Posted On:  3 months ago


Modus Operandi adopted for conversion of unaccounted old cash during demonetization and how department caught them

Modus Operandi adopted for conversion of unaccounted old cash during demonitization and how department caught them Unexplained cash deposits by bullion traders and Jewellers, Petrol pumps, Traders, Contractors and Real Estate Developers, Professionals, Government Employees, cooperative banks and societies, through Shell companies and Abuse of Exemptions provided for North Eastern states are cited with examples as given by Income Tax Department.

article author CA Chirag Chauhan

Posted On:  4 months ago


Doctors To Face Disciplinary Action If They Prescribe Brand Name Drug : Government Circular 21/04/2017

From Today if you consult a doctor for fever, and if he prescribes ‘crocin’ or ‘instead of ‘paracetamol’ (generic name drug), he can face disciplinary action from Medical Council of India as per recent circular. The Medical Council of India has asked all the registered Medical Practitioners to ensure that they prescribe drugs with generic names only. The Council also warns disciplinary action against those found violating these regulations.

article author Dharmesh Jain

Posted On:  5 months ago


FAQs on Inspection, Search, Seizure and Arrest under GST

As per law dictionary and as noted in different judicial pronouncements, the term ‘search’, in simple language, denotes an action of a government machinery to go, look through or examine carefully a place, area, person, object etc. in order to find something concealed or for the purpose of discovering evidence of a crime. The search of a person or vehicle or premises etc. can only be done under proper and valid authority of law

article author One Roof Consultant

Posted On:  5 months 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:  6 months ago


Professionals will require Tax Audit if they are showing Income less than 50% of Receipts - Section 44ADA

Introduction of presumptive scheme for Professionals The Justice Easwar Committee has recommended a new scheme for professionals in line with existing Presumptive Scheme for person engaged in Business. The Committee was of the view that this scheme is quite popular amongst small traders. It was felt that there is a strong case for introducing a similar simplified presumptive income scheme for professionals.

article author CA Chirag Chauhan

Posted On:  7 months ago


Donald Trump sworn in as 45th US President. Read the Complete inaugural Speech

Friends, delegates and fellow Americans: I humbly and gratefully accept your nomination for the presidency of the United States. Together, we will lead our party back to the White House, and we will lead our country back to safety, prosperity, and peace. We will be a country of generosity and warmth. But we will also be a country of law and order.

article author One Roof Consultant

Posted On:  8 months ago


How despite all odds I became a chartered accountant and an entrepreneur – An inspiring story.

Recently Ministry of social justice and Empowerment, Government of India has published 100 inspiring stories of differently abled entrepreneurs, one of the story is mine - How despite all odds I became a chartered accountant and an entrepreneur!Preface of Book “The only disability in life is a bad attitude” Scott Hamilton

article author CA Chirag Chauhan

Posted On:  10 months ago


Know all about Tax Planning – What, Why and How?

Tax planning can be defined simply as planning your cash outflow towards payment of taxes in legitimate manner most beneficial to you. It draws attention to “Payment of taxes”, here question to be answered is how one can reduce that taxes or one can postpone it to future date using tax planning tools. “Legitimate Manner” means it should not be tax evasion using illegal tools of tax saving and hiding certain transactions.

article author CA Chirag Chauhan

Posted On:  11 months ago


FAQs on Inspection, Search, Seizure and Arrest as per Goods and Service tax (GST)

As per law dictionary and as noted in different judicial pronouncements, the term ‘search’, in simple language, denotes an action of a government machinery to go, look through or examine carefully a place, area, person, object etc. in order to find something concealed or for the purpose of discovering evidence of a crime. The search of a person or vehicle or premises etc. can only be done under proper and valid authority of law.

article author CA Chirag Chauhan

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


Profession Tax Enrolment Amnesty Scheme 2016 Maharashtra - Tax payable and documents required

The Maharashtra government has introduce Scheme for professionals and self-employed who has not enrolled for Professional Tax and not paid any Professional Tax (PT) till date. Government send usually notice to all those who are liable to pay professional tax and make them pay Professional Tax for 8 years with interest and penalty. To give one time relief to all government has introduce. This scheme is applicable only to the unregistered persons as on 1-4-2016, those who are already registered before 1-4-2016 cannot avail the scheme.

article author CA Chirag Chauhan

Posted On:  1 year ago


Missed filing Income Tax Return for FY 2013-14 and FY 2014-15? Last Chance to file your Income Tax Return before 31 March 2016

The deadline to file your Income Tax Return has already lapsed. Income Tax Act Says, If a person has not furnished the return of income within the time allowed under section 139 (1), then he may furnish the return of income at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. So the assessee who has not filed his return for Financial Year 2013-14 can has last chance to file before March 2016 and person who has not filed his income

article author CA Chirag Chauhan

Posted On:  1 year ago


Income Tax Slab Rates for Financial Year 2016-17 Assessment year 2017-18

This article will give full detail about the slab and flats rates that are applicable for the Assessment year 2017-18 for each person whether company, HUF or individual.

article author CA Chirag Chauhan

Posted On:  1 year ago


Income Tax Slab Rates for Financial Year 2015-16 Assessment year 2016-17

This article will give full detail about the slab and flats rates that are applicable for the Assessment year 2016-17 for each person whether company, HUF or individual.

article author CA Chirag Chauhan

Posted On:  1 year ago


Starting a New Business or Profession? Compare Structure and type of Entity– Sole, Partnership, LLP or Company

The very first question in the mind of entrepreneurs when they start new business or profession is the structure of entity which can be formed which has legal status and easy to do compliance. Many Start up are confuse whether to Form a Private Limited Company or Limited Liability Partnership or Partnership to begin the new venture. The article gives you analysis which can help you to decide structure of the entity its tax benefit and compliance requirement.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Pay Zero Tax for Professionals (CA, CS, Lawyers, Doctors, etc) earning Income of Rs 16 Lacs in Financial Year 2016-17- Section 44ADA Budget 2016

The Present Scheme of Presumptive Taxation is only for certain Business. Budget 2016 has introduce presumptive taxation scheme to reduce the compliance burden of the small professional tax payers having income up to Rs 50 Lacs from professions.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2016-17 Budget 2016

The Budget has made no significant change for Tax Rates for Individuals. The Individuals who earn income of Less than 5 Lakhs rupees will get Rs 5000/- as Tax rebate under section 87A.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to do Computation of Tax as per Income Tax for salaried House property, Business and Profession and Capital Gains

Individual has played his role of earning income for his living, survival, and to meet need of family. He must know how much part must be sacrificed as tax by his side on ongoing basis so that he can plan accordingly. To find out this answer he must compute his total income. This article provides the various FAQs related to Computation of Tax for individuals and corporate bodies.

article author CA Chirag Chauhan

Posted On:  2 years ago


Professional Tax Rate State wise in India

Professional Tax Is subject matter of State in India. Each State decide Professional Tax amount depending upon gross amount of Income / Salary. Following is the State wise List of Professional Tax Applicable in India. Profession tax, or tax on employment, is levied by a state under article 276 of the Constitution. The amount paid, as Profession Tax, is however exempted while calculating the taxable income of the employee.

article author CA Chirag Chauhan

Posted On:  2 years ago


Deduction under section 80 DDB of the Income tax act 1961

Incurred huge amount of expenses on the medical treatment of family member what to do now as on the other side the lump sum amount of tax calculated by your Chartered accountant is also freaking you out. For such people government has introduced section 80DDB to claim deduction for the expenses incurred in respect of medical treatment incurred for himself/his dependent.

article author Hitesh Solanki