{"id":1954,"date":"2016-04-01T07:41:13","date_gmt":"2016-04-01T07:41:13","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1954"},"modified":"2020-10-13T07:28:45","modified_gmt":"2020-10-13T07:28:45","slug":"corporate-and-professional-update-april-1-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-april-1-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE APRIL 1, 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-69d06fbf0be29\" 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-69d06fbf0be29\"  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-april-1-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_1_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE APRIL 1, 2016\">CORPORATE AND PROFESSIONAL UPDATE APRIL 1, 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-april-1-2016\/#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-april-1-2016\/#_INDIRECT_TAX\" title=\"\u00a0INDIRECT TAX\">\u00a0INDIRECT 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-april-1-2016\/#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_APRIL_1_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE APRIL 1, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_2928\" aria-describedby=\"caption-attachment-2928\" style=\"width: 518px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/7.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2928\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/7.png\" alt=\"www.caindelhiindia.com;  CORPORATE UPDATES\" width=\"518\" height=\"273\" \/><\/a><figcaption id=\"caption-attachment-2928\" 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><a href=\"https:\/\/caindelhiindia.com\/service\/income-tax-return-filing\"><span style=\"color: #00ccff;\"><strong>Income Tax<\/strong><\/span>:<\/a>\u00a0Fee for technical services<strong> :\u00a0<\/strong>Where assessee-foreign company provided data processing support service to Indian bank and it was argued that no technical services were rendered in India whereas only processing of data was done and that too at Hong Kong and therefore, payment made by bank could not be taxed in India, since matter was remitted by co-ordinate bench of Tribunal in assessee&#8217;s own case for earlier assessment year having similar issue, matter for present assessment year had to be remanded &#8211;\u00a0[2016] 67 taxmann 277 (Mumbai &#8211; Trib.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Computation of<strong> :\u00a0<\/strong>Where assessee did not disclose income from house property in respect of his six immovable properties, Assessing Officer could not make addition to assessee&#8217;s income merely on basis of notional rent on cost of properties without computing income in accordance with provisions of sections 22 and 23 &#8211;\u00a0[2016] 67 taxmann 269 (Mumbai &#8211; Trib.)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax<\/strong><\/span> : Immovable property<strong> :\u00a0<\/strong>Where assessee sold two flats during relevant year acquired out of his undisclosed income, since said amount had already been added to assessee&#8217;s income earlier in block assessment proceedings, Assessing Officer could not make addition again under section 68 in respect of sale consideration in question &#8211;\u00a0[2016] 67 taxmann 269 (Mumbai &#8211; Trib.)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_INDIRECT_TAX\"><\/span><strong>\u00a0<\/strong><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> : There is no distinction between &#8216;providers of education&#8217; and &#8216;commercial coaching or training institution&#8217;; hence, even providing of computer education online is covered with commercial coaching or training and liable to tax.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Excise &amp; Customs-<\/strong><\/span>Unjust enrichment applies to : (a) &#8216;captive consumption&#8217; of, as well as (b) &#8216;indirect passing on of burden of duty&#8217;, as well as (c) duty paid under protest; hence, mere payment of duty under protest on captively consumed goods does not rule out unjust enrichment 2016] 67\u00a0taxmann.com\u00a0314 (Madras)<\/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 style=\"text-align: justify;\">\n<li>MCA notifies CARO, 2016, applicable for FY beginning on or after April 1, 2015.<\/li>\n<\/ul>\n<p><strong>REGARDS<\/strong><\/p>\n<p><strong>INDIA FINANCIAL CONSULTANCY PRIVATE LIMITED<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE APRIL 1, 2016 DIRECT TAX Income Tax:\u00a0Fee for technical services :\u00a0Where assessee-foreign company provided data processing support service to Indian bank and it was argued that no technical services were rendered in India whereas only processing of data was done and that too at Hong Kong and therefore, payment made by &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],"tags":[502,501,569,545,180,561,214,549,537,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1954"}],"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=1954"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1954\/revisions"}],"predecessor-version":[{"id":2930,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1954\/revisions\/2930"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}