Category: MAGAZINES

Easy Income Tax Return: Chartered Accountant (CA) & ERI will be able to add on the new income tax e-portal, know how to take advantage of ‘My CA Service’

Income Tax Return: This will give great relief to those taxpayers who find it difficult to fill their income tax return or any other form. This work will be done by the CA or ERI on behalf of the taxpayers. You can add or remove them.

You can add and assign any CA for yourself using ‘My CA Service‘ on the e-filing portal. Not only that, you can also remove a CA or revoke a already assigned CA.

How to take help of CA on e-filing portal

  • First you have to go to the Income Tax e-filing portal https://www.incometax.gov.in/iec/foportal/about-portal and login
  • After this go to Authorized Partners and click on My Chartered Accountants
  • Then click on Add CA, fill in the details like Membership Number, Chartered Accountant Name and Validation etc.
  • After filling all the details, after validation from the ICAI database, you will be able to take the help of the assigned CA

On one, when the CA is added by the taxpayer, it will help in filling all the necessary forms.

Apart from this, you can also take help of e-Return Intermediary (ERI). CAs are members of the Indian Institute of Chartered Accountants, while e-Return Intermediary are authorized individuals who perform various functions on behalf of taxpayers including filing their income tax returns.

If you need ERI help, then you have to go to My ERI service and add an ERI to your profile. Now you can remove this ERI and add another whenever you want. An ERI can add you as its client on the e-filing portal, if you are not registered on the e-filing portal then ERI can register you before adding you as a client.

Want to Take Health Insurance Cover for Your Parents During COVID-19? Here are the Options

The COVID 19 is wreaking havoc in India. Not only physically and mentally, but financially too. Medicines and oxygen are costing much more, and hospitalization expenses too have gone up manifold. We have been getting many queries on how insurance cover can be increased or taken, especially for parents.

Those in formal employment may have parental cover, but this is limited to Rs 3-5 lakh and the risk of not having the cover due to unemployment remains. The self-employed, of course, need to fend for their families as they do not have the benefit of group covers.

Importance of health cover reinforced

For a long time, health insurance was looked upon as an unnecessary expense and people did not look beyond their employer provided cover.  Over the last one year, with COVID-19 affecting the population, individuals are scampering to increase the health cover for self and parents. The high cost of policies and the complexity of the terms are making it difficult to do so.

Consider this: the premium of a base senior citizen policy of Rs 5 lakhs is between Rs 20,000 -27,000 per annum. It costs Rs 50,000 per annum for a Rs 5 lakh cover for both parents. It is high and, at the same time, the cover will not suffice for illnesses such as cancer. Given the cost of medical expenses, a cover of Rs 10-20 lakhs along with critical illness is a must. But this doesn’t come cheap.

In all financial products, there are economical options available and but these are most often not promoted. The same is the case with health insurance.

Super top up plans have been around for long, but did you know that they are a cost-effective way of taking high cover at very low cost? A super top-up plan of Rs 20 lakhs costs Rs 10,000 per year, for individuals in 61-65 years age group! Much more affordable than Rs 25,000 premium, that too for Rs 5 lakhs cover only.

A super top-up plan works similar to a health policy and covers hospitalization but comes with a deductible. The deductible is amount which needs to be paid by the insured for any claim. In case of super top up, once the claims at an aggregate level cross the deductible limit, the claim would be paid by the insurance company. For example, in case of a Rs 20 lakh policy with Rs 3 lakhs deductible and 2 claims of Rs 2 lakhs each, the first claim would need to be borne by the insured. In the second claim, Rs 1 lakh will need to paid by the individual as it is within the deductible limit of Rs 3 lakhs and the balance Rs 1 lakh will be paid by the insurance company. Any furthur claims will also be covered.

Most policies offer sum assured between Rs 5 to Rs 50 lakhs with a deductible ranging from Rs 3 lakhs to Rs 5 lakhs. There are covers of Rs 1 crore with higher deductible of Rs 10- 20 lakhs available too. As the deductible increases, the premium falls. For example, Rs 20 lakh policy for a 61-year-old, with Rs 3 lakhs deductible costs at Rs 10,000 p.a. but with Rs 5 lakhs deductible costs at Rs 8000 p.a. A Rs 1 crore policy with Rs 5 lakhs deductible for a 61-year-old costs at Rs 15,000 only!

Wide coverage of super top-ups

Most Super top up plans also cover day procedures including chemotherapy and come with benefits like restoration benefit. Some also have a critical illness cover built in and can be taken for periods of 2 or 3 years. Super top up plans can be taken as family floaters and no claim bonus also applies. However, it is important for policyholders to check the exclusions, waiting periods for illness & pre-existing diseases and if there are any sub limits especially on room rent while evaluating different plans.

Like term plans provide high cover at a low price to cover life, super top-up policies should be chosen for health insurance says Srivathsan, managing director, Intent Health Technologies. According to Srivatshan, it is not necessary to have a base policy in order to purchase a super top-up plan. And this is the biggest benefit of the super top-up plan. There is no need to buy a base policy which is more expensive and has a lower cover.

While employer cover can be used to cover the deductible amount, it is best to set aside a “health fund” for that amount. The health fund can be invested in a combination of low duration and short duration debt funds. This along with the emergency fund will take care of the deductible expenses.

A super top up with health fund should provide protection for major health expenses but buying it early is better as it means lower costs and continued cover. Don’t wait for parents to retire to start the cover. The chances of rejection are higher at older age due to the advent of medical issues. These covers are available for age band 91 days to 65 years.

Being proactive with physical health translates to better health. The same applies to finances. Be proactive and not reactive.

 
(The article is posted from Money Control without any modification.)

Checking into a Hotel for COVID-19 Treatment? Here’s How You Can Claim Reimbursement from Your Insurer

If hospitals running short of beds and you have tied up with hotels to act as depending on the facilities available, patients could get access to doctor visits, nursing services, monitoring and even oxygen support at such hotels. In fact, a few state governments, too, have converted some hotels into temporary COVID-19 care facilities.

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Treated as makeshift facilities

The Insurance Regulatory and Development Authority of India (IRDAI) had, last year, issued a notification recognising ‘makeshift’ or temporary hospitals. You can claim reimbursement for the expenses incurred under your regular health insurance policies.

Insurers were asked to settle claims of patients who seek treatment at such facilities, provided such facilities are approved by central or state governments.

