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 – AUGUST 2016
INDEX • Direct Taxation • Indirect Taxation • Corporate & Other Laws • Accounting & Audit • Statutory Due Dates August 2016 Newsletter – August 2016
DIRECT TAXATION Index • Companies to get PAN and TAN within a day Companies can now get PAN and TAN registration in a day if they submit digital signature based application there by ensuring ease of doing business. Besides this individuals can also get new PAN through Adhaar based e signature facility which will reduce effective time in allotment. • Government extends payment date under black money scheme The finance ministry extended the deadline for payment of tax and penalty under the scheme to disclose previously unreported money, allowing this to be done in three instalments by September 30 next year. The ministry also clarified that black money declarants using the window cannot pay tax from undisclosed income. Earlier, the declarant had to pay tax, cess and penalty by November 30. Now, the first instalment of 25 per cent under the Income Declaration Scheme-2016, will have to be paid by November, to be followed by another 25 per cent by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017. Newsletter – August 2016
INDIRECT TAXATION Index • Tax payers get relief from recovery during pendency of stay In a relief to tax payers, the government has asked taxmen not to proceed with recovery of a 'confirmed' demand in relation to indirect taxes during pendency of stay applications. The Central Board of Excise and Customs (CBEC) issued a circular on 'Recovery of Confirmed Demand of Tax During the Pendency of Stay Application' in relation to indirect taxes. Confirmed demand of tax arises, when after examining the submissions of a tax payer, an order is issued confirming demand of tax from a tax payer. • GST Bill passed he Indian tax system has undergone a major change by passing of the GST Bill by the Rajya Sabha on Wednesday, 3 rd August 2016. It capped the struggle of successive governments for a tax regime that is globally competitive and economically gainful. GST is probably the biggest reform India has witnessed. Implementation of this reform is likely to augment 1. 5% to GDP of the country. Newsletter – August 2016
CORPORATE AND OTHER LAWS Index • Process of trademarks made fully automated The process relating to issuance of registration certificates for applications made for trademarks has been fully automated, by the commerce and industry ministry. The move is aimed at further streamlining the process of trademarks registrations in the country. Accordingly, it said from August 1, the registration certificates will be generated through an automated system in accordance with the relevant provisions of the Trade Marks Act and Rules. Newsletter – August 2016
ACCOUNTING & AUDIT Index • Only 18% of India Inc ready for auditor rotation says survey Only 18 per cent of Indian firms are ready for auditor rotation which is been made compulsory under the Companies Act, 2013 — said a recent survey conducted by Grant Thornton India in association with Prime Database. According to Section 139 of the new Companies Act, every Indian company having a paid-up capital of Rs 20 crore or more that has kept the same audit firm for more than 10 years would need to change the auditor by the end of 2016 -17. Newsletter – August 2016
STATUTORY DUE DATES FOR AUGUST 2016 • Statutory Due Dates Calendar for August 2016 Due Date Statutory Compliance 5 th August 2016 Payment of Service Tax/ Excise duty 7 th August 2016 Payment of TDS 10 th August 2016 Excise Return (if monthly) 15 th August 2016 Payment of Provident Fund contribution/ Profession Tax 21 st August 2016 Payment of VAT & ESIC Newsletter – August 2016 Index
Get in Touch www. nyaasa. com +91. 20. 6500 1753 +91. 20. 6500 8738 contact@nyaasa. com
THANK YOU ! Newsletter – August 2016
Скачать презентацию We are dependable and trustworthy knowledge processing partner
b01859b5cc07f69a414c3adb04439480.ppt