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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

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Presentation on theme: "We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like."— Presentation transcript:

1 We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like a slice of a wholesome pie. NEWSLETTER – OCTOBER 2016

2 INDEX Direct Taxation Indirect Taxation Corporate & Other Laws Accounting & Audit Statutory Due Dates October 2016 Newsletter –October 2016

3 DIRECT TAXATION IndexIndex Due date for Tax Audit and return filing extended The Central Board of Direct Taxes has extended the due date for filing of income tax returns for taxpayers who are required to be audited, in order to avoid a clash with the Income Declaration Scheme. The CBDT has extended the last date for such returns which were due on September 30 to October 17 in order to remove inconvenience and to facilitate ease of compliance as the Income Declaration Scheme also closes on September 30. Tax payers whose business receipts amount to Rs 1 crore or professional receipts with over Rs 25 lakh in the previous year 2015-16 are required to file an Income Tax return with an audit report by September 30 every year. CBDT to honour honest taxpayers In a novel initiative revived after decades, the CBDT will soon honour lakhs of "honest and compliant" taxpayers from across the country who have paid their Income Tax dues diligently over the years. The Central Board of Direct Taxes has created four broad categories of taxpayers for the purpose - large, regular, compliant, and diligent taxpayers. Such people will be issued commendation certificates by the policy-making body of the I-T department under the signature of the CBDT Chairperson. Newsletter – October 2016

4 INDIRECT TAXATION IndexIndex Yoga promoting institutes out of Service Tax net Yoga instructor Ramdev's trusts and similar other institutions engaged in promoting yoga are not required to pay the service tax for a period, starting from June 20, 2012 to October 20, 2015, provided they are registered as charitable entities. For period after October 20, 2015, Yoga-promoting institutions has come under the negative list which are exempt from the service tax. There was confusion whether service tax is applicable to yoga-promoting institutions or not before October 21, 2015. This was so because negative list of services issued with effect from June 20, 2012 did not specifically mentions Yoga. Newsletter – October 2016

5 CORPORATE AND OTHER LAWSIndexIndex Cabinet approves merger of rail budget wih general budger The Union Cabinet has approved the proposals of Ministry of Finance on certain landmark budgetary reforms relating to (i) the merger of Railway budget with the General budget, (ii) the advancement of the date of Budget presentation from the last day of February and (iii) the merger of the Plan and the Non-Plan classification in the Budget and Accounts. All these changes will be put into effect simultaneously from the Budget 2017-18. Newsletter – October 2016

6 ACCOUNTING & AUDITIndexIndex India Inc adheres to new accounting format Most listed companies that are part of the BSE 500 index managed to file results for the quarter ended June under the new Indian Accounting Standard or Ind-AS. However, some outside the top 500 failed to file their numbers within the stipulated deadline citing “practical difficulties”. Starting with the June quarter, all listed companies, with the exception of some in the banking, financial services and insurance (BFSI) space, had to provide financial statements under the Ind-AS format. Newsletter – October 2016

7 STATUTORY DUE DATES FOR OCTOBER 2016 Index Index Statutory Due Dates Calendar for October 2016 Newsletter –October 2016 Due DateStatutory Compliance 5 th October 2016Payment of Service Tax/ Excise duty 7 th October 2016Payment of TDS 10 th October 2016Excise Return (if monthly) 15 th October 2016Payment of Provident Fund contribution/ Profession Tax 21st October 2016Payment of VAT & ESIC 25 th October 2016Filing of Service Tax Return 30 th October 2016Filing of Quarterly TDS Return ( July to September Qtr)

8 Get in Touch www.nyaasa.com +91.20.6500 1753 contact@nyaasa.com

9 Newsletter – October 2016 THANK YOU !

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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

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We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.
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