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Posted On:  1 year ago


PM's speech in Man ki Baat Regarding Income Disclosure Scheme

My dear countrymen, I had to talk about this in Mann Ki Baat today because recently I held a two-day conclave with the Revenue Departments- all the officials of the Income Tax, Customs and Excise Departments. And I have told them in clear words that we should not perceive citizens as crooks. We should have trust and faith in the citizens. We should hold hands with them. If they want to follow rules, we should encourage them, and lovingly help them cross over. It is important to build an atmosphere of trust. We shall have to bring about a change through our conduct. We shall have to reassure the taxpayer. I stressed this upon them and I noticed that they too realized that today when the nation is surging ahead, all of us must contribute to it.

article author CA Nikesh Sheth

Posted On:  1 year ago


Top 4 benefits of investing through SIP

You cannot earn crores of rupees overnight unless you have won a huge lottery. Money is accumulated over a period of time and the best way to multiply your savings is through investing them in a Systematic Investment Plan (SIP). As the name implies, this program allows an individual to develop his portfolio by investing small amounts at fixed intervals. The benefits of this plan are as follows:

article author Kapil Gandhi

Posted On:  1 year ago


StartUp its defination, Qualification and Benefits

We ConsultGuide your online guide providing practical & innovative solutions to every scale of business acrossthe spectrum, to initiate we have come up the article on StartUp India, to let people know what exactly is the requirement for takin benefits under StartUp India.

article author Rushabh Jain

Posted On:  1 year ago


How to know PAN Number of the Company/Business – Know your PAN from Basic Details

Know your PAN from Basic Details- This article will help you to know the basic details of a PAN no just follow the link and steps provided in article

article author Pankaj Goenka

Posted On:  1 year ago


Couldn’t submit investment proofs within the deadline ? Claim refund when you file your income tax return

Just like the credit card payment deadlines, Income tax proof submission deadlines are also missed unintentionally. Unlike the banks, the Tax Department does not penalize us for this error. In such a case there is no need to panic as there are ways to save tax and get a refund. Deduction can be claimed at the time of filing return by submitting the proof.

article author Peeyush Kumar

Posted On:  1 year ago


Income Declaration Scheme - Certain Facts

The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed income declared. The Income Declaration Scheme Rules, 2016 (hereinafter referred to as ‘the Rules’) have been notified. In this regard, Circular No. 17 of 2016 dated 20th May, 2016 issued by the Board provided clarifications to 14 queries. Subsequently, further queries have be

article author Satheesh TG

Posted On:  1 year ago


Setting up of 65 Aayakar Seva Kendra (ASK) during Financial Year 2016-17

Accordingly, based on the recommendations of the Pr. CCsIT, the CBDT has approved setting up of 65 Aayakar Seva Kendras as per the enclosed list at Annexure-A in which the stations and the jurisdictional Pr. CCsIT, CCsIT and Pr. CsIT are mentioned. The advisory regarding setting up of ASK in Y. 2016-17 has already been included in the Annual Central Action Plan 2016-17 of the Income tax Department.

article author One Roof Consultant

Posted On:  1 year ago


Holding company will have to consolidate partnership firm / LLP if that partnership firm / LLP is Subsidiary or Associate or Joint Venture

These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial Statements

article author One Roof Consultant

Posted On:  1 year ago


New TCS Tax Collected at Source, PAN quoting and AIR compliance for Cash Transaction of more than 2 Lakhs from 1 June 2016 – Income Tax Section 206C

Professionals and clients both are confused about applicability of new rules for Tax Collected at Source (TCS) for cash transactions, Quoting of PANand Annual Information of Return to be filed. TCS provision are applicable to all Firm, LLP, Companies, Co-op Society. In case of Individual and HUF, TCS provision are applicable only if turnover / sales in preceding year is more than tax audit limit. The article gives a simple layman interpretation which will be helpful for all.

