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NEWSLETTER – SEPTEMBER 2016

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Presentation on theme: "NEWSLETTER – SEPTEMBER 2016"— Presentation transcript:

1 NEWSLETTER – SEPTEMBER 2016
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 2016

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

3 Newsletter – September 2016
DIRECT TAXATION Index Deduction u/s 35AC available only up to PY ending on Section 35AC of the Income Tax Act, inter alia provides for a deduction in computing the business income of an assessee, of the amount paid by him to a public sector company or a local authority or to an association or institution approved by the National Committee for carrying out any eligible project or scheme.Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending (Assessment Year ) in respect of payments made to association or institution already approved by the National Committee for carrying out any eligible project or scheme. CBDT signs 20unilateralAPAs with tax payers The Central Board Of Direct Taxes(CBDT) has singed 20 unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. . Many of these agreements also have a 'Rollback' provision in them. Further, the taxpayer has the option to rollback the APA for four preceding years. The APA scheme was introduced in the Income-tax Act 2012, and the rollback provisions were introduced in 2014.  Newsletter – September 2016

4 Newsletter – September 2016
INDIRECT TAXATION Index Government hikes electronic goods import limit for personal use Government has substantially raised the limit for import of electronic goods 'through post or otherwise' for personal use to Rs 50,000 from Rs 2,000 earlier. "CIF (Cost, Insurance and Freight) value of import of consumer electronic items at any one time by any person through post or otherwise for personal use is enhanced to Rs 50,000," the Directorate General of Foreign Trade (DGFT) said in a notification. Newsletter – September 2016

5 Newsletter – September 2016
CORPORATE AND OTHER LAWS Index Government hikes minimum wages Central-sector workers will now see their wages go up by upwards of 40% — and in some cases even close to 60% — with implications not only for Union government entities but also states and sections of the corporate sector and small industries, as their labour costs will rise.  Finance minister said on Tuesday 30th August that with the government accepting the Minimum Wages Advisory Board’s recommendations, the unskilled non-agriculture worker in non-urban areas will get at least R350 for a day’s work, up 42% from what she is paid now. To placate the agitating unions, the government also announced a doubling of the calculation ceiling to R7,000 per month for payment of productivity-linked bonus (PLB) and ad-hoc bonus for and , a move that would mean an outgo of about R3,000 crore and benefit about 40 lakh non-gazetted central government employees and, possibly, such employees of central PSUs as well. Newsletter – September 2016

6 Newsletter – September 2016
ACCOUNTING & AUDIT Index Listed companies to get relaxation on Ind AS compliance To ensure smooth transition, SEBI confirmed that certain relaxations would be provided to listed companies for submitting their financial statements that are compliant with the new accounting norms. Already, the regulator has allowed companies to continue following the existing accounting norms till December 31, 2016. Indian Accounting Standards (Ind AS), which are converged with the International Financial Reporting Standards (IFRS), are mandatorily applicable on certain class of companies from April 1 this year. Scheduled commercial banks and insurance companies would have to start implementing Ind AS from April 1, 2018. Newsletter – September 2016

7 Newsletter – September 2016
STATUTORY DUE DATES FOR September Index Statutory Due Dates Calendar for September 2016 Due Date Statutory Compliance 5th September 2016 Payment of Service Tax/ Excise duty 7th September 2016 Payment of TDS 10th September 2016 Excise Return (if monthly) 15th September 2016 Payment of Provident Fund contribution/ Profession Tax 21st September 2016 Payment of VAT & ESIC 30th September 2016 Due date for holding AGM for companies whose financial year ends on 31st March. Audit Report u/s 44AB and Income Tax Return for corporate’s and assesses to whom 44AB is applicable Newsletter – September 2016

8 Get in Touch www.nyaasa.com +91.20.6500 1753 +91.20.6500 8738

9 Newsletter – September 2016
THANK YOU ! Newsletter – September 2016

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