THE COMPLIANCE GALAXY

2012-13

INSIDE THE ISSUE:

Compliance calendar.02 Rate chart07 Corporate updates at a glance...13

The Compliance Galaxy 2012-13

COMPLIANCE CALENDAR
A Compliance Calendar assists a business entity to plan the payment and submission of various reports, certificates, returns, information, documents before the due date rings the door bell. Hence, following is the list of monthly, quarterly, half-yearly and yearly compliances applicable to various business entities which would assist an organization in timely compliances under various legislations:

MONTHLY COMPLIANCES
DUE DATE 5th Central Excise Act 1944 Service Tax 6th Central Excise Act Income Tax Act, 1961 VAT/CST VAT/CST 7th ECB RBI Guidelines RBI Guidelines Excise 10th APTPTCE Act APLW Act RBI Guidelines 15th VAT CST LEGISLATION Service Tax NATURE OF COMPLIANCE Payment for the previous month (For Corporate Dealers) (If payment is made through cheque) Payment for the previous month (In case of Non SSI Dealer) (If payment is made through cheque) Payment for the previous month (For Corporate Dealers) (If payment is made otherwise than through cheque) Payment for the previous month (For Corporate Dealers) (If payment is made otherwise than through cheque) Payment of TDS/TCS for the previous month Payment for the month of March Filing of return for the month of March Filing of return for reporting of actual transactions of ECB Monthly Return on Capital Market Exposure to be submitted by NBFCs-D Monthly Return on Important Financial Parameters of NBFCs not accepting/holding public deposits and having asset size of Rs.100 crore and above to be submitted by NBFC-ND-SI Filing of return for the previous month (In case of Non SSI Dealer) Payment & Filing for the previous month (By Employer) Payment of contribution for the previous month A Statement of short term dynamic liquidity to be submitted by NBFC-ND-SI Payment for the previous month (If payment is made through cheque) Payment for the previous month (If payment is made through cheque)

VAT- Andhra Pradesh Value Added Tax Act 2005 CST- Central Sales Tax, 1956 SSI- Small Scale Industry ECB- External Commercial Borrowing NBFCs - Non-Banking Financial Companies NBFCs-D- Deposit taking NBFCs NBFCs-ND- Non-Deposit taking NBFCs. NBFCs-ND-SI- NBFCs not accepting/holding public deposits and having asset sizes of Rs.100 crore and above APTPTCE Act Andhra Pradesh Tax on Professions, Trade, Callings and Employment Act 1987 APLW Act - AP Labour Welfare Act, 1970

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The AP Entertainment Tax 1939 Entry Tax Act 2001 15th

Payment & Filing of return for the previous month (Amusement & Recreation) Payment & Filing of return for the previous month (Non registered dealers)

AP Tax on Luxuries Act Payment & Filing of return for the previous month 1987 Payment of contribution for the previous month EPF Filing of Declaration for employees joined during the previous month Employees State Insurance Act 1948 Filing of Declaration for employees joined during the previous month (ESIC) Payment for the previous month (If payment is made otherwise than through cheque) VAT Filing of return for the previous month CST The AP Entertainment Tax 1939 Entry Tax Act 2001 Filing of Return for the previous month Payment & Filing of return for the previous month (Others) Payment & Filing of return for the previous month (Registered Dealers) Payment of contribution for the previous month Payment of Works Contract Tax (TDS) for the previous month Filing of Consolidated Statement of dues Filing of return for employees qualifying for the first time under the act Filing of return for employees resigned from the organization Filing of nomination form for new joinees Filing of notification of vacancies

20th

21st

ESIC VAT

25th

EPF

30th

EE (CNV) Act

QUARTERLY COMPLIANCES DUE DATE 05th of July, Oct, Jan Central Excise Act Service Tax 06th of July, Oct, Jan 10th of July, Oct, Jan & April Central Excise Act LEGISLATION Service Tax NATURE OF COMPLIANCE Payment for the previous month (For Corporate Dealers) (If payment is made through cheque) Payment for the previous month (For Corporate Dealers) (If payment is made through cheque) Payment for the previous month (For Corporate Dealers) (If payment is made otherwise than through cheque) Payment for the previous month (For Corporate Dealers) (If payment is made otherwise than through cheque) Filing of return for the previous quarter

