yt:channel:oneIu3JXF1YtumBHb1cCQg oneIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2008-01-26T04:46:55+00:00 yt:video:hh62Ipfccvo hh62Ipfccvo UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2023-01-15T14:01:36+00:00 2026-05-30T02:12:18+00:00 Claim Deduction for Health check ups Preventive health check-ups and medical treatment are two different types of healthcare services. Preventive health check-ups are regular exams or screenings that are done to detect potential health problems before they develop. These check-ups are typically done in the absence of any symptoms or complaints and are aimed at identifying potential risks or early signs of disease. Examples of preventive health check-ups include routine physical exams, cancer screenings, and vaccinations. Medical treatment, on the other hand, is the care provided to individuals who are already experiencing symptoms or have been diagnosed with an illness or injury. The goal of medical treatment is to diagnose, manage, and treat an existing condition. Examples of medical treatment include surgery, medication, and physical therapy. In summary, preventive health check-ups are done to detect potential health problems before they develop, whereas medical treatment is done to diagnose, manage, and treat an existing condition. Sugar testing charges covered under preventive health checkups or medical treatment charges Sugar testing charges can be covered under either preventive health check-up or medical treatment charges, depending on the context. If the sugar testing is done as part of a routine physical exam or other preventive health check-up, such as a diabetes screening, it would be considered a preventive health check-up expense. In this case, the charges for the sugar testing would be covered under the preventive health check-up deductions available under Section 80D of the Income Tax Act in India. On the other hand, if the sugar testing is done as part of the diagnosis or management of an existing condition, such as diabetes, it would be considered a medical treatment expense. In this case, the charges for the sugar testing would be covered under the medical treatment deductions available under Section 80DDB of the Income Tax Act in India. It's important to note that in order to claim these deductions, the individual must have the proper documentation such as the bill from hospital or medical practitioner, doctor's prescription and other relevant documents. yt:video:uTxMHgDE5N0 uTxMHgDE5N0 UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2023-01-15T11:17:25+00:00 2026-04-22T22:50:36+00:00 Tuition Fees u/s 80C Deduction The issue of Drawing and Disbursing Officers (DDOs) not allowing employees to claim deductions for the full-time education of their children under section 80C has been a common problem. DDO's only allow deductions for fees that are labeled as "Tuition fees" on receipts issued by educational institutions. However, fees such as admission fees, computer fees, science class fees, practical fees, exam fees, etc. are not being allowed as deductions. Even when employees raise queries to their DDO's, they are not being properly addressed. To resolve this issue, it is important to understand the relevant provision of section 80C, specifically clause (xvii) and clause (4)(C). Clause (xvii) states that any sums paid or deposited in the previous year by the assessee for tuition fees (excluding any payment towards development fees, donation or similar nature) to any university, college, school or other educational institution situated within India for the purpose of full-time education of any of the persons specified in sub-section (4) can be claimed as a deduction. Clause (4)(C) states that in the case of an individual, any two children of such individual are eligible for the deduction. Schools and colleges generally charge various types of fees from students, including admission fees, practical fees, exam fees, computer class fees, building fund, and tuition fees. However, the term "Tuition fees" used in schools and colleges has a different meaning than the term used in section 80C, which has a broader meaning and includes all types of fees payments made to schools and colleges, except for development fees and donations. The Central Board of Direct Taxes (CBDT) has also clarified this issue through circular 1/2017 dated 02.01.2017 (How to Calculate TDS on salary Income), which states that "tuition fees shall include any payment of fees" "except the amount representing payment in the nature of development fees or donation or capitation fees or payment of similar nature." It also clarified that full-time education includes play-school activities, pre-nursery and nursery classes. Therefore, employees