The government Saturday notified income tax return (ITR) forms for taxpayers for filing returns for assessment year FY 2020-21. Taxpayers including individuals, Hindu undivided family, professionals and businesses, will be able to avail benefits of savings or investments made between April 1 and June 30, following the extension timelines provided by the finance ministry owing to Covid 19 pandemic. Taxpayers will have dedicated space in each of the ITR forms - Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V – to describe investments of expenditures made during the quarter ended June 30, which will get counted in deductions or exemptions. The government has extended several timelines under income tax by a quarter from March 31, to allow taxpayers to make investments, payments or donations for claiming exemptions and deductions, besides the roll over benefit of capital gains. The forms also seek details from taxpayers … [Read more...] about Income tax return forms for FY 2020-21 notified
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Democratic leaders and Indian- American lawmakers have labelled the tax bill passed by the US Congress as "tax scam", as it robs future of the children, ransacks the middle class and rewards one per cent of corporate America. The entire Democratic party voted against the tax reform bill. The passage of the bill by the Senate and House of Representatives is considered to be the first major legislative victory for President Donald Trump, after coming to power. "The GOP tax scam robs from our children's future and ransacks the middle class in order to reward the top one per cent and corporate America," Democratic leader Nancy Pelosi said reflecting the sentiments of her party members. Trump's Republican Party enjoys majority in both the chambers of the US Congress - House of Representative and the Senate. "Now we know they're popping champagne down Pennsylvania Avenue," Pelosi said referring to the celebrations inside the White House. "There are only two places where America is … [Read more...] about Tax reforms a scam, rewards corporate America: Democrats
In early April, I came up with the logic and now it is fully supported by science in other countries that universal mask wearing enforced for every man, woman and child outside home is better than lockdown. That should have been our immediate strategy, but then making people wear masks, convincing people...the technical answer to that is we have a lot of asymptomatic people who are spreading the infection. If they wear a mask, they are blocking the respiratory droplets. But we don’t know who they are. If everyone wears a mask, then they [the asymptomatic] do too. In spite of wearing a mask, infectious people could spread some infection, because a mask is not 100% foolproof, tiny droplets may escape, fomite transmission [by objects getting contaminated] may take place. But that’s where the uninfected wearing masks may reduce the possibility of picking up the infection. With universal mask wearing you don’t have to be strict about all socio-economic activities coming to … [Read more...] about Can India’s workforce have a safe return to business?
In an article published on Saturday, it claimed: “Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash-outs of all time. But the deal’s fine print reveals that she has been inflating the size and success of her business for years”. … [Read more...] about ‘Web of lies’: Kylie Jenner stripped of billionaire status
Mumbai: Falling bank deposit rates should not make you lose heart. Fixed deposits of top-rated companies could be an attractive investment option, especially for those desiring safety and reasonable returns. With the Reserve Bank of India announcing the closure of government bonds that paid 7.75 per cent interest and the country’s largest lender State Bank of India slashing deposit rates, financial planners are advising investors to consider fixed deposits of companies such as HDFC, Bajaj Finance, ICICI Home Finance and Mahindra Finance. Investors in a corporate deposit can earn as much as 200-240 basis points higher than deposit with a nationalised bank like SBI. While an SBI deposit pays a maximum of 5.4 per cent, a deposit in Mahindra Finance pays 7.8 per cent for 40 months. Bajaj Finance offers 7.6 per cent for a five-year deposit. Investors can opt to receive interest payment on a monthly, quarterly or annual basis, and many retirees often use such products to meet their … [Read more...] about Investors could look at top-rated company FDs as options shrink