EE (CNV) Act - Employment Exchange (Compulsory Notifications of Vacancies) Act 1959 TDS- Tax deducted at source TCS - Tax collected at Source EPF- Employees Provident Fund and Misc. Provisions Act 1952

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10th of July, Oct, Jan & April 15th of July, Oct, Jan 15th of May 15th of July, Oct, Jan & April 15th of June, Sept, Dec & March 30th of July, Oct, Jan & April 30th of Nov 31st of March

APSE Act I-T Act EE (CNV) Act I-T Act VAT VAT/CST Central Excise Act Service Tax NBFC APD NBFCs PN (RB) D

Filing of return for the previous quarter Filing of TDS/TCS return for the previous quarter Filing of TDS/TCS return for the quarter ended March Filing of return for the previous quarter Payment of Installment of Advance Tax Payment of Turnover Tax & Filing of return for the previous quarter Filing of C-Form details and utilized way bill details for the previous quarter Filing of Annual Financial Information Statement for the previous Financial year Payment for the previous month (For Corporate Dealers) Submission of Quarterly Return by NBFCs-D Submission of Quarterly Statement of Capital Funds, Risk Assets etc by NBFCs-D Submission of Quarterly Return on Statutory Liquid Assets by NBFCs-D Submission of Quarterly Return on repayment of deposits by rejected companies holding public deposit Submission of Quarterly Return of Capital Funds, Risk Asset Ratio by NBFCs-ND-SI Payment for the previous quarter (For SSI Registered Dealers) Quarterly return to be submitted by non-deposit taking NBFCs with asset size of Rs 50 crore and above but less than Rs 100 crore Submission of Compliance Report on Corporate Governance Submission of Share holding Pattern to the Stock Exchange

15th of April, July, Oct, Jan

RBI Act RBI Act RBI Act

31st of March 30th of April, July, Oct, Jan Within 15 days of end of quarter Within 21 days of end of quarter

Central Excise Act RBI Guidelines Listing agreement Listing agreement

30th of July, Oct, Dec, March

Before the end of quarter

SEBI (Depositories & Participants) Regulations, 1996 & Submission of Reconciliation of Share Capital Audit SEBI Circular No. Report D&CC/FITTC/Cir16/2002 dated 31.12.02 Listing agreement Holding of Audit Committee Meeting Holding Board Meeting Publication of quarterly results in newspapers (English & Vernacular Language)

Before the end of quarter Companies Act Within 48 hours of Board Listing agreement meeting

NBFC APD - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1999 NBFCs PN (RB) D - Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 APSE Act - AP Shops & Establishments Act 1988 I-T Act- Income Tax Act 1961

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Within 45 Days of the end of Quarter

Listing Agreement

Limited Review Report from the Statutory Auditors (in case of submission of Unaudited last quarter results)

HALF YEARLY COMPLIANCES DUE DATE 12th of May & Nov 15th of July 25th of Oct & April 20th April/ 20th Oct 20th April/ 20th Oct 30th April/ 30th Oct 30th of July & Jan Within 30th April and shall be submitted to the Exchange within 24 hours after signing of PCS LEGISLATION ESIC Factories Act, 1948 Service Tax RBI Guidelines RBI Guidelines RBI Guidelines CL Act NATURE OF COMPLIANCE Filing of return for the previous Half year ended Filing of Half yearly return Filing of return for the previous Half year ended Submission of Statement of structural to be submitted by NBFC-ND-SI Submission of Statement of Interest Rate Sensitivity to be submitted by NBFC-ND-SI Submission of Asset-Liability Management (ALM) Return to be submitted by NBFCs-D having public deposit of Rs 20 crore Filing of Half yearly return Certificate from Practising Company Secretary (PCS) under Clause 47C

Listing Agreement

ANNUAL COMPLIANCES DUE DATE LEGISLATION Excise 30th of April APTPTCE Act EPF 30th of June 15th of July 31st of July 30th of Sept APTPTCE Act FEMA Income Tax NATURE OF COMPLIANCE Filing of Annual Installed Capacity Statement for financial year ended Renewal of Professional Tax registration Filing of Annual return statement Filing of Annual Return of contribution cards Payment of tax for Directors & Company Filing of Annul Return on Foreign Assets & Liabilities under FEMA Filing of income tax returns (In case of non audit entity) Filing of Income tax returns (in case of Audit entities)