(The article is posted from Money Control without any modification.)

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‘All 12-Digit Numbers are Not Aadhaar’: UIDAI Tweets Steps to Avoid Fraud

The Unique Identification Authority of India (UIDAI) on Thursday warned that all 12-digit numbers are not Aadhaar. It has issued caution against such frauds asking Aadhaar card verification before accepting it as an identity proof.

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The statutory authority has said that Aadhaar card verification online is possible in simple steps by logging in at the direct UIDAI link –resident.uidai.gov.in/verify.

“All 12-digit numbers are not Aadhaar. It is recommended that the Aadhaar should be verified before accepting it as identity proof,” the UIDAI tweeted.

Aadhar has emerged as one of the most important documents from availing public schemes. From taxes to vaccines everything is linked to this one identity proof.

(The article is posted from The Hindustan Times without any modification.)

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Rupee Slumps 17 Paise to 74.79 Against US Dollar in Early Trade

The rupee depreciated 17 paise to 74.79 against the US dollar in opening trade on Thursday, following a strong dollar overseas and subdued sentiment in the domestic equities.

However, lower crude prices and fresh foreign fund inflows restricted the rupee’s fall, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 74.75 against the dollar, then fell further to 74.79 in the morning session, registering a fall of 17 paise over its previous close.

In the previous session, the rupee had settled at 74.62 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.11 per cent at 92.74.

On the domestic equity market front, BSE Sensex was trading 74.49 points or 0.14 per cent lower at 52,980.27, while the broader NSE Nifty slipped 31.70 points to 15,847.95.

Foreign institutional investors were net buyers in the capital market on Wednesday as they bought shares worth ₹ 532.94 crore, as per exchange data.

Global oil benchmark Brent crude futures fell 0.07 per cent to USD 73.38 per barrel.

(The article is posted from The Hindustan Times without any modification.)

GSTN Shares Insights on Important Changes Related to QRMP Scheme Implemented on the GST Portal for the Taxpayers

Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below:

A.Auto population of GSTR-3B liability from IFF and Form GSTR 1 : A taxpayer under QRMP Scheme can declare their liability through optional IFF for Month 1 and Month 2 of a quarter & Form GSTR-1 for Month 3 of that quarter. Declaration of liability in these forms would now be auto-populated in their Form GSTR-3B (Quarterly) for that quarter, based on their filed Form GSTR-1 and IFF. These fields are editable and in case their values are revised upwards or downwards, the edited field(s) would be highlighted in red colour and a warning message will be displayed to the taxpayer. However, the system would not prevent taxpayer from filing of Form GSTR-3B with edited values.

B.Nil filing of Form GSTR-1 (Quarterly) through SMS : Nil filing of Form GSTR-1 (Qtrly) through SMS has been enabled for taxpayers under QRMP Scheme. They can now file it by sending a message in specified format to 14409. The format of the message is < NIL > space < Return Type (R1) > space< GSTIN > space < Return Period (mmyyyy) > .
Example: NIL R1 07XXXXX1234H8Z6 062020 (where return period must be last month of the quarter)

However, NIL filing through SMS can’t be done in following scenarios:
•If IFF for Month 1 or 2 of a quarter is in Submitted stage, but not Filed.
•If invoices are Saved in IFF for Month 1 or 2 of a quarter, which was not submitted or filed by due date.

C.Impact of cancellation of registration on liability to file Form GSTR-1 : In case registration of a taxpayer under QRMP Scheme is cancelled, with effective date of cancellation being any date after 1st day of Month 1 of a quarter, they would be required to file Form GSTR-1 for the complete quarter, as the last applicable return. For example if the taxpayer’s registration is cancelled w.e.f. 1st of April, he/she is not required to file Form GSTR-1 for Apr-June quarter and Form GSTR-1 for Jan-Mar Quarter shall become the last applicable return. However, if the registration is cancelled on a later date during the quarter, the taxpayer would be required to file Form GSTR-1 for Apr-June quarter. In such cases the filing will become open on 1st of month following the month with cancellation date i.e. if cancellation has taken place on 20th May, Form GSTR-1 for Quarter Apr-June can be filed anytime on or after 1st of June.

D.For more details, please click on:

1)https://tutorial.gst.gov.in/userguide/returns/index.htm#t=FAQs_IFF.htm
2)https://tutorial.gst.gov.in/userguide/returns/index.htm#t=Manual_IFF.htm
3)https://tutorial.gst.gov.in/userguide/returns/index.htm#t=Creation_of_Outward_Supplies_Return_in_GSTR-1.htm
4)https://tutorial.gst.gov.in/userguide/returns/index.htm#t=Create_and_Submit_GSTR3B.htm

The above is for your information and necessary action please.

BPSC Recruitment 2021: Auditor, Project Manager Exam Dates Announced

The Bihar Public Service Commission (BPSC) has released the dates of the auditor and project manager exams which were postponed due to COVID-19 pandemic. The Commission has notified that these exams will be held in August.

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Detailed notice regarding these exams is available on the official website of the Commission at bpsc.bih.nic.in.

The auditor exam which was scheduled on April 25 has been rescheduled on August 29. The exam will be held from 12 noon to 2 pm at Patna, Muzaffarpur, Gaya and Bhagalpur.

The project manager exam will be held August 8 at Patna, Muzaffarpur, Gaya and Bhagalpur.

Admit cards for both these exams will be released a week before the commencement of the exam, the Commission has informed candidates.

In addition to these exams, the Commission will conduct 31st Judicial Service Mains examination from July 24 to 28. The commission had conducted the 31st judicial services preliminary examination on December 6, 2020, and its result was declared on February 8, 2021. A total of 1,53,69 candidates had appeared for the prelims exams, out of which, 2379 candidates have passed the examination.

(The article is posted from The Hindustan Times without any modification.)

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DID you Know your Income Tax Rates?

Know more about Income Tax Rates for AY 2021-22 , (applicable for Individual, HUF, AOP, BOI, AJP and Firms)
 
CBDT issued an e-brochure, which cover Income Tax Rates for Individual, HUF, AOP, BOI, AJP and Firms. 
 
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PhonePe Partners Flipkart to Digitise Cash-on-Delivery Payments

Digital payments platform PhonePe on Monday said it has partnered with Flipkart to enable pay-on-delivery service for the e-commerce major’s orders.

PhonePe’s dynamic QR code solution will enable customers who earlier opted for ‘cash on delivery’ to pay digitally through any UPI app at the time of delivery, PhonePe said in a statement.

