Transcript Slide 1

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NEWSLETTER –JUNE 2012
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INDEX
• Direct Taxation
• Indirect Taxation
• Corporate and Other Laws
• International Trade and Finance
• Statutory Due Dates for June 2012
Newsletter –June 2012
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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•TDS on property deals withdrawn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.
Newsletter – June 2012
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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.
Newsletter – June 2012
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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.
Newsletter – June 2012
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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.
Newsletter – June 2012
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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.
Newsletter – June 2012
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STATUTORY DUE DATES FOR JUNE 2012
Index
•Statutory Due Dates Calendar for June 2012
Due Date
Statutory Compliance
5th June 2012
Payment of Service Tax/ Excise duty
7th June 2012
Payment of TDS
15th June 2012
Payment of Provident Fund contribution/
Profession Tax
15th June 2012
Payment of Advance Income tax
21st June 2012
Payment of ESIC/ MVAT
Newsletter – June 2012
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Newsletter –June 2012