should ask their DDO's to allow deductions for all types of fees under section 80C, including admission fees, exam fees, comp yt:video:mlC2suNPbeY mlC2suNPbeY UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-02-11T14:51:52+00:00 2026-05-04T21:27:08+00:00 Ashneer Grover Controversy with Bharatpe Demand 4000 crore The financial irregularities angle and ashneer grover controvercy bharatpe About a week after Grover went on leave, his wife Madhuri Jain Grover - who is Group Head - Controls at the company- followed suit as the firm decided to take an independent audit of its internal processes and systems.. The company appointed Alvarez and Marsal to conduct the independent audit after Bharat Pe came under intense media scrutiny , signalling bigger problems surrounding the board of directors and the founder. Allegation 1: BharatPe routed money through fake HR consultant firms that were linked to each other and to Madhuri Jain’s brother Shwetank Jain. Allegation 2: BharatPe inflated transaction values by some merchants and that some of these vendors were fake. Reports suggest that Grover could be asked to leave the company permanently, and hence it is not surprising that he has hired lawyers too. In an interview with moneycontrol, he claims "What am I scared of? I am the only startup in India which has built $6 billion of value by spending less than $150 million. Forget the audit, forget the allegations, just put the numbers of Razorpay, Paytm and CRED, any fintech which is valued higher than me. How much money have they spent and what's the value being created? So by that logic, anyone who spent more money than me has done a fraud. BharatPe board has now reportedly decided to rope in accounting firm PwC for an independent audit. The move is aimed at terminating the services of Grover and his wife since as per an MOU clause they can only be ousted after a report by a Big 4 audit firm indicts them. Alvarez and Marsal are separately conducting a thorough probe into the company’s practices, including accounting, approval processes, expenses, and hiring. yt:video:uDWlHyLea1w uDWlHyLea1w UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-02-07T16:12:06+00:00 2026-05-20T23:07:26+00:00 Life Insurance Premium Related 6 questions answered We have answered 6 most asked questions related to a deduction for life insurance premium under section 80C under Income Tax Act 1. Who is eligible for Life Insurance Premium deduction 80C and On whose Name 2 Amount of Deduction under 80C on Life Insurance Premium. 3. Whether Deduction is allowed on a Payment basis or due basis? 4. Mode of Payment 5. GST paid on Life insurance Premium allowed as Deduction? 6. Is there any Lock-In period for Life insurance Premium read more https://www.simpletaxindia.net/2018/01/life-insurance-premium-deduction-section-80c.html yt:video:pIT2RsiYEVI pIT2RsiYEVI UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-02-01T17:31:15+00:00 2026-04-29T21:52:47+00:00 Why Differential Tax Treatment for PSU employee in NPS In budget 2022 problem of state govt employees has been solved but PSU (public sector employee) has not been resolved. Employer's contribution of PSU employees still exempted up to 10% whereas in many PSU employers share has been raised to 14%. Incentives to National Pension System (NPS) subscribers for state government employees Under the existing provisions of the Act, any contribution by the Central Government or any other employer to the account referred to in section 80CCD of the Act (NPS account), shall be allowed as a deduction to the assesses in the computation of his total income, if it does not exceed 14% of his salary where such contribution is made by the Central Government. This limit is presently 10% of his salary where such contribution is made by any other employer. The State Governments were given an option to raise the contribution to 14% w.e.f 01.04.2019 on their own volition, based on their own internal approvals and notifications, without seeking the approval of the Pension Fund Regulatory and Development Authority 2. In order to ensure that the State Government employees also get full deduction of the enhanced contribution by the State Government, it is proposed to increase the limit of deduction under section 80CCD of the Act from the existing ten per cent to fourteen per cent in respect of contribution made by the State Government to the account of its employee. 