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Showing posts from March, 2020

FM Sitharaman announces package worth Rs 1,70,000 crore for poor

Finance Minister Nirmala Sitharaman on Thursday announced a relief package to help fight the Covid-19 outbreak. She said the relief package is aimed at shielding the poor during the ongoing Covid-19 pandemic.

RBI Governor Shaktikanta Das Addresses Media On Emergency Rate Cut

Reserve Bank of India Governor, Shaktikanta Das addressing a press conference announced that the Monetary Policy Committee (MPC) met ahead of time and voted for an emergency rate cut of 75 basis point, effectively taking the repo rate to 4.4% from the earlier 5.15%.

Tax Audit u/s 44AB limit increased upto 5 Cr. w.e.f. FY 2020-21

T ax Audit U/s 44AB limit has been proposed to increase up to Rs. 5Cr. from FY 2020-21 for MSME sector in Union Budget 2020 but several conditions apply. Limits of Tax Audit (Sec. 44AB) under Income Tax Act: Currently the account of an assessee need to be audited "if his annual gross turnover/receipts in Business exceeds Rs. 1 Cr." or "if his annual gross receipts in Profession exceeds Rs. 50 Lakh." Amendment of Sec 44AB in Budget 2020, Apart from the current provision, a new provision also inserted in  Sec. 44AB that has been proposed to increase the tax audit limit from '1 crore' to '5 crore' if a person's aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed 5% of the said amount and aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed 5% of the said payment.

Why Investing Is Important

Why Investing Is Important.. Investing has become increasingly important over the years, because the way forward for Social Security benefits becomes unknown. People want to insure their futures, and that they know that if they're counting on Social Security benefits, and in some cases retirement plans, that they'll be certain a rude awakening once they not have the power to earn a gentle income. Investing is that the answer to the unknowns of the longer term . You may are saving money during a low interest bank account over the years. Now, you would like to ascertain that cash grow at a faster pace. Perhaps you've inherited money or realized another sort of windfall, and you would like how to form that cash grow. Again, investing is that the answer. Investing is additionally how of achieving the items that you simply want, like a replacement home, a university education for your children, or expensive 'toys.' in fact , your financial goals will determine