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We are dependable and trustworthy knowledge processing partner

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Presentation on theme: "We are dependable and trustworthy knowledge processing partner"— Presentation transcript:

1 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 – MAY 2016

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

3 DIRECT TAXATION Index All ITRs activated for e filing
E-filing of income tax return for all category of filers for the assessment year has been operationalised. All ITRs including ITR 6 and ITR 7 for AY are available for e-Filing. The different category of ITRs were operationalised in a phased manner starting April 2. Aadhar, net banking based IT efiling appeal system activated Income Tax department has activated the Aadhaar and net banking-based e-filing verification system for taxpayers to file the first appeal before a tax officer, on similar lines of online ITR filing.In order to reduce the interface between taxman and the taxpayer, the department has recently operationalised the maiden facility on its official e-filing portal. Newsletter – May 2016

4 INDIRECT TAXATION Index
CBEC Launches “SWIFT” for quick, single-window import clearances To make life easier for millions of importers, the Central Board of Excise and Customs (CBEC) has launched ‘SWIFT’, an initiative to speed up clearances for consignments and improve ‘ease of doing business. ’Single Window Interface for Facilitating Trade (SWIFT) provides a single-point interface for clearance and is expected to reduce documentation and costs. It is expected to cover and benefit over 97 per cent of India’s imports. Importers will not need to run around to get approvals from multiple government agencies for their consignments. Newsletter – May 2016

5 CORPORATE AND OTHER LAWS Index
MCA extends filing deadline With stakeholders facing glitches in using the upgraded MCA21 portal, the Corporate Affairs Ministry has extended the deadline for submitting various filings without additional fee till May 10. MCA21, used for making electronic filings under the Companies Act, is managed by Infosys for the ministry. The upgraded system went live in the last week of March. Newsletter – May 2016

6 ACCOUNTING & AUDIT Index
New Accounting norms to hot banking, telecom firms most About 350 companies having a net worth upwards of Rs 500 crore in the BSE 500 universe will adopt Indian Accounting Standards (Ind AS) from this financial year. Some of these companies were following the Indian Generally Accepted Accounting Principles till now. Ind AS is similar to International Financial Reporting Standards. The norms will impact the net worth, return ratios and earnings of Indian companies. This is because it brings about a significant change in the accounting of mergers and acquisitions (M&As), revenue recognition, employee stock options (ESOPs), foreign currency transactions, treatment of redeemable preference shares as debt versus equity earlier, among others. Banking and telecom will see the highest impact of this transition. Cement and capital goods will be the least hit. Migrating to Ind AS will require corporates to prepare an opening balance sheet on the transition day, recognising assets and liabilities in accordance with Ind AS and adjusting the difference on migration through reserves. This will imply material change in the net worth of companies. Newsletter – May 2016

7 STATUTORY DUE DATES FOR MAY 2016 Index
Statutory Due Dates Calendar for May 2016 Due Date Statutory Compliance 5th May 2016 Payment of Service Tax/ Excise duty 7th May 2016 Payment of TDS 10th May 2016 Excise Return (if monthly) 15th May 2016 Payment of Provident Fund contribution/ Profession Tax & ADVANCE INCOME TAX 15th May 2016 Filing Quarterly TDS return (January to March Quarter) 21st May 2016 Payment of VAT & ESIC Newsletter – May 2016

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

9 THANK YOU ! Newsletter – May 2016

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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.

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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