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2021

Important Changes applicable from 1st April 2021

April 1 has marked the beginning of the financial year 2021-22 and will bring a slew of income tax, GST and other important changes. Some of them were announced by the Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021 in February.

These changes are going to affect your money matter to a large extent. Changes like new salary structure, rise in NPS fund manager's charges, banking rules due to merger of banks, income tax rule changes in terms of EPF investment, etc. are some of the glaring changes that are going to take place from 1st April 2021. Here are the most important changes that are going to have its direct impact on your budget and monetary affairs.

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2021

Requirement of Quorum under Companies Act 2013

A ‘Quorum’ in simple words means the minimum number of members that have to be present. Under the Act, the quorum for a General Meeting, a Board Meeting and an Extraordinary General Meeting is enumerated within its provisions.

A quorum refers to the minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter. This clause or general agreement ensures there is sufficient representation present at meetings before any changes can be made by the board.

2021

New Amendments in Corporate Social Responsibility Rules

According to the United Nations Industrial Development Organisation, Corporate Social Responsibility (CSR) is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives (Triple – Bottom Line – Approach), while at the same time addressing the expectations of shareholders and stakeholders. Changes in the global environment increasingly challenge business around the world to look beyond financial performance, and to integrate social and environmental concerns into their strategic management.

2021

landscape income tax return guide

• ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).
• No document (including TDS certificate) should be attached with this return form while filing ITR-7.
• Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

2021

An Overview of the New Labour Code and its Financial Impact

• While offering salaries in the private sector the employers generally restrict the component of basic salary to bare minimum to keep its minimum its own contribution for employee provident fund (EPF) as well as payment of gratuity when the employee leaves the employment.
• The balance part of the salary is paid to the employee in the form of various allowances like house rent allowance, conveyance allowance, leave travel allowance and special allowance being the biggest component for people in high salary range.

2021

Standard Deduction in case of Income from Salary

The Finance Minister Arun Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19,200 and medical reimbursement of Rs. 15,000 per annum. Interestingly, the provision of Standard Deduction was earlier available. However, it was abolished in the Finance Act 2005. They are usually deducted from the gross salary and claimed as an exemption. The government has proposed requisite amendments to Section 17(2)(viii) of the Income-tax Act, 1961. As a result, the effective additional benefit on account of the standard deduction would be an additional income exemption of Rs 5800.

Financial Management