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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 – JANUARY 2016

2 INDEX Direct Taxation Indirect Taxation Indirect Taxation Corporate & Other Laws Accounting & Audit Accounting & Audit Statutory Due Dates November 2015 Newsletter – January 2016

3 DIRECT TAXATION IndexIndex CBDT ups the monetary limit for court appeal by IT In order to cut down on frivolous litigation and taxpayers grievances, the Central Board of Direct Taxes (CBDT) has issued fresh directions revising the monetary threshold for the taxman to appeal at two important legal forums - Income Tax Appellate Tribunal (ITAT) and high courts. The CBDT, which formulates policies for the income tax (I-T) department, has issued a fresh directive asking the department to go into appeal at the ITAT, only when the "tax effect" in question is Rs 10 lakh (from earlier Rs 4 lakh) and Rs 20 lakh (from earlier Rs 10 lakh) if the appeal is to be filed in a high court. The monetary limit for filing appeals or Special Leave Petitions in the Supreme Court have been kept unchanged at Rs 25 lakh. Threshold for quoting the permanent account number (PAN) The government has raised the monetary threshold for quoting the permanent account number (PAN) for various transactions including the sale or purchase of jewellery, land and unlisted shares, and payment of airfare for foreign travel, in order to ease the compliance burden. Under the changes effective from January 1, 2016, real estate transactions would require PAN disclosure only if the transaction value is above R10 lakh, up from the current threshold of R5 lakh. In the case of purchase of Newsletter – January 2016

4 DIRECT TAXATION IndexIndex jewellery, the limit goes up to R2 lakh, up from the current limit of R1 lakh. The threshold for quoting PAN for one time payment of hotel or restaurant bills has been doubled to R50,000. Also, the threshold for buying shares in an unlisted company has been doubled to R1 lakh. While specific transactions such as real estate have been given a higher threshold, the government has introduced a general threshold of R2 lakh for quoting PAN on “purchase or sale of good or services” from January 1, 2016. These changes are expected to be useful in widening the tax net by non-intrusive methods. Efiling of first Appeal before CIT – A is now mandatory As another significant step in this direction, electronic filing of appeal before CIT(Appeals) is being made mandatory for persons who are required to file the return of income electronically.Electronic filing of appeal along with the documents relied upon before CIT (Appeals) will remove human interface, reduce paperwork and decrease the transaction cost for the taxpayer. It would ensure consistent and error free service as validations will be inbuilt resulting in fewer deficient appeals. Online filing will also facilitate fixation of hearing of appeals electronically. The existing Form 35 for filing of first appeal is being substituted by a new Form. The new format for filing of appeals is more structured, objective, systematic, and aligned with the current provisions of the Income-tax Act. Newsletter – January 2016

5 INDIRECT TAXATION IndexIndex Dumping duty on flat steel products from 7 countries The Finance Ministry has slapped definitive anti-dumping duty on cold-rolled flat products of stainless steel from seven countries.The countries on which anti-dumping duty has been imposed are China, South Korea, Chinese Taipei, South Africa, Thailand, the US and the European Union. The latest Revenue Department move follows recommendation from the designated authority in the Commerce Ministry in its sunset review ivestigations.Jindal Stainless Ltd, a domestic producer, had filed the petition seeking sunset review investigation on cold rolled flat products of stainless steel from these seven countries. Governmet imposes anti dumping duty on kitchenware products Finance Ministry has imposed an anti-dumping duty of up to $1,732.11 per tonne on import of 'melamine tableware and kitchenware products' like dinner sets and mugs from China, Thailand and Vietnam with an aim to protect domestic industry from cheap shipments. The anti-dumping duty in the range of $582.85 - 1732.11 per tonne will remain in effect for five years. Newsletter – January 2016

6 CORPORATE AND OTHER LAWSIndexIndex MCA notifies date for reporting of fraud by auditors and approval of related party transactions by Audit Committee: In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2015 (21 of 2015), the Central Government hereby appoints the 14th day of December, 2015 as the date on which the provisions of section 13 and 14 of the said Act shall come into force Date of withdrawal of all old series bank notes extended RBI vide circular no. RBI/2015-16/275 decided to extend the date for exchanging the pre 2005 bank notes to 30th June 2016. However from 1st January 2016, such facility will only be available at the identified bank branches. Newsletter – January 2016

7 ACCOUNTING & AUDITIndexIndex Economy is expected to grow in the vicinity of 7.5% The Central Statistics office (CSO) released estimates of GDP and related parameters for second quarter of 2015- 16. The Finance Ministry analyzed the data and made the observations that the GDP growth rate in the second quarter of the current financial year 2015-16 is greater than the growth in the 1 st quarter. GDP growth of second quarter is estimated to be 7.5% as against 7% in the 1 st quarter. The growth is being mainly driven by pick up in the manufacturing sector. Newsletter – January 2016

8 STATUTORY DUE DATES FOR JANUARY 2016 Index Index Statutory Due Dates Calendar for January 2016 Newsletter – January 2016 Due DateStatutory Compliance 5th January 2016Payment of Service Tax/ Excise duty 7th January 2016Payment of TDS 10th January 2016Excise Return (if monthly) 15th January 2016Payment of Provident Fund contribution/ Profession Tax 21st January 2016Payment of VAT & ESIC

9 Get in Touch www.nyaasa.com +91.20.6500 1753 +91.20.6500 8738 contact@nyaasa.com

10 Newsletter – January 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.

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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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