Agile Corp Services

28/12/2022

https://www.youtube.com/watch?v=4BExnl1LXxc

A must go place in this winter....Happy winters🥰

In this video, we're going to take a look at cafe deflora, a new cafe in New Delhi that's definitely worth checking out.Café Deflora is a new cafe in New Del...

22/05/2017

03/09/2016

https://www.facebook.com/contactnexa/

Nexa provide complete accountancy and taxation services specialising in online accounting, small businesses, contractors and sole-traders.

07/01/2016

To curb the menace of black money, the Income Tax department has notified new rules under which high-value transactions by individuals beyond a certain threshold will have to be reported by banks, property registrar and other agencies. Under the new norms, cash receipts/withdrawal, purchase of shares, mutual funds, immovable property and term deposits, and sale of foreign currency beyond a certain limit will have to be reported by the financial institutions to the tax authorities in a new format. The new reporting norms will be effective from April 1, 2016.
Here is a 10-point cheat-sheet
1) According to the new norms, the property registrar will have to report to income tax authorities any sale or purchase of any immovable property of value exceeding Rs 30 lakh.
2) Banks will have to report cash deposits of Rs 10 lakh or more in a financial year. The same limit will apply for term deposits (excluding renewal deposits) with a bank. In case of current account, the limit is Rs 50 lakh for a financial year.
3) If a person makes a credit card payment of Rs 1 lakh or more in cash or Rs 10 lakh or more in any other mode in a financial year, the credit card issuer has to report it to the tax authorities. The notification has also laid down the reporting norms for cash payment of Rs 10 lakh or more in a financial year for purchase of bank drafts or pre-paid instruments issued by the Reserve Bank of India.
4) Experts say that through these new reporting norms the tax department will be able to verify the tax return filed by the individuals with details it has got from these agencies where PAN is quoted.
5) The notification says "receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft of an amount aggregating to Rs 10 lakh or more during a financial year" will have to be reported to the tax authorities.
6) Under the new norms, the financial institutions have to report the details of high value transactions to the tax authorities online in a prescribed format. The tax department has introduced a new form - Form 61A - in this regard.
7) The Form 61A will have to be furnished to the Joint Director of Income Tax (Intelligence and Criminal Investigation) online using digital signature, on or before May 31 immediately following the financial year in which the transaction is recorded.
8) The financial institutions have to keep the records of these high value transactions for six years.
9) A company or institution issuing bonds or debentures or shares will have to comply with the new norm if the aggregate receipt from a person in year amounts to Rs 10 lakh or more in a year. For mutual fund houses, the limit is also Rs 10 lakh and above.

14/08/2014

Accounting ! Payroll ! Taxation ! Consulting Agile Corp Services

14/08/2014

Accounting ! Payroll ! Taxation ! Consulting

16/06/2014

Deductions From Salary: Check All Salary Deductions for A.Y.2014-15
In Income Tax salary persons always ask from us that tell all the deductions which we can claim from salary for A.Y.2014-15 or any previous year. So we are giving the list of all the deductions which you can claim while calculating taxable salary income or net total income after adding other sources incomes. The deductions are given along with the income tax sections. So you can get all the complete details by going to that particular section in case of any doubt.


Entertainment Allowance: The first deduction which you claim from salary is Entertainment Allowance. Entertainment allowance received is first included in the employee’s income and then a deduction is allowed in case of government employees, for a sum equal to 1/5th of salary (excluding all allowances, benefits and other perquisites) or Rs. 5,000, whichever is less.

Professional Tax: Tax on employment by whatever name called, levied by a State under Article 80C 276 of the Constitution shall be allowed as a deduction. [Sec. 16(iii)]

Deductions Permissible under Chapter VI-A: Certain deductions are available from the gross taxable income, under sections 80C to 80U. Important deductions are:

Deposit/Contribution to Life Insurance Premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, bank deposits under notified scheme, 5 years POTD, Senior Citizen Saving Scheme, etc. [Sec. 80C]

Contribution to LIC Pension Plan (Jeevan Suraksha) or Pension Fund of other insurance companies. [Sec. 80CCC]

Contribution to notified Pension Scheme by employees of Central Government or any other employer or by any other individual. [Sec. 80CCD]

Investment in listed equity shares (w.e.f 1-4-2014) A.Y.2014-15 [or listed units of equity-oriented mutual funds] under Rajiv Gandhi Equity savings Scheme. [Sec. 80CCG]

Payment of Medical Insurance Premia (Mediclaim) or contribution to Central Government Health Scheme. [Sec. 80D]: Deductible upto a maximum of Rs. 15,000 (Rs. 20,000 in case the person insured is a senior citizen). Besides, an additional deduction upto Rs. 15,000 (Rs. 20,000 in case the person insured is a senior citizen) [The age limit for a senior citizen from A.Y.2013-14 is 60 years or more] shall be allowable in respect of medical insurance premium for parent(s).

W.e.f. A.Y. 2013-14, deduction can also be availed for any payment for preventive health check-up of the assesses, his family and parents, subject to a limit of Rs. 5,000 within the aforesaid ceilings.

Expenditure on medical Treatment etc. and deposit for maintenance of handicapped dependents. [Sec. 80DD]: A deduction is allowed to compensate for any expenditure incurred by an assesses, during a year, for the medical treatment (including nursing), training and rehabilitation of one or more handicapped relatives wholly dependent on him, and for amount deposited in an approved scheme of LIC or UTI, for the benefit of a handicapped dependent. A fixed deduction of Rs. 50,000 is allowable, in aggregate for any or both the purpose specified above, irrespective of the actual amount of expenditure incurred.

