Income Tax Consultant

Income tax planning for Salaried Employee

TDS limits and Rates - Budget 2016

Budget Direct tax synopsis :
1. Corporate tax reduced to 29% for small business having turnover less than 5 crores
2. Reduction in corporate tax - New manufacturing companies after March 1, 2016 have to pay tax at 25%
3. Presumptive taxation scheme introduced for all professionals with receipts up to Rs. 50 lakhs.
4. FM increases the turnover limit of presumptive taxation Scheme to 2 crores
5. Deduction under Section 80GG for individuals paying rent but not receiving HRA proposed to be increased from Rs. 24,000 to Rs. 60,000.
6. Relief under Section 87A proposed to be increased from Rs. 2,000 to Rs. 5,000
7. Registration of Companies should be given in one day - Companies Act proposed to be amended
8. RBI Act to be amended for providing framework for Monetary Policy Code: FM
9. SEBI Act proposed to be amended to provide more numbers of Securities Appellate Tribunal
10. Amendments in SAFRAESI Act to tackle problem of stressed assets in ARCs
11. FM proposes various amendments to SARFAESI Act
12. Deduction under Section 80JJAA proposed to be extended to all assessee who are subject to tax audit
13. A comprehensive code to provide bankruptcy resolution mechanism will be presented: FM proposes
14. Rs. 1,700 crores allocated for Skill India Mission under Pradhan Mantri Kaushal Vikas Yojna
15. 100% FDI to be allowed in marketing of food products manufactured and produced in India
16. Stand up India scheme to promote SC & ST entrepreneur: FM
17. National SC/ST hub will be created to provide professional support to SC/ST entrepreneurs
18. Certain Dialysis equipment are proposed to be exempted from Basic Custom Duty, Excise Duty and CVD
19. Govt. will launch new health protection scheme to provide health cover of Rs. 1 Lakh
20. Health Insurance of Rs. 1,00,000 with top up of Rs. 30,000 proposed for senior citizen
21. Rs. 38000 crore proposed to be spent on MANREGA in FY 16-17
22. Provision of Rs. 15,000 crores is proposed to reduce burden of farmers loan: FM
23. We need tax reforms to reduce tax compliances: FM
24. Govt. to focus on passing of GST and Bankruptcy laws: FM Arun Jaitley
25. FM: Nominal premium and highest ever compensation in case of crop loss under PM 'Fasal Bima Yojana'
26. Farm, rural sector, infra, social sector to have more Government expenditure, says FM
27. Govt. will start initiative to provide free gas connection to BPL families: FM
28. FM Arun Jaitley: We have bridged the trust deficit created by the previous government
29. Forex reserves at highest level and fiscal deficit has declined: Arun Jaitley
30. Growth of GDP accelerated, CPI inflation come down: FM

Accounting, tax compliances, audit and other financial services in one roof for startups, small and mid cap companies.

Service tax mini Referencer by Manish Gadia

Hope the below info will be helpful to people who are planning to buy/sell property.

Tax implications one should know at the time of purchase/sale of property -
1) Service tax @ 4.35% of the value of the property is to be paid by the buyer in case of a new property. The rate varies depending on the construction area of the property and is not payable in case of a property bought on resale
2) VAT @ 1.25% of the value of the property in Telangana is paid by the buyer in case of a new property. The tax rate varies from state to state and is not payable in case of a property bought on resale.
3) Stamp duty/registration fee of around 6% in Telangana. The tax rate varies from state to state.
4) TDS on property @1% should be deducted by the buyer if the transaction value is more than 50 Lakhs
5) The seller has to be aware of the capital gains tax if any arises from the sale of the property
6) Impact of Section 50C and section 56 of the Income Tax act i.e The sale price/purchase price of the property should not be less than the circle rate/ Sub registrar office value otherwise the difference in value will be treated as income in the hands of the buyer and seller.

Thanks
Vikash Modi

TDS Snapshot for FY 2015-16

Time Limits under various sections of IT act

Assessment Year 2015-16 Tax rates and deductions at a glance

Due date to file Income tax returns - Individuals and businesses, not required to get their books of accounts audited and income exceeds Rs 2,00,000 are required to file their Tax Returns before 31st July 2014 for financial year 2013-14. Pls note the consequences of delay in filing of income tax return, listed as below
1)Interest will be charged @ 1% per month for delay in every month or part of the month.
2) Losses cannot be carried forward under the head Business or Profession or under the head Capital Gains.
3) Return cannot be revised even you discover any error on belated return filed.
4) Interest on the refund u/s 244A will not be given by the income tax department, in case one is eligible for tax refund and filed belated return
Pls also note that, income tax return filed on time is also useful at the time of application for Loans, Visa etc

Hope the above info will be helpful to all the concerned

Cheers

Income tax return filing and refund in case of NRI’s :
To all my NRI friends…If you have income above Rs 2 Lacs in India, it is mandatory to file IT returns. Further, if you do not have income to the tune of Rs 2 Lacs but any TDS has been deducted, you can file IT return and claim refund of the tax deducted.
IT return can be filed online from any place in the world or we can also assist you in filing IT returns and claim refund. All we need would be only your PAN, Bank and Address details . All other details including Income and TDS, we will extract it online.

Cheers