Effects of pandemic: After rise in Petrol-Diesel prices, dairy products to be costlier too

Petrol - Diesel

According to experts, due to the ever-increasing prices of petrol and diesel and the rising cost of production in the country, inflation will be an extremely huge problem in the imminent future. Moreover, due to the increase in the price of milk, the prices of dairy products have also risen. But as of now, some relief is expected from this scorching inflation in the upcoming month. The effect of the increase in petroleum prices has led to an increase in the prices of edible oils too. The price of mustard…

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New TDS Rules Will Be Instated From July 1st, Check Now

TDS

CBDT has effectively pre-arranged a rundown of citizens who should pay higher TDS and TCS from tomorrow (July 1). The rundown incorporates the names of all citizens who neglected to record their annual assessment forms for FY19 and F20. The new personal duty rules are scheduled to happen from April 1 as declared by Union Finance Minister Nirmala Sitharaman in the Union Budget 2021. AXIS MULTICAP Duty Deducted at Source (TDS) – FM Sitharaman had proposed higher TDS (charge deducted at source) or TCS (charge gathered at source) rates in Union…

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Finance Minister Nirmala Sitharaman Announces New Set of Relief Measures and Expands Scheme for Health and Tourism

Nirmala Sitharaman

On Monday, Finance Minister Nirmala Sitharaman announced new measures to provide relaxation to Covid hit-sectors, mainly small businesses, and tourism, apart from steps to boost health infrastructure both in the private and public sector. This time, her announcements were nothing different as they were a mixture of expansion of earlier existing steps, such as expanding the Emergency Credit Line Guarantee Scheme (ECLGS), rising from Rs. 3 Lakh Crores to Rs. 4.5 Lakh Crores. Until now, over 2.7 Lakh Crores loans have been sanctioned to only 1.1 Crore borrowers that are…

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Income Tax Dept to Launch New ITR Filing Portal on June 7:New Features and Benefits

Income Tax

The Income Tax (I-T) Department is going to launch a new ‘taxpayer friendly’ income tax e-filing portal – www.incometax.gov.in, on June 7, 2021, as the Central Board of Direct Taxes mentioned earlier this month that all the existing portals will be out of service for a period six days beginning next month, that is from June 1 to June 6. On May 19, Income Tax Department announced that the transition from the old website – www.incometaxindiafiling.gov.in to the new – www.incometax.gov.in will be completed and will be fully functional from…

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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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