FINANCE

Filing of income tax returns (ITR) is around the corner and authorities have already released the necessary utility for such filing. People consider it a tedious task and procrastinate, thus starting late, which then leads to delay in filing or in an incorrect filing. The due date for filing ITR for individuals is July 31 of the following year. Thus for the tax year 2018-19, the due date is July 31, 2019. There is also a provision available to file returns after the due date. The returns so filed are treated as belated. Further, an individual is also given a window to revise the tax return in case any error or omission is noticed after the original return has been filed. The due date of filing a  revised  or belated tax return say for the tax year 2018-19, is March 31, 2020.

India's move has started a major discussion among the people about the Indus Water Treaty and what it entails. Here's a historical background of the treaty and how it came into being In the aftermath of the Pulwama terror attack that took place last week, the  Narendra Modi  Government on Thursday decided to stop their share of the water that was flowing into Pakistan. India has planned to divert the flow of its share of water to Pakistan from rivers under the Indus Water Treaty, for the welfare of the people living in Jammu and Kashmir and Punjab According to Union Minister Nitin Gadkari, a dam is being constructed at Shahpur- Kandi on the Ravi river. He added that the “UJH project will store our share of water for use in J&K and the balance water will flow from 2nd Ravi-BEAS Link to provide water to other basin states.” Gadkari also stated that these projects have been declared as National projects by the government. India’s move has started a major discussion among th...

The income tax department Tuesday said quoting of father's name in PAN application forms will not be mandatory in cases where mother of the applicant is a single parent. The income tax department Tuesday said quoting of father’s name in PAN application forms will not be mandatory in cases where mother of the applicant is a single parent. The Central Board of Direct Taxes (CBDT) through a notification amended the income tax rules and said the application forms would give an option to the applicant as to whether mother is a single parent and the applicant wishes to furnish the name of mother only. Currently, furnishing father’s name is mandatory for the allotment of Permanent Account Number (PAN)The new rules would come into effect from December 5. Nangia Advisors LLP Partner Suraj Nangia said that through the notification, the tax department has addressed the concerns of those persons whose mother is a single parent and, hence, would want to get their mother’s name printed on PAN ...

 The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks.  A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded.  Was the invalidation of the Non-deposited currency the only object of demonetisation?   Certainly Not .  The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society.  This necessarily involved the formalisation of the Economy and a blow to the black money.  How has this been achieved? WHEN cash is deposited in the Banks, the anonymity about the owner of the cash disappears.  The deposited cash is now identified with its owner giving rise to an inquiry, whether the amount deposited is in consonance with the depositor’s income.  Accordingly, post demonetisation about 1.8 million deposit...

As you are aware that Registrar of Companies across the India struck off inactive rather non-compliant Companies and disqualified Directors associated with that Companies. Directors associated with these Companies filled several writ petition before various high courts on the ground that opportunity of being heard is not provided to them before taking any action against them. ROC issued notices to Companies concerned but not informed directors associated with them because ROC doesn’t have any database of individual directors. So, as a part of creating database of directors consisting mobile number, email Id and residential address of Directors, MCA issued a new form which is required to be filled every year by every DIN holder. What is Form DIR-3 KYC? Form DIR-3 KYC is the annual form required to be filled with the ROC by every Director Identification Number (DIN) holders regardless he is appointed as a director or not, whether he is qualified or disqualified. DIR-3 KYC is...

Credit cards are a great tool to encash money, make purchases anywhere and increase credit score over time. Most of us, who has the privilege of owning a  credit card  know about the benefits and services it offers on our purchases. Provided we have good financial and spending habits, credit cards empower us to manage our expenditures and maintain a good cash flow. It comes in handy, when in need of some monetary compensation or to pay off any liability. If used wisely, credit cards help in increasing one’s credit score, and credit limit but if the debts are not paid on time then it quickly racks up to take a height of a mountain. You could be surmounted by a huge pile of debt, with no way out.   This plastic money not only needs a right user but also needs a right attitude and an agile mindset for its usage. If you’re thinking what’s the worst that could happen if you miss out on your payments? Then look no further than your neighbors, or family...

Amidst teething troubles and glitches in the implementation framework, the landmark reform of Goods & Services Tax (GST), ushering in a unified tax regime, has helped in speeding up real estate recovery and easing business transactions but has not lived up to its promise of providing significant price relief to consumers, even one year after its implementation. Home buyers who had pinned high hopes on GST for reduction in property prices are disappointed as the overall cost of a property purchase has not come down — rather, in some cases, it has gone up. The GST, which was introduced on July 1, 2017, has done away with multiple taxation of VAT, service tax, central excise duty, octroi, etc. In the pre-GST regime, the average tax burden on home buyers was about six per cent, though in some states, due to higher taxation, it was in double digits. However, in the GST regime, there is a single tax levy of 12 percent on the sale of under-construction residential property. ...