2018-07-20 04:12
1.Saving Bank account and Fixed Deposit interest:
While filing the ITR, the salaried people generally disclose their salary income only or provide copy of form No. 16 to their Chartere… Read More
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Income tax rates, Service Tax, Pan verification, HRA, EPF, 80C,80D, Tax Tips, ITR, TDS rates ,challan, Tax calculator ETDS return, India, capital gain
2018-07-20 04:02
Diabetes has become a major healthcare concern in India. According to reports by the World Health Organization (WHO), the number of individuals suffering from diabetes in India was 31.7 mill… Read More
2018-07-19 04:18
Though, it has been a year since the implementation of GST, yet there are some problems which require immediate attention of the government to clarify, one of such dubious issue is‘pla… Read More
2018-07-18 02:46
We are sharing a Excel based 13 in one software by CMA Pravesh Sharma .You will find all tax related calculation in one file .
This excel file has mainly 13 type of calculation /charts… Read More
2018-07-18 02:29
Different forms are required to be used for filing your ITR depending on whether you are a resident or not and what are the sources of your income. There are ITR 1, ITR 2,ITR 3 and ITR 4 whi… Read More
2018-07-18 02:15
To iron out the practical hindrances and issues being faced by the Industry Inc since the implementation of GST, the GST Council on July 9, 2018 had unveiled the draft of 46 proposed changes… Read More
2018-07-14 02:25
You work at a company you love. Your job is good and your pay is better. At the end of the day, you go out with friends and have a good time. At this point, saving for the future might be th… Read More
2018-07-13 02:50
In order to detect cases of disproportionate assets owned by a taxpayers as compared to his known sources of income, the income tax department wants taxpayer with income over 50 lakhs to rep… Read More
2018-07-13 02:30
It seems that the cryptocurrency mania has become a passé in the last couple of months. The phenomenon reached it’s peak when it comes to the value and media coverage in the fi… Read More
2018-07-12 01:45
A year old Goods and Services Tax (“GST”) is all set to see slew of amendments soon. To iron out the practical hindrances and issues being faced by the Industry Inc since the imp… Read More
2018-07-11 17:41
All of us have our own financial goals. It can range from being debt-free to buying a house or retiring at the age of 40. It is normal to have dreams, but the challenge is to transform them… Read More
2018-07-11 17:27
Read Now and Know More
Several individuals use insurance to secure their future. Traditionally, life insurance provides financial protection in case of an unfortunate event. However, y… Read More
2018-07-11 02:09
Facts of the case: M/s Five Star Shipping (“the Applicant” or “FSS”) is a partnership firm providing Marine Consultancy Services (“MCS”) to Indian/ Foreig… Read More
2018-07-09 02:18
Introduction: -Greetings to everyone on occasion of completing one-year of GST on 1st July. With the advent of GST regime, we have seen lots of Ups and Downs on paradigm shift of the economy… Read More
2018-07-07 07:14
When was the last time you bought something expensive and didn’t insure it? While you’re thinking, imagine how it would feel if your car gets damaged and you don’t have ins… Read More
2018-07-07 03:30
GST regime focuses on self-assessment of tax liability by the taxpayers for which certain obligations are cast on the taxpayer for maintaining accounts and records.
Audit under GST is the pr… Read More
2018-07-03 03:18
Smooth implementation of GST urge for clarifying certain issues for transparent and tax compliant structure in India. Realising the need of hour, the Government has unveiled the intention of… Read More
2018-07-03 03:15
Central Board of Direct Taxes (CBDT) has notified the new ITR forms for the Financial Year 2017- 18 assessment year 2018-19.The below table summarizes the forms applicable to particular cate… Read More
2018-06-29 01:11
Asset monetization
If you have one or more of these assets such as car, home, life insurance policies, tax saving certificates, shares, bonds and debentures, or gold jewelry, bank fixed depo… Read More
2018-06-28 15:42
Reeling from the messy implementation of demonetisation in November 2016, rolling out of half- baked Goods and Services Tax (“GST”) came as a tide in the lives of Indian business… Read More
2018-06-28 03:50
Balwant Jain
Income tax provisions can be legitimately used to reduce the tax liability with the help of your parents. Let us discuss as to how it can be done.
