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Rates of TCS for FY 2021-22 i.e. 1st April 2021 to 31st March 2022 (AY 2022-23)

Normal TCS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal rates by 25%. But this reduction of tcs rates was applicable only upto 31.3.2021 and normal Rates are restored w.e.f 1.4.2021. A complete list of TCS rate along with related transactions for financial year 2021-22 (AY-2022-23) is provided in […]

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Have you done financial planning for 2020-21 before the deadline 31st March 2021 – Check out what you missed.

Financial year 2020-21 is reaching to its ends in few days. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2021, as we are required to file Income tax return for FY 2020-21 during […]

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Rates of TDS for FY 2021-22 (1st April 2021 to 31st March 2022)

Reduced TDS rate which were changed w.e.f 14th may 2020 by reducing normal TDS rates by 25%, were applicable only upto 31-03-2021. Hence this reduction in TDS rates in not applicable for FY 2021-22. A complete list of TDS rate along with related transactions and budget proposals for financial year 2021-22 (AY-2022-23) is provided in […]

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What is Balance of Payment? What is balance of Trade? What is current account deficit/ Surplus and capital account deficit / Surplus? What is forex reserve? What is Trade Deficit/ Surplus?

There is many terms like Balance of payment, Balance of Trade, Current A/c Deficit, Capital account deficit, trade deficit, forex reserve which appears to be confusing to many students. Read the complete article to develop such understanding about these terms that you will never forget. Please refer following basic points before going ahead in learning […]

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(Multiple Choice Questions of Law/ Legal awareness)- Law MCQ

Quizzes help us to test our knowledge and memory. Hence taking quizzes is very important tool to sharpen our memory. We are developing some quizzes for our user to enable them to test their knowledge & memory. Questions chosen for the quizzes are helpful for various competitive examinations like bank exams, SSC, PCS, CGL etc. […]

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Important Highlights of Tax Proposals in Finance Budget 2021-22

The Finance Minister, Nirmala Sitharaman presented her third Union budget 2021 in Parliament today i.e. 01-02-2021. Following are important proposals made therein:- Direct tax proposals:- 1. Major Direct Tax Proposals made in budget 2021-22 is given below:- NO change is proposed in direct tax rates / slab rates of income tax, following 32 changes are […]

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Decision Making and Risk Factor: How to take an economic decision considering the risk factor?

Every person wants to make the best decision but every person may have a different risk attitude and our risk attitude play a major role in our decision making. On the basis of risk attitude, people can be divided into the following three categories:- Risk-Averse person:- A person who does not like to take the […]

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Taxability of Mutual Fund: Is your mutual fund taxable or exempt?

Investment is a good habit to make our future more independent. Keeping some part of our money to get more money in the future is called investment. In today’s economy, there are various investment options available to us like:- Saving bank account Fixed Deposit in Bank Recurring Deposit in bank Fixed Deposit of Corporate Government […]

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Income tax due dates for FY 2020-21 (AY 2021-22)

Due Dates of Income tax as applicable for FY 2020-21 (AY 2021-22) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2021 (Audit report is to be filed upto 30-09-2021) 15-02-2022 (Audit report is to […]

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Share Market Quiz (Multiple Choice Questions of Share Market)- Share market MCQ

Quizzes help us to test our knowledge and memory. Hence taking quizzes is very important tool to sharpen our memory. We are developing some quizzes for our user to enable them to test their knowledge & memory. Questions chosen for the quizzes are helpful for various competitive examinations like bank exams, SSC, PCS, CGL etc. […]

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Taxation Quiz (Multiple Choice Questions of Taxation)- Taxation MCQ

Quizzes help us to test our knowledge and memory. Hence taking quizzes is very important tool to sharpen our memory. We are developing some quizzes for our user to enable them to test their knowledge & memory. Questions chosen for the quizzes are helpful for various competitive examinations like bank exams, SSC, PCS, CGL etc. […]

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Banking, Economy, Business and Financial awareness Quiz (Multiple Choice Questions of Financial Awareness-MCQ)

Quizzes help us to test our knowledge and memory. Hence taking quizzes is very important tool to sharpen our memory. We are developing some quizzes for our user to enable them to test their knowledge & memory. Questions chosen for the quizzes are helpful for various competitive examinations like bank exams, SSC, PCS, CGL etc. […]

