INDEX Direct Taxation Indirect Taxation Corporate & Other Laws International Taxation

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 – OCTOBER 2014

2. INDEX • Direct Taxation • Indirect Taxation • Corporate & Other Laws • International Taxation • Statutory Due Dates October 2014 Newsletter –October 2014

3. DIRECT TAXATION Index • IT to look into credit hisrtory, loan repayment pattern of taxpayers To recover maximum tax arrears with the optimum use of manpower, the income-tax department has decided to look into the credit history and loan repayment pattern of taxpayers and priorities cases for recovery of past dues based on a defaulter’s ability to pay. For this, the department would consult the Credit Information Bureau of India (Cibil) that assigns credit scores and maintains details of loans taken by individuals, partnerships and corporations, along with their PAN. Sources said tax officials would be able to get an idea of the assets and the financial  health of an assessee against which a tax arrears recovery demand has to be pursued vigorously. • Extension of Due date for filing ITR to 30th November 2014 The CBDT , vide order u/s 119 dated 26th September 2014, extended the ‘due-date’ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Year 2014-15 for all purposes of the Act in the case of an assessee, who is required to file his return of income by 30th September, 2014, and is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act. Newsletter – October 2014

4. INDIRECT TAXATION Index • Extension of duty sops is likely for auto units The government is looking at the proposal for extending the excise duty concessions to the automobile sector beyond December, a move that would provide further relief to automakers. The Heavy Industry Ministry was likely to send a proposal to the Finance Ministry regarding extension of excise duty concession till March 31, 2015. In a relief to the automobile and consumer durable sectors, the government in June extended the excise duty concession by six months to December 31. The concessions were earlier valid till June 30.. Newsletter – October 2014

5. CORPORATE AND OTHER LAWSIndex • Upper age limit is now 70 for Private Bank MDs and CEOs The Reserve Bank of India (RBI) has allowed managing directors and chief executive officers of private banks (and any other whole-time director on the board) to hold office till the age of 70 (and not beyond).The move will erase doubts on the eligibility of Aditya Puri (HDFC Bank’s MD) and Romesh Sobti (IndusInd Bank’s MD and CEO) for re-appointments. So far, a maximum age of 70 was stipulated for appointment or re-appointment of part-time directors in banks. For whole-time directors, including the MD and CEO, no maximum age was specified and decisions were taken case by case. Newsletter – October 2014

6. INTERNATONAL TAXATION Index • OECD proposes rules to curb tax avoidance by MNCs The Organization for Economic Co-operation and Development (OECD) has proposed a set of rules for an international approach to curb tax avoidance by multinational companies. The recommendations will be presented to the G20 finance ministers meeting in Cairns, Australia, for further action amid rising global concern over aggressive planning by companies to avoid paying taxes, including the use of complicated structures, treaty shopping and shifting of profits to tax havens. . Newsletter – October 2014

7. STATUTORY DUE DATES FOR OCTOBER 2014 Index • Statutory Due Dates Calendar for October 2014 Newsletter – October 2014

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