After the Supreme Court verdict on UIDAI’s (Unique Identification Authority of India) Aadhaar, many are still confused regarding the use of Aadhaar for availing various financial services. One such area of confusion is the use of Aadhaar for availing loans such as personal loans. In the following sections, we will discuss the truth regarding loan…
हिंदी में पढ़े Amid the widespread panic and resultant losses due to COVID-19 pandemic, Reserve Bank of India permitted all banks and financial institutions to provide a 3-month moratorium on all term loans, including personal loans, as a temporary relief for those severely impacted by the health crisis and the lockdown. What Does the Moratorium…
In light of the extraordinary situation resulting from the COVID-19 lockdown measures, the Finance Department has released an ordinance on 31st March 2020 providing relaxation in various aspects of the Direct and Indirect Tax regimes. One of these announcements extends tax saving investments for FY 2019-20 till 30th June 2020. This can greatly benefit many…
The Securities and Exchange Board of India (SEBI) has approved the proposal to create a ‘side pocket’ for mutual funds. This feature will be exclusive to debt mutual funds. The following are key details regarding how the “side-pocketing” mechanism works in mutual funds. What is a Side Pocket? A ‘side pocket’ allows managers of debt…
The Income Tax Act, 1961 (IT Act, 1961) provides various tax benefits to reduce the tax burden in case expenses are incurred towards medical expenses for self/family or if the tax assessee or his/her dependant is disabled. These tax deduction benefits are specified in Section 80DD, Section 80DDB and Section 80U of the IT Act,…
ITR Filing is one of the most important dates of the financial calendar and as the final step, it requires you to e-verify your ITR subsequent to submission of your returns for the applicable financial year. The task of ITR verification needs to be completed within 120 days of submission of your income tax returns…
In case you have to e-file your taxes on the official Income Tax e-Filing Portal or access the various services available on the e-filing website, you have to register and log into the portal using your user id (PAN) and password. Unfortunately, this is not possible in case you have forgotten your e-filing account password….
The Income Tax Department has announced the availability of Income Tax Return (ITR) Forms 1 through 4 on the official Income Tax e-filing website. This means that the income tax return filing season has officially begun and as of now 31 st July 2019 is the deadline for AY 2019-20 ITR filing. There are a…
