Anchala & Muhsin, Chartered Accountants

17/08/2015

We are looking for a B.Com graduate to join our firm. Interested candidates please mail your resumes to [email protected] or inbox your details and we will get in touch with you. Thanks.

16/08/2015

5 steps to ensure financial freedom
1. Invest according to your goals and not just to save tax
One of the most popular routes is the benefit of a deduction under Section 80C. Here investment in specified instruments like Employees Provident Fund, Public Provident Fund, National Savings Certificates, Senior Citizens Savings Scheme, Equity Linked Savings Scheme, Life Insurance premium etc is eligible for a deduction upto Rs 1.5 lakh a year. This is a golden opportunity for an individual to plan their goals and then ensure that the amounts are invested that would achieve the goals and at the same time save tax. Often this angle of combining goals and tax savings investment is missed out.

2. Boost for retirement planning
There are instruments like the Public Provident Fund and the Employees Provident Fund which provide double benefits. On one hand the amount invested gives a deduction from the taxable income to the individual under Section 80C but even greater is the benefit that is received on the payout. The amount earned on these schemes as interest is tax free so this reduces a huge burden when this is earned or when this is received. This can help in ensuring that the goal of retirement planning is tackled and freedom from this tension is achieved for an individual.

3. Medical expenses taken care of
A look at the tax aspect can once again provide double benefits as the premium paid on medical insurance policies upto Rs 25,000 for individuals upto 60 years and Rs 30,000 for those above 60 years is available as a deduction under Section 80D. At the same time even preventive check up costs upto Rs 5,000 are covered.

4. Powering education
An education loan for the purpose of higher education will ensure that the financial aspect of the process is met but at the same time it will also give a tax benefit to the individual when the loan is repaid. The interest that is paid on the loan will be allowed as a deduction for 8 years. This will also remove worries about meeting the high education costs and making it affordable.

5. Wealth creation
Equity oriented investments like shares and equity oriented mutual funds have double benefits as the dividends are tax free and at the same time long term capital gains is charged at zero per cent rate which also makes the gains tax free. This can be used for the necessary asset allocation and the tax benefit will ensure that the goal of wealth creation takes place without taxes eating into the effort leading to another area that provides financial freedom.

15/07/2015

Pls be aware!

Every time you go and dine out in a restaurant, the food bill turns out to be more than expected. And then when you go through the Bill in detail to cross check the charges levied, you realise that...

15/07/2015

PLEASE NOTE

With effect from April 1, 2015, the following changes are applicable

1. Profession Tax exemption to senior citizens who have attained age of 60 years
2. Profession Tax exemption to persons drawing salary/wages less than Rs.15,000 in a month(200/- to be deducted )

20/05/2015

The new service tax rate of 14 per cent will come into effect from June 1.

In his Budget speech, Jaitley had said that to facilitate a smooth transition to levy of tax on services by both the Centre and the States, "it is proposed to increase the present rate" of service tax plus education cess from 12.36 per cent to a consolidated rate of 14 per cent.

Service tax is levied on all services, expect a small negative list.

Advertising, air travel, services of architect, certain type of constructions, credit card, even management, and tour operator are some of the important services which attract tax.

28/02/2015

Budget 2015 key tax highlights:
1. Corporate tax rate to be reduced to 25% from existing 30% for next 4 years
2. Beneficiaries of foreign assets mandatorily required to file returns irrespective of the income
3. Imprisonment of 10 yrs for non-disclosure of black money
4. Foreign asset may get seized if undisclosed
5. PAN mandatory for any transaction for Rs. 1 lakh or more
6. Mere presence of project fund manager in India shall not be construed as Permanent Establishment of offshore funds
7. Income tax on royalty fees for technical services to be reduced to 10% from 25%
8. Abolishment of wealth tax
9. Additional surcharge of 2% on high networth individuals having taxable income of more than Rs. 1 Crore
11. Service tax rate increased to 14% from existing 12.36%
12. Central Excise duty increased to 12.5% from existing 12.36%
13. Service tax and Central excise registration certificates to be issued in 2 working days
14. Health insurance premium deduction limit is increased to Rs. 25,000 from existing Rs. 15,000
15. All investment made in favour of girl child to be exempted
16. Transport allowance deductibe for tax purpose to be increased to Rs. 1600 pm from existing Rs. 800 pm