Expenditure or Medical Treatment of assess/dependant relative [Sec. 80DDB]: Deduction for the amount of expenditure incurred or Rs. 40,000, whichever is less, is allowable for any year during which expenditure is actually incurred for the medical treatment of specified diseases or ailments for the assesses himself or a dependent relative. If the patient is a senior citizen the deduction allowable shall be the expenditure incurred or Rs. 60,000 whichever is less. Besides, any amount received under a medical insurance policy shall be reduced from the amount of deduction allowable.

Interest on Loan taken for Higher Education. [Sec. 80E]: Any amount paid by way of interest on a loan taken from any financial institution or any approved charitable institution for the purpose of pursing his higher education, is deduction without any limit.

Interest on Loan taken for first residential house. [Sec. 80EE]: Deduction is allowable for interest on housing loan from a bank/housing finance company, for allowable is Rs. 1, 00,000, subject to specified conditions. The deduction is allowable for A.Y. 2014-15 and A.Y. 2015-16 only.]

Donation for Charitable Purposes [Sec. 80G]: There are a number of donations in respect of which deduction is permissible under Sec. 80G. Deduction @ 50% is available for donation to Jawaharlal Nehru Memorial Fund, Prime Minister Drought Relief Fund, [National Children’s Fund] Indira Gandhi Memorial Trust or Rajiv Gandhi Foundation etc. 100% deduction is allowed for donations to National Defense Fund, Prime Minister’s National Relief Fund, [National Children’s Fund,]National Foundation for Communal Harmony, Chief Minister’s/Lt. Governor’s Relief Fund etc. Deduction is granted subject to the prescribed maximum ceiling and on furnishing of appropriate certificate from the done organization.

Donation of a sum exceeding Rs. 10,000 shall be eligible for deduction, only if it paid by a mode other than cash.

Expenditure on Rent. [Sec. 80GG]: Rent paid by an assesses not owning a house and not in receipt of house rent allowance u/s 10(13A) for residential accommodation whether furnished or unfurnished, is deductible subject to the prescribed ceilings. [w.e.f 1-4-2014, for A.Y. 2014-15]

Donations to specified institutions/associations for Research or for Rural Development [Sec. 80GGA]: Donation of a sum exceeding Rs. 10,000 shall be eligible for deduction, only if it paid by a mode other than cash.

Physical Disability [Sec. 80U]: Rs. 50,000 for disability and Rs. 1, 00,000 for severe disability.

Check all the salary deductions while calculating salary taxable incomes. List of all salary deductions from salary for A.Y. 2014-15.

12/06/2014

New companies act allows participation of Directors in Board Meeting through video conferencing and through other audio visual means by complying the prescribed procedures;

At-least 7 days notice to be given for Board meeting;

Notice of Board meeting may be given by electronic mode;

First meeting of the Board of Directors within 30 days of the date of incorporation;

Not more than 120 days shall be intervene between 2 consecutive board Meetings;

Participation through video conferencing shall be counted for quorum;

The Rules provided certain matters which cannot be dealt with in a meeting through video conferencing or other audio visual means (Approval of annual financial statements, Approval of Board’s report, Approval of prospectus, Audit Committee Meetings for consideration of accounts, and approval for merger, amalgamation, demerger, acquisition and takeover)

12/06/2014

12 interesting Changes in ITR FY 13-14

There are 12 interesting updates in the ITR of FY 13- 14 which are:

1. There are no refund by Cheque and only e-refund will be allowed

Controversy: Till now there are two option such as e-refund as well as cheque. But where the refund exceeds the limit fixed by the CBDT(internally I think it was 25000 for FY1213) even though we opted for e-refund the CPC will send only through Physical Cheque/DD


2. Claim of TDS/TCS credit of earlier years - Hence if we don't have sufficient income we can carried forward the credit benefit

Controversy: When the CPC processing the ITR it will not take credit when it is not available in such related AY of 26AS. Then is it going to be cause for intimation?

3. CIN/LLPIN in ITR has to be filled by Company/LLP

4. Buy back of shares must be reported in the ITR by CHC

5. PAN of Debtors has to be provided if the assessee is claimed Bad debts

6. In Capital gain Computation

- Details U/s. 50 C is required to be reported

- Sale of securities by FII's

7. Gains U/s. 43CA under PGBP

8. Special income tax Return has to be shown seperately

9. Payment details to Non-residents required to be reported in ITR

10. Changes in ITR5/7

- ITR 5 includes Private discretionary trust
- In ITR 7 follwoing details has to be reported:
a. Registration No. & Registration Authority

b. Accumulation of Income details

c. Voluntary contribution like whether from foreign or anonymous

Controversy: If it is mandatory then what can be the situation for unregistered trust?

11. Additional details U/s. 36/37

Controversy: One of the details is when there is expenditure which is not wholly related to business has to be reported separately. How an assessee will Identify and report this practically?

12. Transactions with Cyprus has to be reported if any

02/06/2014

In India it is mandatory for you to file returns in the following scenarios:

If you are an individual (other than a company or a firm) than you will have to file your return if your Gross Total Income before any deductions is more than the exemption limit. Deductions in this case will be the usual 80C to 80U deductions.

The Minimum Exempt Income limit is as follows:

In case of every individual, whether male or female the limit is Rs. 2, 00,000.
In case of an individual who is 60 years or more at any time during the Financial Year i.e. a Senior Citizen than the minimum Exempt Limit is Rs. 2,50,000
In case of an individual, who is 80 years or more at any time during the Financial Year i.e. a Super Senior Citizen than the minimum Exempt Limit is Rs. 5,00,000
o If as an individual, additional TDS has been deducted from your Income then you have to file your returns in order to claim a Refund.

16/10/2013

Visit Connect’s profile and know about the jobs available with Connect GBS Pvt Limited.Learn more about the Skills and Roles Connect is hiring for.