5 Basic Things about GST Everyone Should Know

If you are a business, it is nearly certain you deposit some tax other than income tax. It could be in the form of service tax, excise duty, VAT or some version of custom duty. These taxes are called indirect taxes. Nearly all of these taxes will now be replaced with GST. But the implementation […]

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Update on Sec 80 G- Donations for charity

                       The Central Government has recently notified the Shri. Ram and Ramdas Swami Samadhi Temple & Ramdas Swami Math at Distt. Satara, Maharashtra to be a place of public worship u/s 80G (2).It means any donations made to this temple would qualify as deduction from the income u/s 80G. Sec 80G specifies the various relief […]

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NPS subscribers have to self-certify a FATCA declaration – Now online

[update – 25 May 2017] NSDL is now allowing NPS subscribers to update their FATCA self-certification online. You can do this by logging into your NPS account on https://cra-nsdl.com/CRA/ and clicking on ‘FATCA Self-certification’ under the main menu of ‘Transaction’. The FATCA submission will be authenticated via an OTP that you will receive on your registered […]

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Non Resident Seafarers to get tax exemption

CBDT has clarified tax liability for  remuneration received by a non-resident seafarer in NRE (non-resident external) account kept with an Indian bank. Salary of a non-resident seafarer for services outside India on a foreign ship will not be included in the total taxable income of the seafarer, even though such salary is credited in the […]

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7 Basics That Everyone Should Know About GST

With the passage of the GST bill in both the houses of Parliament, its implementation from 1 July 2017 is nearly certain. The rollout of GST— touted as the biggest tax reform that the country has seen post-independence—will have a huge impact on our economic environment. However, GST still has many people in a fix […]

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Linking Aadhar card mandatory for accounts opened in a certain period: IT department

According to new regulations released by the tax department, account bearers who opened their bank accounts between July 2014 and August 2015 need to submit their KYC details and Aadhar card number before April 30 to avoid repercussions. These details are required under the FATCA regulations (Foreign Tax Compliance Act) signed between India and the […]

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