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Insights of Indian Economy before hit by COVID-19

Insights of Indian Economy before hit by COVID-19 Parameters Value Remarks Area  3,287,263 sq km Area of india within 15200 km of land frontier and 7516 km of coastline. Population-2018 135.26 Crores (BPL-21.9%, approx 29 crores) India’s population is approx 138 crore in June 2020 which is approx 17.7% of total world population. Median age in […]

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Last date for filing ITR for FY 2019-20 extended to 31st December 2020

Last date for filing ITR for FY 2019-20 extended to 10th January 2021 As per official notification dated 30th December 2020, Last date for filing ITR for FY 2019-20 (AY 2020-21) has been extended to 10th January, 2021 from 31st December 2020 and for audit cases last date is extended to 15th February 2021 from […]

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Last date to file ITR for FY 2018-19 extended to 30th November 2020.

31st March 2020 was last date to file your Income tax return for FY 2018-19 which is now extended to 30th November 2020 If you have not filed your income tax return for financial year 2018-19 or you want to revise your income tax return for 2018-19(only if assessment is not yet completed) then it […]

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25th August is Last date to apply for November 2020 Examination of ICAI (Institute of Chartered Accountants of India)

25th August is Last date to apply for November 2020 Examination of ICAI (Institute of Chartered Accountants of India) As we already know that due to corona pandemic, the Institute has already decided to cancel May 2020 Examinations and merge the May 2020 attempt with November 2020 Examinations. Following are important to note w.r.t November 2020 […]

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How a Package of Rs. 20 Lakh Crores going to make India – Atmanirbhar Bharat: First Phase-13th may 2020

How a Package of Rs. 20 Lakh Crores going to make India – Atmanirbhar Bharat: First Phase-13th may 2020 We all know that Indian Independence day is celebrated on 15th August. We secured our independence on 15th August 1947 or we can say we were declared independent on 15th August 1947 when UK parliament passed […]

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Coronavirus (COVID-19): How much harmful is corona for world economy? What should we do? What should investors do in this era of viruses i.e. Coronavirus.

Coronavirus (COVID-19): How much harmful is corona for world economy? What should we do? What should investors do in this era of viruses i.e. Coronavirus.? There are many questions come to everyone’s mind regarding Coronavirus (Covid-19). Share market is facing one of the biggest fall due to corona virus. Hence investors are in panic. Everyone’s […]

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GST 39th Council Meeting Update:- GST on mobile phone and parts increased to 18% and Deadline for GST filing extended.

39th Meeting of GST council held in New Delhi today. Some of highlights are given below:-. It was decided to raise the GST rate on mobile phones and specific parts to 18% form 12%. A completely enhanced capacity with better system of GSTN will be made available by July 2020, instead of Jan 2021. It […]

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Important Highlights & Tax Proposals of Finance Budget 2020-21

Important Highlights & Tax Proposals of Finance Budget 2020-21 The Finance Minister, Nirmala Sitharaman presented his second Union budget 2020 in Parliament today i.e. 01-02-2020. Following are important proposals made therein:- Direct Taxes Proposals Income tax slab rate for individual & HUF are proposed to be changed for FY 2020-21 but this new slab is […]

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Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July/ 30th September – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak.

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July 2020/30th September 2020 – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak? Financial year 2019-20 is reaching to its ends in few weeks. 31st March is an important deadline with […]

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Current position of Indian Economy w.r.t. Economic Survey of India for FY 2019-20 (presented in Parliament on 31-01-2020)

Current position of Indian Economy w.r.t. Economic Survey of India for FY 2019-20 (presented in Parliament on 31-01-2020) Economic Survey 2019- 20 was presented in the Parliament by Finance Minister Nirmala Sitharaman on January 31, 2020. The theme of Economic Survey 2020 is- “Enable markets, promote ‘pro-business’ policies and strengthen ‘trust‘ in the economy”. The […]

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TDS is introduced in GST w.e.f. 01.10.2018: All about TDS in GST Law

TDS is introduced in GST w.e.f. 01.10.2018: All about TDS in GST Law GST Law mandates Tax Deduction at Source (TDS) vide Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017 and Section 21 of the UTGST Act, 2017. GST Council in its 28th meeting held on 21.07.2018 recommended the […]

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Due date for filing ITR extended to 31st Oct 2018 for audit cases.

