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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 –JULY 2012 TM

2 INDEX Direct Taxation Indirect Taxation Corporate and Other Laws Corporate and Other Laws Accounts& Audit Accounts& Audit Statutory Due Dates for July 2012 Statutory Due Dates for July 2012 Newsletter –July 2012 TM

3 DIRECT TAXATION IndexIndex Government to remove multilevel TDS on software from July The government declared that it will do away with the complex multi-level system of Tax Deduction at Source (TDS) for the software sector from July 1. As per this, “ No deduction of tax shall be made on Payment by a person (transferee) for acquisition of software from another person (transferor), being a resident". The provisions will come into force from July 1, 2012. Under the current structure, TDS of 10% is levied at every level of software distribution chain -- right from master distributor to retailer and then to the final consumer. The exemption from multi-level TDS would be applicable in case where the software is acquired in a subsequent transfer, without any modification. Besides, the exemption will also be provided in cases where tax has been deducted under 194J on payment for any previous transfer of such software or under Section 195 on payment for any previous transfer of such software from a non-resident. Further, it will also apply in those cases wherever the transferor had paid the taxes. Newsletter – July 2012 TM

4 DIRECT TAXATION IndexIndex Tax Relief on ECBs for stressed Infra Sectors To help stressed infrastructure sectors such as aviation, the government would soon announce a cut in withholding tax on interest payments on external commercial borrowings (ECBs), reducing it from 20% to 5%. The withholding tax would be liberalised, as announced in the 2012-13 Budget. This, was aimed at providing low-cost funds to power, airlines, roads & bridges, ports & shipyards, affordable housing, fertilizer, and dams sectors. Considering the high interest rates in the domestic market, low-cost ECBs could provide a source of low-cost funds to these sectors. TM

5 INDIRECT TAXATION IndexIndex Service Tax- Negative List Regime to start from 1 st July 2012 The Central Government vide Notification No.19/2012 dated 5 th June 2012 has announced Date of Introduction of new regime of most awaited Negative List approach in Service Tax, which will apply w.e.f. 01.07.2012 i.e. service tax would be applicable on all services except those mentioned either in the Negative List or in the Mega Exemption List. The Government has issued the Mega Exemption list through which the services mentioned in that list will be exempted from Service tax. To name a few Sale of businesses, services of lawyers to small firms and construction of metro and monorail will not attract service tax. Also exempted are services provided by advocates with a turnover of up to Rs 10 lakh in the preceding financial year, derivative instruments, such as interest rate and currency swaps, Mutual fund agents and their sub-agents for distributing or marketing mutual funds etc. Newsletter – July 2012 TM

6 CORPORATE AND OTHER LAWSIndexIndex MSME definition may be revised The definition of micro, small and medium enterprises (MSME) sector might be revised by raising the ceiling for investment in each segment. It would mean investing a larger sum, than prescribed under the current definition, would keep the enterprises in the MSME fold. Other factors likely to get a play in the new definition of MSME include the number of employees in the enterprises and the turnover. The current classification marks enterprises in manufacturing sector with an investment in plant and machinery of up to Rs 25 lakh as micro, up to Rs 5 crore as small and up to Rs 10 crore as medium enterprises. Similarly, the limits for enterprises providing services are set at Rs 10 lakh, Rs 2 crore and Rs 5 crore for micro, small and medium enterprises, respectively. MSME ministry wants to change the definition of MSME in the backdrop of changing patterns in the industrial sectors and overall inflationary conditions. TM Newsletter – July 2012

7 ACCOUNTS & AUDITIndexIndex Company’s Auditors Report with qualifications to face SEBI Scrutiny A committee set up by the SEBI, will scrutinise all auditor qualifications of balance sheets of listed companies and ask the management to restate numbers in case of violation of accounting rules. SEBI would discuss this issue at its board meeting soon and then the further policies and procedures for the same will be outlined. The market regulator also proposes to make electronic voting mandatory, in a move aimed at ensuring larger shareholders participation Newsletter – July 2012 TM

8 STATUTORY DUE DATES FOR JULY 2012 Index Index Statutory Due Dates Calendar for July 2012 Newsletter – July 2012 Due DateStatutory Compliance 5 th July 2012Payment of Service Tax/ Excise duty 7 th July 2012Payment of TDS 15 th July 2012Payment of Provident Fund contribution/ Profession Tax 15 th July 2012Filing of Quarterly TDS Return ( April to June Qtr) 21 st July 2012Payment of ESIC/ MVAT 31 st July 2012Due date of filing Return in case of assessee having incomes from Salary, Rent, Capital gain, Interest, or Business (for those where tax audit is not mandatory) 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 –July 2012 THANK YOU ! TM

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