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INDEX Direct Taxation Indirect Taxation Corporate & Other Laws Accounting & Audit Accounting & Audit Statutory Due Dates October 2015 Newsletter – October 2015

DIRECT TAXATION IndexIndex Government Extends the due Date for E-Filing of Returns of Income Tax and Audit Reports U/S 44AB of Income Tax Act from 30th September, 2015 to 31st October 2015 The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 has been the subject matter of litigation in various High Courts across the country. While some High Courts have ruled in favour of the extension of due date, some others have ruled otherwise. In order to avoid discrimination between taxpayers residing in different jurisdictions and to be fair to all, and also in view of paucity of time to approach the Hon’ble Supreme Court by way of Special Leave Petition, the Government has decided that across the country, all the returns of income and audit reports u/s 44AB which were due for e- filing by 30th September, 2015, may now be filed by 31st October, CBDT simplifies procedure for 15G & 15H The CBDT has simplified the procedure for filing of self declaration by individuals in 15G and 15H forms, allowing them to do it electronically. Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income. The procedure for submission of the forms by the deductor has also been simplified and now they would allot a Unique Identification Number (UIN) to all self­-declarations, w.e.f. 1 st October,2015 according to a Central Board of Direct Taxes (CBDT). Newsletter –October 2015

INDIRECT TAXATION IndexIndex Service Tax Department to focus on Five evasion prone sectors Faced with lower-than-expected growth in Service Tax collection, the revenue department has decided to focus on five key sectors, including telecom and renting of property, where the possibility of tax evasion is high. The sectors, according to the Service Department, which have been identified as evasion prone include aviation operations, manpower recruitment and security agencies, works contract and construction. With a view to improve collection, the Service Tax department has prepared sector specific profile of five sectors which are prone to evasion. The profiling is being done with an aim to help in service tax audit and scrutiny of returns. Sector specific profiling would be in addition to the manual scrutiny of service tax returns of assesses based on risk parameters which has been initiated from August 1. Newsletter –October 2015

CORPORATE AND OTHER LAWSIndexIndex RBI proposes easier ECB norms The central bank came out with a draft paper that allowed Indian companies to raise funds from a wider class of lenders. The RBI said companies would now be able to borrow up to $50 million in ECBs with three-year maturities and more than $50 million for five-year maturities, from the earlier $20 million. According to the proposal, companies can now take the ECB route for raising 10-year funds which is capped at five years now. Overseas regulated financial entities, pension funds, insurance funds, sovereign wealth funds and similar other long-term investors are included in the list of recognised lenders for long-term funding into India. The draft paper also said the central bank would now allow real estate investment trusts and infrastructure investment trusts to raise rupee-denominated funds offshore, a step likely to provide some relief to the cash-strapped real estate sector in India. However, the RBI also proposed tightening how much companies can pay to borrow via ECBs, saying it would lower by 50 basis points (bps) the current all-in-cost ceiling of 350 bps over six-month Libor for three-five-year loans and 500 bps over Libor for above five-year maturities. Newsletter – October 2015

ACCOUNTING & AUDITIndexIndex RBI directs concurrent auditors to submit report directly to banks The Reserve Bank of India has asked concurrent auditors of commercial banks to do to submit their review of non-performing loans directly to the banks and discontinue the practice of submitting it to the statutory auditors who conduct quarterly and half yearly review of bank accounts. Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. Concurrent audit system is regarded as part of a bank's early warning system to ensure timely detection of irregularities and lapses, which also helps in preventing fraudulent transactions at branches. Newsletter – October 2015

STATUTORY DUE DATES FOR OCTOBER 2015 Index Index Statutory Due Dates Calendar for October 2015 Newsletter – October 2015 Due DateStatutory Compliance 5th October 2015Payment of Service Tax/ Excise duty 7th October 2015Payment of TDS 10th October 2015Excise Return (if monthly) 15th October 2015Payment of Provident Fund contribution/ Profession Tax 15th October 2015Filing of Quarterly TDS Return ( July to September Qtr) 21st October 2015Payment of VAT 25th October 2015Filing of Service Tax Return

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Newsletter – October 2015 THANK YOU !