{"id":2191,"date":"2016-08-04T10:23:45","date_gmt":"2016-08-04T10:23:45","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2191"},"modified":"2021-07-07T12:50:25","modified_gmt":"2021-07-07T12:50:25","slug":"2191","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/2191\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES AUG 4, 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-69d11c50d5964\" 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-69d11c50d5964\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#Tax_update\" title=\"Tax update:\">Tax update:<\/a><ul class='ez-toc-list-level-6'><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6'><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6'><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6'><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6'><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#_%C2%B7_Filing_of_ITR_returns_by_Individuals_HUF_Without_Audit_05082016\" title=\"\u00a0\u00b7 Filing of ITR returns by Individuals, HUF (Without Audit):\u00a005\/08\/2016\">\u00a0\u00b7 Filing of ITR returns by Individuals, HUF (Without Audit):\u00a005\/08\/2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#%C2%B7_Filing_of_ITR_returns_by_Firms_AOP_BOI_Without_audit_05082016\" title=\"\u00b7 \u00a0Filing of ITR returns by Firms, AOP, BOI (Without audit):\u00a005\/08\/2016\">\u00b7 \u00a0Filing of ITR returns by Firms, AOP, BOI (Without audit):\u00a005\/08\/2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#%C2%B7_E-Payment_of_Service_Tax_for_July_by_Companies_06082016\" title=\"\u00b7 \u00a0E-Payment of Service Tax for July by Companies:\u00a006\/08\/2016\">\u00b7 \u00a0E-Payment of Service Tax for July by Companies:\u00a006\/08\/2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#%C2%B7_Extension_of_last_date_of_filing_of_Income_tax_returns_for_the_FY_2015-2016_AY_2016-17_from31072016_to_05082016_For_J_K_assessees_last_date_is_31082016\" title=\"\u00b7 \u00a0Extension of last date of filing of Income tax \u00a0returns for the FY 2015-2016 (AY 2016-17) from31.07.2016 to 05.08.2016. For J&amp;K assessees last date is\u00a031.08.2016.\">\u00b7 \u00a0Extension of last date of filing of Income tax \u00a0returns for the FY 2015-2016 (AY 2016-17) from31.07.2016 to 05.08.2016. For J&amp;K assessees last date is\u00a031.08.2016.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#%C2%B7_Extension_to_29102016_of_Last_Date_of_filing_of_e-forms_AOC-4_AOC-4_XBRL_AOC-4_CFS_MGT-7_Circular_No082016_Dated_29072016\" title=\"\u00b7 \u00a0Extension to\u00a029.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), &amp; MGT-7. Circular No.08\/2016 Dated 29.07.2016.\">\u00b7 \u00a0Extension to\u00a029.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), &amp; MGT-7. Circular No.08\/2016 Dated 29.07.2016.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#%C2%B7_Public_Servants_Annual_Assets_Liabilities_Return_Filing_due_date_extended_to_31122016\" title=\"\u00b7 \u00a0Public Servants Annual Assets Liabilities Return Filing due date extended to\u00a031.12.2016\">\u00b7 \u00a0Public Servants Annual Assets Liabilities Return Filing due date extended to\u00a031.12.2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#%C2%B7_15-08-16_is_the_last_date_for_Issue_of_TDS_certificates_in_form_16A_for_quarter_ended_30-6-16_by_all_deductors\" title=\"\u00b7 \u00a015-08-16\u00a0is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors.\">\u00b7 \u00a015-08-16\u00a0is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#_For_every_action_there_is_an_equal_and_opposite_reaction_The_laws_of_karma_remind_us_whatever_quality_of_energy_we_give_out_we_get_it_back\" title=\"\u00a0For every action, there is an equal and opposite reaction. The laws of karma remind us whatever quality of energy we give out we get it back.\">\u00a0For every action, there is an equal and opposite reaction. The laws of karma remind us whatever quality of energy we give out we get it back.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.caindelhiindia.com\/blog\/2191\/#_Do_not_be_so_emotional_in_life_that_it_hurts_you_and_do_not_get_too_practical_that_it_hurts_others_Balancing_Emotions_is_the_key_of_Happiness\" title=\"\u00a0Do not be so emotional in life that it hurts you and do not get too practical that it hurts others. Balancing Emotions is the key of Happiness.\">\u00a0Do not be so emotional in life that it hurts you and do not get too practical that it hurts others. Balancing Emotions is the key of Happiness.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"entry-title\"><span class=\"ez-toc-section\" id=\"Tax_update\"><\/span><strong>Tax update:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<figure id=\"attachment_2818\" aria-describedby=\"caption-attachment-2818\" style=\"width: 572px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/7.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2818\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/7.