Payment of life insurance prem… Read More
2018-06-28 01:44
New ITR forms are already notified vide notification dated 16/2018. Due date for filing of income tax return for ay 2018-19 for non audit cases is 31.07.2018 and in audit case 30.09.2018. Ru… Read More
2018-06-27 04:47
Automobile Sector or the Automobile Industry (auto sector / auto industry in short) is one of the largest, growing and dynamic sectors in the Indian economy. To emphasise its significance in… Read More
2018-06-21 02:26
Out of the plethora of life insurance policies available in the market today, term insurance policy is the most fundamental one. It is a type of pure life cover, which renders coverage to th… Read More
2018-06-20 12:49
Financial stability is one of the most crucial aspects when it comes to starting a family. Whether you are newly married or planning a child soon, knowing where you stand financially is vita… Read More
2018-06-20 04:00
Insurance is generally used as an instrument for investment, tax saving as well as for besides risk coverage. There are many type of insurance products according to the need of the investor/… Read More
2018-06-18 02:41
I. Section 234F (All ITR’s)
A separate row under ‘computation of tax liability’ tab has been inserted in all ITR forms requiring furnishing of infor… Read More
2018-06-16 15:42
For individuals being a resident other than not ordinarily ITR-1 : resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs… Read More
2018-06-15 02:34
The finance act 2016 to shift the base year for giving the tax payer the option to get the market value of the property to April 1, 2001, instead of the earlier date of April 1, 1981. This p… Read More
2018-06-14 17:27
Do you know your mutual fund investment can get ouo free life insurance cover as well
Though investing in equity through mutual funds via Systematic Investment Plan (SIP) is getting p… Read More
2018-06-13 13:25
All Food Business Operators who need to work in India are required to meet FSSAI Compliance and get a permit to work. You should be enrolled according to the Procedures set around the impor… Read More
2018-06-13 12:56
Six years ago, the world was supposed to end. Do you remember the hullabaloo around the 2012 phenomenon? People were making predictions left and right about how the world would come crashing… Read More
2018-06-13 12:52
How much do you think you will need to invest each month in pulling together your First Crores?
What if you can invest anywhere between Rs. 7000 per month to Rs. 17,000?The obvious choice f… Read More
2018-06-13 03:00
The paradigm shift from origin-based tax to destination based, aligning India to global VAT/ GST based tax from July 1, 2017, is stabilizing and to simplify the implementation of GST Law, th… Read More
2018-06-11 16:42
Subject: Clarifications of certain issues under GST– regarding
Representations have been received seeking clarification on certain issues under the GST laws. The same have been examine… Read More
2018-06-11 12:20
Question 66. What is the location of the supplier of service for fund management charges in ULIP policies?
The fund management charges are charges towards managing and administering th… Read More
2018-06-11 12:07
Step 1: In order to open a demat account, you have to fill an account opening form with a depository participant (DP). This service is offered by most financial institutions and brokera… Read More
2018-06-09 06:14
9 Points you should Consider before Opening a Fixed Deposit Account
Fixed deposit is one of the most popular saving instruments in India. Fixed deposit is selected in saving portfolio… Read More
2018-06-08 05:25
PRADHAN MANTRI AWAS YOJANA “HOUSING FOR ALL (Urban)”
“Housing for All” Mission for urban area will be implemented during 2015-2022 and this Mission will provide centr… Read More
2018-06-05 08:10
77. In the case of stock broking, whether stamp duty or securities transaction tax or other Central or State taxes would be considered as a part of the value of supply as prescribed under Se… Read More
2018-06-05 08:02
In the global economy, there is no way to succeed except differentiation. The courses that you learn should help you stay ahead of the competitors and allow you to occupy a special position… Read More
2018-06-04 08:33
Facts:Applicant is engaged in provision of cash management services, wherein the cash is transported through security vans called cash carry vans. When these vans become old or cannot be use… Read More
2018-06-02 14:14
The Indian income tax laws provide certain tax benefits to senior citizens. Let us discuss those benefits.
Basic Exemption Limits
For ordinary individual tax payers the basic exe… Read More
2018-06-01 04:50
One of the fundamental features of GST is the seamless flow of input tax credit (ITC) across the chain (from the origin of the goods/services till its consumer). This seamless flow was to be… Read More
2018-06-01 02:55
As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 30th May, 2018, e-Way Bill system for i… Read More
2018-05-31 03:55
The credit provisions under GST is an amalgam of the Cenvat Credit provisions with some aspects of ITC borrowed from VAT. The cross credit between State and Central Taxes has been achieved i… Read More
2018-05-31 03:06
Financial Planning is must for everybody to live a comfortable life. In financial planning, first of all, goals are fixed and then finance, Income; expenses are managed in such a way so your… Read More
2018-05-24 02:40
Carrying a valid driving license is so important that you will be fined if found driving a vehicle without a license. According to The Motor Vehicles Act, 1988 driving license is one of the… Read More
2018-05-23 02:10
Balwant Jain
As the mother’s day has already been celebrated last Sunday me emphasis and analyse role of Indian Women in Financial Planning.
