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
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
The unorganised sector cannot carry on because they have very low income, low savings. They are living in crowded conditions so they cannot practise physical distancing, they don’t have clean water. The imperative of the lockdown was they should have been provided with food wherever they were, allowed to migrate if they wanted to, those left behind should have been decongested to school buildings, tents etc. Unorganised businesses should have been supported so they don’t collapse because of lack of working capital. This is what I call a survival package. Because if half the population - if 200 million lost jobs, that means 800 million people are below the poverty line with zero income. You are in a situation where you have to support the consumption of essentials for 800 million people, decongest them, boost capacity for testing, boost the capacity of hospitals, and prevent businesses from collapsing. As long as you don’t do this, lifting the lockdown would be … [Read more...] about Can India’s workforce have a safe return to business?
With banks having parked ₹7.5-8 lakh crore with the Reserve Bank of India, concerns have been raised about banks’ appetite to lend at a time when the Centre has been trying to increase credit access and liquidity in the economy. However, the source said approximately ₹4 lakh crore of this amount was for loans that had already been sanctioned, but not yet disbursed. … [Read more...] about GST Council likely to meet in mid-June
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