CBDT further extends due dt for filing of IT Returns & audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s234A of IT Act will remain same. Click here for notification.

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Due date for Filing ITR extended to 15-09-2018 in case assessees in State of Kerala

In view of disruption caused due to severe flood in Kerala, CBDT extended due date for ITR from 31st August 2018 to 15th September 2018 in case of Income tax assessees in state of Kerala who were liable to file their Income tax return by 31st August 2018. Click here to download order

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All About Reverse Charge Mechanism of Goods & Services in GST.

All about Reverse charge Mechanism In GST. What is Reverse Charge Normally Supplier of goods or services is liable to pay tax to Government. Supplier collect tax amount from receiver along with value of goods or services and deposit it to the government. But in case of reverse charge, changeability gets reversed and Receiver of […]

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Updates relating to GST return, Income Tax and SEBI.

CBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04/2018 Dated: 20th August 2018. Niti Aayog has suggested the government to bring down import duty on gold from the existing level of 10 per cent and also slash the GST rate […]

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Last date of filing GSTR-3B for the month of July, 2018 has been extended to 24th Aug, 2018.

As per GST Portal, Last date of filing GSTR-3B for the month of July, 2018 has been extended to 24th Aug, 2018. Official Order is expected in sometime. For visiting the GST portal please click the following link https://www.gst.gov.in/

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Clause 30C & 44 of Tax Audit report is kept in abeyance till 31st march 2019

On 17th August 2018, CBDT issued order under section 119 of Income Tax Act 1961 that reporting under clause 30C & 44 (i.e. GST and GAAR Reporting under Amended Tax audit report) of the tax audit report shall be kept in abeyance till 31st March 2019. Therefore Tax audit reports to be furnished on or […]

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In A New Record, Rs 10.03 Lakh Crore Collected As Income Tax In 2017-18

In a new record, Income Tax worth Rs 10.03 lakh crore was collected during 2017-18, the Central Board of Direct Taxes (CBDT) said on Friday (17 August), reports Press Trust of India. A record has also been set when it comes to the number of Income Tax filings. During a two-day conference of Income Tax […]

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Due date Calendar for August 2018

Statutory and Tax Compliance Calendar for August 2018 S.No Particulars of Compliance Forms/returns Due Date Compliances Calendar for GST 1. Return of outward supplies of taxable goods and/or services for the Month of July 2018 (for Assessees having turnover exceeding 1.5 Cr.) GSTR -1 10-08-2018 2. Return by Non-Resident Foreign Taxpayers for the month of July […]

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Key points of 29th Meeting of GST Council held on 4th August 2018

Summary of GST meeting 4th August 2018: 1. GOM for MSME Issues: a. GST Council constitutes a Group of Ministers (GoM) to look into issues of MSME’s. b. Finance Minister’s of Assam, Delhi, Punjab & Kerala will be part of this GoM. c. Finance Minister of State – Shri Shiv Pratap Shukla ji will be […]

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Key Features of Draft GST simplified returns formats issued by CBIC on 30th July 2018.

The GST Council in its 28th GST Council Meeting held on July 21, 2018 under the Chairmanship of Shri Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs has approved the new return formats. The Council had earlier approved the basic principles of GST return design and directed the law committee to finalize the […]

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An Overview of Tax Audit U/s 44AB of Income tax Act.

Tax Audit under section 44AB was introduced by Finance Act 1984, w.e.f. 1st April 1985 (A. Y. 1985-86). The main objective of the tax audit was to ensure that Books of accounts and other relevant records are properly maintained by the assessee and to compute the taxable income according to the law and to maintain […]

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How to File Income Tax Return for F&O Trading and Speculative transactions in FY 2017-18 (AY 2018-19)

Most of Salaried Employees are involved in derivative trading (trading in future and options or F&O on stocks, currencies, and commodities) But due to little knowledge about how these trades are taxed, those who have losses from futures & options skip reporting it in their income tax return, which is not right. If you are […]

