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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws Accounts & Audit

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 –AUGUST 2012. INDEX Direct Taxation Indirect Taxation Corporate and Other Laws

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INDEX Direct Taxation Indirect Taxation Corporate and Other Laws Accounts & Audit

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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 –AUGUST 2012

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

  3. DIRECT TAXATION Index • Relaxation from compulsory E-Filing of Return E-filing has been made compulsory for the person who is an individual or a Hindu Undivided Family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds Rs 10 lakh for assessment year 2012-13 onwards. But for A.Y.2012-13 it is not mandatory for: • Agents of non-residents • Private Discretionary Trusts • Due date for Return filing Extended to 31st August 2012 On consideration of reports of disturbance of general life caused due to power failure and further in consideration of fact that the e-filing of return for specified category for individuals and HUF been made mandatory CBDT has extended the due date for filing of return of Income for the A.Y. 2012-13 to 31st July 2012 for assessees who are liable to file such return by 31st July 2012 . TM Newsletter – August 2012

  4. INDIRECT TAXATION Index • No Service Tax on sending or receiving Foreign Exchange • The CBEC vide Notification No.163/14/2012-ST dated 10th July clarified that there will be no service tax per se on the amount of foreign currency remitted to India from overseas. • CBEC explained that in the negative list regime, the term ‘service’ excludes transactions in money. As the remittance comprises money, the activity does not comprise a ‘service’ and is thus not subjected to service tax • In case any fees or conversion charges are levied for sending foreign exchange, they are also not liable to service tax as the person sending the money and the company conducting the remittance are located outside India. • The notification further clarifies that even Indian banks or financial institutions that charge the foreign bank or any other entity for services provided at the receiving end, are not liable to service tax as the place of provision of such service will be the location of the recipient of the service — that is, outside India. TM Newsletter – August 2012

  5. CORPORATE AND OTHER LAWS Index • Filing of Cost Audit Report and Compliance Report MCA has decided that all cost auditors and concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 (including the overdue reports relating to any previous report/s) with the Central Government in XBRL mode without any penalty upto, 31st December 2012. In the month of May 2012, MCA has mandated the XBRL filing for Cost Audit Reports. The actual date for enabling XBRL filing will be intimated separately. TM Newsletter – August 2012

  6. ACCOUNTS & AUDIT Index • No accounting relief on short-term forex loan losses • India Inc may not get accounting relief on forex losses, despite the significant downslide of the rupee. • Corporate India has been pitching for accounting rule relaxation on losses arising on short-term foreign currency loans similar to what is available for long-term foreign currency debt. But the country’s top accounting standards body — the National Advisory Committee on Accounting Standards (NACAS) — has decided against any relaxation to the accounting rule that requires companies to adjust their loan exposure to the rates prevailing at the end of every quarter. • India Inc claims that if an accounting relief were to be given, a less distorted picture of the balance-sheet would be available for investors. In the absence of any relief, forex losses from short-term loans would have to be taken to the profit and loss account. • The final decision will, however, rest with the Corporate Affairs Ministry. TM Newsletter – August 2012

  7. STATUTORY DUE DATES FOR AUGUST 2012 Index • Statutory Due Dates Calendar for August 2012 TM Newsletter – August 2012

  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 –August 2012

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