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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws

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 2012. INDEX Direct Taxation Indirect Taxation Corporate and Other Laws

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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws

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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 2012

  2. INDEX • Direct Taxation • Indirect Taxation • Corporate and Other Laws • InternationalTrade and Finance • StatutoryDueDates for June 2012 TM Newsletter –June 2012

  3. DIRECT TAXATION Index • TDS on property deals withdrawn • Finance Minister on 7th May 2012 rolled back the proposed 1% tax deduction at source (TDS) on transfer of immovable property. • Earlier, the Finance Bill had proposed that "every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1% of such sum". • Government extends tax exemption for private PF trusts till Mar ’13 The government has extended the income tax exemption for all unrecognised private PF trusts till March 31 next year i.e. upto March 31, 2013. The amendment was incorporated in the Finance Bill which was approved by Lok Sabha on 8th May 2012. TM Newsletter – June 2012

  4. INDIRECT TAXATION Index • Articles of Jewellary exempts from whole of Excise Duty • Finance Minister has scrapped the 1% excise on gold jewellery proposed in the Budget, raising expectations among traders of a pickup in demand ahead of the wedding season. The proposed excise duty on both branded and unbranded jewellery, is rolled back. The decision would make gold cheaper by about 300 per 10 gram. • The Finance Ministry today decided to defer the levy of 10 per cent service tax on railway freight by three months. The levy had to come into effect from April 1. It would now be in force from July 1, 2012. • New Service Tax Refund System Soon The Central Board of Excise and Custom (CBEC) is set to issue a new methodology to ease refund of service tax for software exports. Meanwhile, the Board is also readying the introduction of a negative list for service tax from July 1, 2012. The new mechanism will give the method for calculation. Since software sales are happening in domestic as well as international markets, proportionate value (domestic sales and export sales) will be determined for inputs. On the basis of this, the CBDT will facilitate refunds of service tax. TM Newsletter – June 2012

  5. CORPORATE AND OTHER LAWS Index • Filing of Cost Audit Report & Compliance Report in XBRL Mode All the Cost Auditors and Companies which are liable to file Cost Audit Report and Compliance Report need to file their reports after 30th June 2012 in XBRL Format. • Revision of Interest Rates –SDS Finance Ministry has increased the interest rate on its Special Deposit Scheme (SDS) deposits. The SDS interest rate has been revised upwards to 8.8 per cent for the current fiscal, from the existing 8.6 per cent. The EPF subscribers, numbering about 5 crore, got only 8.25 per cent interest for the financial year 2011-12. • Deregulation of Interest rates on Export Credit in Foreign Currency With a view to increasing the availability of funds to exporters RBI has decided to allow banks to determine their interest rates on export credit in foreign currency with effect from may 5, 2012. TM Newsletter – June 2012

  6. CORPORATE AND OTHER LAWS Index • Transfer of Funds from NRO Account to NRE Account At present transfer of Funds from NRO to NRE account is not permissible. But it has been decided that henceforth NRI shall be eligible to transfer funds from NRO account to NRE Account within the overall ceiling of USD One Million per financial year subject to payment of tax as applicable. TM Newsletter – June 2012

  7. INTERNATIONAL TRDAE AND FINANCE Index • Firms may move to DTAA Countries • The Finance Minister’s amendments to the Finance Bill 2012-13, have ensured companies operating their businesses through countries with which India has double taxation avoidance agreements (DTAAs) would continue to enjoy a liberal capital gains tax framework for at least another year without much difficulty. However, once the General Anti-Avoidance Rule (GAAR) is implemented, these would be subject to tax provisions in India. • The GAAR would be applicable from April 1, 2013, and clarificatory amendments proposed in the Bill would not over-ride the DTAA provisions. As a result of the amendments, companies operating from countries with which India didn’t have DTAAs, would try to shift to countries with which India had such agreements, including Mauritius. TM Newsletter – June 2012

  8. STATUTORY DUE DATES FOR JUNE 2012 Index • Statutory Due Dates Calendar for June 2012 TM Newsletter – June 2012

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

  10. TM THANK YOU ! Newsletter –June 2012

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