A Shipper (exporter/supplier) of the goods normally hires a freight forwarder (forwarding agent) or Non-Vessel Operating Common Carrier (NVOCC) in order to arrange transportation of his goods to a foreign destination. Once receiving cargo from shipper freight forwarder inspects the cargo to verify that the consignment received by them is without damages. The freight forwarder…
Edited and reposted on 02.07.2021: The rate of interest payable by banks on overdue deposits differs depending upon the instances like renewal or non-renewal of the deposit for a minimum stipulated period, death of the depositor before the maturity of the deposit, death of the depositor after the maturity of the deposit, interest payable on…
The government has decided to keep the interest rates for small savings schemes unchanged for the July-September quarter, the fifth in a row. The last revision in small savings rates was for April-June 2020. This was announced by the finance ministry via a circular dated June 30, 2021. Thus, the interest in the small savings…
Edited and republished on July 2,2021 The Government of India has approved the extension of the Interest Equalization Scheme for pre-shipment and post-shipment Rupee export credit, with the same scope and coverage, for three more months i.e., up to September 30, 2021. The extension takes effect from July 01, 2021, and ends on September 30,…
Generally speaking, “relative”, with reference to any person, means any one who is related to another. Your family members are also called your relatives.Your immediate family includes your father, mother and siblings. Your extended family includes all of the people in your father and mother’s families. Your sibling is your brother or sister. In the…
A lawful permanent resident is some one who has been granted the right to live in a country or territory of which such person is not a citizen but where they have the right to reside on permanent basis. Permanent residency allows an individual to retain his or her citizenship while legally staying in another…
Updated on 25.06.2021 (As per the new definition, Written Down Value (WDV) is at the end of the Financial Year as defined in the Income Tax Act and not cost of acquisition or original price, which was applicable in the context of the earlier classification criteria. All enterprises are required to register online and obtain…
Updated on 24.06.2021 Banks that are nominated to import gold as per extant instructions of RBI, may extend Gold (Metal) Loans to domestic jewellery manufacturers, (who are not exporters of jewellery) for non-export purposes and also to the jewellery manufacturers and exporters. Gold (Metal) Loans can be sanctioned only to gold jewellers, who are themselves…
If you have already exhausted the Rs1.50 lakh limit investment under section 80C, also bought a health insurance policy, made an additional contribution to NPS(u/s 80CCD), you still have ways and means to reduce your tax liability. You can save tax using the deductions available under section 80G of the Income Tax Act. Section 80G…
In line with the announcements made in the Union Budget 2021, CBDT brought new functionality for compliance checks which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000…