Which ITR Form To Pick When You Switch From Being Employee To Entrepreneur.

If you're a private, you recognize you have got to file either kind ITR one or ITR two. If apprehend have a business. You recognize it's either ITR three, four or 4S that you just have to be compelled to make a choice from.

However what if you're within the transition? You have got simply quit your job and commenced functioning on model for your start-up. Functioning on a model for your start-up. That tax come kind is that the right one for you?
Should you simply collect your kind sixteen from your ex-employer and declare your earnings financial gain move into ITR1 or does one have to be compelled to file ITR four, although the business might not are incorporated? Your business has no workers nevertheless simply friends attempting to develop and doubling their drawing area as a short lived workplace. The start-up capital additionally known as Bengaluru is stuffed with such cases and with the tax-filing point in time simply days away. Several of those entrepreneurs square measure grappling with such tax coupled dilemmas.

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Government To Use Info Collected Under Various Pacts To Identify Suspected Tax Dodgers.

The government is set to use the information collected under various international tax agreements to identify suspected tax dodgers and urge them to come clean through the ongoing black money scheme that expires on September 30.

The income-tax department will soon write to such individuals that they have been identified on the basis of information received under the foreign account tax compliance Act (FATCA) from the US, various tax information exchange agreements.

These letters will not make people ineligible for making a declaration under the new black money window as these do not fall in the category of formal notices issues by the tax department. 

Source URL: http://bit.ly/29JOtSk

5 Things To Know when Filing Your Tax Return Online.

The Tax-return filing deadline is five weeks away and it is time you sat down with the required documents, calculated your liabilities or sent a refund receipt. If you are a salaried employee, Form 16 is the first document to get hold of and most of you should have received it already. If not start hounding your HR department immediately. Going by current rules and limits, most will be in the online tax-filing category. If your income is more than Rs 5 lakh, e-filing is mandatory. Plus, if you want to claim a refund or your interest earning from savings bank account tops Rs 10,000, e-filing is mandatory. You can file using the tax department’s site while there are a few online platforms with better interfaces.

Whichever option you use, here are five things to take care of when filing your tax returns online.

      Reading your form 16:

While on the government site you have to file the numbers yourself, some websites such as ClearTax.com lets you upload your form 16 on the platform and directly picks up the incorrect figures from the form. However, you should cross-check the figures and ensure they are correct, especially if you had switched jobs and have more than one form 16 to refer to you would have to recalculate your tax liability accordingly.

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9 Tax Investment To Save Lakhs on Your Income Tax

Income tax is something all of us would like to reduce it to the maximum. And what better than tax saving investments under Section 80C to reduce our taxes to some extent. Choose one of the following tax saving investments before 31st March.

PPF (Public Provident Fund)

It is one of the traditional yet highly preferred retirement planning investments. It is also a great long-term tax saving investment. The maximum amount that is allowed as an investment in the scheme is Rs 1.5 lakh. Interest income on PPF and the amount received on maturity are both tax free.

For more information. Audit service in India

Tax grievances: Income Tax department to ensure ‘E-nivaran’

The income tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints.

A separate and dedicated window for grievance redressal has been launched recently in the has been launched recently has been launched recently in the income tax business application (TBA), the new smart electronic platform for the regular operations of the department.

The facility is called ‘e-nivaran’ (electronic solution and acts to integrate all online and physical complaints gathered by the department at this platform which will be monitored by the Assessing officer of the case upto the supervisory officers in a paperless environment.

The new system is called unified grievance management system and is acronymed ‘e-niravan’ The system not only records the origin of the grievance on the electronic platform it works on but it also keeps tracking it till it reaches its logical conclusion for final resolution “a-senior IT official said.

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No Official Estimation of Money sent to Foreign Countries by Indian Persons

There is no estimation of the amount of money that has been sent to the foreign countries by Indian persons said by government today.

The money sent by Indian persons to foreign countries is subject matter of investigation and requires follow-up actions by the relevant law enforcement agencies such as Income tax Department, CBI etc, which is going on.