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Deadline for filing Income tax return extended till August 31, 2018

The finance ministry in a tweet has announced the extension of income tax return filing deadline by a month to August 31. The tweet says “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 […]

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Updates of 28th GST Council meeting held on 21st July 2018

28st GST Council meeting held on 21st July 2018 and we are presenting here the key decisions taken in this meeting . Some of the decisions will be given effect by way of issuing Notifications and few are to be placed in Parliament to amend the GST Laws. Key Decisions:- Return Simplification. Quarterly returns for […]

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28th GST Council meet on Saturday i.e. 21st July 2018: Return simplification, law tweaks, setting up of tribunal on table

28th GST Council meet on Saturday i.e. 21st July 2018: Return simplification, law tweaks, setting up of tribunal on table The proposed amendments to the goods and services tax (GST)-related laws, simplification of GST returns, the creation of GST appellate tribunal and the revenue position of states will be among the key items slated for […]

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GST important Due dates for Financial year 2018-19

GST important Due dates for Financial year 2018-19 (A) Due date for payment of GST (From 01-04-2018 to 31-03-2019) Taxpayer Periodicity of GST Payment Due Date for payment of GST Taxpayers with Annual Turnover upto Rs. 1.5 Crore (filing GSTR-1 on quarterly basis) Monthly 20th of Next month after the month in which Time of […]

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Due date Calendar for July 2018

Due dates for the month of July 2018. GSTR-3B (Jun 2018)-Jul 20th, 2018 GSTR-5 (Jun 2018)-Jul 20th, 2018 GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018 GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018 GSTR-5A (Jun 2018)-Jul 20th, 2018 Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018 Turnover exceeding […]

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Reverse Charge Mechanism further postponed till 30.09.2018 for Unregistered Person.

Section 9 (4) of the Central Goods and Services Tax, 2017 (CGST Act in short) and Section 5(4) of Integrated Goods and Services Tax, 2017 (IGST Act in short) provides that tax in respect of the supply of taxable goods or services or both by a person, who is not registered, to a registered person […]

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Have you done financial planning for 2017-18 before the deadline 31st March 2018 – Check out what you missed?

Financial year 2017-18 is reaching to its ends in few weeks. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2018, as we are required to file Income tax return for FY 2017-18 during […]

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E-Way Bill: All about compliance requirement of E-Way Bill w.e.f 1st April 2018.

What is E-Way Bill? E-way bill is an electronic document generated online from E-way bill portal (https://ewaybillgst.gov.in/) which is required to be carried by the person-in-charge of conveyance for movement of goods from one place to another. E-way bill document contains 12 digit EWB number. Section 68 of the Central Goods and Services Tax Act, […]

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Important GST updates vide recent GST notifications dt. 28th March 2018

Important GST updates vide recent GST notifications dt. 28th March 2018: Due date for filing GSTR-6 for the period of July 2017 to April 2018 has been extended to 31st May 2018. Due date for filing trans-2 form has been extended to 30th June 2018. Due date for filing GSTR-1 for the quarter ending on […]

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Is it right time for the privatisation or consolidation of public sector banks?

Current market share of public sector banks is 70% which is reducing very rapidly i.e. approximately 4% a year. After 5 year, Estimated the market share of public and private sector bank will be in the ratio of 50:50. Infosys chairman Nandan Nilekani said that market share of public sector bank may reduce to something […]

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Fraud prone Indian Banking & RBI: Recent Steps to strengthen Banking.

After recent scam of 12646 crores in PNB done through fraudulent issuance of letter of undertaking (LOU) , RBI have to take necessary steps to prevent such fraud in future. Market share of public sector bank is 70%, But after scam of 12646 crores in PNB the shares of public sector banks have lost their […]

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26th Meeting of GST Council: E-Way bill mandatory w.e.f. 1st April & GSTR-3B continued.

26th Meeting of GST council held today i.e 10th March 2018 in New Delhi under chairmanship of Sh. Arun jaitley. GST return filing process was expected to be simplified but GST council could not reach a decision and current system of GST return filing is continued and GSTR-3B is decided to be continued for three […]

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Government Simplifies E-Way Bill Rules just two days before 26th meeting of GST Council.