This will help reduce personal contact while ensuring safety and drive contactless payments for customers who are traditionally more comfortable with cash on delivery, it added.

“Digital payments adoption has become widespread over the past few years, thanks to UPI. However, there still continues to be a preference for cash on delivery among some customers at the time of delivery,” PhonePe Director (Business) Ankit Gaur said.

Digitising these cash-based payments would give a major boost to not just e-commerce but also contribute to the larger goal of Digital India, he added.

“Our partnership with Flipkart to enable contactless and safe payments for its ‘pay on delivery’ customers is a big step in that direction.

“Our solution not just offers a seamless and contactless payment experience to customers but also helps to reduce cash handling costs for e-commerce and logistics companies,” he said.

In December last year, Flipkart had announced a “partial spin-off” of PhonePe as the digital payment firm raised USD 700 million in funding, valuing it at USD 5.5 billion.

“As the lines between e-commerce marketplace and digital payments continue to converge, it becomes imperative to solve for customers’ evolving needs and attitudes.

“While the pandemic has urged several consumers to make a shift to online shopping, some trust deficit during checkout remains in pockets,” Flipkart Head (Fintech and Payments Group) Ranjith Boyanapalli said.

With ‘pay-on-delivery’ technology, Flipkart wants to ensure that customers have peace of mind with their payments and at the same time can shop within the safety of their homes, Boyanapalli added.

Flipkart has a registered customer base of over 300 million, and it offers over 150 million products across more than 80 categories.

(The article is posted from Business Standard without any modification.)

Analysis | Under Sashidhar Jagdishan, HDFC Bank is Fighting Two Enemies Simultaneously

A closer look at the first quarter (April-June) numbers of India’s largest private lender shows that the resurgence of COVID-19 has taken a toll on its books. Business growth has slowed down. There is abundant caution over the selection of new loans, including retail assets.

On the other hand, the Reserve Bank of India (RBI) audit on the bank’s IT infrastructure is over, and the bank is hopeful that it will be free soon to launch new digital products. Overall, HDFC Bank is going through tough times since the exit of its former CEO Aditya Puri last year. Its new chief, Sashidhar Jagdishan, is striving to chart out a fresh path. But Jagdishan has multiple issues to tackle.

There is a clear pressure on loan growth, compared with the bank’s performance in good times. The loan growth has slowed down to 14.4 percent on a year-on-year basis (YOY), while on a quarter-on-quarter (QoQ) basis, it fell to 1.3 per cent.

Among loan categories, retail loans grew by around 9 percent over June 30, 2020, and were lower by around 1 percent, as compared to March 31, 2021. Also, commercial and rural banking loans grew by around 25 percent over June 30, 2020, and around 4 percent over March 31, 2021.

HDFC Bank has adopted a cautious approach, much like most of its peers, ever since the start of COVID. That stance continued in Q1 as well. The second wave of COVID wasn’t an expected one for the banking sector but, thankfully, most banks had jacked up their provisioning cushion (money set aside against potential losses), learning from the first wave and taking cues from the RBI’s repeated calls to guard against the COVID impact.

Hence, the damage is lesser than expected–something RBI Governor Shaktikanta Das, too, said in his opening remarks in the recent financial stability report.

Moderation in credit momentum

Analysts have acknowledged the loss of business momentum. “Overall, we believe that HDFC Bank’s credit momentum has moderated a bit in Q1, dragged mainly by continued weakness in the retail segment. The bank has well managed its asset quality after the second COVID wave, but new stress formation in CV, SME and PL due to back-to-back disruptions will be a key monitorable,” said Anand Dama, senior research analyst at Emkay Global.

“As a prudent measure, the bank carries a reasonable contingent buffer (Rs 68 billion; 0.6 percent of loans) as of Q4FY21 and could keep credit cost in check,” Dama said.

The COVID-19 trajectory, going ahead, will be crucial for the bank to decide its loan growth pace. The progress of the vaccination drive will be key for the whole banking sector as the ability of borrowers to repay existing borrowings and that of fresh borrowers to seek fresh loans will closely depend on containing the COVID-19 scenario at the earliest.

Questions over technology platform

But for HDFC Bank, COVID is only one part of the problem. The problems with its IT infrastructure, despite the many assurances by the bank that it has addressed the problem areas, still continues. The bank reported a mobile banking outage even recently.

There are questions over the capacity of its technology platform to handle large volumes of digital transactions and new launches. An RBI-appointed third-party audit is over in the bank and the new team, under Jagdishan, is awaiting clearance from the central bank. The RBI is, at present, inspecting the audit report. The regulator’s view will be the key.

The RBI, in December 2020, barred HDFC Bank from new digital launches and issuing new credit cards after repeated outages hit the bank’s digital channels. “We are constantly in discussions and talks with the RBI. They had indicated areas in which they would want us to make changes in processes, investments in technology, etc. We’ve been through (this) in a very interactive manner in the last six months with the auditors appointed by the RBI,” said Parag Rao, Group Head–Payments, Consumer Finance, Digital Banking & IT, HDFC Bank, in a recent interaction with the press.

The RBI ban has hit its market share, the bank had admitted a while ago. The bank has lost its market share by a couple of percentage points because of the ban, but the actions taken internally have ensured that it continues to hold on to the market share by spends, the bank’s IT head had said.

To sum up, at this point, the country’s biggest private bank is fighting two battles simultaneously–the COVID impact and its own internal issues on the technology front–under the new team headed by Jagdishan. The approaching quarters will tell us how successful the outcome will be.

(The article is posted from Money Control without any modification.)

4 Lesser Known Insurance Policies to Claim from If You Lose a Loved One due to COVID-19

Usually, we think of tapping the life insurance policy of a deceased, which she may have bought in her lifetime. But without our knowing about them, we end up getting free life insurance covers at times. These are typically called add-on covers in insurance parlance; most of them come absolutely free or with very nominal charges. While the death of a loved is an irreparable loss, any kind of monetary help could at least help you tide over a tight financial situation you might be in. Here are four such insurance covers that you mustn’t forget to claim from.

“Since these insurance covers are issued as group policies, the master policy document is with the issuer and when one cannot trace any documents, these are forgotten,” says certified financial planner Pankaaj Malde.