3. This amendment will take effect retrospectively from 1st April, 2020 and will accordingly apply in relation to the assessment year 2020-21 and subsequent assessment years; so as to ensure no additional tax liability arises on any contribution made in excess of 10% during such time. yt:video:7w35L5n3IpI 7w35L5n3IpI UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-02-01T11:30:46+00:00 2026-05-05T10:43:35+00:00 Budget Changes For Middle Class People Change in budget 2022 for Middle-class people No change in tax slabs, 80c limit, standard deduction, interest on house loan etc whatever you have expected but the booming economy will help in generation of Jobs for middle class Incentives to National Pension System (NPS) subscribers for state government employees In order to ensure that the State Government employees also get full deduction of the enhanced contribution by the State Government, it is proposed to increase the limit of deduction under section 80CCD of the Act from the existing ten per cent to fourteen per cent in respect of contribution made by the State Government to the account of its employee. 3. This amendment will take effect retrospectively from 1st April, 2020 and will accordingly apply in relation to the assessment year 2020-21 and subsequent assessment years; so as to ensure no additional tax liability arises on any contribution made in excess of 10% during such time. In order to provide the relief as stated in the press statement, it is proposed to amend clause (2) of section 17 and to insert a new sub-clause in the proviso to state that any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or treatment of any member of his family in respect of any illness relating to COVID-19 subject to such conditions, as may be notified by the Central Government, shall not be forming part of “perquisite”. any sum of money received by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family, in respect of any illness related to COVID-19 subject to such conditions, as may be notified by the Central Government in this behalf, shall not be the income of such person; (ii) any sum of money received by a member of the family of a deceased person, from the employer of the deceased person (without limit), or from any other person or persons to the extent that such sum or aggregate of such sums does not exceed ten lakh rupees, where the cause of death of such person is illness 48 relating to COVID-19 and the payment is, received within twelve months from the date of death of such person, and subject to such other conditions, as may be notified by the Central Government in this behalf, shall not be the income of such person. assessment year 2020-21 yt:video:N26WxdbIGcI N26WxdbIGcI UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-31T18:10:38+00:00 2026-04-28T19:10:39+00:00 What is Economic Survey? Highlights of Economic survey 2021-22 KEY HIGHLIGHTS OF THE ECONOMIC SURVEY 2021-22 in Hindi 9.2 PERCENT GROWTH EXPECTED IN REAL TERMS IN 2021-22 GDP PROJECTED TO GROW 8.0-8.5 PERCENT IN 2022-23 PANDEMIC: GOVERNMENT’s SUPPLY SIDE REFORMS PREPARING ECONOMY FOR SUSTAINED LONGTERM EXPANSION CAPEX GROWS BY 13.5 PERCENT (YoY) DURING APRIL-NOVEMBER, 2021 FOREIGN EXCHANGE RESERVES TOUCH US$ 633.6 BILLION ON 31st DECEMBER, 2021 MACROECONOMIC STABILITY INDICATORS SUGGEST ECONOMY WELL PLACED TO TAKE ON CHALLENGES OF 2022-23 MASSIVE GROWTH IN REVENUE RECEIPTS SOCIAL SECTOR: EXPENDITURE ON SOCIAL SERVICES AS PROPORTION OF GDP INCREASES TO 8.6 PERCENT IN 2021-22 (BE) AS COMPARED TO 6.2 PERCENT IN 2014-15 WITH REVIVAL OF ECONOMY, EMPLOYMENT INDICATORS BOUNCED BACK TO PRE-PANDEMIC LEVELS DURING LAST QUARTER OF 2020-21 MERCHANDISE EXPORTS AND IMPORTS REBOUND STRONGLY AND SURPASS PRECOVID LEVELS BANK CREDIT ACCELERATES TO 9.2 PERCENT AS ON 31st DECEMBER, 2021 Rs 89,066 CRORE RAISED VIA 75 IPOs; SIGNIFICANTLY HIGHER THAN IN ANY YEAR IN LAST DECADE CPI-C INFLATION MODERATES TO 5.2 PERCENT IN 2021-22 (APRIL-DECEMBER) FOOD INFLATION AVERAGES AT A LOW OF 2.9 PERCENT IN 2021-22 (APRIL-DECEMBER) EFFECTIVE SUPPLY SIDE MANAGEMENT KEEPS PRICES OF MOST ESSENTIAL COMMODITIES UNDER CONTROL AGRICULTURE: GVA REGISTERS BUOYANT GROWTH OF 3.9% IN 2021-22 RAILWAYS: CAPITAL EXPENDITURE SEES SUBSTANTIAL INCREASE TO Rs. 155,181 CRORE IN 2020-21; BUDGETED TO FURTHER INCREASE TO Rs. 215,058 CRORE IN 2021-22, A FIVE TIMES INCREASE COMPARED TO 2014 LEVEL PER DAY ROAD CONSTRUCTION INCREASES TO 36.5 KMS IN 2020-21 – RISE OF 30.4 PERCENT COMPARED TO THE PREVIOUS YEAR SDGs: OVERALL SCORE ON NITI AAYOG DASHBOARD IMPROVES TO 66 IN 2020-21 SUMMARY OF THE ECONOMIC SURVEY 2021-22 AS PER WORLD BANK, ADB AND IMF PROJECTIONS, INDIA TO REMAIN THE FASTEST-GROWING MAJOR ECONOMY IN THE WORLD DURING 2021-24 INDIAN ECONOMY TO GROW BY 9.2% IN REAL TERMS IN 2021-22 AGRICULTURE TO GROW BY 3.9 % IN 2021-22 IN COMPARISON TO 3.6% IN THE PREVIOUS YEAR INDUSTRIAL SECTOR TO WITNESS SHARP REBOUND FROM A CONTRACTION OF 7% IN 2020-21 TO EXPANSION OF 11.8% IN 2021-22 SERVICES TO CLOCK 8.2% GROWTH IN 2021-22 AFTER A CONTRACTION OF 8.4% LAST YEAR