Record-keeping of cash deals in gems & jewelry trade as well as Real Estate now a must
The Ministry of Finance (Department of Revenue) on the 28th December 2020 notifies (G.S.R.799(E) dealers in precious metals, precious stones, in the exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), as “persons carrying on designated businesses…
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Small Savings Interest rate remains unchanged for January to March 2021
Updated 01.01.2021 The Finance Ministry of Government of India on December 31 said in a statement, “The rates of interest on various small savings schemes for the fourth quarter of 2020-21, starting from January 1 and ending March 31, 2021, shall remain unchanged from those notified for the third quarter (October to December). The interest…
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Calculation of Income or loss from House Property
A person’s gross total income chargeable to tax is a sum of income under various heads such as ‘income from salary’, ‘income from other sources’ etc. One of these heads of income is ‘Income from House Property’. The income from House property is added to the person’s total income for assessment of tax only if…
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Bank Holidays-2021 in the Union Territory of Andaman and Nicobar declared under NI Act
The following days are declared as public holidays under sec 25 of NI Act 1881 in the Union Territory of Andaman and Nicobar Islands. Sr.No Date Day Occasion/Festival Date 1 14.01.2021 Thursday MAKARA SANKRANTI/PONGAL 2 26.01.2021 Tuesday REPUBLIC DAY 3 29.03.2021 Monday HOLI * 01.04.2021 Thursday *ANNUAL CLOSING OF BANK ACCOUNTS 4 02.04.2021 Friday GOOD…
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Subscription for Sovereign Gold Bond Scheme 2020-21 will open from December 28 to Jan 1
The Sovereign Gold Bond Scheme 2020-21 – Series IX will be open for subscription for the period from December 28, 2020 to January 01, 2021. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the…
RBI cautions against unauthorized digital lending apps
Today, RBI for a second time in six months cautioned the general public and small business enterprises against falling prey to unauthorized digital lending platforms and mobile apps on promises of quick and hassle-free loans. The RBI’s words of caution come from reports over coercive recovery tactics including incessant calls, and naming and shaming defaulters…
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