When CompulsorilyTax Audited Need?

As your Turnover is less than Rs. 1 Crore you do not need to have your accounts compulsorily Tax audited.

As your Turnover is more than Rs. 1 Crore you do need to have your accounts compulsorily Tax audited.

In fact, if your profit is not less than 8% of your turnover then you do not even have to maintain Books of account. 

So, you do not need even accountant.
All the income tax departments have made return filing online. So you will be able to easily file returns online without help from Auditors.

If you have any doubts in filing you can consult the PRO office of the respective departments. Who are well equipped and bound to give you guidance & counseling free of charge.

About 61,000 millionaires left India in last 14 years..!

India has the second highest millionaire outflow in the world. A new report by global wealth sector information consulting services firm New World Wealth reveals that India has seen its  high net worth individuals leave the country in droves in the last 14 years, with as many as 61,000 millionaires shifting base over high taxes and security concerns as well as better education opportunities for their children.

India is second only to China which witnessed 91,000 millionaires move out in the same period.

Earlier this year, another wealth report by Knight Frank revealed that one out every four millionaires is bidding goodbye to India.

"In the last 10 years, 27%, or 43,400 millionaires among the 1,60,600 high net worth individuals (HNWIs) in India, have left the country for better employment opportunities in the US, UK and Australia," noted the report, revealing a serious problem of 'wealth flight'.

The rise of the Indian millionaires has been impressive with the number of rich Indians rising 27% in the last year from 1,96,000 to 2,50,000.  As it turns out, however, that kind of wealth creation has not been sufficient to stem the exodus.

The top 5 destinations for Indian millionaires are the UK, US, Australia, UAE & Singapore, according to Andrew Amoils, head of research, New World Wealth.
The major reasons to immigrate include turmoil in home country, security concerns and pursuit of better education prospects for their children. But, the biggest draws have been better standard of living & tax savings.

"The UK, Australia & the USA appeal to people due to language, standard of living, schooling and security. The UAE and Singapore also have a low tax structure," says Amoils.

So it appears that those desiring a better life for themselves and their kids are opting for countries such as the UK, US & Australia, while others prefer tax havens such as the UAE & Singapore.

This flight of the wealthy is all the more ironic given the government's efforts to bring home the vast amounts of wealth stashed abroad, and promote NRI investment?
Can you bring back wealth when the rich themselves are leaving in droves?

"There are so many reasons for leaving India, but the most important one is a sense of security.
Safety in life, wealth, food, air, education, and rights," said Prateek Bakshi, a banker in New York.

Despite the proliferation of malls, bars and high end restaurants, the quality of life in India remains poor.

As Firstpost said earlier, close to 10 crore Indians do not have access to safe sources of water, which is not surprising because our waterways are filled with filth.

According to Central Pollution Control Board’s (CPCB) 2011-12 annual report, about 60% of India’s water-sources (which are routinely monitored) have poor “bio-chemical oxygen demand”, an indicator of organic pollution, and about 68% have faecal coliform - bacteria from feces. In terms of air quality, 79% of metropolitan cities have very high levels of particulate matter & nitrogen dioxide, both of which are the main causes of air pollution. The fact of the matter is that urban India is rotting and is sinking in its own filth.

Moreover, India's uncertain tax environment doesn't make matters any better. This year alone, the government has sent notices for immediate payment of taxes to companies and investors.

The government is trying hard to  improve India’s ranking on the World Bank’s Ease of Doing Business index but India currently ranks 142 out of 189 countries behind the likes of Nepal and Mozambique, and on tax issues it performs even worse.

 Last year, Mumbai was home to the most number of billionaires, with 619 UHNWIs, who Knight Frank describes as people worth at least $ 30 million. Delhi was a distant second with only 157 who were as wealthy.


Take the first step in faith..!

"Take the first step in faith. You do not 

have to see the whole staircase. 

Just take the first step." 

- Mr.  Martin Luther King Jr. 

MIP Plus & Retirement Savings : Tata Mutual Fund Merger of Two Schemes..!

Tata Mutual Fund (MF) has approved the merger of Tata MIP Plus Fund with Tata Retirement Savings Fund - Conservative Plan, with effect from 28 August 2015.

 Consequently, from the record date, Tata MIP Plus Fund will cease to exist.

The period of this exit offer is from 29 July 2015 to 27 August 2015.

FY 2014-15, AY 2015-16: ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 & ITR-V Notified



Income-tax NOTIFICATION New Delhi, the 29th day of July, 2015  
S.O. 2070 (E).─ 

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 

1. (1) These rules may be called the Income-tax (Tenth Amendment) Rules, 2015. 

(2) They shall be deemed to have come into force with effect from the 1st day of April, 2015. 

2. In the Income-tax Rules, 1962, in Appendix-II, for FORM ITR-3, FORM ITR-4, FORM ITR-5, FORM ITR-6 and FORM ITR-7, 

the following FORMS shall respectively be substituted, namely:- 

ITR-3 Form

[For Individuals/HUFs being partners in firms and not carrying out business or / profession under any proprietorship (Please see rule 12 of the Income-tax Rules,1962

ITR-4  Form

For Individual having income from business.