TDS- Tax deducted at source FEMA Foreign Exchange Management Act 1999 CL Act - Contract Labour (Regulation & Abolition) Act 1970
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NBFC 31st of Oct 30th of Nov 30th of Dec 31st of Dec 15th of Jan 01st of Feb 15th of Feb 30th of April 30 of June Within 45 days of the end of Quarter 30th of May Within 2 working days of receipt of information u/r 13(3) & (4) Within 6 months from the close of financial year Within 30 days of date of AGM Within 60 days of date of Annual general meeting
th

CL Act APSE Act Payment of Bonus Act, 1965 VAT APLWAct Factories Act, 1948

Annual Returns By deposit taking NBFCs (As required by Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.) to be submitted by NBFCs-D Application for renewal of license Renewal of registration Filing of Annual return Submission of Audited Trading, P & L Account Filing of Yearly return Filing of Annual return

Minimum Wages Act, Filing of Annual return 1948 Payment of Wages Act, Filing of Annual return 1936 CL Act Listing Agreement Listing Agreement Companies Act, 1956 Listing Agreement Listing Agreement SEBI (Prohibition of Insider Trading) Regulations, 1992 Companies Act, 1956 Companies Act, 1956 Companies Act, 1956 Filing of Annual return Annual Listing Fees Annual Custodial fees to NSDL/CDSL Return of Deposits Intimation regarding submission of Annual audited Results (if unaudited last quarter results not submitted) Submission of Annual Audited (along with audit report) if last quarter unaudited results not submitted Annual disclosures under regulation 13(6) regarding Details of change in shareholding

Holding Annual General Meeting (AGM) Filing of Balance sheet, Profit and Loss Account and other documents Filing of Annual return

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The Compliance Galaxy 2012-13

RATE CHART
RATES UNDER AP VALUE ADDED TAX S. No 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Schedule I Schedule III Schedule IV Schedule V Schedule VI COMPOSITION SCHEME Works contract executed for State Government or Local authority Works contract executed for other than state Government or Local authority Apartment Builders and Developers STANDARD DEDUCTIONS FOR WORKS CONTRACT Electrical Contracts All structural contracts Installation of plant and machinery Fixing of marble slabs, polished granite stones and tiles (other than mosaic tiles) Civil works like construction of buildings, bridges roads etc Design, fabrication and installation of centralized Air-conditioning plant, Air Handling units, Refrigeration plants and any other Heating, Ventilating and Air Conditioning Systems. Fixing of sanitary fittings for plumbing, drainage and the like Painting and polishing Laying of pipes Tyre re-treading Dyeing and printing of textiles Printing & Supplying of printed material All other contracts TDS ON WORKS CONTRACT TAX All categories of contracts not falling in sub-clauses (ii) Contracts for laying or repairing or roads and contracts for canal digging, lining and repairing. Particulars SCHEDULE RATES 0% 1% 5% 14.50% Special Rates 4% 4% 4% on 25% of total consideration 15% to 25% 35% 15% 25% 35% 5% 15% 25% 25% 40% 40% 40% 30% 4% of 70% of total consideration 2% of 70% of the amount Rate

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The Compliance Galaxy 2012-13

AP TURNOVER TAX RATE Particulars On total sale value Rate 1%

CENTRAL SALES TAX RATES Particulars On Gross value of Inter-state sales transaction

Rate 2% (or) the state level VAT rate, whichever is lower

AP PROFESSIONAL TAX RATES Category Range Directors -Estate Agents or Brokers -Companies -Partners -Occupiers of Factories -Sub-brokers recognized by the Stock -Exchange Board of India Property Developers including Land -Developers and Building / Flat Developers Owners of Residential hotels and -lodging houses having > 20 rooms Individuals or institutions conducting -Chit funds >2 and < 5 years in profession Chartered Accountants > 5 years in profession Range 5001 to 6000 Salary & wage earners Range 6001 to 10000 Range 10001 to 15000 Range 15001 to 20000 Above 20000 Class I Class II Class III Work executed < 10lacs Work executed > 10lacs Employees >1 and < 5 Employees >5 and < 10 Employees >10 and < 20

Rate (Rs.) 2500/- P.A. 550/- P.M. 2500/- P.A. 500/- P.A. 1000/- P.A 1000/- P.A. 2500/- P.A. 2500/- P.A. 2500/- P.A. 500/- P.A. 2500/- P.A. 60/- P.M. 80/- P.M. 100/- P.M. 150/- P.M. 200/- P.M. 2500/- P.A. 1500/- P.A. 500/- P.A. 500/- P.A. 1500/- P.A. 110/- P.A. 400/- P.A. 1000/- P.A.

