Arun Grover & Associates

28/02/2015

Wealth tax abolished! Additional 2% surcharge on tax for earners above Rs. 2 Crore.



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Arun Grover & Associates Chartered Accountants, Jabalpur, India

28/02/2015

UNION BUDGET INITIAL HIGHLIGHTS

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31/01/2013

SAVE TAX BY OPENING A NEW DEMAT ACCOUNT

(KARVY STOCK BROKING, JABALPUR Ph.: 0761-2400809, 2411179)

RAJIV GANDHI EQUITY SAVINGS SCHEME (RGESS)

Rajiv Gandhi Equity Savings Scheme (RGESS) is a new equity tax advantage savings scheme for equity investors in India. The scheme got its approval on September 21, 2012. It is exclusively for the first time retail investors in securities market.

AIM:
To encourage the savings of the small investors in domestic capital market. In order to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market

TAX SECTION: A new section 80CCG under the Income Tax Act, 1961 on 'Deduction in respect of investment under an equity savings scheme' has been introduced to give tax benefits.

TAX BENEFIT: 50% of the amount invested. This is over and above the Rs 1 lac limit under Section 80 C. The tax benefit under RGESS is available only for one year. If an investor has claimed a deduction once, he will not be allowed any deduction under the scheme in subsequent years. One can invest in non-RGESS stocks and mutual funds through the same demat account

Example:
1. For investment of Rs.50000 under RGESS, the amount eligible for tax deduction from income will be Rs.25000.

2. For investment Rs.40000 under RGESS, the amount eligible for tax deduction will be Rs.20000.

3. For investment of Rs.75000 under RGESS, the amount eligible for tax deduction from income will be Rs.25000.

So one may save about Rs.2575/ Rs.5150 for income tax slabs 10% and 20% respectively under scheme.

ELIGIBLE INVESTOR:

1. First time retail investor

2. Whose annual income

29/01/2013

RBI cuts repo rate by 25 bps and CRR by 25 bps.

Arun Grover & Associates

17/09/2012

RBI's Monetary Policy Review (17th September 2012):

- Repo rate unchanged at 8%
- Reverse Repo Rate unchanged at 7%
- CRR cut by 25 bps to 4.50%
- SLR unhanged at 23%

Arun Grover & Associates

10/09/2012

This year onwards (Financial Year 2011-12), a new audit report (Form 41A and Form B) has been made mandatory for all VAT registered businesses, having a turnover more than Rs. 10 crore.

Last date for filing this VAT Audit Report is 31st October of the following year. So, for Financial Year 2011-12, the VAT Audit Report needs to be filed by 31st October 2012.

This report has to be signed by a Chartered Accountant.
Arun Grover & Associates

18/06/2012

(Arun Grover & Associates)

RBI keeps Repo and CRR rates 'unchanged'.

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07/05/2012

(Arun Grover & Associates, Chartered Accountants)
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Today, the Finance Minister, Mr. Pranab Mukherjee, announced various amendments in the Finance Bill proposed on 16th March 2012, during the Union Budget 2012-13. (http://arungrover.com/news-publication/)

Here are the key changes announced by him:

1. Application of GAAR deferred by a year
2. Withdrawal of TDS on immovable property
3. No excise duty on purchase of jewellery valued Rs 5 lakh, against earlier threshold of Rs 2 lakh
4. Levy on all precious metals, branded or unbranded, withdrawn
5. Withholding tax lower rate extended to all businesses
6. STT of 0.2% on sale of unlisted securities
7. Clarificatory provisions don't override tax treaties
8. Withdrawal of provisions in Customs and Excise rules, under which bail was denied till public prosecutor was heard
9. Capital gains tax on private equity halved, to 10 per cent

Check out the original budget proposals in our SUMMARY BOOKLET - UNION BUDGET 2012. (following link)

Union Budget 2012 was announced on 16th March 2012, where our Finance Minister, Mr. Pranab Mukherjee, laid out the proposals for financial year 2012-13. A Summary Booklet for the Budget 2012 has been prepared by us, which articulates the highlights of the budget, along with details of amendments in...

13/03/2012

13/03/2012

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