Corporate Updates – 12-09-2016

CBDT – Extension of Last Date & Income Declaration Scheme

The Revenue Department has extended the date for filing of tax returns by assesses who are required to submit audited accounts in view of the ongoing Income Declaration Scheme (IDS) to October 17. The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an Income Tax return accompanied by an audit report by the above mentioned due date. The reasons for extension is due to the fact that the Income Declaration Scheme, as launched by the government on June 1 to uncover black money, closes on September 30 which happens to be the last date for filing of Tax Audit Returns. Under IDS, one can come clean by paying tax, penalty and cess totalling 45 per cent of the undisclosed income.

GST – The Constitution (One Hundred And First Amendment) Act, 2016

The Government has amended the Constitution of India to give effect to the provisions of Goods and Service Tax Act, 2016. The amendment has brought about many changes in the Articles inter alia, the newly inserted Article 246A gives power to the Legislature of every State to make laws with respect to goods and services tax imposed by the Union or by such State. Article 269A provides for Levy and collection of goods and services tax in course of inter-State trade or commerce. Further, the newly inserted Article 279A provides for the constitution of the Goods and Services Tax Council which shall be constituted by the President within sixty days from the date of commencement of the Constitution (One Hundred and First Amendment) Act, 2016.

News from NIRC of ICSI

On 14th September, 2016, NIRC of ICSI is organizing a Special Session on the topic "Income Declaration Scheme – 2016" by CA Girish Ahuja at 5:30 PM at New Delhi YMCA Tourist Hostel Auditorium, Jai Singh Road, Connaught Place, New Delhi. Participation is FREE; Program Credit Hours – 2.

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