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We are dependable and trustworthy knowledge processing partner
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 – JUNE 2017
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Statutory Due Dates June 2017
INDEX Direct Taxation Indirect Taxation Corporate & Other Laws International Trade Statutory Due Dates June 2017 Newsletter – June 2017
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DIRECT TAXATION Index Income Tax Department activates all ITRs for e filing The Income Tax department on Thursday 4th May 2017, activated the e-filing facility for all categories of Income Tax Returns (ITRs) for the assessment year The new ITRs have been made available for filing on the e-portal of the department — e-verification of ITRs can be done through the Aadhaar number which will allow them to complete all the formalities with a click on the computer and the ITR-V (acknowledgment) will not have to be sent by post to the Central Processing Centre (CPC) in Bengaluru. Extension of time for filing SFT The Central Board of Direct Taxes (CBDT) on 31st may 2017 vide order u/s 119 extended the due date for filing SFT to 30th June2017.Section 285BA of the Income Tax Act, 1961, requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, The due date for filing such SFT in Form 61A was May 31.In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN). Newsletter – June 2017
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INDIRECT TAXATION Index
CBEC gets makeover ahead of GST roll out A month before the Goods and Services Tax (GST) rolls out nationwide on July 1, the Central Board of Excise and Customs will be rechristened the Central Board of Indirect Taxes and Customs (CBIC).It is not just the nomenclature that is undergoing change; the CBEC has nearly completed the reorganisation of its field offices, including the allocation of officers, provision of funds for new office spaces and training of staff. To be headquartered at North Block, the new Board will continue in its current form but will have a Member for GST and Central Excise, and a separate Member in charge of IT, Legal and Compliance Verification. Newsletter – June 2017
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CORPORATE AND OTHER LAWS Index
Importers and Exporters need to quote GSTIN from July 1 Exporters and importers will have to declare the Goods and Services Tax Identification Number (GSTIN) from July 1, the scheduled date for the implementation of the new indirect tax regime, to carry out overseas trade. The 15-digit GSTIN is issued by the Goods and Services Tax Network (GSTN), the IT backbone of the proposed tax regime. The process to enrol taxpayers on the GSTN portal, which was suspended on April 30, will start again on June 1 for 15 days. Newsletter – June 2017
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INTERNATIONAL TRADE Index
India, Russia to set up JVs to build aircrafts, automobiles India and Russia have agreed to set up joint ventures for manufacturing aircraft and automobiles as the two nations look to boost trade and economic ties. Russian President Vladimir Putin, after summit talks with Prime Minister Narendra Modi on June 1, said Russian-Indian economic cooperation is returning to a growth trajectory. Putin said agreements made in the St Petersburg Declaration outlines steps to further deepen bilateral cooperation in the political, economic and cultural spheres. "Encouraging the growth of trade, improving its structure, and expanding industrial cooperation constitute our key priority," he said. Bilateral trade, between India and Russia was declining in recent years but has reversed this year. It rose by 29 per cent in the first quarter of 2017. Newsletter – June 2017
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STATUTORY DUE DATES FOR JUNE 2017 Index
Statutory Due Dates Calendar for June 2017 Due Date Statutory Compliance 5th June 2017 Payment of Service Tax/ Excise duty 7th June 2017 Payment of TDS 10th June 2017 Excise Return (if monthly) 15th June 2017 Payment of Provident Fund contribution/ Profession Tax & ADVANCE INCOME TAX 21st June 2017 Payment of VAT & ESIC Newsletter – June 2017
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Get in Touch www.nyaasa.com +91.20.6500 1753 +91.20.6500 8738
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THANK YOU ! Newsletter – June 2017
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