{"id":2622,"date":"2017-01-03T06:44:40","date_gmt":"2017-01-03T06:44:40","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2622"},"modified":"2021-07-14T11:58:38","modified_gmt":"2021-07-14T11:58:38","slug":"corporate-and-professional-update-jan-03-2017","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-03-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JAN 03, 2017  \u00a0"},"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-69e703e0ad6da\" 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-69e703e0ad6da\"  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\/corporate-and-professional-update-jan-03-2017\/#Today_Update\" title=\"Today Update :\">Today Update :<\/a><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-03-2017\/#DIRECT_TAX\" title=\"DIRECT TAX:-\">DIRECT TAX:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-03-2017\/#Indirect_Tax\" title=\"Indirect Tax:-\">Indirect Tax:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-03-2017\/#MCA_Update\" title=\"MCA Update:-\">MCA Update:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-03-2017\/#ESIC_Update\" title=\"ESIC Update:-\">ESIC Update:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-03-2017\/#RBI_Update\" title=\"RBI Update:-\">RBI Update:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-03-2017\/#Other_Update\" title=\"Other Update:-\">Other Update:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-jan-03-2017\/#Key_Dates\" title=\"Key Dates:-\">Key Dates:-<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Today_Update\"><\/span><span style=\"color: #333399;\"><strong>Today Update :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<figure id=\"attachment_2623\" aria-describedby=\"caption-attachment-2623\" style=\"width: 508px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/Naming-Your-New-Business-750x422.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2623\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/Naming-Your-New-Business-750x422-300x169.jpg\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"508\" height=\"286\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/Naming-Your-New-Business-750x422-300x169.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2017\/01\/Naming-Your-New-Business-750x422.jpg 750w\" sizes=\"(max-width: 508px) 100vw, 508px\" \/><\/a><figcaption id=\"caption-attachment-2623\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">DIRECT TAX:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Reference to the Transfer Pricing Officer (TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. M\/s Alpha Nipon Innovative Ltd. Vs CIT.<\/li>\n<li>The validity of reopening of assessment &#8211; notice to a dead person &#8211; even if Section 159 is attracted, in that case also, the notice was required to be issued against and in the name of the heirs of the deceased assessee &#8211; Gujarat High Court in case of [Rasid Lala Vs. ITO].<\/li>\n<li>Since the assessment year, 1999-2000 and 2000-2001 became final prior to 30th September 2004, i.e. the introduction of the amended Section 142A, the respondent No.1\/ITO could not have reopened the issue in February, 2005 &#8211; Calcutta High Court in case of [Smt. Jharna Dey Vs. ITO, Ward-I, Bankura &amp; Others].<\/li>\n<li>Entitlement to deduction u\/s 10B &#8211; assessee is engaged in the business of manufacture of Injection Blow Molding Machines &#8211; whether exemption u\/s 10B has to be allowed from the total income before set off of brought forward losses and depreciation? &#8211; Held Yes &#8211; ITAT Mumbai in case of [A.C.I.T. \u2013 Circle 1, Kalyan Vs. M\/s ASB International Pvt. Ltd].<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">Indirect Tax:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Input Tax Credit cannot be disallowed merely for a technical defect in the VAT Invoice such as not mentioning of words \u201cInput Tax Credit is available to a person against this copy\u201d as per Rule 54 of the Punjab VAT Rules, 2005.\u00a0M\/s Avdesh Tracks Pvt. Ltd. Vs State of Punjab &amp; another.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">MCA Update:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>MCA has notified the\u00a0Companies (lncorporation) Fiffh Amendment Rules, 2016\u00a0which shall be applicable with effect from 1st Day of January, 2017.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"ESIC_Update\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">ESIC Update:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><a href=\"https:\/\/caindelhiindia.com\/service\/esi-registration\">ESI<\/a> applicability salary limit increased from Rs 15,000 PM to Rs 21,000 PM.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">RBI Update:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>RBI has issued clarification on Interest Subvention Scheme for Short Term Crop Loans during the year 2016-17.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Other_Update\"><\/span><span style=\"color: #333399;\"><strong><span style=\"text-decoration: underline;\">Other Update:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetized currency in RBI during the grace period.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key Dates:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>E-Payment of Service Tax for the month of December \u2013\u00a006.01.2017.<\/li>\n<li>Due date of deposit of Tax deducted\/collected for month of December \u2013\u00a007.01.2017.<\/li>\n<li>Due date to deposit of\u00a0DVAT of December &#8211; 21.01.2017.<\/li>\n<\/ul>\n<p>\u201cFailing is the process of learning, it helps to grow and know who you are. Rise every fall. This process that boost confidence gradually, over the course of your lifetime.\u201d<\/p>\n<p>We look forward for your valuable comments.\u00a0 <a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a><\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a> \u00a0E: info@caindelhiindia.com T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today Update : DIRECT TAX:- Reference to the Transfer Pricing Officer (TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. M\/s Alpha Nipon Innovative Ltd. Vs CIT. The validity of reopening of assessment &#8211; notice to a dead person &#8211; even if Section 159 is attracted, &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":[642,21,20,647,144,142,146],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2622"}],"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=2622"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2622\/revisions"}],"predecessor-version":[{"id":2739,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2622\/revisions\/2739"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}