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Rs 200 notes from RBI coming, Finance Ministry verifies

Prepare your wallets for new currency notes – after a great deal of speculation in the media, the government today verified that notes of denomination Rs 200 are certainly on their method. This will be the first time in India’s history that there will be a currency note of Rs 200 denomination. The Financing Ministry defined the brand-new currency note in a Gazette notification. In the alert, the Centre stated that the Rs 200 note’s spec was being done on the suggestion of the Central Board of Directors of the RBI. There has been a great deal of speculation…

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Center to Levy GST on Tirumala Tirupati Devasthanam

Union Financing Ministry had actually chosen not to provide GST Exemption for Tirumala Tirupati Devasthanam. Giving exemption to one temple will indicate that comparable demands will surface from all the temples, the Ministry cited as the factor for the refusal.Currently, Andhra Pradesh federal government offers BARREL Exemption to TTD therefore the state federal government is demanding that GST should also be exempted. Finance Ministry’s Rejection will indicate the GST will be imposed on Prasad, Rooms etc of the Lord going forward.The just choice for the state federal government is to reimburse the GST to Tirumala Tirupati Devasthanam but that…

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PM Narendra Modi’s demonetisation move gave economy Rs 5 lakh crore advantage : Mail Today, News

Highlights The amount of cash stashed away by citizens has come down Other key benefits include widening of the tax base, boost to digital economy Strengthening of the teetering housing sector another positive effect Prime Minister Narendra Modi’s demonetisation move has given the economy a Rs 5 lakh crore advantage, a high-level internal assessment report of the government on the drive has found. MAIL TODAY is in possession of the findings which point out that at the time of the surprise cash crackdown announced by the PM on November 8 last year, currency worth Rs 17.77 lakh crore was…

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GST rates: The five slabs and what attracts how much tax under new system : India, News

Emphasizes Under GST routine foodgrains will become cheaper.AC, fridge are likewise likely to cost less.Luxury automobiles and tobacco items to cost more.From July 1 , costs of items will change as the Item and Provider Tax is slated to be carried out from that day. The GST council has settled the tax slabs for all the short articles of consumption.Seven percent of the items fall under the exempt list while 14 percent have been put in the lowest tax bracket of 5 percent. Another 17 percent products are in 12 per cent tax bracket, 43 per cent in 18…

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UN expects India’s growth rate to almost touch 8 percent next year : World, News

Emphasizes UN had previously projected 7.3 per cent development The UN report has expressed issue on banking sector Bank accounts deficits have actually narrowed noticeably In a report the United Nations today said they expect that India’s GDP growth rate to touch 7.9 per cent in 2017. It cautioned that balance sheets in the banking sectors will avoid strong investment rebound in the near term.The UN World Economic Circumstance and Prospects as of mid-2017 report has modified down India’s economic growth projection for 2017 and predicted a 0.3 percent increase from 7.6 percent forecasted at the beginning of this…

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GST to push India’s growth above 8 per cent but bad loans still a key concern, says IMF : India, News

Highlights GST to raise India’s medium-term growth to above 8 per cent.Gross bad loans of public banks stood at Rs 5,02,068 crore at the end of 2015-16. IMF’s Zhang likewise stressed on the requirement for labour market reforms in India.The ambitious Goods and Solutions Tax to be executed from July 1 would help raise India’s medium-term development to above 8 percent, the IMF has said, but revealed concern over the health of the nation’s banking system.Observing that India is the’fastest-growing emerging market economy’in the area, Tao Zhang, Deputy Handling Director of the International Monetary Fund, stated the IMF believes…

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No tax will be imposed on income in the agriculture sector, declares Arun Jaitely

Finance Minister Arun Jaitley on Wednesday said the legislature does not plan to force any taxes on agriculture income, rejecting the recommendation of NITI Aayog member Bibek Debroy. “I categorically state that the Central government has no plan to impose any tax on agriculture income,” he tweeted. He additionally elucidated that according to the Constitutional distribution of forces, the Center has no purview to force the charge on rural wage. Debroy had on Tuesday said duties ought to be forced on farm salary over a specific edge to extend the expense base. “On growing the base on the individual…

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Sensex ends above 30,000-mark for first time; Nifty too creates record : India, News

Sensex ends above 30,000-mark for first time; Nifty too creates record The BSE 30-share Sensex opened on a strong footing and surged to a lifetime high of 30,167.09 points in intra-day trade, before settling at 30,133.35, up 190.11 points, or 0.63 per cent. Led by sustained buying amid positive global cues, the Indian equity markets reached new closing highs during today’s trade. The benchmark Sensex closed above the 30,000-mark for the first time today, while the Nifty too finished at a record high. The BSE 30-share Sensex opened on a strong footing and surged to a lifetime high of…