“The economists from Bank of Itlay estimated that Indian share in black money stashed in tax heavens across the world is at $152-181 billion. These economists have reportedly analysed data from IMF and the Bank of International Settlement (BIS) and applied certain assumptions to arrive at the estimation. The same economists have reportedly estimated Indian share in black black assets at $4-5 billion with the new set of assumptions”, Mr. Sinha said .

These estimations have put a red flag that these estimations have to be considered with great care and in no way can represent firm data,” Mr. Sinha said.

Ruchi Anand and Associates are Tax Consultant in India.

IT Department activates e-filing for three more ITRs

The Income Tax department today launched the e-filing of income tax returns for a few more category of filers for the assessment year 2016-2017 after it operationalized some of them early this week.

The latest enabled Income TaxReturns (ITRs) include ITR-2 for individuals and hindu Undivided families not having income from business or profession, 2A for individuals and HUFs not having Income from business or profession and capital gains and who do not hold assets and ITR-3 which is meant for individuals or HUFs being partners in firms and not carrying out business or profession under any proprietorship.

What is the process to e-verify your income tax return.

After filing income tax returns, you are supposed to get it verified. Earlier it was mandatory to send the physical copies to income tax department, now you can e-verify it in minutes. Your income tax return filling process is not incomplete until you have successfully verified your income tax return earlier returns could be verified via posting the ITR-V or use of digital signatures. Auditing firms in India 

Tax planning: Time to rush

If your employer’s deadline has passed, you can still claim deductions while filing Income Tax returns you can also consult to chartered accountant in new Delhi.  

With March 31 approaching fast, most employees should ideally have given all their tax planning proof to their respective companies.

If you have still not done so, it’s time to rush.

There are some key documents you need to submit as soon as possible.

If your employer is still accepting documents you will be able to claim reimbursements such as leave travel allowance, medical and telephone.

 

Read more at: http://www.rediff.com/business/report/perfin-tax-planning-time-to-rush/20160321.htm

Top Questions for Registration Company in India

Top questions for Registration company in India.

To start a new business has never been and hassle free. Right from getting it registered to getting it on-board there are of things that requires your attention. It is a known fact that lengthy registration forms turns business owners off- and there is when Company registration services in India steps in.

Ques 1. Which types of Documents are required for the company formation in Delhi?

Ques 2. How many people are required to incorporate a Private Limited Company?

Ques 3. What is Authorized capital Fee?

Ques 4. How long it will take to incorporate a Company?

Ques 5. How long is the registration of the company valid?

Incorporation describes the process of creating a new business structure where that  business becomes a recognized entity or person under the law. Once created, this new legal entity can be treated separately from its founders or shareholders, potentially reducing liability for its shareholders and gaining other benefits that could help the business grow and thrive long term. 

RBI appealed Income Tax assesses to pay Income Tax in advance

Reserve Bank asked people to pay dues in advance by using banks and other alternate channels to avoid rush during end of March.

"Pay I-T dues in advance at RBI or at authorised bank branches. Appeal to income tax assesses to remit their income tax dues sufficiently in advance of the due date ", RBI said in a release. 

It becomes difficult for RBI to cope with the pressure of issuing receipts at the end of March. There are so many applicants towards the end of March. RBI needs to implement more counters for this purpose.

Assesses can use other options like online payment facility and can select branches of agency banks.

A total of 29 agency banks has been authorised to accept payments of Income-Tax dues. 
 

Banks include SBI, HDFC Bank, ICICI Bank, Axis, Bank, Punjab National Bank, Bank of Baroda, Bank of India, Indian Overseas Bank. 

 Other banks are Corporation Bank, Dena Bank, Canara Bank, Central Bank of India, Syndicate Bank and others. 

Ruchi Anand and Associates are top tax consultants in India. RAAAS offers services including company formation and registration, outsourcing, auditing, Reporting and Taxation.

Taxman gets more teeth to track non-fillers of Income Tax

Aimed at further arming the taxman to go after those who do not file their income tax returns (ITRs), a new database of multiple addresses of such erring assesses has been set up by the department.

