Last Day For Depositing Old Notes In RBI - 31 March

Taxation 

With the March 31 deadline looming for depositing demonetised currency, the Reserve Bank offices continued to witness long queues. There is confusion among people standing in the queues as ineligible ones are making it longer. "Several people who are ineligible queueing up at RBI counters making the queue longer," Minister of State for Finance Arjun Ram Meghwal said in the Rajya Sabha. As tempers ran high outside the central bank branches, he added that "each application has to be checked at the counters for his/her absence from the country from passport stamp marks, it is taking considerable time for the counter staff."

Here's a checklist before the opportunity ends on March 31:

* Possession of more than 10 notes in junked currency after March 31 is illegal for Indian residents. Violation of this is punishable with a fine which may extend to Rs 10,000 or five times the amount of the face value of the notes, whichever is higher.

* The central bank allowed Indian residents who were abroad during November-December 2016 to exchange the scrapped notes up to March 31 but for non-resident Indians (NRIs) the deadline is June 30.

* NRIs coming to India are required to come through 'Red Channel' disclosing to the Customs authorities at the airport the amount of the defunct notes and secure a certificate to be tendered at RBI at the time of exchange. A one-page form has been worked out for the purpose.

* There is no monetary limit for exchange for the eligible resident Indians, but the limit for NRIs will be as per the relevant FEMA Regulations (Rs 25,000 per person).

* Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.

* The facility to exchange old notes is available at RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur.

* On fulfillment of the terms and conditions and the genuineness of the notes tendered, the amount will be credited to the person's Know Your Customer (KYC) compliant bank account.

* In case of refusal by the central bank, a person may appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him. Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary's Department.

The Lazy Investor’s Quick Guide To Last Minute Tax Savings

Tax Consultant firms in India

The financial year is fast coming to an end. If you’re reading this article then you probably haven’t taken your investment and tax planning as seriously as you should have. Worry not though. There’s just enough time left for you to sneak in a tax-saving investment. Just make sure you don’t put it off for much longer.

Here are some options for you to save tax under , where you can invest and save up to Rs. 1.5 lakh in taxes.

What To Buy	How much	Where	Benefits	You need	Processing time
Rs. 100 upwards	Through authorised banks, post offices	Safe investment, 8% ETE returns, 5-year lock-in	Investor’s name, cash or DD.	1 working day	Recommended for long-term investmentf
Rs. 500 to Rs. 1.5 lakh	Through authorised banks, post offices	Safe investment, 8% EEE returns, loan on investment facility, 15-year maturity	ID & address proof, 2 colour photographs, account opening form (for offline application)	1 working day	Best saving scheme for the general investor, great tool for long-term wealth building.
Rs. 500 upwards	AMCs, distributors, agents	Market-linked and tax-free returns, 3-year lock-in	KYC documents, cheque,	1 working day	Great for long-term wealth creation; can be bought easily online.
Depends on coverage, age	Insurers, agents, online aggregators	Life cover with investment benefit	KYC documents, cheque, photograph. For some term plans, income proof and health check	1 day to 1-2 weeks	Go online to compare and buy a cover as per your needs. Pick a term plan if you have dependents.
Rs. 200 upwards	Insurers, agents, online aggregators	Safe investment, 6.6%-7.5% returns	KYC documents, PAN card, cash or cheque,	1 working day	Low returns currently along with poor tax efficiency. Use minimally, buy online.