Under GST regime, an e-waybill needs to be generated and carried for movement of goods above rupees 50000. Previously on the Recommendation of GST Council,1st February 2018 was fixed as the date from which provisions related to e-way bill shall come into force w.r.t. interstate movement of goods. But due to technical glitches the same […]

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Income Tax Dept. probes Rs. 1000 crore tax refund fraud by Govt. and PSU employees.

Belated or revised income tax return for the financial year 15-16 or 16 17 can be filed up to 31st March 2018. As per IT officials, some assessees do not show any income under the head income from house property in their original return but claimed losses under the head house property in there revised […]

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UIDAI directs telecom companies to inform users about Aadhaar linking status

More than 120 crore residents have already been enrolled with Aadhaar and with such a large data Aadhaar data is the world’s largest biometric database.UIDAI notices instances of misuse of the Aadhaar data for issuing new SIM to subscribers other than Aadhaar holder. After above notices, UIDAI has instructed telecom companies to ensure that their […]

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Paytm received approval from SEBI to become Registered Investment Advisor.

Business of E-wallet companies are affected by RBI guidelines for mandatory KYC in E-wallet. Last date for updation of KYC in E-wallet was 28th Feb. 2018. However those who have not updated KYC in their E-wallet are not going to lose their money in E-wallets. They are allowed to use money already available in E-wallet […]

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E-Way bill for movement of Goods: Target Dates

Under GST regime, an e-waybill needs to be generated and carried for movement of goods above rupees 50000. Previously on the Recommendation of GST Council,1st February 2018 was fixed as the date from which provisions related to e-way bill shall come into force w.r.t. interstate movement of goods. But due to technical glitches the same […]

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Updates about PNB Fraud case of Rs. 12700 crore.

Some Updates about PNB fraud case of Rs. Rs.12700 crore:- Axis Bank’s MD, Shikha Sharma and ICICI Bank’s MD Chanda Kochhar along with some senior officer of 31 banks summoned by Serious Fraud Investigation Office (SFIO) for questioning regarding extension of loans to Gitanjali Groups. Central Bureau of Investigation (CBI) has registered two cases in […]

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File Your Income tax Return for FY 15-16 & 16-17 before 31st March 2018

31st march 2018 is the last date for filing belated income tax return for FY 2015-16 if you have not filed earlier. But if you have filed ITR for 2015-16 on time but want to revise the same then 31st march-2018 is the last date for the same. Further 31st March 2018, is also the […]

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On 1st March 2018, Cabinet cleared "Fugitive Economic Offenders Bill 2018"

The Cabinet today cleared Fugitive Economic Offenders Bill which targets big defaulters involved in economic crime of over Rs. 100 crores. “Fugitive Economic Offenders Bill 2018” has been brought to confiscation of properties of such fugitives. There will also be the provision to confiscate those assets outside India but co-operation of that country will be […]

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On 1st March 2018, Cabinet approved setting up NFRA as regulator for Auditors

Today on 1st March 2018, The Cabinet approved setting up of the National Financial Reporting Authority (NFRA), which will be an independent regulator for the auditing profession. After Rs 12700 crore fraud at Punjab National, Government find timing and reason to amend Companies Act, 2013 for setting up separate independent regulator for auditing profession i.e. […]

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Priority Sector Lending Targets for FY 2018-19 for Foreign Banks with 20 or more Branches.

RBI announced Priority Sector Lending Targets for FY 2018-19 for Foreign Banks with 20 or more Branches in notification dated 1st march 2018. As per RBI notification, Lending target are:- Sub-target of 8% of ANBC (Adjusted Net Bank Credit) or CEOBE (Credit equivalent Amount of Off-Balance Sheet Exposure), whichever is higher to small and marginal […]

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SBI increased Interest Rate for Domestic Term Deposits.

Today on 28-2-2018, State Bank of India (SBI) increased retail deposit rates by 10 to 50 basis points across various maturity baskets. It may also be followed by other banks. With effect from 28th February 2018 the revised interest rate on retail domestic term deposit below Rupees 1 crore is as follows: 7- 45-day : […]

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On 28-02-2018, RBI revised limit of "exchange traded currency derivatives".

