For Calendar Year 2015, Or Tax Year Beginning , 2015, Ending , 2016: Fill & Download for Free

Assessment Year (AY)As Per [ Sec. 2 (9)]“ Assessment Year” means the period of 12 months commencing on the 1st day of April every year.In India, the Govt. maintains its accounts for a period of 12 months i.e. 1st April to 31st March every year. As such it is known as Financial Year. The Income Tax department has also selected same year for its Assessment procedure.The Assessment Year is the Financial Year of the Govt. of India during which income a person relating to the relevant previous year is assessed to tax. Every person who is liable to pay tax under this Act, files Return of Income by prescribed dates. These Returns are processed by the Income Tax Department Officials and Officers. This processing is called Assessment. Under this Income Returned by the assessee is Checked and verified.Tax is calculated and compared with the amount paid and assessment order is issued. The year in which whole of this process is under taken is called Assessment Year.At present the Assessment Year 2015-2016 ( 1-4-2015 to 31-3-2016) is going on.Example- Assessment year 20013-014 which will commence on April 1, 2015, will end on March 31, 2016Financial Year ( FY )A fiscal year (or financial year or accounting reference date) is a 12-month period used for calculating annual ("yearly") financial reports in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting require such reports once per twelve months, but do not require that the twelve months constitute a calendar year (i.e. January to December).A new company or business has to decide at the beginning on which month its fiscal year will start. In the United States, the business' tax year is the same as its fiscal year, and must file its tax return by the 15th day of the third month following the fiscal year end. That is, if the fiscal year ends on 2015 December 31, then the return is due by March 16. The financial results presented to shareholders are therefore a "photograph" of company's accounts at the accounting reference date.

Story of the demise of the once called King of Good times due to his extravagant lifestylesHow a 9000 crore scam turned a King into a Bhagora ?The most glamorous personality, the business tycoon Vijay Mallya is in trouble for hush-hush escape from the country right around the time he is wanted by the Enforcement Directorate for money laundering. What lead to the scam of Rs.9000 crores in form of banking loan in a country like India where the banking norms requires so many documentation and securities even before granting a small amount of loan. So what happened actually? Here's all you need to know about the 'mess' this liquor baron has sunk himself into:It all started with his Father -Vithal MallyaVithal Mallya, always been a good investor,, invested in shares of company UNITED BREWERIES LTD " UB GROUP"-the company which is mainly into beers and liquors.He started investing in this company and bought some major stakes.Gradually, he became the director of the company and after years of experience he also became the chairman of the company.He expanded his business very well and simultaneously also started investing in other businesses also such as polymer,pharma and food.But the company which flourished most in his guidance was UB Group.But in the year 1983, he died and then Vijay Mallya became the chairman of UB Group at the young age of 27 years.And then Vijay Mallya took over his Father's AssetVijay Mallya took over the chairmanship of the company when the turnover of the company was just Rs.350 crores and during his chairmanship the valuation of the company rose from Rs.40 crores to Rs.6000 crores.Even the most experienced employees of the company felt that this young chap has got strong determination which will lead the company towards greater heights of success.During his chairmanship he alike his father tried to invest in different businesses in order to grow his wealth.He tried his fortune in newspaper business,chemical business,engineering business, etc.But after trying his luck in all the other areas he got to know that the main potential of money making is in beer and liquor business only and after realising this fact he shifted his entire focus on UB Group.His vision was to take his business at global level.He worked his ass off to achieve his vision and he got success too.Today the brand 'Kingfisher' is present in approximately 52 other countries.Branding of 'Kingfisher' even when Advertisement of Liquor was not legalized in IndiaWhen he was on the verge of expanding his company he came across a fact that the advertisement of liquor was not legalised in India - a country where the business of brewery can grow manifold.He bought a house and named it as "KINGFISHER VILLA" and this name often flashed in news leading to its promotion by default.He sponsored various events to promote his brand name such as "The Kingfisher Ball event".He even bought IPL teams such as Royal Challengers to make his brand popular.And after doing numerous of such things, the "UB Group" became the second largest liqour maker in the world in the year 2015.Vijay Mallya was declared as 40th richest person in India in Forbes 2007.He was even awarded with the degree of Doctorate in Business Administration by Southern California University and also the 'Enterprenuer of the year' award at The Asian Awards.And then Kingfisher Airline Came into Picture:-In the year 2005, Vijay Mallya on the ocassion of his son's 18th birthday(Siddharth Mallya) entered into aviation sector by introducing his own airlines named 'Kingfisher Airlines'.At that time Mr Mallya had no experience in civil aviation still he wished to grow the airline business as much as the UB Group.He instructed his staff to treat passengers as their guests and offer high end services and because of this approach the 'Kingfisher Airlines' was declared as the luxury brand for domestic travel.Soon within no time it became the second largest airline in domestic market having one fourth of India's share of domestic travellers.This success urged in him the desire to expand his airlines to the international route as well.Acquisition of Air Deccan- a low cost airline:-Desiring for expansion he applied for it but got rejected as he was unqualified by experience.