Extention of due date R Vat 10A

Respected professional colleagues
Greetings of the day
RVAT Annual return filing date has been extended to 31st January 2017.

INCOME TAX Exemption For FY 2016-17

Hello everyone, Hope all of  you doing great; enjoy our latest updates with us. Today we will share income tax exemptions with you. Details are:-

• 80 C:- Max limit 150000/- (MF-ELSS, MF-Pension Plans, Life Ins Premium, One time investment in LI-Immediate Assured Pension Plans, NSC, etc.)
• 80CCD:-50000/- (NPS)
• 80CCG:- 25000/- or 50% of your investment which every is less
• 80D:-25000/- (Mediclaim Policy for self spouse, children)
• 30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2)
• 80DDB:- Medical expense occurred on dependent for specified illment
• 80TTA:- Up to 10000/- for Interest saving bank account
• Gift tax:- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100% Exempted
• Transport allowance:- 19200/- (FY)
• C.E.A:- 2400/- (FY)
• HRA:- as per the calculation
• 24(b):- 200000/- (home loan interest)
• 80G:- full amount in few selected organisation. This exemption is 50%
• 80GGB:- 100% exemption for political parties
• 80EE:- unlimited (interest on education loan)

How to Learn CARO, 2015 in just a minute

👇👇

We have to learn one line to learn each point of CARO, 2015.

Remember this key 🔑

"FIL ID Code - SAD GUN"

1. F : Fixed assets
2. I : Inventories
3. L : Loans u/s 189
4. I : internal control system
5. D : Deposited
6. Code : Cost records
7. S : Statutory dues
8. A : Accumulated Losses
9. D : Default of repayment
10. G : Guarantee for Loan
11. U : Usage of Term Loan
12. N : Noticed any fraud? and its reporting?

Exception to CARO, 2015

Remember this way 

"BICOS-Private"

B- Banking Company
I- Insurance Company
C- Companies u/s 8 of Companies Act, 2013
O- One Person Company u/s 2(62)
S- Small companies u/s 2(85)
Private- Private company

All 3 condition must be fulfilled by private co for claiming exemption from CARO, 2015

"P L T"

P- paid up share capital and reserves not more than Rs. 50 lakhs. 

and

L - Loans O/s from banks and Financial institution not more than Rs. 25 lakhs.

and

T- Turnover not more than Rs. 5 crores at any time during Previous Year.