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2015

Payment Banks

  • Recently RBI awarded payment bank license to 11 entities including business heavy weights like Reliance Industries, Aditya Birla Nuvo, Tech Mahindra, Vodafone, Airtel. All are betting big for this new concept called payment bank.

What is Payment Banks ?

  • Payment Bank is a new type of bank which is expected to reach customers mainly through their mobile phones rather than traditional bank branches.

2015

Here is a list of important points to remember while calculating Depreciation as per Companies Act, 2013:

  1. Schedule II of the Companies Act, 2013 for calculating depreciation is applicable only on tangible assets. For calculating amortisation on intangible assets, the companies have to follow the applicable accounting standard, AS 26.
  2. Depreciation as per Companies Act, 2013 depends on the useful life of various assets as defined in the Schedule II to the Companies Act, 2013.
  3. Rates of depreciation are derived from the useful life of assets. No separate rates of depreciation are defined in the Act.
  4. 5% is the residual value of assets prescribed as per schedule II of the Companies Act, 2013. Accordingly, 95% of the original cost of the asset only has to be depreciated.
2015

Tax deductions you hardly knew

  • Although 80C deductions are the most popular ones there are some less known deductions that may also provide some major tax savings.
  • Though most deductions need to be claimed before your employer has deducted the income tax, the income tax return filing stage is your last chance to claim the missed tax benefits.
  • Check this list of deductions often forgotten by taxpayers to avoid remorse later.

2015
  • My taxes have been deducted at source, no more tax to be paid.Have you been thinking your responsibility ends there and you needn’t file returns?
  • Wake up! You need to do a fair amount of calculation based on your tax bracket and assess whether the tax deducted is sufficient to meet the liability. You will either have to pay more taxes or request refunds based on your total tax liability.
  • Find out if you have been committing other bloopers, while filing tax returns.

2015
  • Due date for filling of Income Tax Returns has been extended form 31-8-2015 to 7-9-2015 for Gujarat State, vide CBDT Notification dtd: 31-8-2015.
  • Notification is attached herewith.

2015
  • With the Income Tax Department becoming net savvy and going online, it has become very easy for them to identify discrepancies in your papers and to keep a close eye on almost every financial transaction. Therefore, while filing return, one needs to be extra careful. Any wrong details furnished might put you in trouble.
  • From past few years, almost every taxpayer is receiving notices from Department. Now, it has become important that every provision and clause of tax laws shall be strictly abided. There are few reasons due to which notices are being issued and these reasons are very common among taxpayers.

Financial Management