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Post-Demonetization effects- IMF cuts off India’s growth forecast to 7.2% this year

The IMF trimmed India’s yearly development quote by 0.4 rate concentrations to 7.2% for 2017, referring to the effect of demonetization. The International Monetary Fund (IMF) discusses the decision in its newest annual World Economic Outlook (WEO). It says, “the reason is essentially a result of the demonetization and payment disruptions from the existing money trade activity.” The World Economic Outlook was released in Washington. Before the start of the yearly Spring Satisfying of the International Monetary Fund and World Bank. “Medium-term development potential customers are positive, with development gauge to ascend to around 8% over the medium term….

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SBI to charge Rs 100 for cheque payment ranging below Rs 2000

SBI (State Bank of India) Card, with more than 4 million clients, has begun charging Rs100 for payment through cheque if the sum is more than Rs2,000 and anything above will draw in no cost. The charge kicks in from 1 April. The relocation, SBI Card stated, is chosen empowering innovative payments in accordance with the administration’s arrangement. “An expenditure of Rs100 will be charged for payments made with a cheque for an amount not exactly or equivalent to Rs2,000 w.e.f 1 April 2017,” it said. The credit card company, however, stated there will be no additional cost for…

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Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns

New Delhi: All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form. The tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17). Besides providing for declaring income, exemption claimed and tax paid, the forms have a new column providing for declaration for any deposit of over Rs 2 lakh in bank accounts made during November 9 and December 30,…

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You have to declare credit card bills, loan repayment above Rs 2 lakh in your Income Tax return : India, News

Highlights Cash payments of over Rs 2 lakh for paying loans and credit card post demonetisation to be disclosed in the new one-page IT return form. The tax department had notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18. The forms also have a new column for declaration of deposit of over Rs 2 lakh in bank accounts made during November 9 and December 30, 2016. While filing your IT returns this year, all cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period…

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Manmohan applauds GST Bill; says let bygones be bygones : India, News

Highlights He said the GST Bill will be a gamechanger. Manmohan Singh said there could be difficulties in implementing it. Former Prime Minister Manmohan Singh today hailed the passage of GST bills by Parliament and sought to play down the fact that it could not happen during his tenure, saying “let bygones be bygones”. Observing that the new indirect tax regime could be a “game-changer”, he, however, cautioned that there could be “difficulties” in its implementation. He pressed for constructive cooperation between the Centre and the states in resolving outstanding issues. “There will be pitfalls. But we learn as…

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Rajya Sabha passes four GST Bills : India, News

Highlights The government has set a target of rolling out indirect tax regime from July 1 Shashi Tharoor sought clarifications on the bills The Lok Sabha on Thursday passed the Taxation Laws (Amendment) Bill. The bill seeks to amend the Customs Act, 1962; the Customs Tariff Act, 1975; the Central Excise Act, 1944; the Finance Act, 2001 and the Finance Act, 2005; and to repeal certain enactments. The bill was introduced by Minister of State for Finance Santosh Gangwar. “The house has passed the four bills related to Goods and Services Tax (GST) and these are being discussed in…

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Can Aadhaar make you a tax defaulter? : India, News

Narendra Modi government’s decision to make Aadhaar mandatory for filing Income Tax returns and for retaining the permanent account number (PAN) has left many with an identity crisis of sorts. Many are finding it difficult to link their PAN to Aadhaar as their names do not match with the Aadhaar database. That is because the Aadhaar database, unlike PAN, does not recognise special characters. For instance, someone with a D’Silva surname will not recognised by the Aadhaar database despite the PAN card carrying that name. Similarly, someone with a name like B.S. Krishna on his PAN card will not…

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Filing Income Tax returns gets easy: Here are the forms you need to fill : India, News

Filing Income Tax returns gets easy: Here are the forms you need to fill Picture for representation (Photo: Chandradeep Kumar) The government today notified a simpler, one-page form for filing income tax returns while making it mandatory to quote Aadhaar number and disclose bank deposits of more than Rs 2 lakh post demonetisation. The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed. Sahaj can be filed by an individual having income of up to Rs 50 lakh from salary, house property and interest. Currently, SAHAJ (ITR 1)…

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KIMS group raises US$ 200 million from True North

