The Family Pension has been Increased by The Department of Pension & Pensioners’ Welfare (DoPPW)

The Union Minister of State for Prime Minister’s Office and Personnel,
Public Grievances & Pensions, Dr. Jitendra Singh, stated on February 12,
2021 that the upper ceiling for family pension has been increased from
Rs 45,000 to Rs 1,25,000 per month

Highlights

This decision was taken in order to bring Ease of Living for the family
members of the deceased employees.
It would help in providing adequate financial security to the family
members.
The Department of Pension & Pensioners’ Welfare (DoPPW) has also
clarified the amount admissible when a child is eligible to draw two
family pensions after the death of parents.
The notification says that the amount of both the family pensions will
be restricted to Rs 1,25,000 per month. This amounts to two and half
times more than the earlier limit.
Further the sub-rule (11) of rule 54 under the Central Civil Services
(Pension) Rules 1972 states that if both wife and husband are Government
servants and are governed by the provisions of that rule, then, on their
death the surviving child will be eligible for two family pensions

Commerce Ministry notifies Rs 945 crore seed fund for startups

The government has approved the Rs 945-crore Startup India Seed Fund
Scheme (SISFS) for the period 2021-25 to offer early-stage funding to
startups for “proof of concept, prototype development, product trials,
market entry and commercialization,” implementing body Department for
Promotion of Industry and Internal Trade (DPIIT) said in its
notification.Startups across sectors registered with the DPIIT and
incorporated not more than two years ago at the time of applying for the
the scheme will be eligible for securing capital. The funding will be
disbursed through selected incubators assisted by the central government
or state governments.

The government also announced eligibility criteria for incubators
assisted by the central government or state governments to participate
in the scheme that included at least two years of operability on the
date of applying for the scheme, capacity to seat at least 25
individuals, at least five startups undergoing incubation at the time of
application of the scheme. The scheme will be executed and monitored by
an Experts Advisory Committee (EAC) to be set-up by DPIIT. EAC will
evaluate incubators to provide grants of up to Rs 5 crore in
milestone-based three or more instalments.

RBI Working Group on Digital Lending

Digital Lending

The Reserve Bank of India recently constituted a working group on
digital lending. The working group was constituted to study all aspects
of digital lending activities in the regulated and regulated financial
sector. The working group will ensure that an appropriate regulatory
approach is put in the digital lending platform.

Know The Impact Of COVID-19 On Taxation In India

Though our government has extended the deadline for ITR (Income Tax Return) till 30th June, 2020, start looking for a professional offering tax services instead of waiting for the deadline. The impact of coronavirus on income tax deadlines and penalties for taxpayers has been quite drastic. Our government has offered numerous relaxations under the Income Tax Act. The objective was to help taxpayers and ease their financial burden during the coronavirus pandemic.

They now have more time to file income tax returns. During a recent press meet in New Delhi, our finance minister Nirmala Sitharaman has reduced penalties and delayed the due dates for numerous direct taxes. The novel coronavirus outbreak has not only been declared as a pandemic but has already infected thousands of Indians in the last few weeks. The lockdown imposed by our Government has shut down numerous businesses temporarily all over India.

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Lower Interest Rates

Not only did our Finance Minister extend the last date to file income tax returns from March 31st to June 30th but even the interest rate you have to pay for delaying advanced taxes payment has been lowered. Other types of taxes where the interest rates have been lowered are tax collected at source, tax deducted at source and equalisation levy. Earlier, the interest rates were between 12 to 18 percent. It has now been reduced to 9 percent.

How Did The Extension Help?

The extension of the deadline and decrease in interest rates have become a blessing in disguise for thousands of taxpayers during the pandemic. Tax experts and professionals offering tax services in Kolkata feel that the reduction in interest will help taxpayers preserve their liquidity during the economic crisis. The last day for linking Aadhaar with PAN card was extended from March 31 to June 30th.

