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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws International Taxation

TM. 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 –JUNE 2014. INDEX Direct Taxation Indirect Taxation Corporate and Other Laws

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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws International Taxation

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  1. TM 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 –JUNE 2014

  2. INDEX • Direct Taxation • Indirect Taxation • Corporate and Other Laws • International Taxation • StatutoryDueDates for June 2014 TM Newsletter –June 2014

  3. DIRECT TAXATION Index • PAN form changed • CBDT has revised PAN Application form 49A and 49AA wef from 16.05.2014 vide its notification no. 26/2014 , Dated- 16-5-2014. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card the name of his/her mother. But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card. In case Applicant do not exercise his/her option than by default Father’s name will get printed on PAN card. TM Newsletter – June 2014

  4. INDIRECT TAXATION Index • MNRE opposes anti dumping duty on solar cells • The Ministry of New and Renewable Energy (MNRE) has opposed the Commerce Ministry’s recommendation on imposing a restrictive duty on imported solar cells due to several projects already in the pipeline. On May 24, Ministry of Commerce and Industry had recommended imposition of duty of USD 0.11 to USD 0.81 per watt on solar cells imported from the US, China, Malaysia and Chinese Taipei.However, MNRE has said that this is not the right time to impose the anti-dumping duty as there are a lot of projects in the pipeline. TM Newsletter – June 2014

  5. CORPORATE AND OTHER LAWS Index • Increase in limit of cash investment in MFs from 20,000/- to 50,000/- Presently cash transactions in Mutual Funds are allowed to the extent of Rs.20,000/- per investor, per mutual fund, per financial year. It has been decided by SEBI to increase this limit from Rs.20,000/- to Rs.50,000/- per investor, per mutual fund, per financial year subject to compliance with applicable Acts, Rules and Regulations. However, repayment in the form of redemptions, dividend, etc. with respect to aforementioned investments shall continue to be paid only through banking channel. • Levy of foreclosure charges and prepayment penalty on Floating rate term loans RBI vide DBOD. Dir. BC.No. 110/13.03.00/2013-14 dated 7th May 2014, advised all banks that banks will not be permitted to charge foreclosure charges and prepayment penalties on all floating rate term loans sanctioned to individual borrower. • Levy of penal charges on non-maintenance of minimum balance in inoperative accounts RBI vide DBOD. Dir. BC.No. 109/13.03.00/2013-14 dated 6th May 2014, advised all banks that no charge should be levied for non-operation/activation of basic savings bank deposit account. TM Newsletter – June 2014

  6. INTERNATIONAL TAXATION Index • MNCs signing APAs won’t get 3% relief on cross border deals • Multinational companies that sign Advance Pricing Agreements (APAs) with India for tax certainty will not be eligible for the 3% tolerance range permitted in the law for the value of cross-border transactions between MNCs and their Indian associates to be considered on an arm's length basis. The Revenue Department, however, would be generous while deciding the arm's length price of the proposed cross-border transactions under APAs, compared to the minimum profit margins specified in another scheme meant to avoid tax litigation – the Safe Harbour scheme. TM Newsletter – June 2014

  7. STATUTORY DUE DATES FOR JUNE 2014 Index • Statutory Due Dates Calendar for June 2014 TM Newsletter – June 2014

  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. TM THANK YOU ! Newsletter –June 2014

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