Posted On:  2 weeks 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:  3 weeks ago


Due date for filing of Form 61A (SFT) extended to 30th June 2017

The last date for furnishing the statement of financial transactions under Rule 114E(5) of the Income Tax Rules, 1962, (the Rules) read with sub-section (1) of section 285BA of the Income Tax Act, 1961, (the Act) is 31st May, immediately following the Financial Year in which the transaction is registered or

article author CA Chirag Chauhan

Posted On:  4 weeks ago


CBDT clarifies on SFT & SFT Preliminary Response Filing

Section 285BA of the Income Tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income Tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.

article author CA Chirag Chauhan

Posted On:  1 month ago


Limited Liability Partnership LLP –Annual Filing due dates and Penalty for MCA, Audit and Income Tax

Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms with the Registrar every year. All registered LLPs are required to prepare their accounts and fill in information regarding the profit earned, or any other financial inputs regarding business, and submit it to MCA and Income Tax Department every year. Following is the summary of compliance required for LLPLimited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms

article author CA Chirag Chauhan

Posted On:  1 month ago


Exempt Services under GST in India from May 2017

Services by Government or a local authority excluding the following services— (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;

article author CA Chirag Chauhan

Posted On:  1 month 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:  1 month 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:  2 months ago


Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17

Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17 This article will give you all the knowledge regarding the latest changes in the ITR forms and also clarifies regarding the various types of form with respect to its applicable income and also which ITR to be used against which income.

article author CA Chirag Chauhan

Posted On:  3 months ago


Top 9 landmark cases and judgments that brought a change in India

Vodafone was embroiled in a $2.5 billion tax dispute over its purchase of Hutchison Essar Telecom services in April 2007.  The transaction involved purchase of assets of an Indian Company, and therefore the transaction, or part thereof was liable to be taxed in India as per the allegations of tax department. Vodafone Group entered India in 2007 through a subsidiary based in the Netherlands, which acquired Hutchison Telecommunications International Ltd’s

article author Dharmesh Jain

Posted On:  3 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:  3 months ago


Your PAN number will be Invalid and you will not able to file tax return, if not linked to Aadhaar card by 1 July 2017

How smartly the government has used Aadhaar to reduce corruption from direct benefit transfer for LPG in which the subsidy on LPG cylinders will be credited directly to consumers' Aadhaar-linked bank accounts, KYC verification process to recently launching “Aadhaar Pay” on 14th April 2017, a payment system which will enable people to carry out bank transactions just by using their thumb impressions. While the law had empowered the Centre to mandate use of Aadhaar in most of the center funded schemes, since then the corruption level has significantly reduce. In recent Finance Act 2017 government has mandated use of Aadhaar for filing returns and linking of all existing PAN Number with Aadhaar Number.

article author CA Chirag Chauhan

Posted On:  3 months ago


FAQs on Input Tax Credit under Goods and Service Tax

Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on import of goods. It does not include tax paid under composition levy.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Job Work under Goods and Service Tax

Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on import of goods. It does not include tax paid under composition levy.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Registration under Goods and Service Tax

As per Section 22 of the CGST/SGST Act 2017, every supplier (including his agent) who makes a taxable supply i.e. supply of goods and / or services which are leviable to tax under GST law, and his aggregate turn over in a financial year exceeds the threshold limit of twenty lakh rupees shall be liable to register himself in the State or the Union territory of Delhi or Puducherry from where he makes the taxable supply.

article author One Roof Consultant

Posted On:  3 months 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:  3 months 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:  3 months ago


Guidelines for waiver of interest charged under section 201(1A) (i) of the Income-tax Act, 1961

In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of Income-tax Act , 1961 (the Act), Central Board of Direct Taxes (the Board), hereby directs that the Chief Commissioner of Income-tax and Director General of Income-tax may reduce or waive interest charged under section 201(1A)(i) of the Act in the classes of cases specified in paragraph 2 of this Order for the period and to the extent the Chief Commissioner of Income-tax/ Director General of Income-tax may deem fit.

article author One Roof Consultant

Posted On:  3 months ago


Processing of returns filed in F.Y. 2015-16 getting time barred on 31.03.2017 on Online TMS in ITD Application

As you are aware that returns furnished by the assesses during the FY 2015-16 are pending for processing u/s 143(1) and the limitation date for the same is 31.03.2017. In this regard, to facilitate the processing of returns which are otherwise not possible to be processed on AST due to various technical and non-technical reasons the Online TMS functionality is being enabled from 15.03.2017. The technical and non­technical reasons are broadly categorized as under

article author One Roof Consultant

Posted On:  3 months ago


Procedure of TAN application through Simplified Profoma for Incorporating Company Electronically (SPICe) (Form No. INC-32) of MCA

an applicant may apply for allotment of a tax deduction and collection account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General  of  Income-tax  (Systems)  or Director General of Income-tax(Systems) shall specify the classes of persons, applicable forms and formats along with procedure for safe  and  secure  transmission  of  such forms and formats  in relation to furnishing of tax deduction and collection account number

article author One Roof Consultant

Posted On:  3 months 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