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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws International taxation

TM. We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like a slice of a wholesome pie. NEWSLETTER – SEPTEMBER 2013. INDEX Direct Taxation Indirect Taxation Corporate and Other Laws

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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws International taxation

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  1. TM We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like a slice of a wholesome pie. NEWSLETTER – SEPTEMBER 2013

  2. INDEX • Direct Taxation • Indirect Taxation • Corporate and Other Laws • International taxation • Statutory Due Dates for September 2013 TM Newsletter – September 2013

  3. DIRECT TAXATION Index • Tax Residency Certificate norms relaxed • India has entered into double-taxation avoidance agreements with many countries to provide relief to taxpayers who qualify as tax residents of other countries. The Finance Act 2012 made it mandatory for non-residents to produce a tax residency certificate (TRC) from the country of tax residence, with details to be prescribed if such individuals wish to avail of treaty benefits in India. The requirement was introduced with respect to income arising during the year ended March 31, 2013, and subsequent years. • While relaxing the TRC norms, the requirement of the TRC has been retained, the TRC issued by the other country need not necessarily contain the prescribed details. Instead, non-residents are required to provide certain information to be prescribed. On August 1, the CBDT has prescribed the format in which such additional information needs to be provided by the taxpayer. This flexibility granted to non-resident taxpayers to provide a TRC issued by the country of treaty residence without necessarily following a specific format and supplemented by additional details by way of a self-declaration is a welcome move. TM Newsletter – September 2013

  4. INDIRECT TAXATION Index • Date of Filing Service Tax Return Extended • Vide Order No: 4/2013-Service Tax, Central Board of Excise & Customs extended the date of submission of the Form ST-3 for the period from 1st October 2012 to 31st March 2013, from 31st August, 2013 to 10th September, 2013. The date extended because of difficulties have been faced by assessees in uploading the offline utilities. • Customs Duty on Gold & Platinum Increased • As a part of measures towards containing the current account deficit, the customs duty on gold and platinum has been increased from 8% to 10% and on silver from 6% to 10%. Consequential adjustments in customs duties are being made on gold ore / concentrate, gold dore bar and silver dore bar. Thus, additional duty of customs (CVD) on gold dore bars and on gold ore/concentrate is being increased from 6% to 8% and on silver dore bar from 3% to 7%. TM Newsletter – September 2013

  5. CORPORATE AND OTHER LAWS Index • Rajya Sabha Clears Companies Bill • The Rajya Sabha on Thursday, 8th August 2013, approved the much awaited new Companies Bill, making it mandatory for profit making companies to spend on activities related to Corporate Social Responsibility (CSR). In case, a company is not doing so, it will have to explain the reasons for shortfall. The Bill was already passed by Lok Sabha in December last year and now only President’s nod has been obtained to make it an Act. The Bill, aimed at improving corporate governance, also contains provisions to strengthen regulations for corporate as well as auditing firms. The new Bill retains the old provisions, but also adds stronger and progressive provisions. The new Companies Bill will make acquisitions, mergers and restructuring easier for companies, empower private equity investors to enforce various agreements and check misuse by promoters by increasing transparency, say experts. Experts further say the bill could potentially trigger a spate of domestic and cross-border mergers and acquisitions and make Indian firms more attractive to PE investors. TM Newsletter – September 2013

  6. INTERNATIONAL TAXATION Index • Draft Safe Harbour Rules • In an effort to reduce Transfer Pricing ('TP') litigation, Section 92CA was introduced by the Finance Act (No. 2), 2009, authorising the Central Board of Direct Taxes (CBDT) to formulate safe harbour rules. Safe harbour rules are basically a set of directives or guidance on activities or margins whereby the revenue authorities should accept the pricing of a controlled transaction declared by the taxpayer without demur.The purpose of introduction of safe harbour concept was to give assurance to the taxpayers that proper leverage will be allowed to them in given situations and circumstances. After a long wait, draft of Safe Harbour Rules have now been notified. The draft rules provide for an option either to adopt the rules or go for the normal TP provisions. The comments are invited from all stakeholders the same. TM Newsletter – September 2013

  7. STATUTORY DUE DATES FOR SEPTEMBER 2013 Index • Statutory Due Dates Calendar for September 2013 TM Newsletter – September 2013

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  9. TM THANK YOU ! Newsletter –September 2013

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