Accounting Training

Blog

Archive


2015
  • Filing your income tax returns was once a cumbersome task. With things gone online, the process has become much easier over the years. But, there’s always a possibility of making silly errors. Here’s a list of a few errors you might make inadvertently. Read on, so you won’t make the same.
  • 1. Getting numbers wrong: The most common mistake tax filers make while filling in is giving incorrect PAN and TAN. Double check these numbers without fail.
  • 2. Mistakes in bank details: The second one is bank account number(s). Tax payers often make silly mistakes while putting the IFS code of their bank branch. Refunds are no longer issued by cheque but through ECS. Therefore, it is essential to ensure submission of correct bank details, like the full digit account number. Also, ensure that the bank account mentioned on the form is an operating account. From this year, one has to mention all operational savings and current accounts held. You don’t need to mention inoperative accounts – that have been inactive for more than three years.

2015

A. ITR – 1 – (Applicable to Only Individual)

  1. Salary
  2. Only one House Property – No B/F losses
  3. Other Sources – No B/F losses

2015

Impact of GST on Indian Economy

  • According to a report by the National Council of Applied Economic Research, GST is expected to increase economic growth by between 0.9 per cent and 1.7 per cent.

Impact on Industry & Business

  • Indian manufacturing sector considered as one of the highly taxed sectors in the world. GST would eliminate complexities in the present taxation structure and remove cascading effect which ultimately results in lower production cost. Service Section will also get benefited because of seamless availability of tax credit.

2015
 

14 Facts That Will Make You Feel Proud To Be An Indian

  • India is a land of diversity.
  • We are home to more than a hundred different languages and have a history that goes back thousands of years.
  • Over the period, we have made discoveries that have changed the course of the world’s history.
  • Here’s a small reminder of why India is special.

Dr_APJ_Abdul_Kalam

2015
  • When disaster strikes, it is best to be prepared. Protection is the key when faced with danger, and life insurance policy acts as a shield that keeps the harm and loss at bay.
life-insurance
 

How to find optimum sum assured

  • Given that it is used by people to not only protect themselves but also their belongings and loved ones, how does one decide that a particular level of insurance, especially life insurance would be enough?

2015
  • In an era when houses have moved out of the affordability arena, home loan is an important expense in building the dream house for many tax payers. With prices shooting through the roof, the loan requirement too has gone up.
  • The good news is that the taxation benefit offered on home loan as expanded too. An individual can claim up to Rs. 1.5 lakh of principal repayment under the Section 80C, while the interest portion too can be claimed to the extent of Rs 2. lakh. This amount claimed between co-borrowers can prove to be a bigger tax saving for the family as a whole.

Financial Management