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

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2. 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 2016-17 has been operationalised. All ITRs including ITR 6 and ITR 7 for AY 2016-17 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 LAWSIndex • 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 Newsletter – May 2016

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