{"id":2044,"date":"2016-05-28T09:41:14","date_gmt":"2016-05-28T09:41:14","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2044"},"modified":"2021-07-07T12:53:11","modified_gmt":"2021-07-07T12:53:11","slug":"corporate-and-professional-update-may-11-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-may-11-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 11, 2016"},"content":{"rendered":"

TODAYS UPDATES<\/span><\/strong><\/span><\/p>\n

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

Direct Tax:<\/span><\/strong><\/span><\/p>\n

CBDT has issued a <\/strong>Notification regarding the\u00a0Procedure for submission of Form \u00a015CC by an authorized dealer in respect of \u00a0remittances under sub-section (6) of section 195 of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962\u00a0vide notification No. 8\/2016 dated 4th May 2016.<\/p>\n

CBDT has issued a Notification regarding the Procedure for online submission of declaration by person claiming receipt of certain incomes without deduction of tax in Form 15G\/15H under sub-section (1) or under sub-section (1A) of section 197A of the Income-tax Act, 1961 read with Rule 29C of Income-tax Rules, 1962 vide Notification No. 7\/2016 dated 4th\u00a0May 2016.<\/p>\n

CBDT has issued a Notification regarding the Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962\u00a0vide Notification No. 6\/2016 dated 4th May 2016.<\/p>\n

Disallowance u\/s 14A – investments made in the sister concerns – Held that – In view of the judgment of Apex Court in S.A. Builders Ltd. v. CIT (2006 (12) TMI 82 – SUPREME COURT) this Tribunal is of the considered opinion that the investments made by the assessee in the equity shares of the sister concerns, which were established by joint venture, have to be necessarily treated as for business purpose. Therefore, as rightly found by this Tribunal by majority decision in EIH Associated Hotels Ltd. (2013 (9) TMI 604 – ITAT CHENNAI ), the dividend income earned by the assessee, if any, from subsidiary companies, is incidental one, therefore, the investments made by the assessee in its subsidiary companies cannot be reckoned for disallowance under Section 14A of the Act. (M\/s Igarashi Motors India Ltd. Versus The Deputy Commissioner of Income Tax) – 2016 (5) TMI 334 – ITAT CHENNAI<\/p>\n

Indirect Tax:<\/span><\/strong><\/span><\/p>\n

Department of Trade and Taxes has issued Modification to the notification number F3(619)\/Policy\/VAT\/2016\/1291- 1304 dated 12th January, 2016 – details of purchases where the total amount of an invoice does not exceed \u20b9 1000\/-(one thousand rupees) shall not be mandatorily required to be furnished in Form GE-II vide Notification No\u00a0\u00a0F3(619)\/Policy\/VAT\/2016\/183- 196 dated\u00a006\/05\/2016\u00a0dated 06\/05\/52016.<\/p>\n

Condonation of delay – delay of 48 days in filing the appeal – Appellant contended that delay was occured due to misplacement of the copy of O-I-O – Commissioner (Appeals) rejected the appeal observing that he has no power to condone the delay beyond the period of 30 days – Held that – it does not appear to be a deliberate lapse on the part of the appellants. It is further found that the delay has been adequately explained. Therefore, there is a good case on merit in favour of the appellant. Accordingly, the delay is condoned and the COD application is allowed for extending consionable justice to the appellant.<\/p>\n

Company Law:<\/span><\/strong><\/span><\/p>\n

Question<\/strong>:\u00a0<\/strong>Can a trust\u00a0in\u00a0which chairman of the Board is also a trustee, be a related party to the Company?<\/p>\n

Answer<\/strong>:<\/strong>\u00a0<\/strong>As per Definition of Related Party 2(76) of Companies Act 2013, trust is not included in the definition of Related party. Therefore, trust will not be Related party.<\/p>\n

Question<\/strong>:<\/strong> Director\u2019s resignation – Automatic cessation or pre-approval required<\/p>\n

Answer<\/strong>:<\/strong> Though majority of the rulings have settled the principle that director’s resignation leads to automatic cessation of the person from the office of director, yet the CLB’s ruling in Manav Kumar Agarwal (supra) has ignited the controversy. However, with the introduction of section 168 in the 2013 Act, matter seems to have been put to rest.<\/p>\n

Question<\/strong>: <\/strong>Can Is Form DIR 12 required to be filed for re-appointment of a whole-time director\u00a0in\u00a0a private limited company as per the provisions of section 196 of the Companies Act 2013?<\/p>\n

Answer<\/strong>:<\/strong>\u00a0As per Companies Act 2013, Company should file Form DIR-12 on reappointment of any Director. But MCA doesn’t allow the same and there is no option of re appointment\u00a0in\u00a0Form DIR-12. Therefore, Company will not able to file Form DIR-12.<\/p>\n

Other update:<\/span><\/strong>\u00a0<\/span><\/p>\n

ICAI\u00a0as part of its Go Green initiatives invites opinion from members on their choice to opt for e-journal \/ linked Journal Highlights instead of its hard copy. Members may send their option \/ choice at eboard@icai.in or they may contact +91-120-3034955 for any clarification (My Suggestion to ICAI is to share the cost saved as a concession in the membership fee to those who opt for e-journal to make the Green Initiative a success)\u00a0<\/em><\/p>\n

Word of Wisdom:<\/span><\/strong><\/span><\/p>\n

\u201cThe greatest value of having good people around you is not what you get from them, but the better person you become by being with them.\u201d<\/p>\n

\u201cOur prime purpose in this life is to help others. And if you can’t help them, at least don’t hurt them.\u201d\u00a0\u00a0\u00a0\u00a0 -Dalai Lama<\/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>
\nW: 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<\/p>\n","protected":false},"excerpt":{"rendered":"

TODAYS UPDATES Direct Tax: CBDT has issued a Notification regarding the\u00a0Procedure for submission of Form \u00a015CC by an authorized dealer in respect of \u00a0remittances under sub-section (6) of section 195 of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962\u00a0vide notification No. 8\/2016 dated 4th May 2016. CBDT has issued a …<\/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":[502,501,179,180,194,541,533,550,538,534,536,212],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2044"}],"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=2044"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2044\/revisions"}],"predecessor-version":[{"id":2885,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2044\/revisions\/2885"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}