(As a matter of general fact as per the norms of the aviation sector one cannot enter into the international route without having 5 years of prior experience in the aviation sector.)He decided to takeover the Air Deccan airlines which was already on international routes - a decision which brought a turning point in his life.At the time of acquisition of Air Deccan, Kingfisher airlines no doubt was at the second position among domestic flights but in terms of profit alike other airlines it was bearing negative profits.But Mr. Mallya did not aimed for profitability, he aimed for expansion and in order to expand to international route he took debt to acquire Air Deccan which contributed to the increasing debt on the company.In order to expand to international routes and to maintain his existing company, he was gradually overburdened with debt.Bad Times for Kingfisher Begins:-He renamed Air Deccan to Kingfisher Red and basically it was divided into two groups, that is, for low ticket fare-Kingfisher Red and for high fare and luxury - Kingfisher.Though being a low cost airline yet Kingfisher Red provided very good facilities in all respects.This made people think that there was no use to spend such high cost for Kingfisher Airlines just for little extra comfort.Slowly it led to the shift of passengers from Kingfisher to Kingfisher Red which resulted in decline of the market share of Kingfisher Airlines.The company was not able to recover even the operating costs which led to more debt burden.In such a situation it became neccessary to increase the ticket fare of Kingfisher Red for the continuation of good faciities.But as the ticket fare started rising, simultaneously people started to shift to more cheap airlines which led to even the failure of Kingfisher Red.The other factors that too contributed to the failure of Kingfisher Airlines was high fuel prices and recession.The company was in such a bad condition that due to inability to recover the landing charges from the company, two of the airports named Bangalore and Hydreabad airports changed their policy for Kingfisher Airlines.Even the fuel supplying companies like Hindustan Petroleum and Bharat Petroleum denied to further supply any fuel to Kingfisher due to such outstanding debts and the delayed payment policy.Another company named Indian Oil was ready to supply fuel to Kingfisher but only on cash basis.FAILURE IN FOREIGN DIRECT INVESTMENTS (FDIs)In such adversities it became quite difficult for Mr.Vijay Mallya to manage such a big company and so he decided to bring some foreign investment and he even convinced the foreign airlines 'ETIHAD AIRWAYS' to invest in his company.But the sad part was that the foreign direct investment was not allowed in civil aviation industry in India at that time and so he tried to convince government to change its policy but was unsuccessful in doing so.The situation worsened for Mr Mallya and he was unable to make payment for the salary of the employees.Initially the employees supported Mr. Mallya but during such a bad phase also he was busy in taking models audition for Kingfisher Calendar.This fact was indigestible for the employees and they left Kingfisher after several months strike for non payment of salary and ultimately Kingfisher was closed.In the year December 2012, the government cancelled the license of Kingfisher Airlines.Later after a few years government allowed FDI investment in airlines but till then the Kingfisher was already closed.Increasing Bank Loans:-Then slowly eventually things changed again and Mr. Mallya got much support from India and he started taking maximum loans.He took loans from 17 different banks most of which were public sector undertakings(PSUs) namely: State bank of india - approx 1600 crores and IDBI bank - approx 800 crores.As far as private banks were concerned two banks namely HDFC bank and ICICI bank came forward to grant loan to Mr. Mallya but they gave loan against the securities of United Spirits Ltd(UB group) and recovered their money by selling the shares.Debt Restructuring:-Being overburdened with debt , finally Mr Mallya applied for debt restructuring to government.But as far as Mr. Mallya was concerned the meaning of debt restructuring only changed. In his case the entire debt was converted into equity,that is,the entire loan was waived off.And in turn the company ,that is, the Kingfisher Airlines offered their shares to the banks converting their debt into the equity shares of 1400 crores loan by valuing shares of Kingfisher Airlines at Rs. 64.49 which were trading at only Rs. 39.90.This valuation was done by the bank on the contention that presently the company was in bad position so the value of shares had fallen but the potential of the company is such,that its share price can go up to Rs.65ignoring the fact that the all time high of the share price of Kingfisher Airlines had been only Rs.48.Political Pressure on Banks:-The big question arises that why the banks did so???It's a very well known fact that Mr. Vijay Mallya was a Rajya Sabha member. He had good political connections so it is very much possible that