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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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…
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Aadhaar Payment App Download from Google Play and Payment Process

Aadhaar Payment App Download from Google Play and Payment Process: Aadhaar Payment App has been launched by the Government to give a push to cashless economy. The new app will minimize the use of plastic cards and the PoS machines. Customers will not be required to give fee for the service providers such as various card companies. Payment fee has been one of the hurdles for the merchants to accept digital payments in suburban areas and remote villages. Merchants will have to download Aadhaar cashless merchant app on their smartphones and connect…
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Provident fund amount withdrawal before Retirement

Provident fund can be withdrawn before Retirement ??? Employee Provident Fund is a saving instrument that is meant to provide financial stability to the employee post retirement. However, an employee does not have to wait until he retires to access the funds from the EPF account. EPFO gives right to the employee to access the fund once during the employment for various situations such as Buying a house Repayment of the Home Loan Medical Emergency Child education and marriage Advance for buying a house or Plot - If you…
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Government limits Charges On Electronic Fund Transfer Over Rs. 1,000

Government has asked public sector banks to restrict fee on those payments which are made through IMPS and UPI. At present, according to RBI norms following are the fee charged by the banks on different mode of transfer NEFT Transfer of up to Rs 10,000 attracts fee of Rs 2.5 Transfer between Rs 10,000-1 lakh = Rs 5 as fee Transfer between Rs 1-2 lakh - Rs 15 Beyond Rs 2 Lakhs - Rs 25 In addition to the fee mentioned above, service tax is also charged. Those who are doing Unstructured Supplementary Service Data (USSD) transactions above Rs. 1,000,will…
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Small Traders Can Save Upto 30% Tax On Making Digital Payment

Government has announced that small traders will be able to save up to 46% in tax if the abandon cash transaction and move to digital transactions. The government has stated that small traders will not only be able to save tax by maximum 46% but also maintain their books which they do not often. If an individual carries out transaction which is cashless and has annual turnover up to Rs 66 lakhs will have not tax liability post availing the benefit under section 80C post the amendment made in the new rate structure.  Government has taken the step…
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Pradhan Mantri Garib Kalyan Yojana By Government

Government has announced Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 which will start from December 17th and remain open till March 31 next year. This is seen as the last window for the people who have hoarded unaccounted wealth. Those who are yet to declare their income can do so under this scheme or ready to face the stringent actions. Any individual who declares income under this scheme will be imposed with a Tax of 50%. This break up is as follows: First is a 50% tax rate. This 50% contains of: 30 percent tax 33% Pradhan…
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Process Of Filing Revised Income Tax Return

An Individual who has wrongly filed the Income Tax return, can re-file it with necessary modification. This process is called revised return. Revised return can be filed in there is a valid mistake such ass omission of any important entry or addition of the same. Those who forgot to mention any particular source of income or want to make changes in any other statement can file revised return. The omission of wrong statement should be unintentional. Return filed, responding to the notice under section 148, for the assessment of the escaped income…
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Deposit Over Rs 2.5 Lakhs- Possible Actions

Central Board of Direct Tax has asked the Banks to provide the details of those bank accounts that saw the cash deposit of more than Rs 2.5 lakhs. This decision has got people worried as they do not know what to do in case  a notice from the Income tax department is sent to them. However, legitimate tax payers who have been filing their income tax returns do not need to worry. Government has told banks that they should furnish all the details of Individuals who deposited Rs 2.5 lakh or above in savings account or fixed deposit between November…

Form 12 BB For Salaried Employees to Claim HRA Deductions

Salaried Individuals will have to furnish the details in a new form - Form 12BB. The form will be used to give  details of the deductions for which the employees are eligible under various provision of Income Tax Laws. Under the new rule, employees will need to give proof of claims and tax saving investments to their employers through Form 12 BB. Though, salaried professionals disclose the details of their investments since always, the Income tax department has now made the process simple by putting a standard form in the place which will help…

New PT slab in Karnataka | New Professional tax slab in Karnataka

New Professional tax slab in Karnataka: Profession Tax – The exemption limit is increased from Rs.10,000 to Rs.15,000. (Note: Currently, the employees who are drawing salary between Rs.10,000 and Rs.15,000 are paying Rs.150 per month as Profession Tax) Profession Tax : exemption to senior citizens who have attained age of 60 years and above. It means For  Salary up to : Rs.14999.00 PT payable is NIL.   For  Salary Between Rs.15000.00 and above PT payable will be Rs.200.00 Profession Tax : exemption to senior citizens who…