NJR MONEY

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...

  Income Tax Slabs for Individual taxpayer for Financial Year 2019-20 (A.Y. 2020-21 ) Slab rates are ranges of incomes according to which government imposes tax Every year slab rates can be changed. If there are changes in slab rates for the F.Y. then they are introduced in the Budget for that year and presented in Parliament Here’s the Income Tax Slabs for the financial year 2019-20 (Assessment Year 2020-21 ). General Till 2,50,000 – 0% 2,50,001 ~ 5,00,000 – 10% 5,00,001 ~ 10,00,000 – 20% Above 10,00,000 – 30% Senior Citizen (Between 60 & 80 years) Till 3,00,000 – 0% 3,00,001 ~ 5,00,000 – 10% 5,00,001 ~ 10,00,000 – 20% Above 10,00,000 – 30% Very Senior Citizen (Above 80 years) Till 5,00,000 – 0% 5,00,001 ~ 10,00,000 – 20% Above 10,00,000 – 30% By applying above rates on Net Total Income, you got Tax payable amount. Note: There is no separate tax slab for women. Surcharge: A surcharge is also applicable slab wise.   Surcharge rates are as follows: If the in...

Today in this blog, we are discussing about Sukanya Samridhi Yojna Who can Open Account: A legal Guardian/Natural Guardian can open A/c in the name of their Girl Child. A guardian can open only 1 A/c in the name of one girl child and maximum 2 A/cs in the name of two different Girl childs. A/c can be opened up to age of 10 years from the date of birth. Online Deposit facility is available through Netbanking and IPPB Saving Account. Deposit Amount: In a financial year, minimum ₹ 25​0/- and Maximum ₹ 1,50,000/-.  Subsequent deposit in multiple of INR 50/-  Deposits can be made in lump-sum. You can deposits number of times in A/c because there is no limit on number of deposits either in a month or in a Financial year Penalty for Non-deposit: If minimum Rs 25​0/- is not deposited in a financial year, account will become discontinued & can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year. Duration of Account: Deposits may ...

  Institute of Chartered accountants of India (ICAI) has launched Virtual MCS Course for those CA Final students who has appeared in May 19 and Nov 19 exam. And this course can also be done by those students who are going to appear in Nov 20 and May 21 exam.  Due to Covid-19 pandemic, 90 hours physical MCS Course is not possible. So, ICAI made arrangements of doing such MCS Course virtually. For New course students, they compulsory need to do this course before appearing in CA Final exam and in case of old course students, they also compulsory need to do this course but before applying for CA membership. First you need to go to: https://virtualmcs.icai.org At this website, you need to Register yourself.  Once you got log in details, make payment for the course. Students can pay ₹5000/- fee online and can start watching lectures on their PC or smartphone.  Before start watching, you need to upload your passport size photo. Also scan and upload your PAN.  In you...

Section 44ADA is a special provision for small professionals. Under the presumptive scheme of taxation, profits are presumed at 50% of the gross receipts. The following are some of the key benefits available to professionals who opt for presumptive taxation scheme under Section 44ADA: No need of maintaining books required under Section 44AA No requirement of having accounts audited under Section 44AB Facilitates ease of doing business. Tax form is much shorter and simpler as compared to a complex ITR forms under other sections of the income tax act. Reduces compliance burden on small professions. It helps to save money. Tax consultants can charge exorbitant amounts to file tax returns for self-employed individuals due to the complicated filing requirements involved. On the other hand, u/s 44ADA, professionals can file returns on their own due to the simpler ITR form requirements and this can save self-employed professionals a lot of money. For getting above benefits, professionals have...