Bank Account linked life insurance cover

When the Jan Dhan scheme was initiated in 2014, every bank account holder was offered a life insurance cover under the Pradhan Mantri Jeevan Jyoti Bima (PMJYB) policy. Check the deceased’s bank account statement closely. If the premium of Rs 330 was regularly debited at each policy anniversary – last week of May or early June – then you can claim Rs 2 lakh upon death of the account holder. Malde says the PMJYB ceases at the age of 55.

Also, if multiple bank accounts are linked to the same person, only one insurance claim would be accepted per person.

To claim the insurance amount, you would have to approach either the bank branch or the insurance company associated with the bank.

Employee Insurance

When a person enrols for the Employees’ Provident Fund (EPF), there is a nominal amount from the employer’s contribution that is diverted toward premium payment of Employee Deposit-Linked Insurance (EDLI) Scheme. This premium is for a life insurance policy with a sum assured of Rs 2.5 to Rs 7 lakh. But this amount is paid only if the person who expired was in active service and was contributing to EPF immediately prior to death. “The insurance cover is 10-12 times the employee’s wages. So, the family of the deceased should seek help from the human resources department of the company or his financial advisor to understand the available cover and the claims procedure through Form 5 IF,” says Malde.

The employer will either offer a group term insurance cover or pay for EDLI. Both the benefits cannot be claimed.

“The family can claim the EPF-linked life insurance. But the claim process is not simple. You need to know when the person started his employment, his Universal Account Number (UAN) and also whether there was a valid nomination done. The heir would also need a succession certificate,” says Ajay Sehgal, co-founder and director at Allegiance Financial.

SIP insurance

Mutual funds have been trying to lure investors to stay put for longer periods and use free insurance as a bait.

ICICI Prudential Mutual Fund calls SIP with life insurance cover ‘SIP Plus.’ Aditya Birla Sun Life Mutual fund offers Century SIP, PGIM India Mutual fund calls it ‘Smart SIP’ and Nippon India offers ‘SIP Insure.’ These bundled free life insurance covers are offered as group plans and require no health check-ups.

Though the maximum life insurance coverage amount is restricted to Rs 50 lakh, the amount you are eligible for would depend on the fund house you have chosen and the year in which you started your SIP. ICICI Prudential AMC offers 10-100 times the SIP amount and PGIM India Mutual Fund provides 20-120 times the monthly SIP amount based on whether your SIP was allowed to run for one year or more. Higher the duration, the better the insurance proceeds. However, if you miss an instalment, discontinue or switch the funds within the first three years of starting the investment, then the insurance cover offered with SIP would be null and void.

“These insurance covers are offered through the parent or associate company, but the condition is that the SIP should be continued for three years. These insurance covers are forgotten, due to a lack of awareness and as there are many strings attached,” says Sehgal. The insurance is offered in the name of the first/primary holder only.

But ensure that the age group of the deceased investor is valid. The insurance cover is valid till the investor turns 55 in the case of ICICI Prudential AMC, while for Aditya Birla Sun Life Mutual Fund the coverage is valid till age 60. Your mutual fund distributor or advisor can help you make a claim or you can directly go to the fund house with the account statement.

Insurance with mobile connections

Bharti Airtel has been offering free life insurance covers to anyone purchasing its mobile packages. The operator offered a Rs 2-4 lakh life insurance cover with its Rs 179 (Bharti AXA Life Insurance) and Rs 279 (HDFC Life) pre-paid packages for those between 18 and 54 years of age.

These covers are by default issued in the same name as the SIM card holder, so you can check with the relevant insurance company. There is a provision to fill nominee details while purchasing the mobile package and even receiving a policy copy on the address registered while purchasing the SIM. Trace the documents if possible.

Alternatively, the details along with the nominee information can be accessed through the app on the deceased’s registered phone. The life insurance company or the mobile company’s retail outlet can help you access the requisite policy number and other details to claim the insurance amount.

(The article is posted from Money Control without any modification.)

RBI Tweaks Rule: Now Get Interest Even after Fixed Deposit (FD) Matures; Details Inside

The Reserve Bank of India (RBI) on Friday in a review of rules on unclaimed deposit with banks said, customers can still earn interest rates after Term Deposit (TD) matures and proceeds are unpaid.

Until now, unclaimed deposits attracted the rate of interest applicable to savings deposits in case a term deposit matured and the proceeds were left unpaid.

‘It has been decided that if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract a rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower,’ says RBI in a circular.

The new rules are applicable for deposits on all commercial banks, small finance banks, local area banks and cooperative banks.

Term Deposits refer to interest-bearing deposits kept with the bank for a fixed maturity period and the depositor is not allowed to withdraw this sum till the end of the maturity period. It includes recurring, cumulative, annuity, reinvestment deposits and cash certificates.

The development comes at a time when unclaimed deposits with banks have been growing every year. The total value of unclaimed deposits surged to Rs 18,380 crore by the end of FY19 from Rs 14,307 crore a year earlier.

Deposits are classified as unclaimed by RBI if the customer doesn’t make any transaction in the account for 10 years or more.

These unclaimed funds are transferred to RBI’s Depositor Education and Awareness (DEA) Fund every month. The DEA funds were worth Rs 33,144 crore in the financial year 2019-20 and last year it was Rs 25,747 crore, according to RBI’s annual report.

These funds transferred by various banks to the DEA are invested in instruments in government securities by an RBI committee. The income generated is used for paying back interest on deposits and investor education purposes.

(The article is posted from ET Now News without any modification.)

CBI Raids 40 Locations in Fresh Probe in UP’s Gomti Riverfront Project

The Central Bureau of Investigation (CBI) on Monday launched searches at over 40 locations in Uttar Pradesh and a few other states after registering a fresh case to investigate alleged irregularities in Gomti Riverfront project, launched by then Samajwadi Party government in 2015 with Akhilesh Yadav as the chief minister, people familiar with the development said.

This is the second CBI probe in the project worth ₹1,600 crore, which is marred by allegations of diversion of funds, and not following the due process before awarding contracts. The first case was registered by the central agency in December 2017 on the recommendation of UP government.

The Yogi Adityanath government had recommended a CBI probe into the alleged ‘irregularities’ on July 17, 2017, when a committee appointed by it found that only 60% work had been carried out despite an expenditure of ₹1,435 crore (95% of project cost) on the project.

