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Declare Net Worth if Income more than Rs 50 Lakhs

Last updated : 2nd April, 2016In the new set of ITR forms for FY 2015-2016 (AY 2016-2017), a new schedule AL is added (including in ITR 1). As per the new schedule, if your total Income is above Rs 50 lakhs, you need to fill the section showing Assets and Liabilities. You need to declare the cost of Immovable Asset – Land, Building Movable Asset – Cash, Jewellery, Bullion, Vehicles etc Liability in respect of above assets The main challenge will arise in terms of valuation as taxpayers will find it difficult to value their assets themselves i.e. for jewellery, ... Read More »

SEBI told Mutual Funds to reduce number of funds

Last updated : 2nd April, 2016 SEBI has told mutual funds to reduce the number of funds under management and stick to only one fund per category in an attempt to end the complexities of mutual fund investing.  As per industry tracker, there are 1600+ debt funds and a total of 2500+ fund schemes which is more than number of actively traded listed stocks on stock exchanges. This is confusing customers and making it impossible to gauge a fund’s suitability. Most often the difference between funds are minimal to make any significant difference. The mutual fund industry actually trying to play on the psychology ... Read More »

Govt reduced interest rates on PPF, NSC, KVP etc

Last updated : 19th March, 2016 The government has reduced the rate of interest of small saving schemes from April 1 2016. The popular Public Provident Fund (PPF) will yield 8.1% from April 1compared with 8.7% at present. The Kisan Vikas Patra will fetch 7.8% against 8.7% now while five-year National Savings Certificate (NSC) will offer an annual return of 8.1% against 8.5%.   See below the revised rates for the schemes :   Rate of Interest on Small Savings   Current rate Rates from April 1 PPF 8.7 8.1 Kisan Vikas Patra 8.7 7.8 Sukanya Samriddhi 9.2 8.6 Postal ... Read More »

Government withdraws controversial EPF tax proposal

Last updated : 18th October, 2016 Finance Minister Arun Jaitley announced in the Lok Sabha on Tuesday (8th March) that government has decided to withdraw the proposal to impose tax on withdrawal from the Employees’ Provident Fund (EPF) contributions. Finance Minister Arun Jaitley also withdrew the Budget proposal of taxing employer’s contribution to provident and superannuation fund (SAF) beyond Rs 1.5 lakh. The rollback of the controversial EPF tax proposal is a step in the right direction and will bring welcome relief to the salaried class, say tax experts With the rollback of these proposals, EPF will continue to be ... Read More »

Highlights of Indian Union Budget 2016-2017 – Summary of key proposals

Last updated : 8th March, 2016 Highlights of Indian Union Budget 2016-2017 – Announced on 29th February 2016   Income tax slabs for the financial year 2016-17 has remained unchanged   Tax exemption for house rent will be raised to Rs 60,000 from the current Rs 24,000-level. This deduction is for those, who don’t get the house rent allowance from their employer. Such person can avail this deduction according the specified rules. Under the National Pension Scheme, the government announced an exemption for withdrawal of up to 40% of the corpus at the time of retirement. WITHDRAWN –  Meanwhile, in case ... Read More »

EPFO launched mobile app, mobile based services for members

Last updated : 7th October, 2016Retirement fund body EPFO launched a mobile application and other phone-based services like accessing PF account details for its over 3.54 crore subscribers, 49.22 lakh pensioners and 6.1 lakh employers. EPFO launched three mobile based services for the Employees Provident Fund (EPF) members. Mobile Application, SMS-based UAN (Universal Account Number) Activation and Missed Call service A. Mobile Application Once the new mobile application from the EPFO website is downloaded, the members would be able to activate their UAN accounts from their mobile phones and access their accounts to view monthly credits and details available with ... Read More »

Sebi cancels Sahara’s mutual fund licence – what to do now ?

Last updated : 30th July, 2015 July 28. SEBI has cancelled Sahara’s Mutual fund licence, saying it’s not a “fit and proper person” to carry out the business of mutual fund. Sebi on Tuesday said Sahara’s fund management licence would stand cancelled after 60 days from the date of the order. It has directed Sahara AMC: not to take any new subscription from the investors including existing investors in systematic investment plans and not to levy any penalties on the investors for not depositing the installments. to transfer its activities to a new sponsor and a Sebi-approved AMC at the ... Read More »

CBDT notifies Cost Inflation Index for FY 2015-16 (AY 2016-2017)

Last updated : 30th July, 2015 CBDT notifies Cost Inflation Index for Financial Year 2015-16 (AY 2016-2017)  –  1081 For details on Cost inflation Index for other years (1981 to 2015) , please click on this link GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification No. 60/2015 New Delhi, Dated- 24th   July, 2015 S.O.  (E) –  In exercise of the powers conferred by clause(v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government ... Read More »

New simpler ITR forms for AY 2015-2016 (FY 2014-2015) and last date extended

Last updated : 15th August, 2015 The Finance Ministry on Sunday came out with new three-page simpler income tax return (ITR) forms and also extended the last date of filing to August 31. Download New ITR Forms for AY 15-16 (FY 14-15)  –  ITR 1, ITR 2, ITR2A, & IYT 4S http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx https://incometaxindiaefiling.gov.in/ ——-  (Right hand side – “Download” section) Which ITR form to use ? ITR1 (Sahaj) Only for Individual This form can be used if you have; Salary or Pension Income Income from one house property (excluding cases where loss is brought forward from previous years) Income from ... Read More »

RBI extends deadline for exchanging pre-2005 currency notes by six months to Dec 31

Last updated : 25th June, 2015 The Reserve Bank of India has again extended the date for the public to exchange their pre-2005 banknotes till December 31 this year. This means, all such notes will remain legal till that time. The central bank has urged citizens to deposit the old designed currency notes in their bank accounts or exchange them at a bank branch convenient to them. The move, introduced last December, is actually aimed at checking counterfeit notes in the system as those old soiled notes were not equipped with all modern security features. RBI stated that the notes ... Read More »

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