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This blog is dedicated to tax updates, Finance related information and different investment avenues available. Also I will post here stock market and mutual fund related basic information. Also you get here CA exam updates, budget updates and insurance, jobs and career development related information.

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Effective strategies to save 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...

The e-filing portal of income tax has been enabled to automatically validate Tax Audit Report | NJR TAX & FINANCE

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...

Certain High value transactions required the filing of income tax return compulsory

Here in this blog, we will be discussing about latest amendment in Seventh Proviso to Section 139(1) of Income Tax Act. In following certain scenarios, it is now mandatory to file income tax return even if your taxable income is below basic exemption limit (threshold limit) as per latest amendments in Income Tax Act. Before we go further, first we will understand what is Basic exemption limit in income tax. Basic exemption limit is the maximum amount not chargeble to tax. Some time, it is also called as threshold limit. Even though the person is otherwise not required to file a return of income because his total income is below the basic exemption limit. However, if he is undertaking certain high-value transactions, he required to file income tax return compulsory. Currently, Company and Firm are compulsory required to file income tax return every year. A person other than a company or a firm is required to furnish the return of income only if their total income exceeds basic...

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