Saturday, May 31, 2014

File income tax returns for AY 2017-18, Efiling income tax returns for AY 2017 18

 E filing income tax return in India for AY 2017 18:
The financial year 2013-14 which I hope has been financial very rewarding and satisfying for every one of you. And it’s again that time of the year when the rush to file your Annual income Tax Return will start. Today we are going to see whether you as an individual or as company are liable to file return of income for the assessment year 2017-2018.

In India it is mandatory for you to file returns in the following scenarios:
If you are an individual (other than a company or a firm) than you will have to file your return if your Gross Total Income before any deductions is more than the exemption limit. Deductions in this case will be the usual 80C to 80U deductions.

The Minimum Exempt Income limit is as follows:
In case of every individual, whether male or female the limit is Rs. 2, 00,000. In case of an individual who is 60 years or more at any time during the Financial Year i.e. a Senior Citizen than the minimum Exempt Limit is Rs. 2,50,000 In case of an individual, who is 80 years or more at any time during the Financial Year i.e. a Super Senior Citizen than the minimum Exempt Limit is Rs. 5,00,000 o If as an individual, additional TDS has been deducted from your Income then you have to file your returns in order to claim a Refund.

Efiling income tax returns for AY 2017 18:
If you are an individual, who has incurred Loss under the head “Income from House Property or Business Profession, Capital Gains or Other Sources”, then such an individual has to file a return in order to Carry Forward or Set-off Losses in the next assessment years.

If you are a Company (whether private or public) or a Firm it is mandatory for you to file your Income Tax return. This is to be done irrespective of whether you have made profit or loss during the year.

If you are a Resident Indian and you have any asset or a financial interest in any organization based out of India then you are required to file your return irrespective of whether there is any taxable income that you have earned or not.

This will not apply if the individual is a Non-Resident or Not an Ordinary Resident.
If you are a person who is in receipt of Income derived from any property which is held by a trust, institution or any other body or association, then such a person shall be liable to file returns if such income exceeds the minimum exempt limit.

In case you are an NRI and you have earned any taxable income or any taxable income has accrued in India then you have to file an income tax return in India.

Nowadays when anyone goes to apply for a loan from a Bank or Financial Institution they ask for copies of IT Returns in order to check their credit worthiness. Also while obtaining visas of certain countries submission of last three years Income Tax return is must.
 Read more here

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Saturday, May 10, 2014

Bigfiling - Future of “Online Compliance Solutions” - BigXBRL supports XBRL 2.1

BigFiling introduces BigXBRL, a Web-Based XBRL filing Software Tool for efiling of Form 23AC and 23ACA with MCA. BigXBRL tool allows companies to quickly convert their financial reports into XBRL documents. BigXBRL generates XBRL reports that are fully compliant with MCA guidelines and provides a friendly spread sheet interface to the users, enabling them to map and generate instances from their existing financials.

BigXBRL provides a unique, integrated suite of products and services that provides customers with a “Complete XBRL Solution”. BigXBRL is a self-sufficient tool capable of filing XBRL on end-to-end basis. It is a powerful, yet simple application that enables users to create XBRL instances effortlessly. Users can easily create XML Reports for XBRL without having any pain of learning the XBRL specifications. BigXBRL manages all complexities of XBRL specification in the background, allowing users to focus on the financial information. The core of BigXBRL is built on global standard methodologies suitable to prepare, publish, validate, exchange and analyze business information.

BigXBRL features all the essential functions of creating XBRL documents. These functions include the creation and management of taxonomy along with creating valid XBRL document instances. 

The primary features includes 

       Full compliance of MCA Business Rules and Taxonomy,
·         Full compliance of XBRL International 2.1 Specification,
·         XBRL reports for 3 Financial years  i.e. ;
a)      FY 2011-12 XBRL filings.
b)      FY 2012-13 XBRL filings.
c)       FY 2013-14 XBRL filings.
·         Simpler Version of Taxonomy with synchronization of elements into groups,
·         Summary based Reconciliation of Schedules with Balance Sheet values,
·         Maker-Checker feature for XBRL audit by chartered professional,
·         Interactive View option for MCA filers based on International Standards
·         Powerful-Yet-Easy Validation tool for removing errors of XBRL reports.

BigXBRL supports XBRL 2.1 specifications and complies with the XBRL conformance suite. It also includes a powerful, rules based validation engine that supports all validation rules of MCA Taxonomy. Thus, bigXBRL provides a quick, easy and reliable way of XBRL filing as per the MCA mandate.

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About the Author:
Uday Khemka is based in Bangalore. He is very enthusiastic for technological developments of Accounting and Finance fields in India. After completion of his studies (Chartered Accountancy), he has been working for XBRL filings in India and US. He truly believes that in India, there is vast scope for ONLINE revolution in Accounting and Finance sector.

Bonus Tip: XBRL is not tough; we just need to change the mentality.

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