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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 – FEBRUARY 2013 TM

2 INDEX Direct Taxation Indirect Taxation Corporate and Other Laws Corporate and Other Laws International Taxation Statutory Due Dates for February 2013 Newsletter –February 2013 TM

3 DIRECT TAXATION IndexIndex Extension of time limit for filing ITR-V for AY 2010-11, 2011-12 and 2012-13 The Director General of Income Tax (Systems) extended the time limit for filing ITR V forms relating to Income Tax Returns filled electronically (without digital signature certificate)| for AY 2010-11 and 2011-12 till 28 th February 2013. In respect of returns filled for AY 2012-13 for which ITR- V are yet to be received at the central processing centre and time limit of 120 days is also elapsed, the time limit for filing ITR –V is extended up to 31 st March 2013 or 120 days from the date of uploading the electronic return data, whichever is later. (vide notification no. 1/2013 dated 7 th January 2013) GAAR implementation deferred by 2 years The government has deferred implementation of the General Anti-Avoidance Rules ( GAAR) by two years. The rules were to come into effect from 2013-14 financial year. Now, it will come into effect from 2015-16 financial year or 2016-17 assessment year. Newsletter – February 2013 TM

4 INDIRECT TAXATION IndexIndex Customs Duty on Gold Enhanced The Central Government vide notification no.1/2013 dated 21 st January 2013, has increased the customs duty on Gold from 4% to 6% to discourage the consumption of the same. The government also raised the import duty on gold dore (an alloy of gold and silver used by refineries to produce pure gold) bars to 5% from 2%.However, industry executives say buyers may, at best, defer gold purchases for some time, but the decisions would not deter them in the medium term as the fundamental aspect of gold as a profitable investment tool and a hedge against inflation still stands. Newsletter – February 2013 TM

5 CORPORATE AND OTHER LAWSIndexIndex Due date for filing Balance Sheet And P&L A/C in XBRL mode extended till 15 th February 2013 As per General Circular number 1/2013 dated 15th January 2013, time limit to file financial statements in XBRL mode, without any penalty or additional fees has been extended upto February 15, 2013 or within 30 days from the due date of AGM, whichever is later. Newsletter – February 2013 TM

6 INTERNATIONAL TAXATIONIndexIndex GAAR won’t apply to FIIs and NRIs In an attempt to ease foreign investor concerns over the general anti-avoidance rules (GAAR), finance ministry said that GAAR will not apply to FIIs who choose not to take any benefit under any tax treaty India has with other countries. It will also not apply to non-resident investors in FIIs. GAAR will not apply to foreign institutional investors (FIIs) who choose not to take any benefits under an agreement under Section 90 or Section 90 A of the Income-Tax Act, 1961. GAAR will also not apply to non-resident Indian investors in FIIs. Newsletter – February 2013 TM

7 STATUTORY DUE DATES FOR FEBRUARY 2013 Index Index Statutory Due Dates Calendar for February 2013 Newsletter – February 2013 Due DateStatutory Compliance 5 th February 2013Payment of Service Tax/ Excise duty 7 th February 2013Payment of TDS 15 th February 2013Payment of Provident Fund contribution/ Profession Tax 21st February 2013Payment of ESIC/ MVAT TM

8 Get in Touch www.nyaasa.com +91.98228 70043 +91.98231 18326 +91.20.3234 1738 +91.20.6500 8738 contact@nyaasa.com

9 Newsletter –February 2013 THANK YOU ! TM


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