In the latest case, people cited above said that several former chief engineers, superintending engineers, other engineers and public servants of the state irrigation department, private contractors and businessmen have been named as accused. The CBI teams, after registering the case, swooped in to raid the accused at 40 locations in 13 districts, including Lucknow, and Agra, in the state and one place each in West Bengal and Rajasthan.

(The article is posted from The Hindustan Times without any modification.)

Monthly Food Laws Newsletter – July, 2021, FSSAI, Laws, Update, Circulars, Compliance

We thought it would help to give you a sense of what’s available to you by subscribing to this Monthly Food Laws Newsletter – July, 2021, “ Food – Law – Era”.

FSSAI ! Laws ! Updates ! Circulars ! Compliance !

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CLICK HERE TO DOWNLOAD PDF FOR APP USERS

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Delta Variant: No Antibodies in 16% after Second Dose of Covishield, Says Study

Neutralising antibodies against the Delta variant (B1.617.2) were not observed in 58.1% of serum samples from those given one shot of the Oxford/AstraZeneca vaccine produced in India as Covishield, according to a yet-to-be peer reviewed study by researchers from the Indian Council of Medical Research (ICMR).

After two doses, the neutralising antibodies could not be detected in 16.1% of the samples, the study found. Additionally, the researchers saw that a prior infection along with vaccination produced much higher titres of neutralising antibodies.

‘Not observed is not equivalent to not present.

The levels of neutralising antibodies could be significantly low that it did not get detected, but it may still be there and protect the person against infection and severe disease. , there would be some cell mediated protective immunity as well that can protect against infection and severe disease,’ said Dr T Jacob John, former head of the department of microbiology at Christian Medical College-Vellore.

The titres of the neutralising antibodies – that specifically target the Sars-CoV-2 virus and kill it or prevent it from entering human cells – were also lower against the Delta variant as compared to the B1 variant that led to the first wave of infections in India. As compared to B1, the neutralising antibody titres against the Delta variant were 78% less in those who received one shot, 69% in those who received two shots, 66% in those who had the infection and received one shot, and 38% in those who had the infection and received both shots.

What the study means for India’s vaccination drive is that some might require an additional booster shot of Covishield while those who have had the infection may require just one.

‘Assuming that the serum used for the study was from healthy individuals, the proportion of individuals with unobserved levels of neutralising antibodies will be higher among those who are old, comorbid, have chronic diseases as their immune response is lower. What this means is that men (women produce higher levels of antibodies) over the age of 65 years, those with diabetes, hypertension, chronic heart, lung, kidney diseases, or who are undergoing treatment for cancer should be given a third dose,’ said Dr Jacob John.

He added, ‘On the other hand, one dose is more than enough for an immune response in those who have had the infection.’

(The article is posted from The Hindustan Times without any modification.)

UK Children Use Orange and Lemon Juice to Generate Fake Positive COVID-19 Test, Leave People Puzzled

While the world is taking all the possible precautions to stay far away from the coronavirus as much as possible, some school going children in the United Kingdom have found a bizarre way to generate fake ‘positive’ result in a COVID-19 lateral flow test by pouring few drops of orange juice in it. The trend, which is gaining a lot of attention and raising concern, become popular after Tik Tok videos showing the same went viral.

The pupils pour a few drops of orange juice or lemon juice in order to obtain a fake positive coronavirus result by using a lateral flow test.Several other edible items including soft drinks, tomato ketch-up among others can also be used to generate the fake result.

The outcome of the test is confirmed to be positive on a lateral flow test if two lines appear in the strip otherwise the sample is negative.

The worrying question now arise is that whether the fruit juices contain coronavirus? Several reports suggest that it is not the case. An experiment by Guardian says that that the fake positive coronavirus test result ” appears to be linked to its acidity, which essentially breaks the test.” So the acid level in the fluid is likely the cause of the double lines on the lateral flow test, rather than coronavirus.

(The article is posted from Latestly without any modification.)

Infosys Turns 40: Sudha Murthy Recollects How She Helped NR Narayana Murthy by Handing Over Her Savings

Sudha Murthy, a social entrepreneur, writer, teacher and wife of IT doyen NR Narayana Murthy, has still not forgotten the time in 1981 when she handed over her savings of Rs10,000 to her husband. With that money, Murthy and six other engineers together founded Infosys on July 7, 1981.

Addressing the media, Sudha Murthy said, “The first headquarters was our house in Pune, near Deccan Gymkhana.”

“For us, it was not just a brand or a company, but a thought to change India’s future with software.

My husband and the other co-founders thought it was a legal and ethical way to become prosperous,” Sudha said.

Infosys, on its 40th anniversary, it has a market capitalisation of approximately $79.74 billion and employs more than 2.5 lakh people worldwide. The company’s journey has been both challenging and eventful. And, right from the start, it is teamwork that helped Infosys face the challenges.

The challenges to start a company, especially an IT company, in India during the 1980s were aplenty. For instance, importing a computer required multiple visits to Delhi. Bank officials were reluctant to lend to a software business, as they were unaware of it. Getting even a telephone connection took several years.

“On every count, we had lots of friction to do business during the first decade of the company,” says Sudha. “Getting the first customer was very challenging. Brand India did not have a good image outside then. People were very sceptical about any software developed in India. We gradually overcame all those problems through our determination, hard work, discipline and optimism.”

Sudha recalls another anecdote from the early days. “My husband believed that whatever be the financial situation of the company, we should be able to pay our employees on time,” she says.

“At the end of every month, the client used to give us a cheque. Once it so happened that there was a delay of a few days. We needed around Rs20,000 to pay the salaries. So, I went to a bank for a loan. I told them they could keep my jewellery as mortgage. The bank officials laughed at me and said that they cannot give money just like that as they have to check for the genuineness of the jewellery,” she added.

Source: oneindia.com

15th Edition of the RERA Newsletter (Compliances under RERA)

RERA NEWSLETTER

Real State (Regulation and Development) Act, 2016

We thought it would help to give you a sense of what’s available to you by subscribing to this  15th RERA Newsletter-

We have been thrilled with the amazing response we received from our passionate community of readers and fellow professionals and are pleased to share our 15th  Newsletter – “Monthly RERA  Newsletter, Vol-15” (from  01st June, 2021 to 30th June, 2021 ) with you all. We’re excited to help you get the most from this newsletter.

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Compliance Tracker for m/o July, 2021 Track your Due Dates

We thought it would help to give you a sense of what’s available to you by subscribing to this Monthly Corporate Compliance Calendar – July, 2021, newsletter – Due Dates Tracker.

