Posted On:  4 months ago


How to calculate Long Term Capital Gain Tax on Equity Shares and Mutual Fund from 1st April 2018

The Long Term Capital Gain Tax on Shares and Equity oriented Mutual Funds were exempt since 2004. The government has introduce Securities Transaction Tax from 2004, to simply the tax regime, and introduce section 10(38) to provide exemption to long term capital gains on transfer of shares listed on a recognised stock exchange (BSE & NSE) provided STT was paid on them. Short term capital gains on such a transfer would be taxed @ 15%. The Budget 2018 has proposed to tax Long Term Gains on Equity Shares and Mutual Funds without withdraw of securities transaction tax (STT), which was introduced as an alternative to LTCG tax.

article author CA Chirag Chauhan

Posted On:  4 months ago


Download the Budget Memorandum 2018 for Financial Year 2018-19

The provisions of Finance Bill, 2018 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act') to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, reducing the corporate tax rate for micro, small and medium enterprises, promoting horizontal equity in personal income-tax and enhancing the effectiveness, transparency and accountability of the tax administration. With a view to achieving the above, the various proposals for amendments are organised under the following heads

article author CA Chirag Chauhan

Posted On:  4 months ago


How much income tax Senior Citizen can save from Budget 2018 in Interest (80TTB), Insurance (80D) and Medical Expenditure (80DDB) for FY 2018-19

Budget propose several benefits to Senior Citizens. Though there are no change in Slab rates applicable for senior citizen, government has increase exemption limit and provided standard deduction for pensioners. Following are relief to Senior Citizens proposed:-

article author CA Chirag Chauhan

Posted On:  4 months ago


Download Budget speech and Finance bill for 2018 by FM Arun Jaitely FY 2018-19

Madam, four years ago, we pledged to the people of India to give this nation an honest, clean and transparent Government. We promised a leadership capable of taking difficult decisions and restoring strong performance of Indian economy. We promised to reduce poverty, expedite infrastructure creation and build a strong, confident and a New India. When our Government took over, India was considered a part of fragile 5; a nation suffering from policy paralysis and corruption. We have decisively reversed this. The Government, led by Prime Minister, Shri Narendra Modi, has successfully implemented a series of fundamental structural reforms. With the result, India stands out among the fastest growing economies of the world.

article author CA Chirag Chauhan

Posted On:  4 months ago


100 Key Highlights of Union Budget 2018 presented by FM Arun Jaitely FY 2018-19

No changes in person tax structure for salaried class and No change in Slab Rates 1.44 lakhs crores paid by salaried tax payers.  Standard deduction of Rs 40,000 for salaried taxpayers, in lieu of transport and medical reimbursements for salaried classes Govt will have a scheme to give every enterprise in India a unique ID

article author CA Chirag Chauhan

Posted On:  4 months ago


What you can expect from Budget 2018? Send us your budget expectation

Finance Minister, Arun Jaitley, has a big task after demonetisation and GST to present last budget with an eye on general elections in 2019. Following are some of expectation

article author CA Chirag Chauhan

Posted On:  4 months ago


Why Electoral Bonds are Necessary

"India is the largest democracy in the world. However, despite strengthening various institutions for the last seven decades, India has not been able to evolve a transparent political funding system. Elections and political parties are a fundamental feature of Parliamentary democracy. Elections cost money. The round the year functioning of the political parties involves a large expenditure.

article author One Roof Consultant

Posted On:  8 months ago


Effective GST grievance redresal mechanism needed

The weekly newsletter which is otherwise issued on Fridays was postponed for today so as to cover part of the proceedings of the two days Rajaswa Gyan Sangam which was held on 1st and 2nd September 2017.

article author One Roof Consultant

Posted On:  9 months ago


Online Registration Mechanism for Securities Market Intermediaries

Online Registration Mechanism for Securities Market Intermediaries

article author One Roof Consultant

Posted On:  9 months ago


Filed IT Return, got Income Tax Intimation or Notice? Know what to do next

The Deadline for filing Income Tax Return which was 5th August. Central Processing Center (CPC) of Income Tax have started processing return and sending various intimation and notices. The processing of Income Tax returns have expedited compared to previous years and most of returns are processed within month time. The communication or intimation are usually send by Email with hard copy at address mention in ITR. Do check all communication you received on the register email id and check under which section you have received intimation or notice and respond

article author CA Chirag Chauhan

Posted On:  11 months ago


How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2017-18

Most of salaried individual do their tax planning at the end of the year, as many are not aware of what all options are available to save taxes. Very few start planning at the beginning of the year. The article will help individuals to plan their taxes well in advance so that can invest and plan in systematic manner much in advance. The Article gives you brief idea on how to save tax and at the same time make proper investment and cover insurance and Medical expenses risk.

