Inhouse – Writeup

With extension of due date for filling of Tax Return, the Ministry of Finance (“MOF”) notifies changes in the new ITR Forms.

Posted on by admin

Amidst the continuity of the Lockdown and consequential difficulty faced by Industry, the Income Tax Department, in an enabling move has extended the time period till 30th November 2020. At the same time, notified bringing in some key changes in the income tax return forms, the income tax department has now released ITR forms for financial year 2019-20 (Assessment Year 2020-21). In a notification (31_2020 by way of 12th Amendment to Income Tax Rules), the finance ministry issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms. The income tax department had earlier withdrawn ITR form 1 and ITR form 4 to incorporate changes made in income tax rules in the wake of the Covid pandemic. “The new forms require a separate table to disclose tax saving investment made in Q1 2020 for availing them in FY 2019-20. Following Forms (New Format) and changes made applicable have been notified; ITR 2 form: For individuals and HUFs not having income from profits and gains of business or profession. ITR 3 form: For individuals and HUFs having income from profits and gains of business or profession. ITR 4 form: Also known as Sugam, it is meant for individuals, […]

COVID-19 impact on Fixed Deposit schemes and its safety considerations

Posted on by PPGI

A 75 basis points cut in the repo in March 2020, banks have started reducing the interest rate on their fixed deposits (FDs). The COVID-19 pandemic’s impact on the economy would be severe and that banks will continue to reduce interest rates in the near term. The RBI will make sure liquidity remains high and interest rates are low so that it can push the economy up after the lockdown is over. Experts are of the opinion that due to COVID-19 Lockdown the assets of many small private financial institutions and co-operative banks will turn into non-performing and therefore it is essential to take case of your Fixed Deposits considering the following points. Interest shall go down but offer assured return and safety With loans being priced at low interest rates due to the linking with the repo rate, it becomes difficult for banks to continue paying higher interest rates on fixed deposits to investors. So, fixed deposit interest rates will come down further because of lower loan rates of repo-inked schemes. But at the same time the deposits offer assured returns and capital safety in the present market conditions. Deposit for shorter Tenure Although interest rates across tenures are […]

Top national events that shaped India in Financial Year 2019-20

Posted on by PPGI

We have seen the major outbreak during FY 2018-19 was Pulwama Attack on 14th February 2019 and on retaliation Indian Airforce has carried Balakot Airstrike crossing the Line of Control directed against a terrorist training camp on 26th March 2019. Apart from this we have also seen Kerala Floods During FY 2019-20 we have seen set back for Indian Politics where we have seen the demise of our veteran personality viz. George Fernandes, Manohar Parrikar, Sheila Dikshit, Sushma Swaraj, Arun Jaitley & Ram Jethmalani. Apart from this the major events during Financial Year 2019-20 that has been compiled by the undersigned are: April 11, 2019 – Voting for the 2019 Indian general electionbegan April 17, 2019 – Jet Airways suspended all flight operations, due to lenders rejecting Rs 4 billion of emergency funding and its membership in the IATA was suspended. On 17 June, after getting no acceptable offers from Etihad Airwaysand Hinduja Group, lenders to Jet Airways decided to refer the company to National Company Law Tribunal (NCLT) for insolvency proceedings with debt of $1.2 billion. May 3, 2019 – Cyclone Faniarrives on the coast of Odisha May 23, 2019 – Counting and declaration of results for the 2019 Indian general election. Narendra Modisecures landslide victory. May 24, 2019 – Surat Fire Tragedy; […]

Sailing through a CORONA Crisis: Reorient Goals & Re-organise within

Posted on by PPGI

Dear Friends, Colleagues, Clients, Patrons, As I pen this my article, the second one this month, there is a deep sense of acknowledgement from the Industry in India as well outside that the #COVID-19 infections will not fade away anytime soon, more so with the Government decision to extend the lockdown to May 03, 2020. There is also further apprehension that  a full fledge operation for business entities (except those recently notified) is unlikely in next few months which means the Industry as whole will lose their Q-1 fortune for Fiscal 2020-21. This is even though Government leaders at all levels are trying their level best and making the best of the decisions they can based on statistics, and lessons from other regions and countries with perusal wisdom. With a dense population, strangled migrant labour and struggling economy, there is also this fear that a continued lockdown and consequential revenue loss to all may do more damage than good with increased unemployment, job losses with  panic and hunger all around. The Government having realised that a full lockdown for longer time may not fetch the desired outcome, seems to have taked a middle path of opening the economy and at […]