Original Source: http://bit.ly/2nftOZi

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• Service tax registration in India 

• Tax Advisor in India

• Tax consultant in India

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Tax Experts Hope Goods and Services Tax Will Pep Up GDP Growth by 2%

Tax experts on Sunday said there will be a uniform andone-nation-one-tax in the form of Goods and Services Tax(GST) proposed from April 1. The experts guided CAs on GST during a regional tax conference held here jointly by the Nashik and Jalgaon branches of TheInstitute of Chartered Accountants of India (ICAI).
Bimal Jain, chairman, Indirect Tax Committee of PHD Chamber of Commerce, said, “The present indirect taxes in India have driven business to structure and model their supply chain and systems owning to multiplicity of taxes and costs involved therein. GST will be a big game changing reform for Indian economy by developing a common Indian market and reducing the cascading effect of taxes on the cost of goods and services.” tax consultancy firms in Delhi
He added, “GST has broad-based implications, affecting the entire organisation regardless of the size and nature of the business. There will be uniform tax structure across the country based on the one-tax-one-nation formula. Currently, the total taxes on supply of goods in the country are around 27%. But the standard tax rate of GST will be 18%.” Indirect taxation in India

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Calculus Search Private Limited

Calculus Search Private Limited is one of the specialized innovative Recruitment firm based in India that covers majorly India, USA and Australia. As the market place is very competitive and demanding Calculus Search is always equipped with immediate pipeline of available candidates to join our clients timely. Calculus Search covers all major sectors but specialize most in IT Recruitments, Senior level positions and Leadership Hiring firms role.


Calculus Search practice modern recruitment techniques including Global networking and LinkedIn search to speed up the hiring process and follow equal employ opportunity hiring practice. Calculus Search follow the best industry practices of accuracy & timely delivery at all steps. Today Calculus Search have been continuously being appreciated by various organizations and we are experiencing continuous growth in Recruitment industry.        

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GST Could Trip Make in India For Smarphones

India’s success in making firms such as Samsung, Xiaomi, and Micromax to locally produce phones could become a cropper, once the Goods and Services Tax (GST) comes into effect, as the new expats taxation regime could neutralise the cost benefits to make these phones in India in taxation services for expatriates
Since the last two years, India has been able to attract 40 global smartphone makers in the country, after it tweaked norms that made cheaper to make phones in India and sell it to the billion strong mobile subscribers. At the same time, government has been able to scale investments in electronic manufacturing over ten-fold to Rs 1.24 lakh crore from Rs 11,000 crore two years ago.
“There is a near 10% tax arbitrage for manufacturing mobile phones in India in the current tax regime. However, once GST is implemented, it will be different. We hope that the Government will try and protect the arbitrage in some manner,” said Prateek Jain, Partner and National Leader – Indirect Tax at PwC India.
A IIMB Counterpoint report released in November 2016 estimates that 180 million mobile phones to be manufactured in India in 2016, which is nearly a 125% growth over the year-ago period. This has also helped in creating nearly 50000 jobs in expatriates taxation.

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Private Ltd, LLP or Public Ltd Which to Choose When Going For New Company Registration in India

Fortunately, the new rules and regulations are easier when it comes to start-up a new business in India. Also, there are hassle free new company registration service providers available in India who take care of A to Z of forming and registration of the company. In this post, we will touch upon various forms of new company registration In delhi presently available and which is best suited for your business.
To start with, below mentioned is explanation for new company registration in gurgaon that are done in India:

Sole Proprietorship:The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

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Latest News- All PAN cards not linked to Aadhaar card will be cancelled.

Tax consultant in India

You must have already heard that from this year filling of income tax returns will require you to quote your Aadhaar number. In case you don't have the Aadhaar card and you wish to pay taxes, you have to get one now. But the Aadhaar doesn't just stop at the income tax. The Aadhaar number will also have to be linked to the PAN (permanent account number) card or else the PAN card will be cancelled.

The new rule is part of the proposed amendments in the new Finance Bill, which is certain to be passed. The proposed rules note that linking of Aadhaar card with PAN card will be mandatory from July 1.

"Every person who has been allotted permanent account number as on the day 1st of July 2017, and who is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be in notified by the Central Government in the Official Gazette," notes the amendments inserted in the Finance Bill. "Provided that in case of failure to intimate the Aadhaar number, the permanent account number (PAN) allotted to the person shall be deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number."

Interestingly, the government move comes despite of the Supreme Court ruling that Aadhaar number can be used only for providing welfare services and not as in ID tool or a requirement for general services.

