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 [...]
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 [...]
Each family in India has at least one family which is resident outside India. Previously, the number of transactions between a resident and non-resident were limited but with growing number of family members now settling outside India, there is a tremendous increase in inflow and outflow of money between the [...]
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 [...]
KNOW YOUR CAPITAL GAINS TAX Taxes on property in our country are of two types – short term and long term. While the rates of both are the same, the differences lies in the inflation indexation which is taken into consideration i.e., the inflation rate of the future based on [...]
ICAI has around 2.10 lakh members at present More than one lakh students join the chartered accountancy course every year with 45 to 50 percent of them being girls. This was mainly due to the lower education costs for pursuing CA when compared to other professional courses, according to the [...]