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Budget 2015 :Roadmap for growing India

Budget 2015 :Roadmap for growing India do check

Mr. Arun Jaitley, FM has recently presented his first full year Budget 2015.Though one may not find any big bang reforms; one may also not deny that the budget surely goes for growth and change. The big bang reforms are also not desirable because they have a higher chance of rollback. Budget 2015 intends for higher investment in India’s decrepit roads and railways, offers the carrot of tax cuts…

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Are you engaged in Contract Manufacturing ? Get it audited!!

Do you get your products manufactured by third parties?Click to read how to do this effeciently...http://wp.me/p4sP68-ef

Contract Manufacturing / Outsourcing / job work : Need for an audit

Globalization has opened many doors for the traditional business and at the same time has introduced them to the cut throat competition. The world is now speaking the language of efficiency and cost effectiveness. Management is now concentrating on “run better run different” ideology to make their businesses cost effective.…

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#Audit #Contract Manufacturing #contract manufacturing audit #cost saving #cost saving audit #cost saving potentials #efficiency audit #Job work #job work audit #OEM audit #Out sourcing #process audits #third party audit #vendor audits

CSR in India : In depth analysis through top 10 FQAs

Business and community are inseparable.Great synergies between the two, benefit both of them.Click for FAQs on CSR..http://wp.me/p4sP68-dT

CSR – Helping Business to enhance its brand value

The new Companies Act 2013, has made it mandatory for companies to be socially responsible by introducing the Corporate Social Responsibility i.e. CSR regime. The Ministry of Corporate Affairs (MCA) has issued the CSR Rules, 2014 , to implement this legislative mandate, which came into effect on April 1, 2014.Across India ,many big corporate…

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Have you shared your “Continuity Plan” yet?

If you love someone in your life,you must read this !

This blog is based on a real life incident and put forth with a view to help someone somehow somewhere. We all know about the uncertainty of life and there is a need for continuity plan. Most of the times we think that tomorrow we will do it, but what if tomorrow never comes ? So its very important to do the succession planning NOW, not for YOU but for your family, your near and dear ones.

It…

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Ultimate guide to form/Incorporate Private Limited Company in 12 Steps

This is exclusive information about formation/incorporation/registration of private Limited company post Companies Act 2013

Hi All,

You must be aware of that there is a change in the Companies Act and there were lot of notifications to clarify certain changes for forming private limited company. I started keeping tab on the notifications so that I can see the complete picture .So thought of putting it in a blog to get all the information on Formation/Incorporation/Registration of Private Limited Company as per…

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#company formation procedure #company registration procedure #minimum authorised capital for private limited company #private limited company information #private limited company ownership #procedure for pvt ltd company registration #pvt limited company #pvt ltd companies #registration of pvt ltd company

Service Tax - Important Aspects

I have summarized Service Tax Aspects through frequently asked questions.Hope it helps in easy understanding.Read at

Service Tax

I am summarising some important aspects of the service tax applicability ,payments and returns.It would better to present them as FAQs for simple understanding.I hope you would enjoy reading through.

Who should collect and pay Service Tax? Aggregate value of Taxable Services provided in Service Tax applicable Preceding Financial Year Current…

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#Budget 2014 #Interest on late payment #Service tax

Tax Amendments by Union Budget 2014-15

Sharing with you , the taxation changes brought in by Union Budget 2014-15

Key amendments of Budget 2014-15:Taxation Provisions A. DIRECT TAX PROPOSALS: -

1) Basic limit of Exemption increased to 2.50 lac. In case of Senior Citizen, it is increased to 3.00 lac.

2) Investment limit under section 80C of the Income-tax Act raised from Rs. 1 lakh to Rs1.5 lakh.

3) Deduction limit on account of interest on housing loan in respect of self occupied house property raised from…

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#budget amendments #changes in tax provisions #Tax aspects #Union Budget 2014-15

Highlights of Union Budget 2014-15

Today ,the Finance Minister Mr. Arun Jaitley has just presented the Union Budget 2014 which would be applicable for FY 2014-15.After raising a lot of expectations of common man saying “Acche Din Ayenge”,he delivered very little in terms of tax saving for small taxpayers .In my view ,the budget has tried to please many sectors and in turn has displeased everyone.Though this is just first budget…

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#Arun Jaitley #Budget 2014-15 #Fiscal Budget #Income Tax changes #union budget 2014 india

Higher limits for issuing Income Tax notices for FY 2014-15

Finally,Govt has raised its criteria limits for selecting scrunity of Income Tax cases..Please read for the amount limit for Income Tax notices for FY 2014-15.

In a move to raise the quality of tax assessments and to reduce avoidable disputes, the income tax department has substantially raised the monetary limit for scrutinizing high value investors and spenders who do not file tax returns(Income Tax notices). The move is part of an action plan prepared by the department to reduce tax disputes while ensuring a 19% growth in direct tax receipts in…

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#credit card #immovable property #Income Tax notices #saving deposit

Beware :Are you buying land/Building below the stamp duty value ?

