{"id":2783,"date":"2016-10-17T18:41:22","date_gmt":"2016-10-17T13:11:22","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2783"},"modified":"2023-09-03T10:50:58","modified_gmt":"2023-09-03T05:20:58","slug":"corporate-and-professional-update-oct-17-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-17-2016\/","title":{"rendered":"corporate and professional update oct 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-69ea46a15036c\" 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-69ea46a15036c\"  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-17-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_OCT_17_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE OCT 17, 2016\">CORPORATE AND PROFESSIONAL UPDATE OCT 17, 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-oct-17-2016\/#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-17-2016\/#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-17-2016\/#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-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-17-2016\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-17-2016\/#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-oct-17-2016\/#SEBI_UPDATE\" title=\"SEBI UPDATE: \">SEBI 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-oct-17-2016\/#RBI_UPDATE\" title=\"RBI UPDATE:\">RBI UPDATE:<\/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-oct-17-2016\/#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-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-17-2016\/#E-Invoice_Mechanism_under_the_GST\" title=\"E-Invoice Mechanism under the GST\">E-Invoice Mechanism under the GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-17-2016\/#BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\" title=\"Blocking\/Unblocking 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><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-17-2016\/#Reasons_for_the_Movement_of_Goods_under_the_GST\" title=\"Reasons for the Movement of Goods under the GST\">Reasons for the Movement of Goods under the GST<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_OCT_17_2016\"><\/span>CORPORATE AND PROFESSIONAL UPDATE OCT 17, 2016<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;\">Income escaping reassessment void if reasons not supplied. Bombay High Court. The Assessing Officer (AO) is bound to furnish reasons within a reasonable time and bound to dispose of the same by passing a speaking order.<\/p>\n<p style=\"text-align: justify;\">Electoral trusts will not be able to accept foreign funds or contributions from public sector companies, according to new rules notified.<\/p>\n<p style=\"text-align: justify;\">CBDT has issued a circular regarding the applicability of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> provisions of section 194-I of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act, 1961<\/a> on lump sum lease premium paid for acquisition of long term lease.<\/p>\n<p style=\"text-align: justify;\">No TDS liability u\/s 194-I on lump sum lease premium or one-time upfront lease charges which are not adjustable against periodic rent paid or payable for acquisition of long-term leasehold rights over land (Click here to view)<\/p>\n<p style=\"text-align: justify;\">ITAT\u00a0 Mumbai in the below-cited case held that merely because doctors are subject to the payment of PF or other retirement benefits TDS u\/s 194J is not deductible.<\/p>\n<p style=\"text-align: justify;\">Neither the AO nor the ld CIT (A) gave their finding that any of the conditions contained in the contract of the Doctors mandate that there was the employee-employer relationship between the assessee and them, which specifically may bring the doctors in the category of employee. ( Sir Hurkisondas Nurrotumdas Hospital and Research Centre Versus The DCIT, (TDS) -3 (2), Mumbai. &#8211; 2016 (10) TMI 432<\/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;\">Supreme Court in the below-citied case held that in case of levy of security service tax after choosing one particular remedy the plaintiff cannot avail the other remedy as well in respect of the same relief founded on the same cause of action. &#8211; SC &#8211; Service Tax-( State of Rajasthan Versus Union of India And Others) &#8211; 2016 (10) TMI 462<\/p>\n<p style=\"text-align: justify;\">CESTAT Mumbai in the below-citied case held that no penalty can be levied on late payment of service tax as the appellant has collected the service tax but not deposited the same it in time but deposited before issuance of show cause notice.(M\/s. Kalbhor Construction Co. Versus Commissioner of Central Excise, Pune &#8211; 2016 (10) TMI 458 )<\/p>\n<p style=\"text-align: justify;\">The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature.<\/p>\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:\u00a0\u00a0We have a query that in case a person is a director of a private company and holds 50% shareholding in that company and at the same time also hold 25% shareholding in another company of which he is not a director. Then, the two companies shall be Related Parties or not. If yes, kindly provide me the provision in the Companies Act 2013 as well.