01 July, 2014

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Updates that Matter (UTM #11) :- Haryana WCT Rate (5%)

Dear Friends ,
Please find below the "Updates that Matter (UTM # 11)",
Ø  Intl. Taxation :- RBI will not issue any instruction in regard to TDS matters on foreign Remittance

Ø  CE: - Finance Minister extends the validity of concessional rate for 6 Months.

Ø  IT: - One Mobile and One Email cannot be used for more than four Assessees.

Ø  Union Budget on 10th July, 2014.

Ø  CE: - Non-compete fee and trademark fee to be included in the assessable value in case of manufacturing agreement.
(Hon'ble Mum-CESTAT)

Ø  DVAT Refunds:- Form 9 (Online) still awaited. Public notice for refund notice may be extended soon.

Ø  Haryana VAT :- WCT rate increased to 5% from 4%.

a)      Intl. Taxation: - Reserve Bank of India has reviewed the policy relating to issue of instructions under Foreign Exchange Management Act, 1999 (FEMA), clarifying tax issues. It has now been decided that Reserve Bank of India will not issue any instructions under the FEMA, in this regard. It shall be mandatory on the part of Authorised Dealers to comply with the requirement of the tax laws, as applicable.  

A.P. (DIR Series) Circular No.151 dated 30th June, 2014

b)    CE:  Proviso to Notification 12/2012-CE dated 17th March, 2012 has been extended to 31st December, 2014 from 30th June, 2014. By this, the capital goods industry will continue to get the benefit of concessional rates till 31st December, 2014.

Notification No.6/2014-C.E, Dated 25-6-2014

c)     IT: One mobile number or email ID can be used for a maximum of 4 user accounts as the Primary Contact- Mobile Number and Email ID in e-Filing. This is to ensure that family members (not exceeding 4 separate users) not having personal email or mobile can be covered under a common email or mobile, but in general taxpayers should have their own unique email ID and Mobile registered with the Department.

Income Tax Press Released dated 26th June, 2014

d)    Union Budget shall be released on 10th July, 2014:- The newly formed government has a formidable task ahead for its first budget session. The central focus needs to be on addressing the stuttering economy. Here are some key areas that need attention including manufacturing sector, Tax reforms and simplification of procedural compliances.

e)    CE:- Non-compete fee being paid as a part of the manufacturing agreement, which impacts the consideration of the final products, will have to be apportioned in the assessable value of the final products. The Tribunal also held that Trademark fee paid in a manufacturing agreement by buyer to seller or the holding company of the seller to be included in the assessable value.

(2014(6) TMI 621-CESTAT Mumbai)

f)     DVAT: - The Form 9 (online) which was required to be filed for the purpose of refund for the dealers who have claimed their refund vide returns of Q3 or Q4 of FY 2013-14 is still awaited. It is worthwhile to note that the DVAT department was seeking to get the information filed within due date 30th June, 2014. The same has not been released till date.    

g)    HVAT:- WCT rate under Section 24 has been increased to 5% vide Notification No. 67/HA/6/2003/S. 24/2014 dated 20th June,2014.

CA.Ankit Gulgulia (Jain)|B.COM(H), C.A, C.IFRS, C.B.V
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