FOREIGN EXCHANGE RESERVES STOOD AT US$ 634 BILLION AS ON 31ST DECEMBER 2021 EQUIVALENT TO OVER 13 MONTHS OF IMPORTS AND HIGHER THAN COUNTRY’S EXTERNAL DEBT INVESTMENT IS EXPECTED TO SEE A STRONG GROWTH OF 15% IN 2021-22 CONSUMER PRICE INDEX (CPI) COMBINED INFLATION OF 5.6% IN DECEMBER 2021 IS WELL WITHIN TARGETED TOLERANCE BAND FISCAL DEFICIT FOR APRIL-NOVEMBER 2021 CONTAINED AT 46.2% OF BUDGET ESTIMATES CAPITAL MARKET BOOMS DESPITE PANDEMIC; OVER RS 89 THOUSAND CRORE RAISED VIA 75 IPO ISSUES IN APRIL-NOVEMBER 2021, MUCH HIGHER THAN IN ANY YEAR IN THE LAST DECADE MACRO-ECONOMIC STABILITY INDICATORS SUGGEST INDIAN ECONOMY WELL PL yt:video:NKgvYj_FI-w NKgvYj_FI-w UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-29T12:52:43+00:00 2026-05-05T05:27:21+00:00 Due Dates Calendar Income Tax GST Companies Act February 2022 Compliance Calendar Due Date Compliance calendar for the month of February 2022 7th February January 2022 TDC/TCS deposit Non-government Deductors Equalization Levy deposit All Deductors 10th February a GSTR-7 TDS return under GST b GSTR-8 TCS return under GST a Person required to deduct TDS under GST b Person required to deduct TCS under GST 11th February GSTR-1 Outward supply return Taxable persons having turnover exceeding Rs. 5 crore 13th February GSTR-6 Return by input service distributor ISD Person registered as ISD Invoice Furnishing Facility - IFF Details of outward supplies of goods or services Taxable persons having the turnover less than Rs. 5 crore 15th February Deposit of PF & ESI contribution All Deductors October- December 2021 TDS certificate in Form 16A (non-salary) Filing of Tax Audit Report u/s 44AB of Income-tax Act Applicable in case annual turnover during FY 2020- 21 exceeds threshold limit as below: • For businesses – (a) Rs.1 crore, (b) Rs.10 crore in case cash receipts / cash payments does not exceed 5% of aggregate receipts / payments during the year • For profession – Rs.50 lakh Transfer Pricing Report in Form 3CEB Taxpayers having international transactions with associated enterprises / specified domestic transactions Form AOC-4 (Annual accounts) All Companies are required to file Annual accounts 20th February January 2022 a) GSTR-5 (Return by Nonresident) b)GSTR-5A [Online Information Database Access and Retrieval (OIDAR) services return] a) Non-resident taxable person b) OIDAR services provider GSTR-3B (Summary return) All taxable persons (except composition dealer) having annual turnover exceeding Rs. 5 crore in FY 2020-21 25th February Form GST PMT-06 (Payment of tax for Quarterly filers) All taxable persons (except composition dealer) having annual turnover less than Rs. 5 crore in FY 2020-21 28th February FY 2020-21 Annual Return in Form GSTR-9 All taxpayers having aggregate annual turnover exceeding Rs. 2 crore in FY 2020-21 Annual Return in Form GSTR9A For composition taxpayers having aggregate annual turnover exceeding Rs. 2 crore in FY 2020- 21 Reconciliation Statement in Form GSTR-9C. All taxpayers having aggregate annual turnover exceeding Rs. 5 crore in FY 2020-21 Form MGT-7 (Annual return) All Companies are required to file Annual return with ROC yt:video:n5CLEc77-Gw n5CLEc77-Gw UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-29T01:30:15+00:00 2026-04-30T02:05:29+00:00 Rule of 72 & Rule of 114 explained in Hindi पैसा Double What Is the Rule of 72? The Rule of 72 is a quick, useful formula that is popularly used to estimate the number of years required to double the invested money at a given annual rate of return. While calculators and spreadsheet programs like Microsoft's Excel have inbuilt functions to accurately calculate the precise time required to double the invested money, the Rule of 72 comes in handy for mental calculations to quickly gauge an approximate value. Alternatively, it can compute the annual rate of compounded return from an investment given how many years it will take to double the investment. KEY TAKEAWAYS The Rule of 72 is a simplified formula that calculates how long it'll take for an investment to double in value, based on its rate of return. The Rule of 72 applies to compounded interest rates and is reasonably accurate for interest rates that fall in the range of 6% and 10%. The Rule of 72 can be applied to anything that increases exponentially, such as GDP or inflation; it can also indicate the long-term effect of annual fees on an investment's growth. Years to Double= 72/Interest Rate where: Interest Rate=Rate of return on an investment 72 का नियम उस समय की गणना करने के लिए इस्तेमाल किया जाता है जब आपका पैसा कम्पाउंड इंटरेस्ट रेट के साथ दोगुना हो जाता है। चाहे आप म्यूचुअल फंड, फिक्स्ड डिपॉजिट (एफडी), स्टॉक मार्केट, पीपीएफ (पब्लिक प्रोविडेंट फंड) या ईपीएफ (कर्मचारी भविष्य निधि), बचत खाता या किसी अन्य निवेश विकल्प में अपना पैसा निवेश करते हैं, आप 72 का नियम से ये कैलकुलेट कर सकते हैं की कम्पाउंडिंग इंटरेस्ट के साथ कब आपका पैसा दुगुना होगा। How to calculate the time in which the money will double with the compounding interest rate? How to calculate the rate of returns you need to double your money in a specific time period? How the rule of 72 can be useful in daily life calculations? 