{"id":2278,"date":"2016-10-01T08:16:18","date_gmt":"2016-10-01T08:16:18","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2278"},"modified":"2021-07-14T11:59:48","modified_gmt":"2021-07-14T11:59:48","slug":"corporate-and-professional-update-oct-1-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-oct-1-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE OCT 1, 2016"},"content":{"rendered":"

Today updates:<\/h1>\n
\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; How start a business?<\/figcaption><\/figure>\n

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

CBDT has issued a\u00a0Instruction No.9\/2016 (IDS)\u00a0 dated 27\/09\/2016\u00a0on Non \u2013indexation of assets sold prior to 01-06-2016.The Board has clarified that as per the provisions contained in section 183(2) of the Scheme that where the income chargeable to tax is represented in the form of investment in any asset, the fair market value of such asset as on 01.06.2016 shall be deemed to be the undisclosed income for the purposes of the Scheme. In this context, it may be noted that cash in hand is an asset for the purposes of the Scheme.<\/p>\n

CBDT has issued a\u00a0Instruction No.10\/2016 (IDS)\u00a0 dated 28\/09\/2016\u00a0on Filing declarations in non pan cases. In cases where the declarant is not having a PAN or PAN is pending allotment and the assessee is not likely to get PAN by the date of closure of the Scheme i.e.\u00a030.09.2016, the CBDT has clarified that in such cases a declaration under the Scheme can be filed manually before the jurisdictional Pr.Commissioner\/Commissioner by quoting the date and acknowledgment number of PAN application form.<\/p>\n

CBDT\u00a0has\u00a0extended working hours for Pr. CCITs across\u00a0India\u00a0to receive declarations of undisclosed income and assets under the Income Declaration Scheme, 2016 until\u00a012:00 midnight\u00a0of\u00a030th SEP 2016.<\/p>\n

IT:\u00a0Department directed to refund the taxes paid by the assessee in respect of additional income offered during the survey action –\u00a0Shri Pandoo P. Naig Vs ACIT, CC-32, Mbi & Vice-Versa (2016 (9) TMI 1062 – ITAT Mumbai)<\/p>\n

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

ST:\u00a0Power to Conduct Audit under Service Tax – Scope of Rule 5A (2) of ST Rules 1994 – SC stays the operation of the Delhi High Court judgment –\u00a0Union of India & Ors. Vs Mega Cabs Pvt. Ltd. (2016 (9) TMI 1112 – Supreme Court)<\/p>\n

CBEC has amended the Service Tax Return ST-3 vide\u00a0Notification dated 28th September, 2016.<\/p>\n

CBEC has amended Notification No. 20\/2005 dated 10\/08\/2005 vide\u00a0Notification No. 44\/2016 dated 28\/09\/2016.The Central Board of Excise and Custom made the amendment the amount of service tax and CENVAT credit specified in the notice issued under the Finance Act 1994 by Supreintendent\/Asst. Commissioner or Dept. Commissioner\/J.C. or A.C.\/Commissioner.<\/p>\n

FAQ on GST as issued by CBEC<\/strong><\/p>\n

Q 7.\u00a0What is the time limit for taking a Registration under Model GST Law?<\/p>\n

Ans.\u00a0Any person should take a Registration,\u00a0within thirty days\u00a0from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed.<\/p>\n

Q 8.\u00a0If a person is operating in different states, with the same PAN number, whether he can operate with a single Registration?<\/p>\n

Ans.\u00a0No. Every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST in terms of Sub-section (1) of Section 19 of Model GST Law.<\/p>\n

Q 9. Whether a person having multiple business verticals in a state can obtain for different registrations?<\/p>\n

Ans.\u00a0Yes. In terms of Sub-Section (2) of Section 19, a person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed.
\nQ 10.\u00a0Is there a provision for a person to get himself voluntarily registered though he may not be liable to pay GST?<\/p>\n

Ans.\u00a0Yes. In terms of Sub-section (3) of Section 19, a person, though not liable to be registered under Schedule III, may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.<\/p>\n

