Suresh prabhu, a chartered accountant turned politician who was handpicked by Honorable prime minister Narender modi to head railways. Prabhu announced Railway Budget 2015 two days before i.e first railway budget of Narender’s modi Government. Continue reading “Railway Budget – 2015”
Corporate Social Responsibility
Mahatma Gandhi ji has rightly said- ” Earn your crores but understand your wealth is not yours, it belongs to the society”.
As we all knows company’s main objective is it to maximize the shareholder’s wealth. This maximization works in the form of appreciation in a value of share. More the share value, more the wealth created for shareholder. Some people would say, more profits would results in appreciation in a share value. But that is not entirely true. The concept of CSR is beyond making profits. Continue reading “Corporate Social Responsibility”
Section 192 of the I.T.Act, 1961 provides that every person responsible for paying any income which is chargeable under the head ‘salary’, shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force. The deduction is to be made at the time of the actual payment. However, no tax is required to be deducted at source, unless the estimated salary income exceeds the maximum amount not chargeable to tax applicable in case of an individual during the relevant financial year. The tax once deducted is required to be deposited in government account and a certificate of deduction of tax at source (also referred as Form No.16) is to be issued to the employee. This certificate is to be furnished by the employee with his income tax return after which he gets the credit of the TDS in his personal income tax assessment. Finally, the employer/deductor is required to prepare and file quarterly statements in Form No. 24Q with the Income-tax Department. Continue reading “TDS On Salary – Section 192”
Tax Deducted At Source (TDS) as the name implies aims at collecting revenue at the very source of income. It is essentially an indirect method of “collecting tax which combines the concept of pay as you earn” and “collect as it is being earned.” Such collection of tax is effected at the source when income arises or accrues. Hence where any specified type of income arises or accrues to any one, the Income-tax Act enjoins on the payer of such income to deduct a stipulated percentage of such income by way of Income-tax and pay only the balance amount to the recipient of such income.
To Government
1. It Prepones the collection of tax.
2. Ensures a regular source of revenue.
3. Provides for a greater reach and wider base for tax.
To Tax Payer
1. It Distributes the incidence of Tax.
2. Provides for a simple and convenient mode of payment.
The Recently Enacted Companies Act, 2013 is a landmark legislation and is likely to have far-reaching consequences on all companies operating in India. From the Last 57 years, When The Companies Act, 1956 was in existence, The corporate and business environment has evolved significantly and hence there was a need to revamp the legislation governing companies. The Companies Act, 2013 (“Act of 2013”) was enacted on 29th August 2013 after President’s assent; However It came into effect by the notifications by the Central Government. All the sections have not been notified in one Instance.
In the first phase of its implementation, the Government has notified 98+1 sections on September 12, 2013 which became applicable from September 12, 2013 “AND” On March 26, 2014 Government issued a fresh Notification in which 183 sections or part thereof have become applicable from April 1, 2014
AND
Corresponding provisions of Companies Act, 1956 cease to have effect from that date.
Continue reading “Introduction of Companies Act, 2013 “A Beginning Of New ERA””
CArocked 