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Sep19

2016

“You can still file tax returns”

“Delayed returns can be filed up to two years”

“Returns without paying penalty accepted up to March 31”

  • Have such news items been leading you to believe that the tax filing deadline of July 31 is not written in stone. Well, there is reason enough for you to adhere to the time line for filing returns notified by the Income Tax Department.
  • Though one is permitted to file delayed returns for reasons beyond ones’ control. However, the deadlines for delayed returns have been shrunk as per the Union Budget 2016, as passed by the Parliament recently.

Sep12

2016

  • Budgeting, a habit that is rated very low since many do not follow it, is actually the best way to manage personal finances. We all are used to receiving the monthly pay on a fixed date and then spend it generously over the next 20 days of the month. The dwindling situation of the pocket comes to notice only in the last few days of the month and then we are left with no choice but patiently await the next pay day.
  • Here is how you can avoid being broke during the last days of the month by following some simple budgeting practices:

Sep05

2016

  • We think that poor worry about money and rich don’t. But trust me, when it comes to taxes, we all worry about money. A study done by Business News Daily showed that financial fears take the top seat among reasons to worry. Tax season is on and people have either filed their tax return or planning to do the same. Dealing with tax creates a lot of stress in our mind but once we are done with it, we look for some payback and our weapon in this endeavor is Income Tax Return. Filing tax return may result in healthy tax refund. Tax refunds are excellent stressbusters. Everyone wants to get a juicy refund after filing taxes because who doesn’t want to be rolling in money.
  • However, not everyone is lucky enough to get a cheque from the tax department. If you are expecting a tax refund, you certainly don’t want to be at the bottom of the waiting list. You must be careful while filing return if you want deep pockets. If you paid more than your share to the taxman, then you deserve a refund. All you need to do is avoid some pitfalls to get your tax refund on time:

Aug29

2016

  1. Imagination often turns into reality. Imagine a certain situation over and again, with love and joy, and sooner or later you will attract it into your life, provided you don’t let contradictory thoughts enter your mind. Start with simple situations first, to gain faith and experience with this process.
  2. What you do every day will turn into a habit. Choose habits that will lead you to success and repeat them every day. In time, they will become automatic, not requiring thought, attention or effort. There are many new habits you can adopt, such as positive thinking, being on time, being more considerate, getting a stronger willpower or staying calm in difficult situations.
  3. Letting moods control your life is like sitting in a boat and letting the waves and currents take you wherever they please. Developing inner strength and self-discipline is like attaching a powerful engine to your boat. With this powerful engine, you will be able to navigate the boat of your mind wherever you want.

Aug22

2016

  • TDS rules vary depending on whether you are purchasing house from a resident Indian or an Non-Resident. In our previous blog we talked about the TDS rules linked with purchase of house property from a resident seller. Now, let us understand the TDS rules associated with purchase of house property from an NRI. Tax rules are little more complicated in this case.
  • TDS rules in this case are governed by section 195 of the Income Tax Act 1961. Under this section TDS needs to be deducted irrespective of the value of the property and minimum threshold limit of Rs. 50 lakh does not apply. Let us have a look at some other important points.

Key points in case of purchasing property from non-resident Indian:

  1. As was the case in our earlier post, here also you need to deduct TDS and deposit it with the government within 7 days from the end of the month in which TDS is deducted.
  2. Before making any payment to a non-resident, you need to obtain a certificate in Form 15CB from a Chartered Accountant. Further you also need to file an online declaration in the Form 15CA (undertaking by remitter/you) on the income tax website through your PAN login.

Aug15

2016

  • A most welcome clarification has been issued by CBDT on TCS on Cash Sale exceeding Rs. 2 lakhs.
  • CBDT vide Circular No. 23/2016 dt. 24 June 2016 has clarified on FAQs of stakeholders reg. scope of the provisions and the procedure to be followed in case of the amended provisions of Section 206C of the Income Tax Act, as under:

CBDT Circular No. 23/2016 dt. 24 June 2016

  • In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees. Subsequent to the amendment, a number of representations were received from various stakeholders with regard to the scope of the provisions and the procedure to be followed in case of the amended provisions of Section 206C of the Act.

Financial Management