{"id":1881,"date":"2016-03-08T11:08:13","date_gmt":"2016-03-08T11:08:13","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1881"},"modified":"2021-07-07T12:55:58","modified_gmt":"2021-07-07T12:55:58","slug":"corporate-and-professional-update-dated-march-5-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-5-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 5, 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-69e92a656926f\" 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-69e92a656926f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-5-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_5_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 5, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 5, 2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-5-2016\/#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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-5-2016\/#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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-5-2016\/#Company_Law\" title=\"Company Law\">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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-5-2016\/#Other_Update\" title=\"Other Update \">Other 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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-5-2016\/#Key_Dates\" title=\"Key Dates\">Key Dates<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_5_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 5, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_2843\" aria-describedby=\"caption-attachment-2843\" style=\"width: 558px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/11.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2843\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/11.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"558\" height=\"389\" \/><\/a><figcaption id=\"caption-attachment-2843\" 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\"><\/span><span style=\"color: #ff6600;\">Direct Tax<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Clarification issued on taxability of surplus on sale of shares and securities-Capital Gains or Business Income-Instructions \u00a0in order to reduce litigation vide circular no. 06\/2016 &#8211;<\/li>\n<li>Clarification issued by clarifying TDS provisions by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements vide circular no. 05\/2016<\/li>\n<li>Clarification issued by central government for payment by broadcasters or television channels to production houses for production of content or programme for telecasting vide circular no. 04\/2016<\/li>\n<li>Notification of Income-Tax (3rd Amendment) Rules , 2016 by Central Government<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Addition u\/s. 68<\/strong><\/span> &#8211; CIT(A) should not have rubbished the affidavit without going into the merits. Therefore in the interest of justice and fair play we restore this issue to the files of the A.O- (Shri Dinesh Tarachand Kasat and Others Versus The Dy. Commissioner of Income-Tax, Central Circle-1 (3) , Ahmedabad and Vica-Versa &#8211; 2016 (3) TMI 91 &#8211; ITAT AHMEDABAD)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Applicability of the provisions of sec.50<\/strong> <\/span>&#8211; transaction of sale of land and building &#8211; When an asset has not entered the block then the question of application of Explanation 5 to sec. 32(1) shall not have application- (M\/s Firoz Tin Factory Versus Asstt. Commissioner of Income Tax 19 (3) , Mumbai and Vica-Versa &#8211; 2016 (3) TMI 78 &#8211; ITAT MUMBAI)<\/li>\n<li>Assessee following mercantile system of accounting has to offer income to tax on accrual basis even if not received [2016] 295 (Mumbai &#8211; Trib.) Girish M. Kothari v. Joint Commissioner of Income-tax.<\/li>\n<li>CBDT releases list of cases getting time barred on March 31, 2016 for reference of the AOs<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #ff6600;\">Indirect Tax<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Central Government issues instructions for reduction of government litigation through withdrawal of appeal by the department before CESTAT by instruction no. F.No.390\/ Misc.\/163\/2010-JC<\/li>\n<li style=\"text-align: justify;\">Invokation of Section 80 of the Finance Act 1994 and immunity from penalty under Section 78 of the Act &#8211; Levy of service tax being an indirect tax mechanism hardship is faced by the tax payer if incidence of tax is not realised from the service recipient. Considering such aspect and taking into consideration that a part of the penalty amount has been discharged the balance of the penalty is waived- (M\/s Sathyabhama Enterprises Versus Commissioner of Service Tax, Chennai &#8211; 2016 (3) TMI 71 &#8211; CESTAT CHENNAI)<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Service Tax :<\/strong> <\/span>Where assessee never filed any reply to notices and not even participated in adjudication hearings, then, no writ would be maintainable against ex parte adjudication order after expiry of time-limit for filing appeal to Commissioner (Appeals)[2016] 292 (Gujarat) HIGH COURT OF GUJARATNice Constructionv. Union of India<\/li>\n<li style=\"text-align: justify;\">Govt. further extends due date of filing DVAT Form DP-1 to March 31, 2016<\/li>\n<\/ul>\n<p><!--more--><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #ff6600;\">Company Law<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Query:<\/strong><\/span> I have a query regarding incorporation of OPC- As per page 7 of instruction kit for eForm INC-2, \u201cIt is suggested that eForm DIR-12 should be filed together at the time of filing of eForm INC-2 if the member is not the sole director of the Company.\u201d<br \/>\nDoes it mean that DIR-12 is not to be filed with INC-2 if the member is the sole director of the Company, however it should be filed after incorporation? Or it means that DIR-12 is to be filed neither with INC-2 nor after incorporation?<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:<\/strong><\/span> If member is the sole director of the Company, Form DIR-12 is not required to be filed neither with Form INC-2 nor after incorporation.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Update\"><\/span><span style=\"color: #ff6600;\"><strong>Other Update<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">\u2022 President clears two bills to enroll new voters consequent upon redefining of boundaries with Bangladesh<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #ff6600;\">Key Dates<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">E-Payment of Service Tax for Feb by companies: 06\/03\/2016<\/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 \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 DATED MARCH 5, 2016 Direct Tax Clarification issued on taxability of surplus on sale of shares and securities-Capital Gains or Business Income-Instructions \u00a0in order to reduce litigation vide circular no. 06\/2016 &#8211; Clarification issued by clarifying TDS provisions by television channels and publishing houses to advertisement companies for procuring or canvassing &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":[647,142,146],"tags":[555,566,502,501,195,179,180,561,214,194,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1881"}],"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=1881"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1881\/revisions"}],"predecessor-version":[{"id":2981,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1881\/revisions\/2981"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}