Q 11.\u00a0Is possession of a Permanent Account Number (PAN) mandatory for obtaining a Registration?<\/p>\n

Ans.\u00a0Yes. Every person shall have a Permanent Account Number issued under the Income Tax Act, 1961 (43 of 1961) in order to be eligible for grant of registration under Section 19 of the Model GST Law.<\/p>\n

However as per section 19 (4A) of MGL, PAN is not mandatory for a non-resident taxable person who may be granted registration on the basis of any other document as may be prescribed.<\/p>\n

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

Query:\u00a0Section 19 of the Companies Act 2013 provides that subsidiary company shall not hold any shares in its holding company. But we have a query that can the holding company issue shares to its subsidiary company in the scheme of amalgamation?<\/p>\n

Answer:\u00a0YES, but such shares shall not carry the voting right. [Consolidated Coffee Vs Arun Kumar Aggarwal]<\/p>\n

Query:\u00a0Whether any minimum rate of interest has been prescribed by Companies Act 2013 on deposits accepted by companies during the year?<\/p>\n

Answer:\u00a0Companies (Acceptance of deposits) Rules 2014 has prescribed the maximum rate of interest for the acceptance of deposits. It provides that the rate of interest\u00a0 payable on deposits by company\u00a0shall not exceed maximum rate of interest as prescribed by Reserve Bank of India for acceptance of deposits by Non Banking Financing Companies<\/p>\n\n\n\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\u00a0FORM NAMES<\/strong><\/td>\nPARTICULAR<\/strong><\/td>\n<\/tr>\n
Form\u00a0CRA-2<\/strong><\/td>\nForm of intimation of appointment of cost auditor by the company to Central Government<\/td>\n<\/tr>\n
Form CRA-4<\/strong><\/td>\nForm for filing Cost Audit Report with the Central Government<\/td>\n<\/tr>\n
Form SH-8<\/strong><\/td>\nLetter of offer for Buy-Back<\/td>\n<\/tr>\n
Form\u00a0CHG-4<\/strong><\/td>\nForm for Satisfaction of Charge thereof<\/td>\n<\/tr>\n
Form MR-2<\/strong><\/td>\nForm of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or overpayment to managing director or whole-time director or manager and commission or remuneration to directors<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0The revised forms will be available on the portal on the portal\u00a0w.e.f\u00a022nd\u00a0 & 29 September, 2016\u00a0of MCA.<\/p>\n

Stakeholders are advised to download the latest version before filing.\u00a0Form- wise date of last version<\/p>\n

change is available at on the website of\u00a0MCA.<\/p>\n

KEY DATES:<\/span><\/strong><\/p>\n

Excise payment for Non SSI for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05\/10\/2016<\/p>\n

Service tax payment for company for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05\/10\/2016<\/p>\n

Service tax payment for Individuals\/Proprietory\/ Partnership Firms for the quarter ended by G.A.R.- 7 challan(6th if paid electronically)-05\/10\/2016<\/p>\n

Payment of TDS\/TCS challan No. 281-07\/10\/2016<\/p>\n

We make a living by what we get, but we make a life by what we give. \u00a0 -Winston Churchill<\/p>\n

“He who has never learned to obey cannot be a good commander\u00a0.\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>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0E: info@caindelhiindia.com<\/a> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 T:011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

Today updates: DIRECT TAX:- CBDT has issued a\u00a0Instruction No.9\/2016 (IDS)\u00a0 dated 27\/09\/2016\u00a0on Non \u2013indexation of assets sold prior to 01-06-2016.The Board has clarified that as per the provisions contained in section 183(2) of the Scheme that where the income chargeable to tax is represented in the form of investment in any asset, the fair market …<\/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":[647,144,142,146],"tags":[518,510,502,501,179,547,180,214,537,536],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2278"}],"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=2278"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2278\/revisions"}],"predecessor-version":[{"id":2779,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2278\/revisions\/2779"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}