Arjuna, as per new ITR-1 from, salaried persons have to give details of all assets & liabilities in case of income exceeding Rs. 50 lacs. These details consist of information regarding Land, Building, Cash, Jewellery & Vehicle and Liabilities in relation to these assets. This is a very important change made in ITR-1. These details are also required to be provided in ITR 2, 2A and 3.
Arjuna, there is a very beautiful relation between Black color and Tax Evasion. After the new government has come into force, Respected Finance Minister has given special focus on tax evasion. This means that the person engaged in tax evasion would be colored black.
Krishna, In India there are more than 76 thousand registered Real Estate Companies. Also, there are lakhs of small builders. To regulate this Real Estate sector, Central Government has passed the Real Estate bill on the 10th of March. Let’s predict how this Real Estate bill may affect Builders and its probable effect on Tax Compliance.
Krishna, Government has announced Budget on 29th February 2016 for the Year 2016-17. On this Various persons expressed their views. As every coin has two sides, likewise Budget 2016 also came up with some good and some bad changes. Tell us which are the Fair, Lovely and Bad provisions which came out of Jaitley’s potily?
Maharashtra Sales Tax Department has proposed changes in the process and procedures of filing of returns, registration, assessment, appeal and other procedures in the circular issued on 25th February 2016 which is scheduled to be implemented from 1st May 2016. Is it true?
Krishna, Honorable Finance Minister Mr. Arun Jaitley will declare Finance Budget of 2016-17 on 29th February in the Loksabha. As it is 2nd budget in the tenure of P. M. Modi, everyone is excited for the Budget. What’s there in Magician Jaitley’s Potli (Bag) this year?
Arjuna, MVAT Act comes under the purview of the Maharashtra State Government. The dealers have been irritated due to the complicated and time consuming provisions of MVAT Laws for refund. There is also too much delay in receiving VAT Refund. Because of which Taxpayers have many a times requested the Department for quicker Grants of Refunds.
When it comes to Love, it is obvious that we carry out monetary transactions and even lending and borrowing of money is done, but we have to be careful, proper planning should be made; so that one should not suffer like Natsamrat. Natsamrat is famous Marathi movie of Nana Patekar. Wherein Father gifted all his assets to loved children’s and then suffers. In the Context of Love of Natsamrat and Love on the occasion of Valentine’s Day, explain Love and gift with Income Tax provisions.
CA Umesh Sharma Arjuna (Fictional Character): Krishna, Government of India has come up with the scheme of “Startup India” on the eve of Republic Day. On the Republic day as we see the parade and various “Presentations” on Rajpath, likewise what will be different in the presentation of “Startup India” scheme in a Tax parade? […]
Krishna, recently everyone has celebrated the festival of Raksha Bandhan along with that many Taxpayers have filed Income Tax Returns. Krishna please explain, what difficulties arise while filling Income Tax Returns, what Taxpayers should do now and what, if no return is filed.
