NEWS & EVENTS

 

UNION BUDGET 2016-17

·       Applicability of Tax audit limit increased from Rs.25 Lakhs to Rs. 50 Lakhs for professionals.

 

 

·       No change in Income Tax slabs and rates for individuals, HUF and partnership firms.

 

·       0.5 per cent Krishi Kalyan Cess to be levied on all services with effect from 01.06.2016. The total service tax will be 15% from the present 14.5%

 

·       100% deduction of profits for 3 out of 5 years for startups setup during April, 2016 to March, 2019. MAT will apply in such cases.

 

·       Amnesty scheme - Domestic taxpayers can declare undisclosed income or such income represented in the form of any asset by paying tax at 30%, and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income. Declarants will have immunity from prosecution.

 

·       Penalty rates to be 50% of tax in case of under-reporting of income and 200% of tax where there is mis-reporting of facts.

 

·       Mandatory for the assessing officer to grant stay of demand once the assessee pays 15% of the disputed demand, while the appeal is pending before Commissioner of Income-tax (Appeals).

 

·       Reduction in corporate tax rate for the next financial year for relatively small enterprises i.e companies with turnover not exceeding Rs. 5 crore (in the financial year ending March 2015) to 29% plus surcharge and cess.

 

·       Aadhaar not to be proof of citizenship or domicile

 

·       EPF Employer Contribution for government employees fixed @ 8.33% for the first 3 years.

 

·       100% FDI in marketing of food products produced in India.

 

·       Amendment of Companies act proposed to facilitate registration in 1 day and promote ease of doing business.

 

·       Excise Duty exemption for ready-mix concrete and 12.5% Excise with input tax credit on jewelry.

 

·       Tax rebate under Sec80GG of Income tax Act increased to Rs.60,000/- p.a as against Rs.24,000/- previously.

·      

·       STT increased to 0.05% from 0.017%

 

·       GAAR provisions to be introduced from 2017.

 

·       Service tax waiver for builders selling houses less than 60 sq.mtr. area.

 

·       Surcharge to be increased to 15% for assessee with income above 1 crore.

 

·       Dividend received in excess of Rs.10 lakhs to be charged to tax @ 10% in the case of resident individuals/HUF/firms.

 

 

 

 

Welcome to
MVR & Co,

MVR and Co is a firm  of chartered accountants offering a gamut of services in accounting, auditing, tax management and planning, business and financial management etc.

Established in 1984, the firm is headquartered in  Bangalore with an office at Coimbatore and has presence in major cities across India through synergistic collaboration with various associates operating out of those cities. This enables us to serve a diversified base of national and international clients.

The work culture in MVR and Co is professional, personalized and excellent.

At MVR and Co there is no ‘standard solution’ for tax and finance related problems. We believe that understanding each business and the place of origin of the business along with the sentiments involved plays a vital role in providing suitable assistance and service. An experience of over two decades in assisting the setting up of new ventures and partnering their growth through the years has equipped us with an appreciation of the needs and requirements of such organizations. MVR and Co specializes as a one stop financial solution provider for start-up companies and new businesses. Our key differentiator is the ability to effectively provide a single-window, cost effective and personalized service to such start-up businesses.

 

Solutions & Services

* Auditing and Accounting
* Accounting & Taxation Out source
* Business Management & Financial Consultancy
* Corporate Finance & Related Services
* Central Excise & Custom
* Direct Tax Services
* Off-shore Clients Services
* Organizational Development
* Other Services
* Service Tax Procedure & Refund
* Special Additional Duty