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It's is the repetition of Affirmations that leads to Belief, and once that belief becomes a Deep Conviction, things begin to happen...!

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Happy Morning Everyone πŸ₯°
πŸ”–πŸ”–List of important days in February 2021

πŸ”ΉFebruary 2
World Wetlands Day

πŸ”ΉFebruary 4
World Cancer Day, International Day of Human Fraternity

πŸ”ΉFebruary 6
International Day of Zero Tolerance to Female Genital Mutilation

πŸ”ΉFebruary 10
World Pulses Day

πŸ”ΉFebruary 11
International Day of Women and Girls in Science

πŸ”ΉFebruary 13
World Radio Day

πŸ”ΉFebruary 14
Pulwama attack

πŸ”ΉFebruary 20
World Day of Social Justice, (3rd Saturday) World Pangolin Day

πŸ”ΉFebruary 21
International Mother Language Day

πŸ”ΉFebruary 27
World NGO Day

πŸ”ΉFebruary 28
National Science Day

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πŸ”–πŸ”–PHD/MPHIL Programme Notification

From Banaras Hindu University
Public university in Varanasi, Uttar Pradesh

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πŸ”–πŸ”–Uttaranchal University
πŸŽ“Phd Notification https://uttaranchaluniversity.ac.in/

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πŸ”–πŸ”–Budget2021

πŸ”ΉTime limit for reopening of assessments to 3 years from the present 6 years

πŸ”ΉFM says on GST that it has been a big success and there has been a record collection in GST

πŸ”ΉBudget2021 extends capital gains exemption for Start-Ups by 1yr
LIC deduction/To raise Customs Duty on Cotton

πŸ”ΆNO CHANGES IN INCOME TAX SLAB RATES.

*Direct tax proposals highlights*

1.      Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS

2.      Reassessment: from 6 years to 3 years

Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years-

3.      Dispute resolution committee: it will be faceless:  anyone with total income less than 50 lacs and disputed income less than 10 Lacs can approach this committee

4.      Faceless ITAT: faceless ITAT centre will be set where personal hearings will be conducted through VC

5.      Tax Audits: digital transactions from 5 cr to 10 cr

6.      Advance tax liability on dividend will arise only after declaration of dividend

7.      Affordable housing 1.5 lac deduction will now be even available for loan taken till 31.3.2022

8.      80IBA: extended 31.3.2022

9.      Tax incentive of affordable renting housing project

10.   Pre filled income tax return will have pre filled data regarding Dividend, post office interest income, salary etc.

11.   Trusts: educational and hospitals: limit increased from Rs.1 Cr to Rs. 5 crore (10(23C)

12.   Late deposit of employee contribution of PF will now be not allowed as deduction.

*All above proposals could be properly analysed once budget documents are released.*

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πŸ”–πŸ”–Please find below Highlights of *Union Budget 2021-22*.

*General*
1. First digital Budget in the history of India
2. Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles
3. 64,180 crores allocated for New Health Schemes
4. 35,000 crores allocated for Covid Vaccine
5. 7 Mega Textile Investment parks will be launched in 3 years
6. 5.54 lakh crore provided for Capital Expenditure
7. 1.18 lakh crore for Ministry of Roads
8. 1.10 lakh crore allocated to Railways
9. Proposal to amend Insurance Act. Proposal to increase FDI from 49% to 74 %.
10. Deposit Insurance cover (DICGC Act 1961 to be amended). Easy and time bound access of deposits to help depositors of stress banks.
11. Proposal to revive definition of β€˜Small Companies’ under Companies Act 2013. Capital less than 2 Cr. and Turnover Less than 20 Cr.
12. Disinvestment: IPO of LIC, Announced Disinvestment of Companies will be completed in FY 2021-22

*Direct and Indirect tax*
1. Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.
2. Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax evasion cases
3. Proposal to constitute β€˜Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10 lakh).
4. National Faceless Income Tax Appellate Tribunal Centre
5. Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.
6. Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95% digitized payments business)
7. Propose to provide relief on advance tax liability on dividend income.
8. Propose to include tax holidays for Aircraft leasing companies
9. Prefiling of returns (Salary, Tax payments, TDS etc.) Details of Capital gains from listed Securities, dividend income, etc. will be prefilled
10. Small Charitable Trusts. Increased from 1 crore to 5 crores (Compliance limit)
11. Late deposit of employee’s contribution by employer will not be allowed as deduction
12. Incentive to startup: Tax holiday exemption for one more year
13. Duties reduced on various textile, chemicals and other products
14. Gold and Silver (BCD reduced)
15. Agriculture Products: Custom duty increased on cottons, silks, alcohol etc.

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Happy Morning Everyone πŸ₯°

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πŸ”–πŸ”–Income Tax Slab Rates For FY & AY For Individuals

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Which of the following dams is not on Narmada river?
A.Koyna Power Project
B.Jobat Project C.Maheshwar Hydel Power Project D.Indira-Sagar Project
Anonymous Quiz
25%
A
23%
B
21%
C
30%
D
The difference between the Indian Standard Time and the Greenwich mean Time is?
A. + 2 * 1/2 hours
B. -2 * 1/2 hours C. + 5 * 1/2 hours D. - 5 * 1/2 hours
Anonymous Quiz
20%
A
31%
B
36%
C
13%
D
Both the IAEA and OECD appear to conclude that _________ may possess the largest share of world's thorium deposits?

A.Africa B.India C.Germany D.USA
Anonymous Quiz
19%
A
33%
B
27%
C
21%
D
Which soil is known as Regur?
A. Black Cotton soils
B. Deltaic Alluvial soils C.Red soils D. Black Soil
Anonymous Quiz
25%
A
26%
B
29%
C
20%
D
Summer solstice 2021 in Northern Hemisphere will be at 9:01 am on?
A.January 21
B.December 21 C.June 21 D. April 21
Anonymous Quiz
25%
A
26%
B
33%
C
16%
D
Jawahar Tunnel also called Banihal Tunnel or Banihal Pass is a road tunnel in Indian union territory of?
A.Jammu and Kashmir
B.Daman and Diu C.Puducherry D.Andaman and Nicobar Islands
Anonymous Quiz
49%
A
23%
B
16%
C
12%
D
United Nations Framework Convention on Climate Change was drafted on 9 May____?
A.1990
B.1991 C.1992 D.1993
Anonymous Quiz
18%
A
29%
B
40%
C
12%
D