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Dont be intimidated by the long form if you have a small turnover and limited clients. Here’s how to go about it: The new income tax return form, ITR- 4, for professionals can be intimidating. The 30- page form, also meant for Hindu Undivided Families and those owning proprietary business, mostly tries to capture business information and goods- related information such as cess, taxes, freight on goods, cost of raw material and finished goods, and so on. If you are a professional with a small turnover or gross receipts such as artist, photographer, interior decorator, fashion designer or atutor, there are only a few areas you need to focus on. Here’s a brief guide to calculating your tax liability and filing returns. Salaried & professional If you are salaried and also work as aprofessional for extra income, you might also need to file ITR- 4. “ If a person regularly works through the year as a freelancer, along with a job, he or she would be called a professional,” says T

Those using the 90- day compliance window under the new law on black money to declare hitherto undisclosed foreign assets also need to ensure their assets are valued correctly Aperson is an Indian resident. However, he was a non- resident Indian ( NRI) earlier, when he had acquired foreign assets, which he continues to hold, out of income which was not chargeable to tax in India. Will this person have to disclose foreign assets under Chapter VI of the new law on black money? If you go by the list of ‘ Frequently Asked Questions’ put up by the government to explain this law, the answer would be No. However, consider a real- life scenario. The senior executive of a large multinational firm receives employee stock option plans ( ESOPs) when he was an NRI six years earlier. This person became a resident Indian a little more than a year before but forgot to declare these assets while filing his income tax return under Schedule FA. Today, the executive is mighty confused. Technically

1.  CBDT notifies 30.09.2015 as last date to make a declaration for undisclosed asset located outside India under the compliance provisions of the Black Money Act. 2.  India and US signs Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency on tax matters. 3.  File TDS return for the Quarter ended on 30th June, 2015 by 15th July, 2015 and Avoid inconvenience and fine. 4.  Delhi Stock Exchange (DSE) has already been derecognized, vide SEBI order dated 19th November 2014. SEBI has mandated that all companies exclusively listed on DSE, would be shifted to the Dissemination Board (DB) set up by BSE. 5.  Increase in stamp paper value for execution of POA for representation before Income Tax authorities from INR 100 to 500. (Only Applicable For The State Of Maharashtra). 6.  UCO Bank invites applications from CA for empanelment as Concurrent Auditors for audit year 2015-16 by practicing CA Firms and by existing firms

Increase in Stamp paper value for execution of POA for representation before I.T. authorities from INR 100 to 500.ONLY APPLICABLE FOR THE STATE OF MAHARASHTRA. Regards, Webecreator!

Increase in Stamp paper value from INR 100 to INR 500 for representation before I.T. authorities. Article 48 of Schedule I of Stamp Act. Regards, Webecreator!

Those Who Paid Service Tax Of Up To Rs.50L In FY15 To Face Manual Scrutiny Small service taxpayers will soon find themselves subjected to detailed manual scrutiny by the taxman. The Central Board of Excise and Customs (CBEC) recently issued detailed scrutiny guidelines for service-tax returns of small taxpayers.These guidelines are to be followed from August 1. Typically, only large service taxpayers come within the ambit of service-tax audit. Small service providers, whose tax liability was not significant, didn't come under the radar of this audit and there were possibilities of tax leakages. The scrutiny procedure aims at plugging such leakages. The scrutiny will be conducted for those service providers whose total service tax paid (through cash and as a service tax credit) for the financial year (FY) 2014-15 is be low Rs 50 lakh. While a preliminary online scrutiny will take an overall view such as examination of the timely payment of service tax or arithmetical accur

The Reserve Bank of India (RBI) is expected to grant payment bank licence to the postal department by September for operating Post Bank, Communications and IT Minister Ravi Shankar Prasad said on Thursday. Affirming commitment to honour ‘Dakia’ (post man) in a bid to re-energise the Department of Posts (DoP), he said, “You will be happy to know that RBI will grant payment bank licence to the postal department.” This will enable the network of 1,54,000 post offices (including 1,25,000 rural post offices) to offer banking services to the masses in the country, he said. While there was core banking solution only in 236 post offices till NDA government came to power last year, the number of such facilities was extended to 2,590 post offices, he said. DoP, he said, has changed its working style and achieved a turnover of Rs.500 crore in 5-6 months. The centre’s “Sukanya Samridhi Yojana”, Postal Life Insurance, Jan Dhan Yojana and others were launched to empower the rural and poor pe