[The revised income tax return stipulates taxpayers to furnish details of time limit extended for tax saving investments/ donations made up to June 2020 separately.] The Central Board of Direct Taxes (CBDT) on May 30 notified revised Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V…
For FY 2020-21, Salaried individuals, who have no business income, will have to choose between the existing and new tax regimes every financial year, as per their convenience. The new income tax rates are lower compare to old tax rate. However, anyone opting for the new tax regime will have to forego most of the…
What is a Kiosk? A Kiosk is basically a small cabin or cubicle structure comparable to a telephone booth. Traditionally, we find a Kiosk where small vendors sell newspapers, refreshments, cold drinks, etc. Over the years, the concept of Kiosk is significantly changed. The modern-day Kiosks are provided with the computer and display in aesthetically…
Pursuant to Finance Ministry modified the PM Vaya Vandana Yojana (PMVVY) pension scheme for senior citizens, Life Insurance Corporation of India (LIC) has launched the non-linked, non-participating, pension plan subsidized by the Centre. The scheme will provide an assured rate of return of 7.40% per annum. This plan will be available for sale commencing from…
On Friday (May 22, 2020), in its statement on developmental and regulatory policy measures, RBI announced several measures to improve the functioning of markets and market participants; measures to support exports and imports; efforts to further ease financial stress caused by COVID-19 disruptions by providing relief on debt servicing and improving access to working capital;…
A cut in policy repo rate, an extension of the moratorium on loans by another three months, [taking the total period of applicability of the measures to six months (i.e. from March 1, 2020, to August 31, 2020)], relief for corporates by permitting lenders to convert the accumulated interest on working capital facilities over the…
(The following post explains the difference between Funded Interest Term Loan (FITL) and Working Capital Term Loan (WCTL) What is FITL? Funded Interest Term Loan in a short form known as FITL. When the manufacturing units face severe financial crises, not able to meet their loan obligations, banks extend the FITL facility to such units…
According to news reports, Bankers are unhappy to learn that the newly envisaged Rs.20000 crore loan guarantee scheme for micro, small and medium enterprises (MSMEs) will not be available from the Government of India as expected but from the credit guarantee trust fund for micro and small enterprises (CGTMSE). CGTMSE guarantee has its caveats, it…
The Central Board of Income Tax on Wednesday (May 13) Vide circular Number 280/2020 dated 13-04-2020, ordered a 25% reduction in the rate of income tax deducted at source (TDS) and tax collection at source (TCS) from 14 May to 31 March to provide more money in the hands of taxpayers. This reduced rate of…
Today (May 13, 2020), Finance Minister Nirmala Sitharaman announced the extension of due date for all income tax returns to November 30. While addressing the press she made several announcements. The highlights of the announcements are as under. The due date for all income tax returns extended up to November 30 Statutory PF contribution is…