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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 – SEPTEMBER 2015

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

3 DIRECT TAXATION IndexIndex CBDT notifies 21 districts of state of Bihar as Backward Areas On August17, 2015, CBDT notified 32 districts in Bihar as BACKWARD AREAS under first proviso to clause (iia) of subsection 1 of Section 32 and sub section (1) of Section 32AD. These districts include Patana, Nalanda, Gaya, Bhojpur, Darbhanga etc. CBDT enables e filing of form 61B The e-Filing of Form No. 61B relating to Statement of Reportable Account u/s 285BA(1) of the Income-tax Act, 1961 has been enabled for “Registration” and “Submission of Nil statement”. Reporting Entities are requested to register in the e-Filing portal post login –> My Account –> Register as Reporting Financial Institution. After successful Registration, for submission of Nil statement of Form No. 61B can be done post login –> e-File –> Submit Form 61B/Nil Statement. XML upload of Form No. 61B shall be enabled shortly. Newsletter –September 2015

4 INDIRECT TAXATION IndexIndex To prevent dumping, Central Government slaps 10% import on wheat In a move intended to prevent foreign wheat from flooding the domestic market, the Centre imposed a 10 per cent import duty on wheat. The move is likely to affect flour millers, particularly in the South, who are already finding it difficult to bring in quality grain from Australia due to rising import prices. Fears that imports from Russia, Ukraine and France could hit sales of the domestic stock may have prompted the decision to impose the duty. A Finance Ministry notification defined the decision to impose basic Customs duty of 10 per cent on wheat till March 31, 2016. The estimated revenue implication of the exemption is a revenue gain of about 90 crore in the remaining part of the year. Newsletter –September 2015

5 CORPORATE AND OTHER LAWSIndexIndex Online filing of the Foreign Currency Transfer of Shares (FCTRS) returns With a view to promoting the ease of reporting of transactions under foreign direct investment, the RBI has enabled online filing of the Foreign Currency Transfer of Shares (FCTRS) returns for reporting transfer of shares, convertible debentures, partly paid shares and warrants from a person resident in India to a person resident outside India or vice versa. The FCTRS service of RBI has been made operational on the e-Biz platform from August 24, 2015. The online reporting on the e-Biz platform is an additional facility to the Indian residents to undertake their FCTRS reporting and the manual system of reporting as prescribed earlier would continue till further notice. Newsletter – September 2015

6 ACCOUNTING & AUDITIndexIndex New AS – The ball is in industries court The National Advisory Committee on Accounting Standards (NACAS) decided to go in for further industry consultations to decide whether adoption of a key new revenue standards need to be pushed back or not. The new revenue standard — Ind AS 115 — is slated to be implemented from April 1, 2016 and could radically change the way revenue is recognised in several industries, including telecom and software. Indian standard setters are debating whether this effective date needed to be deferred in the wake of the International Accounting Standards Board (IASB) putting off the implementation of IFRS 15 (equivalent of Ind AS 115) by one year to January 1, 2018. Newsletter – September 2015

7 STATUTORY DUE DATES FOR SEPTEMBER 2015 Index Index Statutory Due Dates Calendar for September 2015 Newsletter – September 2015 Due DateStatutory Compliance 5 th September 2015Payment of Service Tax/ Excise duty 7th September 2015Payment of TDS 10 th September 2015Excise Return (if monthly) 15th September 2015Payment of Provident Fund contribution/ Profession Tax & ADVANCE TAX PAYMENT 21st September 2015Payment of VAT 30 th September 2015Due date for holding AGM for companies whose financial year ends on 31 st March. Audit Report u/s 44AB and Income Tax Return for corporates and assesses to whom 44AB is applicable

8 STATUTORY DUE DATES FOR SEPTEMBER 2015 Index Index Statutory Due Dates Calendar for September 2015 Newsletter – September 2015 Due DateStatutory Compliance 30 th September 2015Due date for filing Form 501 (to claim refund under MVAT ACT) for FY 2013-14.

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

10 Newsletter – September 2015 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.
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.
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.
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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.

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.
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.

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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