A view on the financial world.
On 16th September, the Finance Minister Nirmala Sitharaman announced the plans for a bad bank - National Asset Reconstruction Co Ltd. But let's not start this story from the end and have a look at what it means. During the budget earlier this year, the FM had announced -" The high level of provisioning by …
Continue reading "The Bad Bank Takes Over – All You Need to Know"
The Union Budget of 2021 had everyone’s attention as the country was recovering from the economic impact of pandemic and lockdown imposed consequently. Though the recent IMF forecast for India’s GDP growth was a positive, it was to be seen whether the budget would prove to be a catalyst or hindrance to such growth. The …
Continue reading "Union Budget 2021- Key Takeaways – Everything You Need to Know"
News is abuzz with the recent downfall of Lakshmi Vilas Bank. An incident that has again shook the confidence of the public in Private sector banks, after the Yes Bank Fiasco not too long ago. Let us try and understand the series of events that led to the current diabolical situation that the bank has …
There is often a certain level of confusion when it comes to contractual employees to file their returns. Do they show their income under head salaries or show under some other head? So income under head salaried is recorded only when there is an employer-employee contract. TDS for the same is deducted u/s 192. However, …
Continue reading "Taxation for Contractual Employees and Freelancers"
TCS on High Value sale of Goods - Section 206C (1H) > Applicable on sellers of goods whose turnover exceeds INR 10 crores during the last year. This means that for the provision to be applicable during FY20-21, the sales should have exceeded INR 10 crores during FY19-20.> TCS is to be collected from buyers …
Continue reading "Major TCS Amendments applicable from 1st October 2020"
