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2015
  • If a serviceman earns Rs. 10.00 lacs per year, he has very limited scope to avoid tax payment. He can at best save some money in tax saving schemes and reduce tax liability by at most 20 to 30 thousand rupees. He will have to pay Income tax to the tune of rupees one to two lacs as income tax per year. They cannot avoid tax payment but they can if they like, earn bribe up to any extent to compensate they lose in tax payment.
  • But a manufacturing company earning profit of more than one crore per year can avoid tax payment completely by using various tools of tax avoidance suggested by tax officials, tax consultants and Chartered Accountants. In India one may find persons or firms in every town who guide businessmen how to avoid tax payment, who suggest various illegal ways for tax evasion and who works as broker for tax assessing officials and setting bribe sharing rates among tax officials, businessmen and broker himself for passing of IT assessment order from tax offices.
  • River of black money flaws from houses of these business icons only because they know many ways of tax avoidance and it is they who are master in creation of black money. It is they who keep politicians happy by giving them alms in many ways and it is they who in turn provide safety net to business houses from the clutches of tax officials. They altogether work in nexus with each other.

2015
    • As a thumb rule you must file an IT Return in India for AY 2015-16 if your Gross Income is more than
      • Rs 2,50,000 if you are less than 60 yrs old.
      • Rs 3,00,000 if you are 60-80 yrs old and
      • Rs 5,00,000 if you are more than 80 years old.

2015
  • While communicating with business people, the language you use must be consistently appropriate in style and tone.

The following are the basic features of formal writing.

  • Write all verbs in full. Do not use contracted forms like don’t or can’t.
  • Do not use abbreviations such as info (for information) and asap (for as soon as possible).

2015

Corporate Tax:

  • Reduce from 30% to 25% over next 4 years

Other than Corporate Tax:

2015

How to disable WhatsApp blue ticks for read messages

    • WhatsApp have introduced a new feature that lets users know that their messages have been read, with the double grey ticks appearing in front of the messages turning blue
    • And now, just as quietly, the mobile messaging service is letting users of its Android app disable the feature with the rollout of WhatsApp version 2.11.444. This version is available for users on WhatsApp’s website for now, and will eventually be rolled out to all users.
    • Here’s how you can disable the blue coloured read receipts’ with the message timestamp on whatsApp’s Android app:
      1. Make sure that your Smartphone is running on Android 2.1 or a newer version.
      2. Go to settings menu and enable Download from Unknown sources in the Security tab
      3. Go to the WhatsApp website and download the APK (application) file available under http://www.whatsapp.com/Android/
2015

Important Amendments

  • The Gujarat State Government has recently issued a Notification No GL/Vat/68 & 69/(1)/Dt. 03/12/2014
  • Govt. of Gujarat by their public circular has provided following requirements for goods going outside Gujarat State or coming in the state and passing through state to another state. Up till now Form No. 402-403 were required to obtain online for specific goods & so obtained forms were required to be produced before check post officer or person in charge or barrier. Form No. 405 (transit Pass) was required to be produced before the goods crossing last check post, but w.e.f. 15.12.2014, all taxable goods are considered as specific goods & all necessary forms were required to be received by electronic system or unique code of particular firm under this system.

This procedure relates to:-

  1. All taxable goods
  2. The procedure is applicable to goods entering in the state or going out of the state or entering in the state for movement to other state. (Form No. 402,403 & 405)
  3. The above procedure can be obtained for goods moving within state (Intra State movement)

Financial Management