1. What is the rule of 72? 2. How to use the rule of 72 formula with Various examples? 3. Importance of interest rates? 4. How to calculate the number of returns you need to double your money in a stipulated time period? 5. How to calculate the time in which the money will double with interest rates? 6. How this rule of 72 can be useful in everyday life calculations? yt:video:OOXrUia4sHE OOXrUia4sHE UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-28T08:12:37+00:00 2026-05-05T12:28:17+00:00 Expectation from Budget 2022 from Finance Minister Expectations of common taxpayers for rationalisation of some tax provisions in the budget As an individual taxpayer I have listed out my expectation on rationalisation of some income tax provisions from our finance minister. Relief to the home buyers Presently a taxpayer can claim deduction in aggregate upto Rs. 2 lakhs from his income for interest paid by him to for a maximum of two self-occupied houses. Any interest in excess of two lakh rupees is not eligible for any tax benefit. However, if the property is let out he can claim full interest against the rental income from all his properties without any monetary restrictions subject to the restriction that the losses under house property head upto 2 lakh rupees can only be set off against his other income. Any unabsorbed loss is allowed to be carried forward for set off against house property in eight subsequent years. In my opinion the law should be other way round. The person who uses the house of self-occupation should be allowed to claim full interest but should discourage the tax arbitrage on interest paid on money borrowed for let out property and should be restricted to a fix amount. If full interest on self-occupied property cannot be allowed, then the limit for interest allowance on each self-occupied property should be raised to minimum five lakhs looking at the amount of interest one has to pay on home loan to buy a property especially in big cities. With inclusion of many items eligible for deduction under Section 80C is crowded and in majority of cases the limit of 1.50 lakhs is insufficient and many eligible items get overflowed. Since the prices of house property have gone up significantly in the recent past, government should carve out deduction for home loan repayment from Section 80 C and introduce a separate deduction to provide relief to the home buyers as well as real estate sector. Changes in the tax rates Since there are not many takers of the new tax regime, the government should rationalise the present tax slabs for the old tax regime. Presently income between 2.50 lakhs to 5 lakhs gets taxed @ 5% but the slab rate rises steeply to 20% for income between 5 lakhs to 10 lakhs under the old regime. I request the finance minister to reduce this present tax slab of 20% to 10% to make it progressive and smooth. Moreover, the finance minister should shift the tax slab of 20% to the tax payers with income between 10 lakhs to 25 lakhs. Income between 25 lakhs and 1 Crores may be taxed at 25%. Those with income over 1 crore may be charged tax at 30% as they have the ability to pay higher tax. I also suggest the FM to remove the surcharge levied on high tax payer individuals. As per the Laffer’s Curve higher slab rates result in lower aggregate tax collection. The lower rates suggested above will help the government generate more revenue in the long run due to better compliance because people are willing to pay tax as long as it does not adversely affect their standard of living. This is evident from the increase in tax collection after tax rates were reduced from a whooping 93.5% in the 1970s to 30% in 1997. Marginal relief for individual tax payer with slightly higher income over 5 lakhs Presently a resident individual tax payer is entitled to claim a rebate of upto Rs. 12,500/- against his tax liability under section 87A as long as his total income does not exceed five lakh rupees in the year. However once the income crosses the magic threshold limit of 5 lakhs, the tax liability suddenly increases by 12,500/- even if the incremental income over Rs. 5 lakhs is only a few hundreds. All the tax payers with income over 50 lakhs are subjected to a surcharge but are entitled to have the benefit of marginal relief as provided in the respective Finance Act though