Section 44ADA – Presumptive taxation for Professional

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 … Read More » "Section 44ADA – Presumptive taxation for Professional"

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 … Read More » "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 … Read More » "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 … Read More » "How to get PAN card for a private limited company"

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 … Read More » "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 … Read More » "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 … Read More » "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 … Read More » "List of transactions where quoting PAN is mandatory"