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New Black Money Bill in India

Concealing foreign assets or income can lead to jail up to 10 years with a maximum fine of ₹1 crore along with tax and penalty of up to 120 per cent, if the Bill on black money introduced in the Lok...

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Income Tax Return Forms Changed

Key changes in new ITR Forms applicable for all returns from financial year 2014-2015 1. Details of all bank accounts held by assessee Under new ITR forms, an assessee is required to report details of...

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New Service Tax Rate @14% Effective From June 1 2015

The new service tax rate of 14 per cent will come into effect from June 1, the government said in a notification. In his Budget statement in February, Finance Minister Arun Jaitley had proposed a hike...

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ITR Forms Simplified, New Deadline Aug 31

Income-tax assessees will not be required to give details of foreign trips as well as the balance in various bank accounts while filing their returns. Details of dormant bank accounts too will not be...

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Black Money Act – Explanatory Notes

F. No. 142/18/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** EXPLANATORY NOTES ON PROVISIONS RELATING TO TAX COMPLIANCE FOR...

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Offshore Tax Evasion – India Signs FATCA With USA

Press Information Bureau Government of India Ministry of Finance 09­July­2015 16:55 IST India and United States Signs Inter Governmental Agreement (IGA) to Implement the Foreign Account Tax Compliance...

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Guidelines for scrutiny of service tax returns

Primarily, service tax department is bifurcated into anti-evasion and audit wings so as to keep an eye on service tax defaulters. In order to additionally curb the small assessees, who usually don’t...

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Don’t delay filing your income tax returns

As the old proverb goes: “There’s no time like the present”. Don’t delay filing your income tax return. Generally, the due date for filing the return is July 31 for individuals. However, this time...

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Last date for income tax return filing extended

Government on Wednesday extended the last date for filing Income Tax return by a week to September 7. “Due date for filing Income Tax return extended till 7th Sep, 2015,” the Finance Ministry said in a...

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Government to impose 0.5% Swachh Bharat cess on services from November 15, 2105

All services, including air travel, telephony, eating out and banking will become expensive from November 15 as the government on Friday decided to impose a 0.5 per cent cess on all taxable services to...

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What to Do You When You Receive An Income Tax Notice?

DEALING WITH INCOME TAX NOTICES A majority of the notices is sent in the normal course of processing returns & might be for routine enquiry or a request for simple clarification, so don’t be panic....

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Start Up India Plan – Highlights

Definition of Startup (only for the purpose of Government schemes) Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore...

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6 Must Know Changes While Choosing your Start Up Name

The Govt. has notified the Companies (Incorporation) Amendment Rules, 2016 (‘Amended Incorporation Rules’). Now the process of reservation of name of companies has been simplified. Following changes...

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TNVAT – New Filing Procedures

The Government of Tamilnadu has launched a new portal for providing e-services relating to registration & filing in respect of TNVAT. The New portal can be accessed at http://ctd.tn.gov.in The...

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Budget 2016 Key Highlights

  RELIEF TO SMALL TAX PAYERS Raise the ceiling of tax rebate under section 87A from `2000 to `5000 to lessen tax burden on individuals with income upto `5 laks. Increase the limit of deduction of rent...

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New Service Tax Rate From June 1, 2016

Finance minister, Mr. Jaitley had proposed to impose a Cess, called the Krishi Kalyan Cess (KKC), at 0.5% on all taxable services during Budget 2016. Effective date of Krishi Kalyan Cess is 1st June...

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Income Tax Changes From June 1, 2016

Income Tax Provisions Applicable from 1st June 2016 Amendment relating to Advance Tax (The change is effective from financial year 2016-17 onwards) The schedule for payment of Advance Tax by an...

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15 Things You Should Know About Model GST Law

On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the GST regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such...

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Are You Selling a House or Plot of Land? Ideas to Lower Your Taxes

Every time you sell property — a house or a plot of land — you are liable to pay tax on the capital gain made on the sale. While you can’t always get away with paying capital gains tax, there are...

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What Kind of a Business do You Want to Start Up?

When a person decides to start a business, there are various options such as Sole Proprietorship Partnership Firm Limited Liability Partnership Joint Venture Limited Company which could be a One Person...

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