Category: Finance

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Finance

5 Most Common ITR Filing Mistakes You Should Avoid!

income tax return filing

The year 2020 did not start on a good note, however, for taxpayers; there is a piece of great news. The deadline to file your Income Tax Return (ITR return) for FY 2019-20 has been extended to December 31, 2020, from the earlier deadline of November 30, 2020.

As the extended ITR return on the last date must have given the taxpayers some respite, the deadline to file your ITR return is fast approaching. As the taxpayers gear up to file for their ITR, we would like to point out five mistakes that can prove costly for you.

Here are 5 mistakes you must avoid while filing for your ITR return:

1. Not Filling Correct Bank Details

While filing an ITR return, a taxpayer is required to list out all the bank-related details. Make sure that you enter the correct name of your bank, account number, IFSC & MICR code while filing ITR returns online. Along with bank details, your details for communication should also be correct. The income tax department communicates through email and mobile phone. Hence, double-check all the required details.

2. Not Disclosing Every Bank Account Details

Not disclosing all the bank’s account details while filing an ITR return is the biggest mistake you can commit. All the details regarding your accounts in multiple banks need to be disclosed. Not disclosing that information is illegal. Thus, if you have multiple accounts in your name in different banks, you must disclose the information while filing ITR return online.

3. Not reporting incomes from investments

A taxpayer needs to report all the income from investments such as interest gained from fixed deposits (FDs), capital gains from mutual funds, or any other such assets. Most people generally forget to report interest received from their savings account in banks, recurring deposits, fixed deposits, etc.

4. Mismatch Income Form 26AS and TDS certificates

For employed taxpayers- Form 26AS is very essential and one should be careful while filing ITR. One little mistake can lead you to payment issues later. Keep all TDS certificates like Form 16, bank interest certificates Form 16A, TDS certificate from the sale of property-Form 16B. Also, check whether the correct TDS has been deducted against the PAN mentioned in the 26AS form.

5. Not Verifying ITR Return Online

Last but not least! It is important to verify your ITR return online to complete the process. You can verify your ITR return file via Net Banking, De-mat Account, Aadhar no., and bank account details. You can check your ITR return status online.
Keep the above-mentioned points in mind and ensure that you fill in all the necessary details carefully to avoid any future hassles.

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Finance

Gold Rate Today: Price of Yellow Metal at Rs 50,180 Per 10 Gram, Silver Down 2% to Rs 67,660 per kg

Gold
Gold (Photo Credits: Pixabay)

Mumbai, December 22:Gold and silver prices edged lower in Indian markets tracking a similar trend in international markets. On MCX, gold futures edged 0.5 percent lower to Rs 50,180 per 10 gram in the second decline in three days while silver fell 2 percent to Rs 67,660 per kg.

In the global markets as well, gold rates slipped. The Indian spot gold price on Tuesday was at Rs. 50,380 which grew by 0.02 percent; the rate was lower than the global gold spot growth rate of 0.21 percent.  The global spot price is $1881.

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In the global markets, gold slipped today as a stronger dollar offset Gold has climbed over 23 percent this year, mainly driven by a raft of pandemic stimulus measures that stoked fears of inflation. The precious metal is often used as a hedge against inflation.

US Congress approved $900 bn Covid-19 relief package on Tuesday. According to an AFP report, the overwhelming approval in Senate and House of Representatives cleared the way for $900 billion relief package for millions of Americans and businesses battered by the coronavirus. After receiving Donald Trump’s sign it will become a law.

The dollar to rupee conversion today improved to Rs 73 as compared to the previous close of Rs. 74.

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Finance

How the Revised Exchange Rates by CBIC will Impact Businesses in 2021?

Custome Exhange Rate

Whether it is importing machinery from Europe or exporting your goods to China, every business involves either receiving or sending a foreign currency from or to your business partner. Therefore, the custom exchange rate can have a direct impact on your business (small or large scale).

