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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 – JANUARY 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 – JANUARY 2013

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

  3. DIRECT TAXATION Index • Fine on entities not depositing tax in time • The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the Act which levies a fee of Rs 200 for everyday of delay and the system does not accept the TDS statement until the delay fee has been paid. • The Central Board of Direct Taxes (CBDT) has taken serious note of defaulters and has ordered launch of prosecution in appropriate cases. • IT Department Proposes to introduce E-SIGNATURE on ITR • Income Tax Department proposes to introduce an electronic signature for efiling of Income Tax Returns in addition to existing Digital Signature Certificate / ITR V. The e-signature shall be based on the validation of the taxpayer on the basis of the data available with the Income Tax department. Data such as bank A/c number, CPC intimation number, valid TAN and the personal details of the taxpayer. This e-signature proposed to be given to the existing e-filers (will not be available to first time e-filers) in select categories of such as ITR 1, ITR 2 and ITR 4S. TM Newsletter – January 2013

  4. INDIRECT TAXATION Index • Government exempts Janashree and Aam Aadmi Bima Yojana from Service Tax • The Central Government vide Notification No.49 /2012 – Service Tax, dated 24th December, 2012 exempts the following two Schemes under  services of life insurance business from Service tax by adding the same in mega Exemption Notification No. 25/2012-Service Tax :- • (a) Janashree Bima Yojana (JBY); • (b) Aam Aadmi Bima Yojana (AABY). TM Newsletter – January 2013

  5. CORPORATE AND OTHER LAWSIndex • Due date for filing Cost Audit Report in XBRL mode extended to 31st January 2013 • As per General Circular number 43/2012 dated 26th December 2012, time limit to file Cost Audit Report and Compliance Report for the year 2011-12 [including the overdue reports relating to any previous year(s)] in XBRL mode, without any penalty has been extended upto January 31, 2013 or within 180 days from the close of the company´s financial year to which the report relates, whichever is later. TM Newsletter – January 2013

  6. INTERNATIONAL TAXATION Index • India to sign tax information exchange agreements with 34 more dominions • India is looking to sign tax information exchange agreements with a further 34 jurisdictions/countries. This is in addition to the agreements already signed with 12 countries/ jurisdictions, including the Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Isle of Man, Jersey, Guernsey, Liberia and Macau. All these agreements are in force. • In addition, three more tax info agreements have been signed with Argentina, Bahrain and Monaco which will come into effect after completion of necessary formalities in these countries/jurisdictions. TM Newsletter – January 2013

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

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