Compliances for an LLP

Namaste from Moneyम्जी!

Probably, you chose to start LLP over company because it is less costly and requires relatively lesser compliance. But, you might be unaware of the fact that if you don’t comply with mandatory requirements for an LLP, you will end up paying such heavy penalties that it can even force you to shut down your business. Continue reading “Compliances for an LLP”

Victory for Sachin Tendulkar in Capital Gain Case

IT : Where assessee’s major income constituted of income from sports endorsement and that entire investment in shares was made out of his own funds and investment in shares with Portfolio Managers was a meagre percentage of assessee’s total investments, income on sale of shares and mutual funds was to be taxable under head capital gains and not business income Continue reading “Victory for Sachin Tendulkar in Capital Gain Case”


Compliance for a private limited company

Listen जी, giving a birth to a baby is not enough. You also need to take due care of that baby. Similarly, forming a private limited company is not enough, you also need to make sure that the company is following all the compliance and should not get into any trouble for violation.

Moneyम्जी will tell you major compliance that you just cannot afford to avoid. Continue reading “Compliance for a private limited company”

How car allowances and reimbursement can save you taxes?

Use Your Car, Avail Benefits Apaar! 😉

Company offers car expenses reimbursement to its employees if these expenses are incurred for official duties.

Car owned by employee, expenses borne by employer

Income tax liability in this case is based on the purpose of use: private, official or both. Continue reading “How car allowances and reimbursement can save you taxes?”

How to structure your salary to save taxes?

Namaste from Moneyम्जी!

Salary! What a simple word it is. Zoom in, and you will realize this simple word is made up of so many components. These components can decide your taxability factor. Would you like to take home most of your pay or would you like to save tax or how about striking a right balance?

Moneyम्जी will help you in understanding the components of salary.

See, salary has 4 components- Basic, allowances, perquisites and retirement benefits/contribution Continue reading “How to structure your salary to save taxes?”

Why do you get Income Tax Scrutiny Notice?

A notice from Income Tax Department feels like a bomb dropped at your place, and you start finding ways on how to defuse this bomb. But, there is nothing to fear about the tax notice, if you have paid proper taxes. There are different types of notices, and In this case, we are talking about scrutiny notice. 143 is a number that can make you blush, but the case is otherwise here. Why? Scrutiny notice is issued under ‘section 143(2)’ of Income Tax Act. For its number, let’s call it ‘I Love You 2’ notice.

Continue reading “Why do you get Income Tax Scrutiny Notice?”

What will happen if I don’t file TDS return?

TDS Return Due Date and penalties

Oh ghosh! I missed filing TDS return. What will I do now?

Moneyम्जी had explained what would happen if you don’t deposit Tax Deducted at Source (TDS) to the government’s account before due date, in previous article’. But, depositing TDS and filing returns are two different things with different due dates and different consequences. Here, Moneyम्जी will tell you about TDS return filings.

Continue reading “What will happen if I don’t file TDS return?”

What will happen if I forget to deposit TDS?

TDS Payment: Due Dates and Penalties

But first, let Moneyम्जी explain you those 3 magical words: TDS (Tax Deducted at Source):

Have you observed ‘prasaad’ offered at the place of pilgrimage? They slice out a piece of it before you can take it with you? Later they also give it back to you.

Continue reading “What will happen if I forget to deposit TDS?”