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CLUBBING OF INCOME

20-10-2020

The Income tax law in India provides taxpayers some benefits of incurring losses. The law contains provisions for set-off and carry forward of losses.

INFLATION SEP'20

14-10-2020

Retail inflation continues to stay above the RBI’s upper-end target of 6% for the 6th straight month.

As per RBI’s 4th Bi-monthly MPC meeting, inflation is expected to ease to target by Q4 of 2020-21.

SOVEREIGN GOLD BOND SCHEME

08-10-2020

The latest tranche of sovereign gold bonds will open for subscription on 12 Oct 2020. They are government securities denominated in grams of gold issued by RBI on behalf of Government of India.

GST COLLECTION SEP'20

02-10-2020

The country's GST collections grew 4% to Rs 95,480 crore in September, indicating that economic recovery is in sight.

It is the highest since lockdown began in March.

ADVANCE TAX

28-09-2020

Every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance.

Read about all the provisions of advance tax and related interest penalties.

SIP FACILITY ON NPS

25-09-2020

SIP in NPS to be launched before Dussehra. 

The government is making continuous efforts to improve NPS and make it more attractive for investors.

DISCLOSURE OF DETAILS OF SHARE SALE 

22-09-2020

Taxpayers who have sold shares will have to fill up finer details of every share sale in their income tax return for Assessment Year 2020-21 for computing long-term capital gains tax liability.

AUGUST INFLATION

19-09-2020

Retail inflation eased marginally to 6.69% in August from 6.73% in July but stayed above the Reserve Bank of India's (RBI) upper-end target of 6% for the fifth straight month

ELECTRICITY CONSUMERS' RIGHTS

16-09-2020

The power ministry has prepared draft rules providing for rights of electricity consumers for the first time. The objective is to provide consumers better services and facilities.

INDIA CHINA TRADE DEFICIT

13-09-2020

The trade deficit between India and China in April-June this fiscal year fell to $5.48 billion as compared to $13.1 billion in the same period last year.

ALLOTMENT OF OVERSUBSCRIBED IPOs

10-09-2020

How does the allotment in an issue that is overwhelmingly subscribed, work?

ZOMATO IPO

07-09-2020

"Our teams are working hard to take us to IPO sometime in the first half of the next year" - Deepinder Goyal, CEO Zomato

GST COMPENSATION

04-09-2020

Entire GST compensation owed to states will be honoured : Union government

AGR DUES VERDICT

01-09-2020

Telcos get 10 years to clear AGR dues; should pay 10% by 31 Mar 2021. It has exempted Airtel and Reliance Jio from paying around 40,000 crores of past dues for using spectrum of telecom companies, that are now bankrupt.

GST 41ST COUNCIL MEETING

28-08-2020

Estimated Compensation Cess for FY21 has been estimated at Rs 3 lakh crore while the estimated collection in the year has been pegged at Rs 65,000 cr., leaving a shortfall of Rs 2.35 lakh cr.

Centre places 2 options before states.

GST INTEREST

25-08-2020

The Central Board of Indirect Taxes and Customs (CBIC) notified 1 SEPTEMBER 2020 as the date from which interest would be charged on net tax liability.

EQUALISATION LEVY

22-08-2020

The Delhi High Court has ruled that Singapore-based MasterCard Asia Pacific Ltd has a permanent establishment here, and hence equalisation levy shall not be applicable.

DIVESTMENT

19-08-2020

Almost five months into the financial year, DIPAM is yet to open its account, although it is chasing a record disinvestment target of Rs 2.1 lakh crore, raising doubts over its ability to complete transactions.

TRADE DEFICIT

16-08-2020

India posted a trade deficit of $4.83 billion in goods in July, after reporting its first trade surplus in over 18 years in the previous month.

TRANSPARENT TAXATION

13-08-2020

 Hon’ble Prime Minister of India has launched “Transparent Taxation-Honouring the Honest” programme digitally harped on three basic facets, Faceless Assessment, Faceless Appeal and Citizens Charter

FOREIGN EXCHANGE RESERVES

10-08-2020

Foreign Exchange Reserves in India averaged 235.8 USD Billion from 1998 until 2020, has reached an all time high of 534.5 USD Billion !!

INCOME TAX RETURN SCRUTINY

07-08-2020

Releasing the data of how many ITRs were sent for scrutiny each year, the I-T department said in the AY 2015-16, 0.71% of ITRs were sent for scrutiny while in 2018-19 the number dropped down to 0.25%.

