{"id":2729,"date":"2016-10-01T13:22:52","date_gmt":"2016-10-01T07:52:52","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2729"},"modified":"2021-12-07T11:31:07","modified_gmt":"2021-12-07T06:01:07","slug":"corporate-and-professional-update-oct-1-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-1-2016\/","title":{"rendered":"corporate and professional update oct 1, 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-69d2aaea207f9\" 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-69d2aaea207f9\"  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-oct-1-2016\/#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-oct-1-2016\/#DIRECT_TAX\" title=\"DIRECT TAX:-\">DIRECT TAX:-<\/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-oct-1-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX:-\">INDIRECT TAX:-<\/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-oct-1-2016\/#GST_UPDATES\" title=\"GST UPDATES:-\">GST UPDATES:-<\/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-oct-1-2016\/#FAQ_as_Issued_by_CBEC_%E2%80%93_Registration\" title=\"FAQ as Issued by CBEC &#8211; Registration\">FAQ as Issued by CBEC &#8211; Registration<\/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-oct-1-2016\/#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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-1-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-1-2016\/#More_read-_Effect_of_GST_on_Advertisement_and_Cinema_Industry\" title=\"More read-\u00a0Effect of GST on Advertisement and Cinema Industry\">More read-\u00a0Effect of GST on Advertisement and Cinema Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-1-2016\/#More_read_-GST_Impact_on_Import_and_Export\" title=\"More read -GST Impact on Import and Export\u00a0\">More read -GST Impact on Import and Export\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5.png\" alt=\"Untitled5\" width=\"837\" height=\"616\" \/><\/p>\n<h2 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><\/h2>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\">Gujarat HC confirms ITAT order, holds ONGC (\u2018assessee\u2019) in default u\/s 201(1)\/(1A) for not deducting <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> on payment of \u2018uniform allowance\u2019 to its employees for AY 2010-11.<\/p>\n<p style=\"text-align: justify;\">It Rejected assessee\u2019s stand that the dress code at work place would qualify as uniform and hence exemption u\/s Sec 10(14)(i) r.w. Rule 2BB with respect to uniform allowance was allowable. [TS-525-HC-2016(GUJ)]<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Deposit of amount of the firm in the bank a\/c of partner- may be a violation of Indian Partnership Act but not of Income Tax Act \u2013\u00a0ITO, W-30 (1), New Delhi Vs Vinod Chadha and Vica-Versa (2016 (9) TMI 1069 &#8211; ITAT Delhi)<\/p>\n<p style=\"text-align: justify;\">Delhi ITAT allows depreciation on \u2018discarded assets\u2019 which formed part of block, but were not used for the purpose of business during AY 2010-11. [TS-522-ITAT-2016(DEL)]<\/p>\n<p style=\"text-align: justify;\">CBDT extended working hours on\u00a030th September ,2016\u00a0for IDS Declaration vide press release dated 27\/09\/2016.Accordingly, the counters for receiving declarations under the Income Declaration Scheme &#8211; 2016 shall be functional\u00a0till\u00a012:00 midnight\u00a0on\u00a030th September, 2016.<\/p>\n<p style=\"text-align: justify;\">ITAT Jaipur in the below citied case held that when declared income is more than the estimated income applying 8% of the works contract, no addition can be made\u00a0while computing of net profit.( M\/s Zuberi Engineering Co. Vs.\u00a0D.C.I.T., Circle-2, Jaipur And A.C.I.T., Circle-2, Jaipur Vs.M\/s Zuberi Engineering Co.)<\/p>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\">The service tax paid on the renewal of the software by the service provider is eligible to be claimed as refund by the appellant.( Emerson Export Engineering Centre Versus Commissioner of Central Excise)-2016 (9) TMI 1134 &#8211; CESTAT MUMBAI &#8211; Service Tax<\/p>\n<p style=\"text-align: justify;\">Dumpers and parts thereof are to be treated as used in or in relation to the manufacture of final products and thus qualifies as an input.( M\/s. Aditya Cement Versus CCE, Jaipur-II)-\u00a02016 (9) TMI 1127 &#8211; CESTAT NEW DELHI &#8211; Central Excise<\/p>\n<p style=\"text-align: justify;\">CBEC has issued a notification \u00a0regarding Non-levy of service tax on the services by way of advancement of Yoga vide\u00a0notification No. 42\/2016 dated 26\/09\/2016.