/ Goods and Services Tax (GST)

Centre States Make Headway On Key GST Issues.

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A meeting of the empowered committee of state finance ministers convened by finance Minister Arun Jaitely also agreed to include in the constitutional Amendment bill the mechanism of compensating states for any loss of revenue in first five years of GST subsuming all indirect taxation firms in India levies including VAT.

Making headway on the long pending Goods and services tax auditing firm in delhi (GST) bill the centre and states have agreed on the principle that the tax rate …

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/ Business

Why Hiring a Business Registration Consultant is Safe for us

Registering a business is not an easy task because it requires knowledge of all the rules and regulations required to set up a business. If you are going to start your own business then the first requirement is business registration.  It is likely that you are unaware of the process. It can be very difficult for you to comprehend all the procedures on your own. This is where chartered accountants can be quite helpful and aid you with the registration …

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/ Taxation

Income Tax Returns Activated For E-filing

E-filing of taxation come for all class of filers for the assessment year 2016-17 has been operationalized.

“All ITRs as well as ITR half-dozen and ITR seven for AY 2016-17 square measure on the market for e-Filing,” the taxation Department aforesaid. The various class of ITRs were operationalized in an exceedingly phased manner beginning Apr two.

The Central Board of Direct Taxes (CBDT) had notified the new forms on March thirty and ITRs is filed until the stipulated point of …

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/ Taxation

IT Department Introduced Aadhar and Net Banking e-filing System

It will be a boon for taxpayers because the tax Department has activated the Aadhar and web banking-based e-filing verification system for taxpayers to file 1st charm before a tax officer. The tax Department has reduced the interface between tax-payer and tax man by activating this facility on the official e-filing portal.

One Electronic Verification Code is wont to validate one type regardless of the assessment Year. ECV are going to be hold on against the PAN Card and alternative …

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/ Companies Act

Things you should Know before Registering a Company in India

We all know that running a business successfully is not a child’s play as there are so many activities need to be managed in a synchronized manner in order to expect fruitful results. People who take care of all activities achieve success at later stages while others will suffer the consequences like unit shutdown.

As setting up a business is an uphill task, one should follow the required process of company formation carefully. Most of the businessman starts doing business …

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/ Taxation

Government needs to come clear on new tax ‘equalisation levy’

The finance minister in his budget for 2016-17 announced the introduction of a new tax called ‘equalisation levy’ on the online advertisement revenue of non-resident companies from B2B transactions. The Finance Bill, 2016, has proposed to insert a separate Chapter VIII in the bill titled ‘Equalisation Levy’ to provide for a new levy of 6% on a non-resident, on the consideration for any “specified service” received or receivable of Rs 1 lakh or more in any previous year from a …

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/ Foreign Investment

Where should an NRI Invest to earn Secured, After-Tax return?

NRE Bank FD or Money Market (Liquid) Fund?

NRE Bank FDs have always been considered the best investment product for NRIs to earn SECURED, TAX-FREE return in India. NRIs have poured in BILLIONS of dollars in NRE bank deposits to generate Secured tax-free return in India. However, with change in global compliance and reporting requirements to report foreign income and increasing currency risk of rupee (INR) depreciation, it is not that crystal clear any more.

Let’s understand it with an …

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/ Tax Consultancy

Tax Law of India: Direct and Indirect Tax Laws

A tax may be defined as a pecuniary burden laid upon individuals or property owners to support the Government, a payment exacted by legislative authority. A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority. Tax law in India consists of direct tax law and indirect tax law, and may be paid in money or as its labour equivalent (often but not always unpaid labour). India has a well-developed taxation structure. The …

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/ Tax Consultancy

Benefits of filing income tax returns – Tax consultant in India

Here are some advantages of filing ITR: 

Loans

Having filed the ITR will help individuals, like the one in the example above, when they have to apply for a vehicle loan (two-wheeler or four-wheeler). All major banks can ask for a copy of tax returns.

State Bank of India asks vehicle loan applicants for the latest salary-slip showing all deductions, TDS certificate / Form 16, copy of ITR for last two financial years.

Additionally, showing a copy of ITR receipts …

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/ Tax Consultancy

File your Income Tax Return for Assessment Year 2014-15 and 2015-16 by 31st March 2016

The Central Board of Direct Taxes (CBDT) has notified the Income Tax Returns (ITR) for Financial year 2014-15 (Assessment Year 2015-16). The new ITR forms have been released by CBDT for FY 2014-15 Income Tax Returns Filing.

What is Assessment Year & Financial Year?

Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2014-15. For example, if you have had an income between …