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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

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Presentation on theme: "We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like."— Presentation transcript:

1 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 2012 TM

2 INDEX Direct Taxation Indirect Taxation Corporate and Other Laws Corporate and Other Laws International Trade & Finance Statutory Due Dates for January 2012 Newsletter –January 2012 TM

3 DIRECT TAXATION IndexIndex National Saving Certificates IX Vide Notification No. G.S.R.868(E) dated 7 th December 2011, Central Government specifies that National Savings Certificate – IX issue shall be the class of savings certificates to which Government Savings Certificate Act, 1959 will apply. Newsletter – January 2012 TM

4 INDIRECT TAXATION IndexIndex Service tax refund to exporters through Indian Customs EDI System (ICES) Central Board of Excise and Customs vide Circular No. 149/18/2011-Service Tax dated 16th December 2011, has proposed to introduce a simplified scheme for electronic refund of service tax to exporters, on the lines of duty drawback.. With the introduction of this new scheme, exporters now have a choice, either they can opt for electronic refund through ICES system, which is based on ‘schedule of rates’ or they can opt for refund on the basis of documents by approaching Central Excise/Service Tax formations. Filing of Service Tax Returns – Date extended again Central Board of Excise and Customs vide Order No. 3/2011-Service Tax dated 29th December 2011, extended the date of submission of half yearly return for the period April 2011 to September 2011 from 26th December 2011 to 6 th January 2012. Newsletter – January 2012 TM

5 CORPORATE AND OTHER LAWSIndexIndex Company Law Settlement Scheme Ministry of Corporate Affairs vide General Circular No. 71/2011 dated 15th December 2011 has extended the Company Law Settlement Scheme further, till 15th January 2012. It is further stated that this scheme will not be extended beyond 15 th January 2012. The other terms and conditions of the scheme will remain the same. PAN based DIN Ministry of Corporate Affairs vide General Circular No. 70/2011 dated 15th December 2011 has further extended the time limit for obtaining PAN based DIN by the directors to 29th February 2012. Newsletter – January 2012 TM

6 CORPORATE AND OTHER LAWSIndexIndex ECB denominated in Indian Rupees (INR) – hedging facilities for non-resident entities RBI has already permitted the eligible borrowers to avail ECB designated in INR from foreign equity holders under automatic/approval route. And also NGOs engaged in microfinance activities have been permitted to avail of ECBs designated in INR under the automatic route from overseas organizations and Individuals as per the extent of ECB guidelines. In order to facilitate this RBI has allowed non-residents to hedge their currency risk in respect of ECBs denominated in Indian Rupees with AD category I banks in India (vide RBI circular No. 63 dated 29 th December 2011). Newsletter – January 2012 TM

7 INTERNATIONAL TRADE & FINANCEIndexIndex Deregulation of Interest Rates on Non-resident (External) Rupee Deposits & Ordinary NRO Accounts RBI with a view to providing greater flexibility to banks in mobilizing non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on Non-resident (External) Rupee Deposit Accounts And Ordinary NRO Accounts (vide DBOD. Dir. BC.63/13.03.00/2011-12 dated 16 th December 2011). According to this banks are free to determine their interest rates on both saving deposits and term deposits of maturity of one year and above under Non-resident (External) Rupee Deposit Accounts and saving deposits under Ordinary NRO accounts with immediate effect. However interest rates offered by banks on these cannot be higher than those offered by them on comparable rupee deposits. Prior approval of Board/Asset Liability Management Company (if powers are delegated by the board) may be obtained by a bank while fixing interest rates on such deposits. At any point of time, individual banks should offer uniform rates at all their branches. The revised deposit rates will apply only to fresh deposits and on renewal of maturing deposits. Further banks should closely monitor their external liability arising on account of such deregulation and ensure asset-liability compatibility from systematic risk point of view. Newsletter – January 2012 TM

8 STATUTORY DUE DATES FOR JANUARY 2012 Index Index Statutory Due Dates Calendar for January 2012 Newsletter – January 2012 Due DateStatutory Compliance 5 th January 2012Payment of Service Tax/ Excise duty 7 th January 2012Payment of TDS 15 th January 2012Payment of Provident Fund contribution/ Profession Tax 15 th January 2012Filing of Quarterly TDS Return ( October to December Qtr) 21 st January 2012Payment of ESIC/ MVAT TM

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 Newsletter – January 2012 THANK YOU ! TM

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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

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