{"id":1838,"date":"2016-02-29T09:43:43","date_gmt":"2016-02-29T09:43:43","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1838"},"modified":"2020-10-14T07:00:15","modified_gmt":"2020-10-14T07:00:15","slug":"corporate-and-professional-update-february-23-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-23-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e88a3cce5d9\" 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: #999;color:#999\" 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: #999;color:#999\" 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-69e88a3cce5d9\"  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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-23-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_23_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-23-2016\/#Direct_tax_Update\" title=\"Direct tax Update \">Direct tax Update <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-23-2016\/#Indirect_tax_Update\" title=\"Indirect tax Update \">Indirect tax Update <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-23-2016\/#Other_Update\" title=\"Other Update \">Other Update <\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_23_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_3010\" aria-describedby=\"caption-attachment-3010\" style=\"width: 501px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/D.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3010\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/D.png\" alt=\"www.caindelhiindia.com; CORPORATE UPDATES\" width=\"501\" height=\"262\" \/><\/a><figcaption id=\"caption-attachment-3010\" class=\"wp-caption-text\">www.caindelhiindia.com; CORPORATE UPDATES<\/figcaption><\/figure>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_tax_Update\"><\/span><span style=\"color: #0000ff;\"><strong>Direct tax Update <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Extension of due date to file returns in form GE-II for 1st three quarters of F.Y.2015-16 to\u00a007.03.2016. Notification no. F3 (619)\/POLICY\/VAT\/2016\/1496-1506.<\/li>\n<li>Business set up expenses deductible despite of no business income.\u00a0[Multi Act Realty Enterprises Pvt. Ltd vs.\u00a0ACIT\u00a0(ITAT\u00a0Mumbai)].<\/li>\n<li>Expenses not generating capital asset are revenue in nature.\u00a0[CIT vs. M\/s Manganese Ore India Limited (Bombay High Court)].<\/li>\n<li>Reopening on incoherent reasons not valid u\/s 147.\u00a0[Sabharwal\u00a0Properties Industries Pvt. Ltd. vs. ITO (Delhi High Court)].<\/li>\n<li>CBDT Mechanism to Identify of Duplicate PANs.\u00a0ITBA-PAN\u00a0Instruction No. 3\u00a0&#8211;\u00a0(24\/02\/2016)<\/li>\n<li>CBDT vide its notification has\u00a0<strong>exempted the Competition Commission of India from computing the income<\/strong>\u00a0as part of the total income for income tax purpose. This includes\u00a0amount received in the form of Government grants; fees received under the Competition Act, 2002; and interest accrued on Government grants and interest accrued on fees received under the Competition Act, 2002.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>IT:<\/strong><\/span>Disallowance u\/s 40(a)(i) &#8211; TDS &#8211; commission payments to the nonresident agents are not taxable in India as the agents are remaining outside, services are rendered abroad and payments are also made abroad. When the transaction does not attract the provisions of Sec-9 of the Act then there is no question of applying Explanation 4 to Sec-9 &#8211;\u00a0<strong>CIT, Chennai Vs. Farida Leather Co. (2016 (2) TMI 798 Gujarat High Court)<\/strong><\/li>\n<li><span style=\"color: #00ccff;\"><strong>IT:<\/strong><\/span>TDS u\/s 194H &#8211; credit card commission to the banks are in the nature of normal bank charges and are not in the nature of commission within the meaning of Section-194H and therefore no tax is required to be deducted at source on the same &#8211;\u00a0<strong>ITO Vs. Vijay Sales (2016 (2) TMI 786 ITAT Mumbai)<\/strong><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_tax_Update\"><\/span><span style=\"color: #0000ff;\"><strong>Indirect tax Update <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>ST:<\/strong><\/span>The costs claimed to be reimbursibles are not attributable to the business auxiliary service rendered by the assessee but to the cost of the product itself. Not surprisingly the bank reimburses these expenses &#8211; demand of service tax with penalty set aside \u2013<strong>Bhaven Desai Vs. CST, Mumbai (2016 (2) TMI 806 CESTAT Mumbai)<\/strong><\/li>\n<li>MVAT: Changes in automation processes &amp; other procedures.\u00a0Trade Circular No. 7T of 2016\u00a0-(25\/02\/2016)<\/li>\n<\/ul>\n<p><!--more--><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>MCA Update <\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\">MCA:<\/span>Due to maintenance activity, Companies, LLP and VPD services will not be available intermittently on 27 FEB 10:00 PM to 28 FEB 8:00 AM.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Update\"><\/span><span style=\"color: #0000ff;\"><strong>Other Update <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Single Window Project-Problems in clearance of Ex-Bond Bills of entry in online clearance facility.F.No.450\/147\/2015-CUS-IV\u00a0-(26\/02\/2016)<\/li>\n<li>Mutual Funds to trace owner of unclaimed redemption &amp; dividend amounts.\u00a0Circular No.\u00a0SEBI\/HO\/IMD\/DF2\/CIR\/P\/2016\/37\u00a0-(25\/02\/2016)<\/li>\n<li>NIRCgot its new\u00a0Team for the year 2016-17 under the Chairmanship of CA Deepak Garg on\u00a026 FEB 2016.<\/li>\n<li>Be with those who bring best in you and not stress in you.<\/li>\n<li>An error doesn&#8217;t become a mistake until you refuse to correct it.<\/li>\n<\/ul>\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 \u00a0 endeavors. For query or help, contact: \u00a0info@caindelhiindia.com\u00a0or call at \u00a0011-233-43-333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016 Direct tax Update Extension of due date to file returns in form GE-II for 1st three quarters of F.Y.2015-16 to\u00a007.03.2016. Notification no. F3 (619)\/POLICY\/VAT\/2016\/1496-1506. Business set up expenses deductible despite of no business income.\u00a0[Multi Act Realty Enterprises Pvt. Ltd vs.\u00a0ACIT\u00a0(ITAT\u00a0Mumbai)]. Expenses not generating capital asset are revenue in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[142,146],"tags":[566,502,501,569,179,180,561,214,181,194,541,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1838"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=1838"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1838\/revisions"}],"predecessor-version":[{"id":3012,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1838\/revisions\/3012"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}