A new section 44ADA has been introduced in Budget 2016 by our honourable finance minister Arun Jeitly. Here is the text of the section; Section 44ADA (1) - Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts … [Read more...] about Section 44ADA – Presumptive taxation for Professional
Archives for February 2016
Budget 2016 – Direct tax and indirect tax key changes
Here are some of the key highlights from the tax proposals in the union budget 2016-2017 presented by Finance Minister Arun Jaitley. Income tax slab rates for the financial year 2016-2017 remained unchanged. Excise duty on most tobacco products raised by 10-15% Jaitley proposes to lower corporate IT rate for next financial year of relatively small enterprises companies … [Read more...] about Budget 2016 – Direct tax and indirect tax key changes
How to calculate interest under section 234B and 234C
In our last article we have discussed due dates for payment of advance tax and what happens when advance tax is not paid on or before the due date. In this article, we will be discussing how to calculate interest under section 234B and 234C. If for a financial year, tax liability of an assessee is Rs 10,000 or more then tax department in India required them to pay advance … [Read more...] about How to calculate interest under section 234B and 234C
How to get PAN card for a private limited company
Permanent Account Number or PAN card is issued by the Indian tax department. Its mandatory for all private limited companies to obtain PAN after registration with the state ROC. After incorporation of your private limited company, you are required to have a income tax permanent account number in the name of the company as without this you will not be allowed to open … [Read more...] about How to get PAN card for a private limited company
Cash Account Vs Margin Account – Which one is better
Investors must open a brokerage account to start investing in stocks. While opening a brokerage account, your broker will ask you to choose between a cash account and margin account. Whether you are dealing with a full-service or a discount broker, talk to them on this while opening your account. There are important differences between a cash and margin account which investor … [Read more...] about Cash Account Vs Margin Account – Which one is better
How to change the name of a private limited company
A private limited company can change its name for a number of reasons like change in ownership, object clause, re-branding etc. Whatever is the reason for change in name of your private limited company, you need to follow below procedures to get it done. In order to change company name, e-form 1 is required to be filed first with state ROC for approval. Before … [Read more...] about How to change the name of a private limited company
Four tax benefits of health insurance and medical expenses you must know
As a first step in your financial plan, you must ensure that you have adequate health insurance for self and family members. Buying health insurance will serve the purpose of protecting financial instability and give access to quality health care. Premium paid for health insurance also enjoys certain tax benefits in income tax act 1961 that you must know to reduce your tax … [Read more...] about Four tax benefits of health insurance and medical expenses you must know
How Non Resident Indians or NRIs can apply for PAN card
Income tax permanent account number or PAN is mandatory for those persons who are required to file income tax return in India. In certain cases, you are also required to quote your PAN while carrying out any of the financial transactions that is specified by the tax department. Recommended Read: List of transactions where quoting PAN is mandatory According to SEBI, … [Read more...] about How Non Resident Indians or NRIs can apply for PAN card
List of transactions where quoting PAN is mandatory
From 1st January, 2016, quoting of the income tax Permanent Account Number or PAN would be mandatory for certain transactions where it exceed a specified limit. Persons who do not hold the income tax Permanent Account Number or PAN are required to fill a form and furnish any one of the specified documents to establish their identity. As per the new rule, quoting of … [Read more...] about List of transactions where quoting PAN is mandatory
What happens when Advance tax due date is missed
Advance tax is known as Pay-as-you-earn. To ensure a steady flow of income for the government, certain type of tax payers in India are required to pay tax in advance instead of paying at the end of the year. A taxpayer will be liable to pay advance tax in cases where his tax liability for the financial year is Rs 10,000 or more. This limit was Rs 5,000 up to assessment year … [Read more...] about What happens when Advance tax due date is missed