Deposits up to Rs. 2,50,000 have not been given any blanket tax-free status. Only such deposits will not be reported to the Income-tax Department by banks/post offices. The Law At Present: The regular threshold exemption limit for individuals (other than resident senior citizens and super-senior citizens) is Rs. 2,50,000. If [...]
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 paid under section 80GG from `24000 per annum to `60000, to provide relief [...]
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. [...]
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 [...]