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News Flash - March 2013 - abm & associates

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We are pleased to provide you with topical and relevant information, by drawing your attention to our latest News Flash - March 2013.
It covers the latest updates on Companies Bill, Service Tax & TDS.

Published in: Economy & Finance
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News Flash - March 2013 - abm & associates

  1. 1. abm & associates CHARTERED ACCOUNTANTSNEWS FLASHMarch 2013 NEWS FLASH MARCH 2013 abm & associates MICROSOFT | [Company Address]
  2. 2. abm & associates CHARTERED ACCOUNTANTSContentsNEW COMPANIES BILL, 2012 PROPOSES “ARM’S LENGTH” CONCEPT FOR RELATED PARTYTRANSACTIONS __________________________________________________________________________________________________ 2 BACKGROUND ..................................................................................................................................................................................................... 2 OVERVIEW ............................................................................................................................................................................................................ 2 RELATED PARTIES/TRANSACTIONS COVERED ................................................................................................................................................. 2CBDT ISSUED NEW RULES & FORM FOR TDS _________________________________________________________________ 4 BACKGROUND ..................................................................................................................................................................................................... 4 KEY AMENDMENTS............................................................................................................................................................................................. 4 KEY AMENDMENTS IN FORMS .......................................................................................................................................................................... 5SERVICE TAX BEING STATUTORY LIABILITY, NOT TO BE INCLUDED IN TOTAL RECEIPTS FORCOMPUTING PRESUMPTIVE INCOME, AS IT DOES NOT CONTAIN AN ELEMENT OF PROFIT _____________ 7 IN BRIEF................................................................................................................................................................................................................ 7 FACTS:................................................................................................................................................................................................................... 7 ISSUE UNDER CONSIDERATION: ........................................................................................................................................................................ 7 TAXPAYERS ARGUMENTS: .................................................................................................................................................................................. 7 TAX DEPARTMENT’S ARGUMENTS: .................................................................................................................................................................. 7 TRIBUNAL’S RULING: .......................................................................................................................................................................................... 7 OUR VIEW:........................................................................................................................................................................................................... 7ST3 FILING DATE EXTENDED FOR Q2 2012-13 ________________________________________________________________ 8 Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 1
  3. 3. abm & associates CHARTERED ACCOUNTANTS New Companies Bill, 2012 proposes “Arm’s Length” Concept for Related Party Transactions     ₹Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 2
  4. 4. abm & associates CHARTERED ACCOUNTANTS             ₹ ₹   Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 3
  5. 5. abm & associates CHARTERED ACCOUNTANTS CBDT Issued New Rules & Form for TDS    -  -    Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 4
  6. 6. abm & associates CHARTERED ACCOUNTANTS      ₹  Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 5
  7. 7. abm & associates CHARTERED ACCOUNTANTS      Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 6
  8. 8. abm & associates CHARTERED ACCOUNTANTSService Tax being Statutory Liability, not to be included in total receiptsfor computing presumptive Income, as it does not contain an element ofprofit  1 ITA No.8672/Mum/2010 for A.Y. 2007-08 DDIT vs. M/s. Mitchell Drilling Int. Pty. Ltd.(I.T.A.2 Islamic Republic of Iran Shipping Lines vs DCIT, 11 Tax- No.698/Del/2012)man.com.349(Mum), DIT va. Schlumberger Asia Service Ltd., 317 ITR 156 (Utt)Sedco Forex International Drilling Inc vs. ADIT, 24 Taxman .com390(Delhi) 3 (2009) 209 SOT 33 (del) Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 7
  9. 9. abm & associates CHARTERED ACCOUNTANTS ST3 filing date extended for Q2 2012-13 15th April, 2013 http://www.aces.gov.in/Documents/order_12013-ser- vice_tax_dated_6-3-2013_2.pdfHead Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 8
  10. 10. abm & associates CHARTERED ACCOUNTANTSNavi Mumbai Kolhapur#NL 5/11/03, Sector 3 #1-2, Atharva 7th AvenueNext to Parsik Bank C.S.No.2007, 7th LaneNerul East RajarampuriNavi Mumbai – 400 706 Kolhapur – 416 008: +91 22 2771 2275 : +91 231 2531 707Pune#11/E-2, New FriendsHousing SocietyPaul RoadPune – 411 038: +91 20 2539 7707 Subscribe to our… Newsletters & Other Updates http://www.abmnassociates.com/newsletters/subscribe To Know More… Visit Our Website http://www.abmnassociates.com Mail Us… For Inquiry info@abmnassociates.comThe information contained herein is of general nature and is not intended to address the circumstances of any particular individual or entity. Although weendeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of date i t is received or that it willcontinue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of theparticular situation. Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 9

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