Taxvala

Tax Planning for FY 2020-21 (AY 2021-22) Tax planning is an activity which is carried out by a taxpayer in order to reduce the liable tax. This can be done by the optimum use of the available allowances, deductions, rebates, concessions, etc. that are available under the Tax laws. Precisely, tax planning is an art by which you are managing your income and taxes in such a way that you pay the minimum amount of tax on your total income. Objectives of tax planning Let us know about the major objectives of tax planning. Reduction in tax liability  It can be feasible for a taxpayer to save a huge amount of tax if he can properly arrange his operations that are related to taxation. Minimal litigation  There is always a clash going on between the taxpayers and the tax collectors. The taxpayers will always try to minimize the tax liability whereas the tax collectors will want o collect maximum amount of taxes. So, by proper tax planning, you are carrying on all opera...

Coronavirus impact on GST collections As India braces itself for Stage 3 of coronavirus, a major impact can be seen on the GST collections in March and April even as taxpayers demand extension of date of filing of returns from March 20, 2020, to a later date. COVID-19 has pushed people into social distancing and with a virtual lockdown taking place and the travel, hotel and tourism sectors seem the worst affected. Airlines and hospitality are witnessing a sharp fall in business. Trade, transport, communication and broadcasting were likely to generate Rs 33 lakh crore worth of services in the current financial year. These numbers will have to be revised soon eventually impacting GST collections from these segments. The GST collection target of Rs 1.25 lakh crore for March 2020, looks dubious in the current scenario, where bulk revenue from transport, tourism and hotels are expected to take a further hit. This is likely to be extended to other sectors such as fue...

How to Categorize the Shortcut Keys in Tally.ERP 9? In Tally.ERP 9, shortcuts are organized in such a way that even a newbie user can easily find out  by a glance on the screen. The major Categories being : Short cut Type Explanation F1  :  Shut Company - Short cuts with single underline With single line means ALT is the additional key used with the key displayed For example ALT + F1 is the shortcut for shutting the Company F8  :  Credit Note - Short cut with double underline With double line means CTRL is the additional key used with the key displayed in the screen For example  CTRL + F8 is the shortcut key for selecting Credit Note Voucher F2  :  Date - The shortcut with no underline With no line means only the displayed key is the shortcut key of that function For example F2 is the key for date Combination Shortcut Keys in Tally.ERP 9 These are the most useful shortcut keys in tally for menu n...

NATIONAL SAVING CERTIFICATE(NSC) The National Savings Certificate comes out on top in our rankings because of its higher returns and flexibility. National Savings Certificates are available for an investment period of 5-10 years. The best part of this scheme is that the minimum investment one can make is as little as Rs. 100, while there is no upper limit. The interest rates for NSC (VII) five-year schemes is 8.5% annually, and for the ten years NSC (IX) scheme it is 8.8%. Tax benefits are available for investors. Although the age of entry to this scheme is 18, minors can open an account along with a guardian. However, the only downside to this scheme is that premature withdrawal is not possible. SENIOR CITIZEN SAVING SCHEME (SCSS) This scheme is open to all senior citizens. It is offered by both banks and by the postal department. We rank it second because of its high returns, tax benefits, and flexibility. SCSS is one of the most preferred savings schemes for the eld...

OPC Compliance Requirements One Person Company   is a type of company introduced in the Companies Act, 2013 to enable alone Entrepreneur to start and manage a limited liability entity. OPC was established to support single person Enterprises that are small businesses with a sales turnover of of less than 200 lakhs. So, the compliance requirements for OPC are also limited when compared to a private limited company. In this article, we look at post incorporation OPC compliance requirements. Corporate Stationary After registration of a One Person Company (OPC), it is advisable to purchase the following stationary for use with OPC compliance matters. Name Board:  All companies including a OPC is required to paint or affix the name of the company and address of its registered office outside every office or place in which it carries on business. Company Rubber Stamp Company Rubber Stamp :  A round rubber stamp bearing name of the compan...

* GST bring synergy in logistics sector (20% time reduction) * 60 lakhs new taxpayers added via GST introduction  * New simplified GST returns from April 2020 * FDI elevated during period 2014-2019 to $284bn * Central government debt reduced to 48.7% of GDP in 2019 * 16 points action plan for agricultural & irrigation sector under aspirational India  * New Education Policy will be announced soon * ECB and FDI will open in education sector  * Degree level full fledged online programs to be started  * National Police University & Forensic university is proposed to be set up * INR 99,300 cr proposed for education sector * Investment clearance cell to be set up to facilitate investments and to provide advisory at State as well as Centre level * 5 new smart cities to be developed  * Move to develop each district an export hub * INR 27,300 cr for promotion of industry & commerce  * National logistics policy to be re...