Dokania & Co. Chartered Accountants,Bangalore

30/04/2017

Greeting from Dokania & Co. !!!

We are Hiring

Looking for Finance Executives / Managers who can prepare and examine financial records, make sure that records are accurate and that taxes are paid properly and returns filed on time (KVAT / TDS / ST / PF / ESI).
Liaison with Various Departments - Direct & Indirect Taxes

Minimum Qualification: Graduate (Accounts/Finance)
Others : Tally ERP – 2 Years Working Experience
Location : Bangalore
Language: English , Kannada , Hindi

Interested Candidates are requested to mail their CV to [email protected]

01/01/2017

04/02/2016

ARE YOU ELIGIBLE?
Are you eligible for schemes under ambitious Startup India Action Plan?
Here’s a quick analysis of the eligibility criteria (specifically applicable for startups seeking tax exemption.)

1.It must be an entity registered/incorporated as
a) Private Limited Company under the Companies Act, 2013; or
b) Registered Partnership firm under the Indian Partnership Act, 1932; or
c) Limited Liability Partnership under the Limited Liability Partnership Act, 2008

2.Five years must not have elapsed from the date of incorporation/registration.

3.Annual turnover in any preceding financial year must not exceed Rs. 25 crore.

4.Startup must be working towards innovation, development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property.

5.The Startup must aim to develop and commercialise:
a) a new product or service or process; or
b) a significantly improved existing product or service or process that will create or add value for customers or workflow.

6.The Startup must not merely be engaged in developing products or services or processes which do not have potential for commercialisation

7.The Startup must not be formed by splitting up, or reconstruction, of a business already in existence.

8.The Startup has obtained certification from the Inter-Ministerial Board, setup by DIPP to validate the innovative nature of the business,
a) be supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an incubator established in a post-graduate college in India; or
b) be supported by an incubator which is funded (in relation to the project) from GoI as part of any specified scheme to promote innovation; or
c) be supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an incubator recognized by GoI; or
d) be funded by an Incubation Fund/Angel Fund/Private Equity Fund/Accelerator/Angel Network duly registered with SEBI* that endorses innovative nature of the business; or
e)be funded by the Government of India as part of any specified scheme to promote innovation; or
f)have a patent granted by the Indian Patent and Trademark Office in areas affiliated with the nature of business being promoted.

* DIPP may publish a ‘negative’ list of funds which are not eligible for this initiative.

29/07/2015

Technology has made things faster and easy, you can verify your e-filled return of income, electronically, using EVC (Electronic Verification Code) system.

The Electronic Verification Code (EVC) verifies the identity of the person furnishing/filing the income tax return through e-filing.

Process of e-verification is given below:

Step 1: Login to e-Filing Portal

Step 2: Click “e-File” Select “e-Verify Return” to view the Returns pending for e-Verification.

Step 3: The return details would appear pending for verification. Click on red colored link “e-verify” to verify the return.

Step4: After that three options will be provided to verify the return.

Option 1 – “I already have an EVC to e-Verify my return.”
Under this option you need to enter pre generated EVC (if you have already), then click “submit” to verify. No further action required.

Option 2 – “I do not have an EVC and I would like to generate EVC to e-Verify my return.”

If you click on this option, further two options would be provided:
Option (a) : EVC- Through Net Banking

Option (b): EVC- To Registered e-mail ID and Mobile Number

Option 3 – “I would like to generate Aadhaar OTP to e-Verify my return.”

20/05/2015

Goods and Services Tax (GST)

An indirect tax Goods and service Tax (GST) hopefully will be put into practice in India from 1st April, 2016.
GST will be imposed on manufacture, sale and consumption of goods as well as services at the national level. GST will substitute all indirect taxes levied by state and central government in India.

What is GST?

Goods and Services Tax (GST) is undoubtedly an important logical step towards indirect tax reforms in India.

With the release of First Discussion Paper by the Empowered Committee of the State Finance Ministers, it has been made clear that there would be a “DUAL GST” in India, i.e. taxation power lies with both by the Center and the State to levy the taxes on the Goods and Services.

Almost 150 countries have GST from now and countries such as Singapore and New Zealand tax have virtually everything at a single rate.

Many exemptions and exceptions have been made in GST bill but alcohol and petroleum products have still kept out of this GST bill, they will be treated separately.

Under the GST scheme, no distinction is made between goods and services for levying of tax, a person who was liable to pay tax on his output, whether for provision of service or sale of goods, is entitled to get input tax credit (ITC) on the tax paid on its inputs.

OBJECTIVES OF GST:-

The main objective of GST is to eradicate the cascade effects of taxes on production and distribution cost of goods and services. Elimination of this cascading effect will improve the competitiveness of original goods and services in market which leads to beneficial impact to the GDP growth of the country.

BENEFITS OF GST:-

• GST will end cascading effects
• Growth of Revenue in States and Union
• Reduces transaction costs and unnecessary wastage
• Eliminates the multiplicity of taxation
• One Point Single Tax
• Reduces average tax burdens
• Present CST will be removed and need not to be paid. At present there is no input tax credit available for CST.
• There are many indirect taxes in state and central level currently, which will be included by GST. i.e. you need to pay a single GST instead of all of them.
• Ensure better compliance due to aggregate tax rate reduces.

12/05/2015

Public Provident Fund (PPF) - Good Investment Destination

Introduction

According to the PPF Act 1968, PPF is a government backed, long-term small savings scheme which was initially started by the Government in order to provide retirement security to self-employed individuals and workers in the unorganized sector.

Today the PPF is most popular investment avenue Indian Citizen.

One needs to be well organized to make most of the PPF investments, and also meet your liquidity needs elsewhere; for the reason that under this investment opportunity your money is blocked for 15 YEARS.

Main Features

Eligibility - You need to be a Resident Indian Individual

Entry Age - No age is specified(Minor is allowed through guardian)

Interest rate - 8.70% p.a. compounded annually (Tax Free)

Tenure- 15 complete financial years plus the first year of investment means total your fund will get blocked for minimum 16 years.

Extension in tenure- On completion of 15 years, the account can be extended in a block of 5 years.

Minimum Investment- Rs 500 p.a.

Maximum Investment- Rs 1,50,000 p.a.

Tax Benefit- Up to Rs 1,50,000 under Section 80C

13/04/2015

Benefits of converting Private Limited to Limited Liability Partnership (LLP)

A) Tax Benefits:
Tax front is the most important reason for a company to convert itself in LLP. At present the income tax act 1961 provides for payment of MAT and DDT by co. An LLP which is not a co. ,is not liable to pay DDT.

B) No Limit on number of shareholders/partners:
An LLP can have unlimited number of partners whereas a private limited company has a limit upto 50 shareholders.

C) Minimal Compliance Level & Cost effective model :
No need of compliance related to meetings and maintenance of huge statutory records.

D) Automatic transfer
All the assets and liabilities of the Company immediately before the conversion become the assets and liabilities of the LLP.

E) No Stamp Duty
All movable and immovable properties of the company automatically vest in the LLP. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid.

F) No Capital Gain Tax
No Capital Gains tax shall be charged on transfer of property from Company to LLP.

06/04/2015

Dokania & Co. is a Chartered Accountant firm was established in 1983 in Bangalore,India.Our firm und