the same is not part of the Income Tax Act. As per the marginal relief provisions the incremental tax liability shall not exceed the incremental income over Rs. 50 lakhs, the threshold limit of surcharge, due to levy of surcharge. The Section 87A does not have any provision of marginal relief in case the income exceeds Rs. 5 lakhs by just few hundred rupees. This provision of marginal relief if introduced will check the tendency of taxpayers, especially self-employed, to manipulate their income level in case it just happens to be marginally higher than the threshold limit of 5 lakhs to avoid payment of taxes higher than the incremental income,. Hope the finance minister is listening. Balwant Jain is a tax and investment expert and can be reached on jainbalwant@gmail.com and @jainbalwant on twitter. yt:video:dBSH3jwm7Pg dBSH3jwm7Pg UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-27T13:12:33+00:00 2026-05-30T03:05:40+00:00 Demand Justice for PMC Bank Depositors Review Amalgamation Scheme https://youtu.be/7RlncoyFnTQ scheme details PMC bank , PMC bank latest news, PMC bank news , unity small finance bank, PMC , PMC bank depositors demand justice, PMC bank depositors will file a case in supreme court against RBI amalgamation scheme The Government of India has today sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL). The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022. All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. with effect from this date. USFBL is making necessary arrangements to implement the provisions of the scheme. The Scheme of amalgamation notified today envisages the takeover of the assets and liabilities of PMC Bank, including deposits, by the USFBL in terms of the provisions of the scheme. No interest on any of the interest bearing deposits with the transferor bank shall accrue after March 31, 2021 for a period of five years from the appointed date, and afterwards, simple interest at the rate of 2.75 per cent. per annum shall be paid at the end of each year for the amounts remaining outstanding which shall be payable from the date after five years from the appointed date. (e) In respect of balances in any current account or any other non-interest bearing account, no interest shall be payable to the account holders, except that after a period of five years, simple interest at the rate of 2.75 per cent. per annum shall be paid to the balances of the retail depositors in the same manner as applicable to interest bearing deposits. Read More here https://www.simpletaxindia.net/2022/01/100-payment-to-pmc-retail-depositors-rbi-amalagamation-small-unity-bank.html yt:video:7RlncoyFnTQ 7RlncoyFnTQ UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-25T17:15:49+00:00 2026-05-05T04:21:17+00:00 100% money will be paid to PMC Bank Retail Depositors Demand Justice for PMC Bank Depositors https://youtu.be/dBSH3jwm7Pg Punjab and Maharashtra Co-operative Bank Limited is a Multi-State Scheduled Urban amalgamation Co-operative Bank with Unity Small Finance Bank Limited promoted by Centrum Financial Services Limited approved by Govt of India and notified on 25.01.2022. पंजाब एंड महाराष्ट्र कोऑपरेटिव बैंक पीएमसी बैंक pmc bank news Pmc bank latest news Check details here https://www.simpletaxindia.net/2022/01/100-payment-to-pmc-retail-depositors-rbi-amalagamation-small-unity-bank.html “retail depositors” means depositors who hold deposits in the bank in their individual capacity, either singly or jointly with other individual, and include proprietorship firms and Hindu Undivided Families (HUFs); 6. Discharge of liability of transferor bank :— (1) In respect of : (a) any sums deposited by any employee of the transferor bank with that bank as staff security deposits, together with interest, if any, accrued thereon upto the appointed date, shall be paid, in case the employee has chosen not to continue in the services of the transferee bank or provided for in full by the transferor bank; (b) every savings bank account or current account or any other deposit account including a fixed deposit, cash certificate, monthly deposit, deposit payable at call or short notice or any other deposits by whatever name called with the transferor bank, the transferee bank shall open with itself on the appointed date a corresponding and similar account in the name of the respective holder thereof crediting thereto full amount including interest accrued till March 31, 2021: Provided that where the transferee bank entertains a reasonable doubt about the correctness of the entries made in any particular account, it may, with the approval of the Reserve Bank, withhold the credit to be made in that account for a period not exceeding three months from the appointed date, within