NJR MONEY

  Certainly! Here are some effective strategies to save money: Understand Your Finances:   First of all, one needs to evaluate the present income, regular and necessary expenses as well as financial objectives to be achieved. Realize where your money is spent monthly. Create a Budgeting Plan:   Prepare a financial plan that shows your income source, the essentials expenditure and other expenditures based on your choice. Save money, it is hence important that you put a part of the income you receive aside to save. Reduce Spending:  This means trying to come up with other expenses that you can easily have do without in life, so that you can reduce on them. Take eating out, subscriptions you don’t use, and expensive hobbies and start looking for inexpensive or even no-cost Build an Emergency Fund:  Ideally, one should build the emergency fund for three to nine months of your household’s living expenses. This social security can assist in catering for these emergent...

ICAI’ unique identification number is mandatory for every kind of certificate or tax audit report made by Chartered Accountants. This was introduced to curb fake certifications by those posing as CAs. The e-filing portal of income tax has been linked with ICAI’s UDIN portal for validating documents attested by CAs . IT department to reject tax audit reports filed without ICAI authentication Tax audit reports (TAR) filed by businesses have risks of getting rejected by the IT department if they are not authenticated by the professional regulator of chartered accountants, the Institute of Chartered Accountants of India (ICAI). The IT department said recently that the income tax e-filing portal has been linked with ICAI’s portal for validating the unique identification numbers (UIDN) chartered accountants generate for documents attested by them. With the system level integration, the UDIN, provided for the audit reports and certificates submitted by CAs in the e-filing portal, will be vali...

The ICAI will regularly inform the below mentioned guidelines to the members and the Chartered Accountants’ Firms to ensure the strict compliance of the guidelines. The guidelines may be revised from time to time.  To provide independence to the Members, the actual format of the Website is not being prescribed nor any standard format of the Website is given.  There is no restriction on the colours which may be used in the Website.   The Chartered Accountants or Chartered Accountants’ Firms (hereinafter referred as CAs) would be free to create their own Website subject to the overall guidelines laid down by the Council hereunder.  Is CAs permitted to have Website ? Individual Members would also be permitted to have their Webpages in their trade name or individual name. How the information on website be provided ?  The information on website should be provided only on the basis of specific “pull” request.  The CAs would ensure that their Websites are r...

'Kisan Vikas Patra' is a certificate scheme from the India Post. Initially, it was meant for farmers (Kisans) to enable them to save for long periods, and hence the name is "Kisan Vikas Patra". Now, it is available for all. A/c Opening: Who can open - A single adult Person Up to 3 adults, can open Joint Account A guardian on behalf of minor or on behalf of person of unsound mind A minor, who is above 10 years (in his own name). Before you go to open KVP A/c, remember that: Person who wants to open KVP account should have to mandatorily submit AADHAAR number as proof of identity of A/c holder. PAN Card is compulsory for investments above Rs. 50,000. Also, for depositing Rs. 10 lakhs and above, you must need to submit income proofs i.e. salary slips, bank statement, ITR document etc. KVP certificate issuance: If amount is invested through cash, they issue the KVP Certificate on the spot.  And in case of Cheque, Demand Draft or Money Order, they will issue KVP C...

If you’re a solo or small firm lawyer, you not only have to worry about your clients and cases, but also need to maintain books of account yourself. You have to keep track of profits and losses, revenue flow, accounts payable/receivable, return on investments and other financial indicators that determines the health of your practice. In a small practice, it’s easy to let these things slide. You don’t have the time Or you’re more interested in the handling work of the law. But without some basic business accounting,  You won’t have an accurate picture of how you’re doing.  You won’t know if your firm is trending in the right direction.  You won’t know how to best allocate resources, cut expenses or leverage your personnel to grow your business. If you’re fortunate, you have someone in-house who takes care of the bookkeeping and accounting, or if you have budgeted for outsourcing these duties.  Even then also, you have to be able to read and understand the reports. And...

Most salaried individuals, file their income tax return usually in ITR-1. ITR is short form of Income Tax Return. There are several forms of ITR according to different income and status of the person. For F.Y. 2019-20 , ITR-1 can be filed only by those taxpayers who are individuals being a Resident (other than Not Ordinarily Resident) and whose total income does not exceed Rs 50 lakh. Also, remember that ITR-1 has to be used by those individuals who have - income from salary/pension,  one house property, and  income from other sources (Interest etc.) and  Agricultural Income up to ₹ 5,000 However, in case you made capital gains or own  more than 1 house property, then you are not eligible to file ITR-1. Also, ITR-1 is not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares.  Remember that, PAN and Aadhaar card details are mandatory for furnishing income tax return Before you start to file your ITR, you should collect ...

  Before one should go to file Income Tax return, he/she should have necessary documents readily available with him to avoid last minute hassle. The check-list below will help you to see whether you have necessary documents with you while e-filing IT return. Some documents and details are mandatory to have with you like Aadhar number, bank details etc. while others are required only if it is applicable in your case like details of agriculture income is required only if you have such income.   Check-list for Income Tax Return:: 1) Aadhar Card Number: is Mandatory for e-filling income tax return on income tax website. 2) All Banks Accounts details like Bank name, Account no., Account type, IFSC code: All the bank account in which you have account need to be compulsory reported in IT return. Saving A/c, Current A/c, CC/OD A/c 3) Pre-validated Bank Account:   W.e.f. 01.03.19 , income tax department will issue only e-refund. So, assessee need to Pre-validated bank acc...