{"id":2780,"date":"2016-10-15T13:34:12","date_gmt":"2016-10-15T08:04:12","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2780"},"modified":"2023-09-03T10:50:23","modified_gmt":"2023-09-03T05:20:23","slug":"corporate-and-professional-update-oct-15-2016%ef%bb%bf","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-15-2016%ef%bb%bf\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016\ufeff"},"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-69cfe95dad043\" 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-69cfe95dad043\"  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-15-2016%ef%bb%bf\/#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-oct-15-2016%ef%bb%bf\/#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-oct-15-2016%ef%bb%bf\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-15-2016%ef%bb%bf\/#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-oct-15-2016%ef%bb%bf\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong><u>CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016<\/u><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><u>Direct Tax:-<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Telecommunication expenses, insurance charges, personnel expenses, professional expenses, branch office expenses and other expenses incurred in foreign exchange &#8211; exclusion from the export turnover for the purpose of computing deduction under Section 10B &#8211; Held that &#8211; In the instant case, the order for software and hardware are placed separately, though in the same order sale of hardware cannot be a part of software exported by the assessee -.sale of hardware cannot be a part of export turnover(M\/s. Subex Limited Versus The Deputy Commissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax,<\/a> Circle 12 (3) , Bangalore)<\/p>\n<p>Senior citizens do not have to pay advance tax on salary and interest income.<\/p>\n<p>CBDT has instructed the income tax department to expedite cases of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> mismatch and reduce taxpayers grievances in this regard.<\/p>\n<p>Return of income filed in response to notice u\/s 148 &#8211; that levy of interest u\/s 234C is an automatic and the interpretation of charging of interest u\/s.234C cannot be restricted to the tax due on Returned income as referred u\/s 139(1) &#8211; Tri &#8211; Income Tax\u00a0 (Sree Meenakshi Reltors Versus The Income Tax Officer, Ward II (3) , Coimbatore)<\/p>\n<p>IT: Transaction of shares &#8211; nature of income &#8211; business income or capital gain &#8211; magnitude of transactions carried out by the assessee in our view should not be very material in coming to the conclusion that income in question is income from business &#8211;\u00a0Shree Padmasagar Exports Pvt. Ltd. Vs CIT, Cir-5, Kol (2016 (10) TMI 320 &#8211; ITAT Kolkata)<\/p>\n<p>IT:\u00a0Validity of reopening of assessment &#8211; Revenue in the instant case has come to the conclusive finding which attained finality that the transactions of purchase of shares are sham and bogus transactions camouflaged with an intention to evade taxes -Ratnakar M. Pujari Vs ITO, W-25(3)(3), Mumbai (2016 (10) TMI 316 &#8211; ITAT Mumbai)<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><u>Indirect Tax:-<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Delhi high court seeks Delhi Govt and centre to reply on restaurants charging excess <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a>, service tax as they are charging entire amount of the bill.<\/p>\n<p>ST:\u00a0Suo motu adjustment of excess payment of service tax made in October 2008 with subsequent service liability &#8211; procedural violation &#8211; demand of service tax of the said amount is not sustainable \u2013\u00a0ONGC Ltd. Vs CCEC&amp;ST, Surat-II (2016 (10) TMI 307 &#8211; CESTAT Ahmedabad)<\/p>\n<p>High Court in the below case held that no VAT liability can be imposed on providing cleaning services where The use of pesticides and chemicals was wholly incidental. There was no intention of sale of goods from the assessee to the company &#8211; NO transfer of property in goods involved.( State of Gujarat Versus Bharat Pest Control)<\/p>\n<p>No tax can be levied on entry of goods into local areas in terms of the impugned provisions over the transactions made on e-commerce portals for personal use or consumption of individual consumer. &#8211; HC &#8211; <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a> and Sales Tax.(Instakart Services Private Limited, WS Retail Services Private Limited Versus The State of Bihar, The Commissioner-cum-Principal Secretary, Commercial Taxes Department, The Deputy Commissioner of Commercial Taxes)<\/p>\n<h2><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><\/h2>\n<p>Query:\u00a0Whether pension advisor is exempted from obtaining registration under IA Regulations?<\/p>\n<p>Answer:\u00a0The PFRDA Act envisages registration of pension Advisors by PFRDA. Such Pension Advisors will be registered and regulated by PFRDA. If such advisors advice on other financial products, then they may be subjected to regulation under IA Regulations for their conduct relating to advice of financial products other than pension products.<\/p>\n<p>Query:\u00a0Whether insurance agent or insurance broker is exempted from obtaining registration under Investment Adviser Regulations?<\/p>\n<p>Answer:\u00a0Insurance Agents or Insurance Brokers registered with IRDA who provide advice in various insurance products across manufacturers shall be regulated by IRDA only. If such Insurance Agents or Insurance Brokers expand their activities to include investment advice on other financial products, then they may be registered and regulated under IA Regulations for such other financial products other than insurance products.<\/p>\n<p><strong><br \/>\n<\/strong><strong><u>ICAI Updates:-<\/u><\/strong><\/p>\n<p>ICAI has made an announcement regarding clarification in respect of MFE-2016-17 dated on 06\/10\/2016.(Click here to view)<\/p>\n<p>Delhi high court held that a Chartered Accountant while doing concurrent audit is expected to check the transactions falling within the scope of audit in depth. He is liable to face the charge of professional misconduct under clause 7 of the first schedule of the CA Act, 1949.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"GST_update\"><\/span><strong><u><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> update <\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Commerce Ministry has suggested to its finance counterpart that the exemptions given to exporters should continue under the new GST Law.<\/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><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><u>Key Dates:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Advance information for 2nd fortnight of Oct of functions with booking cost more than rs 1 lakh in Banquet halls, hotels etc. in Delhi-12\/010\/2016<\/p>\n<p>Payment of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT TDS<\/a> for the month of September-15\/10\/2016<\/p>\n<p>Form 27EQ (TCS return) by all deductor-15\/10\/2016<\/p>\n<p>Issue of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> Certificate in case of payment\/credit made in the month of august for purchase of property u\/s 194IA-15\/10\/2016<\/p>\n<p>Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15\/10\/2016<\/p>\n<p>E-Payment of PF for the month of September-15\/10\/2016<\/p>\n<p>Today (15.10.2016) is the due date to file TCS returns by all collectors for Sep quarter &amp; for e-payment of PF for the month of Sep, 2016.<\/p>\n<p>Monday\u00a0(17.10.2016) is the due date to file income tax return of companies \/firms etc.\u00a0 where audit is required for the F.Y. \u00a02015-16.<\/p>\n<p>A lot of people are afraid to say what they want. That&#8217;s why they don&#8217;t get what they want.<\/p>\n<p>When\u00a0 you\u00a0 are\u00a0 in\u00a0 the light, everything follows\u00a0 you, But when\u00a0 you\u00a0 enter\u00a0 into\u00a0 \u00a0the dark, even your own shadow doesn&#8217;t\u00a0 follow\u00a0 you.<\/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>\u00a0 E: singh@carajput.com T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016 Direct Tax:- Telecommunication expenses, insurance charges, personnel expenses, professional expenses, branch office expenses and other expenses incurred in foreign exchange &#8211; exclusion from the export turnover for the purpose of computing deduction under Section 10B &#8211; Held that &#8211; In the instant case, the order for software and &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],"tags":[175,2601,9020,322,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2780"}],"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=2780"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2780\/revisions"}],"predecessor-version":[{"id":25361,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2780\/revisions\/25361"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}