Income includes ‘loss’ and all loss can’t be adjusted against income. The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions. Here is a quiz to test your knowledge on set off and carry forward of losses. [mtouchquiz id=2 startscreen=’off’ showanswers=’end’ multiplechances=’off’]
Read More »Indian-American scientist invented email 32 years ago
Know who is the inventor of e-mail? The credit goes to an Indian American V.A. Shiva Ayyadurai who received official recognition as the inventor of the computer program for electronic mail system from the US government August 30, 1982. Studying at Livingston High School in New Jersey, Ayyadurai began …
Read More »Minimum Salary applicable is hiked for Employee Provident Fund (EPF) Account
Good news for employees – The Employees Provident Fund Organization (EPFO) has hiked the minimum salary limit to Rs. 15,000 from Rs. 6,500. The changed rules will be applicable from 1st September 2014. What it means to employees? Suppose the basic salary of an employee is, say, Rs. 15,000. …
Read More »How much loan government of India has?
The way you and I have loans, the Government of India also has loans. The total loan (call it as ‘public debt) of the government is Rs.46,25,037 Crores as on March, 2014. Of the total loan, 91% is sourced within India (call it as Internal debt) and the balance is …
Read More »Have Foreign Assets and Income? Do I require to show it in ITR return
Mr. Manish is a resident in India since August 2013. Prior to this, he was working for a MNC at USA for 2 years. Out of his savings at USA, he has invested money in NASDAQ stocks and also holds a bank account. Now Mr. Manish is working for …
Read More »10 points to look at while filing Income tax return of Salaried Employee
There is no rocket science involved in filing your tax returns. However, filing returns that is an annual activity coupled with frequent changes in the law, tax returns and formats may make the job bit complex. That’s it. In this article I wish to write about certain points which you …
Read More »Corporate Status to proprietary concern – a new initiative in India
Corporate Status to proprietary concern – a new initiative in India Hitherto if an Individual wanted to start a company, there was no choice but to set up a proprietary concern. The new initiative of One Person Company (OPC) gives a corporate status to proprietors! OPC is introduced by the …
Read More »Naming ceremony of your Dream Company! Name approval Guidelines
Can you keep any name of your choice to your dream venture (private limited company or limited liability partnership firm)? Yes; provided you follow name approval guidelines and the name is approved by the Registrar of Companies (ROC), the registering authority in India. In this article, we have made a modest …
Read More »Even One Person can start a company now – a new concept ‘One Person Company’
With the introduction of The Companies Act, 2013 only one person can start a company and such companies are known as ‘One Person Company’ (OPC). Basically it is giving legal corporate status of Proprietorship form of doing business. In order to make the company as a going concern, the Act made …
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