Preventiona of Black Money

Experts indicate that the recent cut in custom duty on gold might influence gold prices only in the short term. Union Budget 2024 and Custom Duty Reduction The Union Budget 2024 introduced a significant reduction in import duties on gold. On July 23, Union Finance Minister Nirmala Sitharaman announced the reduction of custom duties on…

As the deadline approaches for reassessment of previous Income Tax Returns (ITRs), a Tax Notice Under Section 148 of the Income Tax Act may be issued by August 31, 2024, to those whose income has escaped assessment. This is particularly pertinent for those whose escaped income is ₹50 lakh or more for the assessment year…

The National Commission has dismissed the police department’s defense, which relied on verbal instructions for discontinuing premium deductions without securing written confirmation. The issue revolves around policy lapses due to these unapproved changes. Constable Sakinder Singh of the Punjab police acquired three Jeevan Saral with profit policies from the Life Insurance Corporation (LIC) of India…

National Pension Scheme (NPS) The Budget 2024 has introduced significant changes to the National Pension Scheme (NPS), enhancing opportunities for NPS tax saving. Contributions made by private sector employers to the NPS have seen a notable increase in the tax-exempt limit, now raised from 10% to 14% of the employee’s basic salary. This hike is…

When planning how to transfer your assets, it’s crucial to understand the distinctions between a Gift Deed vs. Will. A Gift Deed takes effect immediately upon execution, whereas a Will is only activated upon the testator’s death. Each method serves to convey your assets to others, but choosing the appropriate one requires careful consideration. Transferring…

As the deadline for filing Income Tax returns approaches, authorities warn against using fake rent receipts to claim house rent allowance HRA deductions. Only Genuine HRA Claims Allowed According to the rules, you can claim an HRA deduction only if your employer pays you HRA. If you pay rent of more than Rs 1 lakh…

What is M&A Mergers and Acquisitions (M&A) encapsulate the consolidation of companies or assets. A merger signifies the union of two or more companies into a singular entity. Conversely, an acquisition occurs when a larger company absorbs a smaller one, integrating it into its existing structure. Distinguishing Mergers from Acquisitions The primary distinction between mergers…

Is your company facing financial challenges? A Scheme of Arrangement (Scheme) can serve as a valuable mechanism to address these obstacles and steer your business towards recovery. Below is an overview of what a Scheme entails and the potential benefits it offers to your company. What is a Scheme of Arrangement? A Scheme of Arrangement…

In the realm of finance, especially under the Foreign Exchange Management Act (FEMA), understanding the distinctions between capital account transactions and current account transactions is crucial. These terms refer to two categories that classify financial transactions based on their nature and impact on a country’s balance of payments. Capital Account Transactions: Capital account transactions involve…

Yes, the Public Provident Fund (PPF) can indeed offer pension income during retirement, provided the account holds a substantial balance. Accumulating such a corpus requires patience, leveraging the compounding effect over time. Understanding PPF as a Retirement Tool Often, discussions around PPF focus on its compounding benefits during the accumulation phase. However, under current regulations,…