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2. INDEX Direct Taxation Indirect Taxation Indirect Taxation Corporate & Other Laws International Trade Statutory Due Dates May 2015 Statutory Due Dates Newsletter – May 2015

3. DIRECT TAXATION IndexIndex Electronically filing of ITR mandatory for Individuals and HUFs claiming IT Refund As per CBDT Notification No. 41/2015 Dated 15.04.2015,Individual or Hindu undivided family has to file Income Tax Return in the following Manner if any Income Tax refund is claimed in the return of income for A.Y. 2015-16 or subsequent Years :- (A) Electronically under digital signature; or (B) Transmitting the data in the return electronically under electronic verification code; or (C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V. Exceptions to above provisions :- Individual of the age of 80 years or more at any time during the previous year and furnishing the return in Form ITR-1 or ITR-2 No paper acknowledgements by post from A.Y. 2015-16 In a major step aimed at easing taxpayer grievances, CBDT announced that assessees filing I-T returns online will no longer have to send the paper acknowledgement by post as a new Aadhaar-based electronic verification code has been launched to authenticate this Document. Newsletter – May 2015

4. DIRECT TAXATION IndexIndex The Central Board of Direct Taxes (CBDT), the apex policy making body of the I-T department, has introduced a new column in the ITRs for 2015-16 where an e-filer can provide his Aadhaar number which will have to be authenticated on the official website of the department via a One Time password (OTP) All bank account details are now mandatory in your Return of Income CBDT has vide Notification No. 41/2015, Dated-15th day of April, 2015 Notified ITR-1 ITR-2 V for A.Y. 2015-16 with several Changes. In such ITRs CBDT has for the first time required an assessee to Compulsorily provide details of all Bank account held in India (including in joint names) at any time during financial year 2014-15 including details of those which were closed during the year. Assessee has to provide the following details :- Number of bank accounts held by you at any time (including opened/closed) during the previous Year, IFS Code of the Bank, Name of the Bank, Name of Joint holder(s), if any, Account Number, Account balance as on 31 st March of the previous year- Newsletter –May 2015

5. INDIRECT TAXATION IndexIndex CBEC clarifies applicability of 14% Service Tax Rate Vide Circular No. 183/02/2015-ST, Dated 10th April, 2015, CBDT cleared the applicability of 14% service Tax rate. The rate of Service Tax is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, the effective increase in Service Tax rate will be from the existing rate of 12.36% (inclusive of cesses) to 14%, subsuming the cesses. However, the new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015 and till the time the revised rate comes into effect, the ‘Education Cess’ and ‘Secondary and Higher Education Cess’ will continue to be levied in Service Tax as earlier. Newsletter –May 2015

6. CORPORATE AND OTHER LAWSIndexIndex CARO 2015 MCA has notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015) on 10th April, 2015. It has been notified under section 143(11) of the Companies Act, 2013 which provides that auditor’s report shall include a statement on such matters as may be specified therein by the Central government in consultation with National Financial Reporting Authority. Earlier, it was to be provided as per section 227(4A) of the Companies Act, 1956. CARO-2015 will be applicable for the financial year commencing on or after 1st April, 2014. CARO, 2015 shall apply to every company including a foreign company as defined u/s 2(42)[3] of Act, 2013. Newsletter – May 2015

7. INTERNATIONAL TRADEIndexIndex CBDT signed three more APAs The Central Board of Direct Taxes (CBDT) has signed three more unilateral advance pricing agreements (APAs) with companies in India, taking the overall number of APAs to nine. An APA is an agreement between a corporate taxpayer and the tax authority on its transfer pricing methodology and the tax rate applicable on inter-company transactions. It normally covers multiple years and helps avoid any disputes with the taxman over transfer pricing. Of the nine APAs signed till date, eight are unilateral (with only one company) while one is a bilateral agreement signed with Japan in December last year. The three unilateral APAs signed on March 31 relate to the contract manufacturing, professional services and support services sectors. Newsletter – May 2015

8. STATUTORY DUE DATES FOR May 2015 Index Index Statutory Due Dates Calendar for May 2015 Newsletter – May 2015 Due DateStatutory Compliance 5 th May 2015Payment of Service Tax/ Excise duty 7 th May 2015Payment of TDS 10 th May 2015Excise Return (if monthly) 15 th May 2015Payment of Provident Fund contribution/ Profession Tax 15 th May 2015Filing Quarterly TDS return (January to March Quarter) 21 st May 2015Payment of VAT

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