NJR MONEY

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...

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...

  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...