Save On Income Tax By adopting this simple ways

There are multiple options which would allow you to save income  duty. Listing below some of them

• Invest in  duty- saving instruments  similar as Public Provident Fund( PPF), National Savings Certificate( NSC), Equity- linked Saving Scheme( ELSS), and Sukanya Samriddhi Yojana( SSY).
• Take advantage of the deductions under Section 80C of the Income Tax Act, which allows a maximum deduction of Rs1.5 lakh per  fiscal time on investments and charges  similar as life insurance  decoration, education  freights, and home loan  star prepayment.
• Consider taking a home loan to save on  duty by claiming interest payments as deductions under Section 24 of the Income Tax Act.
• Make use of Section 80D to claim deductions for medical insurance  decoration payments for  tone,  partner, children, and parents.
• Claim deductions under Section 80E for the interest paid on education loans.
• Make use of Section 80GG to claim deductions for rent paid if you don't admit any House Rent Allowance( HRA) from your employer.
• Claim deductions under Section 80TTA for interest earned on savings  regard.
• Claim deductions under Section 80GGC for donations made to political parties or charitable institutions.
• Invest in National Pension Scheme( NPS) and claim deductions under Section 80CCD.
• Claim deductions under Section 80DDB for medical charges incurred on specified  conditions.
• Claim deductions under Section 80U for persons with disabilities.
• Claim deductions under Section 80EE for interest paid on a  casing loan for a first- time home buyer.
• Claim deductions under Section 80G for donations made to certain approved charitable institutions

Regards,
Author

What is CBDC and how it will be implemented in India

A Central Bank Digital Currency (CBDC) is a digital version of a country's fiat currency that is issued and regulated by the country's central bank. CBDCs can be used for a wide range of transactions, from making purchases to paying bills and conducting financial transactions.

In India, the Reserve Bank of India (RBI) is currently exploring the possibility of issuing a CBDC. However, no specific plans for implementation have been announced yet. The RBI has set up a working group to study the feasibility and desirability of issuing a CBDC, and to make recommendations on its design and implementation.

The group is also looking into various technical and legal issues related to issuing a CBDC, such as the appropriate technology to be used, the regulatory framework needed to support it, and the possible impact on financial stability and monetary policy.

However, it's worth noting that CBDC is still in early stages of adoption in India, and many challenges such as regulatory and technical need to be addressed before the implementation. It will also have to go through various testing, piloting and public consultation before it could be implemented.

It's worth mentioning that CBDC is a complex topic and its implementation would have wide and long-term ramifications, and it's expected that Central banks and government agencies will take a cautious approach in testing and implementing it.

 Regards,

Author

 

Scientific benefit for the old Indian Traditions and knowledge

India has a rich tradition of knowledge and practices that have been passed down for centuries, some of which have been found to be supported by scientific fact. Here are a few examples of Indian tradition and scientific fact related to it:

1. Yoga: Yoga is a physical, mental, and spiritual practice that originated in ancient India. Modern science has found that regular yoga practice can have numerous health benefits, including reducing stress, improving flexibility, and increasing cardiovascular fitness.

2. Ayurveda: Ayurveda is a traditional Indian system of medicine that is based on the belief that health and wellness depend on a delicate balance between the mind, body, and spirit. Modern research has found that some Ayurvedic treatments, such as the use of turmeric and ginger, have anti-inflammatory properties and can be helpful in treating certain conditions.

3. Meditation: Meditation is a practice that is central to many Indian spiritual traditions. Modern science has found that regular meditation can have many benefits, including reducing stress, improving attention and focus, and even changing the structure and function of certain parts of the brain.

4. Breath control: Indian spiritual traditions place a great emphasis on breath control and the practice of pranayama. Modern science has found that specific breath control practices, such as diaphragmatic breathing and nasal breathing, can improve cardiovascular health and reduce stress.

5. Herbal medicine: Indian traditional medicine, such as Ayurveda, rely on the use of herbal medicines and natural remedies. Modern science has found that many herbs used in Indian traditional medicine, such as Turmeric, Tulsi, Neem, Guggulu, and Shankhpushpi, have medicinal properties and can be used to treat various illnesses.

6. Indian cuisine: Indian traditional cuisine is rich in fruits, vegetables, legumes, and spices, which is beneficial for health.

7. Indian Architecture: Indian traditional architecture is known for its focus on natural light and ventilation, which is energy-efficient and sustainable.

8. India's traditional practices of water management like rainwater harvesting, tank systems, and stepwells, have been found to be efficient and effective by modern science,

9. Indian traditional practice of Ayurvedic massages and oil treatments, found to have therapeutic benefits and can be beneficial for the skin, muscles and joints.

It's important to note, however, that not all traditional practices have been scientifically validated, and some may not be safe or effective. It's important to consult with qualified health professionals and experts when considering traditional practices for health and wellness.

Regards,

Author

Election Vote Counting 2019 - How would it Happen

Advisory for 23rd May.

Counting for elections will start at 8 am.

The total EVMs will be divided into a number and in each round these many EVMs of the Loksabha constituency will be opened and counted against each candidate.

Smaller constituency like Lakshadweep ( 50k voters) may have around 8 to 10 rounds of counting. Bigger constituency like Bangalore North ( 26lakh voters) may have over 30 rounds of counting.