REITs

04-08-2020

The IPO of Mindspace Business Parks REIT received a robust response and was subscribed nearly 13 times. This is the second REIT to hit the IPO market after Embassy Office Park REIT. But what is a REIT ?

GOLD INVESTMENTS

01-08-2020

Gold prices have crossed the ₹52,000 level for the first time. It is touching new highs every day and analysts say the rally in the precious metals is far from over.

NON PERFORMING ASSETS

29-07-2020

As per the 21st issue of fsr by RBI, Gross NPA ratio of all SCBs may increase from 8.5% in March 2020 to 12.5% by March 2021 under the baseline scenario, and to 14.7% under a very severely stressed scenario.

FLIPKART WALMART DEAL

26-07-2020

Today, Flipkart group announced the launch of Flipkart Wholesale and acquisition of Walmart India.
It will be launched in August and will pilot services for the grocery and fashion categories.

DEDUCTION U/S 80C

23-07-2020

There are a number of tax saving avenues available under various sections of the Income Tax Act 1961 that help you save your tax. One that has gained wide popularity among taxpayers is Section 80C

IPO vs FPO

20-07-2020

The YES Bank has launched ₹ 15,000 cr FPO on 15 Jul 2020 to recover from the huge bad debt and generate funds from the share sale to enhance the capital base

Read about IPO and FPO

JIO PLATFORMS - AN INVESTMENT SPREE

17-07-2020

Qualcomm ventures, the investment arm of qualcomm inc, has committed to invest

₹ 730 crores for an equity stake of 0.15%

RECOURSE NON-RECOURSE LOANS

14-07-2020

Recourse and non-recourse loan arrangements allow lenders to lay claim to assets if borrowers default on their obligations and fail to repay their debts.

RIGHTS ISSUE

11-07-2020

PVR fixes the rights issue price at Rs 784 per share, to allot 7 rights shares for every 94 held by eligible shareholders as on the record date i.e. 10 Jul. The co's 300 crore rights issue will open on 17 Jul and close on 31 Jul.

BONUS SHARES

08-07-2020

Bonus shares are shares distributed by a company to its current shareholders as fully paid shares free of charge.

HIKE IN FUEL PRICES

05-07-2020

The Oil Marketing Companies (OMCs) have increased petrol and diesel prices in India since 7 Jun 2020. Increase has been highest for any fortnight since fuel pricing was deregulated in 2002.

REVISED DEADLINES

02-07-2020

Extension of deadlines amidst COVID-19 pandemic.

CLUBBING OF INCOME

18-10-2020

In certain cases, income of other person is included in the income of the taxpayer and in such a case he will be liable to pay tax in respect of his income as well as income of other person. Such situation is called clubbing of income.

DELISTING OF SHARES

12-10-2020

Delisting refers to removal of listed stocks from stock exchange.

How does delisting work, and why did Vedanta fail at it ?

AT-1 BONDS

06-10-2020

SEBI has tightened its regulations of AT-1 bonds and ensured that these risky instruments are less accessible to retail investors.. These will be applicable from 12 Oct 2020.

30 DAYS GRACE PERIOD FOR E-INVOICING

30-09-2020

The compulsory e-invoicing of B2B transactions of taxpayers with more than ₹500 crore sales to kick in from 1 October 2020. A further 30-day grace period has been given for those not yet ready for GST e-invoice.

PRIVATE PLACEMENT OF SECURITIES

27-09-2020

SEBI has come out with a standardized timeline for listing securities on private placement.

It shall come in force from 1 December 2020.

TCS ON SALE OG GOODS

24-09-2020

Sellers having ₹10 crore revenue in the previous year need to collect income tax at source at the rate of 0.1% on receipt of sale consideration above ₹50 lakh. The tax is applicable to the amount above ₹50 lakh.

INCOME TAX IMPLICATIONS ON GIFTS

21-09-2020

Gifting is one of the many ways to express love and affection. It is a custom to gift your closed ones during occasions especially in India.

Let us understand its tax implications.

SEBI MODIFIES NAV RULES FOR MF

18-09-2020

SEBI stated that MF investors would be able to avail the closing net asset value (NAV) of a scheme on the day their funds are realised. 

The new ruling would come into effect from 1 January 2021.

IBC AMENDMENT BILL 2020

15-09-2020

The Bill was tabled by Finance Minister Nirmala Sitharaman amends the Insolvency and Bankruptcy Code 2016 which provides a time-bound process for resolving insolvency in companies and among individuals. 

HOW IS A BILL PASSED IN INDIA

12-09-2020

Any Acts is introduced into the Indian Constitution only after the draft bills are passed by the parliament.

How are these passed in the Indian Parliament to become an act?

