Accounting Training

Blog

Archive


2014
  • CBDT has launched a new online Tax Calculator for computing annual I-T liability which can now be emailed to personal inboxes of taxpayers before returns are filed by the end of this month.
  • The Tax Calculator is a computer based programme hosted on the web-based platform of the I-T department and is meant for the aid of the taxpayer before they file their final Income Tax Return (ITR).
  • The calculator is updated every fiscal after budget and is calibrated by the Central Board of Direct Taxes according to the new announcements made by the Finance Minister in respect of tax rates.

2014

Wage Ceiling limit will be enhanced from 6,500 to 15,000 for PF purpose

Please find circular issued by EPF Department in relation to increase of wage threshold limit.

attachmentEnhancement of Wage Ceiling – No. 9235, Dated:14.07.2014

2014
 

THE CURRENT ECONOMIC SITUATION AND THE CHALLENGES

 
    • Decisive vote for change represents the desire of the people to grow, free themselves from the curse of poverty and use the opportunity provided by the society. Country in no mood to suffer unemployment, inadequate basic amenities, lack of infrastructure and apathetic governance.
    • Challenging situation due to Sub five per cent growth and double digit inflation.
    • Continued slow-down in many emerging economies a threat to sustained global recovery.
    • Recovery seen with the growth rate of world economy projected at 3.6 per cent in 2014 vis-à-vis in 2013.
    • First budget of this NDA government to lay down a broad policy indicator of the direction in which we wish to take this country.

2014

Some of the important amendments are as under:

  1. W.E.F. 01-10-2014, E-Payment of Service Tax is being made mandatory for all the assessees, irrespective of liability of Service Tax.
  2. W.E.F. 01-10-2014, Rates of Interest for delayed payment of service tax is increased slab wise with maximum of 30% for delayed payment beyond one year.
  3. W.E.F. 11-07-2014, Service Tax @ 4.944% would be applicable on Services provided by air conditioned contract carriage (e.g. Neeta Volvo, Eagle, Patel Travels).
  4. It is proposed to tax Selling of Space for Advertisement on Internet websites, out-of-home media, on film screen in theater, hoardings, billboards, conveyances, buildings, cell phones, ATMs, Tickets, commercial publication, aerial advertising etc W.E.F. date to be notified later.
2014

Major changes in Income Tax Returns for year 2013-2014 are as under:

  1. All taxpayers filing E-Returns will have to compulsorily update correct mobile number and E- Mail ID’s. Otherwise there will be login issues before uploading of return on income tax Depts Website.
  2. Now onwards Income Tax Refund will be issued directly in the bank account of the taxpayer through ECS only, cheques are discontinued. Therefore at most care should be taken while mentioning Bank Account Number and IFSC Code in the income tax returns.

2014
  • Learning the English language is a never ending process thanks to the million words of the English lexicon. That said, nevertheless, what the world of aptitude testing requires is a certain level of vocabulary and its understanding, in terms of meaning and usages.
  • Sometimes it is a matter of not remembering the right word at the right time and sometimes it is not knowing the word altogether. In any case, having a good vocabulary increases the understanding one has of any written piece of information, be it a newspaper article or a passage for reading comprehension.
  • Building vocabulary is a not about rigorous practice and cramming of words but about regular practice and curiosity.
  • There are four easy steps to learning new words :

Financial Management