhattisgarh, Manipur, Rajasthan, Punjab, Haryana, Chandigarh, Districts of Coimbatore, Dharmapuri, Dindigul, Erode, Krishnagiri, Namakkal, Nilgiris, Salem and Tiruppur, Pandichery for the purposes of providing speedy trial of offenses punishable with imprisonment of 2 \u00a0years or more under the Companies Act, 2013.<\/p>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\">Query:\u00a0Whether section 186 shall be applicable to NBFCs. Kindly advice<\/p>\n<p style=\"text-align: justify;\">Answer: Section 186(11) provides an exception to banking company, insurance company, housing finance company that lends loan in the ordinary course of business and to companies that are engaged in the business of financing companies or providing infrastructural facilities.<\/p>\n<p style=\"text-align: justify;\">Further, Rule 11(2) of Companies (Meetings of Board and its Power) Rules, 2014 provides that for the purpose of Section 186(11), the expression \u2018business of financing companies\u2019 shall include, with regard to, a Non-Banking Financial Company registered with Reserve Bank of India, the business of giving of any loan to a person or providing any guarantee or security for due repayment of any loan availed by any person in the ordinary course of business.<\/p>\n<p style=\"text-align: justify;\">Query:\u00a0\u00a0What is the procedure to file details of the unclaimed and unpaid amounts?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0\u00a0Form IEPF-2 is required to be filed by the company\/Corresponding New Bank which shall contain investor-wise details of unclaimed and unpaid amounts in respect of dividends, debentures, deposits, etc. The details of unclaimed and unpaid amounts shall need to be provided as on the Annual General Meeting (AGM) date. This form is to be filed annually within 90 days from the date of AGM. The form can be downloaded from the IEPF portal of the Ministry.<\/p>\n<h4 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><\/h4>\n<ul style=\"text-align: justify;\">\n<li>Return of TDS for June quarter in DVAT-48-\u00a019\/09\/2016<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax ITR<\/a> filing extension of due date from\u00a030-9-2016 to 17-10-2016, applicable for ITRs to be originally filed by\u00a030-9-2016\u00a0&amp; Tax Audit Reports also. CBDT Clarification of 14.09.2016.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Clarity in the mind and purity in the heart are the signs of happiness.<\/p>\n<p style=\"text-align: justify;\">&#8220;There is no chance, no destiny, no fate, that can hinder or control the firm resolve of a determined soul.\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: 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 , 9-555-555-460<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE SEPT 19,2016 DIRECT TAX UPDATE Extension to\u00a017-10-2016\u00a0of due date for filing ITRs in cases where the due date of ITR is 30.9.2016 due to clash with Income Declaration Scheme 2016. CBDT Order of 9-9-2016. No penalty for not declaring STCG due to bonafide mistake\/clerical error [Shri Raj Dutta vs. JCIT (ITAT &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":[4912,4916,4911,4908,4914,4910],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2695"}],"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=2695"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2695\/revisions"}],"predecessor-version":[{"id":25963,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2695\/revisions\/25963"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}