<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0As per Section 2(76)(iv) of the Companies Act 2013, Related Party with reference to a company means &amp; includes \u2013 a private company in which a director or manager is a member or director.<\/p>\n<p style=\"text-align: justify;\">Thus, Both the Companies shall be Related Parties as per the provisions of the Companies Act 2013.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_UPDATE\"><\/span><strong><u>MCA UPDATE : <\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">MCA has notified that e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1 .11. 2016.<\/p>\n<p style=\"text-align: justify;\">The Ministry of Corporate Affairs has released the new forms relevant to costing rules prior to companies (cost records and audit) FORM 23C, FORM 23D.<\/p>\n<h3 style=\"text-align: justify;\"><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><strong>: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Under <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GST returns<\/a> GSRT-1A &amp; 2A introduced in draft rules for additions, corrections, deletions of outward\/inward supplies by the recipient \/supplier.<\/p>\n<p style=\"text-align: justify;\">Under GST normal &amp; compounding taxpayer to file annual return. Not to be filed by casual \/ Non-resident taxpayers, ISDs &amp; persons liable to deduct TDS.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_UPDATE\"><\/span><strong><u><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> UPDATE: <\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The special investigation team (SIT) on black money has asked the SEBI to furnish the details of P-Note data for black money investigation.<\/p>\n<p style=\"text-align: justify;\">SEBI in it\u2019s circular stated that exclusively listed co (ELCs) will be required either raise capital for listing or exit from the dissemination board.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_UPDATE\"><\/span><strong><u>RBI UPDATE:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> has allowed banks to classify government securities borrowed from the central bank as SLR.<\/p>\n<p style=\"text-align: justify;\">State Bank of India request for proposal (RFP) for engagement of auditor for special audit of 5 associate banks namely (SBH) ii) (SBP) iii) (SBT) iv) (SBBJ) v) (SBM) and Bhartiya Mahila Bank Ltd.<\/p>\n<p style=\"text-align: justify;\">Bank of Baroda, invites proposal (RFPs) for appointment of concurrent auditors for branches for south Gujarat zone (Baroda) Last Date : 07.11.2016.<\/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;\">Payment of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> TDS for the month of September-15\/10\/2016<\/p>\n<p style=\"text-align: justify;\">Form 27EQ (TCS return) by all deductor-15\/10\/2016<\/p>\n<p style=\"text-align: justify;\">Issue of <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.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 style=\"text-align: justify;\">Statement by bank in Form no. 15CC in respect of foreign remittance during the quarter-15\/10\/2016<\/p>\n<p style=\"text-align: justify;\">E-Payment of <a href=\"https:\/\/carajput.com\/pf-esi.php\">PF<\/a> for the month of September-15\/10\/2016<\/p>\n<ul style=\"text-align: justify;\">\n<li>Mistakes, failures, Insults, frustration, and rejections are part of progress and growth. Nobody ever achieved anything worthwhile without facing these five Things.<\/li>\n<li>Pain makes you stronger, tears make you braver, and heartbreaks make you wiser, so thank the past for a better future.<\/li>\n<li>if you don&#8217;t design your own life plan, chances are you&#8217;ll fall into someone else&#8217;s plan. And guess what they have planned for you? Not muchWe look forward to your valuable comments. <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>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<\/li>\n<li><b>Popular blog:<\/b>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"E-Invoice_Mechanism_under_the_GST\"><\/span><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\"><strong>E-Invoice Mechanism under the GST<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Reasons_for_the_Movement_of_Goods_under_the_GST\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE OCT 17, 2016 Direct Tax:- Income escaping reassessment void if reasons not supplied. Bombay High Court. The Assessing Officer (AO) is bound to furnish reasons within a reasonable time and bound to dispose of the same by passing a speaking order. Electoral trusts will not be able to accept foreign funds &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":[175,5,6,5932,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2783"}],"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=2783"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2783\/revisions"}],"predecessor-version":[{"id":25362,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2783\/revisions\/25362"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}