The Central Board of Indirect Taxes and Customs (CBIC)`s has issued a Press Release w.e.f from 18th December 2020 to rate of exchange. This exchange rate exposure can affect every business and the economy in both the respective ways -positively and negatively on a magnified level.

The RBI exchange rate is the value of the Indian currency to another currency. How businesses are affected by currencies can be divided into four categories i.e translational, credit, and liquidity risks. All four categories can then be subdivided into numerous subcategories to fit all kinds of businesses.

According to the recent Press Release issued by CBIC the field officers are suggested to refrain from raising unnecessary requests for the verification of preferential certificates of origin under the Customs Administration of Rulf Origin under Trade Agreements Rules or CAROTAR rules.

Read all the important information mentioned below:

Custom Exchange Rate

 

 

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Finance

With Improvement in Automobile Demand, Vehicle Finance Sector Witnesses Speedy Recovery in India: Report

Vehicle Finance sector shows speedy recovery| Representation Image (Photo Credits: Pixabay)
Vehicle Finance sector shows speedy recovery| Representation Image (Photo Credits: Pixabay)

According to a report by the equity research firm, Motilal Oswal Financial Services, the increase in demand of two-wheeler, tractors and passenger vehicles has led to an accelerated recovery in the vehicle finance (VF) sector over the past six months. The report has predicted that the credit costs across vehicle finance players is expected to be 1.7-4.4 per cent in FY21 and gradually revert to run-rate levels over FY22-23.”By August-September 2020, sales in most product categories picked up to prior year levels. PV sales for the industry improved significantly to nearly 100 per cent of prior year levels in 2Q from sub-30 per cent levels in 1QFY21,” the report said.

Similarly, 2-Wheeler and Tractor sales in 2020 surpassed prior year levels in August and September. “2W and PV segments have benefited from the preference towards personal mobility solutions. Tractors have benefited from a healthy monsoon in 2019, coupled with a strong Rabi crop,” it added. But, the M&HCV segment continued to be a laggard. “This segment was under pressure even prior to the Covid-19 pandemic. The channel checks suggest that used CVs are witnessing strong demand given the price hikes in new CVs,” the report said. “The checks also suggest that retail festive sales were in-line with prior trends in 2Ws and tractors and improved sequentially in the case of passenger vehicles.”

The report showed that disbursements by VFs in 2Q were not in line with underlying auto sales due to focus on collections and liquidity preservation. However, it is expected to pickup in 2HFY21. “VFs are well-positioned to witness an improvement in spreads as their yields are at fixed rates while most of their borrowings are at floating rates,” it said. Adding “With the moratorium being lifted in September 2020, most players have moved back to 85-95 per cent CE (collection efficiency).” In addition, the report said that with 120-230bp of COVID-19 provisioning over the past three quarters, the overall buffer has substantially improved. “RBI allowance of restructuring will also provide a breather for exposures facing temporary cash flow mismatches,” the report concluded.

 

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Finance

Gold And Jewellery Industry Hopes to See Demand Recovery in H2FY21: ICRA Report

Gold
Gold (Photo Credits: Pixabay)

Mumbai, November 27: The gold and the jewellery industry expects a demand recovery in H2FY21. According to a report published by ICRA, the industry believes that demand will improve on the back of occasions like festivals and weddings. The gold jewellery retail industry had witnessed a sharp 64 per cent contraction in H1FY21.

A positive trend highlighted in the survey was that the opening of the stores post the coronavirus pandemic induced lockdown has seen a steady improvement in footfall although these were still much lower than last year.

The report further mentioned, “Further, factors like rising preference towards gold as an asset class, favourable rural output amidst good monsoons, expectations regarding the further rise in gold prices etc are likely to support demand in the next few months.”

The industry is grappling with a decade-low level of demand during FY2020, battling multiple headwinds like weakened consumer sentiments amid a sharp rise in gold prices, subdued rural output, and fall in consumer surplus.

