Compliance

Have You Started Your Financial Planning?

We all have dreams, be it owning a car, a house, child attending a prestigious college or building a healthy retirement corpus. But we seldom pen down these goals and work towards a plan for achieving them. These can be termed as your life goals. And that is where the importance of a financial plan comes into the picture.  Financial planning is a process of determining your financial goals with the help of  available resources in a period of time. Financial planning involves wealth management , tax planning , estate planning, retirement planning ,investment planning , insurance planning and cash flow planning.   Need For Financial Plan : A financial plan Helps you to make the right investment decisions which helps you to grow your money A financial plan gives you a clear picture of how muc...

What Are The Various Schemes To Save Tax?

Paying excessive tax? Every individual wants to invest in funds that don’t extract much tax. Even though every salaried person needs to pay a fixed tax, there are exemptions on certain incomes. Are you aware of the number of schemes available through which you can pay less tax? Here are a few of them Through Mutual Funds: Income earned through mutual funds is exempted from any tax under SEBI. The best funds to invest in would be ELSS mutual funds. A good ELSS fund can build wealth for investors if held for a long term. Also, it has a potential of higher return. Also, you can get some of the investment back if you opt for the dividend option. Through Pension: National Pension Scheme is beneficial for individuals having risk volatility, looking to set aside money towards retirement. Maximum ...

Demonetisation Update: Things you need to know about depositing old notes in banks

Do you still have old notes worth over Rs 5,000 in your possession and are planning to deposit it? Then you need to hurry up ! The RBI today issued a fresh set of limits for such deposits to check laundering of unaccounted cash using bank accounts. Now, large deposits cannot be made multiple times in bank accounts. Last date to deposit old notes is Dec 30   Old notes above value of Rs.5000 can be deposited only once before Dec 30   Deposit of old notes above value of Rs.5000 will be subject to audit and taken on record. A satisfactory explanation will be required during such deposit.     Deposits made in small amounts above value of Rs.5000 via old notes will be subject to scrutiny   Only KYC compliant bank accounts will be credited with full value of deposits made abov...

Estimation of Tax Liability for LLP, Advance Tax Due Dates and Payment

Calculation of Book Profit and tax liability Limited liability Partnership is a new concept in context of India. However, the tax provisions relating to LLP are similar to registered partnership firms. The accounts of registered partnership firm/LLP are maintained like other business firms. All the expenses relating to the partnership firms are booked within the permission limit of law.

Advance tax and Self-Assessment Tax

For Individuals, there are two types of tax that you might have to pay before submission of your return as on 31st July 2017: Advance Tax If you have annual tax dues of more than Rs.10, 000, you must pay income tax in advance. Usually, for the salaried, these income tax payments are taken care of via TDS deductions by employer. Due Dates of payment of Advance Tax for FY 2016-17 For Individuals On or before 15th June – Up to 15% tax On or before 15th September – Up to 45% of tax On or before 15th December- Up to 75% of tax On or before 15th March- Up to 100% of tax How to calculate and pay advance tax: Estimate your Total Income: Add income from all sources. Include salary income, interest income, capital gains etc. Allow deductions: From your total income reduce deductions and ...

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