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FAQ's

1. What is there in Budget 2014 for me?

Ans:Government proposes to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh. Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum. No changes in tax rate. Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.

2. How can I save tax?

Ans: There are many ways to Save tax and for different people tax saving methods are also different. Salaried person: Chapter VI, deduction under section 80C, 80D. House rent, Take housing loan.

3. What are the benefits of filing Income tax return?

Ans: Following are the benefits of filing Income Tax returns- Whenever you are need of Loan, Income Tax documents are essential. In case of Refund, an applicant received refund only after filing Income Tax return. For Private Limited and Public Limited Company, return filing is must.,

4. How to register for VAT?

Ans: Procedure to register for VAT is as follows

First Collect necessary documents required for VAT registration.
Two Apply VAT application online
Three Visit to VAT office with all documentation
Four Pay necessary registration fees
Five Get the VAT registration certificate

You can log on to www.mahavat.gov.in for further details like requirement of documents, application forms, VAT offices etc.

5. How to register for Service Tax?

First Collect necessary documents required for Service Tax registration. Two Apply Service Tax applications online. Three Visit to Service Tax office with all documentation Four Get the Service Tax registration certificate You can log on to www.aces.gov.in for further details like requirement of documents, application forms, VAT offices etc.

6. What is the minimum turnover for registering VAT?

As soon as sales increase more than Rs. 4 Lakhs, one should apply for VAT registration. (Excluding sales service) and start collecting VAT from customer as the turnover increase more than Rs. 5 Lakhs. The minimum turnover for registering VAT is Nil as we can apply for VAT registration any time. If the turnover is less than Rs. 5 Lakhs, then application can be done under Voluntarily scheme.

7. What is the minimum turnover for registering Service Tax?

As soon as sales (service sales bill) increase more than Rs. 9 Lakhs, one should apply for Service Tax registration (Excluding material sales) and start collecting Service tax from customer and pay the necessary taxes as the turnover increase more than Rs. 10 Lakhs. The minimum turnover for registering Service Tax Number is Nil as one can apply for Service Tax registration any time.