Taxvala

Click to Join Whatsaap Group For FY 2019-20, ITR-1 can be filed only by an ordinarily resident individual whose total income is Rs 50 lakh or less. This ITR form can be used to report income from salary, one house property, residuary income (interest, etc.), and agricultural income up to Rs 5,000. This form cannot be filed by an individual who is a director in a company or who has invested in unlisted equity shares. This year additional columns and schedules have been introduced in the new ITR forms. In the forms, a new Schedule DI has been inserted to seek details of investment, deposits and payments made during the extended period till July 31, 2020 for claiming deduction under Chapter VI-A or for rollover of investment in FY 2019-20. Though the return in ITR Form - 1 can be filed through Excel and Java utilities, it is advisable to use the e-filing platform as it is the easiest way to file the return. Further, various basic information and tax details are pre-filled in the ITR form...

MSME (Micro, Small and Medium Enterprise), loans are mostly offered to start-ups and small business owners. The MSME loan’s repayment tenure varies from lender to lender and the interest rates offered are majorly based on the loan amount, applicant’s profile and business history. MSME loans are unsecured loans   that are offered by banks and NBFCs only if the applicant meets the certain eligibility criteria. MSME loans are defined by Indian Government and RBI, as the loans for business enterprises need support in terms of finance, infrastructure and other areas. New MSME Definition The distinction between the manufacturing and services enterprises has been removed by making the investment amount and annual turnover similar for enterprises engaged in both the sectors. MSME – Merged Criteria: Investment and Annual Turnover Sector/Enterprise Type Micro Enterprise Small Enterprise Medium Enterprise Manufacturing & Services Sector, Both Investment less tha...