Present Situations
Though… Read More
2018-05-21 14:21
Violating traffic rules is a common occurrence in India. Curbing these offences has become a huge task for the regulators. To decrease traffic violations, new amendments have been made to Th… Read More
2018-05-21 14:13
A Learner’s License is issued to a person who is willing to learn driving a vehicle. It is a temporary license valid for a limited time. After the completion of training, the holder is… Read More
2018-05-20 16:09
Often financial planners advise individuals to set apart at least six months of their earnings as an emergency fund in order to meet unforeseen expenses such as sudden hospitalisation, loss… Read More
2018-05-19 02:22
Extension of date for filing return in FORM GSTR-3B for the month of April, 2018
In the interest of taxpayers, it has been decided to extend the last date for filing of return in FORM GSTR-3… Read More
2018-05-16 16:17
Fun fact: a lot of New Year resolutions fail right in the first week simply because the goals were unrealistic.
“I will jog 5 miles every day.”
Sure. You may do that… Read More
2018-05-16 16:02
When you think of retirement funds, what comes to your mind? Pension plans, Public Provident Fund (PPF) and Employee Provident Fund (EPF). Typically most people invest in these instruments t… Read More
2018-05-09 16:30
A loan against property is an easy way to raise a large amount of finance, without giving up the ownership of your property. When you choose this option, you can pledge either commercial or… Read More
2018-05-08 02:46
Financial Planning is must for everybody to live a comfortable life. In financial planning, First of all, Goals are Fixed and then finance, Income; expenses are managed in such a way so yo… Read More
2018-05-06 14:30
The Government of India wants to guarantee that MSMEs gets most extreme advantages of the current monetary and exchange arrangements. Nonetheless, to profit the advantage of any such existin… Read More
2018-05-05 05:36
With the philosophy of ease of doing business and to reduce the compliance burden on the trade, GST Council in its 27th meeting approved principles for filing of new return design based on t… Read More
2018-05-05 05:15
1.Incentive to promote Digital Transactions:
Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate… Read More
2018-05-03 03:16
Doubts have been raised as to,-
(i) Whether transfer of tenancy rights to an incoming tenant, consideration for which is in form of tenancy premium, shall attract GST when stamp duty a… Read More
2018-05-01 02:58
A health insurance policy provides the much-needed financial backup during medical contingencies. The insurance provider offers coverage against hospitalization expenses such as nursing char… Read More
2018-04-30 03:33
One of the many modern conveniences today is the credit card. It grants the card holder a line of credit which is guaranteed by an issuing bank and is used to purchase goods and services wit… Read More
2018-04-24 17:36
The Companies (Amendment) Act, 2017 has reduced the harshness of the original provisions of the Companies Act, 2013. It aims to strengthen the good governance, corporate democracy and enable… Read More
2018-04-24 17:09
People tend to avail loans for various purposes that may include the purchase of a home or a car or consumer durables or even an educational loan. While borrowers may feel it is their birthr… Read More
2018-04-23 13:10
A number of representations have been received seeking clarifications in relation to requirement of e-Way Bill for “Bill To Ship To” model of supplies. In a typical “Bill T… Read More
2018-04-23 12:44
The main purpose of having a salary account is to receive a monthly wage from employers. Generally, most companies offer salary accounts to their employees from the same bank where they cond… Read More
2018-04-20 03:24
CBIC has notified the due dates for GST returns for the period April 2018 to June 2018 by issuing notifications. The due dates are tabulated below:
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Sr.
No. Returns Descrip… Read More
2018-04-19 02:39
The Income Tax Department today cautioned salaried class taxpayers against using illegal means like under-reporting of income or ‘inflating’ deductions while filing their returns… Read More
2018-04-19 01:54
As per the decision of the GST Council, e-Way Bill system for all inter-State movement of goods has been rolled out from 01st April, 2018. As on 15th April, 2018, e-Way Bill system for intra… Read More
2018-04-18 01:58
Subject: Clarification on the manner of filing the quarterly return by composition dealers in FORM GSTR-4
Doubts are being raised about the manner of filing the quarterly return by com… Read More
2018-04-17 02:43
Introduction:
1.1 It is of paramount importance to understand the meaning of goods in any taxing statute related to goods. The meaning of goods is not the same for all the statute… Read More
2018-04-15 17:46
ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated… Read More
2018-04-15 03:59
1. Whom should I approach to rectify the demand amount? The return has been processed at CPC:
· File online Rectification to CPC by logging into https://www.incometaxindiaef… Read More
2018-04-14 11:57
It has been 250 plus days since the implementation of GST and the Government has issued a slew of notifications in the rate as well as non-rate areas. A whopping 26 GST Council Meetings have… Read More
2018-04-13 06:59
As per the decision of GST Council, e-Way Bill system for all inter-State movement of goods has been rolled-out from 01st April, 2018. E-way Bill system for Intra-State movement of goods in… Read More
2018-04-13 06:54
With a view to remove any doubt or uncertainty regarding rate of GST applicable on supply of food and drinks in educational institutions, it is clarified that: -
i. GST rate on supply of fo… Read More
2018-04-13 06:27
As we are aware it is endeavor of the Government to make all law simple and with this payment of tax is also made easy.
