• The CBDT has issued Circular No. 22/2015 dated 17.12.2015 pointing out that in CIT vs. Alom Extrusions Ltd, [2009} 185 TAXMAN 416 (SC), the Apex Court has held that the amendments made in section 43B of the Act by way of deletion of the second proviso and amendment in the first proviso are curative in nature and should be retrospectively applicable from 1.04.1988.
  • It is noted that the Supreme Court has further held that by deleting the second proviso to section 43B of the Act and amending the first proviso, the contribution to welfare funds have been brought at par with the other duty, cess, fee, etc.


  • Fresh out of college when a person sets on the path of his / her career, he is on a different plane where he suddenly enjoys complete financial freedom on one hand and an anxiety about how to make the earned money work best for his future.
  • Although initially owing to the low-income scales that he receives, there is not much income tax cutting from the hard-earned money.
  • However a small amount of planning can help in saving a huge amount of taxes in the future.


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.

  • 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.

  • 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.

  • 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.

Financial Management