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Finance Sales Startup

Diwali 2020 Shubh Mahurat: Auspicious Time and Dates to Open New Shop, Office and Factory This Festive Occasion

Shubh Mahurat (Photo Credits: File Photo)

In Hinduism, when we start something new, be it a new business, office, or any new venture, it is to be done on an auspicious occasion or ‘Shubh Mahurat’. The five-day Diwali festival started on November 12 under the shadow of COVID-19. Traditionally, the ‘auspicious time’ by Hindus is being valued since time immemorial as it is believed that starting something during the auspicious time provides many benefits and help the business flourish. It is believed that any business, office, shop or factory that is started at a ‘shubh mahurat’ always open up new business opportunities for the entrepreneur.

If one starts the business at an ‘shubh’ time, the business will become a great success with speedy growth. Let us see when are these auspicious days in November 2020 according to astronomy.

November 12, 2020 (Thursday): Dwadashi Tithi and Hast Nakshatra falls on this day and it is a good time to start a new office.

November 13, 2020 (Friday): Chhatra Nakshatra falls on this day and is the best time to start any new business on the day of Dhantrayodashi.

November 15, 2020 (Sunday): This is an auspicious time which will open up new avenues as Amavasya and Anuradha Nakshatra falls on this day.

November 19, 2020 (Thursday): This is also an auspicious time for setting up and anew business as Panchami Tithi and Uttarashada Nakshatra fall on this day.

Other auspicious dates in November 2020:

Any shop or factory or new office can be inaugurated on November 12 and 13. Both the days are the best date to start a new shop or office.  Amritasiddhi is an auspicious time which is formed by the special combination of war, date and constellations. This shubh time is very auspicious and fruitful. Any work that has starts at this mahurat will reach new height and will proper and flourish in the years to come.

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Business motivation Finance

Gold Price on Dhanteras 2020: Rate of Yellow Metal Up at Rs 50,635 Per 10 gram, Analysts Predict Higher Sales Ahead of Diwali 2020

Gold
Gold (Photo Credits: Pixabay)

Mumbai, November 13: On the auspicious occasion of Dhanteras today, gold price inched higher. On MCX, gold futures edged 0.07 percent higher to Rs 50,635 per 10 gram while silver rates dropped 0.2 percent to Rs 62,615 per kg on Friday.

Gold rates on Friday increased amid fears over the economic fallout from mounting cases of Covid-19 as they overshadowed hopes of a vaccine. Analysts had predicted that due to Dhanteras and Diwali, there might be a rise in sales. Dhanteras is considered as an auspicious occasion to buy gold. Jewellers offer incentives to lure customers to buy gold, silver coins and other ornaments on this day.

Spot gold rose 0.1 percent to $1,877.14 per ounce by 0325 GMT. For the week so far, it is down 3.8 percent. US gold futures gained 0.2 percent to $1,876.

The price of a 10-gram 24-carat gold in Mumbai is Rs 50,770. On the other hand, people in Kolkata will have to spend Rs 53,540 to buy a 10-gram 24-carat gold.

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Finance Startup

5 Important Points To Prepare For Your Investor Meetings

Waiting to start an entrepreneurial journey, but freaking out with thoughts about how to conceptualize your business idea? Or have one great idea, but no funds to execute it? Then let us tell you that your journey has just started. Today, investors are looking forward to enduring some great business ideas and invest in those business ideas that can elevate to the next level of success.

The hard part is to pitch your idea to an investor and explain you are right concept without going in the wrong direction. Your months of research work and strategy can go wrong if you are not prepared well for the funding process. In this pandemic, many startups have gained investors in their business, and you must be thinking about what homework you need to have one good investor on board.

Here are a few tips that can help you to generate valuable partnerships or investor for your first meeting-

Make a Pitch Deck

A pitch deck is an important starting point, and your pitch deck categorically asserts the significant aspects of your business idea and product or service. Professionals always like documents and data to run through while talking about your idea. Well, the data explained, and the number shows the hard work you’ve done. It also gives the impression of preparation for the meeting.