Compliance requirements & Key Updates under:

1.   Income Tax Act, 1961

2.   Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars

3.   Companies Act, 2013 & LLP Compliance (MCA/ROC Compliance) and Notifications

4.   Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications

5.   Other Statutory Laws and Updates

6.   SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015

7.   SEBI Takeover Regulations 2011

8.   SEBI (Prohibition of Insider Trading) Regulations, 2015

9.   SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

10.   SEBI (Buyback of Securities) Regulations, 2018

11.   SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications

12.   Insolvency and Bankruptcy Board of India (IBBI) Updates

13.   NBFC Compliance Overview

14.   NCLT & NCLAT Updates

15.   Competition Commission of India

16.   Do you know? – Knowledge Bites

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Want to Link PAN with Aadhaar Card using Income Tax E-filing Portal? Here’s How You can Do It

Registered and unregistered users can now link their Aadhaar to their PAN card on the new Income Tax portal with the help of the ‘Link Aadhar’ service. A taxpayer must link his Aadhar with Pan to file his income tax returns and the Aadhaar number must be mentioned during the process.

The Central government has, for the third time, extended the deadline to link PAN with Aadhaar Card to September 30. The decision was taken in the wake of the disruptions caused by the second wave of the coronavirus pandemic.

As per the provisions of the Income Tax Act, every person having a PAN Card as on 1 July 2017 is eligible to obtain Aadhaar and must link the two documents. The two documents can be linked with the help of an online tool on the e-filing portal that enables users to link the two identification numbers.

Steps to link PAN with Aadhaar using the Income Tax Filing Portal:

Step 1: Taxpayers need to log in to incometax.gov.in. website to link the PAN card with the Aadhaar number. You will need your correct registered username and password.

Step 2: Now, you need to enter the name and the Aadhaar number in the required fields and click on ‘Link Now’.

Step 3: You have to ensure that basic details like name and date of birth on both the identification documents are correct.

Step 4: The details entered by the user will be validated by the IT department with the Unique Identification Authority of India.

How to check whether your PAN number and Aadhaar are linked or not:

Step 1: You need to the official Income Tax filing portal and search for ‘Our Services’ option. You will find an option of ‘Link Aadhaar’ on the homepage.

Step 2: Now, you need to click ‘Link Aadhaar Know About Your Aadhaar PAN linking Status’ option. You will find a new page on your screen.

Step 3: Fill in the PAN and Aadhaar card details in the mentioned box and click ‘View Link Aadhaar Status’.

Step 4: Your Aadhaar-PAN status will be reflected on the page. For instance, if both the documents are linked, then it will show your PAN (PAN Aadhaar) is linked to your Aadhaar number (Aadhar Number).

PAN to become inoperative if the deadline is missed:

The PAN will become inoperative if it is not linked with Aadhaar before the due date i.e. 30 September. As per Section 139AA of the Income Tax Act, it is compulsory to mention the Aadhaar number when you are applying for a new PAN card.

If your PAN becomes inoperative, the IT department will consider that the individual has still not submitted PAN. In such cases, the individual is liable to face the consequences for the same. While announcing the Union Budget 2021, the government said that an individual is liable to pay a penalty under new section 234H in the Income Tax Act if both the documents are not linked before the deadline ends. One has to pay a penalty not exceeding more than Rs 1,000 if the deadline is missed.

Covaxin 65% Effective Against Delta Variant, Phase 3 Study Reveals

In what Hyderabad-based Bharat Biotech claims is the largest efficacy trial in India across 25 trial sites, the company claims its Covid-19 vaccine Covaxin is 65 per cent effective against the Delta variant.

In a pre-print paper that is yet to be peer-reviewed, the company claimed that the vaccine is also 63 per cent effective against asymptomatic Covid-19 and is 93 per cent effective against severe Covid-19 and 79 per cent effective against mild, moderate and severe Covid-19 disease.

It also claimed that the vaccine is well tolerated with minimal adverse events after immunisation.

Phase 3 clinical trials of the vaccine was an event-driven analysis of 130 symptomatic Covid-19 cases, reported at least two weeks after the second dose, conducted at 25 sites across India. The whole virion inactivated vaccine against SARS-CoV2, was developed in partnership with the Indian Council of Medical Research and the National Institute of Virology in Pune.

The Phase 3 trials were conducted between November 16, 2020, and January 7, 2021, with 25,798 participants who were randomised to BBV152 or placebo groups. The preprint data of COVAXIN efficacy has not been certified by peer-review, according to Medrxiv in which the data was published.

‘The successful safety and efficacy readouts of Covaxin establishes the ability of India and developing world countries to focus towards innovation and novel product development,” Bharat Biotech MD Dr Krishna Ella said.

Safety analysis has demonstrated adverse events reported were similar to placebo, with 12 per cent of subjects experiencing commonly known side effects and less than 0.5 per cent of subjects feeling serious adverse events.

The vaccine maker claims to be the first to report promising efficacy against asymptomatic infections based on qPCR testing that will help in reducing transmission.

(The article is posted from Deccan Herald without any modification.)

Here is How Much Money You Can Send Abroad from India

The Foreign Exchange Management Act, 1999 defines the statutory context for the management of foreign exchange transactions in India. Under the Foreign Exchange Management Act (FEMA), 1999, all transactions encompassing foreign exchange are categorised as either capital or current account transactions. All residents, including minors, are entitled to remit up to USD 2,50,000 each financial year for any authorised current or capital account transaction, or both, under the Liberalised Remittance Scheme (LRS). For all LRS transactions performed through authorised persons, the resident individual must give his or her Permanent Account Number (PAN).

The number of remittances is unrestricted under the LRS. However, throughout a financial year, the overall amount of foreign exchange acquired from or sent through all channels in India should not exceed USD 2,50,000. A resident citizen would not be entitled to make any additional remittances under this scheme after making one for an amount up to USD 2,50,000 during the financial year. However, depending on the form of remittance, you may encounter some limitations on the amount you need to send.

For example, if you are a customer of State Bank of India, you are entitled to the current limit of USD 2, 50,000 each financial year under the RBI’s Liberalised Remittance Scheme (LRS). Within the total threshold of LRS, per transaction cap is equivalent to Rs.20 lacs or USD 25,000, whichever is lower on the day of transaction if made through a bank branch. Within the total limit of LRS, each transaction cap through Retail Internet Banking (INB) is equivalent to Rs.10 lacs or USD 25,000, whichever is lower on the day of transaction. This service is accessible in USD, GBP, EUR, AUD, SGD, CAD, and 91 other currencies at all SBI branches.