It is not clear why the government wants to link all PAN cards to the Aadhaar card and what it hopes to achieve by making Aadhaar a mandatory requirement for filing income tax returns. But from the proposed amendments it seems that Aadhaar number will soon render the PAN number useless and in future government may just use Aadhaar number in all the places where currently the PAN card is required. At the same time, with Aadhaar card connected to the PAN card, and effectively with bank accounts, government will be able to track the income and expenditures of millions of Indians each time there is a transaction that involves a bank account. You may concern with Tax consultant in India for any help.

Source:http://bit.ly/2nJUZQ1

Implementation of GST will expand Indian economy by 1%

Service tax consultant in Delhi

According to Mr. Prashant Kumar, Additional Commissioner, Service Tax, Mumbai-I informed GST holds the potential to make Indian products improve compliance, globally competitive and contribute to the expansion of the Indian Economy by at least 1% of GDP.
On March 20, 2017, the Union Cabinet approved 4 crucial GST bills, viz. CGST, iGST, UTGST and the Compensation Bill. These Bills are expected to be tabled in parliament shortly as Money Bills.

The Government is all set to roll out crucial GST on July 1, 2017.

GST is a major step towards streamlining various Union and State indirect taxes and will help in speeding up the transportation of goods and services between various states.
One of the key promises of GST is the ability to data mine the vast information which will be collected by the government.

This will help the Government to ensure strict enforcement of rules and regulations and go after defaulters and tax evaders. 

Source: http://bit.ly/2nOwH84
http://www.narendramodi.in/media-coverage/534811

How to save service tax?

Tax consultant in India

 As the name reveals, it is the tax on services that one person provides to another person. Service tax is nothing but the tax we have to pay for using the different services. For example, when we take dinner in a restaurant and then we have to pay bills that are nothing but the service tax. There are many ways to save services tax (like LIC policies, medical insurance, charities, etc.). Further, we discussed them one by one. But before we talk about how to save service tax, one thing I want to ask that, Is saving service tax is good for our country?

Service tax registration in India

Service tax is a backbone of a country & the main source of government revenue and it also affects the development of a country because if the government does not have a proper revenue, then they will not be able to execute their plans for the development of the country. In my opinion, YES, if any option is available for us and if it is beneficial then we must use it.

For saving our tax, we should plan our policies for this. There are many sections in our constitution that helps us deduct our taxes. We discuss them one by one.

Under the section 80C, LIC insurance premium paid in order to insure our family for any future incidence. This can also help us to save our taxes and reduces about 20% of the amount of insurance into tax amount.

Under the section 80D, Medical insurance premium is undoubtedly one of the best investments. It can cover for comprehensive hospitalization expenses related to accident and sickness and insure us and our family for any other medical problems. It also deduct our taxes up to 15000 to 20000 Rs for the age below 60 and up to 40000 Rs for the age above 60.

Under section 80EE, you can claim deduction in your tax amount for interest payments towards your home loans and tuition fee of your children. If someone takes educational loans for his/her children then he would also claim a deduction of the amount of loan interests from tax amount.

Under section 80G, you can claim deduction for 50% to 100% of donations made by you to a charitable institution. The total deduction for cash donation should not exceed the 10% of your gross income.

With the help of all these methods, any person can reduce his service tax without breaking any of the laws.

You may concern with Tax consultant in India for all queries.

