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Munimji

Blog

Jul17

2017

The Ministry of External Affairs just recently announced a new set of rules for applying for a passport. And we’ve summarized some of the major changes that these new rules have bought in.

DOCUMENTATION FOR PROOF OF BIRTH:

As per the earlier rules, submitting a birth certificate was compulsory for all applicants born on/after 26th January 1989. But the new rules have bought in a relaxation in this regards. Now, any of the following documents containing the DOB of the applicant will suffice:
  • Birth Certificate (BC) issued by the Registrar of births and deaths or the Municipal Corporation or any other prescribed authority whosoever has been empowered under the Registration of Birth & Deaths Act, 1969 to register the birth of a child born in India
  • Transfer/school leaving/matriculation certificate issued by the school last attended/recognized educational board
  • PAN card

Archive


Categories

Mar13

2017

  • As we are approaching towards the end of this financial year, there are certain things we should do before the year comes to an end.

1. File pending IT for financial year 2015-2016 to avoid penalty

  • Though the general due date of filing of income tax returns is 31st July of the year following the financial year, a few of us wouldn’t have been able to file the return by the due date and then must have forgotten the matter altogether. Please file your pending income tax return for the financial year 2015-2016 by 31st March 2017. In case you have taxable income and fail to file the returns for the financial year 2015-2016 by 31st March 2017, the assessing officer can levy a penalty of Rs. 5,000 for this default. However, the assessing officer cannot do so without giving you an opportunity to explain the reason for such failure.
  • If the return has not been filed by due date, you cannot revise the return later on. So be very careful while filing the return and ensure that all the particulars are correctly stated and all the income is correctly included in the return. Note that in case the tax payable in respect of any of the returns which you are planning to file now, was not paid either as advance tax or TDS, you may have to pay the interest for non payment of advance tax as well as for delay in filing of income tax return @ 1% for each of the default. So effectively if adequate tax was not paid earlier you land up paying exorbitant interest @ 2% for each month of the delay.

Feb06

2017

  • With inflation catching the headlines too often have you been worried about expenses draining your income? The Income Tax Act offers some reason to lift your spirits amidst the gloom of expenses. There are more than a handful of expenses that help you slash taxes.

House Rent

  • If your landlord has increased the rent the ‘n’ th time and zooming real estate prices have been keeping your dream house out of your reach then the rising rent has a silver lining of tax saving. You can claim the lowest of – a. The actual HRA, b. 40% of the basic pay (50% for metros) or c. rent paid less 10% of basic pay.

Jan16

2017

  • It’s has been over 60 days since government demonetised 500 and 1,000 rupees notes. It was a major decision which had its impact on all sections of the society. Demonetisation has given a new direction to the way people do monetary transactions in India. Just like a coin has a flip side, demonetisation too has its advantages and disadvantages.

Advantages of Demonetisation

  1. A major advantage of demonetisation is that it helped the government track black money. Large sums of black money was kept hidden by tax evaders. Demonetisation helped government uncover huge amount of unaccounted cash. According to estimates made by RBI, people have deposited more than rupees 3 lakh crores worth of black money in the bank accounts. This has helped the government in slowing down the plague of parallel economy.
  2. A major reason behind demonetisation was that a big part of black money was being used for funding terrorism, gambling, in inflating the price of major assets classes like real estate, gold and other social evils. Demonetisation is acting as an effective countermeasure against such activities. Now all such activities will get reduced for some time and also it will take years for people to generate that amount of black money again and hence in a way it helps in putting an end this circle of people doing illegal activities to earn black money and using that black money to do more illegal activities.

Jan02

2017

  • ESI Gross limit has been increased from Rs. 15,000 to Rs. 21,000 with effect from 1st January 2017.
  • Therefore, Employee with gross salary upto Rs. 21,000 will be under the net of ESIC.

Oct03

2016

  • You have probably heard this a hundred times, “you have got to work smart not hard to succeed”.
  • How do you define working smart though? Would working smart mean less work and not working hard to be smart? If we work hard does that have nothing to do with working smart? Do smart people not work hard? Or do hard workers not work smartly? Confusing, right! Let’s take a deeper look.
  • Traditionally, working hard is considered to be the cornerstone of achievement. You work hard at something, burn midnight oil, sweat and out run everyone else around you, to reach your goal. Maybe it’s school, or grad school, or looking for a job. Maybe it’s learning a new skill, or improving an existing one for that manner.

Financial Management