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New Slab of Income Tax in India For F.Y. 2018-19 and A.Y. 2019-20

Tax Structure in India is far different from other developed countries. Income Tax Act, 1961 has defined a slab of Income tax on the basis of which every person is required to pay tax in the country. Tax collected by the Government in the form of Income Tax is Direct Tax which is used by the Govt. for the various public purposes such a defense, improvement of infrastructure, salaries to the Govt Employees etc. The basic exemption limit under the Income Tax Act, 1961 is Rs 2,50,000 for both Individuals and HUF. No such limit has been defined for Companies,

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Who is Required to File Income Tax Return in India and Who is Not

Income Tax Law in India is much more complicated than any other country. Here, return filing under Income Tax Law is not mandatory for every Person. It has been based on many factors such as age, salary, residential status as well as income sources in any other country. Read the article below and know that who is required to file income tax return and who is not required to file an income tax return.  Income Tax Act, 1961 has defined a basic exemption limit for Individuals and HUF. Therefore,  Individuals and HUF are required to file Income Tax Return only

Chartered Accountant, Must Read

ICAI Industrial Training, Eligibility, Period, Procedure and Working Hours.

First of all, students shall note that ICAI Industrial Training is not a mandatory part of Chartered Accountancy course like articleship training. The motto behind ICAI to implement industrial training in CA curriculum is to provide industries, members with adequate knowledge and background of Industrial functioning. ICAI Industrial Training gives an opportunity to the articles to develop a problem-solving attitude and also have an insight into the functioning of the accounts department in an industrial/commercial or financial environment. It gives them a practical experience and makes them capable to work in a team and also correlate with the members of

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Rates of Depreciation as Per Income Tax Act

As we know that Income Tax does not provide the complete deduction of Capital assets in the year of purchase. Capital Assets are depreciated over the period of time. Income Tax Act 1961, has provided the methods and rates for each category of assets u/s 32 and assessee is required to calculate the Depreciation under Income Tax Act on the basis of such rate and method only. The depreciation u/s 32 is allowed to get deducted from the income chargeable u/s 28 of the Profit and Gains of Business and Profession. Depreciation is allowed on all tangible assets like building,

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Sample Resume for Articleship Trainings – Download PDF

Our Today’s Blog is dedicated to the resume for articleship training. Articleship Training is a mandatory part of the Chartered Accountancy course. After passing either single or both group of CA Intermediate, one can start his articleship training. Articleship Training is also known as the golden period in a CA student’s life. The knowledge, exposure, the experience you achieve amid such training is beyond your expectations. But obviously, it depends on the firm you are choosing to do your articleship training. You must read our blog on the importance of articleship training. Students who really want to have a good

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Career Options After 12th Science (PCM, PCB, PCMB, with or Without Maths)

Students have wide career options after 12th science with Physics, Chemistry, Maths or Physics, Chemistry, Biology, to select your fields based upon your interest which gives you a solid idea for a job. Because the wideness of field, we usually get confused in selection of best courses after 12th or Career. Most of the students also choose the wrong course which makes them regret later as they are of no worth. You need to know about the course well before choosing it. Here we have provided some specific fields with their pros and cons, which are the best career options

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Reasons Why Most Students Quit CA – Avoid These!

CA Final results have been declared, some students passed, while many have failed also. Some will try next time and some will leave the pitch. But let me tell you something- Failure is just a phase of life, Everyone fails sometimes but what wrong we do after our failures is ‘Not Trying Again’. Here we go wrong and speed up our life on wrong track as well. Leaving the pitch, blaming the luck is not the solution. You will do nothing but put your career in more danger. Remember, you have worked very hard to reach here. Only a few

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The Best Courses After 12th for A Great Future

What to do after 12th? Most of the Indian students are not clear on this question. And many of them select the degree course after 12th in confusion which makes them regret this later. Here, we are with a solution to this question. You will be able to find details about some profitable and interesting courses from this post. Here you go with these details. The Best Courses After 12th for promising Career #1 Chartered Accountancy or CA Opportunities: Chartered Accountancy Course is the best course after 12th for Commerce Stream. This course to do after 12th opens the door

CA Final, Must Read

What to Do After Failing in CA So Many Times

CA XYZ sounds a lot better than Mr. / Mrs.XYZ…………………….. And what else can give you a better feeling than becoming a Chartered Accountant.!!! Chartered Accountancy is divided into three levels where the first level is CPT whose average result takes between 30-35% after that IPCC where the average result remains 10% and last CA Final where the average result is up to 10%. That means if 1000 students get enrolled in CPT, only 300 students will reach to the next level i.e. IPCC and out of these 300 students only 30 can crack this level and become CA Finalist

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Procedure for Registration Under GST and Other FAQ’s

Today we are going to discuss the procedure for registration under GST . After implementation of GST in India, number of questions are roaming in every other individual’s mind like Who is liable to register in GST? What is the procedure of GST registration? Can we claim Input Tax credit without registration? Time limit for registration under GST Is PAN mandatory to register under GST? Where the person under same PAN is operating from multiple states, will be required to obtain registration from each such states? Here in this article, you will get an answer to your all such queries.