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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 a slice of a wholesome pie. NEWSLETTER – JUNE2015

INDEX Direct Taxation Indirect Taxation Indirect Taxation Corporate & Other Laws Accounting & Audit Statutory Due Dates June 2015 Statutory Due Dates Newsletter – June 2015

DIRECT TAXATION IndexIndex Harsh penalty for property transactions in CASH of Rs. 20,000/-or more w.e.f. June 1 Government is initiating various ways to curb Black Money. According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. According to section 269T of Income Tax Act, from 1st June, % Penalty will be levied while repaying the amount received for Transfer of Immovable Property in cash for Rs. 20,000 or more. The provision of section 269SS is not applicable to the 1) Government 2) any Banking Company 3) Government Company and 4) any other person as notified by the Central Government. Also Section 269T will not be applicable while making repayment to the above mentioned persons. The right of levying of penalty is of the department. Further the Tax Auditor has to mention details of such transactions in the Tax Audit Report Newsletter – June 2015

DIRECT TAXATION IndexIndex TDS on withdrawal of PF from 1 st June 2015 W.e.f. 1 st June, Income Tax will be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or equal to Rs. 30,000/-, with service than 5 years:- a) TDS will be deducted at 10% provided PAN is submitted. In case Form No. 15G or 15H Is submitted by the member, then no TDS shall be deducted. b) TDS will be maximum marginal rate (i.e %) if a member fails to submit PAN (and no Form No 15G or 15H). However, in following cases, TDS will not be deducted: Transfer of PF from one account to another PF account. Termination of service due to ill health of member, discontinuation/contraction of business by employer, completion of project or other cause beyond the control of the member. If employee Withdraws PF after a period of five years of continuous service, including service with former employer. If PF payment is less than Rs, 30,000/- but the member has rendered service of 5 years. If employee withdraws amount more than or equal to Rs /-, with service less than 5 years but submits Form 15G/1511 along with their PAN Newsletter –June 2015

DIRECT TAXATION IndexIndex ITR Forms simplified, Due date proposed to be extended to August, 31. Forms ITR 1, 2 and 4S for Assessment Year were notified on 15th April 2015, now been simplified by the government for convenience of the tax payers. A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than 3 Pages, and other Information will be Captured in the Schedules which will be Required to be filled only if applicable. As the Software for these Forms is under Preparation, they are likely to be available for e-filing by 3rd week of June 2015.Time Limit for Filing these Returns is also Proposed to be Extended up to Newsletter – June 2015

INDIRECT TAXATION IndexIndex Service Tax to be 14% from June 1, 2015 From June 1, the service tax will go up from an effective 12.36% now to 14%, as the government announced the start date for the hike proposed in the last Budget. The move, aimed at keeping pace with the budget target of a huge 25% increase in the collections from this indirect tax, would be reflected in the bills consumers pay to enjoy B2C services like telecom and internet services, air tickets, restaurant bills, etc.. The Finance Ministry further clarified that Swachh Bharat 2% cess on various services will be notified at a later date although the higher rate of 14% Service Tax will take effect from June 1. Newsletter –June 2015

CORPORATE AND OTHER LAWSIndexIndex SC upholds constitutional validity of NCLT The Supreme Court upheld the constitutional validity of the National Company Law Tribunal (NCLT) and its appellate forum under the Companies Act of A five-judge Constitution Bench, headed by Chief Justice H.L. Dattu, however, quashed Section 409(3)(a) and (c) and Section 411(3) of the Act providing for qualifications of technical members. It held that for appointment of technical members to NCLT, directions contained in the 2010 judgment should be “scrupulously followed.”The 2010 decision held that persons below the rank of a Secretary or Additional Secretary should not be appointed as a technical member to NCLT. The court directed the Centre to ensure that the bodies are adequately manned and start functioning at the earliest. Newsletter – June 2015

ACCOUNTING & AUDITIndexIndex A lengthy road to accounting complince From 1 April 2016, India would join a group of 110 countries following a similar accounting standard - International Financial Reporting Standard (IFRS). But the transition to a new accounting standard, Indian Accounting Standard (Ind-AS) - the Indian version of IFRS - has to begin from the current financial year. According to the Ministry of Company Affairs road map released in February this year, the new accounting standard is mandatory for all listed companies with a net worth of more than Rs 250 crore. In the first phase, the government has kept banks, insurance companies and non-banking financial companies (NBFCs) outside Ind-AS's ambit. The FY 2017 financial numbers have to be comparative for the previous financial year. Companies also have the option to voluntarily adopt Ind-AS this financial year. This would mean that corporate India would have to prepare two sets of financial numbers in the transition year - one following existing Indian GAAP and the other based on Ind-AS. Accounting experts claim Ind-AS would make financial statements comparable internationally, providing comfort to investors. It will lead to greater transparency, more disclosures and standardised accounting norms comparable across global markets. Newsletter – June 2015

STATUTORY DUE DATES FOR June 2015 Index Index Statutory Due Dates Calendar for June 2015 Newsletter – June 2015 Due DateStatutory Compliance 5 th June 2015Payment of Service Tax/ Excise duty 7th June2015Payment of TDS 10 th June 2015Excise Return (if monthly) 15 th June 2015Payment of Provident Fund contribution/ Profession Tax 15th June 2015Payment of Advance Income tax 21 st June 2015Payment of VAT

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Newsletter – June 2015 THANK YOU !