For Individual having income from Profession.

ITR-5 Form

[For persons other than,-
(i)                individual,
(ii)             (ii) HUF,
(iii)           (iii) company and
(iv)         person filing Form ITR-7 (Please see Rule 12 of the Income-tax Rules,1962 Is there any change in the name

ITR-6 Form

For Companies other than companies claiming exemption (Please see rule 12 of the Income-tax Rules,1962 Is there any change in the company’s name If yes, please furnish the old name

ITR-7 Form

[For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E (Please see rule 12 of the Income-tax Rules,1962

Acknowledgement Form  ITR-V
[Notification No.61/2015, F.No.142/1/2015-TPL] (Gaurav Kanaujia) Director to the Government of India Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended vide notification number S.O.1683 (E), dated 24.06.2015.

Hyderabad housing segment stabilising; office market recovering: Knight Frank India

Knight Frank India today launched the third edition of its flagship half yearly report - India Real Estate. It presents a comprehensive analysis of the residential and office market performance of Hyderabad for the period Jan- June 2015 (H1 2015).

Residential takeaways:-
·        Hyderabad has witnessed the lowest number of launches amongst all Indian markets
·        The city witnesses lowest sales except Kolkata 
·        Premium market hit hard by slowdown, will require over 2 years to offload unsold inventory; new launches adding up on the pressure
·        West Hyderabad  holds the highest unsold inventoryand yet remains the one of healthiest markets
·        North Hyderabad is the most affordable market owing to lack of infrastructure development
 Hyderabad Residential Market Trend:

Office Takeaways:-

·        Hyderabad office market witnessing the lowest level in absorption since H1 2014
·        Dwindling office space and unfulfilled demand drive rental growth
·        Other Services sector’s share comprising of Healthcare and e commerce companies equals IT/ITeS
·        Abject scarcity of good quality office space limited overall absorption numbers and forced occupiers towards the peripheral markets
·        Gachibowli, Madhapur and Manikonda are the most preferred locations and have witnessed hike in rentals and occupier interest

Office New Completions and Absorption:

Speaking about the findings, Vasudevan Iyer, Director- Hyderabad, said:
While there is a drop in residential launches and absorption levels are also low, the scenerio is bound to change soon with the recent RBI rate cuts, infrastructure development with metro connectivity and further impact of the political stability.

The office market is experiencing an unsettled scenerio with demand in place but scarcity of supply. The increase in demand, declining supply, falling vacancy, lacklustre absorption and strengthening of rents shows consolidation of the office market but question remains as to how we retain and handle the momentum”.

About Knight Frank:

Knight Frank is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Grubb Knight Frank, operate from 370 offices, in 55 countries, across six continents.  More than 12,000 professionals handle in excess of US$1 trillion (£643 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants.

In India, Knight Frank is headquartered in Mumbai and has more than 1000 experts across Bangalore, Delhi, Pune, Hyderabad, Chennai, Kolkataand Ahmedabad. Backed by strong research and analytics our experts work with clients to offer a comprehensive range of real estate services across advisory, valuation and consulting; transactions (residential, commercial, retail, hospitality, land, capitals); facilities management; and project management.
For more information, visit www.knightfrank.com

For futher information please contact:-
Abanti Banik
Manager – PR & Branding
Knight Frank India
+91 9972998403


Yatra celebrates nine years with exciting discounts and offers

Yatra.com, among India’s leading companies in the online travel space is celebrating their ninth anniversary with exciting offers for customers. As part of the celebrations, Yatra has initiated promotions and exciting offers with special tie ups with banks as well as discounts which ensure that they live up to ‘creating happy travellers’.

The celebrations have kicked off with exciting discounts of up to Rs. 1,000 off on domestic and up to 25% off on international flights. Anybody bookings hotels can now avail as much as up to 50% off as well as 25% off on holidays.

Axis, Standard Chartered, ICICI, HDFC and SBI are the select partner banks who have joined hands in this celebratory offer. So one there is more coming your way if you’re booking on Yatra.com now. The offers are also available on Yatra’s app. So don’t forget to down load the app and avail of these promotions.

To avail of the offers, one must use the promo code: YBDAY

Yatra.com started with a three member team in 2006 with offering only flight bookings and has grown to more than2000 strong workforce today. The company has crossed several milestones in its journey from acquiring a stake in ticket consolidator Travel Services International (TSI) in October 2010, global distribution system (GDS) provider MagicRooms.in, and Indian events and entertainment portal BuzzInTown.com. In July 2012, Yatra.com acquired Travelguru.com.

With the travel industry evolving, the company’s leadership looked forward and introduced the holiday’s business in 2010 which has now become a critical revenue generating vertical for Yatra. The company has always engaged with their customers and appointed Salman Khan as their brand ambassador in 2012 and has continued to build on customer centric campaigns each time. Yatra launched the ‘Ehsaan mat lo, discount lo’ campaign in 2014 and more recently has come out with ‘relive happiness’.

