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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 – SEPTEMBER 2011 TM

2 INDEX Direct Taxation Indirect Taxation Corporate and Other Laws Accounting and Auditing Statutory Due Dates for September 2011 Newsletter – September 2011 TM

3 DIRECT TAXATION IndexIndex Refund claims on TDS statements CBDT vide circular No.6/2011 dated 24 th August 2011 has extended the date for filing of refund claims on TDS statements. According to this, the refund claims on TDS statements pertaining to the period upto March 31, 2009 may now be submitted to the Assessing Officer (TDS) upto 31-12-2012. Newsletter – September 2011 TM

4 INDIRECT TAXATION IndexIndex Electronic Filing of Service Tax Returns The Government of India vide Notification no. 43/2011- Service Tax amended the Service Tax Rules 1994. According to this amendment, Government made it mandatory for every assessee to file the half-yearly service tax return electronically. The amendment will come into force from 1 st October 2011. With this amendment, the half yearly return which is now due on 25 th October 2011 (as well as all subsequent returns) has to be filed electronically by all the assesses. Newsletter – September 2011 TM

5 CORPORATE AND OTHER LAWS IndexIndex Company Law Settlement Scheme 2011 The Ministry of Corporate Affairs, in exercise of the powers under Section 611(2) and 637B (b) of the Companies Act, 1956 has introduced the "Company Law Settlement Scheme, 2011," vide its General Circular No. 59 /2011 dated August 5 th, 2011 condoning the delay in filing of documents, granting immunity from prosecution and waiver of 75% of the additional fees payable on filing of belated documents. The scheme shall be effective from August 12th, 2011 till October 31st, 2011. Benefits: Condoning the delay in filing statutory documents (i.e. Secretarial Compliance Certificate, Balance Sheets and Annual Returns) with the Registrar of Companies; Granting immunity from the prosecution on obtaining immunity certificate from the Registrar of Companies; Waiver of 75% of additional fees payable for filing belated documents. Eligibility & Applicability: Any "defaulting Company" is permitted to file belated documents, which were due for filing till June 30th, 2011 other than companies against which action under sub-section (5) of section 560 has been initiated by the Registrar of Companies for striking off. Newsletter – September 2011 TM

6 Defaulting Company: means a Company registered under Companies Act, 1956 and a foreign Company falling under Section 591 of the Act, which has made a default in filing of documents on the due date(s) as per the provisions of Companies Act, 1956 Scheme shall be limited to filing of the following documents pertaining to annual compliance by the companies: Form 20B- For filing annual return by the companies having share capital Form 21A- For filing annual return by the companies not having share capital Form 23AC & ACA- For filing Balance Sheet and Profit & Loss Account Form 66- For submission of Compliance Certificate TM

7 ACCOUNTING AND AUDITINGIndexIndex Extension of date for XBRL Filing The Corporate Affairs Ministry made it mandatory for certain companies to file financial statements for 2010-11 and onwards using XBRL (eXtensible Business Reporting Language). Ministry of Corporate Affairs vide their circular No. 57/2011 dated 28 th July 2011 extended the time limit for filing XBRL information for 2010-11 to November 30 this year. The verification and certification of the XBRL document of financial statements on the e-forms would continue to be done by authorized signatory of the company as well as Chartered Accountant or Cost Accountant or Company Secretary in whole time practice. Newsletter – September 2011 TM

8 STATUTORY DUE DATES FOR AUGUST 2011 Index Index Statutory Due Dates Calendar for August 2011 Newsletter – September 2011 Due DateStatutory Compliance 5 th September 2011Payment of Service Tax/ Excise duty 7 th September 2011Payment of TDS 15 th September 2011Payment of Provident Fund contribution/ Profession Tax 21 st September 2011Payment 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 –September 2011 THANK YOU ! TM

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