Contractors

Other Contractors Employers Under AP Shops & Establishment Act

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Co-operative Societies

Employees > 20 State level Society Co-Operative Sugar Factories, Spinning Mills, Banks District level Society Mandal level Society Village level Society

2500/- P.A. 2500/- P.A. 2500/- P.A. 330/- P.A. 220/- P.A 150/- P.A 750/- P.A

Persons other than the above

SERVICE TAX RATES Particulars Registered dealers under service tax Nature of taxable service Mandap keeper Service Tour Operator Service in relation to package tour Tour Operator Service (booking of accommodation) Tour Operator Service (other than above two mentioned) Renting of Cab Renting of hotels, inn, guest houses clubs others Supply of food or any other article of human consumption at Convention service, hotels, clubs, pandal, shamiana or any other place specially arranged for organizing function Services involved in supply of food or any other article of human consumption or any drink restaurant at (which has licence to service alcoholic beverages) Services involved in supply of food or any other article of human consumption or any drink as outdoor catering service Chit Service Business Auxiliary Service Erection Commission & installation service GTA Financial leasing service Pandal & Shamiana Construction of complex When land value is included When land value is not included Transport of goods by rail Transport of passengers by rail Aircraft operator

Rate on the gross value of services rendered 12% Abatement Rate 60% 75% 90% 60% 60% 40% 30%

70% 40% 70% 30% 67% 75% 90% 30% 75% 67% 70% 30% 40%

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Nature of taxable service Insurer Foreign Exchange

Optional scheme 3% of the premium charged in the first year and 1.5% in subsequent years 0.12% of the gross amount of currency exchanged for an amount upto rupees 100,000, subject to the minimum amount of Rupees 30; and Rupees 120 and 0.06 per cent. of the gross amount of currency exchanged for an amount of Rupees exceeding 100,000 and upto rupees 10,00,000; and Rupees 660 and 0.12 per cent. of the gross amount of currency exchanged for an amount of rupees exceeding 10,00,000, subject to maximum amount of rupees 6000: 4.80%

Composition rate

CENTRAL EXCISE DUTY Particulars Basic Duty Proposed in Budget 2012

Rate 12 %

LUXURY TAX Particulars Luxuries provided by Hotels Charges below Rs. 300/- Per day per person Charges above Rs. 300/- Per day per person Luxuries provided by Corporate Hospitals Charges below Rs. 500/- Per day per person Charges above Rs. 500/- Per day per person Tobacco Products Chewing Tobacco preparations commonly known as Khara, Masala, Kimam, Dokta, Zarda, Sukha and Surti. Cigarettes Rate Nil 5%

Nil 10%

50 paise in every rupee 05 paise in every rupee

FY 2011-12 Upto1,80,000 (Individuals, HUF, AOP, BOI, AJP) Up to 1,90,000 (for women) Up to 2,50,000 (for resident individual of 60 years or above)

INCOME TAX RATES Rate FY 2011-12 Nil Upto 2,00,000 (Individuals, HUF, AOP, BOI, AJP) Nil Up to 2,00,000 (for women) Nil Up to 2,50,000 (for resident individual of 60 years or above)

Rate Nil Nil Nil

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The Compliance Galaxy 2012-13

Up to 5 Lacs (senior citizens > 80years) 1,80,001 5,00,000 5,00,001 8,00,000 8,00,001 upwards

Nil 10% 20% 30%

Up to 5 Lacs (senior citizens > 80years) 2,00,001 5,00,000 5,00,001 10,00,000 10,00,001 upwards

Nil 10% 20% 30%

ENTERTAINMENT TAX Particulars A/C and Air Cooled Theatres Other Theatres

Rate 20% 18%

SURCHARGE RATE Particulars On domestic companies (Total Income > 1 Crocre) On other than domestic companies (Total Income > 1 Crocre)

Rate 5% 2%

EDUCATION CESS Particulars Education cess on income tax Secondary & Higher education cess on income tax

Rate 2% 1%

PROVIDENT FUND CONTRIBUTION Particulars Employers contribution to Provident Fund Employers contribution to Pension Fund Employers contribution to EDLI Employers contribution towards the Administrative charges for Provident Fund Employers contribution towards the Administrative charges for EDLI Employee contribution

