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

DIRECT TAXATION IndexIndex CBDT inks 11 more unilateral Advance Pricing Agreements (APAs) The Central Board of Direct Taxes (CBDT) has entered into 11 more unilateral advance pricing agreements (APAs). The APAs were signed with Indian subsidiaries of foreign companies operating in various segments of the economy such as investment advisory services, engineering design services, marine products, contract research and development, software development services, IT-enabled services and cargo handling support services. With this round of signing, CBDT has so far entered into 31 APAs (30 unilateral and one bilateral). An APA is an agreement between a taxpayer and the tax authority concerning the transfer pricing method and the rate applicable to the taxpayers’ inter-company transactions, and normally covers multiple years. APAs with rollback provisions can cover a maximum period of nine years in total. India had introduced the APA programme in As many as five APAs were concluded in the first year and four APAs got signed in the second year. The pace of negotiations has picked up in the current year. This year has already witnessed the conclusion of 22 APAs. The CBDT aims to finalise another 30 to 40 APAs before the end of this fiscal to provide stability and confidence to foreign enterprises operating in India. Newsletter – December 2015

INDIRECT TAXATION IndexIndex Swachh Bharat Cess on all taxable services from 15 th November 2015 Government decides to impose a Swachh Brarat Cess at the rate of 0.5% on all serviceS presently liable to service tax, with effect from 15th November 2015; Proceeds from this cess to be exclusively used for Swachh Bharat. The effective rate of Service Tax therefore will be 14.5% from 15 th Novemnber. Swachh Bharat Cess is not another tax but a step towards involving each and every citizen in making contribution to Swachh Bharat. This will translate into a tax of 50 paisa only on every one hundred rupees worth of taxable services. The proceeds from this cess will be exclusively used for Swachh Bharat initiatives. Newsletter – December 2015

CORPORATE AND OTHER LAWSIndexIndex MCA extends the last date of filing AOC 4, AOC 4 XBRL and MGT 7 e forms to 30 th December Ministry of Company Affairs vide General Circular No. 15/2015, has extended the due date for filing the forms AOC 4, AOC 4 XBRL and MGT 7 to 30 th November It has been decided to relax the additional fee payable on forms AOC-4 and AOC-4 XBRI up to 30th December, MVAT interest rate changed in Maharashtra The Government of Maharashtra has issued Notification No.VAT.1515/CR-81/Taxation-1 dated revising the late payment interest rates slabwise viz. for delay of first 1.25% p.m., for next two 1.50% p.m. and p.m w.e.f. 1st December The rate table is as follows: Newsletter – December 2015

CORPORATE AND OTHER LAWSIndexIndex Newsletter – December 2015 Sr. No.Period liable for interestRate of Interest 1Upto 1 month1.25% for the month or part thereof 2Upto 3 monthsOne and a quarter per cent of the amount of such tax, for the month or for part thereof for the first month of delay and one and a half percent of the amount of such tax, for each month or for part thereof for delay beyond one month up to three months. 3More than 3 monthsOne and a quarter per cent of the amount of such tax, for each month or for part thereof for the first month of delay, one and a half per cent of the amount of such tax, for each month or for part thereof for delay beyond one month upto three months and two per cent of the amount of such tax, for each month or for part thereof for the period delay beyond three months.

ACCOUNTING & AUDITIndexIndex Withdrawal of Five Guidance Notes on accounting It has been decided to withdraw following five Guidance Notes on Accounting as the same are no longer relevant in the present day context in view of requirements if Companies Act GN(A) 3 – Guidance Note on treatment of Reserves created on revaluation of fixed assets GN(A) 7 – Guidance Note on Accounting of depreciation in Companies GN(A) 8 – Guidance Note some important issues arising from amendements to Schedule XIV of Companies Act 1956 GN(A) 26 – Guidance Note applicability of accounting standard AS 20, Earnings per share GN(A) 27 – Guidance Note on remuneration paid to Key Management Personnel – whether a related party transaction. Newsletter – December 2015

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

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Newsletter – December 2015 THANK YOU !