I-T dept begins process of analysing deposits post demonetisation

The I-T department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders. Interacting with representatives of trade bodies, Chartered Accountants and other professionals, Principal [...]

By | January 2nd, 2017|Revenue|Comments Off on I-T dept begins process of analysing deposits post demonetisation

Old 500, 1000 rupee notes can be used for payment under PMGKY

The Income Tax department today said now-defunct Rs 500 and Rs 1,000 notes can be used till December 30 for paying tax on disclosures made under the tax evasion amnesty scheme. The government has come out with Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, under which those with unaccounted cash [...]

By | January 2nd, 2017|Revenue|Comments Off on Old 500, 1000 rupee notes can be used for payment under PMGKY

Income Tax returns filing: Check out the 80 C tax benefits of up to Rs 1.5 lakh

As three months remain for tax-related investments, salaried individuals should look at various provisions under Section 80C of the Income Tax Act, 1961. Section 80C entitles an employee to certain deductions from the gross total income, up to a maximum limit of Rs 1.5 lakh. Investments for saving tax Investments in Public Provident Fund (PPF), [...]

By | January 1st, 2017|Revenue|Comments Off on Income Tax returns filing: Check out the 80 C tax benefits of up to Rs 1.5 lakh

Got idle money in your account? Here are 5 investment options to save tax

With 2017 just a couple of days away, it’s time to start planning your finances for the year ahead. January will be a busy month for anyone looking to save tax, with most salaried professionals scrambling to get their investment proof documents for tax savings in order. But things are a little different, this time. [...]

By | January 1st, 2017|Revenue|Comments Off on Got idle money in your account? Here are 5 investment options to save tax

Six things taxpayers expect from Budget 2017

Struck by the demonetisation shock, Indian economy expect some sweet surprises as it gears up to strike the 2017 calendar. Parting from the colonial-era tradition of presenting the Union Budget on the last working day of February, the government will present it on February 1. And with the new beginning comes new expectations, which are [...]

By | December 30th, 2016|Revenue|Comments Off on Six things taxpayers expect from Budget 2017

GST : ONE India ONE MARKET

Introduction The introduction of unified gods and services tax (GST) across the nation is the most important indirect tax reform since independence. It has taken almost 16 years from the date of inception of idea, formation of task force, to passage in Parliament. It represents a Herculean, nationwide, multi-party consensus- building exercise which is finally [...]

By | December 29th, 2016|Commercial Law, Revenue|Comments Off on GST : ONE India ONE MARKET

How do I Calculate Income Tax on Salary?

Example for Calculating Income Tax from Salary: Let's take the example of Mr. A who is a CA and his Gross Salary is Rs.80,450, which includes: Basic= 50000 + HRA=20000 + Travel allowance=1000 + Child's educational allowance=200 + Medical allowance=1250 + other allowance=8000 The deductions allowed will be Travel allowance=1000 + Child's educational allowance=200 + [...]

By | December 28th, 2016|Revenue|Comments Off on How do I Calculate Income Tax on Salary?

GST Council: Draft law cleared, but dual-control still not done

With the sharing of administrative powers a tough nut to crack, the Goods and Services Tax (GST) Council comprising the Centre and states on Thursday sidestepped it and devoted productive time to make the principal Bill of 195 sections, defining the comprehensive indirect tax, foolproof and ready for tabling in Parliament and state assemblies. If [...]

By | December 26th, 2016|Revenue|Comments Off on GST Council: Draft law cleared, but dual-control still not done

A Guide For NRIs To Transfer Money To Buy Property In India

While investing in India, Non-Resident Indians (NRIs) prefer real estate when compared to other asset classes. To attract more such investments in the country, the Narendra Modi-led government had recently made it easier for NRIs to invest in Indian real estate. For instance, non-reptariable investments of NRIs in India is now considered a domestic investment. [...]

By | December 26th, 2016|Revenue|Comments Off on A Guide For NRIs To Transfer Money To Buy Property In India

Startup investing: India final frontier, says Deep Nishar, Softbank MD

At a time when funding in Indian start-ups is drying up, SoftBank Group MD Deep Nishar feels “India is the final frontier for investing”. Nishar, who was speaking at the TiE Global Summit in Delhi on Friday, observed that as far as investors are concerned Indian internet business will not witness any exit in the [...]

By | December 26th, 2016|Revenue|Comments Off on Startup investing: India final frontier, says Deep Nishar, Softbank MD