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Posted On:  2 years ago


Income Tax Return Filing - An Important Annual Event of All Assessee

Importance of filing Income Tax Return & Steps to be taken while filing return. We are in the month of July 2016 and it is the time for an Important Annual Event of all the Income Tax Return fillers especially for all those who are required to file their Income Tax Return (ITR) of FY 2015-16 by 31.07.2016.

article author CA BHAVESH HINGU

Posted On:  2 years ago


FORM 15G / 15H - A Declaration of Common Men

FORM 15G / 15H - A Declaration of Common Men - An attempt is made to educate Individuals & Deductors regarding its applicability, frequency of submission, proper filing of form etc. With Effect from 2015, CBDT has changed the rule relating to obtaining, preserving & submission of Form 15G / 15H. With increasing pace of Information Technology, CBDT has also goes tech savvy & made the submission of form 15G / 15H online for Tax Deductors like Banks, Post Office, Mutual Fund Houses, Corporate & Financial Institutes

article author CA BHAVESH HINGU

Posted On:  2 years ago


Duty exemption to sugar exported under Advance Authorization Scheme

G.S. R. (E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R. 153(E), dated the 1st March, 2011, namely :-

article author One Roof Consultant

Posted On:  2 years ago


Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income - tax Act, 1961

Vide Notification No. SO 892 (E) dated 31st March, 2015, Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS

article author One Roof Consultant

Posted On:  2 years ago


All about Capital Gains

The Article Discusses about Tax Treatment of Long Term Capital Gain arising from Transfer of Capital Assets under Income Tax Act, 1961. Articles  discusses Meaning of Capital Assets, What Constitutes a Capital and what is not a capital Asset, How to Apply Indexation Provisions, Period for Computation of Long Term Capital Asset, Tax on long-term capital gain normally @ 20% but in certain special cases @10%, Adjustment of LTCG against the basic exemption limit and Deductions under sections 80C to 80U and LTCG.

article author Ashish Srivastava

Posted On:  2 years ago


Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities

The existing formats prescribed in SEBI Circular dated November 30, 2015 for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half-Yearly Balance Sheet to be submitted by the listed entities, with the stock exchanges, shall continue till the period ending December 31, 2016. For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half Yearly Balance Sheet to be submitted by the Listed Entities, with the stock exchanges, shall be as per the formats for Balance Sheet and Statement of Profit and Loss (excluding notes and detailed sub-classification) as prescribed in Schedule III to the Companies Act, 2013. However, Banking Companies and Insurance Companies shall follow the formats as prescribed under the respective Acts/Regulations as specified by their Regulators.

article author One Roof Consultant

Posted On:  2 years ago


Let’s start investing

Now that you have understood why investing is important, here’s how you can actually go about doing it in 3 simple steps: Step 1: Be sure that the investments that you plan to make suit you: Investments and risks: Some investments carry more risk than others. For instance, buying and selling stocks on a daily basis is considered risky while keeping your money in a bank fixed deposit or better still, government bonds is considered safe. There are other investments such as gold and real estate which fall somewhere in between.

article author Kapil Gandhi

Posted On:  2 years ago


Strategies for doing business in India by Foreign National

Foreign National have to decide in what form it wants to do business in India keeping in mind the Pros or Cons of each type of available option along with the its requirement. Following way are as follows:- Incorporation of Wholly Owned Subsidiaries: - foreign company can commence operations in India by incorporating a company under the Companies Act, 2013 by way of incorporation of 100% wholly owned subsidiary company subject to equity cap in respect of area of activity under Foreign Direct Investment

article author PANKAJ KUMAR SHARMA

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