article author CA Chirag Chauhan

Posted On:  1 year ago


Amendment in Section 206C

In order to curb the cash economy, Finance Act 2016  has  amended section 206C of the Income-tax Act to provide that  the seller shall collect  tax  at the rate of one per cent from the purchaser on sale in cash of certain goods or provision  of  services  exceeding two  lakh  rupees.  Subsequent  to  the  amendment, a number of representations were received  from  various  stakeholders  with regard to  the scope of  the provisions and  the  procedure to be  followed  in case of the amended provisions of Section 206C of the Act. The Board, after examining the representations

article author Rakchamps&Co. Chartered Accountant

Posted On:  1 year ago


Conditions for relaxation from higher TDS u/s 206aa for Non-Residents and Foreign Company

Income earned by non-residents in the form of royalties, technical fees, etc. is subjected to TDS as per Section 195 of the Income-Tax Act, 1961. The section does not mention any rate at which the TDS should be deducted. Rates are mention in PART-II of the First Schedule.

article author One Roof Consultant

Posted On:  1 year ago


Latest Amendment in TCS on sale of goods or services

TCS Applicable only on Cash Component that too only if cash component exceeding Rs.2 Lacs Finance Act 2016 amended section 206C to curb the cash economy and to make a close watch on cash transactions. But that amendment was not clear regarding applicability of TCS on single transaction or aggregate transactions in a year.

article author AMIT AGRAWAL

Posted On:  1 year ago


Threshold Limit of tax audit under section 44AB and section 44AD - clarification regardingh

Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1)

article author Rakchamps&Co. Chartered Accountant

Posted On:  1 year ago


Exemption of Krishi Kalyan Cess in case invoice issued before 31st May 2016 - Notification No. 35/2016

CBEC has issued notification No. 35/2016-ST dated 24.06.2016 which seeks to exempt taxable services from the whole of Krishi Kalyan Cess leviable thereon with respect to which the invoice for the service has been issued on or before 31st May, 2016 subject to the condition that the provision of the service has been completed on or before 31st May, 2016.

article author One Roof Consultant

Posted On:  1 year ago


Exemption on Services by way of transportation by vessel outside India up to Custom Station Notification No. 36/2016

Seeks to exempt service tax on taxable services by way of transportation of goods by a vessel from outside India up to customs station in India with respect to which the invoice for the service has been issued on or before 31st May, 2016 subject to the condition of production of customs certified copy of the import manifest or import report required to be delivered under section 30 of the Customs Act, 1962.

article author One Roof Consultant

Posted On:  1 year ago


How to start your own Chartered Accountant (CA) Practice – Opportunities and Challenges.

The real journey of Chartered Accountant begins after clearing CA final exam. Though passing exam and becoming CA is not an end, it is the beginning of a new journey. Many final cleared student will have feeling that they have successfully become CA and life will be easy thereon. Trust me it is a myth! Though life may be easy in terms of many opportunities, however there is competition and you need to compete with peers and technology which can easily replace you in coming decade.

article author CA Chirag Chauhan

Posted On:  1 year ago


Hindu Undivided Family (HUF) or its Karta cannot becomePartner in Limited Liability Partnership (LLP)

Ministry of Corporate Affairs, in response to clarification sought by ICAI, states that a Hindu Undivided Family (HUF) cannot become a partner in a partnership firm; MCA states that Karta or any other individual of the HUF can be a partner in his 'individual' capacity and not the HUF; Corporate Affairs Ministry relies on SC ruling

article author One Roof Consultant

Posted On:  1 year ago


Vat Registration in Rajasthan (TIN no.)

This article provides that who is required to get register with sales tax department in rajasthan and what's the procedure for the same.

article author AMIT AGRAWAL

Posted On:  1 year ago


TDS not be deducted in case payment made to payment Systems Company authorised by RBI

In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O. 3069 (E) dated 31st December, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, or to any payment systems company authorised by the Reserve Bank of India under Sub-section (2) of Section 4 of the Payment and Settlement Systems Act, 2007 (51 of 2007)

article author One Roof Consultant

Posted On:  1 year ago


LLP Formation Requirements

This is an informative document setting down the details of LLP, its Partners including designated partners along with their amount of contribution and consent for forming a Limited Liability Partnership to carry on a lawful business with profit motive along with declaration stating that all the requirements of Limited Liability Partnership Act, 2008 regarding incorporation of LLP in India have been complied with.

article author CA RITESH GATTANI