RBI revised limit of “exchange traded currency derivatives” without having to establish underlying exposure for resident in India and FPI.Currently, persons resident in India and FPIs are allowed position in USD-INR upto USD 15 million per exchange and positions in EUR-INR, GBP-INR and JPY-INR pairs, all put together, upto USD 5 million equivalent per exchange. […]

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Update KYC in E-wallet before 28th Feb. 2018: RBI

Update KYC in E-wallet as deadline is very close. As per RBI guidelines issued in October 2017 as revised, E-wallet companies must convert all the E-wallet or other instruments issued by them to full KYC by 28th February 2018. Full KYC made mandatory to keep them functioning in normal manner otherwise sever restrictions would be […]

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E-way bill may start from 1st April-2018:Meeting of GOM

On 24-02-2018, in the meeting of GoM (Group of Ministers), it is decided to start the inter-state movement of goods worth more than Rs. 50000/- through E-way Bill mechanism from 1st April 2018. The GoM meet, however, remained inconclusive on how to simplify the GST return filing process. However final decision will be taken in […]

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On 23rd February 2018, Reserve Bank of India launched the Ombudsman Scheme for NBFC

Good News for customers of NBFC like Bajaj Financial Services Limited, LIC Housing Finance, PNB housing finance, Indiabulls group, Muthoot Finance, Reliance Capital, Sundaram Finance, GIC housing Financial Services etc. as they will get expedite and cost-free resolution for their complaints. Reserve Bank of India launched the Ombudsman Scheme for NBFC on date February 23, […]

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RBI constituted an Expert Committee to look into the reasons for high divergence observed in asset classification and provisioning by banks.

In view of large divergences observed in asset classification and provisioning in the credit portfolio of banks as well as the rising incidence of frauds in the Indian banking system, RBI decided to constitute an Expert Committee under the chairmanship of Shri Y H Malegam, a former member of the Central Board of Directors of […]

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Link your Adhaar with Various Financial products and mobile number before 31st march 2018

On 15-02-2018, Government issued a notification to require all postal Life Insurance holder to provide their Aadhaar detail.The notification also makes Aadhaar mandatory for all new insurance policies that will be issued in the future. This notification does not specify any deadline for linking of Aadhaar with Postal Life Insurance policies. Constitutional Validity of Aadhaar […]

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Investment Decisions: Are your Investment decisions destroying your Wealth?

Investment Decisions: Are your Investment decisions destroying your Wealth? Every investor wants to create huge wealth by taking best investment decisions. But sometimes decisions taken to create wealth become responsible for destruction of wealth itself. Generally investors are unaware of Break even rate of return which is minimum return to catch up with inflation and […]

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Date of Compulsory E-Way Bill Postponed.

To facilitate easy inter-state movement of goods throughout the country, National E-way bill was made compulsory w.e.f. 01-02-2018 for consignment value more than Rs. 50000/- replacing separate way-bill for each state with the line “One Nation, One E-way Bill’ But the same is postponed till further order due to technical glitches. E-Way bill portal

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Important Highlights & Tax Proposals of Finance Budget 2018-19

Important Highlights & Tax Proposals of Finance Budget 2018-19 The Finance Minister, Sh. Arun Jaitley presented his fifth Union budget 2018 in Parliament today i.e. 01-02-2018. Following are important proposals made therein:- Direct Taxes Proposals No changes in Personal Income tax slab. No Changes in Limit of deduction u/s 80C. Benefit of exemption for withdrawal […]

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Long Term Capital Gain is made taxable @ 10% w.e.f 1st April 2018

As proposed in budget 2018, w.e.f. 01-04-2018 Long term capital gains (from equity or units of MF) exceeding Rs. 1 lakh shall be taxed at the rate of 10% without allowing the benefit of any indexation. However, all gains up to 31st January, 2018 will be grandfathered. Read Highlights of Budget 2018

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Indian Accounting Standards (IND-AS): Whether applicable to your company or not?

Indian Accounting Standards (IND-AS): Whether applicable to your company or not? After a long converging process of Accounting standards(AS) and IFRS, Ministry of corporate affairs has come up with new standards name as Indian Accounting Standards(Ind-AS) which sum of AS and IFRS. Hundred percent adoption of IFRS was not possible in Indian Scenario, hence Necessary […]

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