Rate 3.67% 8.33% 0.5% 1.10% 0.01% 12%

ESI CONTRIBUTION Particulars Employers contribution Employee contribution

Rate 4.75% 1.25%

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The Compliance Galaxy 2012-13

Nature of Payment Salary Interest on Securities Deemed Dividend Interest other than Interest on securities (By bank & others) Winning from Lotteries & Puzzles Winning from Horse Race Payment to Contractors Payment to Adverting/Sub contractors Insurance Commission Payment out of deposits under NSS Repurchase of Units by MF/UTI Commission on sale of Lottery tickets Commission & Brokerage Rent Land & Building Rent Plant & Machinery Professional Fee & Technical Services, Royalty & non compete fee Remuneration to Directors (Proposed in Budget 2012) Compensation on acquisition of immovable property

TDS RATES Section Code 192 193 194 194A 194B 194BB 194C(1) 194C(2) 194D 194EE 194F 194G 194H 194I 194I 194J 194J 194LA

Individual /HUF Avg Rate 10% 10% 10% 30% 30% 1% 1% 10% 20% 20% 10% 10% 10% 2% 10% 10% 10%

Others Avg Rate 10% 10% 10% 30% 30% 2% 2% 10% 20% 10% 10% 10% 2% 10% 10% 10%

TCS RATES Nature of Goods Alcoholic liquor for human consumption Tendu Leaves Timber obtained from forest lease Timber obtained from any mode other than forest lease Any other forest produce not being timber or tendu leaves Scrap Parking lot Toll plaza Mining & Quarrying Cash transaction in bullion and Jewellery (Proposed in Budget 2012) Sale of Coal, Lignite and Iron ore Rate % 1% 5% 2.5% 2.5% 2.5% 1% 2% 2% 2% 1% 1%

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CORPORATE UPDATES AT A GLANCE

(FY 2011-12)

MCA
Schedule VI to the Companies Act, 1956 revised Revised schedule VI applicable to all the companies uniformly for the financial statements to be prepared for the financial year ended 31st March, 2012 onwards DIN procedure simplified - DIN application is to be made online pre-certified by a professional through eform DIN1 and no physical submission of documents shall be required Payment of Commission to Non-Whole time Directors of the company under section 309(4)(b) of the Companies Act, 1956 shall not require approval of the Central Government Payment of fees through Electronic Mode made mandatory - payments of value upto Rs. 50,000, shall be made only in electronic mode. For the payments of value above Rs. 50,000, stakeholders would have the option to either make the payment in electronic mode, or paper challan Delegation of Power Central Government to Regional Directors and Registrar of Companies for incorporation of Section 25 companies to reduce the time Limits Enhanced from Rs.50,000/- to Rs. 2,50,000/- for obtaining approval of the Central Government for payment of remuneration to office or place of profit Limits Enhanced from Rs. 24 lacs P.A to Rs. 60lacs P.A for Disclosure of Particulars of Employees Under Section 217(2A) of Companies Act, 1956 Green Initiatives in Corporate Sector - Company would have complied with Section 53 of the Companies Act, if the service of document has been made through electronic mode instead of Under Posting certificate (UPC) Appointment of Cost Auditor by Companies reviewed - Appointment of cost auditor needs to be first considered by the Audit Committee and upon the recommendation of the audit committee Board can make the appointment of Cost Auditor Informing PAN through DIN - Directors who have not furnished their PAN earlier at the time of obtaining DIN are required to furnish their PAN by filing e-form DIN-4 Word partnership in ICAI, ICWAI, ICSI Acts include LLPs - The words partnership wherever occurring in the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the

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Company Secretaries Act, 1980 shall mutatis mutandis be construed as including those Limited Liability Partnerships Green Initiatives in the Corporate Governance: Issue of Certificates by RoC by Digital Signature Ministry allows holding shareholders' meetings through video conferencing Participation by Directors in Board / Committee Meetings through video conferencing Approval of appointment of agency for providing electronic platform for e-voting under Companies Act, 1956

