We propose an effective lattice Hamiltonian for monolayer MoS$_2$ in order to describe the low-energy band structure and investigate the effect of perpendicular electric and magnetic fields on its electronic structure. We derive a tight-binding model based on the hybridization of the $d$ orbitals of molybdenum and $p$ orbitals of sulfur atoms and then introduce a modified two-band continuum model of monolayer MoS$_2$ by exploiting the quasi-degenerate partitioning method. Our theory proves that the low-energy excitations of the system are no longer massive Dirac fermions. It reveals a difference between electron and hole masses and provides trigonal warping effects. Furthermore, we predict a valley degeneracy breaking effect in the Landau levels. Besides, we also show that applying a gate voltage perpendicular to the monolayer modifies the electronic structure including the band gap and effective masses. ; Comment: 7 pages, 3 figures, To appear in PRB