Due Dates for the Month March, 20167 March 2016 –Due date for deposit of Tax deducted/collected for the month of February, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax… Read More »
Deduction from taxable income in respect of certain paymentsSection 80C [Deduction upto Rs 1.5 Lacs]1. Life Insurance PremiumPolicy issued LIP should be restricted toBefore 1/4/12 20% of Actual Capital Sum insuredOn or after 1/4/12 10% of Actual Capital Sum insuredOn or after 1/4/13 for person suffering from disability 15% of Actual Capital Sum insuredAny sum… Read More »
To Apply the New PAN Cardgo to https://tin.tin.nsdl.com/pan/ (Official Website) Two Passport size photographsProof of Identity (POI) click here for list of acceptable POIProof of Address (POA) click here for list of acceptable POAProof of Date Of Birth (POD) click here for list of acceptable PODNote:Proof of Identity (POI) and Proof of Address (POA) should… Read More »
What shall be considered as Startup?* An entity shall be considered as a ‘startup’:– Till five years from the date of its incorporation / registration;– If its turnover for any of the financial years has not exceeded rupees 25 crore, and– It is working towards innovation, development, deployment or commercialization ofnew products, processes or services… Read More »
Prime Minister Narendra Modi first announced the Start-up campaign on 15th August from the Red Fort & now on 16th January 2016, he launched the most awaited movement #StartupIndia which has brought lots of positivity among the entrepreneurs in India. The event was inaugurated on 16 January 2016 by the finance minister Arun Jaitley. Among… Read More »
Key Features of ICDS:1. Effective Date of ICDS is 01stApril, 2015 i.e. FY:2015-16 & AY: 2016-17. 2. ICDS applicable to all Assesses i.e. Corporate & Non Corporate Assesses. 3. No Net Worth or Turnover Criteria Prescribed for applicability. 4. Entity need not to maintain Books of accounts for ICDS. ICDS is only for computation of… Read More »
The current financial year is going to end on 31 March 2016. For Tax related purposes this date is important. One such is filing pending income-tax returns (ITR). Under the income tax law, if you don’t file your ITR within the deadline (usually 31 July of the assessment year, or AY), you can still file… Read More »
Page 1 of 46 Indian Railway Budget Speech 2016-17 Speech of Shri Suresh Prabhakar Prabhu introducing the Railway Budget for 2016-17 on 25th of February, 2016 Madam Speaker, 1. I rise to present before this August House the Statement of Estimated Receipts and Expenditure for 2016-17 for Indian Railways.2. Let me begin with a couple… Read More »
Synopsis of Income Tax (22nd) Amendment Rules, 2015[Personal & Private Circulation bearing no opinion or advice]According to Rule 114B read with Section 139A, every person shall quote his PAN intransactions specified below:Date of Effect: 01.01.2016S. No. Nature of Transactions Value of Transactions1 Sale or purchase of a motor vehicle or vehicle which requires registration bya… Read More »
ASSESMENT OF FIRMSFirm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as “relationship between persons who have agreed to share the profits of business carried on by all or any of them acting… Read More »