Day: April 7, 2016

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) (Sukhwinder Singh) |...

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MCA Exempts Housing Finance Companies from XBRL Filing

Dear Friends, Companies in Banking, Insurance, Power Sector and Non Banking Financial companies are already exempted from XBRL filing under Proviso to Rule 3 of the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015. MCA has amended the XBRL Rules and has added Housing Finance Companies to the list of companies which are exempted from XBRL Filing. MCA Notification dated 4th April, 2016, reads as under: In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015, namely:- Short title and Commencement- (1) These rules may be called the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. In the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules,2015, in rule 3, for the proviso, the following proviso shall be substituted, namely:- “Provided that the companies in banking, insurance, power sector, non-banking financial companies and housing finance companies need not file financial statements under this rule.”. Source – MCA | Click here to view...

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