<\/p>\n<p style=\"text-align: justify;\">Central Govt. directs that service tax u\/s 66B of Finance Act on the service by way of &#8216;advancement of Yoga&#8217; provided by entities registered u\/s 12AA of Income Tax\u00a0from July 1, 2012 to October 20, 2015\u00a0shall not be required to be paid .<\/p>\n<p style=\"text-align: justify;\">Since the services of renovation and modernization were provided by the service provider in the form of works contract which is excluded from the definition of input service Cenvat credit was rightly denied.(JDSU India Pvt. Ltd. Versus Commissioner of Service Tax, Pune)\u00a0\u00a02016 (9) TMI 1059 &#8211; CESTAT MUMBAI &#8211; Service Tax<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"GST_UPDATES\"><\/span><strong><u>GST UPDATES:-<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">CBEC has issued a presentation on IGST model<\/p>\n<p style=\"text-align: justify;\">CBEC has issued Draft Rules and Formats for return and refund<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_as_Issued_by_CBEC_%E2%80%93_Registration\"><\/span><strong>FAQ as Issued by CBEC<\/strong> &#8211; <strong>Registration<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Q 1.\u00a0What is advantage of taking registration in GST?<\/p>\n<p style=\"text-align: justify;\">Ans.\u00a0Registration under <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Service Tax (GST)<\/a> regime will confer following advantages to the business:<\/p>\n<p style=\"text-align: justify;\">Legally recognized as supplier of goods or services.<\/p>\n<p style=\"text-align: justify;\">Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.<\/p>\n<p style=\"text-align: justify;\">Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.<\/p>\n<p style=\"text-align: justify;\">Q 2.\u00a0Can a person without GST registration claim ITC and collect tax?<\/p>\n<p style=\"text-align: justify;\">Ans. No. A person without GST registration can neither collect <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> from his customers nor claim any input tax credit of GST paid by him.<\/p>\n<p style=\"text-align: justify;\">Q 3.\u00a0What will be the effective date of registration?<\/p>\n<p style=\"text-align: justify;\">Ans.\u00a0Where the application for registration has been submitted\u00a0within thirty days\u00a0from the date on which the person becomes liable to registration, the effective date of registration shall be date of his liability for registration.<\/p>\n<p style=\"text-align: justify;\">Where an application for registration has been submitted by the applicant after thirty days from the date of his becoming liable to registration, the effective date of registration shall be the date of grant of registration.<\/p>\n<p style=\"text-align: justify;\">In case of suomoto registration, i.e. taking registration voluntarily while being within the threshold exemption limit for paying tax, the effective date of registration shall be the date of order of registration.<\/p>\n<p style=\"text-align: justify;\">Q 4.\u00a0Who are the persons liable to take a Registration under the Model GST Law?<\/p>\n<p style=\"text-align: justify;\">Ans. Any supplier who carries on any business at any place in India and whose aggregate turnover exceeds threshold limit as prescribed in a year is liable to get himself registered. However, certain categories of persons mentioned in Schedule III of MGL are liable to be registered irrespective of this threshold.<\/p>\n<p style=\"text-align: justify;\">An agriculturist shall not be considered as a taxable person and shall not be liable to take registration. (As per section 9 (1))<\/p>\n<p style=\"text-align: justify;\">Q 6. Which are the cases in which registration is compulsory?<\/p>\n<p style=\"text-align: justify;\">Ans.\u00a0As per paragraph 5 in Schedule III of MGL, the following categories of persons shall be required to be registered compulsorily irrespective of the threshold limit:<\/p>\n<ol style=\"text-align: justify;\">\n<li>a)\u00a0 persons making any inter-State taxable supply;<\/li>\n<li>b)\u00a0 casual taxable persons;<\/li>\n<li>c)\u00a0 persons who are required to pay tax under reverse charge;<\/li>\n<li>d)\u00a0 non-resident taxable persons;<\/li>\n<li>e)\u00a0 persons who are required to deduct tax under section 37;<\/li>\n<li>f)\u00a0 persons who supply goods and\/or services on behalf of other registered taxable persons whether as an agent or otherwise;<\/li>\n<li>g)\u00a0 input service distributor;<\/li>\n<li>h)\u00a0 persons who supply goods and\/or services, other than branded services, through electronic commerce operator;<\/li>\n<li>i)\u00a0 every electronic commerce operator;<\/li>\n<li>j)\u00a0 an aggregator who supplies services under his brand name or his trade name; and<\/li>\n<li>k)\u00a0 such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.