Month: May 2021

Income Taxes: ICAI issues exposure draft of revised Accounting Standard

Banking & Finance

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The CA Institute has come up with an exposure draft for a revised accounting standard on income taxes, to be applicable on entities that are not required to adopt the Indian Accounting Standards (Ind AS) notified by the Corporate Affairs Ministry.

Currently, all listed companies and unlisted companies – with a networth of ₹250 crore and above – are required to adopt the Ind AS. For other corporate and non-company entities, the accounting standards specified by the CA Institute are applicable.

The latest move follows the decision of the various standard setting forums – the Accounting Standards Board (ASB) of ICAI, the NFRA and the Ministry of Corporate Affairs (MCA) – to revise accounting standards.

‘Underlying principles’

“Accordingly, the ASB of ICAI has embarked on the process of upgradation of these standards which will be applicable to the entities to whom the Ind AS are not applicable,” sources said. The objective behind the revision is to ensure that underlying principles are not too different between the Ind AS entities and the other entities.

The exposure draft on Accounting Standard for Income Taxes (AS 12) is the latest among the several standards that are proposed to be revised. The entire set of revised standards are expected to be implemented at one go in a future date and the timeline for this is not yet decided. June 10 is the last date to send comments on the exposure draft. The CA Institute has specified June 10 as the last date by when comments can be sent on the exposure draft.

“For the accounting standard on income taxes, there will not be much change. Whatever standard one is following, almost the same position will continue for entities that are not adopting Ind AS,” sources said.

The proposed revision, which will impinge on public sector banks, certain insurance companies and entities that function as partnerships, will not fully align itself to the Ind AS 12 as the guidance given to ASB by the Central council is not to change the position of existing accounting standard on income taxes (AS 22) to that of Ind AS 12.

One of the main change in the revised accounting standard on income taxes, as against the existing AS 22, will be on the aspect of recognition of deferred taxes. Earlier, when there was unabsorbed depreciation or carry forward losses, there was a question whether deferred taxes should be recognised and will there be future profit to realise the deferred taxes.

“Now although the outcome would be the same, the language has been aligned to Ind AS 12 wherein one has to see the probability of getting profits in the future, reasonable certainty and there is also guidance to determine whether the entity would have profits to realise the deferred tax assets,” sources added.

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PayPoint partners with Digit General Insurance for health insurance to rural areas

Banking & Finance

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PayPoint India has partnered with Digit General Insurance to offer health insurance to customers in underserved and rural areas and help cushion themselves against any major financial losses due to the surging COVID-19.

The partnership is being flagged off with the launch of a coronavirus hospitalisation insurance policy that covers treatments up to Rs 2 lakh at a premium of ₹799.

“While Digit General Insurance focuses on selling this master policy online, PayPoint will provide offline access and assistance to its customers, guiding them to make an informed financial decision,” it said in a statement on Tuesday.

The insurance covers pre-hospitalisation expenses for up to 30 days, post-hospitalisation expenses up to 60 days, road ambulance charges (one percent of sum insured – up to ₹5,000).

Ketan Doshi, Managing Director of PayPoint India, said, “More than 80 per cent of people in urban India and 85 per cent in rural India do not have any health expenditure coverage. There are a lot of rejections or deductions in claims settlements for COVID-19, and medical inflation is making treatments unaffordable. This dedicated cover for coronavirus would secure our customers from financial impact due to hospitalisation in such a scenario.”

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How To File A Revised ITR Online?

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When to file a revised ITR and why it is important?

One should file revised ITR on or before the completion of the applicable assessment year. In the scenario of AY 20-21, the revised return should be filed before May 31, 2021. You can also make changes to ITRs that have been filed late. The deadline date for filing the belated return is the same as for revised returns: the end of the applicable assessment year or before the assessment is completed, whichever comes first. If you file your tax return before the deadline, you can change it as many times as you want. However, use this option rarely since several updates may result in IT Department’s scrutiny, which could result in tax notices to validate your income and a gap in submitting your IT return. All you need to update your return is the acknowledgment number and the original return’s filing date. On the e-filing portal, choose “revised return under section 139(5).” Be sure to double-check your return; otherwise, it may get rejected by the IT Department. In case the I-T Department discovers an error in a tax return, it may be considered as a false declaration of one’s income, as a result the taxpayer will face a penalty for not filing the return on time. As a result, it’s necessary to revise your return as soon as you notice any flaws in the original. In the event of a refund, you will be notified as soon as possible under Section 143 (1).

Steps to file a revised ITR online

Steps to file a revised ITR online

Following the measures outlined below, a taxpayer can file a revised income tax return under Section 139(5) of the Income Tax Act:

  • Visit www.incometaxindiaefiling.gov.in and click on the ‘e-File’ option.
  • Now click on ‘Income Tax Return’ and now your PAN number will appear on the screen.
  • Now choose the ‘Assessment Year’, ITR Form number and select filing type as ‘Original/Revised Return’.
  • Now select ‘Submission Mode’ as ‘Prepare and Submit Online’ and choose ‘Revised return under section 139(5)’ as the return filing section and ‘Revised’ as the return filing type in the online ITR form under ‘General Information’ section.
  • Then, input the original return’s Acknowledgement Number and “Date of Filing.”
  • Now enter all the required details correctly and submit the form.
  • Returns should be e-verified for faster processing and refunds, or they can be sent to “Centralized Processing Centre, Income Tax Department, Bengaluru – 560500” by normal or speed post.
  • It should be noted that after filing a revised ITR form, you must validate your income tax return. The Income Tax Department will not approve your return until it has been validated.

