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TM
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 2012
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• INDEX
• Direct Taxation
• Indirect Taxation
• Corporate Other Laws
• International taxation
• Statutory Due Dates for December 2012

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• DIRECT TAXATION Index
• Four New E-courts to be launched
• The Income Tax Appellate Tribunal will launch
  e-courts in four cities from December 10, 2012 to
  facilitate hearing of cases via
  video-conferencing. The tribunal, a
  quasi-judicial body, has set up webcast
  facilities at Delhi, Mumbai, Nagpur and
  Ahmedabad, a first in the history of tax
  judiciary in India. In a note, ITAT said the
  e-courts will follow the procedures that are laid
  out for the bench for hearing appeals in an open
  court. There is no difference in procedures
  except that the bench and bar are at different
  places connected electronically.
• Rajiv Gandhi Equity Saving Scheme
• The Central Government vide notification no.
  51/2012 dated 23rd November 2012 has specified
  all the features of the earlier declared Rajiv
  Gandhi Equity Saving Scheme.
• This Scheme shall apply for claiming deduction in
  the computation of total income of the assessment
  year relevant to a previous year on account of
  investment in eligible securities under
  sub-section (1) of section 80CCG of the
  Income-tax Act, 1961. The objective of the Scheme
  is to encourage the savings of the small
  investors in domestic capital market. The scheme
  will allow deduction of 50 to new retail
  investors with an annual income of less than Rs
  10 lakh. To claim the same, they will have to
  invest up to Rs 50,000 directly in equities, with
  the maximum deduction amounting to Rs 25,000.

Newsletter December 2012
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• DIRECT TAXATION Index
• Extension of time to file ITR V for AY 2010-11
  and 2011-12
• Vide CBDT Notification No. SO 16(E) dated
  4.1.2012, the Director General of Income Tax
  (System) has extends the time limit for filing
  ITR-V forms relating to Income Tax Returns filed
  electronically (without digital signature
  Certificate) for A.Y. 2010-11 (filed during F.Y.
  2011-12) and for A.Y. 2011-12 (filed on or after
  1st April, 2011). These ITR-V forms can now be
  filed upto 31st December, 2012 or within a period
  of 120 days from the date of uploading of the
  electronic return data, whichever is later. This
  direction is issued to mitigate the hardship and
  grievance of the tax payers who have been
  prevented by reasonable causes to file the ITR-V
  in time.
• GAAR to be effective from AY 2014-15
• General Anti-Avoidance Rules The GAAR (General
  Anti-Avoidance Rule) provisions have not been put
  on hold. The Finance Act, 2012 had provided that
  these provisions shall be effective from the 1st
  day of April, 2014 and apply to Assessment year
  2014-15 onwards

Newsletter December 2012
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• INDIRECT TAXATION Index
• Government Plans 2 rise in Excise Duty Service
  Tax
• The Finance Ministry is considering a proposal to
  raise excise duty and service tax by two per cent
  to 14 per cent each in the Union Budget for
  2013-14. The move is likely to help the ministry
  collect about Rs 30,000 crore. Certain exemptions
  may also be rolled back.
• Old Service Tax Accounting Codes restored for 120
  services
• Negative List based comprehensive approach to
  taxation of services came into effect from the
  first day of July, 2012. Accounting code for the
  purpose of payment of service tax under the
  Negative List approach "All Taxable Services"
  was prescribed at that time in a circular.
  Subsequent to the issuance of the Circular,
  suggestions were received from the field
  formations that the service specific old
  accounting codes should be restored, for the
  purpose of statistical analysis also it was
  suggested that list of descriptions of services
  should be provided to the taxpayers for obtaining
  registration. These suggestions were examined and
  a decision has been taken to restore the service
  specific accounting codes. Accordingly, a list of
  120 descriptions of services for the purpose of
  registration and accounting codes corresponding
  to each description of service for payment of tax
  is been restored vide Circular No.165/16/2012
  dated 20th November 2012.

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• INDIRECT TAXATION Index
• MVAT Audit due date extended
• The Government of Maharashtra vide notification
  no. VAT-1512/CR-139/taxation 1 dated 21st
  Novermeber 2012 deferred the submission of VAT
  Audit Report under MVAT ACT to 15th January 2013
  from the scheduled due date of 30th November
  2012.

Newsletter December 2012
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• CORPORATE AND OTHER LAWS Index
• Cost Auditors to intimate their appointment to
  ROC till 16th December 2012
• Ministry of Corporate Affairs vide General
  Circular No.15/2011, dated April 11, 2011 had
  prescribed a revised procedure to be followed for
  appointment of cost auditors. As per the revised
  procedure, the cost auditor, within 30 days of
  receipt of the letter of appointment from the
  company, inform his appointment to the Central
  Government in the prescribed Form 23D along with
  a copy of such appointment.
• It is, however, observed that a large number of
  cost auditors have defaulted in filing the
  required Form 23D within the stipulated time. In
  many cases, the default period is even more than
  a year. Keeping in view the initial operation of
  the revised procedure, all the defaulting cost
  auditors are requested to file their required
  Form 23D that have already become due till date,
  by December 16, 2012 positively. In case of any
  further default, names of such defaulting members
  shall be sent to the Institute on December 17,
  2012 intimating the Institute to initiate
  Disciplinary Proceedings against them under the
  relevant provisions of Cost and Works Accountants
  Act, 1959.

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• INTERNATIONAL TAXATION Index
• Authority for Advance Ruling - not bound by past
  orders
• The Authority for Advance Ruling (AAR) has held
  that it is not bound by its earlier orders and
  can take a contrary view if there are sufficient
  reasons to believe that the earlier rulings were
  incorrect. AAR is bound only by the Supreme Court
  decisions AAR is a quasi-judicial body presiding
  over tax disputes involving foreign companies.
• While hearing an application by Mauritius-based
  company, which had sold shares that resulted into
  capital gains, AAR held that transfer pricing
  rules would apply even if the capital gains are
  not liable to tax in India under the
  India-Mauritius tax treaty.

Newsletter December 2012
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• STATUTORY DUE DATES FOR DECEMBER 2012 Index
• Statutory Due Dates Calendar for December 2012

Due Date Statutory Compliance
5th December 2012 Payment of Service Tax/ Excise duty
7th December 2012 Payment of TDS
15th December 2012 Payment of Advance Income Tax
15th December 2012 Payment of Provident Fund contribution/ Profession Tax
21st December 2012 Payment of VAT
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