article author CA Chirag Chauhan

Posted On:  1 year ago


Deposit or withdrawal of cash more than 2 Lakhs from bank will attract equal amount of penalty from 1 April 2017

A clampdown on black money was one of the major electoral promises of the National Democratic Alliance (NDA) and the government has taken a number of steps. One of the biggest step other than demonetization is restriction on cash transaction. As part of Union Budget 2017, Union finance minister Arun Jaitley has set the legal limit for cash transactions, Rs 2 lacs. From 1st April onward any transaction above Rs. 2,00,000/- shall be strictly done only through banking channels or will attract penalty of equal amount

article author CA Chirag Chauhan

Posted On:  1 year ago


Missed filing income tax return for FY 2014-15 and FY 2015-16? Last chance to file your return before 31st March, 2017

Taxpayers who have not filed the Income Tax Return for the financial year 2014-15, the deadline to file the return has already passed. The Act mentions hat if a person does not file the return of income within the time limit as per section 139(1), he may file the return for same at any time before the end of one year from the end of the relevant assessment year or  before the completion of the assessment, whichever is earlier. So, the taxpayers who have not filed the return for FY 2014-15 has the last chance to file the return before 31st March, 2017 with penalty and taxpayers who

article author CA Chirag Chauhan

Posted On:  1 year ago


Aadhar mandatory for filing Income Tax Return and applying for PAN card – Cash transaction limit kept at 2 Lacs

The government has proposed to make Aadhar card mandatory for filing income tax return and applying for permanent account number (PAN), which will come into effect from July 1 2017. The government has proposed this rule through an amendment today to the Finance Bill, which is being discussed in the Parliament.

article author CA Chirag Chauhan

Posted On:  1 year ago


12 Things to be done before 31st March, 2017

As we are approaching towards the end of this financial year, there are certain things we should do before the year comes to an end. It is time to ensure that you have your documents and all the pending formalities in place. Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same. Here we have listed things which Assessee needs to do before the end of the year

article author CA Chirag Chauhan

Posted On:  1 year ago


Why you need to pay Advance tax before 15th March?

Advance tax is the payment of income tax which is paid in advance. Instead of paying in a lump sum at the end of the year, it is paid in advance. It is paid in four installments as per the prescribed due dates. The income tax department prescribes due dates for advance tax payment. Advance tax is payable only on estimate basis. While computing liability for advance tax, income-tax calculated on the current income estimated by the assessee shall be reduced by TDS deducted / TCS collected, MAT /AMT credit, relief under tax-treaty. After making payment of first/second installment of advance tax, the assessee can revise the remaining installments of advance tax in accordance with his revised estimate of current income and pay tax accordingly. Advance tax is based on the principle of “pay as you earn”. It is collected even before the income tax becomes payable and the installments are payable during the financial year itself. Advance tax receipts help the government to receive a constant flow of tax receipts throughout the year so that the expenses can be incurred rather tha receiving all the tax payments at the end of the year.

article author CA Chirag Chauhan

Posted On:  1 year ago


Measures for enhancing revenue collections- Monitoring of advance tax, TDS and recovery form arrear and current demand.

On review of the position of Budget collections as on 4th of March, 2017 it is noted that as against the target growth rate of above 14%, the current rate of growth of net collections is only 10.6%, which does not augur well for achievement of the budget target in the current year.

article author One Roof Consultant

Posted On:  1 year ago


Procedure for Transfer from RPF / Superannuation fund to NPS

In the budget of 2016-17, the Government had announced that the subscribers from recognised Provident Funds and Superannuation Funds would be able to transfer their corpus from these funds to National Pension System (NPS) without any tax implication. With the NPS gaining momentum vis-à-vis other retirement products and a number of queries being raised on the transfer of amounts from recognised Provident/Superannuation Funds to NPS, Pension Fund Regulatory and Development Authority (PFRDA) has clarified the process through a circular dated 06.03.2017.

article author One Roof Consultant

Posted On:  1 year ago


Having second property and claiming unlimited interest setoff? You cannot claim after Budget 2017

The Budget 2017 had made a lot of changes in the income tax provision whether it is the changes made in the slab rates, TDS provisions, changes in penalty and rate of surcharge etc. One of the changes I am going to discuss in this article will changes made in the house property provisions.

article author CA Chirag Chauhan

Posted On:  1 year ago


CBDT: Honest taxpayers will be treated with dignity and courtesy

It is the collective vision of the Income Tax Department to partner in the nation building process through progressive tax policy, efficient and effective administration and improved voluntary compliance. A taxpayer friendly service delivery mechanism provided by a disciplined, motivated and enthused workforce is one of corner stones to achieve this vision. When seen in the back drop of the overarching agenda of “Transform, Energise and Clean India” as conveyed by the Hon. Finance Minister during his budget speech , 2017, it becomes all the more necessary to integrate our

article author One Roof Consultant