Accounting Training

Blog

Archive


2015
  • CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15.
  • The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.
  • A brief summary of Changes is as follows :-

2015

NOTIFICATIONS AND CIRCULARS

  1. The revised limit for getting road permit forms has been reduced from 50 crores to 25 crores. Vide notification No GVL/VAT/Sec.68 & 69(4)

Gujarat Vat Budget Highlights

  1. Imitation Jewellery will now be charged at 1% and not 5%
  2. Oral Contraceptive Pills will now be tax free. Earlier it was charged at 5%
  3. The rate of tax of Aviation Turbine Fuel from current rate of tax of 30% ( for Duty Paid ATF) and 38% (Bonded ATF) has been reduced to 5% when sold from the cities other than Ahmedabad and Baroda for scheduled Commercial Airline Service Flights

2015

Introduction

  • The real estate sector in India is one of the largest drivers of the country’s economic growth.
  • Real estate in India contributes massively to the country’s GDP.
  • Currently, the Indian Real Estate Market has a market size of approx USD 70 billion [INR 3.8 lakh crore] and is expected to touch the market size of USD 180 billion [INR 10 lakh crore] by the year 2020.

2015

Changes applicable in service tax as per Finance Bill 2015 :-

  1. The following changes will be applicable from the date of enactment of finance bill :-
    • Rate of service tax is being increased from 12.36% to 14%, The Education Cess and Secondary and Higher Education Cess shall be subsumed in the new service tax rate.
    • All service provided by Government to business entity liable for service tax ( earlier only support services were liable for service tax ).
    • Now service tax will be applicable for fees charges by amusement park, arcades, water park and theme parks.

2015

If Not Google?

Not Just Google; Yahoo, Microsoft and others provide similar services too.
  • Google runs your life.
  • The search giant turned web ecosystem owns your email, calendar, and even your voicemails.
  • Your most important data lives on Google’s servers.
  • What you may not realize is that, despite the quality of Google’s products, someone else is doing it better—and placing all your eggs in Google’s basket isn’t necessarily the best thing.
  • Here’s a look at alternative services you can use in place of Google services.

2015

Saradha Chit Fund Scam

  • Saradha group of companies were established in the year 2006 by Master Mind Sudipta Sen and spread in the states of West Bengal, Assam, Jharkhand, Orissa, Bihar   Chhattisgarh.
  • Estimated amount collected : Rs. 20,000 to 30,000 crore

Modus Operandi

  • Business started in the name of Sarada Devi, who is wife of Shri RamKrishna Paramhans, a highly respected spiritual guru born in West Bengal. Name of Sarita Devi also known as Mother Sarada used to gain trust of the people in the fund.

Financial Management