Audit and Assurance Services in India | Auditing firms India | Internal audit services in India

Audit services in India

Audits are all about Checks, Controls and assurance, which may be complied statutorily or even be held voluntarily by the entity to assure the true view of business in terms of finance. You can rely on raaas for end to end audits and assurance services. Be it related to about Financial Statements, business processes or Information Technology.
Below are few of the Core Audit services, Raaas master at:

• Financial Statement Audits
• IT controls
• Projects
• Compliance Audit e.g. Service Tax Audit, TDS Audit etc.
• Audit of Infrastructural controls and security
• Due Diligence
• Management Audit
• Efficiency Audit
• Organization structure Audit- Hierarchy Audit
• Corporate governance Audit
• Internal Audits

Besides these core audit services, Raaas undertake specially customized assignments:

• Testing documentation and internal controls that belong to financial reporting
• Data quality and controls - Assessments
• Assisting in designing, implementation and testing of controls
• Advance control structure and implementation
• Preparation of process cycles/ process flows and related documentation
• Business process controls - advisory
• Gap Identification & Analysis
• ERP controls – Assessment, Evaluations and implementation reviews

See here all details here: http://bit.ly/2f5uocT

Procedure for Foreign Company Registration in India

Globalization has made the business world come closer. With FDI being liberalized in a unique way, India has opened doors for the world to come and do business in India. Companies from various countries come to India for business and seek registration for their representative companies or establishments here. We help by suggesting below models of doing business in India:

Foreign Company Registration in India

Indian subsidiary

There can be two types of it based upon ownership namely-

100% ownership-

Fully owned subsidiaries (only in FDI permitted sectors as Per latest FDI policy)

Less than 100% ownership-

Joint Ventures

Indian subsidiaries enjoy same rights as basically Indian Companies. There are certain norms to the activities of proposed companies as per FDI policy of the Government. Many activities are permitted to bring 100% foreign investments whereas on some activities Government has put restrictions where Government gives permission of 100% FDI and in a few activities 100% FDI is not permitted and even Government route can not be availed. In those cases, Joint Ventures are good channel of investment, where a certain percentage is held by Indian entities. In the Joint Venture Form of working, foreign company can get a good financial resource with some ready contacts and experienced partners, however a complete privacy has to be a bit parted with.

Assistance in getting FIPB Approvals

There are two entry routes of direct investment in India (FDI):

• Automatic Route
• Government Route (Approval Route)

Depending upon the sector where proposed investment is to be brought in, the above segregation is done. In many a sectors, Government restricts 100% FDI like defense, telecom etc. For such sectors, one has to get the approval of Foreign Investment Promotion Board (FIPB)- a division of Finance Ministry. We assist you in getting the FIPB approvals, taking care of all the formalities so you can rest assured of our services.

Channels other than FDI:

A foreign company can also come and do business in India without investing directly. RBI has permitted such companies to have establishments in India for some limited purposes. Such forms are :

• Liaison office
• Project Office
• Branch Office

Different permissions and freedoms are attached with each such office. So one has to be careful while making choice of these forms of work. RBI permissions have to be sought for each such organization subject to renewals as specified from time to time. Also, the foreign companies have to register with Registrar of Companies (ROC) within 30 days of setting up a place of business in India, besides the said RBI Approval. 

Brief explanation is here: http://bit.ly/2gI47gY

8 Signs Telling Small Business to Choose HR Outsourcing Services

Payroll outsourcing services have proved to be a boon for small businesses. This is probably due to the fact that a small business that is just in its beginning stages spending money on activities which would not generate direct revenue can be really frustrating.

Arranging even simple activities like payroll and employee development and deciding on the benefits and the rewards can be time-consuming and tiring. In such situations, it becomes important to outsource your HR services to another party so that you can devote your time dedicatedly to your business.

HR outsourcing not only saves you up on costs it also provides you better quality services and the skills and knowledge which otherwise is difficult for you to arrange on your own. However, there is a correct time when you should be looking at doing so. Most importantly the below-mentioned warning signs would let you know that it is time for you to hand over this responsibility to someone else.

1) Time wastage: There is no doubt in the fact that any new small enterprise that is set up has to go through handling many things at the same time. However, HR problems like skill training and payroll are quite time-consuming and if you are spending a decent time resolving them then probably you are not paying much attention to other much more critical activities. Whether it is trying to focus on learning and development of skills related to employment laws, or wasting time looking for the ideal guy to fill in a vacant opening the time spent stops you from strategizing other important tasks. If you are also doing the above it is the ideal time to look for external payroll outsourcing companies.

