{"id":723,"date":"2015-12-08T12:15:38","date_gmt":"2015-12-08T12:15:38","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=723"},"modified":"2021-08-16T11:13:50","modified_gmt":"2021-08-16T05:43:50","slug":"corporate-and-professional-update-december-7-2015","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-7-2015\/","title":{"rendered":"CORPORATE &#038; OTHER LAWS UPDATE DECEMBER 4, 2015"},"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-69e846ad3a0ff\" 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-69e846ad3a0ff\"  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-december-7-2015\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DECEMBER_4_2015\" title=\"CORPORATE AND PROFESSIONAL UPDATE DECEMBER 4, 2015\">CORPORATE AND PROFESSIONAL UPDATE DECEMBER 4, 2015<\/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-december-7-2015\/#DIRECT_TAXES\" title=\"DIRECT TAXES:\">DIRECT TAXES:<\/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-december-7-2015\/#INDIRECT_TAXES\" title=\"INDIRECT TAXES:\">INDIRECT TAXES:<\/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-december-7-2015\/#ICAI_MembersFirms_to_furnish_PAN_details\" title=\"ICAI Members\/Firms to furnish PAN details:\">ICAI Members\/Firms to furnish PAN details:<\/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-december-7-2015\/#Government_may_bring_change_in_rate_of_corporate_tax\" title=\"Government may bring change in rate of corporate tax:\">Government may bring change in rate of corporate tax:<\/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-december-7-2015\/#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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-7-2015\/#MCA_News\" title=\"MCA News:\">MCA News:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DECEMBER_4_2015\"><\/span><span style=\"color: #993300;\"><strong><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DECEMBER 4, 2015<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"DIRECT_TAXES\"><\/span><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled95A.png\" rel=\"attachment wp-att-1563\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1563\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled95A-300x195.png\" alt=\"Untitled95A\" width=\"658\" height=\"428\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled95A-300x195.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled95A.png 566w\" sizes=\"(max-width: 658px) 100vw, 658px\" \/><\/a><strong><span style=\"text-decoration: underline;\">DIRECT TAXES:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">TDS credit &#8211; vendor deposited the TDS with the PAN of the assessee wrongly instead of its sister concern &#8211; Assessee did not offer any income corresponding to TDS &#8211; credit allowed &#8211; HC \u2013\u00a0<span style=\"color: #00ccff;\">(Commissioner of Income Tax-15 Versus M\/s Relcom, DELHI HIGH COURT).<\/span><\/p>\n<p style=\"text-align: justify;\">Commission for issuing the DDs and POs &#8211; CIT deleted the additions made in the hands of the Assessee only on the ground that in Ravinder Yadav s hand they have already been taxed &#8211; Revenue has not merit in the case appeal dismissed-\u00a0<span style=\"color: #00ccff;\">(PR. COMMISSIONER OF INCOME TAX-6 Versus M\/s NORTHERN STRIPS LTD., DELHI HIGH COURT).<\/span><\/p>\n<p style=\"text-align: justify;\">Addition u\/s 68 &#8211; no addition can be made in the hands of the Assessee under Section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law-\u00a0<span style=\"color: #00ccff;\">(COMMISSIONER OF INCOME TAX-9 ERSTWHILE CIT-VI Versus VRINDAVAN FARMS (P) LTD., DELHI HIGH COURT).<\/span><\/p>\n<p style=\"text-align: justify;\">Addition made u\/s 14A r.w. 115JB &#8211; MAT computation &#8211; AO has rightly disallowed the expenditure of Rs. 7307018\/- by invoking the provisions of Section 14A read with Rule 8D of Income Tax Rules 1962 for computing book profit u\/s 115JB(2) read with clause (f) to explanation 1 to clause 115JB(2)\u2013<span style=\"color: #00ccff;\">\u00a0(DCIT, Central Circle-18 &amp; 19, Mumbai Versus Viraj Profiles Limited., ITAT MUMBAI)<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAXES\"><\/span><span style=\"color: #993300;\"><strong><span style=\"text-decoration: underline;\">INDIRECT TAXES:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Works contract service &#8211; Composition Scheme being optional having opted for it appellant has no locus standi to revert back to work\u00a0out the gross value charged for the services rendered-\u00a0<span style=\"color: #00ccff;\">(Sunraj Construction Versus Commissioner of Central Excise &amp; Customs, Mumbai,\u00a0CESTAT MUMBAI).<\/span><\/p>\n<p style=\"text-align: justify;\">Denial of a refund of the interest recovered by the revenue &#8211; demand of interest is not sustainable. Consequently the interest recovered from the appellant is to be refunded. &#8211; no show cause notice has been issued to the appellant. Therefore adjustment of demand of interest is not permissible-\u00a0<span style=\"color: #00ccff;\">(M\/s Goyal Tobacco Co. Pvt. Ltd. Versus C.C.E. &amp; S.T. Jaipur-I,\u00a0CESTAT NEW DELHI).