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II. Useful Updates on Companies Act 2013:
1. Central Govt. establishes Central Registration Centre for Reservation of Names under the Companies Act, 2016 w.e.f. 26th January, 2016 [Notification No.SO.218(E), and published in the Gazette of India Extraordinary, dated 22nd January, 2016].
Brief highlights of CRC are that it —
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has territorial jurisdiction all over India
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is located at Indian Institute of Corporate Affairs [IICA], Plot No.6-7-8, Sector 5, IMT Manesar [Distt. Gurgaon, Haryana]
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will process applications, in e-Form No.INC-1 alongwith prescribed fee, for reservation of name(s)
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is under the administrative control of Registrar of Delhi [RoC, Delhi]
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RoC, Delhi acts as Registrar, CRC
[until appointment of separate registrar to CRC]
Approval
of name(s) proposed in e-Form NO.29 will continue to be processed by
the respective Registrar of Companies having jurisdiction over
incorporation of companies as per the provisions of, and the rules made
under, the Companies Act, 2013.
(Please click here for related notifications)
2. Amendments made to the The Companies (Incorporation) Rules, 2014, w.e.f. 26th January, 2016 [Notification dated 22nd January, 2016].
Highlights of these amendments, in brief, are :
Where the name proposed is —
- likely to produce a misleading impression regarding the scope or scale of activities
[(xvii) of clause (b) of sub-rule (2) of Rule 8]
which, inter alia, were earlier considered undesirable, omitted.
Similarly, the requirement of —
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changing its name where any company changed its activities [to bring it in line with changed activities]
[sub-rule (3) of Rule 8]
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‘no
objection’, where the key word used in the name proposed is of another
person than that of the promoter etc., from that another person, or
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‘proof of relation’ where the name includes the name of a relative
[sub-rule (4) of Rule 8]
has been done away with. In other words, the above are now not relevant for approval etc. of a name.
Regarding submission of documents —
-
one
more opportunity to remove defects or deficiencies, as intimated by the
Registrar. In other words, an applicant will now have, in all, three
opportunities, in place of the hitherto before two opportunities.
[clause (ba) to sub-rule (12) of Rule 36 inserted]
(Please click here for related notifications)
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III. Direct Taxes Case Law:
1. Abhishek Govil Vs. CIT, Income Tax Appeal No. 19/2016, Date of Order: 06.01.2016, High Court of Delhi
Whether
maintenance charges received is taxable under the head Income from
house property where a separate agreement is entered and TDS is deducted
u/s 194C.
Held_ No
The assessee
entered into two separate agreements with the lessee one for rental
receipt and another for maintenance charges. TDS was deducted u/s 194-I
on rental receipt and u/s 194C on maintenance charges. The AO contended
that the receipts on account of the maintenance are taxable under the
head of income from other sources. Whereas, the assessee contended that
form of the agreements should be ignored and if the substance of the
maintenance agreements is considered, it would be seen that the said
agreements were not for purposes of rendering any service and the
consideration payable pursuant to the said agreements, was in reality
lease rentals.
The Hon’ble
High Court upheld the decision of the AO, CIT and ITAT and added that
the lessee had deducted TDS on the said charges at the rate as
applicable to payments made to contractors moreover a plain reading of
the agreements also indicates that the said charges were payable as
consideration for providing services mentioned therein. Thus,
consideration received in respect of the said agreements could not treat
as rental income. Appeal of the assessee was dismissed.
(Please click here for judgment)
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