{"id":2032,"date":"2016-05-28T05:55:18","date_gmt":"2016-05-28T05:55:18","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2032"},"modified":"2021-07-10T08:40:51","modified_gmt":"2021-07-10T08:40:51","slug":"corporate-and-professional-update-may-3-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-may-3-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 3, 2016"},"content":{"rendered":"

CORPORATE AND PROFESSIONAL UPDATE \u00a0MAY 3, 2016<\/span><\/strong><\/span><\/p>\n

\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; corporate updates<\/figcaption><\/figure>\n

DIRECT TAX<\/span><\/strong><\/span><\/p>\n

IT:\u00a0Additional payment even if made to the retiring partner in excess of capital account is not in nature of any profit or income within the meaning of Sec.28(va) of the Act and it cannot be brought to tax as business income –\u00a0Sharadha Terry Products Ltd. Vs. ACIT, Salary Cir-I, Coimbatore and Vica-Verssa – 2016 (4) TMI 1004 – ITAT CHENNAI<\/p>\n

TDS:\u00a0With effect from 01 MAY 2016 eTDS quarterly statement \/ returns\u00a0shall be uploaded at TRACES TDSCPC website and\u00a0NOT\u00a0on\u00a0TIN NSDL website.<\/p>\n

\u00a0TDS:\u00a0TODAY (30 APR 2016) is the last date to deposit TDS deducted during March\u2019 2016. The TDS Statements for Q4 by all deductors to be filed by 15 MAY 2016.<\/p>\n

CBDT\u00a0has\u00a0issued Departmental View on commencement of limitation for penalty proceedings U\/s 271D & 271E, vide Cir.No.09\/DV\/2016 dated 26.04.2016.<\/p>\n

CBDT\u00a0has released Time Series Data for FY 2000-01 to 2014-15 along with PAN Allotment Statistics pertaining to FY 2013-14 & ITRs Statistics for AY 2012-13 and the same is available at www.incometaxindia.gov.in for viewing. Circular, dt.29.04.2016<\/p>\n

INDIRECT TAX <\/span><\/strong><\/span><\/p>\n

ST:<\/strong>\u00a0The Contract entered for the purpose of packing loading and unloading etc. of the goods for which labour was supplied by the assessee to M\/s Birla Corporation Ltd. cannot be held as Cargo Handling Service as the two conditions are not satisfied \u2013\u00a0DC, CE\u00a0 & Another Vs. Sushil & Company – 2016 (4) TMI 987 – Supreme Court<\/p>\n

Entire cenvat credit cannot be disallowed for part wrong availment. [ SIFY Technologies Ltd. vs. Commissioner of Service Tax, LTU Chennai (CESTAT Chennai)].<\/p>\n

ST:<\/strong>\u00a0Waiver of Pre-deposit\u00a0– Non-fulfilment of condition of Notification No. 18\/2009 disentitles the appellant to the benefit of the said notification –\u00a0M\/s D.D. International Pvt. Ltd. Vs. CST, Delhi – 2016 (4) TMI 1079 – CESTAT New Delhi<\/p>\n

VAT & ST:\u00a0Levy of Entertainment Tax\u00a0– participation in the activities provided by Polo Amusement to its subscribers guest i.e. Sea Wave, Lazy River, Fun Slide, Kiddies Pool, Aqua Shute, Aqua Ball, Super slide are covered within the definition entertainment \u2013\u00a0C.E.E. Vs. Polo Amusement Park Ltd. & Others, Govt of NCT of Delhi And Another – 2016 (4) TMI 1059 – Delhi High Court<\/p>\n

DVAT\u00a0has directed courier entities\u00a0functioning in Delhi to file quarterly return in\u00a0Form CR-II\u00a0for F.Y.2015-16 by\u00a016 MAY 2016.<\/p>\n

COMPANY LAW:<\/span><\/strong><\/span><\/p>\n

Question:\u00a0Can Folio number of the register of members be changed?<\/p>\n

Answer: No, Folio number once allotted to a member cannot be changed even if all shares of that member are transferred to any person\/body corporate as the case may be.<\/p>\n

Key Dates:<\/span><\/strong><\/span><\/p>\n

Last date of E-payment of service tax foe April by companies vide Challan No. GAR-7 -06\/05\/2016<\/p>\n

INCOME TAX UPDATES:-<\/span><\/strong><\/span><\/p>\n

The facility to upload online quarterly TDS\/TCS statements in the E-Filling portal shall be available with effect from 1st\u00a0May 2016. (Click here to see the procedure)<\/p>\n

Bulk upload of form 15CA, Form 15CB and Form 15CC are available for E-Filling.<\/p>\n

Your heart is full of fertile seeds, waiting to sprout.\u00a0-Morihei Ueshiba<\/p>\n

Failure will never overtake me if my determination to succeed is strong enough.<\/p>\n

We look forward for your valuable comments.\u00a0www.caindelhiindia.com<\/a><\/p>\n

FOR\u00a0 FURTHER\u00a0 QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/span><\/p>\n

W: www.caindelhiindia.com \u00a0 \u00a0 \u00a0\u00a0 \u00a0 \u00a0 E: info@caindelhiindia.com \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0T:011-233-4-33333, 9-555-555-480<\/span>
\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

CORPORATE AND PROFESSIONAL UPDATE \u00a0MAY 3, 2016 DIRECT TAX IT:\u00a0Additional payment even if made to the retiring partner in excess of capital account is not in nature of any profit or income within the meaning of Sec.28(va) of the Act and it cannot be brought to tax as business income –\u00a0Sharadha Terry Products Ltd. Vs. …<\/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":[21,26,96,647,142,146,84],"tags":[504,502,501,162,179,216,180,214,537,540,538,536],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2032"}],"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=2032"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2032\/revisions"}],"predecessor-version":[{"id":2880,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2032\/revisions\/2880"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}