Buying/Selling in real estate?Do you know the Income tax impacts of your transaction wrt stamp duty value ? Read..http://wp.me/p4sP68-5J

Taxation aspects for land/Building sold below stamp duty value:Capital gain/Income from Other Source

In real estate dealings, the selling price of the property often depends on the need and urgency of the seller. Keeping the sales price low in the sale agreements is often looked at as the way to avoid the capital gains tax by the seller and a way to spend the unaccounted money by the buyer, by…

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#43CA #50C #Capital Gain #Deemed Capital Gain #Income from other Sources #Income from other sources;56(2)(vii)#Stamp duty

Who is required to file income tax returns for AY 2014-15?

Are you supposed to file your Income tax Return for FY 2013-14.Dont know?Then please read..

Who is required to file income tax return for AY 2014-15?

We have just finished with the financial year 2013-14 ,which I hope has been financially very rewarding for you.Now its time again to rush to file your Income Tax Return. Today we are going to see whether you as an individual or as company/firm are liable to file return of income for the assessment year 2014-2015( FY 2013-14).

In India it…

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#AY 2014-15 #Income tax returns #Loss carry forward #Minimum Exemption Limit #Non Resident #NRI

Minors Allowed to operate the Bank Accounts independently

Do you feel your child is small to get into financial management?Minors can now operate bank accounts on their own..

On a funny note ,i would like to ask “who says that minors need parental care moneywise?”

We all know that a minors’ account (Fixed/saving/Recurring) can be opened with bank ,along with guardians’ name and it is not allowed to be overdrawn.

RBI now thinks that the new generation even at minor’s age is smart enough to handle their own monitory transactions at least on savings and expenses out of…

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#Age of 10 year #bank accounts #independant #minors #RBI #RBI/2013-14/610 #regional rural banks

Selecting Mother's Name on PAN Card

New Option of selecting Mothers Name on PAN Card...read http://anjalikhatrico.com/?p=307

CBDT has revised PAN Application form 49A and 49AA wef from 16.05.2014 vide its notification no. 26/2014 , Dated- 16-5-2014. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card printed the name of his/her mother.But applicant can select only one option, he…

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#26/2014 #49A #49AA #CBDT #Mothers name #new PAN forms #Notification #PAN form

Sec 87A: small Rebate of income tax to Resident Individuals for AY 2014-15

Are you individual Tax payer?Read for savings in Income tax payable for Financial Year 2013-14 .ITax Sec 87A rebate..http://wp.me/p4sP68-4N

Are you an Individual Tax payer ?Do you have Taxable Income of Rs. 5 Lacs or less ?Read below for additional savings in Income tax payable for FY 2013-14

In Budget 2013 Finance Minister,Mr P Chidambaram did not make any alteration to the tax slabs for the individuals over AY 2013-14 but instead passed on a benefit by introducing a small rebate of max Rs.2000/- to the resident individuals only, in…

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#AY 2014-15 #Budget 2013 #FY 2013-14 #individual #Rebate #Sec 87A #small #tax payers

Different Monetary Limits under Companies Act 2013

I have tried to tabularize different Monetary Limits under Companies Act 2013. Do you wish to them a a glance?read....http://wp.me/p4sP68-4H

Companies Act 2013 ,recommends minimum monetary limits for complying with certain provisions for different classes of companies across different criteria eg- paid up capital,deposits etc

I have tried to summarize the important limits in a tabular form for quick reference. I hope this would be easy to refer to instead of reading the long contents in Companies Act 2013 as well as Companies Rules…

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#2013 #Companies Act #Companies Rules 2014 #Deposits #independent director #paid up capital #Turnover #vigilance

Applicability of Companies Act 2013 wrt financial statements

Hi ,I wanted to share with you the relavant Financial Year for Applicability of SCH II and SCH III of Companies Act 2013 wrt financial statements .Please read

Keeping in view the requests received from many people seeking clarification wrt the financial year from which the relevant provisions of the new act relating to maintenance of books of accounts,preparation,adoption of accounts ,auditors report and Board of directors report will be applicable, I would like to tell you that circular no.08/2014 issued by Ministry of Corporate Affairs makes it amply…

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#applicablility #audit report #board report #circular no.08/2014 #provisions of Companies Act 2013 wrt financial statements

Due dates of Income Tax returns for AY 2014-15

Filing of Income Tax Returns for FY 2013-14:Summary

Now the FY 2013-14 has ended and we are into finishing of the ground work like accounts writing,finalization of accounts , audit of the said period.All our efforts will go waste, if we are not able to file our income tax returns within the time prescribed for them.Hence , in the interest of the viewers , I would like to remind them about the…

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#30 Sep 2014 #31 Jul 2014 #digital signature #due date for filing Income tax return #due dates #Efiling #Electronic Filing #FY 2013-14 #income tax return due date AY 2014-15 #ITR forms

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