<\/span><\/p>\n<p style=\"text-align: justify;\">Denial of CENVAT Credit &#8211; invalid documents &#8211; covering letter vide which monthly returns were filed with the authorities indicated copies of RG23A part I and II as enclosures &#8211; the invocation of the extended period for demanding the Cenvat credit as being suppressed is incorrect-<span style=\"color: #00ccff;\">\u00a0(M\/s Gupta Soaps Versus Commissioner of Central Excise, Mumbai-I,\u00a0CESTAT MUMBAI).<\/span><\/p>\n<p style=\"text-align: justify;\">Refund due of revision in price escalation clause &#8211; refund claim was filed within one year from the issuance of credit notes &#8211; refund allowed-\u00a0<span style=\"color: #00ccff;\">(CCE, Aurangabad Versus Goodyear South Asia Tyres Pvt. Ltd. And Vice-Versa,\u00a0CESTAT MUMBAI).<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ICAI_MembersFirms_to_furnish_PAN_details\"><\/span><span style=\"color: #993300;\"><strong><span style=\"text-decoration: underline;\">ICAI Members\/Firms to furnish PAN details:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Decision taken by council following advice received from Income Tax Department. Members required to deposit self attested copy of PAN CARD to concerned regional office on or before 15 December 2015.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Government_may_bring_change_in_rate_of_corporate_tax\"><\/span><span style=\"color: #993300;\"><strong><span style=\"text-decoration: underline;\">Government may bring change in rate of corporate tax:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It has been known from the sources that Govt. may bring corporate tax rate down from 30% to 25%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_ON_COMPANY_LAW\"><\/span><span style=\"color: #993300;\"><strong><span style=\"text-decoration: underline;\">FAQ ON COMPANY LAW:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Query:<\/span><\/strong>\u00a0If any Private Limited Company has taken unsecured loan from its director and their relatives during 2014-15 then how this will be reported in Audit report, Director report and notes to accounts.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>Answer:<\/strong><\/span>\u00a0As per Companies Act 2013, Companies are allowed to take loan from directors but are not allowed to take loan from the relatives of directors, during the F.Y 2014-15.<\/p>\n<p style=\"text-align: justify;\">Therefore, loan taken by Companies from the relatives of director(s) is required to be qualified by the Auditor in his Auditor&#8217;s Report and the Board is required to answer the qualified opinion of Auditor in Director&#8217;s Report or Board Report.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>Query:\u00a0<\/strong><\/span>I got appointed as statutory auditor in a Private Limited Company on 25th August 2015. Previous auditor has given NOC but till now I have not filed Form ADT-1 and other ROC filing due to confusion in filing Form ADT-1. Like whether I have to attach Form ADT-3 also or not, whether I have to file 2 Form ADT-1 i.e. For the period upto this 30th Sept (date of AGM) and next for 5 years i.e. upto 30th Sept 2020. Please advise me.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>Answer:<\/strong><\/span>\u00a0Previous Auditor of the Company is required to file Form ADT-3 attaching the copy of his Resignation letter addressed to the Company. And you are required to file Form ADT-1 regarding your appointment as Statutory Auditor of Company from the date of appointment for next five financial years (including current financial year).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MCA_News\"><\/span><span style=\"color: #993300;\"><strong><span style=\"text-decoration: underline;\">MCA News:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Version of Form 3 LLP is likely to be modified w.e.f\u00a024th Nov 2015\u00a0between\u00a009:00PM to 10:00 PM. Stakeholders are requested to plan accordingly.<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0\u00a0or call at 9555555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DECEMBER 4, 2015 DIRECT TAXES: TDS credit &#8211; vendor deposited the TDS with the PAN of the assessee wrongly instead of its sister concern &#8211; Assessee did not offer any income corresponding to TDS &#8211; credit allowed &#8211; HC \u2013\u00a0(Commissioner of Income Tax-15 Versus M\/s Relcom, DELHI HIGH COURT). Commission for &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,9,4],"tags":[3961,3960],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/723"}],"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=723"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/723\/revisions"}],"predecessor-version":[{"id":15911,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/723\/revisions\/15911"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}