59 Minutes Loan
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How to apply for the new Loan under 59 Scheme by the Government

Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…
Class 3 DSC

Class 3 DSC Signature and E-tendering- What you need to know

Class 3 Digital Signature is used for e-tendering and is considered to be the signature of the highest level. The importance of the Class 3 DSC lies in the fact that it enables safety of the user. An Individual who is applying for tenders through e-tendering route would always want to know that his transactions are safe. Class 3 Digital Signature has been designed to do exactly the same. There are two validity period of Class 3 Digital Signature – One year and Two Years. According to the Information Technology Act, Class 3 Digital Signatures…
US$ to INR

Here is Why Indian Rupee is Falling Against The U.S. Dollar

The Indian Rupee is not taking halt against US dollar, falling continuously to touch the lifetime low of 71.10 against the greenback. In today’s session, the currency got some relief after the good GDP numbers but failed to sustain and fell to an all time low levels. There are multiple factors behind falling Indian rupee against US dollar. Global and Domestic Factors The rising tensions between two biggest economies – the United States and China has taken toll on India rupee. Both the countries are in a race to slap tariff on each other’s…

DIR-3 KYC Filing Date Extended - How to file the form?

The government has extended due date of filing DIR-3 KYC without any late fee till 15th September. As a part of updating the registry, the Ministry of Corporate Affairs as is conducting KYC of all Directors of all companies annually through DIR-3 KYC form. This form is compulsorily required to be filed by every director who has been allotted a Director Identification Number on or before 31st March of a financial year and whose DIN is in Approved status. It is mandatory for Disqualified directors also. Late filing after 15th September would attract…

Different Types OF ITR Status And How To Check It Online

Taxpayers should regularly check their ITR status to ensure that the Income Tax Return has been accepted and processed. Income-tax Department has provided access to check Income-tax Return Status in user login. However, not every tax payer understands the meaning of checking the status means after they file the return. Different types of ITR status: Submitted and pending for e-verification: this status appears on the screen:  When you have filed the ITR but have not e-verified it. You have  sent the acknowledgement to the department but…
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Everything you need to know about Digital Signature

Digital Signature acts like a guarantee that the electronic documents and the message sent digitally has not been tampered because of the encryption techniques used. Digital signature is popularly known as electronic signature. Difference between digital and electronic signature Digital signature is also a form of electronic signature but the method differs slightly. It uses the certificate-based digital ID to authenticate signer identity. In digital signature, the proof of signing linked together to the document through encryption and the…
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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…
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GST Training in Bangalore | GST Classroom cum online training in Bangalore

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…
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The Union Budget had proposed a ₹3 lakh cap from April 1, 2017

The ₹3 lakh ceiling on cash transactions from April 1, 2017,Proposed in the Union  budget 2017-18, has been revised to ₹2 Lakh, with the government introducing an amendment to this effect in the Finance Bill cleared by the Lok Sabha on Tuesday. The tightening of the cap on cash transactions was one of 40 Amendments to the Finance Bill proposed by the Center. “In the official amendments to the Finance bill, the Government has proposed that the limit of ₹3 lakh for cash transactions, beyond which it is illegal, be reduced to ₹2 lakh. The…
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Cash transactions 2016 : email and Mobile alert from Income tax department?

Income tax e-filing portal has introduced new tab in the e-filing login with a special tab Cash transactions 2016 as given in the screenshot. It will blink and if you click on Cash transactions 2016 it will give details of cash deposits during demonetization window. i.e. after ban of old 500 and Rs.1000 notes . If the department records as per income tax return filed didn't  match with cash deposits automatic emails will get generated.  This is part of operation clean money and one has option to pay tax by declaring the income and pay taxes. If…
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Operation Clean Money- Income tax notice received on Cash Transactions 2016 ?

Operation Clean Money:  Income tax department has started sending notices based on the cash deposit made to their account post demonetization which doesn't match with the tax return filed to seek explanation on the source of income. If the explanation is not satisfactory you may be called for explanation. If you get notice Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has…
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Persons holding an Indian citizenship to pay tax on their worldwide Income

All persons holding an Indian citizenship to pay tax on their worldwide Income: The Government of India will introduce a new policy, effective from 31 March 2017 that will force ALL persons holding an Indian citizenship to pay TAX on their WORLDWIDE Income. This means that if you are holding an Indian passport, regardless of where you reside in the world, and even if you have not traveled to India for a long period of time, you will be forced to declare your worldwide income to the Indian Tax Authorities, which worldwide income will be subject…
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Restrictions on debit transaction in accounts not complying with IT Rule 114 B

Once you login to your online Banking account getting a message as " As per RBI Circular No. RBI/2016-17/183/DBR.AML.BC.48.14.01.01/2016-17 dt 15.12.16, it has been mandated to impose restrictions on debit transaction in accounts not complying with IT Rule 114 B (accounts without PAN/Form 60) and a) having balance of Rs. 5.00 lac or more and b) the total deposits (including credits by electronic or other means) made after Nov 9, 2016 exceed Rs. 2.00 lac. Therefore, visit  visit your branch and submit PAN/Form 60 to comply with RBI directives to…
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Union Budget 2017 And Expected Tax Reforms

The upcoming Union Budget holds more importance than ever post various developments in the Indian economy. The financial service industry has played a vital role in the growth of the economy and has some sort of cause and effect relationship with the economy. In the past few budget, there were strong indications over the proposed amendments and the clarifications to the Income Tax Act, 1961. There have been various committees constituted over the past giving recommendations on direct tax and other issues. Therefore, . Let us understand what are…
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The BHIM APP-Bharat Interface for Money transfer without internet

BHIM (Bharat Interface for Money) is a digital payment solution app which is based on Unified Payment service and is available only on Android operating system for now. The app will also be Aadhaar based where transactions will be enabled just with a fingerprint impression. However, the facility has not been launched yet. Those who have signed up for UPI based payments in the bank account and linked the mobile app will be able to take the service of BHIM for digital transactions. List of Banks supported by BHIM Here are the Banks supported…
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SIP - How to calculate monthly amount to be Invested for achieving the Goal

Investing in Systematic Investment Plan could be for various goals such as retirement, higher education, marriage of children and so on. SIP is one of the best instruments to invest in mutual fund with small amounts in order to achieve long term financial goals.  However, if you are investing for the first time, then identifying the right amount of money that you need to invest every month in order to achieve your goal might be something that you need to work upon. There are few steps which will help an Individual to calculate the amount which…
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Budget 2017 and Top Expectations

Taxpayers across the country are guessing what could be the changes hinted by Finance Minister Arun Jaitley recently. Finance minister did mention that there are bright chances of tax cuts in the future and there are wild guesses that it could be Budget 2017. Finance minister hinted that post demonetization all the transactions will come under the tax net and therefore higher tax will be collected. There are various expectations from budget 2017:- Overall tax deduction limit is expected to increase to Ts 3.5 lakh - There have been expectations…
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Guaranteed income saving scheme sould gain Traction Post Demonetization

Guaranteed Income saving scheme is a traditional insurance-cum-investment which does not have a very transparent structure but guarantees a minimum income. Guaranteed Income saving has all the characteristics of a basic insurance cover that can be availed by the customer for tax benefit. Guaranteed income insurance plan comes under the non-participating category of insurance-cum investment plans that gives guarantee of investment benefits. Different insurance providers can offer this scheme in different packaging. An individual who goes for…