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Posted On:  2 years ago


Tax benefits on home loan interest

Tax benefits on home loan Applicable when it’s the only house you own and it is not rented. Self-occupied means you live in the house. The tax treatment is same when it is lying vacant. If you own more than one property, only one is allowed to be treated as self-occupied, others are assumed to be rented.

article author Ashish Srivastava

Posted On:  2 years ago


Allowances / Exemptions Under Income Tax Act,1961

Allowances and exemptions under Income Tax Act 1961 are useful for filing of ITR. Taxpayers are normally aware of deduction under the Income Tax Act,1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc. In this article an effort been made to summaries’ Allowances /exemptions available to different categories of Tax Payers under Various sources.

article author Ashish Srivastava

Posted On:  2 years ago


Excise Registration for Jewellers

The time limit for taking Central excise registration of an establishment by a jeweller is being extended up to 31.07.2016 The liability for payment of Central Excise Duty will be with effect from 01.03.2016. The payment for excise duty for the month of March, April, May, June is also extended to 31.07.2016

article author One Roof Consultant

Posted On:  2 years ago


Clearance of bunker fuels to Indian Ship/Vessel carrying containerized cargo

It is hereby directed to refer to Si. No. 65A of notification no. 12/2012-CE dated 17.03.2012 as amended whereby clearance of bunker fuels (i) IFO 180 CST (ii) IFO 380 CST, for use in ships or vessels has been permitted without payment of Central Excise duty subject to the conditions specified under SI. No. 52 of the annexure to the notification. In this connection, trade has requested

article author One Roof Consultant

Posted On:  2 years ago


Clarifications on the Income Declaration Scheme, 2016

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 totalling in all 45% of such undisclosed income declared. The Income Declaration Scheme Rules, 2016 (hereinafter referred to as ‘the IDS Rules’) have been notified. In this regard, Circular No. 17 of 2016 dated 20th May, 2016 and Circular No. 24 of 2016 dated 27th June, 2016 issued by the Board provided clarifications to 14 and 11 queries respectively. Subsequently, further queries have been received from the public about various provisions of the Scheme. The Board has considered the same and the following clarifications are issued

article author Satheesh TG

Posted On:  2 years ago


Income Tax Slab Rate A.Y. 2016-17

Income Tax Slab and Rates for A.Y. 2016-17 Given are the rates at which income is taxed in India for income earned in different slabs, and through various heads of income. The tax rates and tax slabs have been arranged depending on the profile and category of the taxpayer / tax paying entity. For Individual Tax Payers (Resident Indian or NRI):

article author Ashish Srivastava

Posted On:  2 years ago


Tax Implications on Joining Bonus

Some of my Clients asked about tax implication on joining bonus.So i am sharing Tax Implication on Joining Bonus. Joining bonus is an amount paid to a new employee by a company as an incentive to join them. Normally employer pays a lump sum amount at the time of joining to lure experienced peoples from the competition.

article author Varma Alluri

Posted On:  2 years ago


All about Deduction U/S 80C to 80U

Taxes are an integral component in our country, with them accounting for a major portion of the income earned by the government, income which is utilised to provide certain basic provisions to citizens. Individuals who earn more than a certain amount are expected to pay taxes, as per the existing tax slabs. While these taxes can be harsh on the bank balance of a taxpayer, the government also provides certain provisions wherein one can save tax. Tax deductions can help one reduce the taxable income, lowering their overall tax liability and thereby helping th

article author Ashish Srivastava

Posted On:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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