Filing of event based forms not to be accepted until Annual forms/returns are filed - No e-filing shall be accepted by the RoC from Directors of defaulting companies for any other company also until updated Balance Sheet and Profit & Loss Accounts and Annual Return are filed with the Registrar of Companies Settlement of prosecutions cases through Lok Adalats MCA organized Lok Adalats for swift disposal of pending prosecution cases against companies/directors Fast Track Exit mode for defunct companies - Companies inoperative since incorporation or commenced business but became inoperative/defunct later on may apply for getting their names strike off from the RoC Payment of MCA 21 Fees via NEFT - NEFT payment option will eliminate inconveniences caused due to payment processing delays Synchronization of DPIN with DIN MCA has decided to issue only one identification number to an individual for both the purpose DIN & DPIN Waiver of approval of Central Government for payment of remuneration to professional managerial person by companies having no profits or inadequate profits Simplified Procedure for amalgamation of Government Companies U/s 396 of the Companies Act, 1956 Every Central Government Company which is applying to the Central Government for amalgamation with any other Government Company or Companies shall obtain approval of the Cabinet i.e. Union Council of Ministers The Companies (Passing of the resolution by Postal Ballot) Rules, 2011 provides for voting by electronic mode - voting by shareholders may be carried on in electronic mode

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RBI/FEMA
Central Registry, a public database, established to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property FII investment limit in listed non-convertible debentures / bonds, with a residual maturity of five years and above, and issued by Indian companies in the infrastructure sector enhanced from USD 5 billion to USD 25 billion With a view to liberalising the import procedure limit for requirement of furnishing bank guarantee increased from USD 100,000 to USD 200,000 or its equivalent To provide operational flexibility and ease the procedure for FDI related transactions, RBI has decided to permit AD to open and maintain, without its prior approval non-interest bearing Escrow accounts in Indian Rupees in India on behalf of residents and / or non-residents, to facilitate FDI transactions Pledge of shares of an Indian company held by non-resident investor/s in favour of AD Category - I banks allowed Bank loans to all MFIs, including NBFCs working as MFIs on or after April 1, 2011, will be eligible for classification as priority sector loans With a view to providing more operational flexibility to Indian corporates having investments abroad, it has been decided to further liberalise / rationalise as following: a. Only 50 per cent of the amount of the performance guarantees to be reckoned for the purpose of computing financial commitment to its JV/WOS overseas; b. Indian promoters who have set up WOS abroad or have at least 51% stake in an overseas JV, may write off capital (equity / preference shares) or other receivables and management fees in respect of the JV/WOS; c. Listed Indian promoter companies with net worth of less than Rs.100 crore and investment in an overseas JV/WOS not exceeding USD 10 million allowed for disinvestment under the Automatic Route; d. Issue of guarantee by an Indian party to step down subsidiary of JV/WOS now under general permission The issuance of equity, preference shares under the government route of the foreign direct investment scheme permitted for some categories

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Designated AD Category-I banks to approve the request from the ECB borrowers with respect to change in the recognized lender Enhancement of ECB limit under the automatic route to USD 750 million or equivalent per financial year Transfer of shares between resident and non-resident investors allowed under the foreign direct investment route without its prior permission with certain exceptions Based on the recommendations of the Malegam Committee Report a new Category of NBFCs-Non Banking Financial Company-Micro Finance Institutions(NBFC-MFIs) introduced Powers for Compounding of Contraventions under FEMA, 1999 delegated to regional offices Restrictions under Section 20 of the Banking Regulation Act, 1949 would apply to grant of loans and advances to spouse and minor/dependent children of the Directors of banks as well Revised procedure for Reporting of Software Exports introduced for those software exporters whose annual turnover is excess of Rs. 1,000 Crores or who submits at least 600 Softex Forms annually Limit for foreign exchange remittance towards imports without any documentation formalities, enhanced from USD 500 or its equivalent to USD 5000 or its equivalent

INCOME TAX
Government proposes to issue biometric PAN card to the asssessee Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature Prior permission from the income tax authorities needed for creating a charge

COMMERCIAL TAX
Due date for payment & filing o f Professional Tax Return has been revised to 10th of every month VAT @ 20% has been imposed on certail tobbaco products VAT rate for schedule IV products been increased to 5% from the existing 4%

