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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws Audit & Accounts

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 2014. INDEX Direct Taxation Indirect Taxation Corporate and Other Laws

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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws Audit & Accounts

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  1. 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 2014

  2. INDEX • Direct Taxation • Indirect Taxation • Corporate and Other Laws • Audit & Accounts • Statutory Due Dates for September 2014 Newsletter – September 2014

  3. DIRECT TAXATION Index • Due date for filing Tax Audit Report Extended CBDT, vide notification F. No. 133/24/2014 dated 20th August 2014, extended due date for furnishing Tax Audit report u/s 44AB of the Income Tax Act, 1961 for AY 2014-15 from 30.09.2014 to 30.11.2014 in case of assessees who are not required to furnish report under section 92E of the Act. The order is silent about the extension of due date for filing returns. Audit report needs to be furnished first before filing income tax returns for audit assesses. However the CBDT order remains unclear on this subject. Newsletter – September 2014

  4. INDIRECT TAXATION Index • Important Service Tax Amendments applicable from 1st October 2014 The CBEC vide its Notification No. 18/2014-ST dated August 25, 2014 (“the Notification”) has fixed the date of applicability of provisions of Section 114(A),(B),(C) of the Finance (No.2) Act, 2014 as October 1, 2014 (“Effective Date”). The changes include, changes made in Interpretation of various terms -, Changes made in the Negative List of Services, Changes made in Rate of Exchange for valuation of Export or Import of Services, Variable Rates of Interest for Delayed Payment of Service Tax, Changes in Partial Reverse Charge Mechanism etc. E-payment of Service tax has been made mandatory with effect from October 1, 2014. Relaxation from e-payment may be allowed by the Deputy Commissioner/ Asst. Commissioner on case to case basis. Newsletter – September 2014

  5. CORPORATE AND OTHER LAWS Index • EPF Limit increased to Rs. 15,000/- Vide notification dated 22nd August 2014, Ministry of Labour and Employment has increased  Employee Provident Fund (EPF) Limit  to Rs. 15000 from existing Rs. 6500 wef 01.09.2014. This Scheme may be called the Employees’ Provident Funds (Amendment) Scheme, 2014. It shall come into force on and from the 1st day of September, 2014.  • Company Law Settlement Scheme The Ministry of Corporate Affairs, in order to give an opportunity to companies who have failed to file annual statutory documents (Annual Return and Financial Statements), has launched  Company Law Settlement Scheme, 2014 (CLSS-2014), vide General Circular no. 24/2014 dated 12th August 2014. The scheme gives an opportunity to the defaulting companies to enable them to make their default good by filing belated documents. Under this scheme corporates can avail immunity from prosecution from delayed filing and reduced additional fee of 25% of actual fee payable. The scheme shall remain in force for a period of 2 months from 15th August 2014 to 15th October 2014. Newsletter – September 2014

  6. Audit & Accounts Index • MNC audit exemption for past transactions only with inflation adjustment Audit exemption allowed by the taxman for MNCs subject to their declaring transaction prices above specified thresholds would be available for past transactions only with inflation adjustments. Under the advance pricing agreement (APA), a facility built into the income tax law to avoid litigation to the extent possible, an MNC can get audit exemption either by a mutual agreement with the taxman on the arm's length price of cross-border transactions or the profit margins they need to declare in India regarding such transactions. The government has now decided that in case an MNC opts for agreement on arm's length price, then, as regards past transactions, the said price has to be adjusted for inflation. This means, for instance, if an Indian entity is exporting a service to an associate in another country at an arm's length price agreed under an APA, it will have to show a lower price for the previous years for audit waiver. Similarly, an Indian entity importing a product or service from a foreign associate will have to consider inflation in that country while arriving at the value of past year transactions to get APA benefit for those years. Inflation in India has been high in recent years compared to most of India's leading trade partners, including western countries. Finance minister Arun Jaitley, in his Budget, conceded to the industry's demand for a 'roll back' (retrospective application) of the APA — deals signed between companies and the tax department to avoid tax audits in future years if certain minimum profits are declared by the firms. Newsletter – September 2014

  7. STATUTORY DUE DATES FOR SEPTEMBER 2014 Index • Statutory Due Dates Calendar for September 2014 Newsletter – September 2014

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  9. TM THANK YOU ! Newsletter –September 2014

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