{"id":2182,"date":"2016-07-26T13:34:17","date_gmt":"2016-07-26T13:34:17","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2182"},"modified":"2020-10-12T06:00:41","modified_gmt":"2020-10-12T06:00:41","slug":"corporate-and-professional-updates-july-26-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-updates-july-26-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES JULY 26, 2016"},"content":{"rendered":"

Today updates:<\/span><\/strong><\/p>\n

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

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

\u00a0TDS – Sale of pre-packaged software – What the licensee has acquired is only a copy of the copyright article whereas the copyright remains with the owner and the Licensees have acquired a computer programme for being used in their business and no right is granted to them to utilize the copyright of a computer programme and thus the payment for the same is not in the nature of royalty – Delhi High Court in case of [CIT Vs. Halliburton Export Inc].<\/p>\n

Income tax : Addition on unexplained money received by the appellant u\/s 69A – When the sale deed was executed in the assessment year 2004-05 year, it is not acceptable that the balance amount was received by the assessee in the assessment year 2006-07 – ITAT Bangalore in case of [Shri Anand Kumar Vs. The ACIT].<\/p>\n

Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions.<\/p>\n

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

Service tax: CBEC issued Clarification regarding payment of Service Tax through non electronic modes like cheque vide instruction F.No 137\/08\/2013-Service Tax dated 07.22.2016.<\/p>\n

CENVAT credit: Tools and dies used in fabrication of capital goods are eligible for Cenvat credit. Makino Auto\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Industries (P.) Ltd. v. Commissioner of Central Excise & Service Tax, Noida [2016] 71 taxmann.com 209 (Allahabad – CESTAT).<\/p>\n

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

Query: Do we need to execute any agreement\/deed for transferring the assets & liabilities on conversion of company into LLP?<\/p>\n

Answer: On conversion of the Company into LLP, all tangible (movable or immovable) and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.<\/p>\n

The transfer of assets and liabilities will be made automatically on approval of conversion application and therefore there is no requirement of executing any agreement\/deed.<\/p>\n

OTHER UPDATES:<\/span><\/strong><\/p>\n

Govt notifies pay scale as per 7th Pay Commission recommendations .Notification No. 1-2\/2016-IC dated 25.07.2016.<\/p>\n

Central Civil Services (Revised Pay) Rules, 2016 shall be deemed to have come into force on the 1st day of January, 2016. Notification G.S.R. 721(E) dated 25.07.2016<\/p>\n

Key dates :<\/p>\n

Advance information in Form BE-2\u00a0 for 1st fortnight of August of functions with booking cost more than Rs 1 lakh in Banquet Halls, hotel etc. in Delhi in DVAT Act:- 27\/07\/2016<\/p>\n

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 28\/07\/2016<\/p>\n

Last Date of filling of ITR for the A.Y. 2016-17 is 31st July, 2016.<\/p>\n

\u201cSometimes, you have to distance yourself from a conflicting situation\u00a0because at times, seeing things from a distance makes you see the reality.\u201d<\/p>\n

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

FOR FURTHER QUERIES CONTACT US:<\/p>\n

W:\u00a0www.caindelhiindia.com<\/a>\u00a0E: info@caindelhiindia.com T:011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

Today updates: DIRECT TAX: \u00a0TDS – Sale of pre-packaged software – What the licensee has acquired is only a copy of the copyright article whereas the copyright remains with the owner and the Licensees have acquired a computer programme for being used in their business and no right is granted to them to utilize the …<\/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":[173,146],"tags":[504,502,179,182,180,541,539,550,538,536],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2182"}],"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=2182"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2182\/revisions"}],"predecessor-version":[{"id":2822,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2182\/revisions\/2822"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}