With the last budget presented by Finance Minister Shree Arun Jaitley in February, a new section 234F has been inserted in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the...
The central bank has extended the scope of Banking Ombudsman Scheme. The Reserve bank said that under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India....
Filing of Statement of Financial Transaction SFT u/s 285BA-Form-61A New Rule 114E for Annual Information Return (AIR) - CBDT Notification-95/2015. New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of...
GST council fix rate for taxes of various products. Check-out the list: -> AC train travel to get cheaper under GST -> In a potential good news for the cinemagoers, the GST will subsume present entertainment tax and service tax to replace it with a single 28% tax. The concurrent abolition of...
Consider a scenario. You have saved your memorable photographs of last 5 years in your system and suddenly they are locked. What will you do? Or if your customer's records are unable to open. Your first thought will be: I will restore a data backup. But what if you don't have...
A new mobile application for Aadhaar-based payments through Bharat Interface for Money (BHIM) app for merchants is launched by Prime Minister Narendra Modi. The new service will allow customers to make purchases using their Aadhaar number linked with their bank account.The transaction will require customer’s fingerprint for authentication. Highlights of...
Finance Minister Arun Jaitley on Wednesday announced tax sops to individuals and companies in his budget speech. Jaitley announced a reduction in the tax rate in the income tax slab of Rs 2.5 lakh to Rs 5 lakh to 5% from 10%. Lower income tax would mean more disposable income...
Continuing with government steps to clamp down on black money, Finance Minister Arun Jaitley on Wednesday proposed to ban all cash transactions above Rs 3 lakh beginning April 1, 2017. The decision to ban cash transactions beyond a threshold is based on the recommendation of the Special Investigation Team on...
Finance Minister Arun Jaitley in Budget 2017 has proposed a cut in corporate tax rate for MSMEs (Micro Small and Medium Enterprises) having revenues less than Rs 50 crore to 25 percent, adding that about 96 percent of MSMEs will benefit from this move. In last year’s budget, Finance Minister...
To attract more companies to set shop in the International Financial Services Centre (IFSC), a relaxed regulatory framework is released by the Central Government. The first IFSC is being set up in Gujarat as part of a Special Economic Zone. Among others, any financial institution at the centre would be...