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In a relief to tax payers, the Central government today extended the deadline for filing income-tax returns (ITR) for the 2018-19 fiscal by a month till July 31, 2020. The Centre has also extended the time limit for linking Aadhaar card with PAN card till March 31, 2021. In the wake of coronavirus pandemic, the Central government earlier extended the deadline for filing income tax returns (ITR) for FY2019-20 to November 30, 2020. The Central Board of Direct Taxes (CBDT) through a notification also extended the time limit for making various investments and claiming deductions under the I-T Act for the 2019-20 fiscal by a month till July 31, 2020. Further:- In a massive relief for taxpayers, the Central Board of Direct Taxation (CBDT) has extended the various time limits under direct tax and 'Benami' laws. As per the statement issued by CBDT, salaried individuals will now be able to file their income tax return till November 30, 2020. Similarly, small and medium taxpayers with up...

If you also find it difficult to repay your loans, you may need to tweak your approach. Here are some strategies that can help you manage your debt situation better.In an ideal world, everybody would have enough money for all his needs. In reality, many of us have little option but to borrow to meet our goals, both real and imagined. For banks and NBFCs, the yawning gap between reality and aspirations is a tremendous opportunity. They are carpet bombing potential customers with loan offers through emails, SMSs and phone calls. Some promise low rates, others offer quick disbursal and easy processes. 1. DON’T BORROW MORE THAN YOU CAN REPAY 2. KEEP TENURE AS SHORT AS POSSIBLE 3. ENSURE TIMELY AND REGULAR REPAYMENT 4. DON’T BORROW TO SPLURGE OR INVEST 5. TAKE INSURANCE WITH BIG-TICKET LOANS 6. KEEP SHOPPING FOR BETTER RATES 7. UNDERSTAND THE FINE PRINT 8. SUBSTITUTE HIGH COST LOANS 9. DON’T NIX RETIREMENT BY AVOIDING LOANS 10. KEEP SPOUSE, FAMILY IN LOOP ABOUT LOAN ...

Pre-GST Tax Law on Pharmaceutical Products The average VAT rate for most of the pharmaceutical products was around 5% and for the formulations was 9%. The excise duty charged on pharma products was 12.5%. To be fair though, the government provided relief on excise to pharmaceutical product manufacturers by introducing excise-free manufacturing zones. Prior to the introduction of excise-free manufacturing zones, 40% of the pharmaceutical product manufacturers were located in Gujarat. Excise-free zones were a crucial step in providing relief to small manufacturers in remote places to be competitive in the national market. Manufacturers operating from excise-free manufacturing zones had to pay excise at the rate of 1.5% in comparison to the 12.5% from every other manufacturer of pharmaceutical products. In most of the states, the VAT on the pharmaceutical products was charged on the maximum retail price and was charged at a single point. Therefore, the distribution channel did not pay any...

LONDON: Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after Opec producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an Opec+ panel on Thursday pledged to comply better with oil cuts, sources said. This means curbs by the Organization of Petroleum Exporting Countries and allies, known as Opec+, could deepen in July. There is enthusiasm in the market that oil supply is still under control," said Paola Rodriguez Masiu, an analyst at Rystad Energy. "A positive Opec+ meeting does that and yesterday's session helped renew confidence." Brent crude was up $1.00, or 2.4 percent, at $42.51 by 1332 GMT after hitting $42.89, its highest since June 8. US West Texas Intermediate (WTI) crude climbed $1.32, or 3.4 percent, to $40.16. "The key takeaway is that Opec+ compliance will improve in the coming months," sa...

Chinese stake in the Indian economy is growing through investments, particularly in the technology sector. Indian export to China has outpaced imports but trade imbalance is still huge. An analysis of how deep Chinese money has penetrated in India. following the bloodiest clash with China in 45 years, reports suggest that the government would retaliate not only along the Line of Control (LAC) but also in the field of economy. The border question is complex, but the economic one is even more complicated. Since the 2008 global meltdown, China has seen a sharp rise in its economic prowess helped by a corresponding decline in the US's money power largely on account of its engagement in counter-terror-cum-geostrategic wars in the Middle East and AfPak regions. Almost every country of the world has deepened its engagement with China in recent years. Being a major emerging global power, India too has done the same. Chinese investments in a country come through direct, routed, and corporat...

The micro, small and medium enterprises (MSME) sector faces an existential crisis due to acute shortage of revenue, according to rating agency Crisil. Latest data suggests revenue growth will plunge into deep negative territory this fiscal because of the Covid-19 pandemic. Across the country, the deadly pandemic has hit consumer discretionary, construction and export-linked MSMEs — all of these businesses have been impacted due to a sharp dip in domestic consumption and a sloppy supply chain. It may be noted that the government had announced Rs 3 lakh crore emergency credit line for micro, small and medium enterprises (MSMEs). However, Crisil data suggested that the government’s emergency loan scheme for MSMEs may not be enough to boost their prospects. Apart from MSMEs, entrepreneurs from key sectors have witnessed a varied pace of revival those most affected do not expect a rebound before the next fiscal, while a few are optimistic about the upcoming festive season. The country has s...

I ndian shares closed higher on Friday, boosted by a sharp rise in Reliance shares after the oil-to-telecoms conglomerate said it was net-debt free, helping investors briefly shift focus from rising coronavirus infections and border tensions with China. The NSE Nifty 50 index closed up 1.51 percent at 10,244.40 and the benchmark S&P BSE Sensex ended 1.53 percent higher at 34,731.73. For the week, the Nifty finished 2.72 percent higher and the Sensex closed up 2.81 percent. Shares of Reliance Industries Ltd settled 6.25 percent higher, a record high following the company's announcement of being net-debt free after raising over 1.69 trillion rupees ($22.15 billion) over the last few weeks through stake sales in its digital arm and a rights issue. However, widespread concerns about India's economic growth remain, which is already languishing at multi-year lows and faces further challenges from rising Covid-19 cases at home and abroad. On Friday, coronavirus infections in India...

GST  Stands for  Goods and Services Tax . Before learning more about Goods and Sevice Tax, let’s try to understand how taxes in India work. The Government of India or any country needs money for its functioning and taxes are a major source of revenue for a Government of India. The taxes thus collected are spent by Govt. on the public. These taxes are broadly classified into two types: Direct Tax and Indirect Tax Direct Tax  – Direct Tax is imposed on the income of an individual. The amount of tax payable varies on the income earned by the individual from various sources such as salary, house rent income, etc. So, the more you earn, the more tax you pay to the Government which essentially means the rich pay more tax in comparison to the poor. Indirect Tax  – Indirect tax is not imposed directly on the income of individuals. Instead, it is imposed on goods and services which in turn increase the cost MRP) of Goods and Services. Unlike a direct tax, ...