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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws International Trade and Finance

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 –JUNE 2013. INDEX Direct Taxation Indirect Taxation Corporate and Other Laws

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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws International Trade and Finance

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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 –JUNE 2013

  2. INDEX • Direct Taxation • Indirect Taxation • Corporate and Other Laws • International Trade and Finance • StatutoryDueDates for June 2013 TM Newsletter –June 2013

  3. DIRECT TAXATION Index • Withholding tax rates, norms eased for FIIs and QFIs • Finance Minister on 21th May 2013 said that the benefit of lower withholding tax on interest income earned by foreign investors on their investments in corporate bonds and government securities will be available regardless when the debt was bought. • The benefit would be available in respect of interest income earned by Foreign Institutional Investors (FIIS) and Qualified Foreign Investors (QFIs) between 1st June 2013 to 31st May 2015. • Uniform DDT rate on debt-oriented mutual funds for all investors • From June 1, dividends declared by all debt-oriented mutual funds for individual and Hindu Undivided Family (HUF) investors will attract an uniform dividend distribution tax (DDT) rate of 25% (plus surcharge and cess, wherever applicable). Also, the surcharge on DDT for all MF schemes has also been hiked from 5% to 10.% • According to the existing structure, liquid funds are liable to pay DDT of 25% (plus surcharge and cess) for such investors, while funds other than liquid funds (such as ultra short-term, short-term, income, gilt, monthly income plan (MIP), and so on) are liable to DDT of 12.5% (plus surcharge and cess). The changes proposed by the finance minister in Budget FY14 are to provide uniform taxation of DDT for all types of investors in debt-oriented mutual funds. TM Newsletter – June 2013

  4. INDIRECT TAXATION Index • Tablets will continue to face higher rate of Import Duty • A tablet is a tablet and not a phone even if it allows for phone calls and shall face higher rate of import duty levied on computing devices. The Central Board of Excise and Customs, the apex indirect taxes body, has clarified that tablets that have calling function would be treated as a computing device and not a phone since the main function of the product is more akin to a computer. Computers and laptops face import duty (countervailing duty) at the rate of 12 % while mobile phones attract a concessional import duty at the rate of 6%. The duty differential offers huge arbitrage opportunities for companies to dub their tablets having calling facility as phones. • Service Tax Voluntary Compliance Encouragement Scheme • In an effort to boost revenue, the Finance Ministry has notified Service Tax Voluntary Compliance Encouragement Scheme. This will be a one time scheme. This scheme will be for non-filers too. The assessees concerned will have to give a truthful declaration of all pending dues between October 1, 2007 and December 31, 2012.It is clarified that the tax-payers will need to settle their dues for the period after December 31, 2012.Under the scheme, the assessee will be given an opportunity to pay half of the dues by December 31 this year while remaining amount can be paid by June 30, 2014. There will be no interest, penalty or any proceeding. However, if dues remain as on July 1, 2014, the assessee will have to pay with interest by December 31. TM Newsletter – June 2013

  5. CORPORATE AND OTHER LAWS Index • Delay in re-presentation of technical return cheques and levy of charges for such return RBI vide notification no. RBI/2012-13/493 in the interest of customers notified all banks that cheque return charges shall be levied only in case where the customer is at fault and is responsible for such returns. Cheques that need to be re-presented without any recourse to the payee, shall be made in the immediate next presentation clearing not later than 24 hours (excluding holidays) with due notification to the customers of such re-presentation through SMS, email etc. TM Newsletter – June 2013

  6. INTERNATIONAL TRDAE AND FINANCE Index • Mauritius’ tax info exchange pact with India ready • Mauritius said that a new Tax information Exchange Agreement (TIEA) with India has been negotiated and is ready to be signed. This would help the two countries exchange information on tax matters of the entities doing business in the two countries. TM Newsletter – June 2013

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

  8. Get in Touch www.nyaasa.com +91.98228 70043 +91.98231 18326 +91.20.3234 1738 +91.20.6500 8738 contact@nyaasa.com

  9. TM THANK YOU ! Newsletter –June 2013

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