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NEWSLETTER – DECEMBER 2015
INDEX
• Direct Taxation
• Indirect Taxation
• Corporate & Other Laws
• Accounting & Audit
•Statutory Due Dates November 2015
Newsletter – December 2015
DIRECT TAXATION
Index
•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 2012. 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
Index
• Swachh Bharat Cess on all taxable services from 15th 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 LAWS
Index
• 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 30th November 2015. It has been decided to relax the additional fee payable
on forms AOC-4 and AOC-4 XBRI up to 30th December, 2015.
•MVAT interest rate changed in Maharashtra
The Government of Maharashtra has issued Notification No.VAT.1515/CR-81/Taxation-1 dated 05-11-2015
revising the late payment interest rates slabwise viz. for delay of first month @ 1.25% p.m., for next two months
@ 1.50% p.m. and thereafter @2% p.m w.e.f. 1st December 2015.
The rate table is as follows:
Newsletter – December 2015
CORPORATE AND OTHER LAWS
Index
Sr. No.
Period liable for interest
Rate of Interest
1
Upto 1 month
1.25% for the month or part thereof
2
Upto 3 months
One 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.
3
More than 3 months
One 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.
Newsletter – December 2015
ACCOUNTING & AUDIT
Index
•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 2013.
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
•Statutory Due Dates Calendar for December 2015
Due Date
Statutory Compliance
5th December 2015
Payment of Service Tax/ Excise duty
7th December
Payment of TDS
2015
10th December 2015
Excise Return (if monthly)
15th December 2015
Payment of Provident Fund contribution/
Profession Tax
15th December 2015
Payment of Advance Tax
21st December
Payment of VAT & ESIC
2015
Newsletter – December 2015
Index
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Newsletter – December 2015