Tax Gyan - The Makeyourtax Blog

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Interest Rates on Small Savings Schemes w.e.f. 01.07.2016 to 30.9.2016

Press Information Bureau Government of India Ministry of Finance Date: 20-June-2016 Quarterly Revision of Interest Rates for Small Savings Schemes On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second …

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No Fee for MSME Registration

Press Information Bureau Government of India Ministry of Micro,Small & Medium Enterprises Date: 20-June-2016 No Fee for MSME Registration Ministry of MSME has clarified today, that Udyog Aadhar Memorandum is the only form of registration for MSMEs in India and there is no fee for the registration. This has been clarified in view of some …

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Outlets can be visited only on tax evasion information

Revenue department has directed excise officials to visit readymade garment retail outlets or chains only when they have specific inputs regarding duty evasion and that too after the approval of senior officers. The Central Board of Excise and Customs (CBEC) said this while clarifying on scope of levy of excise duty on branded readymade garments having …

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How to calculate TDS on salary

If you are paying salary, tax laws require you deduct TDS before you pay your employee. The taxes are deducted at the source of payments such as salary paid to an employee or commission earned by a broker. TDS provides a way for the government to ensure steady collection of taxes throughout the year, while …

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Top 6 changes in ITR for AY 2016-17

Government has notified the new forms with the onset of the new financial year i.e., 1st April, 2016. The Finance Ministry published a gazette order in this regard on March 30 and taxpayers can file their ITRs till the stipulated deadline of July 31.   In this regard, following changes in ITR for AY 2016-17 need …

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Draft Model GST law placed before public

Finally the much talked about GST Law is placed before public domain. GST is a destination based consumption tax levied at multiple stages of production and distribution of goods and services, with taxes on inputs credited against taxes on output. GST is going to be big game changer and will be one of the most …

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