the bank's officials were under political pressure.Further, the company wanted to issue preferential shares for more fund raising and due to the banking norms it required a No Objection Certificate(NOC) from the State Bank Of India -Bangalore(As when a bank gives loan upto a certain limit then further if the company wants to raise fund it requires NOC from that bank to raise such funds).But the officials of State Bank of India- Bangalore who at the first instance rejected MR Mallya's proposal and even denied to conduct a meeting with him later made their banking norms less stringent to grant a NOC to Mr Mallya which again suggests that there was some political presssure which influenced the officials' decision.The banks to which the Kingfisher Airlines(KFA) owes money are :-17 Different bank KFA has to pay Rs.9000 crore (including Interest)Final Action:-In March 2016, there was some negotiations going on between Mr Mallya and the banks. The amount of loan outstanding along with the interest was Rs.9000 crores at that time.So, Mr. Mallya said that he was ready to pay Rs.6000 crores which is approximately the principal amount and the banks should waive off all the interest.But somehow banks were not ready for it and a consortium of banks approached the Supreme court of india to stop Mr. Mallya from going abroad due to the pending money his companies owed to them.Meanwhile, during that time he fled to Britian and now Mr Vijay Mallya is in the ' WANTED LIST of INDIA' for the willful default.Conclusion:-Ultimately when banks fall short of funds due to such scams it is our governmnet who help the banks by providing them funds in order to protect our economy.On the other hand, we, the citizens of this country when we come to know about such scams we think that let it be,it’s the money of banks which is going in vain.But the point to think about is - Is it really the money of banks or it's our money that we pay to government in form of tax?At last,I would just like to leave you with one question to think about -Why is it so difficult to waive off the loan of poor farmers and on the other hand so easy to waive off crores of loan of such rich and powerful individuals?Ps : - Say No to "Waste of Tax Payer's Money”Thank you.

1. Diverse, Strong EconomyTo begin with, Forbes ranked Denver as #1 among 401 metropolitan statistical areas in its List of the Best Places for Business and Careers for the year 2015. The Denver-Aurora-Lakewood metro area moved up from the 4th place in 2014 to head the list for the first time in the 17-year history of the ranking. The reason? Well, Denver with its surrounding metro area is attractive for business because of its diverse economy, highly educated labor force, and outdoor recreational activities. Traditionally, the oil and gas sector dominated the Denver economy, but things have been changing in recent years. The local economy is more and more driven by the universities, where the invested federal research money is driving a significant growth in the computer technology industry. At the moment, professional and business services is the new main sector, providing 18% of all employment.So, Denver’s economy is not only diversifying but actually generating jobs for young, highly educated people. Job growth in recent years has been above the average nationwide. Companies more and more often choose to expand their operations or fully relocate to Denver. What does that mean for investing in Denver real estate? That there are more and more people, especially young professionals and their families, moving to Denver and looking for accommodation within the Denver real estate. This trend is likely to continue in the future, which is one – probably the most important – reason to buy an investment property in the Denver real estate market now.2. Population DynamicsThe second reason why you should consider purchasing an income property in Denver is directly related to the first one. As we described above, a strong economy means accelerated population growth. As energy is no longer the main driver of the local economy, jobs and thus population growth in Denver do not depend heavily on the price of oil, so any fluctuations are not likely to cause major disturbances.Because of the always-increasing job opportunities, recent population growth has been massive and is projected to remain above the average for the country. Everyone seems to be moving to the already populous Denver-Aurora-Lakewood metro area, which currently has a population of 2.8 million people (the 19th highest in the US) – millennials, hippies, boomers – making Denver one of the fastest growing cities in the US. Well, that’s definitely good news for anyone willing to consider the option of investing in the Denver real estate market.3. Tourism NumbersAccording to an article in The Denver Post, last year 16.4 million overnight tourists visited Denver, setting a new record for the tenth year in a row! That’s 1 million more people than in 2014. The corresponding 6% increase in the number of tourists is significantly higher than the national average of 2%. Furthermore, the number of overnight guests has increased by 52% since 2005, double the nationwide average. The bulk of Denver overnight guests are leisure travelers – 13.8 million. Of them, 7.7 million visited friends and family, while the remaining 6.1 million were marketable. This means that these over 6 million people could have gone anywhere else in the US or even beyond but chose to come to Denver.These are the tourists whom investors in the Denver real estate market offering short-term rentals should try to capture because the other 7.7 million are most probably staying with friends and family. But still – 6.1 million is