59 Minutes Loan
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How to apply for the new Loan under 59 Scheme by the Government

Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…
Class 3 DSC

Class 3 DSC Signature and E-tendering- What you need to know

Class 3 Digital Signature is used for e-tendering and is considered to be the signature of the highest level. The importance of the Class 3 DSC lies in the fact that it enables safety of the user. An Individual who is applying for tenders through e-tendering route would always want to know that his transactions are safe. Class 3 Digital Signature has been designed to do exactly the same. There are two validity period of Class 3 Digital Signature – One year and Two Years. According to the Information Technology Act, Class 3 Digital Signatures…
US$ to INR

Here is Why Indian Rupee is Falling Against The U.S. Dollar

The Indian Rupee is not taking halt against US dollar, falling continuously to touch the lifetime low of 71.10 against the greenback. In today’s session, the currency got some relief after the good GDP numbers but failed to sustain and fell to an all time low levels. There are multiple factors behind falling Indian rupee against US dollar. Global and Domestic Factors The rising tensions between two biggest economies – the United States and China has taken toll on India rupee. Both the countries are in a race to slap tariff on each other’s…

DIR-3 KYC Filing Date Extended - How to file the form?

The government has extended due date of filing DIR-3 KYC without any late fee till 15th September. As a part of updating the registry, the Ministry of Corporate Affairs as is conducting KYC of all Directors of all companies annually through DIR-3 KYC form. This form is compulsorily required to be filed by every director who has been allotted a Director Identification Number on or before 31st March of a financial year and whose DIN is in Approved status. It is mandatory for Disqualified directors also. Late filing after 15th September would attract…

Different Types OF ITR Status And How To Check It Online

Taxpayers should regularly check their ITR status to ensure that the Income Tax Return has been accepted and processed. Income-tax Department has provided access to check Income-tax Return Status in user login. However, not every tax payer understands the meaning of checking the status means after they file the return. Different types of ITR status: Submitted and pending for e-verification: this status appears on the screen:  When you have filed the ITR but have not e-verified it. You have  sent the acknowledgement to the department but…
Income Tax Return
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Everything you need to know about Digital Signature

Digital Signature acts like a guarantee that the electronic documents and the message sent digitally has not been tampered because of the encryption techniques used. Digital signature is popularly known as electronic signature. Difference between digital and electronic signature Digital signature is also a form of electronic signature but the method differs slightly. It uses the certificate-based digital ID to authenticate signer identity. In digital signature, the proof of signing linked together to the document through encryption and the…
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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…
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GST Training in Bangalore | GST Classroom cum online training in Bangalore

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…
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How to import and view Form 26AS ?

Form 26AS is the tax credit statement which is a very useful document, required for filing the tax. The information of Form 26 AS can be imported directly, while filing the Income Tax Returns. Let us understand about the Form 26 AS and how to download it. What is Form 26 AS? It is the details of tax collected by the collectors Self-assessment of tax payment It contains the details of the high value transaction related to shares, mutual funds and so on. Details of advance tax paid by the taxpayer Refund received by the tax payer during the…

How to file the Income tax return without Form 16?

Salaried Individual need to have the Form 16 from the employer before filing the income tax return. It is the duty of the employer to furnish the form 16 to every employee. However, there are some cases wherein the employer has not given the Form 16 to the employee. In such cases however, the employee does not need to fear for not getting the form 16 because it is possible to fill the income tax return. Before panicking, you need to understand what the Form 16 is? The Form 16 is basically a TDS certificate and the total taxable income. There are…
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Salary Components that Can Save Your Income Tax

There are various salary components and the breakup is given to you by the organizations. These components can help us save tax some or other way if we know how to manage it. Apart from the investments that we make, there are other things which also help us save big on Income Tax. Let us see how to manage various items in order to get the easy rebate on the Income tax that we pay every fiscal. Reimbursements – It is up to your employer to reimburse the expenses that has been incurred by you for the official purposes. Take for instance, you…
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Income tax treatment for different types of Provident funds

Any contribution in the provident fund is made for the welfare of the employee. The contribution is made by both employee and the employer and deduction for the same is available under section 80C. In the provident fund, a part of the salary of the employees is contributed and the other part is contributed by the employer on the behalf of their employees. As per the section 10(11) and 10(12) of the Income Tax Act, the definition of the exemption on the amount added to the provident fund has been mentioned. Also, the amount deducted on contribution…

Advance Tax Payment - How to pay it online

Advance Tax Payment can go incredibly in the favor of a taxpayer by relieving him of the last minute hustle such as missing the proper documents and so on.  Since June 15, the last day of paying the advance tax is on the verge, taxpayers who have planned for the advance payment should hurry up and take the benefit. Here are few important things that one should know before proceeding with the Advance Tax Payment. Coming to the eligibility, advance tax can be paid by the businessman as well as salaried professionals. It can be done by anyone irrespective…
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Important Documents Required to file Income Tax Return

Income Tax return filing should be done more cautiously and in time this time because the late filing would attract the penalty. While filing the return, there are certain documents that should be kept handy because they act as a proof. These are the following documents; an individual should keep ready before starting the return filing. Form 16- Perhaps the most important document for the salaried person is Form 16. It is nothing but a TDS certificate that is issued by the employer to provide the necessary details and the TDS deducted. If the employer…

How To Pay Income Tax On The Inherited Property

Income Tax payment has always been a complicated subject for layman. We often do not know while paying the Income Tax that what would come under the ambit of Tax and what would not. Often, this leads to confusion and lot of paperwork. One of the most common questions that is asked by an Income Tax Payer is that whether the tax should be paid on the sale of Inherited Property or not. While some Individuals think that the sale proceed from the inherited property is fully exempt, other think that it is fully taxable. So, the fact is that there…

Section 80 C, 80CCC And 80 CCD of Income Tax - Who Can Claim?

A taxpayer can claim various deductions from the total income which is subjected to tax. This helps in reducing the total amount of money on which the income tax is calculated. Individual tax payers should know about 80C , 80CCC, and 80CCD deductions and who can claim. What is 80 C Deduction? This section offers you the deduction on the Investments wherein, a deduction of 1,50,000 can be claimed from the total income. There would be various forms of investment that come under 80 C and if you have parked maximum of 1,50,000 in one or more investment…
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ITR – Penalty to be Paid for Late Filing

With the onset of ITR filing season, salaried individuals and other tax payers start wondering about which new rule has been inserted for the current year. In the budget presented in February 2016, government introduced the concept of penalty of maximum Rs 10,000 for delayed filing of income tax return by individuals. The penalty came into effect from April 1, 2018 and did not apply for the financial year before that. With the effect, a new section 234F was inserted by the government in the Income Tax Act. The section stated that, an individual…
Income Tax Return

Which Income Tax Return form Should you Opt For Filing An ITR

As Income Tax department has been making ITR forms live on their website one after another, individuals who are filing the Income Tax Return for the first time are finding it challenging to access as to which form should they file. This is the most common confusion that we come across at least once in our career because there is a first time for everything and so is it for the filing of ITR. Let us understand the different types of ITR forms and who should file them. For an Individual, these are the Income Tax Return forms to be filed: - …