fbpx

Blog

Attention Startups! The MCA Now Wants To Know How You Handled Cash During Demonetization

by Sanjeev Archak Sanjeev Archak No Comments

The financial year 2016 – 2017 would go down in the economic history of India for one primary reason. The ‘Demonetization’ scheme introduced by our Prime Minister Shri Narendra Modi and his government. This scheme took the entire nation by storm on November 8, 2016. The advantages and disadvantages of enforcing this scheme is a topic of huge debate for every Indian, and it would continue to be so for years to come.

The Government of India vide their Notification no. 2652 dated November 8, 2016, decided to cancel the legal tender character of the high denomination bank notes of Rs. 500 and Rs. 1000 denominations (hereafter referred to as Specified Bank Notes) issued by the RBI. The scheme was necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes. Read more

5 Ways To Save Tax For Salaried Employees in FY 2017-2018

by Sanjeev Archak Sanjeev Archak No Comments

The Union Budget for the Financial Year 2017 – 2018 proposed some new income tax rates and deductions that have been applicable and in effect since 1st April 2017.

Finance Minister Arun Jaitley brought cheers of joy and relief to the individual taxpayers when he reduced the income rate by half to 5 percent for the people having the income taxable between 2.5 lakhs to 5 lakhs compared to the 10 percent that was applicable before. An additional surcharge of 10% has been added to the 30 percent tax amount for individuals having the taxable income Rs. 50 lakh and Rs. 1 crore.

Even though the income tax exemption limit for the primary income remains at 2.5 lakhs, the Income Tax Act provides many tax exemptions that can be leveraged for the further reduction of your tax liabilities. Here the new income tax slabs for the general category (Up to 60 years of age) as per the Budget 2017. Read more

6 Things About the GST Bill and How It Affects Your Startup

by Sanjeev Archak Sanjeev Archak No Comments

India’s biggest tax reform known as The Goods and Services Tax(GST bill) has been making headlines since the day it was first introduced. It is touted to be the biggest revolution in the history of the Indian Tax System since Independence.

On April 13th, 2017 the President of India, Shri Pranab Mukherjee signed four enabling bills related to the GST. Thus making it into law and bringing the country a few steps closer to its dream of ‘One nation, one tax’ reform.

The four legislative bills passed were the Central GST Act, 2017, the Union Territory GST Act, 2017, the Integrated GST Act, 2017 and the GST (Compensation to States) Act, 2017. Everyone is now looking forward towards the State governments to pass the State GST bill at their respective assemblies. Read more

What is the Startup India Project and How To Be a Part of It

by Sanjeev Archak Sanjeev Archak No Comments

The Startup India Project is an ambitious flagship initiative of the Government of India under our Prime Minister, Shri Narendra Modi. The whole purpose of this initiative is to empower startups and build a robust ecosystem by nurturing them to grow through innovation and design. This will, in turn, drive sustainable economic growth and bring in large-scale employment opportunities within the country.

“I see startups, technology, and innovation as exciting and effective instruments for India’s transformation.”
– Shri Narendra Modi, Prime Minister Of India

The project was first introduced by the prime minister on the 15th August 2015 while he was addressing the nation through his speech on the occasion of India’s 69th Independence Day. Read more