Realtime Certicom updates

Certicom Latest Updates

1. Income Tax Attachment of Bank accounts are not permitted after expiry of statutory time limit Case Name : Gobindo Das Appeal Number : Ors. Vs Union of India & Date of Judgement/Order : Ors. (Calcutta High Cou

2. SBI has launched an offer under which taxpayers can file ITR for free of cost, the public sector lender has stated. To file the ITR, taxpayers would require a few documents. These are PAN card, Aadhaar card, Form-16, Tax deduction details, interest income certificates, and investment proofs for tax saving.

3. GST Tax reforms are best implemented when revenue buoyancy is increasing. Considering this, the setting up of a seven-member Ministerial Panel for rationalising the GST rate structure chaired by the CM of Karnataka does not come a day sooner.

The economy has been registering a steady recovery, and with the settled technology platform tax compliance in GST has been showing improvements (revenue collection from GST reached Rs 1.17 trillion in September, the highest in the last five months).

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4. GST: Supply of services even by unincorporated association to its members for consideration is supplied under GST. Case Name: In re Gujarat Hira Bourse (GST AAR Gujarat) Appeal Number: Advance Ruling No. GUJ/GAAR/R/52/2021 Date of Judgement/Order: 15/09/2021

5. RBI suspended its version of quantitative easing, signalling the start of tapering pandemic-era stimulus measures as an economic recovery takes hold. There is no need for further bond-buying, RBI Governor Shaktikanta Das while stressing the step is not a reversal of its accommodative policy stance.

6. OECD: Multinational corporations will be subject to a minimum tax of 15% from 2023, in a major reform of the international tax system finalized by the OECD on Friday. The framework, backed by 136 countries, including India, seeks to ensure a fair share of taxes for countries where multinationals and global digital companies such as Netflix, Google earn revenues from.

Extended due dates of Income Tax Return and Tax Audit

7. CBDT have no power to Enlarge the scope of MCI regulation. Case Name: Evolutis India Private Limited Vs ACIT (ITAT Mumbai) Appeal Number: ITA No. 4923/MUM/2018 Date of Judgement/Order: 23/09/2021

8. RBI increases IMPS Limit per transaction from Rs 2 lacs to Rs 5 lacs. Individual banks may take some time to update their systems wef 8.10.2021.

9. RBI bi-monthly meet it was decided that Repo rate to remain unchanged at 4%. Reverse Repo rate to remain unchanged at 3.35%. The MPC voted 5:1 to maintain an accommodative stance.

10. RBI: Reserve Bank has today (October 08, 2021) filed applications for initiation of corporate insolvency resolution process against Srei Infrastructure Finance Limited and Srei Equipment Finance Limited under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC).

FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia

FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia

According to the government, India received the highest-ever total foreign direct investment (FDI) inflow of $81.72 billion in FY21, up 10% from 2019-20. Inflows of equities, earnings reinvested, and other capital make up total FDI.

Singapore led the way with a 19 percent increase in foreign direct investment equity inflows over the previous fiscal year, followed by the United States and Mauritius. Saudi Arabia, on the other hand, saw the largest rise in foreign investment of $2.81 billion in FY21 compared to $89.93 million the previous year.

Saudi Arabia is the top investor in terms of percentage rise among the top ten countries in 2020-21, according to the government.

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FDI of $59.64 billion were recorded in FY21, up from $49.98 billion the previous year.

The commerce and industry ministry stated in a statement that “measures implemented by the government on the fronts of Foreign investment policy changes, investment facilitation, and ease of doing business have resulted in higher foreign investment inflows into the country.”

According to the report, foreign investment equity inflows from the US and the UK increased by 227 percent and 44 percent, respectively.

According to the statement, computer software and hardware emerged as the leading sector with roughly 44 percent of total Foreign investment equity investment, followed by Construction (Infrastructure) Activities (13 percent) and Services Sector (8 percent).

FDI
Gujarat, Karnataka, and Delhi are the top recipients of FDI in the Computer Software & Hardware sector

According to the statement, equity in the primary sectors of construction (infrastructure), computer software & hardware, rubber goods, retail trading, drugs & pharmaceuticals, and electrical equipment increased by more than 100 percent in 2020-21 compared to the previous year.

Gujarat is the biggest recipient state for foreign investment equity inflows this year, accounting for 37% of total foreign investment equity inflows, followed by Maharashtra (27%), and Karnataka (27%). (13 percent ).

Certicom Consulting team has been offering a wide range of consulting and financial solutions in Bangalore, Karnataka for last 15 years.Visit us for more services.

FAQ ; Mutual Fund Investments

What are the benefits of investing in mutual savings funds?

Investments in tax-saving mutual funds, also known as Equity Linked Savings Schemes (ELSS), can get you a tax break of up to ₹1.5 lakh under Section 80C of the Income Tax Act.

Why should I choose ELSS over other tax savings investments?

Compared to other investments that save taxes, ELSS funds come with the lowest lock-in period of only 3 years. In addition, these are mutual stock funds, which means they have the ability to obtain high long-term returns.

Do ELSS funds have additional tax benefits?

Mutual funds that save taxes have the double benefit of saving taxes and creating wealth. They help you not only to save taxes but also to accumulate wealth in the long term because these mutual funds invest mainly in stocks and obtain higher yields than traditional tax savings investments such as PPF, FD, and NSC.

Will my money be blocked when I invest in ELSS funds?

Not only ELSS funds, all investments that save taxes come with a blocking period. But mutual funds that save taxes have the lowest blocking period of only 3 years. In comparison, PPF has a 15-year lock-in, while NPS and EPF require it to be invested until it retires.

What is SIP?

SIPs are systematic investment plans in which the money is deducted from your bank account and automatically reversed. With a SIP, you can buy units of funds at different levels of the market and benefit from the average cost of rupees.

Why is it said that SIPs are better than lump-sum investments?

With a SIP, you can invest regularly every month. By distributing your investment in this way, instead of investing the entire amount once, you can cushion the increase in the market. In addition, SIPs also provide the benefit of acquiring the habit of saving and investing each month.

How should I select mutual funds to invest?

After rigorously modeling, we choose the right mix of funds that best suits your needs. We analyze the past performance of the fund, the performance of the fund manager, its consistency, performance against its peers, among other things, to select the funds.

How much should I invest in mutual funds?

There is no fixed amount that you must invest each year in a mutual fund. Most funds have a minimum investment of $ 1000, but the annual accumulated investment may be at your convenience.

How to exchange the investment?

You can withdraw your investments at any time from your Investment Dashboard. After the redemption, the money is usually transferred to your registered bank account directly within 3 business days. The fiscal savings funds (ELSS) have a blocking period of 3 years after which you can exchange them.

 

 

How can I pay fewer taxes?

When you invest money in Tax Savings funds during the year, you reduce the amount of taxes you must pay in the year. In addition, you keep earning returns on the amount invested.

How much should I invest in tax savings?

You can invest up to Rs.1.5 Lakh under section 80C.

How long can I finish my tax savings?

You must finish all your tax savings investments before March 31 to reduce the amount of taxes you pay this year.

What are the different tax saving options?

It has many options such as PPF, Insurance, FD Tax Savings, Mutual Tax Savings funds (also called ELSS), etc.

Should I do KYC to invest in mutual funds that save taxes?

Yes. Compliance with Know Your Customer (KYC) is mandatory to invest in ELSS funds. But unlike what you would think, KYC is not a difficult process.

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