Showing posts with the label Finance

Benefits of Income Tax Return Filing

 Income Tax:                         The term Income tax refers to a type of tax that is levied by Union Government of India on the income of its citizens. Income tax is the major source of revenue for Union Government. They are using these funds for public welfare in various manner. Income Tax Return:                        By law, income tax payers are legally obligated to file their income tax returns annually to determine their tax liability. Income Tax Return comprises the all  details of  assessee, their sources of income, deductions, exemptions, advance tax paid, Tax Deducted at Source etc. There are various types of income tax returns for various types of people based on their source(s) of income. Now a days income tax return should be filed only through online. Recently, Union Government had launched a new income tax portal named   Filing of Income Tax Return is mandatory in following cases:                                            1. The basi

UDYAM - Whether a boon or bane for MSMEs

                                           COVID-19 has impacted almost all the sectors of the economy but the micro, small and medium enterprises ( MSME ) seem to be the worst affected. Various survey reports estimate the loss in revenue for this sector to the tune of 30-50 percent and given their fragile scale and vulnerable position, the damage is damn serious. The Government's helping hand through initiatives like bank guarantees, loan moratorium etc. have provided some relief but they are very far from what is actually needed on the ground level. In continuing with the reform agenda, the MSME ministry has introduced a new scheme "UDYAM" to improve access to assisted schemes. The MSME Development Act was introduced to facilitate the development and enhance the competitiveness of MSMEs. Subsequently, various enabling regulations like amendments to income tax forms, GST  concessions, banking norms, etc. were introduced to foster their growth. UDYAM means :              

Benefit for EPF Pensioners who opted for commutation

                     Employee Provident Fund Organization( EPFO ) is an organization that administers Employee Provident Fund ( EPF ) and Employees' Pension Scheme        ( EPS ).                     As per EPS rules, an EPFO member who retired before 26 th Sep, 2008 could get maximum One-third of his/her pension as Lump-sum i. e, Commuted pension and remaining Two-third was paid as montly pension to an employee for his/her life time. As per current rules of EPF, an EPFO member does not have an option to receive the commutation benefit.                     The Ministry of Labour and Employment, in a notification dated 20 th Feb, 2020 has notified the restoration for pensioners under EPF scheme who have commuted part of their pension at the time of retirement. The move is expected to result in substantial increase in pension for those EPF pensioners who retired before 26 th Sep, 2008 and had opted for partial commutation of pension.  The Government says, around 6.3 lakh pensioner