RBI Extends the Deadline for Auto-Debit Rules till September 30: What Is It Need? What Will Be Its Impact On Customers?

RBI

The Reserve Bank of India (RBI) has decided to extend the deadline for the banks to migrate to the new framework of auto-debit transactions by six months to September 30, 2021. Earlier, the deadline was set to expire on March 31, 2021. The RBI decided to extend the deadline because the new framework was not fully ready and implemented by the banks. The RBI doesn’t want customers to undergo scams and fraud activities. Below is a simple explanation of this new rule and related queries that what steps the banks…

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Jeff Bezos Decided to Step Down as CEO: Andy Jassy to be The Next Successor

Jeff Bezos

Finally, it has been official that billionaire Jeff Bezos, who founded Amazon nearly three decades ago, is ready to step down as the CEO in the third quarter of 2021 and Andy Jassy is going to be his successor. The announcement was made by Amazon on Wednesday, February 3, 2020, that sales hiked to 38 percent ($386.1 billion) as compared with $280.5 billion in 2019. This was surprising news that the company jumped to a 38 percent increase in 2020, that is, during the time of the pandemic. Jeff Bezos,…

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FM Nirmala Sitharaman presents the Union Budget for 2021-2022, find out the major announcements here

Union Budget

Finance Minister Nirmala Sitharaman presented the Union’s Budget for 2021-2022 at the Lok Sabha, today. Right from the common man to the major sectors like health and automobile, everyone had high expectations from this year’s budget presentation. Let us find out who-got-what from the 2021-2022 budget. Senior citizens exempted from ITR-filing obligation The Finance Minister has provided great relief to the senior citizens. Now, the senior citizens (above 75 years) will not be compelled to file the ITR. In short terms, pensioners above 75 years are exempted from mandatory income…

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The Case for Higher Standard Deduction from the Union Budget 2021

Union Budget 2021

January 27, 2021: In July 2019, the finance minister Nirmala Sitharaman had presented her union budget, which was the first Budget of the Second term of the NDA. She had raised the standard deduction of paid employees from to 50,000 from 40,000. What is this standard deduction and why is it important? This deduction is a fixed amount that is deducted from an individual’s taxable income.  It can be done by the government in order to hand more money to the taxpayer, especially after the Covid-related lockdowns, and a significant increase in this…

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Finance Minister Launched Union Budget Mobile App: Get Quick Access to Paperless Budget 2021 on Feb 1

Union Budget

On Saturday, January 23, Finance Minister Nirmala Sitharaman made a big announcement regarding the launching of the Union Budget mobile app ahead of Union Budget 2021-22. The mobile application is available for both and Android and iOS devices and it is designed to provide information on the union budget to various stakeholders including citizens of India at the click of an option. All the information in the application will be accessible after the completion of the budget speech by the Finance Minister in the Parliament on February 1. National Informatics Centre (NIC)…

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The Indian Railway Finance Corporation(IRFC) IPO set to Open Its Services

IRFC IPO

The Indian Railway Finance Corporation(IRFC) IPO which is owned by the State is all set to open to the public today, and its premier public offering for subscription will last from January 18 to January 20, 2021.  The first IPO launch of 2021 so far, Indigo Paints will soon open their IPO in the upcoming week as well. Here are a few issues that are raised with the opening of these IPOs: Objectives The total proceeds from the latest issue are set to be used for augmenting the equity capital base…

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EPFO Circular 2020: Priority Claim Settlement Clause Issued to PF Offices

EPFO

EPFO along with the Ministry of Employment and Labor issued a new circular on 17th October 2020 with an important update. Now, if you’re some who has been a part of the Provident Fund scheme then it’s important for you to know about the new notification. The new circular was released in was subjected “Settlement of death claims on priority basis in the industrial incident, etc.”. Now, the subject line might have not given that much light to the topic at hand but let’s explain it to you further on.…

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Pension under EPFO ​​may increase up to 5 times! Government will decide this week

Retirement Plan

To increase the scope of Atal Pension Yojana (APY) and additional tax exemption in the National Pension Scheme (NPS) can also be announced. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) will present the budget of 2020-21 on 1 February. This is the first time that the government is presenting the budget on Saturday. Employees who fall under the Employees Provident Fund Organization (EPFO) Employee Pension Scheme (EPS) can get good news in the Budget 2020. Finance Minister Nirmala Sitharaman can announce increase in Minimum Amount under EPS. Experts believe that…

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The government can give a big gift on loan moratorium on Diwali, interest will be waived on select loans!

Cash in Hand

The central government has agreed to waive interest on the interest in the loan moratorium, although it may take time to make its official announcement. In the Modi cabinet meeting, the government has decided to give a big gift to the common people. There are reports that the Central Government has agreed to waive interest on the interest in the loan moratorium, although it may take time to make its official announcement. The loan moratorium case is currently pending in the Supreme Court. Because of this, the Modi government has decided that…

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Income Tax Filing mistakes: Avoid these errors while filing returns or you may get a notice

Tax Return

While claiming deductions, it is important to have proper knowledge of tax rules. Getting a tax notice, that too after paying taxes and filing the ITR, is the last thing you would want. But it happens. Over the last few years, income tax return (ITR) filing has become a completely online process. However, as you are required to fill various details and follow different steps while filing your ITR, there are chances of making mistakes or filling the wrong information. For instance, you may choose a wrong ITR form altogether,…

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