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INDEX Direct Taxation Indirect Taxation Corporate & Other Laws International Taxation Statutory Due Dates for November 2012 Newsletter –November 2012 TM

DIRECT TAXATION IndexIndex Paying tax to be a fundamental duty soon Pay tax not just to relax, as the Income Tax department says, but also to contribute to nation building as part of our soon-to-be fundamental duty. The Finance Ministry plans to propose that paying tax be made a fundamental duty, hoping the move will increase compliance in a country where less than 3% pay tax. A cabinet note could be moved soon. TRC Requirements The Finance Act, 2012 made it compulsory for a non-resident to submit a TRC (tax residency certificate) prescribing particulars for utilizing tax treaty benefits. The Central Board of Direct Taxes has now issued a notification inserting Rule 21AB (effective from assessment year ) providing for particulars to be included in the TRC such as name and address, legal status, country or specified territory of incorporation, tax identification number, residential status and the period for which the certificate is applicable for a non-resident. It specifies that the TRC should be verified by the government of the country to which such a non-resident claims to be a resident of for tax purposes. It prescribes the procedure/ format in which a resident can apply for a TRC. Newsletter – November 2012 TM

INDIRECT TAXATION IndexIndex Filing of Service Tax Returns – Date extended to 25 th November 2012 Central Board of Excise and Customs vide Order No. 3/2012 dated 15th October 2012, extended the date of submission of return for the period April 2012 to June 2012 from 25th October 2012 to 25th November The Revenue Department has extended the deadline by one month, as it has not been able to provide electronic return form in time. The earlier last date to file the return was October 25.The Central Board of Excise and Customs (CBEC) said the extension of date is due to "circumstances of a special nature" as the ACES (Automation of Central Excise and Service Tax) will start releasing the return in 'Form ST3' in a quarterly format, shortly before the due date of October 25 Monthly Return for those who pay Rs 25 lakh in service tax Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months. Besides facilitating better audit, this move will give the government monthly data on service tax collections. This will also be a step towards harmonization of service tax and central excise as the government looks at implementing the Goods and Services Tax (GST) after reaching a consensus with states. Newsletter – November 2012 TM

CORPORATE AND OTHER LAWSIndexIndex Companies Bill gets cleared The Union cabinet has cleared the revised draft of the Companies Bill, 2011, aimed at replacing the 55-year-old extant Companies Act with a new one. The Bill is now expected to be introduced in Parliament in the Winter session. The Bill aims at improving corporate governance, increasing transparency and making independent directors more accountable. The Bill proposes many new norms, including companies spending on corporate social responsibility (CSR) activities, more powers to the serious fraud investigation office (SFIO), only two layers of subsidiaries for investment in companies, mandatory approval from shareholders and board on appointment of auditors, class- action lawsuits, stricter corporate governance clauses and soothers. XBRL filing due date extended till 15 th December 2012 Vide General Circular No. 34/2012 dated 25 th October 2012, the time limit to file the financial statements in the XBRL ‘mode without any additional fee/ penalty has been extended up to 15th December,2012 or within 30 days from the date of Annual General Meeting of the company whichever is later. Newsletter – November 2012 TM

INTERNATIONAL TAXATIONIndexIndex FIIs must disclose more in new Mauritius TRC The government of Mauritius is likely to issue a new format for the tax residency certificate (TRC) for foreign institutional investors (FIIs), incorporating additional particulars required by the Indian government. According to people familiar with the development, the Mauritian revenue authority is expected to include three crucial details asked by the government for investors availing themselves of treaty benefits. The move will impact all foreign investors, including FIIs, investing in India through the Mauritius route. It will also lead to greater transparency and help in better identification of ultimate beneficiaries of these investments. India and Mauritius are signatories to a double taxation avoidance agreement (DTAA) which says capital gains made on investments in India can only be taxed in the island nation. But Mauritius does not levy any tax, making it an attractive destination to route investments to India. TM

STATUTORY DUE DATES FOR NOVEMBER 2012 Index Index Statutory Due Dates Calendar for November 2012 Newsletter – November 2012 Due DateStatutory Compliance 5 th November 2012Payment of Service Tax/ Excise duty 7 th November 2012Payment of TDS 15 th November 2012Payment of Provident Fund contribution/ Profession Tax 21 st November 2012Payment of VAT & filing of VAT Return 30 th November 2012Due date for filing return of income in case of companies to whom report u/s 92E (Transfer Pricing) is applicable 30 th November 2012Due date for filing wealth tax return in case of companies to whom report u/s 92E (Transfer Pricing) is applicable TM

STATUTORY DUE DATES FOR NOVEMBER 2012 Index Index Statutory Due Dates Calendar for November 2012 TM Due DateStatutory Compliance 30 th November 2012 (date extended to 15 th Jan 2013)Audit Report under Section 61 of MVAT Act

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