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"572\" height=\"204\" \/><\/a><figcaption id=\"caption-attachment-2818\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<p><strong><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><\/p>\n<ul>\n<li>Person attaining age of 60 or 80 years on\u00a01st April\u00a0shall be considered Senior\/Very senior citizen for immediately preceding\u00a0 financial year. CBDT Circular 28 of 27-7-16.<\/li>\n<li>No Section 40(a)(ia) disallowance when income is determined on estimated basis after rejecting books.<\/li>\n<li>Receipt on settlement of dispute on use of trademark is tax free when trademark itself is cancelled Orient Blackswan (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-16 (3), Hyderabad [2016] 71\u00a0taxmann.com\u00a0319 (Hyderabad &#8211; Trib.)<\/li>\n<li>No disallowance of cultivation exp. just because it didn&#8217;t generate desired results to assessee Principle Commissioner of Income-tax-III, Bangalore v. Sami Labs Ltd. [2016] 71\u00a0taxmann.com\u00a0298 (Karnataka)<\/li>\n<li>TDS on commission doesn&#8217;t prove its genuiness; assessee has to prove that services were rendered by recipient Income-tax Officer, Ward &#8211; 56(2), Kolkata v. PKS Holdings [2016] 71\u00a0taxmann.com\u00a0345 (Kolkata &#8211; Trib.)<\/li>\n<li>Now medium and long-term deposits can be redeemed in form of Gold under Gold Monetization Scheme NOTIFICATION F. No. 20\/6\/2015\u2013FT (Pt.7). Dated 27th June, 2016<\/li>\n<li>ITAT Hyderabad in the below citied case held that where husband and wife are having joint bank a\/c &#8211; any amount deposited by her husband which he would have earned from a separate business, it cannot be added to the hands of the assessee\u00a0as unexplained cash deposit.(\u00a0ITO, Hyderabad Vs. Smt. Guthula Nagamany And Vice-Versa<\/li>\n<li>Gujrat high Court deleted the addition made on the basis of statement recorded u\/s 131. The assessee was not allowed to crossexamine the person, on the basis of whose statement the proceedings was initiated.(\u00a0CIT Vs. Ramanbhai B Patel)<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><\/p>\n<ul>\n<li>Delhi HC sets aside order passed by Jt. Secretary to Govt. of India rejecting assessee\u2019s revision application u\/s 129DD of Customs Act, absent valid signature; Notes that order is in fact a draft with no signature and numerous corrections not initialled by Jt. Secretary;\u00a0\u00a0[TS-299-HC-2016(DEL)-CUST]<\/li>\n<li>Service\u00a0Tax:\u00a0Export of services or not &#8211; place of performance is in India &#8211; The destination has to be decided on the basis of place of consumption, not the place of performance of service in case of Business Auxiliary Service\u00a0&#8211;\u00a0CESTAT New Delhi in case of\u00a0[M\/s Airbus Group India Pvt. Ltd. Vs. CST, Delhi]<\/li>\n<li>DVAT Return of Composition Dealers in Form DVAT 17 for Q-1 of 16-17 can be filed without Commodity Code.<\/li>\n<li>Constitution (122nd) Amendment Bill, 2014 enabling levy of GST by Central Govt. as well as State Govts. is finally passed by Rajya Sabha with 100% in favour of the same. Now it shall go back to Lok Sabha to approve the amendments made by Rajya Sabha. Thereafter it shall be ratified by at least 16 States before being presented to the Hon&#8217;ble President for his assent.<\/li>\n<li>CESTAT Bangalore\u00a0in the below citied case set aside the demand for inclusion of value towards reimbursement of expenses. The facts in respect of these two appellants do not come within the mischief of provisions of Section 73(4) of the Finance Act, 1994(M\/s. Raja\u2019s Enterprises, M\/s. Rajvinayaka Pharmaceuticals Vs. Commissioner of Central Excise &amp; Customs (Appeals)<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Company Law:<\/span><\/strong><\/p>\n<ul>\n<li>Extension of last date of filing Form AOC-4, AOC-4 XBRL, AOC-4 CFS &amp; MGT-7 under the Companies Act, 2013.<\/li>\n<li>MCA issues The Companies (Accounts) Amendment Rules, 2016. MCA Notification dated 27.07.2016.<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">FAQ on Company Law:<\/span><\/strong><\/p>\n<ul>\n<li>Query:\u00a0\u00a0\u00a0We had a query regarding the conversion of Private Limited Companies into One Person Company. Is there any criteria which is required to be fulfilled in case Private Limited Companies want to convert themselves into OPC? Please confirm.<\/li>\n<\/ul>\n<p>Answer:\u00a0\u00a0\u00a0Yes, As per Section 18 of Companies Act, 2013 read with Rule 7(4) of the Companies (Incorporation) Rules, 2014, any private company other than a Company registered under section 8 of the Companies Act, 2013 (or section 25 of the Companies Act, 1956) having a paid-up capital of less than Rs. 50 Lac and an average turnover of less than Rs. 2 Crores, in the specified period, can only convert itself into OPC.<\/p>\n<ul>\n<li>Query:\u00a0Can a director cum member of a OPC transfer his entire shareholding to other person. Please advice.