{"id":1944,"date":"2016-04-01T06:57:20","date_gmt":"2016-04-01T06:57:20","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1944"},"modified":"2021-07-07T12:55:01","modified_gmt":"2021-07-07T12:55:01","slug":"corporate-and-professional-update-march-30-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-30-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 30, 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-69d04d3cdd16e\" 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-69d04d3cdd16e\"  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-30-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_30_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE MARCH 30, 2016\">CORPORATE AND PROFESSIONAL UPDATE MARCH 30, 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-30-2016\/#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-30-2016\/#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-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-30-2016\/#MCA_UPDATES\" title=\"MCA\u00a0 UPDATES\">MCA\u00a0 UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-30-2016\/#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_MARCH_30_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE MARCH 30, 2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_1875\" aria-describedby=\"caption-attachment-1875\" style=\"width: 489px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/7.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1875\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/7-300x175.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"489\" height=\"285\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/7-300x175.png 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/7.png 843w\" sizes=\"(max-width: 489px) 100vw, 489px\" \/><\/a><figcaption id=\"caption-attachment-1875\" 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;\"><a href=\"https:\/\/caindelhiindia.com\/service\/income-tax-return-filing\"><strong>INCOME TAX<\/strong><\/a>:\u00a0<\/span>Where assessee claimed deduction of secret commission paid to employees of different companies who had given business to assessee, since assessee had not kept any accounts as to where and to whom such commission was paid, Tribunal was justified in allowing assessee\u2019s claim to extent of one per cent of total sales \u2013\u00a0[2016] 67 taxmann 257 (Gujarat)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>INCOME TAX<\/strong>:\u00a0<\/span>TDS on sale of property u\/s 194IA : CPC-TDS has enabled functionality for online correction in form 26QB (challan \/ statement) with effect from \u00a029\/02\/2016<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>SERVICE TAX<\/strong> <\/span>: Where assessee is engaged in promoting brand of foreign holding company and receives consideration from foreign holding company, then : (a) since services are provided on principal-to-principal basis, such services cannot be regarded intermediary services; (b) their Place of Provision would be location of service recipient, viz., outside India; and (c) same would amount to export of service and not liable to service tax \u2013\u00a0[2016] 67 taxmann 324 (AAR \u2013 New Delhi)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>DELHI VAT<\/strong> <\/span>:\u00a0Deputy Chief Minister Manish Sisodia presented a \u2018zero tax budget\u2019 Monday aimed at rationalizing Delhi\u2019s Value Added Tax (VAT) structure. The budget implies cheaper sweets, namkeen, watches, readymade garments, shoes and school bags, even as the government continues to focus on education, health and transport sectors.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>DELHI VAT<\/strong><\/span> : Education, health, and transport sectors are likely get a major allocation of funds in the Delhi Budget, which will be tabled in the assembly Monday by Deputy Chief Minister Manish Sisodia. Sisodia, who holds the finance and education portfolios, is likely to allocate 25 per cent of the total budget to the education sector<\/li>\n<li><span style=\"color: #00ccff;\"><strong>EXCISE<\/strong> : <strong>Refund claim<\/strong><\/span> \u2013 pre-deposit \u2013 As soon as the order appropriating such fine was set aside they became eligible to refund of the deposits made during the investigations \u2013 refund allowed with Interest- (M\/s Shoreline Hotel Pvt. Ltd. Versus Commissioner of Central Excise, Mumbai-I And Vice-Versa\u00a0\u2013 2016 (3) TMI 806 \u2013 CESTAT MUMBAI)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_UPDATES\"><\/span><span style=\"color: #ff6600;\">MCA\u00a0 UPDATES<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"color: #00ccff;\">COMPANY LAW<\/span> :<\/strong> Where appellants did not impugn either allotment of Rights Issue or their removal from Board of Directors at relevant time and raised such grievances only when company\u2019s economic difficulties were over and it was on path of substantial progress, appellant\u2019s interest in company was limited to their initial shareholding and nothing more \u2013\u00a0[2016] 67 taxmann 263 (Delhi)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>COMPANY LAW :<\/strong><\/span> Where Single Judge dismissed earlier winding up petition filed by appellant with a liberty to bring fresh action in accordance with law and respondent was not prepared to deposit sum due, second winding up petition filed by appellant was not barred by res judicata and same was to be admitted \u2013\u00a0[2016] 67 taxmann 262 (Calcutta)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #ff6600;\"><strong>Key Dates<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"text-align: justify;\">E-Payment of Service Tax for the month\/quarter ended March: 31\/03\/ 2016<\/li>\n<li style=\"text-align: justify;\">E-Payment of Excise duty for the month\/quarter ended March: 31\/03\/ 2016<\/li>\n<li style=\"text-align: justify;\">Last date of filing of ITR for A.Y. 2015-16 without penalty &amp; A.Y. 2014-15 with penalty of Rs. 5000: 31\/03\/2016<\/li>\n<li style=\"text-align: justify;\">Last date for filing Wealth Tax return for A.Y. 2014-15: 31\/03\/2016<\/li>\n<li style=\"text-align: justify;\">Payment of balance advance income tax by all: 31\/03\/2016<\/li>\n<li style=\"text-align: justify;\">Reconciliation return of statutory forms for the year 2014-15: 31\/03\/2016<\/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<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE MARCH 30, 2016 DIRECT TAX INCOME TAX:\u00a0Where assessee claimed deduction of secret commission paid to employees of different companies who had given business to assessee, since assessee had not kept any accounts as to where and to whom such commission was paid, Tribunal was justified in allowing assessee\u2019s claim to extent &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":[566,502,501,179,545,180,181,194,541,537,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1944"}],"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=1944"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1944\/revisions"}],"predecessor-version":[{"id":2943,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1944\/revisions\/2943"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}