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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 – NOVEMBER 2014

2 INDEX Direct Taxation Indirect Taxation Corporate & Other Laws International Taxation Statutory Due Dates November 2014 Statutory Due Dates November 201 Newsletter –November 2014

3 DIRECT TAXATION IndexIndex Tax relief on transfer of manpower in SEZ The income tax (I-T) department has allowed profit-linked tax deductions to new Special Economic Zone (SEZ) units upon transfer of technical manpower up to 50 per cent from an existing unit — a further relaxation from 20 per cent allowed earlier in July this year. This will provide a major tax relief to software and IT-enabled services companies operating from such units. In Section 10A/AA of the Income Tax Act, a tax benefit is disallowed if a unit is formed by splitting up or reconstruction of a business already existing, or transfer of machinery previously used for any purpose in excess of 20 per cent in value. Newsletter – November 2014

4 INDIRECT TAXATION IndexIndex ST3 due date extended to 14 th November 2014 for 1 st half of 2014-15 In view of the recent Natural calamities in certain parts of the country, in exercise of the powers conferred by sub- rule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs vide Order No 02/2014- Service Tax dated 24th October, 2014 has extended the date of submission of the Form ST-3 for the period from 1st April 2014 to 30th September 2014, from 25th October, 2014 to 14th November, 2014. Newsletter – November 2014

5 CORPORATE AND OTHER LAWSIndexIndex Reporting on Internal Financial Control u/s 143 (3) (i) of the Companies Act, 2013 has been deferred for one year i.e., up to 01.04.2015 Ministry of Corporate Affairs has amended Rules for Chapter 10 (Audit and Auditors) of the Companies Act, 2013 and Reporting on Internal Financial Control u/s 143 (3) (i) of the Companies Act, 2013 has been deferred for one year i.e., up to 31.03.2015. The auditor shall report on the existence of adequate internal financial control and its operational effectiveness for the financial years on or after 01.04.2015.The auditor may voluntarily report for the year from 01.04.2014 to 31.03.2015. CLSS extended till 15 th November 2014 In continuation to the Ministry’s General Circular No. 34/2014 dated 12.08.2014 on the subject cited above, this Ministry has, on consideration of requests received from various stakeholders, has decided to extend the Company Law Settlement Scheme (CLSS 2014) upto 15th November, 2014. Newsletter – November 2014

6 INTERNATONAL TAXATIONIndexIndex India and Japan to sign advance pricing agreement to untie tax hassles India and Japan will soon sign an advance-pricing agreement (APA),. This ia a move that India will provide certainty to investors at a time the country is looking to attract big Japanese investment. This will bring lot of clarity between tax perception and the activity of that particular company. Newsletter – November 2014

7 STATUTORY DUE DATES FOR NOVEMBER 2014 Index Index Statutory Due Dates Calendar for November 2014 Newsletter – November 2014 Due DateStatutory Compliance 5 th November 2014Payment of Service Tax/ Excise duty 7 th November 2014Payment of TDS 10 th November 2014Excise Return (if monthly) 15 th November 2014Payment of Provident Fund contribution/ Profession Tax 21 st November 2014Payment of VAT 30 th November 2013Due date for filing return of income and wealth tax return in case of companies to whom report u/s 92E (Transfer Pricing) is applicable

8 Get in Touch www.nyaasa.com +91.20.6500 1753 contact@nyaasa.com

9 Newsletter – November 2014 THANK YOU !

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