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Trustworthy Knowledge Processing Partner

We are a dependable and trustworthy knowledge processing partner. We are an integrated part of your organization, like a slice of a wholesome pie.

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Trustworthy Knowledge Processing Partner

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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 – JANUARY 2017

  2. INDEX • Direct Taxation • Indirect Taxation • Corporate & Other Laws • Accounting & Audit • Statutory Due dates January 2017 Newsletter – January 2017

  3. DIRECT TAXATION Index • Declarations under DRS can be filed till 31st January 2017 • In order to reduce pending litigation, Direct Tax Dispute Resolution Scheme (DRS), 2016 was introduced by Finance Act 2016. The scheme was to close on 31st December 2016. However, considering the representations received from various stakeholder, the DRS is extended till 31st January 2017 vide notification No. 124/2016 dated 29th December 2016. Newsletter – January 2017

  4. INDIRECT TAXATION Index • Central, State clears bulk laws of GST • The Centre and states covered significant distance on the path towards rollout of goods and services tax (GST) when they cleared the bulk of laws for central and state GST. But the April 1, 2017, deadline for implementation of the country's biggest indirect tax reform is almost ruled out as there was no headway on the contentious issue of division of administration. • GST has to be rolled out by September 16 as the current tax regime will lapse by then. The laws will now be legally vet ted after which the drafts will be sent to states for final views before they are passed by the council, the highest decision-making body for this tax regime.Once these laws are passed by the council, the central GST law will go to Parliament for approval while state assemblies will need to clear the state GST law. Newsletter – January 2017

  5. CORPORATE AND OTHER LAWSIndex • New Passport rules • The government on Friday announced that Aadhaar and e-Aadhaar card could be used as proof of date of birth (DOB) while applying for passports. In case of proof of DOB, while filing the application, it has now been decided that all applicants of passports can submit any one of the documents — transfer/school leaving/matriculation certificate, PAN card, Aadhaar card/e-Aadhaar having the DOB of applicant, copy of the extract of the service record of the applicant, driving licence, Election Photo Identity Card (EPIC) or LIC policy bond.Birth Certificate issued by the Registrar of Births & Deaths or the Municipal Corporation or any other prescribed authority whosoever has been empowered under the Registration of Birth & Deaths Act, 1969 to register the birth of a child born in India can also be given as proof. • Holding more than 10 old notes may land you in jail after March, 31 • The Union Cabinet approved an ordinance that would end the government's and the RBI's liability on demonetised notes after March 31, 2017. The government has cleared a new rule that may land you in jail if you are found having more than 10 banned notes after March 31, 20147. After December 30, the banned notes could be deposited only through RBI-specified windows until March 31. The Union Cabinet also approved an ordinance to penalise people found holding banned notes after March  31, 2017. The penalty for holding old currency in excess of 10 notes may include financial fines and a jail term of up to four years in certain cases. Newsletter – January 2017

  6. ACCOUNTING & AUDIT Index • Demonetization and its impact on Inflation • The demonetization that has been in effect since November 9 is expected to have a negative impact on inflation. Consumer spending activity fell to a near halt. Consumers are refraining from making any purchases except essential items from the consumer staples, healthcare, and energy segments. Activity in the real estate sector, which includes a lot of cash and undocumented transactions, slowed down significantly, Metropolitan and Tier 1 cities reported up to a 30% fall in house prices. • Food item inflation, measured by changes in the Consumer Food Price Index, accounts for 47.3% of the overall CPI. Due to 86.4% of the value of the currency notes in circulation going out of the financial system and re-monetization being slow, the supply and demand of food items fell. It will exert more downward pressure on inflation. • Investors in India-focused funds should continue to monitor CPI inflation. It will determine future rate cuts by the RBI. A change in the repo rate will impact interest rate–sensitive sectors and industries like financials and automobiles, among other sectors like the tech sector. Newsletter – January 2017

  7. STATUTORY DUE DATES FOR JANUARY 2017 Index • Statutory Due Dates Calendar for January 2017 Newsletter – January 2017

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

  9. THANK YOU ! Newsletter – January 2017

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