Changes In The ‘Vivaad Se Vishwas’ Scheme

Earlier, a taxpayer had to pay 10% interest if he made payment under the tax dispute resolution mechanism after 31st March. Since India is under complete lockdown till 30th April, our Finance Minister has declared that taxpayers don’t have to pay any additional interest if they made the payment till 30th June. The relaxation and extension of the ‘Vivaad Se Vishwas’ scheme with benefit businesses with past liabilities, especially those with high-interest liabilities.

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COVID-19 has disrupted almost every business operations with decrease in cash flows. If you are also one of those business owners who could not make the payment till March 31st, get in touch with an experienced professional offering tax services and he will let you know what you should do next to prevent fines.

Time Limit Extension Under Direct Tax Statuses

Few events for which the Indian Government has extended the due dates are intimation to the tax department, issue of notice, returns under various direct tax statutes and filing of appeals, among others. The time limit has been extended for other direct tax statues as well, get in touch with a tax expert to know more. The announcement made by our financial ministry will be implemented by making some necessary amendments and issuing circulars.

Know Why A Chartered Accountant In Kolkata Is A Blessing In Disguise!

Do you think you need help in your company’s financial matters? Looking for skilled professionals who can help you in your taxation and other financial issues? Trust us; hiring a well-qualified chartered accountant (CA) can undoubtedly be one of your best business decisions then!

Hiring a well-qualified CA for your business can be more than just getting maximum returns. Be it your need of advisory services and taxation issues or consultancy and financial advice, recruiting an accountant can indeed be a wise decision. Further, what makes appointing a CA more viable option as compared to other financial professionals is the number of benefits that they offer to their clients!

chartered accountant in Kolkata

Take a look below to know the reasons which make a CA more beneficial than other professionals!

Top Reasons To Hire A Qualified Chartered Accountant In Kolkata

1.Well-Educated Professionals With The Right Experience

A CA is more skilled and knowledgeable than the professionals who play other CA-related roles all around the world. It is only after a student has successfully cleared 3 exams can he become a Chartered Accountant. This total study duration and experience in India is much more than any other CA related course conducted in UK, America, Canada and Australia.

2.Handles Several Projects At A Time

What makes a skilled chartered accountant in Kolkata more preferable as compared to other professionals is his exceptional ability to handle several financial projects at a time. From carefully evaluating a business’ financial status to helping them in various financial matters and offering advisory services, these professionals can handle several projects for your business at a time.

CA in kolkata

3.Single-Handedly Manage Multiple Finance Related Tasks

A CA can take care of various financial matters for your business. From filing your taxes and handling all paperwork to evaluating your business and offering advices, he ensures that you and your company remain safe from all unwanted legal hassles. Be it a large MNC, a medium sized business or a start-up, he can manage finance related tasks for all businesses.

4.Expert Advisory Services

A CA can even help you in planning investments. Such sound is his knowledge about corporate laws that he can carry out investigative audits, review your system and file petitions to the company law board. Further, with his skills and knowledge, they can even clear all your doubts and queries which are related to finances.

Now, don’t you think that appointing a CA can indeed be a wise business decision? Quickly find a reputed chartered accountant and start availing some exceptional solutions!

Investment in Long Term Bonds to Cash in on Lower Rates

The RESERVE BANK OF INDIA may have dashed the market’s hopes of a rate cut in December but the Investor can plan right away to make the most of the likely monetary easing over the next couple of years. Financial Planners and Distributors are advising Investors to invest half of their fixed income portfolio to a mixture of long duration funds, gilt funds and tax free bonds, which are better poised to benefit from falling interest rates.

The market is expecting the key policy rate to be cut by 75 -100 basic points gradually over the next 12-18 months. As interest rates falls, bond price will move up, thereby giving investors a Capital Appreciation. Rates and bond prices move in opposite Directions. If the bond is held for a year the tax free interest income would be 9%, thereby taking Investors total reborn to 14%. For more information visit: smgupta.co.in

Source: Economic Times