<\/li>\n<\/ol>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_Company_Law\"><\/span><strong><u>FAQ on Company Law:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Query:\u00a0Loan from directors are exempted from the definition of deposits but if in case the directors and shareholders are same, what will be the position when company has to take funds from them. Will they be included in the purview of Deposits?<\/p>\n<p style=\"text-align: justify;\">Answer: Rule 2(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014 exempts any amount received from a person who, at the time of the receipt of the amount, was a director of the company. In case same person are directors and shareholders of a Company, in that case also, any amount of loan taken from such persons shall not be included in the purview of Deposits.<\/p>\n<p style=\"text-align: justify;\">Query:\u00a0Can you please tell the procedure to strike off LLP and which form is required to be filed for striking off the name of LLP?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0You shall be required to file eForm 24 along with Copy of detailed application,\u00a0Copy of authority to make the application, Copy of consent of all partners, Copy of consent of all creditors, Copy of the undertaking\/ indemnity bond for striking off name, Copy of statement of assets and liabilities duly certified as true and correct by auditor\/Chartered Accountant in practice and Copy of acknowledgement of latest Income tax.<\/p>\n<h4 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><\/h4>\n<p style=\"text-align: justify;\">Excise payment for Non SSI for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05\/10\/2016<\/p>\n<p style=\"text-align: justify;\">Service tax payment for company for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05\/10\/2016<\/p>\n<p style=\"text-align: justify;\">Service tax payment for Individuals\/Proprietory\/ Partnership Firms for the quarter ended by G.A.R.- 7 challan(6th if paid electronically)-05\/10\/2016<\/p>\n<p style=\"text-align: justify;\">Payment of TDS\/TCS challan No. 281-07\/10\/2016<\/p>\n<p style=\"text-align: justify;\">In three words I can sum up everything I&#8217;ve learned about life: it goes on. \u00a0-Robert Frost<\/p>\n<p style=\"text-align: justify;\">&#8221;\u00a0If you genuinely want something, don&#8217;t wait for it&#8211;teach yourself to be impatient\u00a0.\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 E: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a> \u00a0\u00a0\u00a0\u00a0\u00a0 T: 011-233-4-3333, 9-555-555-460<\/p>\n<h4><span class=\"ez-toc-section\" id=\"More_read-_Effect_of_GST_on_Advertisement_and_Cinema_Industry\"><\/span><em><strong><span style=\"color: #0000ff;\">More read-<\/span>\u00a0<a href=\"https:\/\/carajput.com\/publications\/effect-of-gst-on-advertising-and-cinema-induatry.pdf\">Effect of GST on Advertisement and Cinema Industry<\/a><\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"More_read_-GST_Impact_on_Import_and_Export\"><\/span><em><strong><a href=\"https:\/\/carajput.com\/publications\/gst-impact-on-import-and-exports.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/gst-impact-on-import-and-exports.pdf\">More read -GST Impact on Import and Export\u00a0<\/a><\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX:- Gujarat HC confirms ITAT order, holds ONGC (\u2018assessee\u2019) in default u\/s 201(1)\/(1A) for not deducting TDS on payment of \u2018uniform allowance\u2019 to its employees for AY 2010-11. It Rejected assessee\u2019s stand that the dress code at work place would qualify as uniform and hence exemption u\/s Sec 10(14)(i) &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,12],"tags":[175,5,322,5059,9022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2729"}],"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=2729"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2729\/revisions"}],"predecessor-version":[{"id":19525,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2729\/revisions\/19525"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}