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23 Jul
Interest on Saving Account-MyBizz

Interest on Saving Bank Account and Income Tax

Interest on Saving Bank Account Is Interest in Saving bank account taxable? Interest earned on Saving Account is considered as Income from other Sources. This needs to be declared in your income tax returns. No TDS is deducted from the interest on Saving Bank Account. Before 1st Apr 2012 it was taxed based on your income […]

Direct Tax Dispute Resolution Scheme 2016

Direct Tax Dispute Resolution Scheme 2016 Union Budget 2016: Litigation has been a major area of concern in direct taxes. In order to reduce the huge backlog of cases and to enable the Government to realise its dues expeditiously, it is proposed to bring the Direct Tax Dispute Resolution Scheme, 2016 in relation to tax […]

19 Jul
Nidhi Company-MyBizz

Nidhi Company under Companies Act,2013

Section 406 of Companies Act 2013 and Companies (Nidhi Companies) Rules, 2014 governs The Law and Procedure for Nidhi Company. What is Nidhi Company?? A Nidhi company, is one that belongs to the non-banking Indian Finance sector and is recognized under section 406 of the Companies Act, 2013. Their core business is borrowing and lending money only between […]

Nidhi Rules, 2014

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,SECTION 3, SUB-SECTION (i)] Government of India Ministry of Corporate Affairs Notification New Delhi, dated  31.03.2014 G.S.R. (E).- In exercise of the powers conferred under sub-section (1) of section 406 read with sub-sections (1) and (2) of 469 of the Companies Act,2013, the Central Government […]

17 Jul
Startup India-MyBizz

Startup India-Definition, Eligibility and Exemption-2016

Benefits of Startup India Prime Minister Shri Narendra Modi on 16th January, 2016 announced a slew of Programs, Eligibility,  Incentives and Exemptions for Startups in India. The Flagship Startup India initiative announced by the Prime Minister is aimed at creating a strong and vibrant startup eco-system in India and to create a culture of Entrepreneurship. […]

17 Jul
Income Tax Updates for F/Y 2016-17

Income Tax Update for F/Y 2016-17

Income Tax Updates for F/Y 2016-17 1. A. Tax Rates and TDS       1.No change in basic exemption limit. The basic exemption limit of Income Tax is Rs.2,50,000/-. Rate of surcharge in case of individual, HUF, AOP, BOI or artificial jurisdictional person, increased from 12% to 15% if the total income exceeds Rs. […]

15 Jul
Income from House Property

Deduction available to Investment in Residential House Property

Deduction available to Residential Housing Property The Residential House Property gives not only shelter for life but also buying an house can also provides you tax benefits Under section 80C of the Income Tax Act,1961. In this article we are discussing the Qualifying Amount, conditions, Limits subject to which we are eligible for deduction U/s. 80C […]

14 Jul
PPF-MyBizz

Public Provident Fund (PPF)

Public Provident Fund India [PPF] The PPF [Public Provident Fund] is most popular income tax saving scheme after LIP in India. PPF offers an investment with assured returns combined with income tax benefits. The main features are below: Eligible Person to open PPF Account: Individual in his own name or his minor children. Non-resident Indians, […]

13 Jul
Income from House Property

Income from House Property

Calculation for computing Income from House Property   Determine what your income from house property is. The owner of a house property is taxed under the head ‘Income from House Property’ in his income tax return. Income from a property which is used for carrying on business or profession is not taxed under this head. […]

Income Tax Return

Income Tax Return Salaried Rs.500/- all-inclusive   Pay Now Income Tax Returns Capital Gain Rs. 1000/- all-inclusive   Pay Now Income Tax Return Business Rs. 2000/- all-inclusive   Pay Now File  Your Income Tax Return 31st July 2016 is the last date to file your Tax Return, So File your Income Tax Return Immediately. DOCUMENTS REQUIRED […]

10 Jul
Leave Travel Allowance (LTA)

Leave Travel Allowance (LTA)

Leave Travel Allowance How do you claim this allowance? If LTA forms a part of your salary, then this allowance can be availed on a trip within India. This does not apply for foreign travel. This concession is allowed for the employee and his family where family means spouse and children. This allowance is limited […]

10 Jul
House Rent Allowance

House Rent Allowance (HRA)

House Rent Allowance What is HRA? Salaried individuals who live in a rented house can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes. The allowance is for expenses related to rented accommodation. If you don’t live in a rented accommodation, this allowance is fully taxable. […]

10 Jul
Income tax Return from Salary Income-MyBizz

Income Tax Return from Salary Income

As you all know that you have to file income tax return of salary  income for the A.Y.2016-17 for the period of 1-4-2015 to 31-3-2016. The last date to file salary income tax return is 31st July, 2016 as per the date mentioned in the Income Tax Obligation Calendar for A.Y.2016-17.   If you are […]

05 Jul
Income Declaration Scheme 2016

Income Declaration Scheme, 2016

INCOME DECLARATION SCHEME, 2016 Introduction       1. The Income Declaration Scheme, 2016 (referred to here as ‘the Scheme’) is contained in the Finance Act, 2016,              which received the assent of the President on the 14th of May 2016. The Scheme provides an opportunity to persons who have […]

03 Jul
Private Limited Company Formation

Procedure for Registration of Private Limited Company in India

INCORPORATION/REGISTRATION OF PRIVATE LIMITED COMPANY UNDER THE COMPANIES ACT, 2013   Procedure for forming a Private Limited Company:   At Least 2 Promoters: Promoters who will promote/ incorporate the Promoters may be individual or body corporate. At Least 2 Directors: Directors should be individual only. No Body corporate/ HUF or Partnership Firm can be appointed […]

01 Jul
Insolvency and bankruptcy Code MyBizz

Insolvency and Bankruptcy Code, 2016 –Highlights

The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporates, individuals, partnerships and other entities. It paves the way for much needed reforms while focusing on creditor driven insolvency resolution.   Background According to the World Bank’s Ease of Doing Business report, it takes more […]

15 Jun
xbrl

XBRL

XBRL Applicability The following class of companies have to file the Financial Statements in XBRL Form only :- (i) All companies listed in India and their subsidiaries, including overseas subsidiaries; (ii) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above Frequently Asked […]

15 Jun
gst

An Overview to some Provisions of GST

As you may kindly be aware that Government took a landmark step on 14th June 2016 towards implementation of Goods and Services Tax (‘GST’) in India. The Empowered Group of State Finance Ministers (‘Committee’) have released Draft Model GST Law (‘Draft Law’) in public domain. The Committee was deliberating the Draft Law in its two-day […]

15 Jun
GST

Draft GST Bill and Highlights

Highlights of Model  GOODS AND SERVICE TATX (GST) Law Released by the Ministry of Finance On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the GST regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also […]

08 Jun
relatedparty

Proposed Role of Audit Committee in Related Party Transactions

EFFECT OF ROLE OF AUDIT COMMITTEE IN RELATED PARTY TRANSACTION (RPTs) UNDER COMPANIES AMENDMENT BILL 2016 1. INTRODUCTION: Audit Committees has to play significant role in determining, regulating the RPTs and designing the internal control procedure of the Company that is to be followed so that related non-compliances can be avoided and interest of the […]