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2016

Form 6 - disclosure of Foreign Assets

  • Form 6 is a form used to declare the undisclosed foreign earnings and foreign assets of an individual while filing the tax returns.
  • This form comes under Section 59 of the Black Money Act which makes it mandatory to disclose any undisclosed foreign income and assets.
  • This form is very simple to fill. Let’s try to evaluate the contents of the form so that it becomes easy for us while filing our Tax Returns.

2016
  • Starting 15th November 2015, Hotel, Mobile Phone bills, airline tickets will get more expensive with the finance ministry of India deciding to impose a Swachh Bharat cess on all services.
  • As a consumer, you will have higher input cost for your business and as a business owner, you need to be sure how to deal with this new tax levy Swachh Bharat Cess.
  • "The proceeds from this cess will be used for financing and promoting Swachh Bharat initiatives," the ministry said in a statement.

2015
  • Salaried class of Tax Payers are the most worried class among all other classes of taxpayers.
  • The reason for worrying are countless, most notable aspect is the salary growth rate per annum. People complain that the growth rate is not proportionate to the inflation rate.
  • But for those who get better-paid jobs are concerned about the tax rates particularly those who have increments in a particular year but everything is taken back by the government by increasing the tax rates.
  • However, we have come up with some relief to those who really need it.
  • One may make use of the tips, mentioned below, to at least reduce some tax liability.

2015
  • Becoming parents is a turning point in our lives. As their guardians, it is our duty to plan for their future and invest wisely so that they receive the best possible facilities that in turn will materialize as better opportunities in a competitive world. Such a goal requires early and intricate planning, dedicated devotion to the goal and taking calculated risks sometimes to generate good returns.
  • Children’s secure future mostly depends on a strong education which becomes a foundation to find new avenues in the future and be successful. The ever increasing education cost and tuition fees have put a shadow of uncertainty on the future of your child. Here we look at some of the options of investment that can ensure their happiness and provide them with possibilities for a sound education in future.

Insure Yourself

  • Yes, insure yourself! Savings will only last for some period and may get exhausted during unavoidable circumstances, but an insurance policy of a parent is the second roof for his dependents. Such a scheme would help your child with his educational needs that would otherwise be hard to cover in the absence of insurance. Some child plans also offer a fixed amount once the child attains the age for higher education which takes care of his higher education costs.

2015

Q 1. MICR code consists of how many digits?

9 digits. (First three digits denotes city, next three digits representing the bank and the last three digits representing the bank branch).

Q 2. What is the minimum limit in RTGS system?

Rs. 2 lakhs (there is no upper limit in RTGS).

2015
  • If you have an income tax refund to claim for the assessment years 2013-14 and 2014-15, then there is a reason for you to cheer. The Central Processing Centre at Bangalore and other field formation of the Income Tax Department have been instructed to hasten the refund process for those who have a refund amount below Rs 50,000 to claim.
  • “Central Board of Direct Taxes has issued directions to its field formations to expedite the issue of pending refunds below Rs. 50,000 for assessment years 2013-14 and 2014-15 in all such cases which have not been selected for scrutiny,” states the notification issued by the Central Board of Direct Taxes on December 7, 2015.
  • A return can be selected for scrutiny during the time period extending up to the end of six months, starting the end of financial year in which the return was filed. So, if you filed your returns on July 15, 2015, then your return can be called for scrutiny up to the end of September 30, 2016, which is six months after March 31, 2016 (the financial year in which you filed returns).

Financial Management