{"id":3007,"date":"2016-12-26T18:02:35","date_gmt":"2016-12-26T12:32:35","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3007"},"modified":"2021-08-13T12:34:56","modified_gmt":"2021-08-13T07:04:56","slug":"corporate-and-professional-update-dec-26-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-26-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DEC 26, 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-69ea3315af6aa\" 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-69ea3315af6aa\"  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-dec-26-2016\/#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-dec-26-2016\/#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-dec-26-2016\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-26-2016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-26-2016\/#Other_Update\" title=\"Other Update:-\">Other Update:-<\/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-dec-26-2016\/#Key_Dates\" title=\"Key Dates:-\">Key Dates:-<\/a><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><strong>Professional Update for the Day:<\/strong><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company.jpg\" rel=\"attachment wp-att-3008\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3008 aligncenter\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company-300x150.jpg\" alt=\"annual-compliance-of-a-private-limited-company\" width=\"538\" height=\"269\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company-300x150.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company-768x384.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company-1024x512.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company.jpg 1200w\" sizes=\"(max-width: 538px) 100vw, 538px\" \/><\/a><\/p>\n<h2><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<ul>\n<li>The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities\u00a0under Rule 114E of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Rules, 1962.<\/a><\/li>\n<li>Supreme Court of India held that where receipt is by way of salary, <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> u\/s 192 has to be made and no question of payment of advance tax can arise in cases of receipt by way of \u2018salary\u2019 and also s.234B &amp; 234C which levy interest for deferment of advance tax have no application.[Ian Peter Morris Vs ACIT(Supreme Court)]<\/li>\n<li>No penalty on sec. 80-IB disallowance when there was excess built-up area resulting from joining of flats after sale Commissioner of Income-tax, Central-1 v. Acme Associates [2016] (Bombay)<br \/>\nNo AE deemed merely due to existence of common directors: Bangalore ITAT Obulapuram Mining Co. (P.) Ltd. v. Deputy Commissioner of Income-tax, Central Circle-1 (3), Bangalore [2016](Bangalore &#8211; Trib.)<\/li>\n<li>CBDT issued\u00a0Clarifications on the Direct Tax Dispute Resolution Scheme, 2016\u00a0Circular No. 42 of 2016 F.No.142\/11\/2016.<\/li>\n<\/ul>\n<h2><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<ul>\n<li>Bombay High Court held that Section 145A(a)(ii) has no applicability on service revenue which follows that service revenue needs to be inclusive of service tax and the service tax which has not even been claimed as deduction cannot be disallowed by recasting the profit and loss account of the assessee.\u00a0[CIT Vs Knight Frank India Pvt Ltd ]<\/li>\n<\/ul>\n<h2><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<ul>\n<li>Details of all Partners\/Members of AOP\/BOI have to be given in GST Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each)<\/li>\n<\/ul>\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=\"RBI_Update\"><\/span><strong><span style=\"text-decoration: underline;\">RBI Update:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> issued Procedural Guidelines for Servicing the Sovereign Gold Bonds\u00a0RBI\/2016-17\/ 193IDMD No.1569\/14.04.050\/2016-17.<\/li>\n<\/ul>\n<h2><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><\/h2>\n<ul>\n<li>New passport rule: Aadhaar can now be used as date of birth proof. The government on Friday announced that Aadhaar and e-Aadhaar card could be used as proof of date of birth (DOB) while applying for passports.<\/li>\n<\/ul>\n<h2><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>\n<li>Payment of<a href=\"https:\/\/carajput.com\/tds.php\"> TDS<\/a> for purchase of property for Nov:\u00a012.2016 .<\/li>\n<\/ul>\n<p>\u201cSuccess is nothing more than a few simple disciplines, practiced every day. Don&#8217;t speak unless you can improve the silence.\u201d<\/p>\n<p>&#8220;You win not by defeating others but by performing better than before.&#8221;<\/p>\n<p>We look forward for your valuable comment www.carajput.com<\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a>\u00a0\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a> \u00a0 T: 011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Professional Update for the Day: Direct Tax:- The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities\u00a0under Rule 114E of Income Tax Rules, 1962. Supreme Court of India held that where &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4],"tags":[175,5,6,2271],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3007"}],"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=3007"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3007\/revisions"}],"predecessor-version":[{"id":15626,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3007\/revisions\/15626"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}