Inform Employer of Your Choice of Tax Regime Else Old Rates Apply for TDS from Salary

Employers will soon start rolling out investment declaration forms, asking employees to indicate their choice of tax regime. The government had introduced a revised tax system in this year’s Budget, wherein taxpayers would be given the option to shift to a new tax regime with lower tax rates, but without the usual tax exemptions and deductions. The […]

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Income Tax: CBDT Issues Important Circular Clarifying TDS Process – Taxpayers Alert!

In a major development, CBDT has issued a circular clarifying the process of exercising of option by a taxpayer with regard to deduction of tax at source (TDS). Income Tax dept through its official Twitter handle said, “CBDT issues Circular C1 of 2020 dated 13.04.2020 clarifying the process of exercising of option by a taxpayer […]

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Should You Buy a Coronavirus-Specific Insurance Policy? Here’s a Comparison of Those Available

Given the rate at which Covid-19 is permeating the country and considering the impact of lockdown on the economy, many people have been hit by the double whammy of disease and dearth of funds. Combine this with the low penetration of health insurance in India and it has created a gap that insurers are rushing to plug […]

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Coronavirus Crisis: LIC Provides 30 Days Extension for Premiums Due in March, April

Life Insurance Corporation on Saturday announced an extension of 30 days for payment of premium due in March and April 2020 to mitigate the hardships being faced by policyholders in the wake of COVID-19. For February premiums, where grace period was expiring after March 22, relaxation is allowed up to April 15, LIC said in a statement […]

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How to Manage Your Money Smartly so that You are Ready for a Recession

Our financial health plays a significant role in determining our mental and familial stability. An unstable financial situation can not only take a difficult turn, but it can also cause a dent in your happy world. Due to the recent COVID 19 outbreak, many industrial firms and giant companies have faced major economic instability and […]

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Paytm Collects Rs 100 Crore Contributions for PM-CARES Fund

Digital payments platform Paytm on Saturday said contributions for the PM-CARES Fund for the COVID-19 crisis have crossed Rs 100 crore on its platform. Paytm had earlier announced it aims to contribute Rs 500 crore to the PM-CARES Fund. It had said for every contribution or any other payment made on Paytm using the wallet, UPI or Paytm Bank debit card, […]

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Donation by Employees to PM-CARES Fund through Employer to Reflect in Form 16 TDS Certificate

Employers will have to show donation made by employees from their salary to PM-CARES fund in Form 16 TDS certificate, the Income Tax department has said. Donations made to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund are eligible for 100 per cent deduction u/s 80G of I-T Act. In a […]

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Government to Give Income Tax Refunds up to Rs 5 Lakh Immediately Due to Coronavirus Impact

The Income Tax Department, on its official Twitter handle, announced that it will issue all pending income tax refunds up to Rs 5 lakh immediately to individuals and business entities. The decision has come due to the coronavirus lockdown in the country. According to press note of the department, this decision would benefit around 14 lakh taxpayers. The decision will […]

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Reliance Launches Coronavirus Insurance Scheme, Offers up to Rs. 2 Lakh Insured Sum

Reliance General Insurance has launched a COVID-19 protection insurance scheme offering a lump sum of 100 per cent of the insured money if a person tests positive for coronavirus. It also offers 50 per cent of the sum insured to a quarantined person for the period of quarantine. “We have designed this product to reduce […]

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Coronavirus and Cybercrimes: Opting for EMI Moratorium? Fraudsters are Waiting

At a time when many people in the country are facing financial troubles due to the lockdown, the government and entities like the Reserve Bank of India (RBI) have come out with various relief measures. One such measure that the RBI announced was the three-month moratorium or grace period for loan equated monthly instalments (EMIs) […]

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