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Agents selling agricultural produce on behalf of agricultural principals are been exempted from VAT Registration Interest for delay in payment of vat amount has been increased to 1.25% from the existing rate of 1% The marginal Textile dealers with an annual taxable turnover of above Rupees 5 Lakhs and below Rupees 40 Lakhs will be subjected to levy of tax at the rate of only 1% Textile and sugar are exempted from tax under CST Act vide GO. MS. 2328 and is still in force Dealers who are engaged in integrated activity of Printing & Supplying of printed materials may have an option to pay tax by way of composition @ 4% on 60% of total value of such supplies received and receivable Input tax credit for the dealers paying VAT under Section 4 (7)(a) of AP VAT Act has reduced to 75%

SERVICE TAX
Club or association service provided by a registered cooperative society has been exempted from service tax With effect from 01.04.2012 service tax will need to be charged at 12.36% Limits under the alternate payment option given to foreign exchange service proverders has been enhanced Abatement of 60% has been granted to aircraft operator for rendering service to passengers on domestic and international journey The composition rate of service tax on works contract has been amended to 4.80% from the existing 4% 34 new services has been introduced and enlisted under service tax exemption category Notification has been passed in regard to certain category of service where both service receiver and service provider are made liable for the payment of service tax. Medical services in terms of sub-clause (zzzzo) of section 65(105) has been exempted from service tax Exemption has been granted to the taxable service as referred to in sub-clause (zzzzw) of clause (105) of section 65 of the said Act, when the declared tariff for providing of such accommodation is less than rupees 1000 per day from the whole of the service tax leviable thereon under section 66 of the said Act.

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EXCISE
E-Filing of excise returns has been made mandatory from 01.10.2011 Products such as uniforms or made-up articles like quilt, blankets, towels, linen etc. bearing the name or logo of a school, security agency, company, hotel or airline etc would not merit treatment as branded products

CUSTOMS
Custom officials may permit Re-export of goods and DEPB Credit tcrip for goods imported under DEPB credit to the exporters OSPCA (On Site Post Clearance Audit) will be initiated in respect of ACP - Accredited Client Programme CBEC imposed definitive anti-dumping duty on the imports of Coumarin originating in, or exported from, the Peoples Republic of China which are imported into India

SEBI
With a view to enhance information available in the public domain on performance of asset pools on which securitized debt instruments are issued, it has been decided to put in place a Listing Agreement for securitized debt instruments ASBA (Applications Supported by Blocked Amount) facility mandatory for all non-retail investors (HNIs and institutional investors) investing in public and rights issues Methodology of calculating the Annual Issuers charges changed. The annual issuers charges would be based on the average no. of folios (ISIN positions) during the previous financial year instead of the total number of folios (ISIN positions) as on 31st March of the previous financial year SEBI to allow investors eligible for differential pricing to make the payment of discounted price at the time of bidding itself, subject to compliance of appropriate disclosure and other norms Mutual Funds/AMCs have been advised to invariably provide an option to the investors to to hold units in demat form

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Guidelines for change of name of listed companies liberalized. New rules facilitates change of name even if amount invested in the new activity/project (Fixed Assets + Advances + Works in Progress) is at least 50% of the assets of the company New Centralized web based complaints redress system SCORES (SEBI Complaints Redress System) launched for speedy processing of investor complaints Stock Exchanges may consider granting membership to LLPs subject to LLP complying with the conditions laid down in Rule 8(4A) of the SCRR SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 notified in place of erstwhile takeover code for enhanced governance of the securities as well as capital market Amendments to the Equity, IDR and SME Equity Listing Agreements: a. Listed entities shall also submit the last quarter results along with the audited annual results b. Submission of unaudited results shall be accompanied by the limited review report of the auditors c. Soft copies of full annual reports to be sent all those shareholders who have registered their email addresses for the purpose

Merchant bankers to disclose the track record of the performance of the public issues managed by them BSE and NSE (Stock exchanges) mandated to provide a separate window, i.e. apart from the existing trading system for the normal market segment, to facilitate promoters of listed companies (which are required to comply with minimum public shareholding requirements) to dilute/offload their holding in listed companies in a transparent manner with wider participation To kick start the stock exchange for small and medium enterprises (SMEs), the capital market decided to standardize the lot size lot size for initial public offer (IPO) proposing to list on SME exchange.

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DISCLAIMER
The above information is only indicative and solely for informational purpose and private circulation. RANJ & Associates, Company Secretaries intend to, but do not guarantee or promise that it is correct, complete / up-to-date. We expressly disclaim any liability to any person in respect of anything, and of consequences of anything done, or omitted to be done by any such person in reliance upon the contents of this document. The information in this document is as of April 01, 2012.

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