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Latest India Tax News 27th October 2016

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  • Latest India Tax News 27th October 2016

    • As many as 2.5 crore salaried tax payers will now receive SMS alerts from the income tax department regarding their quarterly TDS deductions.
    • Draft rules for prescribing the method of valuation of fair market value in respect of the trust or the institution ceases to exist as charitable organization or converts into a non-charitable organization have been prescribed.
    • SEBI issued disclosure norms for listed insurance companies in respect to their quarterly results. Besides, additional disclosures should be made as prescribed by IRDAI.
    • Quarterly returns under DVAT Act and CST Act for dealers registered in Delhi or the 2nd quarter of 2016 ended on 30.9.2016 is due to be filed on or before 28.10.2016 along with details of closing stocks as at 31.3.2016.
    • Under GST a taxable person who has taken registration voluntarily cannot apply for cancellation before completion of one year from date of registration.
    • Aprox 80 lakhs of the existing assessees of excise, customs, service tax and VAT will start shifting to GSTN Portal on 8th November 2016. This is going to be one of the biggest moves for GST implementation.
    • Haryana government has revised minimum wages for different categories of workers, in exercise of the powers conferred by Sub-Section (2) of Section 5 of the Minimum Wages Act, 1948.
    • MCA has invited application regarding empanelment of professionals for at least fifteen years of continuous practice as a Chartered Accountant with as mediator or conciliator u/s 442 of the Companies Act, 2013.
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