Corporate Updates 15.11.2016

CBEC

CBEC has vide press release dated 11-11-2016 withdrawn the exemption to online information and database access or retrieval [OIDAR] services including electronic services provided in India by service providers located in foreign territory w.e.f 1st December, 2016. For levy of such tax, a simplified online mechanism of taking registration has been prescribed and simplified mechanism of online payment of taxes and online filing of returns is also being prescribed. A detailed Circular No. 202/12/2016-Service Tax dated 09.11.2016 has been issued by CBEC, explaining the likely issues arising from the withdrawal of this exemption.

MCA

MCA is likely to revise Forms : Form AOC-4 (Form for filing financial statement and other documents with the Registrar), Form AOC-4 Addendum and Form AOC-4 CFS (Form for filing consolidated financial statements and other documents with the Registrar) on its MCA21 Company Forms Download page w.e.f 16th November, 2016. Stakeholders are advised to check the latest version before filing.
"CS Shivam Rastogi is a Fellow Member of the Institute of Company Secretaries of India, Managing Partner of SVR & Co. Company Secretaries and Past Chairman of Noida Chapter of NIRC of the ICSI. He also have diversified experience in Corporate Laws, Taxation, Legal Audits, Secretarial Management & Compliance thereof, Arbitration & Reconciliation, Stock Market operations, Consumer Protection Laws, Business Administration"

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