Monthly Updates
1) In April 2022, there are lot of changes in Income Tax and other Personal Finance which are applicable from April 2022. Watch the video to know more.
1) In Jan 2022, you can have a quick look at the performance of different investment products. Watch the video to know more.
1) In Dec 2021, there are new rules under Crypto, Silver ETF's, RBI Ombudsma, etc.
Watch the video to know more.
1) In Nov 2021, there are couple of changes in Personal Finance that may affect us from Nov 2021. Watch the video to know more.
1) In Oct 2021, new rules would be applicable for auto debit transactions using credit cards, debit cards, etc. Also the last date to file Income Tax Returns for FY 2019-20 got extended to 31st December 2021. Watch the video to know the other changes in personal finance from October 2021.
Event based Update
1) Important changes under Sec 80G from financial year 2022-23 -Prior to FY 23 the donor had to only provide receipt from the donee / recipient organisation as proof -Every Donee organisation (approved under Section 80G) must file Form 10BD with the I-T department. This is a statement that will carry all the details of the donations received by it. -Effective FY 23 if a donor needs to claim tax exemption under Sec 80G, needs to provide. -Form 10BE, from the donee / recipient organisation before May 31st 2022 -Form 10 BE contains details of the Donee organisation such as Name, PAN number, approval numbers under Section 80G or Section 35(1) of the I-T Act, details of the donor and the donation made -The last date for issuing Form 10BE is also May 31
2) Deadline extension - Aadhar PAN Linking / ITR filing etc
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2) In Sep 2021, the last date to file income tax returns for FY 2019-20 is 30th Sep 2021. Also the last date to update KYC in demat accounts is 30th Sep 2021. Watch the video to know all the financial tasks that need to be completed by the end of Sep 2021.
2) ITR filing date for financial year 2019-20 has been extended to 30th Nov 2020.
3) EPF contribution of both employer and employee to be reduced to 10% of basic salary plus dearness allowance instead of 12%.
4) Tax Deducted at Source for non-salaried payments reduced by 25% with effect from 14th May 2020 to 31st March 2021.
5) From April 2021, many changes in Income tax rules and new features in ITR forms have come into effect.
5) As part of Covid-19 relief measures, IRDAI has allowed health insurance premium whose renewal is due to pay their premiums in monthly, quarterly or half yearly instalments of a period of one year.
6) In Feb 2021, the Budget was announced. Changes in taxation for ULIPs, and EPF was introduced. Also senior citizens above 75 years need not file Income Tax returns if they have only pension and interest income.
6) Individuals can claim 100% deductions for donations made to PM Cares Fund under Sec 80G. Any donation made till 30th June 2020 can be claimed as a deduction for FY 2019-20.
7) From Jan 2021, a new and more robust cheque clearing system called Positive Pay System was introduced. Also contactless card transaction limit has been enhanced from Rs 2000/- to Rs 5000/-.
7) As part of Covid- 19 relief measures, partial withdrawal from NPS allowed for expenses towards treatment of Covid-19 for self, spouse, children including legally adopted children and dependent parents.
8) In Dec 2020, various guidelines for proportionate deductions under health insurance policies were introduced. (after read more - Dec 2020 monthly update).
8) Why Franklin Templeton wound up its Debt Fund? Does it affect our investments in other debt funds? Watch our special video, to help you answer more.
9) In November 2020, the last date of ITR filing for FY 2019-20 has been further extended from 30th Nov 2020 to 31st Dec 2020. As travel due to Covid is difficult, the LTC exemption scheme was announced whereby one could claim exemption on purchase of goods and services that attract more than 12% GST.
9) On account of Covid-19, RBI has announced relief measures for credit card holders. But should you opt for it? Watch this video to know more.
10) From 1st October 2020, a host of new guidelines related to health insurance have come into effect which will now include mental illness, stress, etc as part of health insurance cover. New credit and debit card rules have also come into effect from Oct 2020.
10) As part of Covid-19 relief measures, Government has allowed employees to withdraw a certain amount from their EPF. Watch this video to know all about this Covid-19 relief measure.
12) In July 2020, a new Form 26AS came into effect with a new Section E showing high valued financial transactions. Also deadline for filing belated returns for FY 2018-19 has been further extended to 30th Sep 2020.
13) In June 2020, the deadline for investing in tax saving products for FY 2019-20 was further extended to 31st July 2020. Also stamp duty was introduced on purchase of securities like stocks, mutual funds, debentures, etc.
14) In April 2020, partial withdrawal from NPS has been allowed for Covid-19 treatment purpose as well.
15) In March 2020, online transactions were deactivated for all credit and debit cards where no transactions had taken place since inception.
16) In Feb 2020, PAN and Aadhar linking became mandatory and had to be done by 31st Mar 2020.
17) In Jan 2020, few changes were introduced in ITR filing for FY 2019-20 like passport details.
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