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.