Also there are postal ballots which are counted in  parallel.

Counting time for each EVM depends on number of candidates contesting in that constituency.  More the candidates, more the time.

After each round, the total votes are announced . This is usually picked up by media and highlighted as LEAD. LEAD is not the result

8:30 am : Usually first leads come.
9:30 am : 3 to 4 rounds of counting would be over.

10:00 am : By this time, all most all constituency would have completed 3 rounds and smaller constituencies might have finished counting.

NEVER CELEBRATE OR GET DISAPPOINTED AT THIS TIME.

MEDIA WILL HYPE LEAD AS VICTORY.

There are many rounds to go and situation can change.

10:30 to 12:30 - More rounds of counting. If lead is above a lakh then he/she is likely to win.

Around 1pm : Around 400 constituencies would have completed counting of EVMs and our Media will jump to congratulate the winners etc. Party workers will start distributing sweets.

HOLD ON...
VVPAT PAPER VOTES HAS TO BE TALLIED.

This is new in this election, while u voted, there was a vvpat machine, which records the vote in paper.

Now EVM result has to tally with paper result.

So EVM of random 5 booths of an assembly must be picked and votes of paper and EVM must be matched.

Loksabha constituency of Bangalore North has 8 assembly segments under it, so  8×5=40 EVM Along with vvpat paper votes must be TALLIED.

In Pondicheery, 1 LS constituency has 40 assembly segments. So there it has to be 40X5 =200 EVMs verified.

This verification is a manual process and would take no less than 2 to 4 hours.

So FINAL RESULT will come only by 4pm onwards. Large constituency and more candidates would mean much larger time.

What happens if VVPAT and EVM does not match??? WE don't have an answer. The Returning officer can withhold the result.

So final tally will be known only by night.

DISCLAIMER : This information has been collected from various sources. May require reverification

Lets Get Ready for Good and Services Tax GST India

* HOW TO READY FOR GST  *
( Pl read all points 1-35 )

Dear Traders,

1. Get Complete your working for Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date .
2. Allocate your such stock into quantative mode.
3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compiled them from your books.
4. Rectify *Mismatch Reports of Purchases *, if persists .
5. Revise your Vat Returns if point no.4 applies to you.
6. Make strict follow-up to Collect all the C forms/H Form/ I forms .
7. Get your Books Finalise for FY 2016-17
8. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.
9. Stock ageing be made to ascertain if any stock is more than 1yr old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally.
10. Classify stock tax rate wise, purchased locally to get ITC into SGST.
11. Classify stock purchased on invoices bearing Duty Payment & non duty payments to get ITC transferred to CGST.
12. Inform your GSTIN / ARN to all suppliers of Goods & Services.
13. Obtain GSTIN of all Suppliers & Buyers.
14. Apply for migration in all states if you have centralised registration under Service Tax.
15. Train your accountants for GST accounting and returns formats.
16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.
17. Check whether any stock of one year old is lying with you .
18. Analyse P and L and see which expenses are liable to RCM.
19. Be in regular touch with your GST Consultant .
20. Kindly Place the order to your printer for * Draft Format *of Tax Invoice/ Bill of Supply/ Debit - Credit Note etc  ( as applicable to your business )

21. If you are planning to generate , invoices through any Software , do align with Software Consulting firm.

22. And Get approved the Draft ( pt no. 20-21) from your GST Expert.

23. Use  only original Softwares for Accounting & Invoicing purposes.

24. Pl pay special attentions for any Calls, mails , messages or communication of your GST Consultant/ Department.

25. Make a practise to Upload your Sales / purchases on regular basis at GST Portal

26. GST / Interest/ penalty or any levy may be paid through RTGS/ NEFT/ Debit Card/ Credit Card Etc.

27. Due Dates for uploading of Returns :

GSTR 1  :    10th of Next Month   
GSTR 2  :   15th of Next Month
GSTR 3. :   20th of Next Month   
* ( For Regular Dealer ) *
GSTR 4. :   18th of Next Quarter          * ( Composite Dealers ) *
GSTR 5  :    20th of Next Month    * ( For Non Resident )*
GSTR 6  :   13th of Next Month    (Input Service Distributors)
GSTR 7. :    10th of Next Month    * ( For TDS Returns )*
GSTR 8. :    10th of Next Month    ( E-Commerce Operators )
GSTR 9.  :   31st December of Next F.Y.
(Registered Taxable Person)

28. Penalty Provisions for non submission of GST returns : Rs 100/- per day but subject to max. Rs.5000/- in each acts.

29. Penalty Provisions for non submission of Annual Return is 0.25% of Annual Turnover .

30. Please Final the terms & remuneration of your GST Service provider before GST Implementation Date .

31. Option of revising the return is not available in GST Regime but you can modify your uploaded data by Debit & Credit Notes.

32. Every Normal Dealer filing GSTR 1 -3 required to submit Annual Return in GSTR 9 by the due date .

33. Late filing would be permitted on payment of late fees only. Hence late filing of return will not be possible without payment of fees.

34. A return furnished without payment of full tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person.

35. Input tax credit is eligible only after filing a valid GST return.

* Thanking You for the time to read the above*

Source : Various Sources

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