From October 1, 2020, foreign remittance under LRS (Liberalized Remittance Scheme) or payment for any foreign tour package will attract TCS (Tax Collected on Source) @ 5%. When income tax department found that out of 5,026 selected cases of foreign remittance, 1,807 did not file returns, they decided to plug the gap […]
Taking benefit of low Bank FD interest and low/negative return on equity mutual funds, many MF agents are marketing medium/long duration funds for low risk investments. However, they may not be a good investment for you on Risk Adjusted Basis. 1. Never Invest In Debt Funds Based On Past Returns a. High […]
Udyam Registration (Effective from July, 2020): DEFINITION, ELIGIBILITY AND ISSUES CONTENT A. Definition of MSME B. Activities (NIC codes) not covered under MSMED Act, 2006 for registration C. How to Calculate Investment and Turnover? D. Answers to queries relating to eligibility You may watch Video explaining new MSME definition, eligiblity and […]
Dear All, Knowledge Sharing Initiative: e-Library of details of useful video with link The Covid-19 has created a huge impact on the economy, system, and the way people used to live. There are few positives also in this pandemic. There is a complete change in which the seminars were conducted. Access […]
Quick Summary of Compliance Relaxation Measures announced by Finance Minister Union Finance Minister Nirmala Sitharaman today announced various statutory and regulatory compliance relief measures amid a complete shutdown almost all over the country to control the spread of the coronavirus. FM has extended compliance deadlines and provided various relief measures in Income […]
US TAX RETURNS – CA Vishal Jagetiya, CA Shivam Thakkar 1. Introduction The U.S. tax system is set up under both a federal and state level. There are several types of taxes such as income, sales, capital gains, etc. Federal and state taxes are completely separate and each one has is […]
Union Budget (No 2) 2019 takes us a step closer to achieving short term goal of becoming a $5 trillion economy by 2024. The biggest theme of the budget was Connectivity. In addition, it also addressed liquidity issues, relaxed investment criteria and introduced key initiatives in R&D and education to pave way for […]
The Income Tax Department has been sending emails to all the tax payers with subject as “e-Filing Vault Options” and additionally to NRIs with subject as “Kind Attention of Non-Resident Taxpayer”. These emails have unnecessarily created confusion among tax payers, especially NRIs. This blog explains the emails, what it means, reasons, […]
Budget 2017 has proposed many important changes related to investments. Efficient Planning of your equity, debt as well as real estate investment could materially affect the investment returns. I have analyzed the effect of major changes proposed in the budget related to investments and is summarized as follows: A. Income Tax […]
“From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. These notes are just papers from tomorrow,” said Prime Minister Mr. Narendra Modi. The announcement was made to combat black money, corruption, counterfeit currency notes and terrorism financing, etc. All electronic transactions, cheques, debit cards, […]