OVERSUBSCRIBED IPOs

09-09-2020

The ₹702-crore initial public offering (IPO) of Happiest Minds Technologies Pvt. Ltd closed with overwhelming investor response and was subscribed 150.98 times, making it the 8th biggest IPO of the last decade.

TCS ON FOREIGN REMITTANCES

06-09-2020

Any amount sent abroad to buy foreign tour packages, and every other foreign remittance made above ₹7 lakh, will attract TCS beginning 1 October unless tax is already deducted at source (TDS) on that amount​​

GREY MARKET

03-09-2020

Happiest Minds Technologies has opened its Rs 702 crore IPO for 3-day bidding today. It was trading at more than 60% premium over issue price in the grey market.

GST COLLECTION

30-08-2020

GST collections for August stood at Rs 86,449 crore, the collections were nearly 12% lower than the same month last year, and more than 1% down compared to July 2020.

FACEBOOK NEWS

27-08-2020

Facebook News is its dedicated news service which was launched in the US last year. The company is planning to expand the platform to other countries including India, UK, Germany, France and Brazil.

OPERATION TWIST

24-08-2020

RBI to conduct another tranche of Operation Twist worth of Rs 20,000 crores over next 2 weeks to cool down the yields.

CITIBANK'S BLUNDER

21-08-2020

Citigroup transfers $900 million in 'clerical error'. Yet to get the money back.

NIFTY 50

18-08-2020

NIFTY 50 is NSE's diversified index comprising stocks from top 50 Indian companies across 14 sectors. It tracks the market performance of the largest cap companies & hence, broadly reflects the Indian economy.

UPDATE ON AGR 

15-08-2020

We would have to wait for the AGR resolution a bit longer. The Supreme Court observed on 10 Aug that the Government must draw up a plan to recover AGR related dues from bankrupt telecom operators.

QUALIFIED INSTITUTIONAL PLACEMENT

12-08-2020

HDFC, Axis Bank and ICICI Bank, chose the QIP route to raise Rs 35,000 crore, cumulatively, to meet their needs during such stressful times of the COVID-19 pandemic.

ONE TIME LOAN RESTRUCTURING

09-08-2020

The moratorium will expire at the end of Aug'20. Borrowers who had been repaying regularly till March 2020 can have a one-time restructuring of their loan through a framework which will be decided by the bank.

GST REVENUE COLLECTION

06-08-2020

₹87,422 crore gross GST revenue collected in July, which is 86% of the GST revenues in the same month last year.

TAXATION ON TRADING ACTIVITIES

03-08-2020

With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling their investments into the financial markets. Hence, it is important to understand its tax implications.

LEASE MODIFICATION (IND AS 116) 

31-07-2020

In the wake of the pandemic, many lessors have extended rent concessions to lessees. The amendment provides relief to lessees from the Lease Modification clause of the Ind AS 116.

E-COMMERCE RULES

28-07-2020

The 'Consumer Protection (E-Commerce) Rules, 2020', are part of the Consumer Protection Act, 2019, and have been implemented from 27 July 2020.

IL&FS SCAM

25-07-2020

NFRA has barred former Deloitte head from audit for 7 years over lapses at IL&FS and imposed a monetary penalty of ₹25 lakh. The order is effective post 31 Jul 2020.

CORPORATE SOCIAL RESPONSIBILITY

22-07-2020

The CSR Committee of the ICAI has issued the ‘Technical Guide on Accounting for Expenditure on CSR Activities’, thereby replacing the erstwhile ‘GN on Accounting for Expenditure on CSR Activities'

JIO GOOGLE DEAL

19-07-2020

Google to become the 13th investor in Reliance Industries’ telecom and digital unit, Jio Platforms, by picking up 7.73% stake for Rs 33,737 crore.

DIVIDEND

16-07-2020

Dividend Alert : TATA Power declares dividend of Rs 1.55 per share, Record Date 17 July 2020

ESOPs

13-07-2020

A typical process flow of ESOP issuance :

Formation of ESOP Plan -> Grant of Option -> Acceptance of Option -> Vesting of Option -> Exercise of Option -> Sale of Shares

IMPACT OF COVID-19 ON STARTUPS

10-07-2020

Highlights of a survey conducted by Federation of Indian Chambers of Commerce and Industry (FICCI) and Indian Angel Network (IAN) across 250 startups.

