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Tuesday 17 April 2018

Things to know before Buying Gold.

Its somehow difficult to concede that investing in gold is not a wise financial decision. To include an asset in the financial planning basket of a household, the pertinent question to ask is: How would this asset be used? Investment in gold must pass that test.

As Investment:
In terms of buying gold as an investment, the scenario has undergone quite a change with the annual returns going down by more than half in the past 20 years. Over the last three years, gold has fetched a lower return of 4.68 per cent from 10.05 per cent earlier.
For Liquidity:
When there is adequate income, gold is bought; when there is a crunch, gold is pawned to raise money. The loan is repaid and the gold comes back home. Here, gold is a source of funding and a generator of liquidity. So one typically use gold to create a liquid asset that can be pressed into service. But, We have enough assets/ alternatives (with stable incomes) to take care of our liquidity requirements.
Untoward Incidents:
Consider an extreme situation of war, a riot, or a major disturbance that displaces the household. They have no choice but to leave and settle elsewhere in the world and begin all over again. What would they take along? Not their fixed deposit receipts or equity shares. But the gold, to be used anywhere in the world. It would be accepted unconditionally, helping them tide over the crisis. Thus, one should look at investment in gold as that portion which is for an extreme emergency.
All other purchases of gold, especially jewellery, should be seen as equivalent to other vanity indulgences such as clothes, bags and perfumes. 

What happens when we overdo the allocation to gold?
We collect assets that are seldom used. Gold is an unproductive asset. Unlike shares or bonds or deposits, it does not contribute to any kind of economic growth. A pile of gold will stay the same pile of gold no matter how much time passes. An equivalent amount of money deployed in a business or any other productive economic activity will generate actual wealth and will grow larger in a very fundamental way. Thus typically we hold a asset that generate no income. We invest in jewellery that comes with steep costs in the form of making charges and damages, and lose a portion of the value every time we transact. Thus, with the rising gold prices, the yellow metal is no longer considered a hedge against inflation. That is why we should not hold more than 5-10% of our wealth in gold. 
Source: TOI, ET

Sunday 8 April 2018

ITR Forms for AY 2018-2019 Notified

Summary of Key Changes:
1. Break-up of details as per GST returns: Corporate taxpayers whose turnover is up to INR10m are required to provide the break-up of total expenditure with GST registered and non-registered entities. In relation to expenditure with GST registered entities, it further requires the break-up of expenditure relating to exempt supply covered under the composition scheme, and other registered entities for the period on or after 1 July 2017, being the GST applicability date. 
2. GST Details: Taxpayers covered by presumptive taxation are required to submit GST registration number and the amount of turnover/gross receipt as per returns furnished under the GST laws.
3. Requirement to furnish compressed balance sheet: For taxpayers covered by presumptive taxation scope of reporting details of assets held in business has been expanded substantially. As against specific details of four items, being inventory, cash in hand, debtors and creditors, the revised ITR-4 requires additional details of capital balance, secured loans, unsecured loans, advances, other liabilities, fixed assets, bank balances, loans and advances, and other assets.
4. ITR-7 additional Discolsure: now provides for mandatory filing of particulars of author, founders, trustees or managers of the trust or institution, as against the optional requirement in past. The information to be provided includes name, address, PAN and Aadhaar number of such persons.

Applicability of ITR Forms for Various Entities:
Category of taxpayers
Sources of income covered
Individuals (resident and ordinarily resident)
Who can file ITR-1
·         Has income from salaries or family pension, or
·         Income from one house property, or
·         Income from other sources
Who cannot file ITR-1
·         Who has an asset or signing authority in any account outside India or earns income from any source outside India, or
·         Who has claimed tax treaty relief and/or unilateral double tax relief, or
·         Has agricultural income above INR 5,000, or
·         Has total income above INR 5m, or
·         Has dividend income exceeding INR  1m attracting super rich dividend tax levy, or
·         Has unexplained credits or investment taxable at 60% under the provisions of the ITL, or
·         Has capital gains or business income, or
·         Income from more than one house property or has brought forward loss or loss to be carried forward under the house property head, or
·         Income from lotteries or horse races or loss under the other sources head
Individuals and HUFs
·         Has income from salaries, or
·         Income from house property, or
·         Capital gains, or
·         Income from other sources
Individuals and HUFs
·         Has income from business or profession
Individuals, HUFs, firms (other than limited liability partnerships (LLPs))
·         Profits and gains from business and professions to which presumptive tax provisions apply
For firms/LLPs/Association of Persons (AOPs)
·         Income from house property
·         Capital gains
·         Profits and gains from business and profession
·         Income from other sources
Companies other than those filing ITR-7
·         Income from house property
·         Capital gains
·         Profits and gains from business and profession
·         Income from other sources
Persons requiring to furnish return of income in circumstances specifically provided for under the ITL viz., charitable trusts and other institutions, political parties, business trusts etc.
·         Income from house property
·         Capital gains
·         Profits and gains from business and profession
·         Income from other sources
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Wednesday 4 April 2018

GST Flyer (Edition: January 2018)

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