The company’s values comprising ‘Integrity and trust, ownership and accountability, continuous innovation, respect, team work, learning environment and customer delight’ have ensured its continued orientation towards the customers and creating happy travellers. It won three awards at the India Tourism Awards and was felicitated for ‘Outstanding performance as a Domestic Tour Operator across three categories for 2012-13.

About Yatra.com
Yatra.com is India’s leading online travel company. Positioned as a brand that believes in “Creating Happy Travellers”, we provide information, pricing, availability, and booking facility for domestic and international air travel, hotel bookings, holiday packages and bus and railway reservations. We offer a host of travel services designed to make business and leisure travel easier.

Based in Gurgaon, India, Yatra.com is a one-stop-shop for all travel-related services. A leading consolidator of travel products, Yatra.com provides reservation facility for more than 35,000 hotels in India and over 400,000 hotels around the world. Through continued excellence in providing travel solutions, responses to booking travel online through Yatra.com have also reached new heights with the company doing 20,000 domestic tickets and 7500 hotels and holiday packages a day.

Customers can access Yatra.com through multiple ways: through our user-friendly website, mobile optimised WAP site and applications, 24x7 multi-lingual call centre, a countrywide network of Holiday Lounges and Yatra Travel Express stores. Yatra.com provides booking facility for all the popular as well as exotic national and international destinations. Launched in August 2006, Yatra.com is today ranked as the leading provider of consumer-direct travel services in India. 

Yatra.com has emerged as the most trusted travel brand in India, and has won three awards at the India Tourism Awards felicitated for ‘Outstanding performance as a Domestic Tour Operator (Rest of India)’, Outstanding performance as a Domestic Tour Operator in Jammu and Kashmir’ and ‘Outstanding performance as an Inbound Tour Operator-Cat C’.

For further information on Yatra.com please contact:

Krishna Moorthy - 9442191717
Avian Media, Chennai



 New QR On-Board Courier service designed for time-sensitive supply chain customers
Door-to-door solution begins 1 August, 2015

Qatar Airways Cargo will launch an express airfreight service for door-to-door and time-critical shipments. The new QR On-Board Courier service will be rolled out across the cargo carrier’s global network on 1 August 2015, enabling customers to book time-definite airfreight delivery solutions.

QR On-Board Courier will provide bespoke transportation services, which meet customers’ specific requirements, with dedicated couriers accompanying each shipment from collection to delivery direct to the recipient. The Qatar Airways Cargo team will provide a comprehensive booking service for customers from flight reservations to entry requirements and customs regulations anywhere in the world. The maximum level of security will also be provided for customers’ courier shipments.

Ulrich Ogiermann, Qatar Airways’ Chief Officer Cargo, said: “Time matters to our customers, and Qatar Airways Cargo’s new On-Board Courier service will focus on speed of delivery providing reliable transportation solutions to meet the demands of time-sensitive industries such as the high tech and automotive sectors. With Qatar Airways’ global network operating to 150 destinations, this premium service will be invaluable for multinational businesses that are at risk of supply chain delays.”

Customers will be able to track the real-time progress of their shipment at any time by using the online tracking system available

The QR On-Board Courier service will appeal to leading brands and suppliers in the automotive, financial, energy, pharmaceutical, medical and fashion sectors for transportation of time-critical spare parts, samples, prototypes and important documents.

Qatar Airways Cargo is the world’s fifth largest airfreight airline and operates one of the most modern fleets in the sky with eight B777Fs and six A330Fs. The airline recently announced a firm order for four B777 Freighters at the Paris Air Show on 18 June, and this is in addition to an existing order for four B777Fs and two firm A330Fs with options for a further eight.

The cargo airline operates from its state-of-the-art hub Hamad International Airport, where its cargo terminal is one of the largest in the world. Operating an advanced air cargo handling system, the cargo complex has a capacity to process 1.4 million tonnes of cargo per year and can accommodate 11 wide-body freighters with 42 airside loading docks to facilitate the swift and efficient transfer of cargo in to and out of Qatar.

About Qatar Airways Cargo:

Qatar Airways Cargo serves more than 40 exclusive freighter destinations worldwide via its Doha hub and also delivers freight to 150 key business and leisure destinations globally on 162 aircraft. The Qatar Airways Cargo fleet now includes six Airbus 330Fs and eight Boeing 777 freighters.
At the Paris Airshow 2015, Qatar Airways placed a firm order for four B777 Freighters in addition to the four B777Fs ordered at the Farnborough Airshow 2014. At the Dubai Airshow 2013, Qatar Airways placed a firm order for five new Airbus A330-200 Freighter aircraft. Also included in the order were eight additional A330-200F options.

For Qatar Airways Cargo images, please click 

For further information contact:

Qatar Airways Group, Corporate Communications Department
Tel: +974 40222072, Fax: +974 40225350
E-mail: qrmedia@qatarairways.com.qa
Website: www.qatarairways.com


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