Use graphs and pictures to present your strategies. Ensure that your slides are sharp and accurate. It also assists you in not missing valuable points to share.

Describe Your Story

Story narration plays a significant factor while making a pitch to an investor. It’s a human tendency to love stories that inspire them. A well-narrated story always brings an instant connection with a potential investor and helps you to indulge in your idea.

Make sure you display your passion and willing to risk your project. The more passion and commitment you have toward your dream, the more beneficial it will be to you.

The Team You Bring on Table

Most investors don’t generally put money just on the idea you share, but they also put money on the team that will run the concept. Therefore, when you meet, remember to introduce or discuss the team and its Essential Skills. Ensure that they can help you carry the idea to the heights you plan for them.

The main purpose here is to show that you are willing to make an effort to reach the goal you have done.

Industry Updates

For growing and staying in the industry, you should know about the competition also. To creak the opportunity, prepare the list before meeting with the investor. Then showcase how you are different from them. Also, work on a roadmap project to deal with the competition. 

Make a Financial Model

Make sure you have this discussion as your investor will be investing money in your idea until you share your plan on how you can utilize your money. Prepare the forecast of the financial model for the next 5 years. Try to give a clear picture you can provide to the investor.

Make sure, to be honest with your investors. Every investor aims to look for sincerity in the people they are backing up. We suggest you do your homework before meeting them as it will give you a good possibility of raising funds from investors.

 

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Business Case Studies Finance

71% Indians Expect Companies to Accelerate Digital Initiatives, Says Report

Online Business
Online Business

Bengaluru, October 29: A new report has revealed that about 71 percent of Indians expect companies to accelerate digital initiatives which means that the customer engagement is changing amid the COVID-19 crises. A report by leading Cloud software company Salesforce said that the Indian customers estimate 60 percent of their interactions with businesses take place online this year, compared to 47 percent in 2019. According to the fourth edition of Salesforce’s ‘State of the Connected Customer’ report, about 94 percent of customers said how a company acts during a crisis demonstrates its trustworthiness.

The global report is based on insights from over 15,000 consumers and business buyers across 27 countries, including 650 respondents from India. In India, 94 percent of customers said that COVID-19 has elevated their expectation of digital capabilities and 95 percent said the societal role of companies is changing.

The report adds that while a string of crises has affected all facets of life, including a fundamental shift in how customers connect with brands, factors like empathy, personalisation, convenience, and digital transformation are the keys to customer relationships. According to a report by IANS, as these same customers re-evaluate the role of business in society, the notion of stakeholder capitalism is increasingly factored into purchase decisions. Vala Afshar, Chief Digital Evangelist at Salesforce, said in a statement said that regardless of who they market, sell, or provide service to, businesses are navigating a landscape they couldn’t have imagined at the beginning of this year. “A massive shift to digital channels isn’t the only challenge that leaders have to grapple with”, he said.

“Connecting customers at various touchpoints — digital, human, or other — to gain a holistic understanding is the first step on the path to resiliency and growth. They also need to listen and respond to customer demands for empathy and understanding, innovative products and services, and a fundamental rethinking of the role of business in society,” Afshar said.

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Finance

India’s Economic Growth in FY21 May Be Negative or Near Zero Due to Ongoing Coronavirus Pandemic, Says Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman. (Photo Credit: PIB)
Union Finance Minister Nirmala Sitharaman. (Photo Credit: PIB)

New Delhi, October 28: Finance Minister Nirmala Sitharaman on Tuesday said that India’s economic growth in the current financial year may be in the negative zone or near zero amid the ongoing coronavirus pandemic.

Speaking at the India Energy Forum of CERAWeek, Sitharaman, however, noted that signs of revival are visible now and India would be among the fastest growing nations in the next fiscal. She added that the festive season will further spur the economy which may lead to positive growth in the third and fourth quarters of the current financial year.

The Finance Minister said that the focus of the government is on public spending to boost economic activity. Earlier this month, she had said that another round of stimulus for the economy is not off the table.