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INDEX Direct Taxation Indirect Taxation Corporate & Other Laws Accounting & Audit

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 – NOVEMBER 2016. INDEX Direct Taxation Indirect Taxation Corporate & Other Laws

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INDEX Direct Taxation Indirect Taxation Corporate & Other Laws Accounting & Audit

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  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 – NOVEMBER 2016

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

  3. DIRECT TAXATION Index • Salaried taxpayers to get SMS alerts on TDS deductions • As many as 2.5 crore salaried taxpayers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley on Monday , October 24, 2016 launched the SMS alert service for Tax Deducted at Source (TDS) for salaried class and the CBDT will soon offer this facility on a monthly basis. Briefing reporters about the facility, Jaitley said salaried class cannot afford to pay tax twice or indulge in litigations and hence they should be kept updated about their TDS deductions. Hence taxpayers will benefit if they receive information through use of technology. So they can match the office salary slip and the SMS and at the end of the fiscal he will be clear about any possible tax dues. • Tax department emails apellant on resolution plan • With over Rs 5.16 lakh crore locked up in tax disputes before commissioners, the revenue department has started sending emails and SMSes to assessees, asking them to avail of the ongoing one-time dispute scheme which will close by December-end. About 259,000 cases were pending as of February involving disputed tax worth over Rs 5.16 lakh. It is estimated that each commissioner would have 400 cases pending. Newsletter – November 2016

  4. INDIRECT TAXATION Index • Government revises excise duty evasion limit to warrant arrests • The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature. "It has been decided to revise the monetary limit for arrest and prosecution in Central Excise to maintain uniformity of practice in central excise and service tax," the Central Board of Excise and Customs (CBEC) mentioned in an order. Newsletter – November 2016

  5. CORPORATE AND OTHER LAWSIndex • MCA extends ROC form filing last date to 29th November 2016 • Ministry of Corporate Affairs (MCA) vide General Circular No. 12/2016 dated 27.10.2016 extended the last date  for filing of financial statements and annual returns e-forms AOC-4, AOC-4 (XBRL) AOC-4 (CFS) and MGT-7 as the case may be, without payment of additional fee, wherever applicable till 29th November, 2016. Newsletter – November 2016

  6. ACCOUNTING & AUDIT Index • Integrating accounting standards with the world • The Ministry of Corporate Affairs mandated the implementation of Indian Accounting Standards (Ind-AS) to align with International Financila Reporting Standards(IFRS) from the first quarter of financial year 2016-17. In a study of 600-plus companies, an accounting firm found that the adoption of IND AS reduced the June 2015 net profit by 1.4 per cent for the universe. • The Securities and Exchange Board of India had allowed companies to extend the deadline for reporting the numbers under the new accounting standards, and over 600  companies with net worth of over Rs 500 crore reported IND AS results for the June 2016 quarter and restated their June 2015 quarter to make them  IND AS compliant.This universe of  companies excludes banks, insurance and financial services  companies which will transition to IND AS in 2018-19 (with comparatives for 2017-18). • Though the transition from the existing accounting standards to IND AS norms will result in higher volatility in the medium term, it will improve disclosure standards across corporate India and bring them at par with the global peers. Newsletter – November 2016

  7. STATUTORY DUE DATES FOR NOVEMBER 2016 Index • Statutory Due Dates Calendar for November 2016 Newsletter –November 2016

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

  9. THANK YOU ! Newsletter – November 2016

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