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 certain ways in which you can bring down your [...]
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 Individual and other non-corporate assessee has been amended w.e.f. 1st June 2016 as under: Due Date of Installment [...]
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 in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services [...]
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. [...]
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 tweet. The earlier date was August 31. The tax department has notified a new [...]
Auditors Ask Cos to Keep Their Books in Order Before April ’16, from when issues like fraud in a firm they examine could land them in jail. Under the new Companies Act, the board of directors and the auditors will be held responsible for fraud or discrepancies in company operations. [...]
The contents of the Directors Report as hitherto provided in section 217 of the Companies Act, 1956 has undergone changes in the newly enacted section 134 of the Companies Act, 2013. The Board of Directors’ Report shall now include: (a) the extract of the annual return as provided under sub-section [...]