Posted On:  4 days ago


How profit from Bitcoin will be taxed in India?

Bitcoin is the buzzing word on social media and all want to become rich by investing in the crypto currency. Many Indian despite RBI warning has invested in to Bitcoin few months back and have made handsome gains. The question now remains is the gains on sale of Bitcoin is taxable under Income Tax Act? If yes then it shall be taxed as business Income or Capital Gains or something else ? Any gain on Bitcoin is taxable as any gain on account of Bitcoin exchange is certainly (100%) taxable because the definition of income u/s 2(24) under Income Tax Act is inclusive, which mean every kind of income unless clearly exempt .

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Best 8 tax saving option in 80C available today

Every year we look forward for tax deduction under section 80C. Rather than investing in last moment do make proper analysis before investing so that you can earn expected returns. Following is the Ranking based on research conducted.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Which mutual fund NFO you should invest?

There are three new Mutual Fund Launch of NFO in November 2017. The Stock markets has generated a return of over 30% in last one year time. Most of the mutual fund has performed well. The biggest question is should you invest in Mutual fund now? The probable answer is yes, provided you can hold on till 3 to 5 years.

article author One Roof Consultant

Posted On:  3 months ago


GST on Co- operative housing societies- Simplified

This article has been written with a view to increase awareness of members of Housing Societies and Management Committee towards registration requirements and the services which are exempted and which attract GST. An attempt has been made to analyze the terms used in various sections of GST Act and provide some insight into its applicability to Housing Societies

article author Anita Bhadra

Posted On:  4 months ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  4 months ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  4 months ago


CBDT notifies revised Form no. 29B for MAT audit with Annexure

G.S.R. 1028(E).—In exercise of the powers conferred by sub-section (4) of section 115JB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,

article author One Roof Consultant

Posted On:  4 months ago


Online Registration Mechanism for Securities Market Intermediaries

Online Registration Mechanism for Securities Market Intermediaries

article author One Roof Consultant

Posted On:  4 months ago


Tri- Party Repo (Reserve Bank) Directions, 2017

The Reserve Bank of India having considered it necessary in public interest and to promote the development of the financial system of the country, in exercise of the powers conferred by section 45W of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, hereby issues the Tri- Party Repo (Reserve Bank) Directions, 2017 dated August 10, 2017 (the Directions).

article author One Roof Consultant

Posted On:  4 months ago


Reserve Bank Commercial Paper Directions, 2017

Whereas the Reserve Bank of India, in exercise of the powers conferred by Sections 45J, 45K, 45L of the Reserve Bank of India Act, 1934, and of all the powers enabling it in this behalf, notified the Non-Banking Companies (Acceptance of Deposits through Commercial Paper) Directions 1989 vide Notification No.IECD.1/87(CP)-89/90 dated December 11, 1989;

article author One Roof Consultant

Posted On:  5 months ago


How to make family constitution in India

A Family Constitution is a system of joint decision-making, most often by a board of directors and a family council, which helps the owner family govern its relationship with its wealth and enterprises. It is often assisted in this mission by a family constitution capturing the family’s vision and important family values, a family employment policy setting the requirements for the employment of family members in the firm or family office, an ownership

article author Varsha Kewalramani

Posted On:  6 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:  7 months ago


Are you required to file Statement of Financial transactions - Form 61A filing under Section 285BA Rule 114E?

Many individuals and corporate have started receiving emails to file Statement of Financial transactions (SFT) by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31st May 2017, The Article give you detail of its applicability, transaction and entity covered, exemption and monetary limit

article author CA Chirag Chauhan

Posted On:  7 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:  8 months ago


How to ensure that rent you paid is not claimed as fake by IT Department? And get proper HRA exemption

Recently in 2017 March, ITAT Mumbai Bench did not allow HRA exemption claim stating it as based on sham rent payments supported only by rent receipts from mother without paying actual rent. In the view of above decision many salaried employee who are claiming HRA by paying to their parents, relative and friends have to know proper rule under which HRA can be claimed and what all documents are required, including legal judgments supporting the claim. The article give you a detail guidelines so that you can claim proper HRA as per the rules and have adequate documents to support your claim. There is nothing in the law to stop the taxpayer from renting premises from parents and relative and claiming the HRA benefit for such rental payment.

article author CA Chirag Chauhan

Posted On:  8 months ago


FAQs on Frontend Business Process on GST Portal

Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company promoted jointly by the Central and State Governments, which will provide shared IT infrastructure and services to both central and state governments including tax payers and other stakeholders. The Frontend services of Registration, Returns, Payments, etc. to all taxpayers will be provided by GSTN. It will be the interface between the government and the taxpayers.

article author One Roof Consultant

Posted On:  8 months ago


FAQs on Advance Ruling under Goods and Service Tax

Appellate authority for advance ruling (AAAR), shall be constituted under the SGST Act or UTGST Act and such AAAR shall be deemed to be the Appellate Authority under the CGST Act in respect of the respective state or Union Territory. An applicant, or the jurisdictional officer, if aggrieved by any advance ruling, may appeal to the Appellate Authority.

article author One Roof Consultant

Posted On:  8 months ago


Change in Interest rates on Small Savings Scheme from April 2017

Change in Interest rates on small Savings Scheme from April 2017 This article will give you information about the latest amendments in interest rates of various small savings scheme. The following are the various types of small savings scheme:

article author CA Chirag Chauhan

Posted On:  9 months ago


CARO 2016 Applicability and its clauses

This Order may be called the Companies (Auditor’s Report) Order, 2016. It shall apply to every company including a foreign company as defined in the Companies Act, 2013 except:– A banking company as defined in the Banking Regulation Act, 1949. An insurance company as defined under the Insurance Act,1938. A company licensed to operate under section 8 of the Companies Act.

article author CA Chirag Chauhan

Posted On:  9 months 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