Is foreign remittance is taxable in India?

Money remitted outside India will be subject to a 5% tax collected at the source (TCS). The TCS rate will be 0.5 per cent of the money sent if the transfer is paid out against a loan acquired for higher education. In this context, the Finance Act of 2020 added a new sub-section (1G) to Section 206C. TCS will apply to remittances that are transferred outside of India under the Reserve Bank of India’s Liberalized Remittance Scheme (LRS). LRS permits residents to transfer up to $250,000 each fiscal year to cover expenditures such as travel, medical care, education, gifts and donations, upkeep of the close family, and so on. Indian citizens can also establish, and manage foreign currency accounts with banks outside of India for the purpose of carrying out the scheme’s authorized transactions. Needless to say, unless tax has already been deducted at source (TDS), every overseas transfer above Rs 7 lakh would be subject to a tax-collected-at-source (TCS). Please remember that the TCS will only apply to the amount over Rs 7 lakh in a given financial year.

Source: https://www.goodreturns.in/

37th Weekly Corporate Affairs Newsletter

We thought it would help to give you a sense of what’s available to you by subscribing to this 37th  WEEKLY CORPORATE AFFAIRS Newsletter-

·  SEBI Updates

·  MCA Updates

·  RBI Updates

·  IBC Law Updates

·  Labour Law Updates

·  PRESS Information

·  IPO & Investment Section

·  IRDAI (Insurance Sector) Updates

·  Department of Telecommunication 

·  MSME Updates

·  Competition Commission of India

·  Cabinet Decisions / New Laws

·  Current Affairs

We have been thrilled with the amazing response we received from our passionate community of readers and fellow professionals and are pleased to share our 37th Newsletter Editions – “Weekly Corporate Affairs  Newsletter, Vol-37” (from  19th June, 2021 to 29th June, 2021 ) with you all. We’re excited to help you get the most from this newsletter. pdf

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No Test Required at RTO to Get Driving Licence. All You Need to Know

Driving license applicants will now be able to obtain the document in an easier way, without going through the tedious process via regional transport offices (RTOs). An amended rule by the Union ministry of road transport and highways came into effect on Thursday allowing candidates to get a driving license without taking driving tests.

The transport ministry has notified the new rules for accrediting driver training centres where applicants will be provided with high-quality driving courses and on clearance of the test, they will not be required to take driving tests at the time of getting the license.

All you need to know:

These training centres will be equipped with simulators and a dedicated driving test track for high-quality training to the applicants.

The driving course for a light motor vehicle in an accredited driver training centre will run for 29 hours in the span of a maximum of four weeks from the date of commencement of the course, according to the notification. The course will be divided into theory and practice.

The duration for medium and heavy motor vehicle driving courses in the training centres is 38 hours in the span of six weeks. “These are to be divided into two segments, theory and practical,” the notification said, as per a Mint report.

The training will also include teaching some basics about ethical and courteous behaviour with others on the road.

The centres are not only restricted to light, medium and heavy motor vehicles but will also provide industry-specific specialised training. The course will fulfill the shortage of skilled drivers on the road.

The accreditation granted for accredited driving training centres will be in force for a duration of five years and can be renewed.

Lack of proper knowledge and competency is considered to be some major issues on the Indian roads and a large number of road accidents occur due to such issues and lack of regulations.

(The article is posted from The Hindustan Times without any modification.)

In First Reaction to Choksi’s India-Dominica Plot, Island PM Says ‘That’s Absurd, Total Nonsense’

Fugitive businessman Mehul Choksi’s claims that he was brought to the island as part of a plot between Dominica, India and Antigua and Barbuda were rejected by Dominican Prime Minister Roosevelt Skerrit on Thursday. The PM Skerrit called such allegations ‘total nonsense’.

According to a report in Hindustan Times, this is the first time PM Skerrit was responding to accusations by Choksi and his family that the government of the three countries colluded to send Choksi to India to stand trial in a bank fraud case of Rs 13,500 crore.

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Skerrit said it was absurd. ‘To say that the government of Dominica and the government of Antigua along with India colluded in any way, give me a break, that’s total nonsense.

We don’t get involved ourselves in those kinds of activities, those practices, not at all. I mean that is absurd and we reject it and it is unfortunate that anybody would want to propagate this unsubstantiated claim by a gentleman who is before the courts,’ Skerrit was quoted as saying by the newspaper.

He further said ‘whether it would be fair for a local who commits murder in Dominica and flees to another country, is allowed to roam free or instead be apprehended and sent back to Dominica to face his charges”. Citing the case of a Dominica citizen wanted by the United States whose extradition proceedings are going on in courts to counter opposition on Choksi, Skerrit said the country cannot treat people differently depending on who they are or how much money they may have.

‘All of us are subjected to the laws irrespective of our position or how much money we may have or how much we don’t have. And I believe that in this circumstance Dominica has a right and obligation to apprehend this person and bring the person before the courts and let the courts determine,” he said.

‘We here in Dominica with the opposition talking about Choksi but there is a young boy from Grand BayWhere there is an extradition request by the United States government on allegations that he committed a crime in St Thomas and we are mandated and obligated to apprehend him. ‘And the police acted on the instruction of the DPP (Director of Public Prosecutions) arrested the young man and he is remanded at the state prison awaiting his extradition hearing. His lawyers will fight his case. If the courts believe that there is no reason to extradite him to the United States then he will go freely,” Skerrit was quoted by PTI as saying.

Choksi’s lawyer in Dominica Justin Simon claimed that United Kingdom’s Metropolitan Police, known as Scotland Yard, has started looking into allegations of torture and kidnapping of Choksi as citizens there were allegedly part of the plot, the news site reported. Simon told media that there will be international implications if Dominica or Antigua turns out to be involved in the alleged plot, it said.

Meanwhile, there are rumours that Choksi is planning to evade from Dominica as his Syria-born Antiguan close aide Hani Salloum is believed to have arranged a boat to take him to an unknown location, sources had told CNN-News18. After he was reported ‘missing” on May 23 from Antigua and Barbuda, PNB scam accused Choksi was later detained by Dominican government for illegal entry into the island country.