For more info visit http://goo.gl/z8C8hu

A new technology enhancement by the systems wing of the department has been added to the ‘Non-Filers Management System’ electronic database, the address used by a person or his associate in the ITR or Annual Information Return filed by him.

Source: Hindustan Times, New Delhi, 15th Feb. 2016

Guidance Note on Accounting for Depreciation for Companies

The council of the institute of Chartered Accountants of India has issued accounting standard (AS) 6 on ‘Depreciation Accounting’. This standard lays down general principles of accounting for depreciation applicable to all entities. As such, the Standard is applicable to companies also in matters where there are no specific requirements under the companies Act. AS 6 also provides that the statue governing an enterprise may provide the basis for computation of depreciation. In such a situation, the requirements of the statue have to be complied with. Thus, in case of companies, section 205 and 350 of the Companies Act, 1956, which govern provisions regarding charge of depreciation for the purpose of payment of dividends and computation of managerial remuneration, respectively, provide the basis for computation of depreciation, the Companies (Amendment) Act, 1988 has amended section 350, as a consequence to which rates of depreciation prescribed in Income-tax. Risk advisory services in India.

Income Tax Department Lists Norms for Faster Tax Refunds.

The CBDT has issued guidelines for expeditious tax refund of up to Rs.5000 in cases where the department wants to adjust the refund with a pending demand, which has been contested by the assesse. The CBDT, further said where the tax demand has not been contested by the assesse, the CPC would issue a reminder to the tax payer asking to either agree or disagree with the demand and submit response on the e-filling portal within 30 days. Tax consultant in India

Tax returns deadline not extended

Authorities have cautioned taxpayers about a fraudulent order extending the date for filling audit report and return of income for 2015-16. The income tax department has clarified that circulation of a fake order dated September 26 for extension of due date for filling of audit report and return of income for assessment year 2015-16 is fraudulent, a government statement said.

The government has not extended the due date for filling of returns and audit report due by September 30.2015 tax payers and practitioners are advised not to give any credence to the fraudulent order. The fake order extends the due date for filling of audit report under section 119 of the Income-tax Act to October 15, 2015.

 It is clarified the order is fraudulent. The government has not extended the due date for filling of returns and audit report due by 30^th September 2015. Tax payer and practitioners are advised not to give any credence to the fraudulent order chartered accountant in Delhi.

Read more at: http://timesofindia.indiatimes.com/business/india-business/Tax-returns-deadline-not-extended/articleshow/49146440.cms

Duties and Responsibilities of a Tax Consultant:

Tax consultants, referred to as tax advisers and are trained in tax law. They understand the regulations regarding business and individual taxes and advise clients on how to comply with both federal and state tax legislation.

Tax consultants provide their clients with financial and tax-related advice. They meet with client over the phone and-in person to discuss their clients’ tax situations. They educate their clients on tax options, including how to legally lower tax liability or how to compare taxes bases on their investments, Tax consultants might prepare and complete client tax returns and assist clients in finding the right deductions, credits and adjustment based on their financial situation. Tax consultants must be well-spoken and have excellent communication skills they deal with clients and other professionals on a daily basis. Ruchi Anand & Associates is a company of Tax advisor Ritu Anand & working as a tax consultant in India, tax consultant firms in India, Internal audit services in India, Risk advisory services in India. You can also join Ruchi Anand & Associates for consultancy and taxation related for your Company.

Service Tax Guide for Indian

Service Tax is a Tax which is paid by the provider of service. Any person whose revenue from providing of any type service (Whether Consultancy Risk advisory, Audit service in India and other service etc. During the year is more than Rs.10 lakh is liable to pay service tax as per the Tax rates prescribed by the Govt.

The current service tax rate is 12.36% (will be 14% from coming year), and the govt keeps the changing this rate in the budget announced every year. Service tax liable to be paid to any service rendered by any person in India. Ruchi Anand & Associates is the prominent chartered accountant in India. They handled tax and accounting services related matters very carefully.