Exemption for salaried individuals- House Rent Allowance

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House Rent Allowance (HRA) is exempted from tax under Section 10(13A) of the Income Tax Act. It is an integral part of a salary package. House Rent Allowance (HRA) is provided by the employer to the employees. This allowance is to meet the cost of renting a house which is taken by the employees to … Continue reading Exemption for salaried individuals- House Rent Allowance

All a start-up needs to know of its Registered Office

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Many of the start-ups remain confused about what is a registered office and how it is determined. Hence, in this article we shall try to understand the concept of Registered Office and various factors revolving it. So what is a Registered Office? Registered Office of the company is the main office of the organisation where … Continue reading All a start-up needs to know of its Registered Office

Disclose undisclosed income and avoid prosecution- IDS 2016

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The Finance Minister Mr Arun Jaitley has pulled up an opportunity to curb the black money and brings them in the books by declaring the Income Declaration Scheme 2016. The Scheme intends to provide an opportunity to the persons who have not paid taxes to come forward and declare the undisclosed income and pay tax, … Continue reading Disclose undisclosed income and avoid prosecution- IDS 2016

Clarifications on TCS on cash transactions above ₹ 200000

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  In order to curb the cash economy, Finance Act 2016 had amended section 206C of the Income-tax Act. As per this amended section, the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees. Subsequent to the … Continue reading Clarifications on TCS on cash transactions above ₹ 200000

Exemption from Krishi Kalyan Cess to services prior to 01.06.2016

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In Budget 2016, FM Jaitely had increased the Service Tax @ 0.5% as Krishi Kalyan Cess. The Krishi Kalyan Cess @ 0.5 percent had been levied on all taxable services, effective from June 1, 2016. This is in addition to any cess or service tax leviable on such taxable services under Chapter V of the Finance Act, 1994, or … Continue reading Exemption from Krishi Kalyan Cess to services prior to 01.06.2016

RBI prepared for any eventuality, says Raghuram Rajan in press release

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Pound got pounded , global equity and currency markets crashed on Friday as Britain voted for leaving the European Union. The benchmark Sensex has plunged by 922.75 points at 12.43 p.m. and Nifty 290.15 points. Almost all the major stocks are trading in the red. Sentiment suffered a jolt following a meltdown in global equities … Continue reading RBI prepared for any eventuality, says Raghuram Rajan in press release

Problems of taxpayers to be resolved fast & easy- CBDT targets on grievance redressal progress

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On Jun 22nd, 2016 (PTI) CBDT has pulled up the Income Tax department for having an “unsatisfactory” record of grievance redressal despite the subject being monitored by the government on a priority basis. Officials said Central Board of Direct Taxes (CBDT) Chairman Atulesh Jindal has written a terse letter to the supervising chiefs of the IT … Continue reading Problems of taxpayers to be resolved fast & easy- CBDT targets on grievance redressal progress

Big Boost for Agro-processing, IT and Retail Sector to generate employment

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Agro-processing, IT and retail sectors are likely to receive fresh incentives from the government in the coming days on the lines of the package given to the textile and apparel sectors on June, 23th 2016. Sources said Prime Minister Narendra Modi has asked the ministries concerned to give a special thrust to these sectors, given their potential to … Continue reading Big Boost for Agro-processing, IT and Retail Sector to generate employment

Modi Government targets to dispose off 1.33 lakhs tax appeals, focus on high value ones

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The tax department has set an ambitious target to dispose of as many as 1.33 lakh appeals lying before the commissioners-IT (CIT-A), almost double the resolutions achieved last year, with a sharper focus on settling high-value disputes, reports Siddhartha P Saikia in New Delhi. Currently, about 2.6 lakh cases, including about 74,000 high-value ones, are … Continue reading Modi Government targets to dispose off 1.33 lakhs tax appeals, focus on high value ones

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