which, the transferee bank shall ascertain the correct balance in such account. (c) The transferee bank shall pay - (i) the amount received from Deposit Insurance and Credit Guarantee Corporation to all the eligible depositors of the transferor bank, which would be an amount equal to the balance in their deposit accounts or ₹5,00,000 (Rupees five lakh only), whichever is less, in accordance with the Deposit Insurance and Credit Guarantee Corporation rules of distribution of such amounts ; (ii) at the end of first year from the appointed date, over and above the payment already made, an additional amount equal to the balance in their deposit account or ₹50,000 (Rupees fifty thousand only), whichever is less, on demand only to the retail depositors of the transferor bank; (iii) at the end of two years from the appointed date, over and above the payment already made, an additional amount equal to the balance in their deposit account or ₹50,000 (Rupees fifty thousand only), whichever is less, on demand only to the retail depositors of the transferor bank; (iv) at the end of three years from the appointed date, over and above the payments already made, an additional amount equal to the balance in their deposit account or ₹1,00,000 (Rupees one lakh only), whichever is less, on demand only to the retail depositors of the transferor bank; (v) at the end of four years from the appointed date, over and above the payment already made, an additional amount up to the balance in their deposit account or ₹2,50,000 (Rupees two lakh fifty thousand only), whichever is less, on demand only to the retail depositors of the transferor bank; (vi) at the end of five years from the appointed date, over and above the payment already made, an additional amount up to the balance in their deposit account or ₹5,50,000 (Rupees five lakh fifty thousand only), whichever is less, on demand only to only the retail depositors of the transferor bank. (vii) the entire remaining amount of deposits (after making payment as mentioned in clause (i), (ii), (iii), (iv), (v) and (vi) above in the accounts of the retail depositors of transferor bank after ten years from the appointed date, on demand. (d) No interest on any of the interest bearing deposits with the transferor bank shall accrue after March 31, 2021 for a period of five years from the appointed date, and afterwards, simple interest at the rate of 2.75 per cent. per annum shall be paid at the end of each year for the amounts remaining outstanding which shall be payable from the date after five years from the appointed date. yt:video:UjwROnySPqQ UjwROnySPqQ UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-24T15:46:17+00:00 2026-04-21T21:33:09+00:00 PAYTM ZOMATO NYKAA POLICY BAZAR ALL CRASHED PAYTM ZOMATO NYKAA POLICY BAZZAR ALL CRASHED .what to do in fall in shares of Paytm zomato policy Bazar and Nykaa yt:video:7V_JNrPJeGI 7V_JNrPJeGI UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-24T12:37:40+00:00 2026-04-29T05:55:17+00:00 Guidelines on Exemption of maturity of ULIPs under Income Tax Sub: Guidelines under clause (10D) section 10 of the Income-tax Act, 1961 - reg. Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on the sum received under a life insurance policy, including any sum allocated by way of bonus on such policy subject to certain exclusions. 2. The Finance Act, 2021 amended clause (10D) of section 10 of the Act by inserting fourth to seventh provisos. Fourth proviso provides that, with effect from 01.02.2021, the sum received under a Unit Linked Insurance Policy (ULIP), issued on or after 01.02.2021, shall not be exempt under the said clause if the amount of premium payable for any of the previous years during the term of such policy exceeds Rs 2,50,000. Further, fifth proviso provides that if premium is payable for more than one ULIP, issued on or after 01.02.2021, the exemption under the said clause shall be available only with respect to such policies where the aggregate premium does not exceed Rs 2,50,000 for any of the previous years during the term of any of those policies. Sixth proviso provides that the fourth and fifth provisos shall not apply in case of sum received on death of the person. 3. Seventh proviso to the said clause (10D) also empowers the Central Board of Direct Taxes (Board) to issue guidelines, with the previous approval of the Central Government, in order to remove any difficulty which arises while giving effect to the provisions of the said clause. In exercise of the powers under this proviso, Board, with the previous approval of the Central Government, hereby issues the following guidelines. 