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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 –MAY 2013 TM

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

3 DIRECT TAXATION IndexIndex Arms Length tolerance band lowered to 1-3% The Finance Ministry has notified a tolerance range of 1% for cross-border transactions of Indian companies and their overseas associates from the arms-length price calculated by tax officers in case of wholesale trade and 3% for all others for 2012-13. The last date for filing transfer pricing returns for companies doing trade or financial transactions with their overseas associates is November 30. If the value of goods, services or intangibles declared by the Indian company falls within the stipulated range in comparison to the arms length price calculated by the tax officer, the declared value will not be questioned by the income tax department. If the department finds the actual value understated in comparison to similar transactions by unrelated parties, it makes an upward adjustment in the transfer price, leading to a tax demand. Newsletter – May 2013 TM

4 INDIRECT TAXATION IndexIndex Date of filing ST-3 return extended The CBDT has extended the time limit for filing the form ST-3 for the period 1 st October 2012 to 31 st March 2013from 25 th April 2013 to 31 st August 2013. The form for the said period is expected to be available around 31 st July 2013. Newsletter – May 2013 TM

5 CORPORATE AND OTHER LAWSIndexIndex New Platform for SMEs Market regulator SEBI is planning to launch a new platform that will enable investors to put in money in SMEs. In this year's Budget, Finance Minister P Chidambaram had said SMEs, including start-ups, will be permitted to list on SME exchanges without being required to make an initial public offer (IPO), but the issue will be restricted to informed investors. He had also said that this would be in addition to the existing SME platforms which BSE and NSE had launched in which listing can be done through an IPO and with wider investor participation. Under the existing platforms, small companies can go public without filing with the SEBI. The proposed platform can be part of SME exchanges in which informed investors can put their money into these entities. SME sector is one of the largest employment generating sectors employing around 8 crore people. TM Newsletter – May 2013

6 INTERNATIONAL TRDAE AND FINANCEIndexIndex Tax Treaty with Mauritius is back to the drawing board Finance Minister P Chidambaram has said the government has not made any progress in renegotiating a contentious tax treaty with Mauritius and that the tax-related travails of MNCs such as Vodafone, Nokia or Shell made more news in India than abroad. Chidambaram asserted that the government will last its full term and would pursue significant economic reforms over the next 12 months. Newsletter – May 2013 TM

7 STATUTORY DUE DATES FOR MAY 2013 Index Index Statutory Due Dates Calendar for May 2013 Newsletter – May 2013 Due DateStatutory Compliance 5 th May 2013Payment of Service Tax/ Excise duty 7 th May 2013Payment of TDS 10 th May 2013Payment of LBT (PMC) 15 th May 2013Payment of Provident Fund contribution/ Profession Tax 15 th May 2013Filing of Quarterly TDS Return ( January to March Qtr) 21 st May 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 –May 2013 THANK YOU ! TM

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