Kerala Institute of Medical Sciences (KIMS), a hospital chain providing health care services in India and West Asia (Middle East), has raised $200 million from private equity fund True North (formerly India Value Fund Advisors). With this investment, True North will acquire about 40 per cent stake in KIMS, held by Ascent Capital Advisors India Pvt Ltd and OrbiMed Advisors Llc. KIMS will use the capital infusion to fund its growth plans. MI Sahadulla, chairman of the KIMS Group, and his management team will continue to run the company both in India and the Middle East, said a company…

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Haven’t deposited your old Rs 500, 1000 notes yet? Rush to an RBI branch to avoid punishment : India, News

Haven’t deposited your old Rs 500, 1000 notes yet? Rush to an RBI branch to avoid punishment Couldn’t deposit your old notes because you weren’t in India in November or December? Hurry to an RBI branch, or you could be punished for possessing more than 10 notes – starting tomorrow. Starting tomorrow , having more than 10 of these is a criminal offenc If you haven’t been able to deposit your demonetised notes because you weren’t in India during November and December, you may want to get to an RBI office as soon as possible. Today – March 31…

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No rise in cash withdrawals after RBI removed limits. Is India moving towards cashless transactions? : India, News

No rise in cash withdrawals after RBI removed limits. Is India moving towards cashless transactions? An RBI report states that there was no surge in cash withdrawals after the RBI abolished all limits on March 13. The RBI data says that cash withdrawals dropped drastically after 50 days of note ban (From November 10 – December 30). A study by the State Bank of India (SBI) shows that there was no actual rise in cash withdrawals after the RBI abolished all limits on it. The study states that demonetisation may end up permanently eroding about Rs 1.7 lakh crore…

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SBI customers will now have to maintain a higher minimum balance; pay more for other charges : India, News

SBI customers will now have to preserve a higher minimum balance; pay more for other charges With the reserve bank introducing these new charges, there is a high probablity that other personal sector banks will follow the fit and increase their banking charges. SBI has started charging more from millions of its customers across India, consisting of those of the 6 lending institutions combined with it this month, for not keeping minimum balance as well as for services like cheque books and lockers.The modified charges consist of intro of an increased minimum balance to numerous new transaction charges. The…

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Five Associate Banks, BMB Merge With State Bank of India

New Delhi: Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) on Saturday, catapulting the country’s largest lender to among the top 50 banks in the world. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides Bharatiya Mahila Bank (BMB), merged with SBI with effect from April 1, the bank said in a statement. “With this six-way mega merger, SBI has again displayed its ability to change and evolve in order to…

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Your last-minute effort to invest in tax-saving schemes may prove futile : India, News

Your last-minute effort to invest in tax-saving schemes may prove futile The last-minute rush to invest in a PPF or in any other scheme may not help you get tax relief while filing your returns in July. Photo for representation: PTI. March 31 is the last day of the financial year, and it is also the last date for filing the income tax return for the last assessment year (FY 2014-15). However, if you consider March 31 as the last date for making investment in tax-saving instruments for financial year 2015-16, then chances are that you may fail to…

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Filing income tax returns to become simple from April 1. All you need to know : India, News

Filing income tax returns to become simple from April 1. All you need to know The move is aimed at encouraging more number of people to file returns. Currently, only 6 crore out of 29 crore persons holding permanent account number (PAN) file income returns. Picture for representation A crisp income tax form for salaried individuals will be introduced from April 1, doing away with some columns to simplify the filing of returns. Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR1 form…

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Finance Bill’s amendments to Income Tax Act: Black money crackdown or return of inspector raj? : India, News

Finance Bill’s amendments to Income Tax Act: Black money crackdown or return of inspector raj? Among the 40 amendments present in the Finance Bill 2017 are those that make key changes to the Income Tax Act. Ammendments to the Income Tax Act will give sweeping powers to I-T officers (Picture for representation) The countdown has begun. Come April 1, the central government’s crackdown on black money is set to get more intense. The Centre has pushed at least 40 amendments to the Finance Bill, 2017, which was recently passed by the Lok Sabha as a money bill. The amendments…

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7 Things That Make Managing Money Way Easier For You As Compared To Your Parents

Millennials are way much better at managing loan than their moms and dads. Did that make your jaw drop? Well, it’s in fact real. In spite of being referred to as the generation who doesn’t know the value of loan and who invests it like there is no tomorrow, there are a great deal of methods in which we are better at managing loan than our parents were. For one, we are more aware of financial crises and the value of having a security web. Read More

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