Filing of Income Tax Return for AY 2015-16 and Advantages & Disadvanteges of ITR AY 2015-16

Income Tax Return is not mandatory whose income below Rs. 250000/-.  Apart from this if you have pan card must file income Tax Return before due date, even if your Taxable Income is less than Rs. 250000/-.  
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Service Tax Rate Increased from 12.36% to 14 % w.e.f. 01.06.2015

Post enactment of Finance Act'15, trade was waiting for the Finance Ministry to notify the date for enhancement of service tax. Finally, the same has been notified as 1st June'15. Following is the gist of changes applicable w.e.f. the said date:
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Lesson 50 - How to Run Tally.ERP9 on any Smartphone

Juno is a mobile application that allows you anytime, anywhere access to your Tally.ERP 9 data. “Tally on Mobile” brings real time information that is securely synced with your Tally.ERP 9 installation. Multiple Reports, dashboard and graphs allows you to make decisions in the office, at meetings or out on the road. Smart application design ensures that mobile internet data usage is only on a need basis. All you need is valid TALLY .NET ID and connect your company online. JUNO is not only for CEO and other senior management of the company but for everyone who uses tally data while on the move.
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Procedure for Surrender and Cancellation of Service Tax Registration

1. Attention of the trade is invited to the provisions of sub-rules (7) and (8) of the Rule 4 of the Service Tax Rules, 1994, which provide for surrender of  registration certificate in the case of an assessee who ceases to provide the taxable services for which he is registered. The Superintendent of Central Excise after ensuring that the assessee has paid all the Service Tax dues may cancel such registration.
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Dont Misuse Form 15G, 15H for avoid TDS

Imprisonment and fines await those who wrongly file the two forms to avoid tax on interest income.
Getting a tax refund can be cumbersome as delays by the Income Tax Department are common. It makes sense to plan your taxes at the beginning of the year, to avoid overpayment and the refund process. Submitting investment declaration with your employer on time and filling form 15G, 15H will save you half the hassles. However, you cannot randomly submit forms 15G and 15H.
If your interest income exceeds Rs. 10,000 a year, the bank will deduct 10% tax at source. If you do not furnish PAN details, the TDS rate will be higher at 20%. However, you can submit a Form 15G and 15H to avoid TDS on interest income. While Form 15G is for Indian residents below 60 years of age, HUFs and trusts, Form 15H is for those above 60.
The repercussion of wrong filing is stiff. A false or wrong declaration in Form 15G attracts penalty under Section 277 of the Income Tax Act. “Prosecution includes imprisonment ranging from three months to two years, and a fine. The term can be extended to seven years and fine, where tax sought to be evaded exceeds Rs. 25 lakh,” says Sudhir Kaushik, CA and CFO, Taxspanner. Keep in mind the following points.
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Government to modify new income tax return forms

Government today said it has decided to "modify" the new Income Tax Return (ITR) forms in wake of concerns raised over them.

The Income Tax department had notified new income tax return forms on April 15. In the new ITR-2, Finance Minister Arun Jaitley said, the information relating to foreign travel which has been sought to be captured is as per the recommendation of Special Investigation Team on Black Money constituted as per directions of the Supreme Court. 
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Lesson - 50 Settings of Statutory Compliances in Tally.ERP9

Tally.ERP9 is the most usable accounting Software in India. It is used in Industries, Firms, Educational Institutes, CA Firms etc. and all these needs to fulfil their statutory compliances in Tally.ERP9 (VAT, Income Tax, TDS, Service Tax, Excise, Payroll Etc.).
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Tally.ERP9 Quiz

Our Lots of viewers asks many type of questions about Tally.ERP9 fundamentals. Some time questions about shortcut keys, some time about taxation, some times about setup and about many more features. 

If you are ready then, go to the above link, then select Quiz. This test is for 10 minutes only and once you hit the start button, the quiz will start counting…. Of course, I am very hard for evaluation and so be careful the passing mark is 70%.  right now there is only 10 question. I will wait for your response and interest for further such test and development. If you are interested, then go ahead.
Best of luck

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CBEC clarifies - Dealer registration not mandatory for Sale in Transit

Background:
Vide Notification No. 8/2015-C.E. (N.T.), dated March 1, 2015, the following provisos were added to Rule 11(2) of the Central Excise Rules, 2002 (“the Excise Rules”)
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Lesson 49 - How to Surrender Tally License when computer is Corrupted

This is very big problem to Tally Users to Surrender their license when system corrupt. Now the problem is resolved and the solution is only provided to Registered Users.

It is very simple steps, when you purchase TallyERP9, you also get a Tally.Net user id and password with your CD (Tally.Net ID is your registered email for activation of Tally.ERP9). When your system gets corrupt and you do not surrender your Tally.ERP9 software before corrupted the system.

Then go to www.tallysolutions.com click on login with your email id and password & click on License & Configuration, under License & Configuration click on License Management:


A List of license option wil appear on your computer screen and show your current license/ licenses. Now Click on Action (See below image)->Surrender. Website ask you for surrender your license, click ok. 


Now you are on License surrender page (Below image). 


Click on perform Operation and you are done!. Now your Tally.ERP9 License is surrender from corrupted or non responding System and you are able to install or activate it on any other System.
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