Section 49 of CGST Act, 2017 deals with payment of tax, interest… Read More
2018-04-13 06:22
1. Introduction
1.1 The concept of audit by a Chartered Accountant in the area of Indirect Taxes was confined t… Read More
2018-04-11 17:02
Given that India Fiscal Year 2017-18 has ended on 31st March 2018, it is time for corporates in India to gear-up in terms of tax & regulatory compliance for the year.
We are pleased to… Read More
2018-04-10 05:26
Transport Allowance is paid to employee for travelling between Home to Office and back by whatever name is given be employer.This allowance was exempted from income tax up to the exten… Read More
2018-04-08 17:11
Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional fees, interest… Read More
2018-04-07 05:34
Income Tax department has notified the New ITR form for Ay 2018-19 Fy 2017-18.In new forms 25 specific changes has been made to enable Income tax department to get more information from Taxp… Read More
2018-04-07 03:37
The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 201… Read More
2018-04-07 03:23
With a view to remove any doubt or uncertainty in the matter and bring uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations… Read More
2018-04-06 02:34
The Central Board of Direct Taxes (CBDT) has released the new Income-tax return (ITR) Forms for Assessment Year 2018-19.
Not Many significant changes has been made in the new forms and… Read More
2018-04-06 02:17
The Central Board of Indirect Taxes and Customs vide Circular No. 38/2018 dated March 26, 2018 has clarified various provisions of job work w.r.t. issuance of challan, requirement of registr… Read More
2018-04-03 02:34
1.Company may develop the new series of all documents to be issued like Tax invoice. Export Invoice, Bill of supply, Receipt voucher, Payment voucher, Refund voucher, Debit note, Credit Note… Read More
2018-04-03 02:04
Touted as an anti-evasion measure, E-way bill has been made mandatory for inter-state movement of goods from April 1, 2018 after technological glitches forced the government to defer the imp… Read More
2018-04-01 05:28
E-way bill provision of GST, first introduced on 1 February 2018 was initially made mandatory for inter-state transportation of goods, having consignment value of more than Rs. 50,000 throug… Read More
2018-03-28 03:12
The deadline for linking of Aadhaar card and Permanent Account Number (PAN) was today further extended to June 30 from March 31, the government said. The Central Board of Direct Taxes (CBDT)… Read More
2018-03-28 01:59
Circular No.38/12/2018 F. No. 20/16/03/2017-GST Government of India Ministry of Finance
Subject: Clarification on issues related to Job Work
Various representations have… Read More
2018-03-28 01:48
The last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is 31 March, 2018. The Financial Year 2017-18 closes on 31 M… Read More
2018-03-26 02:24
The Government of India has recently made three changes in the National Pension Scheme (NPS) including withdrawal norms. The details are as under:
[message]Partial withdrawal during the ser… Read More
2018-03-26 01:21
All kinds of representations received from the trade and industry (including start-ups) regarding GST rates on services have been deliberated in the Fitment Committee. Government has exempte… Read More
2018-03-24 08:06
Significant Economic Presence(SEP):
Concept of “Significant Economic Presence” (SEP) was introduced, in Finance Bill tabled on 1st Feb, 2018 which states that the transacti… Read More
2018-03-24 07:53
Financial year closing is most important work for every businessman , tax professional as well as for taxpayers.Financial year 2017-18 closing is Just few days ahead i.e 31st March 2018.We h… Read More
2018-03-20 02:21
State Bank of India (SBI) has substantially reduced charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts. The revised charges will be effective from April 01, 201… Read More
2018-03-19 12:02
One of the things that all credit card holders should be concerned about is their credit (CIBIL) score. You can get a poor CIBIL score if you have been careful with your credit card by racki… Read More
2018-03-16 02:40
The Lok Sabha has passed the Finance Bill, 2018 on March 14, 2018 after 21 amendments and insertion of 3 new clauses.
Finance Bill 2018 as passed by Lok Sabha has introduced 21 changes… Read More
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