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News & Events
 

UNION BUDGET 2016-17

  • ·       Applicability of Tax audit limit increased from Rs.25 Lakhs to Rs. 50 Lakhs for professionals.
  • ·       No change in Income Tax slabs and rates for individuals, HUF and partnership firms.
  • ·       0.5 per cent Krishi Kalyan Cess to be levied on all services with effect from 01.06.2016. The total service tax will be 15% from the present 14.5%
  • ·       100% deduction of profits for 3 out of 5 years for startups setup during April, 2016 to March, 2019. MAT will apply in such cases.
  • ·       Amnesty scheme - Domestic taxpayers can declare undisclosed income or such income represented in the form of any asset by paying tax at 30%, and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income. Declarants will have immunity from prosecution.
  • ·       Penalty rates to be 50% of tax in case of under-reporting of income and 200% of tax where there is mis-reporting of facts.
  • ·       Mandatory for the assessing officer to grant stay of demand once the assessee pays 15% of the disputed demand, while the appeal is pending before Commissioner of Income-tax (Appeals).
  • ·       Reduction in corporate tax rate for the next financial year for relatively small enterprises i.e companies with turnover not exceeding Rs. 5 crore (in the financial year ending March 2015) to 29% plus surcharge and cess.
  • ·       Aadhaar not to be proof of citizenship or domicile.
  • ·       EPF Employer Contribution for government employees fixed @ 8.33% for the first 3 years.
  • ·       100% FDI in marketing of food products produced in India.
  • ·       Amendment of Companies act proposed to facilitate registration in 1 day and promote ease of doing business.
  • ·       Excise Duty exemption for ready-mix concrete and 12.5% Excise with input tax credit on jewelry.
  • ·       Tax rebate under Sec80GG of Income tax Act increased to Rs.60,000/- p.a as against Rs.24,000/- previously.
  •  ·       STT increased to 0.05% from 0.017%
  • ·       GAAR provisions to be introduced from 2017.
  • ·       Service tax waiver for builders selling houses less than 60 sq.mtr. area.
  • ·       Surcharge to be increased to 15% for assessee with income above 1 crore.
  • ·       Dividend received in excess of Rs.10 lakhs to be charged to tax @ 10% in the case of resident individuals/HUF/firms.