While filing income tax return for businesses, one can deduct the deprication from the income and hence reduce the effective income tax. Typically depreciation is taken on items like two wheelers, car, truck, computer. mobile etc.
This article covers the depreciation rules applicable for mobile phones for FY 2016-17 or AY 2017-18
EPFO (Employee Provident fund organisation) has been working hard to provide a set of working online uan portal for its more than 6 crore members, but these portal are either changing too fast or or down, thus leading to more confusion and frustration among members.
Here are your guide to navigate among these portals.
Lately Employee Provident Fund Organization(EPFO) has mandated the linking of Aadhaar number for every EPF member who is also utilizing Employee Pension Scheme (EPS).
As per EPF rules, typically a employer contributes 12% of basic towards EPF. Out of the above 12%, 8.33% goes in Employee Pension Scheme subject to a maximum of Rs 1250. Thus mostly every member of EPF is also...
Lately EPFO operated unified portal epf has faced lot of technical problems and remained down for most of the time. This has led to lot of bad press for the EPFO and digital initiatives launched by Indian Government. EPF remains one of the most important contributory social security scheme in India and its more than 5 crore members wants an...
Employee Provident Fund (EPF or PF) is the main pension scheme for large number of people working in private organized sector in India. It is managed by a government organisation called 'Employees Provident Fund Organisation (EPFO)'. It is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken. ...
On March 6th 2017, PFRDA (Pension Fund Regulatory and Development Authority) in india has issued detailed instructions about transferring money from EPF to NPS.
EPF is india's primary social security scheme for private sector and at this moment has more than 6 crore members. Though EPF primarily invests in debt - thus giving interest in the order of 7 to 10%. NPS (National Pension Scheme) is ...
GST (Goods & Service Tax) is the complete overhaul of corporate taxation in India with its hope of simplifying a number of separate taxation laws active in India including VATs and service tax. GST Bill was officially accepted by President of India on Sep 8, 2016 and following that GST council is working tirelessly to decide on various nitty-gritties of GST. As of Jun 22nd 2017, it is on track to...
Over last 5-10 years in India, Income Tax payment and return filing has become easier and can be done online without much hassle. If your income tax is due (i.e., you need to pay income tax to government), you don't need to go to a bank or fill challan form. Instead you can pay income tax online in 3 easy steps.
EPF (Employee Provident Fund) is India's main social security scheme covering more than 15 crore workers across India. Lately EPFO (Employee Provident Fund organization) has been working on digitising their systems so that members always have instant visibility about their balance and can withdraw it without going through lot of hassle. To simplify the process they have ...
Starting April 1, 2017, Income tax penalty for under reporting and misreporting of the income will be handled by section 270(A) of the Income tax act. This section is newly added amendment of the income tax act. Please note that this is only valid for returns for years AY 2017-18 and after that.
Before April 1, 2017, income tax penalty for under reporting was handled by section 271 of income tax. This section will no more apply for this calculating penalty of under-reporting and misreporting of income.