4. Sum received including any sum allocated by way of bonus (hereinafter referred as “consideration”) during the previous year (hereinafter referred as “current previous year”) under any one or more ULIPs issued on or after 01.02.2021 (hereinafter referred as “eligible ULIP”) shall be exempt under clause (10D) of section 10 of the Act, subject to the Circular No. 2 of 2022 2 satisfaction of other provisions of said clause. The same are explained by way of examples of different situations:- 4.1 Situation1: No consideration is received by the assessee on any eligible ULIPs during any previous year preceding the current previous year or consideration has been received on such eligible ULIPs but has not been claimed exempt. The exemption under clause (10D) of section 10 of the Act shall be determined as under: i. If the assessee has received consideration, during the current previous year, under one eligible ULIP only and the amount of premium payable on such eligible ULIP does not exceed Rs 2,50,000 for any of the previous years during the term of such eligible ULIP, such consideration shall be eligible for exemption under the said clause (10D); ii. If the assessee has received consideration, during the current previous year, under one eligible ULIP only and the amount of premium payable on such eligible ULIP exceeds Rs 2,50,000 for any of the previous years during the term of such eligible ULIP, such consideration shall not be eligible for exemption under the said clause (10D); iii. If the assessee has received consideration, during the current previous year, under more than one eligible ULIPs and the aggregate of the amount of premium payable on such eligible ULIPs does not exceed Rs 2,50,000 for any of the previous years during the term of such eligible ULIPs, such consideration shall be eligible for exemption under the said clause (10D); iv. If the assessee has received consideration, during the current previous year, under more than one eligible ULIPs and the aggregate of the amount of premium payable on such eligible ULIPs exceeds Rs 2,50,000 for any of the previous years during the term of such eligible ULIPs, the consideration under only such eligible ULIPs shall be eligible for exemption under the said clause (10D) where aggregate of the amount of the premium payable does not exceed Rs 2,50,000 for any of the previous years during their term (Refer Examples). 4. 2 Situation 2: Consideration has been received by the assessee under any one or more eligible ULIPs during any previous year preceding the current previous year and it has been claimed to be exempt under clause (10D) of section 10 of the Act. Such eligible ULIPs are referred as “Old ULIPs” in this paragraph and corresponding examples and reference to Circular No. 2 of 2022 3 eligible ULIPs shall not include old ULIPs. The exemption under clause (10D) of section 10 of the Act shall be determined as under: i. If the assessee has received consideration, during the current previous year, under one eligible ULIP only and aggregate amount of premium payable on such eligible ULIP and old ULIPs does not exceed Rs 2,50,000 for any of the previous year during the term of such eligible ULIP, the consideration under such eligible ULIP shall be eligible for exemption under the said clause (10D); yt:video:-gAHwJegCUg -gAHwJegCUg UConeIu3JXF1YtumBHb1cCQg Tax News India https://www.youtube.com/channel/UConeIu3JXF1YtumBHb1cCQg 2022-01-23T11:46:19+00:00 2026-05-24T21:06:01+00:00 New Gold Savings Account know all about GSA in Banks proposed by NITI Aayog 1. Introduction of a new financial product for banks viz. Gold Savings Account, which will accept INR and credit grams of gold, with a passbook facility. Such accounts may also be in form of recurring deposit accounts. Read Details about GOLD savings account https://www.simpletaxindia.net/2022/01/gold-savings-account-new-financial-product-niti-aayog-gsa.html 2. The suggested operational details of GSA would be: a. The price of gold will be the prevailing price as of the date the deposit is made (inclusive of import duty and GST). b. The redemption of the account can be in INR or gold weight and at applicable market price on redemption date. No capital gains tax may be levied where redemption is made in form of gold. c. While there may be no restriction in terms of minimum deposit, some minimum threshold may be provided where redemption is in form of physical gold. The interest payable on GSA will be the same as the interest on gold deposits collected under Gold Monetisation Scheme (GMS), 2015. The interest can be accumulated in terms of the weight of gold. 3. In case redemption in physical gold is not possible, GSA account holder may be given an equivalent amount in rupee terms but in due course, banks may develop the capability of being able to provide physical gold if demanded.