|— Validity of Zero Duty EPCG Scheme extended from 9 months to 18 months from the date of issue.|
|— Customs Department has notified new / revised provisions for import of capital goods under the Zero Duty EPCG Scheme by retailers, Common Service Providers (CSP), Green Technology sector, Sick Companies, Agro units etc.|
|Import of cars – Cars manufactured prior to 1st January, 1950 “free” for import by actual users with immediate effect. Until now they were under “restricted” category.|
|Re-credit of 4% SAD – Exporters allowed to utilize re-credited 4% (Special Additional Duty) SAD scrips till 30.09.2013 without any further extension.|
|Service tax exemption – Scrip holders under Focus Market Scheme (FMS), Focus Product Scheme (FPS), Vishesh Krishi and Gram Udyog Yojana (Special Agriculture and Village Industry Scheme) entitled to Service Tax exemption.|
|Work from home – Employees of EOU, STP, EHTP and BTP can work from a place outside the unit, provided export of the ultimate product / service is from the bonded premises only.|
|Due date for filing Service Tax Return (Form ST 3) for the period 1st October, 2012 to 31st March, 2013 is extended from 25th April, 2013 to 31st August, 2013.|
|Based upon certain High Court decisions and the attributes laid down by the Supreme Court as to what constitutes “transfer of right to use goods”, CBEC has clarified that since the possession and control remain in the hands of the service provider, services provided by way of erection of pandal or shamiana will attract service tax.|
|Only electronically filed Part A of form 16 (TDS Certificate) downloaded from TRACES portal in the prescribed format with Unique Identification Number shall be treated as a valid certificate issued by the tax deductor to the tax deductee. This puts to rest attempts of several tax deductors to issue TDS certificates in their own format outside the government portal.
Part B of form 16 can be issued manually.
|The IT Department has notified under Section 92C of the Income Tax Act, 1961, that the arm’s length price for international or specified domestic transactions shall be 1% for wholesale trade and 3% for others for Assessment Year 2013-14. Accordingly any variation between the actual price and the ALP which is less than the notified percentage may not be accepted by the authorities.|
|Any overseas entity having equity participation directly or indirectly shall not facilitate trading in financial products such as currencies, securities and commodities linked to Indian Rupee without prior approval of RBI.|
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