Wednesday 29 May 2013

Is your income tax return complete?

The financial year has ended and every individual is worried about filing his tax return before the due date. The difficulty is to be sure that the return you are filing is correct or not to avoid future hassles of assessments.

As we are again at the tax filing time of the year, some caution points would ensure an error free tax return filing:

1) Correct Form of Return

The first step is to pick up the correct return form, which is prescribed by the Central Board of Taxes (CBDT) every year. The Income Tax Return (ITR) forms by CBDT depends on the various streams of income. Correct form ensures that the complete details are filed.

2) Correct address and correct bank account number

For timely correspondence with the Income Tax authorities as also for timely delivery of refunds claimed in the return, it is very important to mention the correct address and bank account details along with the MICR code in the return form.

3) Permanent Account Number (PAN)

PAN is an important identification number by way of which the income tax authorities identify a particular taxpayer and records his income, taxes deducted on his behalf and the taxes paid by him. Quoting of incorrect PAN may cause hardship to both taxpayers as well as to income tax authorities. So double check your PAN.

4) Staying updated with the current tax law

Before you start preparing your return, you should stay updated with the current tax law. The deductions and exemptions available as per the law or the provisions of clubbing of income. This ensures that the income disclosed in the return is complete and the benefit available under the law is considered. Eg. Deduction of INR 10,000 for saving account interest or no deduction available in this assessment year for investment in infrastructure bonds.

5) Checking your Bank account statements

One should always review the bank account statements. By doing this you always get an idea of the various streams of income which you need to disclose in your return. This clarifies the type of return forms you need to use for filing your return.

Further the error of not including a particular income is avoided, e.g. we all earn interest income on our savings bank accounts and at times due to the insignificant amount; we forget to include the interest income in our return of income. A common slip up that happens is non-disclosure of income exempted from tax, such as dividend income from mutual funds or capital gain on securities.

6) Overseas income

Nowadays, few of us have started investing in the overseas markets or receive some income abroad. The same should be included in the return as well. Moreover, one should not forget applicable treaty benefits available under the law to avoid double taxation.

7) Deduction under Chapter VI

We all make tax saving investments throughout the year but sometimes even forget to include the same in the return. To avoid this one should maintain the list of the tax saving investments made.

Thursday 23 May 2013

Tax Advisor or Save Water.

Slogans

  • A motto associated with a political party or movement or other group
  • Slogans (Parullat) is a 2001 Albanian film directed by Gjergj Xhuvani. It was Albania's submission to the 74th Academy Awards for the Academy Award for Best Foreign Language Film, but was not accepted as a nominee.
  • (slogan) motto: a favorite saying of a sect or political group
  • A Scottish Highland war cry
  • A short and striking or memorable phrase used in advertising
  • "Slogans" is a remixed version of Bob Marley song released 24 years after his death. The 2005 single was released on the greatest hits album Africa Unite and was the second last song on the album.

Water

  • This as supplied to houses or commercial establishments through pipes and taps
  • binary compound that occurs at room temperature as a clear colorless odorless tasteless liquid; freezes into ice below 0 degrees centigrade and boils above 100 degrees centigrade; widely used as a solvent
  • One of the four elements in ancient and medieval philosophy and in astrology (considered essential to the nature of the signs Cancer, Scorpio, and Pisces)
  • supply with water, as with channels or ditches or streams; "Water the fields"
  • A colorless, transparent, odorless, tasteless liquid that forms the seas, lakes, rivers, and rain and is the basis of the fluids of living organisms
  • body of water: the part of the earth's surface covered with water (such as a river or lake or ocean); "they invaded our territorial waters"; "they were sitting by the water's edge"

Save

  • salvage: save from ruin, destruction, or harm
  • to keep up and reserve for personal or special use; "She saved the old family photographs in a drawer"
  • Keep safe or rescue (someone or something) from harm or danger
  • Prevent (someone) from dying
  • (in Christian use) Preserve (a person's soul) from damnation
  • (sports) the act of preventing the opposition from scoring; "the goalie made a brilliant save"; "the relief pitcher got credit for a save".

