{"id":1940,"date":"2016-04-01T06:47:52","date_gmt":"2016-04-01T06:47:52","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1940"},"modified":"2021-07-07T06:30:54","modified_gmt":"2021-07-07T06:30:54","slug":"corporate-and-professional-update-march-28-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-28-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 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-69d021a3a120e\" 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-69d021a3a120e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-28-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_28_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 2016\">CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 2016<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-28-2016\/#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-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-28-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_28_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_1879\" aria-describedby=\"caption-attachment-1879\" style=\"width: 534px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled12.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1879\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled12-300x176.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"534\" height=\"313\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled12-300x176.png 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled12.png 451w\" sizes=\"(max-width: 534px) 100vw, 534px\" \/><\/a><figcaption id=\"caption-attachment-1879\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>DIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Correction of statement cum challan relating to TDS on sale of property u\/s 194IA &#8211; CPC-TDS has enabled functionality for online correction in form 26QB from 29\/02\/2016.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>TDS u\/s 194I &#8211; whether the tour operators\/travel agents were required to deduct TDS under Section 194-I of the Act while making payments to the hotels on behalf of foreign tourists? &#8211; Held Yes &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/caindelhiindia.com\/service\/income-tax-return-filing\">Income Tax<\/a>:\u00a0<\/strong><\/span>Exemption u\/s 13A &#8211; ITAT was justified in denying exemption to the INC under Section 13A of the Act and refusing to condone the delay that had occurred in the audit of some of the state units by holding that the ITAT was right in its conclusion that the INC failed to fulfil the three conditions envisaged under clauses (a), (b) and (c) of Section 13A of the Act &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Exemption u\/s 13A &#8211; As long as a political party continues to avail the exemption from payment of income tax, there can be no excuse for not maintaining its account whether it has one or more state units. &#8211; no valid reasons have been given by the ITAT for overturning the reasoned and detailed orders of the AO and CIT (A). &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Entitlement to claim carry forward loss &#8211; delay in filing the return &#8211; when the petitioner as a litigant is entitled to claim carry forward loss, mere delay should not defeat the claim of the petitioner &#8211; CBDT should have condoned the delay of one day in filing the return by the petitioner.- HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Minimum Alter Tax (MAT) &#8211; Forfeiture of share warrants being a capital receipt &#8211; adjustment need to be made to the disclosures made in the notes on accounts forming part of the profit and loss account of the assessee and the profits arrived after such adjustment, should be considered for the purpose of computation of book profits u\/s 115JB &#8211; Tri<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>INDIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:<\/strong><\/span>\u00a0Demand of Service tax at the rate of 6%\/8% of the value of exempted goods &#8211; As per Sub-Rule (3A) of Rule 6(3), the Cenvat Credit required to be reversed is as per the formula prescribed. Here, as the appellant have reversed the entire credit availed on common input service, the demand of 6%\/8% of the value of exempted goods is not sustainable.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:<\/strong><\/span>\u00a0Cenvat credit &#8211; Appellant constructed various malls and rented the same to various parties and discharge of service tax on rent received. Also availed the Cenvat Credit of input services which are used for construction and maintenance of the various malls &#8211; credit allowed.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:\u00a0<\/strong><\/span>Validity of order against the dead person &#8211; once the factum of death of the sole proprietor has come to the knowledge of the learned Commissioner, the learned Commissioner should have dropped the proceedings rather than passing the impugned order.<\/li>\n<li><strong><span style=\"color: #00ccff;\">Customs:<\/span><\/strong>\u00a0Classification &#8211; Used damage cut rails for melting (melting scrap) &#8211; to be classified under CTH 72.04 denying benefit of exemption benefit under Notification No.12\/2012 or under CTH 73.02 allowing benefit &#8211; the goods are to be classified under CTH 73.02 &#8211; exemption allowed .<\/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 or call at \u00a0011-233-43-333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 2016 DIRECT TAX Income Tax:\u00a0Correction of statement cum challan relating to TDS on sale of property u\/s 194IA &#8211; CPC-TDS has enabled functionality for online correction in form 26QB from 29\/02\/2016. Income Tax:\u00a0TDS u\/s 194I &#8211; whether the tour operators\/travel agents were required to deduct TDS under Section 194-I &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":[502,501,179,180,561,541,562,560,552,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1940"}],"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=1940"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1940\/revisions"}],"predecessor-version":[{"id":2938,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1940\/revisions\/2938"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}