FINANCE

The ATM is often seen as a distinct area of banking services, one that rarely changes and operates separately from the rest of banking functions like mobile or online. It because of the importance of ATM to the society that we have it at around our neighbourhood or community. Thanks to modern banking and technology, we have the automated teller machine to ease out the stress of cash withdrawal. It is true that banks do warn debit card holders not to share details of PIN with anyone, but most card holders assume that this refers to giving the number to a third party – but between husband and wife? A little random sampling of card holding couples showed that a majority of them do not think sharing PIN details between spouses amounts to infringement of the rule about “not sharing with anyone” A casual act of letting your spouse or a close relative/friend withdraw money from an ATM using your debit card could prove costly. This is what a Benglauru wom...

In India majority of older persons face financial hardship in old age as most of them are not in a position to earn their livelihood. Their savings, if any, are not enough to meet their day to day, particularly the medical expenses. Older persons with good net-worth value are in search of good short-term financial planning to earn a good income from their finance. The Income Tax law provides various benefits to senior citizens in India with the view to mitigate their issues. Who is considered as a Senior Citizen in India? According to the law, a senior citizen is an individual resident between the age group of 60 to 80 years, as on the last day of the previous financial year. Who is considered as a Super Senior Citizen in India? A super senior citizen is an individual resident who is above 80 years, as on the last day of the previous financial year. Just because a senior citizen has been filing an ITR all his life does not necessarily mean that he/she is mandatorily required to file an...

An income tax return (ITR) is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses and other deductions as well as details about tax refund or tax liability. The deadline for filing Income Tax Return for corporate and other assessees who are to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others, it is 31st July every year as have been prescribed under the Act. However, with the ongoing COVID -19 pandemic a lot of income tax due dates were extended by The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 read with Notification No. 35 /2020, dated 24-06-2020. In view of the same, the due date of furnishing ITR for FY 2018-19 has been extended till 31 st  July, 2020 and for FY 2019-20 till 30 th  November, 2020. Individuals or HUF who are...

Notices from the Income Tax Department are very common these days due to their pepped up Tax compliance measures thru computerized/automated rules. While Receiving IT Notice is not a fun for anyone, it may create some panic among the tax payers. The tax payers need to react within the specified time limit to address the queries from IT Department to clear notice and / or Tax dues, if any. below are Top 7 reasons why a Tax Payer may get an Income Tax Notice from the Department Mismatch of Income between form 26AS and Income Tax Return If the Income declared in IT Return does not match with Form 26AS, then the ITD may serve the notice to the tax payer for arithmetical inaccuracies. The Tax Payer should submit either the revised return or submit the response to the query. Error in TDS Amount The TDS claimed in the Tax return should match with the Form 26AS. Otherwise, the ITD may serve the notice on the tax payer to correct the TDS amount. Discrepancy in Tax Returns If the Tax payer have ...

MY READS Rethinking India #WFHLife Pivot Or Perish Coronavirus Vaccine Tracker Market Dashboard Coronavirus Lounge Mint CXO Dialogues The Future Of Long Reads India2Global Emerging Tech Conclave Money With Monika, Season 4 Plain Facts Mark To Market Podcasts Companies Markets Money Start-ups Mutual Funds Insurance Technology Industry Opinion Politics Home  > News  > India  >For street vendor loans of up to ₹ 10,000, govt receives 5 lakh applications (Photo: AP) ₹ 10,000, govt receives 5 lakh applications" data-reg="For street vendor loans of up to ₹ 10,000, govt receives 5 lakh applications">For street vendor loans of up to  ₹ 10,000, govt receives 5 lakh applications 2 min read   .   Updated: 12 Aug 2020, 05:23 PM IST Edited By  J. Jagannath 'PM SVANidhi' scheme aims to provide street vendors collateral free working capital loans of up to  ₹ 10,000 to restart their business post lockdown Topics Street Vendor Lockdown Government on Wedne...

A tax of 31.2% is deducted at source when you win more than ₹ 10,000 in a single contest as per the Income Tax Act 1961. The remaining amount (after tax deduction) gets credited to your Dream11 , My Team 11 , Rummy wallet etc. as "Winnings". You’ll get a TDS certificate for this tax deduction within 3 months from the winning date. For Paid Consultancy/ TDS Refund , #IncomeTaxReturn, #GstReturn #Tds Contact us  Click On 👉 Whatsapp. https://wa.me/message/QEZSHYJA7IOEJ1 Email : taxtarfintech@gmail.com

People are always get confused as to who all are require to file Income tax Return mandatorily. Since our assessment year 2020-21 has been started and now all will be geared up for filing their income tax return. Hence today I am covering this topic. Following taxpayers shall file their return of income only through e-filing mode: (1) Individual/HUF who is less than 60 years of age and has an annual income more than Rs 2.5 lakh i.e. above basic exemption limit has to file income tax returns, according to the Income Tax Act.  For senior citizens, the basic exemption limit is Rs 3 lakh, and for those who are more than 80 years old, the basic exemption limit is Rs 5 lakh. (2) For companies it is mandatory to file income tax return irrespective of profit or loss. Further in case of company E -filing is mandatory. (3) A firm or an individual or a  Hindu Undivided Family (HUF)  whose books of account are required to be audited under  section 44AB  shall furnish the re...