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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 DECEMBER 2014
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• INDEX
• Direct Taxation
• Indirect Taxation
• Corporate Other Laws
• International Taxation
• Statutory Due Dates December 2014

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• DIRECT TAXATION Index
• Section 80C Bank deposit Limit increased to 1.5
  lakhs
• Section 80C , bank deposit limit is been
  increased to 1.5 lakhs vide Notification No.
  63/2014, dated 13th November 2014 .
• Change in limit for Income tax advance ruling
• Vide notification No.73/2014, dated 28th November
  2014, Central Government hereby specifies a
  resident, in relation to his tax liability
  arising out of one or more transactions valuing
  rupees one hundred crore or more in total which
  has been undertaken or proposed to be undertaken,
  is eligible to apply for advance ruling.

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• INDIRECT TAXATION Index
• Tax relief beyond December to give a fillip tto
  Auto Sector
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• The concessional lower excise duty on cars, motor
  cycles and small commercial vehicles is likely to
  get a further extension as part of the Narendra
  Modi governments efforts to revive the
  manufacturing sector. The move will act as a
  significant fillip for automakers who are yet to
  see any significant improvement in sales.The sop,
  as per an announcement in Budget FY15, is to
  expire by December 31.

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• CORPORATE AND OTHER LAWS Index
• CLSS extended till 31st December 2014
• In continuation to the Ministrys General
  Circular No. 34/2014 dated 12.08.2014 and 40/2014
  dated 15/10/2014 on the subject cited above, this
  Ministry has, on consideration of requests
  received from various stakeholders, has decided
  to extend the Company Law Settlement Scheme (CLSS
  2014) upto 31st December, 2014.
• MCA extends due date of filing CRA -2 to 31st
  January 2015
• Vide General Circular No. 42/2014 , it has been
  notified by MCA on November 12, 2014 that due to
  delay in availability of Form CRA-2 on MCA
  website, the date of filing of the said form
  without late penalty/fee has been extended to
  January 31, 2015. Those companies who have filed
  Form 23C for the year financial year 2014-15,
  need not file Form CRA-2 afresh. CAR -2 is to be
  filed with respect to notice of appointment of
  Cost Auditor.

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• INTERNATONAL TAXATION Index
• New Transfer Pricing rules in India to be less
  taxing
• Soon, tax authorities in India and elsewhere will
  pick up cross-border transactions by
  multinational corporation for audit much less
  randomly than now in what would appear to be a
  non-intrusive approach to these firms even as the
  taxmans revenue utility of such audits would
  only increase. India will adopt a set of new
  transfer pricing (TP) documentation rules
  compliant with a framework being evolved at the
  OECDs behest by 2015-end. The new rules would
  make scrutiny of MNC transactions to ascertain if
  companies understate income and slash tax bills
  here more efficient and result-oriented.

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• STATUTORY DUE DATES FOR DECEMBER 2014 Index
• Statutory Due Dates Calendar for December 2014

Due Date Statutory Compliance
5th December 2014 Payment of Service Tax/ Excise duty
7th December 2014 Payment of TDS
10th December 2014 Excise Return (if monthly)
15th December 2014 Payment of Provident Fund contribution/ Profession Tax
21st December 2014 Payment of VAT
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