1) Karnataka Establishment Act (Mandatory)
2) Karnataka Employer Professional Tax (Mandatory)
3) Karnataka Employee Professional Tax (Mandatory)
4) GST (threshold 20Lak for service industry and 40Lak for manufacturing and trading industry) (Mandatory for E-commerce entities)
5) Department of Labour - Labour license (Mandatory for Man power agencies such as Construction industry, security, facility management, hospitality etc)
6) FSSAI - Basic, State and Central (Mandatory for food industry)
7) MSMED (Advisable for all the small and medium industries)
8) Labour Taxes (ESI, PF, Minimum Wages Etc)
9) BBMP Trade License
With effective 2017, Income tax officer have powers to charge upto 200% on misreporting the income.
No matter whether it is clerical, intentional, fraud, mistake or error, officer have rights on charging upto 200%.
Be 100% #complied
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In most of the cases, medical cover provided by an employer is always not suffice. Hence it is highly recommended to obtain medical insurance for self and dependents.
Following are the major benefits:
1) 80D Tax Benefit - Save tax upto 23,400/-
2) 100% cashless treatment by most of the insurance providers
3) If you are early getter, lower premiums for life term
4) Vast options
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1) Additional tax benefit U/S 80CCD - Upto Rs 50,000
2) 40% Tax savings on redemption
3) Flexibility with contributions
1) Lock-in period is too long
2) Withdrawal allowed only in few special cases before the age of 60Y limited to 25%
3) After retirement, 40% of investment to be continued as annuity
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With advancement of technology and compliance, Income Tax department had got access to roots of tax payer significant income.
Discrepancies with accurate information will cost huge monetary liability. Thanks to section 270A - Now Income Tax officer has right to charge upto 200% on misreporting of income.
Be #complied by disclosing and reconciling your income with 26AS, AIS, CC, Bank Statement, Demat, CAMS, GST and Labor taxes.
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FA 2017, took various measures to restrain black money and as an outcome, a new Section 269ST was inserted in the Income Tax Act.
This section imposed restriction on a cash transaction and limited it to Rs.2 Lakhs per day. Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more:
1) In aggregate from a person in a day; or
2) In respect of a single transaction; or
3) In respect of transactions relating to one event or occasion from a person.
However, the Central Board of Direct Taxes (CBDT) has clarified that this cash withdrawal limit does not apply for withdrawals from Banks and Post offices.
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1) Reduces the burden and stress of paying tax at last moment
2) Significant Interest (Compounded) Savings on Tax Liability. On an average government receives 40% of its overall tax payments as delayed interest liability
Pay Now and Be #Complied...
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For an individual, the *cash deposit* limit in a savings account is ₹1 lakh. If a savings account holder deposits more than ₹1 lakh in one’s savings account, then the income tax department may send income tax notice. Similarly, for current account holders, the limit is ₹50 lakh and on violation of this limit may also be liable for income tax notice.
*Above information is only for educational purpose
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Well the Answer is little complicated. It is not taxable when you don't have any other income or your income is under basic exemption limit.
If you are earning income more than basic exemption limit, then agri income is slightly taxable. Indeed there are lot of conditions to account it as agri income. But in this journal, let us stick to the tax rate computation.
Example: Ms Nirmala is earning salary income of Rs 35,00,000 and agricultural income of Rs 5,00,000.
(A) For tax calculation purpose, we need to consolidate her overall income and define the tax liability which would be amounting to Rs 9,97,500
(B) Now we need to calculate the agriculture income along with basic exemption to define tax liability i.e., Rs 2,50,000 + Rs 5,00,000 = Rs 7,50,000 resulting tax of Rs 62,500
(C) Reduce (B) with (A) amounting to difference of Rs 9,35,000/- + 4% Edu Cess consolidating to Rs 9,72,400/-
Alternatively, if she has only salary income amounting to Rs 40,00,000. Then she need to pay tax of Rs 10,37,400 (Incl Edu)
Technically she is paying tax of Rs 65,000 for Rs 5,00,000 as Agricultural income i.e., 7.6%. The same rate would be compounded with surcharge if CTC is more than 50Lak and 1Cr respectively along with Agri slab rates.
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