Impact of GST rates on your Household Budget; Who won, who lost?

Yes yes, GST rates are here! India has cleared the way for the biggest tax reform since independence in 1947.

The main beneficiaries of the new goods and services tax, due to be rolled out on July 1, include steelmakers and some consumer goods.

  • The food items which currently attracted an average of 12.5% tax under VAT laws will now be taxed at 5% under the new regime.
  • Entertainment activities, household and personal care products will become cheaper under the upcoming regime.
  • 18% tax slab for telecom, financial services.
  • Service tax on non-AC hotels will be 12%, on AC hotels that serve liquor will be 18%. Higher tax rate for luxury hotels.
  • Hotels and lodges with tariff below Rs 1,000 will be exempt. Those with Rs 2,500-5,000 will be 18%. Luxury hotels will face tax of 28%.

Continue reading “Impact of GST rates on your Household Budget; Who won, who lost?”

Now, Company Incorporation Is Just A One Day Process

Half a day is all you need to get into business. As per the Ministry of Corporate Affairs,  which is leaving no stone unturned to improve the ease of doing business, it will now become possible to reduce the time to reserve the name of company to half a day, and company incorporation in one third of a day.

As per the Ministry’s website, simplified procedures and a reduction in time and fees, through the successful implementation of e-governance initiatives such as the MCA21 portal and SPICe (Simplified Proforma for Incorporating Company Electronically) forms, will make this feasible.

Continue reading “Now, Company Incorporation Is Just A One Day Process”

Know about deductions under Section 80G

Section 80G: Deduction for donations towards Social Causes

The various donations specified in Section 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in Section 80G. Section 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000. Continue reading “Know about deductions under Section 80G”

All you need to know about the government’s subsidy on home loan

When entire India was fearing Prime Minister Modi’s speech on December 31, expecting another bombshell after demonetization, PM Modi came up with announcement of subsidized interest on home loan. The scheme is set to be implemented.

‘Roti, Kapda and Makaan’ has been the vision of past several governments. Not only the lower income, but middle income groups too dream of their own house. Subsidized home loan is one way of achieving that dream. New Credit Linked Interest Subsidy Scheme for Middle Income Groups (CLSS-MIG) is the government’s step towards a developed India. Continue reading “All you need to know about the government’s subsidy on home loan”

Aadhaar mandatory for Income Tax Return Filing and PAN

CA In Delhi has repeatedly said in the past that the present govt is a determined hungry wolf, who won’t let you go without paying taxes. The wolf government has proposed another attacking move to get its food. The government has proposed to make Aadhaar mandatory for filing Income Tax Return and applying Permanent Account Number (PAN) from July 1.  Continue reading “Aadhaar mandatory for Income Tax Return Filing and PAN”

Passion to Reality: How to start a business?

“Yes, I can do it!” I can start a business. But, how?

There is a fire within us to make a dent in the universe. We synonymously call it as passion, which can achieve anything. But, a passion without direction will lead us nowhere. It needs to be put into action, not abruptly, but in an organized way. Let’s climb up the stairs step by step: Continue reading “Passion to Reality: How to start a business?”