GST Q1 COLLECTION

07-07-2020

GST collections for the first quarter of 2020-2021 declined 59% of same quarter last year level. Reasons being lock down, severely affecting the economic activities and relaxed GST return filing time schedule by Govt

AMENDMENT IN FDI RULES 

04-07-2020

FDI rules have made prior approval of the govt mandatory for foreign investments from countries that share border with India to prevent opportunistic acquisitions of domestic firms amid COVID-19 pandemic.

ANNOUNCEMENT

01-07-2020

KnowMo tries its best to give you relevant financial information and help you with your personal finance needs – ALL AT ONE PLACE !!

ELECTORAL BONDS

16-10-2020

The State Bank of India, in the XIV Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches w.e.f. 19 Oct 2020 to 28 Oct 2020.

HIGHLIGHTS OF RBI MONETARY POLICY

10-10-2020

The Monetary Policy Committee (MPC) is responsible for determining the policy interest rate required to achieve the inflation target. It meets on bi-monthly basis and decisions are published after each such meeting.

INCOME TAX RETURN

04-10-2020

Income Tax Return is a form for reporting gross taxable income from different sources, claiming tax deductions and declaring net tax liability to the income tax authority

RESIDENTIAL STATUS OF INDIVIDUAL

29-09-2020

The taxability of an individual in India depends upon his residential status in India for any particular financial year. Learn on how such classification is done. for AY 2021-22.

INCOME TAX REFUND

26-09-2020

If you have filed your income tax returns with a refund request, here is a step by step guide for you to track the refund status due to you. Income Tax 

GST E-INVOICING

23-09-2020

The compulsory e-invoicing of business-to-business transactions of companies with more than ₹500 crore sales to kick in from 1 October 2020.

SEBI NEW MARGIN RULES

20-09-2020

SEBI has introduced new margin rules for standardizing the leverage norms and to achieve transparency in the stock market. These new set of  rules have been effective from September 1.

OVERSEAS LISTING

17-09-2020

Flipkart is preparing for an initial public offering overseas as early as 2021, which could value the firm up to $50 billion.
Flipkart is likely to choose between Singapore, or the US for the IPO.

BANK REGULATION (AMENDMENT) BILL

14-09-2020

The law seeks to protect the interest of the depositors by bringing co-operative banks under the regulatory framework of Reserve Bank of India.

EXPORT OF ONION

11-09-2020

Export of all varieties of onion except those cut, sliced or in powder form has been prohibited with immediate effect. A move aimed at increasing the availability and curbing prices of the commodity in the domestic market.

SEBI ON STRUCTURE OF MULTICAP FUNDS

08-09-2020

SEBI has introduced a detailed portfolio structure for multi-cap funds. Such schemes must invest at least 25% of their portfolios in large, mid and small caps each.

ALL ABOUT DEBENTURES

05-09-2020

Automotive components maker Motherson Sumi will be issuing non-convertible debentures worth Rs 1,500 crore with a greenshoe option to retain oversubscription up to Rs 3,000 crore.

INDIAN UNICORNS

02-09-2020

Edu-tech startup Unacademy joins the unicorn club. After raising $150 million in its latest round of funding, the value of the company stands at $1.45 billion.

India is now home to 22 unicorns.

GDP Q1 2020-21

29-08-2020

As per the data released by the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) for the April-June quarter (Q1) slipped by a sharp 23.9%.

BANK FRAUDS

26-08-2020

One of the highlights from the RBI's annual report is the increase in the number of cases detected relating to banking fraud. Total cases of frauds have increased 159% by value to Rs 1.85 lakh crore.

RULES OF ORIGIN

23-08-2020

The Department of Revenue has notified the 'Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020' which would come into force on 21 Sep 2020.

CUSTOM DUTY

20-08-2020

India imposes anti-dumping duty on phosphoric acid from Korea for five years

Read on types of custom duty

AUDITORS' DISQUALIFICATION

17-08-2020

It has been concluded by NFRA that the appointment of BSR as the statutory auditors of IL&FS was ab initio illegal and void.

CONSUMER PRICE INDEX

14-08-2020

The country’s CPI spiked to 6.93% in the month of July mainly on account of higher food prices, the data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed.

BAN ON 101 DEFENCE EQUIPMENT

11-08-2020

As world's second largest arms importer and to push Atmanirbhar Bharat initiative, Government bans import of 101 defence equipment.

POSITIVE PAY MECHANISM

08-08-2020

To increase customer safety in cheque payments and reduce fraud, the RBI has decided to introduce a mechanism of Positive Pay for all cheques of value ₹50,000 and above. Operational guidelines to follow.

RERA

05-08-2020

The union territory of Jammu & Kashmir has notified the rules under Real Estate (Regulation and Development) Rules 2020 and has become the 33rd state/UT to do so.