{"id":447,"date":"2015-11-02T08:39:59","date_gmt":"2015-11-02T08:39:59","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=447"},"modified":"2021-07-07T13:14:29","modified_gmt":"2021-07-07T13:14:29","slug":"today-updates","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/today-updates\/","title":{"rendered":"CORPORATE TAX UPDATES NOV 1,2015"},"content":{"rendered":"

CORPORATE UPDATES:<\/span><\/strong>\u00a0<\/strong><\/span><\/p>\n

    \n
  1. IT:<\/strong><\/span> Income received by ‘All India Football Federation’ from sponsorship and telecasting rights did not amount to carrying out any activity in the nature of trade, commerce or business but was incidental to main objective of promoting the game of football in India\u00a0[2015] \u00a0362 (Delhi – Trib.)\u00a0 Deputy Director of Income -tax (Exemption) v. All India Football Federation.\u00a0<\/span><\/strong><\/li>\n<\/ol>\n
      \n
    1. Govt. inaugurats PAN camps for receiving PAN applications in remote areas\u00a0<\/strong><\/li>\n<\/ol>\n
        \n
      1. Set-off of losses allowed despite change in shareholding if control over Co. remains unchanged
        \nIT :<\/strong> <\/span>During the relevant Assessment year holding company of assessee reduced its shareholding from the 51% to 6% by transferring its shares to anothersubsidiary company.The revenuerefused to allow carry forward and set-off of business losses [2015] \u00a0350 (Karnataka)\u00a0CIT v. AMCO Power Systems Ltd.\u00a0<\/span><\/strong><\/li>\n<\/ol>\n
          \n
        1. No penalty if assessee has bona fide belief that service tax isn’t leviable<\/li>\n<\/ol>\n

          ST:<\/strong><\/span> Where assessee was under bonafide belief that its activities were non-taxable, same was a reasonable cause for non-payment of service tax in time, and hence, no penalty could be imposed in such case [2015] (Mumbai – CESTAT)\u00a0Arvind Processors (P.) Ltd. v. Commissioner of Central Excise & Service Tax.<\/span><\/strong><\/p>\n

          (This is repeated from yesterday considering its relevance in today’s regime after negative list.)\u00a0<\/strong><\/p>\n

            \n
          1. General Circular N o.74\/2075 : <\/strong><\/span>Relaxation of additional fees and extension of last date of liling of AOC-4, AOC”4 XBRL and MGT-7 E-Forms under the Companies Act, 2013. It has been decided to relax the additional fee payable on forms AOC-4 and AOC-4 XBRL upto\u00a030th November, 2015. The additional fee requirement for MGT<\/li>\n<\/ol>\n

            The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-23343333<\/p>\n","protected":false},"excerpt":{"rendered":"

            CORPORATE UPDATES:\u00a0 IT: Income received by ‘All India Football Federation’ from sponsorship and telecasting rights did not amount to carrying out any activity in the nature of trade, commerce or business but was incidental to main objective of promoting the game of football in India\u00a0[2015] \u00a0362 (Delhi – Trib.)\u00a0 Deputy Director of Income -tax (Exemption) …<\/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":[502,501,569,572,259,561,541,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/447"}],"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=447"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/447\/revisions"}],"predecessor-version":[{"id":1393,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/447\/revisions\/1393"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}