<\/li>\n<\/ul>\n<p>Answer:\u00a0\u00a0\u00a0OPC being a new class of Company introduced under the concept of Private Limited Companies as per Section 3 of the Companies Act 2013. Thus, the law applicable to Private Limited Companies applies to the OPC as well with certain exceptions as provided under the Companies Act 2013 and rules thereunder. Thus, Likewise the Private Company, an OPC can also restrict the right of members to transfer the shares by way of an article of association, choice of which is solely available to an OPC itself.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">OTHER UPDATE :<\/span><\/strong><\/p>\n<ul>\n<li>Allahabad Bank invites applications for empanelment as Concurrent\/ Revenue Auditors for the year 2016-17 by practicing CA Firms, latest by\u00a018.08.2016.<\/li>\n<li>Sebi proposes changes in \u00a0Institutional Trading Platform (ITP) norms to attract more firms.<\/li>\n<\/ul>\n<h6><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"text-decoration: underline;\">Key Dates<\/span><span style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"_%C2%B7_Filing_of_ITR_returns_by_Individuals_HUF_Without_Audit_05082016\"><\/span>\u00a0\u00b7 Filing of ITR returns by Individuals, HUF (Without Audit):\u00a005\/08\/2016<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"%C2%B7_Filing_of_ITR_returns_by_Firms_AOP_BOI_Without_audit_05082016\"><\/span>\u00b7 \u00a0Filing of ITR returns by Firms, AOP, BOI (Without audit):\u00a005\/08\/2016<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"%C2%B7_E-Payment_of_Service_Tax_for_July_by_Companies_06082016\"><\/span>\u00b7 \u00a0E-Payment of Service Tax for July by Companies:\u00a006\/08\/2016<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"%C2%B7_Extension_of_last_date_of_filing_of_Income_tax_returns_for_the_FY_2015-2016_AY_2016-17_from31072016_to_05082016_For_J_K_assessees_last_date_is_31082016\"><\/span>\u00b7 \u00a0Extension of last date of filing of Income tax \u00a0returns for the FY 2015-2016 (AY 2016-17) from31.07.2016 to 05.08.2016. For J&amp;K assessees last date is\u00a031.08.2016.<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"%C2%B7_Extension_to_29102016_of_Last_Date_of_filing_of_e-forms_AOC-4_AOC-4_XBRL_AOC-4_CFS_MGT-7_Circular_No082016_Dated_29072016\"><\/span>\u00b7 \u00a0Extension to\u00a029.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), &amp; MGT-7. Circular No.08\/2016 Dated 29.07.2016.<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"%C2%B7_Public_Servants_Annual_Assets_Liabilities_Return_Filing_due_date_extended_to_31122016\"><\/span>\u00b7 \u00a0Public Servants Annual Assets Liabilities Return Filing due date extended to\u00a031.12.2016<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"%C2%B7_15-08-16_is_the_last_date_for_Issue_of_TDS_certificates_in_form_16A_for_quarter_ended_30-6-16_by_all_deductors\"><\/span>\u00b7 \u00a015-08-16\u00a0is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors.<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"_For_every_action_there_is_an_equal_and_opposite_reaction_The_laws_of_karma_remind_us_whatever_quality_of_energy_we_give_out_we_get_it_back\"><\/span>\u00a0For every action, there is an equal and opposite reaction. The laws of karma remind us whatever quality of energy we give out we get it back.<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6><span class=\"ez-toc-section\" id=\"_Do_not_be_so_emotional_in_life_that_it_hurts_you_and_do_not_get_too_practical_that_it_hurts_others_Balancing_Emotions_is_the_key_of_Happiness\"><\/span>\u00a0Do not be so emotional in life that it hurts you and do not get too practical that it hurts others. Balancing Emotions is the key of Happiness.<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>We look forward for your valuable comments.\u00a0<a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a><\/p>\n<p><strong>\u00a0<\/strong><strong>FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/p>\n<p>W: www.caindelhiindia.com \u00a0 \u00a0 \u00a0 \u00a0 E: info@ caindelhiindia.com \u00a0 \u00a0T:011-233-4-33333,\u00a0 \u00a0\u00a0\u00a0M: 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax update: Direct Tax: Person attaining age of 60 or 80 years on\u00a01st April\u00a0shall be considered Senior\/Very senior citizen for immediately preceding\u00a0 financial year. CBDT Circular 28 of 27-7-16. No Section 40(a)(ia) disallowance when income is determined on estimated basis after rejecting books. Receipt on settlement of dispute on use of trademark is tax free &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":[502,501,179,182,545,180,194,537,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2191"}],"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=2191"}],"version-history":[{"count":8,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2191\/revisions"}],"predecessor-version":[{"id":2820,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2191\/revisions\/2820"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}