According to some sources, it is suspected that Salloum, who has already arrived in Dominica, has met Choksi’s brother Chetan Choksi to plan a safe passage of the absconding businessman to an unknown location. The sources further shared that Salloum owns a transportation business in Antigua and Barbuda and residing there for last several years.

Choksi and his nephew Nirav Modi had fled India in the first week of January 2018, weeks before a multi-crore scam in the Punjab National Bank rocked the Indian banking industry. The duo allegedly bribed officials of the state-run bank to get Letters of Undertaking (LoU) based on which they availed loans from overseas banks that remained unpaid.

(The article is posted from News18 without any modification.)

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Mandatory Requirement of QR Code for B2C Supplies Further Extended

CBIC vide Notification No. 28/2021- Central Tax dated June 30, 2021 has suppressed Notification No. 89/2020 – Central Tax dated November 29, 2020 to waive the penalty leviable under Section 125 of the Central Goods and Services Tax Act, 2017 (“CGST Act”) (i.e. general penalty) for non-compliance of provisions of Notification No. 14/2020–Central Tax dated March 21, 2020 (QR Code provisions) between the period from December 1, 2020 to September 30, 2021.

To Download the Notification, Please Click Here

‘Chartered Accountants have a Vital Role in India’s Progress’: PM Modi

On the occasion of Chartered Accountants’ Day on Thursday, Prime Minister Narendra Modi greeted the community and said it has a vital role in India’s progress.

“Greetings to all Chartered Accountants on CA Day. This community has a vital role in India’s progress. I call upon all CAs to keep the focus on excellence so that Indian firms emerge as one of the best globally,” PM Modi said in a tweet.

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The day is observed to mark the foundation day of the Institute of Chartered Accountants of India (ICAI), a statutory body established in 1949 under an act of Parliament.

This is the only licensing and regulatory body for the financial audit and accounting profession in India and it will celebrate the 73rd Chartered Accountants day this year.

In his radio address ‘Mann Ki Baat’ on Sunday, PM Modi mentioned that Chartered Accountants Day is celebrated on July 1 and reminded them about a gift he sought from them. ‘A few years back, I had asked chartered accountants of the country for a gift of Indian audit firms of global level. Today, I want to remind them of this. Chartered accountants can play a very good and positive role in bringing transparency to the economy. I extend my best wishes to all chartered accountants and their family members,’ he said.

(The article is posted from The Hindustan Times without any modification.)

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Andhra Pradesh Government Unveils New IT Policy for 2021-24

The Andhra Pradesh government on Wednesday came out with the new ‘AP Information Technology Policy 2021-24’ that is expected to generate more than 55,000 jobs over the next three years.

For this purpose, a robust and holistic business environment would be created and the IT, Electronics and Communications Department would be transformed into a revenue centre to achieve self-sustenance.

The State Cabinet, chaired by Chief Minister Y S Jagan Mohan Reddy, approved the new policy, which is also expected to create 1.65 lakh indirect employment thereby ensuring a holistic eco system development.

The policy would be in force till March 31, 2024.

The State would earn a revenue of Rs 783 crore over 10 years in the form of various taxes, while the direct employment alone is expected to infuse over Rs 2,200 crore every year, leading to the overall growth of the economy through multiplier effect, according to the policy note.

It said the new IT Policy links incentive disbursement to realisation of committed direct employment ensuring transparent and effective utilisation of public funds.

In a shift from the previous IT policy, the new one offers end-to-end support for startups like plug and play office space, access to investors, mentors, talent pool, funds through venture capitals, private equity firms and other commonly shared services on a variable chargeable basis, the note said.

The government would establish incubation centers and conduct hackathons and workshops for startups, it added.

The government would establish an IT Emerging Technologies Research University in Visakhapatnam to develop the State as the leading contributor to the national talent pool in IT and cutting-edge emerging technologies.

The university would focus on applied research in use of emerging technologies in areas of interest to the State.

Digital libraries and workplaces are proposed to be set up at the grama panchayat-level with access to high-speed Internet, six workstations and essential software.

They would also have video conferencing, printing and scanning and access to free-of-cost knowledge databases to provide an enabling ecosystem for ‘work from anywhere’ concept, the policy note said.

(The article is posted from The Indian Express without any modification.)

Income Tax: Big Relief to the Taxpayers! Know Income Tax related Updates and Extended Due Dates

In view of the second wave of Corona epidemic, the central government has given many concessions to the common man on the income tax front.

  • Deadline for TDS Return Extended

The last date for submission of TDS statement for the fourth quarter (January-March) of the financial year 2020-21 has now been extended to July 15, 2021, which was earlier June 30.

  • Deadline extended for issuance of Form-16

According to the order of the Income Tax Department, the deadline for issuing Form-16 has now been extended to July 31, which was earlier July 15.

  • PAN-Aadhaar Linking Deadline Extended

You now have time till September 30 to link Aadhaar card-PAN.

  • Extended the deadline of Vivad Se Vishwas scheme

The Central Government has now extended the deadline for making payment without interest under the Vivad Se Vishwas scheme, launched to settle tax-related disputes, till August 31, 2021. This scheme was started in October 2020.

  • Loan tax free for the treatment of corona

Those who have taken loans from their employers, friends and relatives for the treatment of Kovid-19, they will not have to pay any tax on that amount. If a family member dies due to Kovid, then whatever amount taken from the company will be absolutely tax free. Whereas if the amount up to 10 lakh is taken from a relative for help, then it will be tax free.

  • Tax relief issued to first time home buyers

Apart from this, the government has given a gift to the first time home buyers. The government has extended the deadline for special tax relief to be received on the investments of such people. Now the residential house will get the benefit of 3 more months of tax deduction. Under Section 54 of the Income Tax, a person sells a house and makes a capital gain from it, but buys another house within 2 years, then he is exempted from tax on it. In such a case, the tax relief will now continue till September 3.

  • Deadline for Income Tax Return

Apart from this, some deadlines which have already been extended. Individuals can now file tax returns for income earned in the financial year 2020-21 till September 30 instead of July 31. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing returns for companies from October 31 to November 30, 2021. A taxpayer who has not filed his return even after the deadline can file Belated ITR, but for this he will have to pay a penalty. The last date for filing Belated ITR or Revised ITR is now 31st January, 2022.

READ MORE AT:

INCOME TAX

Have You Shown Fake Income in Income Tax Return? This Practice might Lands You in Tax Trouble