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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 – DECEMBER 2011 TM

2 INDEX Direct Taxation International Trade and Finance Accounts and Audit Corporate & Other Laws Statutory Due Dates for December 2011 Newsletter –December 2011 TM

3 DIRECT TAXATION IndexIndex 10 Years National Saving Certificate (IX –Issue), 2011 The new saving Instrument namely, 10 Years national Saving Certificate is launched and will come into effect from 1st December 2011 (vide notification The following will be the major highlights of the scheme: 1)Interest rate will be 8.7%p.a. compounded semi annually. 2)On Investment of Rs. 100/- the investor will get Rs. 234.35/- on maturity. 3)The certificate will be available in denominations of INR 100, 500,1000,5000 & 10000. 4)No upper limit for investment in the certificate. 5)Certificate can be transferred from the post office where it is registered to any other post office and can be pledged as security. Newsletter – December 2011 TM

4 DIRECT TAXATION IndexIndex Public Provident Fund (Amendment) Scheme, 2011 The Central Government amended the scheme (vide Notification F.No. 1/9/2011-NS-II), the amendments will come into effect from 1 st December 2011. According to the amended scheme: 1)Any Individual may on his own behalf or on behalf of minor subscribe to PPF any amount not less than Rs. 1,00,000/- (earlier Rs. 70,000/-) in a year. 2)When the subscriber has taken the loan under the scheme, the rate of interest on loan is revised from 1% to 2%p.a with effect from 1 st December 2011. Newsletter – December 2011 TM

5 INTERNATIONAL TRADE AND FINANCE IndexIndex ECB Policy On review of developments in the global financial markets and the fact that the borrowers are experiencing difficulties in raising ECBs within the existing all-in- cost ceiling RBI has decided to revise the ceiling (vide A.P. (DIR Series) Circular No. 51dated 23 rd November 2011) as follows: Average maturity Period – Three and up to Five years – *350 bps (earlier 300 bps) More than Five years – *500 bps (earlier 500 bps) *All-in-cost over 6 months LIBOR for the respective currency of credit or applicable benchmark. The amendment will come into force immediately and enhancement in ceiling is applicable upto 31 st March 2012. Newsletter – December 2011 TM

6 INTERNATIONAL TRADE AND TAXATION IndexIndex Export of goods & software – Realization & repatriation of export proceeds – Liberalization RBI in the month of March 2011 had relaxed the period of repatriation and realization to India of the amount representing the full export value of goods or software exported from Six months to Twelve months from the date of export. The said relaxation was available up to 30 th September 2011. But the issue has been reviewed and the relaxation has been extended w.e.f. 1 st October 2011 to 30 th September 2012. (vide A.P. (DIR series) Circular No. 40 dated 1 st November 2011) The provisions in regard to period of realization and repatriation to India of the full export value of goods or software exported by a unit situated in SEZ as well as exports made to warehouse established outside India remain unchanged. Newsletter – December 2011 TM

7 INTERNATIONAL TRADE AND FINANCEIndexIndex Interest rates on Non-resident (External) Rupee (NRE) deposits RBI has issued amending directive UBD.BPD.DIR.No.2/13.01.000/2011-12 dated 23 rd November 2011. According to this considering prevailing market conditions, it has been decided that until further notice and with effect from close of business in India as on 23rd November 2011, interest rates on NRE Term deposits will be as “On fresh term deposit for one to three years maturity should not exceed the LIBOR/SWAP rates plus 275 basis points, as on last working day of the previous month, for US dollar of corresponding maturities (earlier it was LIBOR/SWAP rates plus 175 basis points effect from close of business on 15 th November 2008). The interest rates as determined as above for three year deposits will also be applicable in case maturity period exceeds three years. The changes in interest rates will also apply to NRE deposits renewed after their present maturity period.” Newsletter – December 2011 TM

8 ACCOUNTS AND AUDIT IndexIndex Issue of DD for INR 20,000/- & above The instrument with account payee crossing are required to be credited to payee's account and not paid in cash over the counter. But some unscrupulous use demand draft s without any crossing for transfer of money as an alternative to settlement through cash. In order to address regulatory concerns that has arisen in this context RBI, vide circular No. RBI/2011-12/250, advised all the banks to ensure that demand drafts of INR 20,000/- and above are issued invariably with account payee crossing. Payment of cheques/Drafts/pay Orders/Banker’s cheque In India, normally bankers make payment of cheques /drafts when they are presented for payment within the period of six month from the date of instrument. But the Government noticed that some persons are taking undue advantage of the said period of six months as the instruments are been circulated in the market like cash for six months. After considering this RBI in public interest and in the interest of banking policy, decided to reduce the said period from 6months to 3 months (vide circular No. RBI/2011-12/251) with effect from 1 st April 2012.So the time for issuing such instrument will be restricted to three month from 1 st April 2012. Newsletter – December 2011 TM

9 CORPORATE AND OTHER LAWSIndexIndex Companies Bill 2011 The Union Cabinet cleared the Companies Bill, 2011 on Thursday. The same will be taken up in the winter session of Parliament for the approval. The Bill has introduced ideas like Corporate Social Responsibility (CSR), class action suits and a fixed term for independent directors. Among other things, it also proposes to tighten laws for raising money from the public. The Bill also seeks to prohibit any insider trading by company directors or key managerial personnel by treating such activities as a criminal offence. Further, it has proposed that companies should earmark 2 per cent of the average profit of the preceding three years for CSR activities and make a disclosure to shareholders about the policy adopted in the process. Thye bill seeks to promote greater shareholder’s democracy and better corporate governance. Newsletter – December 2011 TM

10 STATUTORY DUE DATES FOR DECEMBER 2011 Index Index Newsletter – December 2011 Due DateStatutory Compliance 5 th December 2011Payment of Service Tax/ Excise duty 7 th December 2011Payment of TDS 15 th December 2011Payment of Advance Income Tax 15 th December 2011Payment of Provident Fund contribution/ Profession Tax 21 st December 2011Payment of VAT TM

11 Get in Touch www.nyaasa.com +91.98228 70043 +91.98231 18326 +91.20.3234 1738 +91.20.6500 8738 contact@nyaasa.com

12 Newsletter – December 2011 THANK YOU ! TM

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