Monday 20 May 2013

Govt gets power to arrest service tax defaulters.

NEW DELHI: Service tax evaders beware! Failing to deposit this tax may attract arrest and imprisonment upto seven years.

With the passage of Finance Bill 2013 last week, the Revenue department officials can now arrest a person for non-payment of collected service tax.

Monday 6 May 2013

What is the differance between execute scalar, execute reader or execute non query in asp.net?

ExecuteScalar-- ExecuteScalar returns only one value after execution of the query . it returns the first field in the first row. it is faster and convinient way when you wants rerive only single value at a time.

ExecuteReader- this method returns a DataReader which is filled with the data that is retrived using the coommand object . this is known as a forward only retrival of records.

ExecuteNonQuery- ExecuteNonQuery does not return any data at all. it is used basically to insert update operationas on table. means it is used for execution of DML commands e.g sqlcommand cmd=new sqlCommand("insert into emp values ('1','2'",con); con.open(); cmd.ExecuteNonquery();

For brief Tutorial visit http://www.raaas.com

Audit And Assurance Service in India.

Ruchi Anand And Associates provides Company auditors in India, audit and assurance services related to controls around the financial reporting process, including financial business process and IT management controls. We are the best auditors in India for accounting and auditing services.

At Ruchi Anand & Associates, we offer you with following audit and assurance services in Systems and system controls audit


  • Corporate governance.
  • Appraisal of Infrastructure security.
  • Evaluation of general IT controls.
  • Assistance in documenting or testing internal controls over financial reporting.
  • Data quality reviews.
  • Project assurance services.
  • Designing, implementation and testing of controls.
  • Due diligence of systems and controls.
  • Evaluation of Database security controls.
  • Compliance with prescribed regulatory requirements.
  • Finding weaknesses and possible design enhancements in control structure.
  • Production of process flow diagrams and documentation .
  • Reviews on Financial and operation applications/business process controls.
  • Systems – pre- and post-implementation reviews .
  • Opinion Services including Third party assurance.
  • Third party reports / opinions e.g. internet gaming, web seals.
  • Independent assessment of General Computer Control (GCC).
  • IT Risk & Controls - GAP Identification & Analysis.
  • ERP Effectiveness Evaluations.
  • ERP implementation reviews.

Sunday 5 May 2013

I-T department detects unaccounted assets worth over Rs 1,400 crore

 RAAAS

NEW DELHI: Stepping up its effort to unearth black money, the Finance Ministry has detected unaccounted income and assets worth over Rs 1,400 crore during the first three months of this year.

The detection came to light after Financial Intelligence Unit (FIU), an agency tasked with analysing and disseminating information relating to dubious financial transactions, alerted Central Board of Direct Taxes (CBDT) about 32,000 suspicious banking transactions, official sources said.

Friday 3 May 2013

Tax Advisor in India

CBI searches houses of Stalin, Alagiri

 In simultaneous searches at 18 places in Tamil Nadu on Thursday, the Central Bureau of Investigation seized 33 imported luxury cars on charges of tax evasion, sources in the investigating agency said.
The timing of the operation came sharply under question in political circles, as among the premises searched were the houses of Dravida Munnetra Kazhagam president M. Karunanidhi’s sons, M.K. Stalin and M.K. Alagiri, who was a Union Minister until a day earlier. The operation came a day after the DMK pulled out of the United Progressive Alliance. CBI officials claimed that the searches were a routine procedure and not aimed at any individual.For any help visit http://www.raaas.com

Thursday 2 May 2013

Auditing Firms in India.

The Big Four are the four largest international professional services networks in accountancy and professional services, offering audit, assurance, tax, consulting, advisory, actuarial, corporate finance and legal services. They handle the vast majority of audits for publicly traded companies as well as many private companies, creating an oligopoly in auditing large companies. It is reported that the Big Four audit all but one of the companies that constitute the FTSE 100, and 240 of the companies in the FTSE 250, an index of the leading mid-cap listing companies