a lot of people, which translates into a potential for large profit for anyone willing to invest by purchasing an income property in the Denver real estate. In addition, of course, you also have 2.6 million overnight business trips, and not all of these working people were looking into fancy, expensive hotels. If that’s not enough to convince you to at least think about this option, you should hear that – the overnight tourists in Denver spent $1.51 billion on accommodation in 2015 only! That’s a lot of money, right?4. Tourist AttractionsWhat Denver along with the surroundings is definitely rich in is outdoor recreational opportunities. That’s not only a major attractive force pulling young families who prefer outdoor lifestyle to move to Denver but also an important factor drawing day and overnight tourists. Some of the major outdoor attractions are:Denver ZooDenver Botanic GardensRocky Mountain National ParkMount EvansMount Sneffels including an annual marathon, the next being scheduled for 12 August 2017 (all of you interested in renting Airbnb in Denver should already put this date on your calendars)In addition to the booming economy, these tourist attractions are also an important driver of the Denver real estate market as they make both traditional and Airbnb rentals profitable.5. Airbnb LegislationComing straight from reasons #4 and 5 to invest in Denver real estate is the issue of Airbnb in Denver. After two years of community-wide discussions, this year the Denver City Council passed a law approving short-term rentals (essentially Airbnb) of a primary residence for less than 30 days, which was illegal before. The law is in effect as of 1 July 2016, but landlords have until 1 January 2017 to start complying.This means that second homes and investment properties in Denver cannot be offered through Airbnb. The Denver City Council actually discussed this option but eventually did not include it in the law, however, leaving the possibility to expand the legislation later. Still, this new law should be considered a partial gain for the Denver real estate market as at least short-term rentals are now legal. Now every short-term rental of a primary home has to be registered through an online license application portal in addition to paying a $25 license and 10.75% lodger’s tax. Potential investors in the Denver real estate market should keep an eye on what will happen with the estimated 2,000 listings of short-term rentals in Denver on Airbnb and VRBO with regards to compliance rates.Related: The Trend of Legalizing Airbnb Rentals6. Price TrendsThe final and maybe most convincing reason why you should buy your (next) rental property in the Denver real estate market now is that prices are on the rise. The average sale price in Denver at the moment is $420,000, which is 35% higher than what it used to be four years ago. Last year only, Denver real estate prices went up by 14%. There are houses in Highland currently listed for $1 million or more. As an average listing in Denver gets several offers at the very same day, prices are expected to continue going up. Actually, some predict a rise as high as 35% in the next three years. Although many of the expensive properties get paid fully in cash, affordability is becoming more of an issue for the average local residents in terms of both renting and buying a home. People in Denver spend about 21% of their wages on mortgage payments, which is a higher proportion than in DC, let’s say.Well, that’s not necessarily bad news for real estate investors. The fact that new homeowners have challenges paying their mortgage could actually be good for people looking to invest in Denver real estate as it means that many young individuals and families will prefer to rent rather than purchase a home at that point. Another piece of good news for investors is that rents will continue to go up after a record increase of 11.4% per year over the past three years. Meanwhile, interest rates as well as vacancy rates are at an almost record-low level. Nonetheless, prices for out-of-state real estate investors are still affordable. As The Colorado Real Estate Journal highlights, even Denver’s record-high sale price of $600 per square foot for the IMA Financial’s building is 70% less than the sale price for top office buildings in NYC, 40% less than in Washington, D.C. and San Francisco, and 10% less than in Chicago.Related: Out-of-State Real Estate Investing: The Good and The BadFor the end, we’ve saved one interesting number. WalletHub, a Washington, D.C.-based financial analyst website, ranked the Denver real estate market 6th among 300 cities and towns nationwide in 2016. It is also ranked 2nd among large cities, after Austin, Texas. The metrics used for the ranking include: percentage of homes underwater, average number of days until a house is sold, percentage of homes selling for a gain, median home price appreciation, home sales turnover rate, rent-to-sale price ratio, foreclosure rate, mortgage delinquency rate, number of bank-held homes, vacancy rates, and building permit activity.Related: 4 Reasons to Buy Airbnb Investment Property in AustinSome Quick Numbers from MashvisorMedian Property Price: $558,977Airbnb Rental Income: $3,473Traditional Rental Income: $2,539Airbnb CoC Return: 4.66%Traditional CoC Return: 2.77%Airbnb Cap Rate: 7.13%Traditional Cap Rate: 5.13%In sum, now is the time to invest in the Denver real estate market. Tomorrow prices might be high, interest rates might be high, and inventories might be even lower. To go forward with your purchase of an income property in Denver, visit Mashvisor for metrics and analytics of hundreds of properties in the city.Source: 6 Reasons to Invest in Denver Real Estate