Point to Ponder

Do not follow the MAJORITY,
follow the RIGHT WAY.

ABDUL KALAM

Important

Aadhaar linking is mandatory and now made easy by the Income tax Department.

The IT Dept had been asking people to link their PAN no. with Aadhar before 31 July and many were finding it difficult as their names did not match in both. Responding to complaints, the IT dept has come out with a simple solution now. Just go to their www.incometaxindiaefiling.gov.in website and log in. Then go to Profile settings and choose Aadhar linking. Then enter Aadhar no. and ENTER NAME AS GIVEN IN AADHAR CARD. Then both get linked and u will get a confirmation about its success to ur email too. This is a simpler process than several other methods tried earlier. Please note that this is mandatory for filing tax returns.

Income tax returns: No tax on Rs 20 lakh gratuity for private employees

Mar 01, 2017
The government has amended the Payment of Gratuities Act where private sector employees will now be able to withdraw

up to R20 lakh in tax-free gratuity up from R10 lakh. For government employees, however, the limit is R20 lakh.

i. This move has brought private sector employees on a par with the central government employees.

iii. All companies and establishments employing 10 or more workers come under the Gratuity Act.

iv. An employee who has completed five years of continuous service in an organisation is eligible for gratuity.

GST MIGRATION... HAVE YOU DONE IT YET!!!!!!! DO IT NOW...

https://www.gst.gov.in/

for HSN or SAC codes..... refer https://www.gst4u.in/hsn

Likely to be implemented from 1st July 2017

Pradhan Mantri Garib Kalyan Yojana: A Clarion call to tax evaders to Come Clean

An illustration for Rs.10.00 lacs deposited elsewhere in this website -

https://www.facebook.com/cagovindrajumr/?hc_ref=PAGES_TIMELINE&fref=nf

Got a Notice for Cash deposits.......
Do you know any body got notice for Cash deposits?

Here are the 10 Commandments from CBDT.........

1. If you have not reponded for the Notice, be ready for a survey...
2. Deposited above Rs.20000/- cash, be ready for Penalties.....
3. Individuals deposited less than 2.50 lacs and Senior Citizens deposited less than 5.00 lacs breathe easy. you may be spared...

4. If deposited more, the same may be reconciled with your (a) Sources of Income; (b) Income Earned;(c) Income Tax returns and (d) Cash withdrawls that can be matched....

5. If you had declared your cash balance as on 31st March 2016, no issues..... Ensure you have not filed revised returns for increasing the closing balance.
6. If you have declared under IDS 2016 you are spared..
7. If any operations have been carried out in inoperative accounts, trouble is invited.....
8. Cash deposits will be reconciled with Cash withdrawls with reference to Bank account transactions.... Time gap cannot be unreasonable.
9. Abnormal jump in Sales, Cash sales, and more than one deposit into bank accounts during demonitization period will be verified..
10. Any further details on submission will be sought for by AO electronically, if submission is already made.

Be aware.......

Welcome to Govindaraju & Co; / Govindaraju & Shanthakumar

Govindaraju & Shanthakumar is a firm of Chartered Accountants with offices in Mysore and Bangalore. The firm has immense experience in the fields of Audit, Corporate Law, Management Consultancy, Verification, Valuation and Taxation matters.

The Firm is Rich with following Five Partners:

CA M.R.Govindaraju,FCA,

CA R.P.Shantha Kumar, FCA.,

CA K.Keshava Dongre, FCA., and

CA Latha Y Prabhu, ACA.,

Their brief particulars are appended.

The company has an array of experienced personnel in Sri.K.S.Venkatachalam, Mr.Venkataraja Rao, Mr.Ranganath, and T Purushothama, all experienced bankers, Sri Gundurao.S, Sri Rajanna.T experienced persons in power Sector apart from other experienced staff.

The firm is specialised in Audits of Corporates, Financial Institutions, Public Sector Banks, Public Sector Companies, Private Sector Banks, Private Sector Companies, Co-operative Sector institutions.

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