Original Source: http://bit.ly/2nckLJP

Two More Advance Pricing Agreements Signed By The CBDT

The Central Board of Direct Taxes (CBDT) has closed the year 2016 by entering into two more unilateral Advance Pricing Agreements (APAs) today. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance in chartered accountant firms in mumbai. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed in just four years. The two APAs signed today pertain to the Information Technology and Automobile sectors of the economy. The international transactions covered in these agreements include Software Development Services, IT enabled Services, Manufacturing and Business Support Services. With this, the total number of APAs entered into by the CBDT has reached 117. This includes 7 bilateral APAs and 110 Unilateral APAs. In the current financial year, a total of 53 APAs (4 bilateral APAs and 49 unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed in the near future tax consultant firms in delhi.

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Here's what you need to know to save taxes in 2017?

The tax saving season is here. Tax saving should be done throughout the year but many generally do it in the last two-three months. So, if you are planning tax savings for 2015/16, it will be helpful to know your options in Internal auditor in India.

Investments against which you can claim tax deductions
All the following instruments are qualified for a deduction of up to Rs 1.5 lakh under Section 80C.

1)    Tax saving equity linked saving schemes: These are equity mutual funds which investment in stocks and related instruments. These funds have a lock-in period of three years. If you want to save tax as well as grow your money , tax saving mutual funds can a good option as equities have the potential of delivering inflation-beating returns service tax consultant in Delhi.

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Ease of Doing business: government Plans To Introduce New Integrated From for Company Registration

The government plans to introduce a new version of the integrated company incorporation gurgaon form in a measure aimed at enhancing ease of doing business that targets reduction in average number of days for incorporating a company to one to two days from more than four days at present. 

The new form, INC29, will have an option for entities to apply for director identification number or DIN and reservation of name through a single e-form setting up a subsidiary in India . 

"This new version of form INC29 will allow up to five directors to be appointed and greater flexibility in proposing a name for a company. Suggestions from the stakeholders are being taken," the government said in a press release. 

The reservation of a name, incorporation of company and appointment of directors of the proposed company can be filed in the integrated form. The government said the time taken for registration of a company has already been halved through measures introduced to enhance ease of doing business. 

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Missing on Employee Feedback Outsourcing Payroll Services Shows Ways To Fix It.

Outsourcing payroll services: At times plays a better role by helping you focus on much important tasks. Most employees these days want to know whether they are performing as per the expectations of their employer or not.
Most small business In India are still not able to find the right balance between encouraging and informing the admitted to knowing whether their work performance is laudable or not.

One of the most important jobs of any manager is to be personally involved in the performance of his employee and also inform them about it. Even if the companies outsourcing payroll processing, the pressure of work does not end. This leads to a considerable employee work force who remains disgruntled.

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Ordinance likely to Amend Payment of Wages Act.

A mid currency crunch, the government is mulling over bringing in an ordinance to amend the payment of wages Act for allowing business and industrial establishments to pay salaries through Cheques or by electronic modes.
“The government may bring an ordinance to amend Payment of Wage Act, 1936, to nudge employers of certain industries to make payment through electronic modes and cheques,” a source said Direct foreign investment in India.
The source further said, “The bill for the purpose was tabled in the Lok Sabha on December 15, 2016. It can be pushed for passage in the Budget session next year. Thus, instead of waiting for two more months, the government can issue the ordinance and later it will be passed in Parliament.” Standard practice is, government brings ordinance to amend laws for immediate implementation of new rules. An ordinance is valid for six months only. Government is required to get it passed in Parliament within that period in accounting outsourcing companies in India.
The Payment of Wages (Amendment) Bill, 2016, seeks to amend Section 6 of the principal Act to enable employers pay wages to their employees through cheques or by crediting it to their bank accounts electronically. The Bill was introduced by Labour Minister Bandaru Dattatreya amid din over demonetisation issue.
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