Income Tax Rate for FY 2017-18 or AY 2018-19

There are many changes in Tax rate. One of the biggest change is that now tax rate for slab of ₹ 2,50,000 – 5,00,000 is @ 5%. Earlier it was 10%. There is also a major change. Now those earning income of over ₹ 50 lakhs and less than ₹ 1 Crore will have to pay Surcharge @ 10%....

Income Tax Slab Rates for FY 2016-17 (AY 2017-18)

Each year Finance minister present Budget in Indian Parliament. The First Schedule of Finance Act has 4 parts. Part I – It specifies rates applicable for current Assessment Year. Part II – It specifies the rates for Tax Deductible at Source (TDS) for current Financial Year. Part III – It specifies rates for calculating income tax for deducting tax from income chargeable...

How to verify cash transaction post demonetisation with Income Tax Authorities

After demonetisation people rushed to deposit their underlying cash. They deposited their scrapped currency notes in their Bank Accounts. Government Agencies haven't yet released data for quantum of deposits made. Estimates from different sources suggests that most of these scrapped currency notes found their way into Banks. Now, it's time for accounting those cash deposits. Earlier, Finance Minister Shri Arun...

How to Reset Login of Income Tax E-filing Website

It may be very often that you forget your password for Income Tax E-filing Website. Since it is needed only a few times a year, anyone can develop the habit of forgetting it. Don't worry, there is nothing to worry about. Income Tax Website is one of the few governmental websites that is made purposefully easier for taxpayers. You...

How to Register with Income Tax Authorities

To register online with Income Tax Department, you will need your PAN Details. To Proceed with registration, you can follow these steps: Step 1 Go to Income Tax E-Filing Website Step 2 Click on Register, to start Registration Process. Step 3 Select your user type. If you want to register for yourself in an individual capacity, you need to select Individual....

Repurchase Options (Repo.) and Ready Forward contracts

These are purchase and repurchase agreements used by money market participants to finance their loans. Such transaction when viewed from the point of view of the supplier of funds, is called Reverse Repo. Similarly, when viewed from the point of view of seller of securities (the party acquiring funds), it's called Repo. To understand better, let's take an example...

What is Money Market

Financial system of any country consists on different sub-markets as money, capital and forex markets. The flow of funds in these markets is multi-directional depending upon liquidity, risk profile, yield pattern, interest rate differential or arbitrage opportunities, regulatory restrictions, etc. The role of money market in the overall financial system is prime in as much as the market acts...

Money Market Mutual Funds & Exchange Traded Funds

In 1992, GOI thought to introduce Money Market Mutual Funds (MMMFs) on Indian Financial Canvass. The aim of the Government was to develop the money market and to enable individual investors to gain from money market instruments since it is practically impossible for individuals to invest in instruments like Commercial Papers (CPs), Certificate of deposits (CDs) and Treasury Bills...

Computation of returns from Mutual Funds

are funds wherein investor invests money and owns part of assets owned by mutual fund that corresponds to his/her share in the fund. Besides return on buying and selling of the Mutual Fund units hold by investor, an investor derives three types of income from owning such mutual fund units. Cash Dividend Capital Gains Disbursements Change in the...

Framework for the Preparation and Presentation of Financial Statements

Institute of Chartered Accountants of India, which is the apex body of accountants in India has issued a framework on manner of presentation and preparation of Financial Statements in India and is called as . This framework sets out the concepts that underlie the preparation and presentation of financial statements for external users. However, this Framework itself isn't an Accounting...