When to file a revised ITR for Assessment Year 2020-21?

When to file a revised ITR for Assessment Year 2020-21?

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Return for the assessment year 2020-21 due to the COVID-19 pandemic in India. According to CBDT, the filing of a belated return under sub-section (4) and a revised return under sub-section (5) of Section 139 of the Income Tax Act, which was due on or before March 31, 2021, can now be submitted on or before May 31, 2021.

Note: For help you can contact at 1800 103 0025, +91 80 461 22000, +91 80 265 00026.



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Paytm empowers users in Kerala to pay their electricity bills 24×7

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Digital financial services platform Paytm has announced that users in Kerala can now pay their electricity bill 24×7 on the platform.

The company has also announced an assured reward on every bill payment. Users paying the electricity bill for the first time on the platform will get a guaranteed cash back of up to ₹50.

A company spokesman said Paytm is a pioneer in electricity bill payments and has partnered with over 70 electricity boards across the country to serve millions of users in this segment.

Paytm leads India’s digital payments with 1.2 billion monthly transactions

Reminders through SMS

To bring more convenience to its users, it has recently enhanced its UI for electricity bill payments that takes less than a minute to complete a transaction. Users need to simply choose their State and service provider, enter their bill number or customer account number and then make that payment. The payment is instant, and users get a receipt on completion of bill payment. Paytm also reminds about the due date for payments through SMS and in-app notifications.

Telangana power regulator for rapid deployment of smart meters

Paytm, which has a 20 million-strong merchant base, is seeing more businesses extensively accepting payments online. Since April 2020, it has witnessed a massive surge in digital payments for electricity bills as more people avoid venturing out, standing in queues and, most importantly, touching cash in the Covid situation.

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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India (RBI) invites Tenders for the renewal of Annual Maintenance Contract (AMC) and Facility Management Service (FMS) for Computer Hardware and other Peripherals at Reserve Bank of India. The RFP document for the project is hosted on MSTC Limited website.

Steps to be performed by the bidder:

  1. Bidder needs to register themselves on the MSTC website (https://www.mstcecommerce.com/eprochome/rbi/). Vendor registration manual is present on MSTC website. Bidder needs to have valid Digital Certificate with signing and encryption rights. The bidders are requested to ensure that they have the same, well in advance. For any assistance for bidding purpose, bidder can contact MSTC e-Procurement team directly (Ms. Archana, Assistant Manager, MSTC, +91-9990673698/022-22872011).

  2. Post successful registration, Bidder can access the RFP document and related annexures.

  3. Bidder can upload their respective technical and commercial bids on the above mentioned MSTC portal. It is to be noted that Bidders will be able to view and access their own bids only.

  4. The last date for submission of bids is June 08, 2021; (Tuesday) at 14:30 hrs. on the MSTC website.

Chief General Manager
Department of Information Technology

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBl) has imposed, by an order dated May 17, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Priyadarshini Mahila Nagari Sahakari Bank Limited, Beed, Maharashtra (the bank) for non-adherence/ violation of specific directions issued to the bank by the RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, non-adherence/ violation of specific directions issued to the bank by the RBI under Supervisory Action Framework (SAF). Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

After considering the bank’s replies and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/227

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Six trends that will shape banking, fintechs this year, BFSI News, ET BFSI

Banking & Finance

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The banking and finance world is moving at a fast pace, The last year was about the digitalisation of banking services among the customers. While that continues. other trends are emerging that promise to reshape the space this year.

Open banking

Open banking is a revolutionising technology that brings fintech and banking together and enables data exchange across institutions. Fintech markets in the UK and Europe have become crowded with AIS and PIS services providers and will reshape the traditional banking industry. However, there are still many traditional players in banking that are reluctant to build partnerships with fintech companies. The hurdle of Open Banking regulations has made it difficult for fintechs to get into banking and adopt the technology.

Hike in banking fees

Globally, banking and fintech firms are hiking their fees. Some banks have already announced that they are planning to charge customers for interbank payments or increase fees for payments and account opening. Fintech companies and digital banks also continue to review their commissions.

Decentralised finance

The surge Bitcoin value has put focus on other revolutionary trends of the crypto world including decentralised Finance (Defi). It is a pool of financial applications based on crypto and blockchain technology and used worldwide across banking, insurance, and other financial services. Yield Farming, a part of Defi, offers its users to maximise returns by locking up their crypto assets and, in turn, earning interest, crypto coins and tokens. Another trend is Non-Fungible Tokens (NFT), which are digital assets that span both tangible and intangible assets like music, art, virtual real estate and even virtual sneakers. NTF data are unique and non-exchangeable, thus it ensures that users can verify the authenticity of these digital assets. There is Polkadot or blockchain of blockchains that enables blockchain networks to operate together seamlessly. It is a multi-chain ecosystem that allows you to move any type of data across any type of blockchain.

Banking-as-a-Service platforms

Banking-as-a-Service (BaaS) industry has attracted many players and is set to become a US$7.2 trillion industry by 2030. There are signs of serious BaaS momentum, with leading banks such as BBVA and JPMorgan Chase ramping up significant investment into the unique API-type models. Goldman Sachs has announced its own new BaaS portal for developers.

Focus on cybersecurity

There has been a rise in fraudulent activities during the Covid pandemic. Cybercriminals have heavily exploited the disruptions and attacked financial institutions. With the recently introduced Open Banking, there are more concerns about security, privacy, and fraud in banking and fintech. Open banking has magnified the impact of breaches and cybersecurity incidents as well. To fight financial crime, banks need to implement new security measures and diversify the ways our financial data are stored. To protect data, more companies are storing their data on on-premise and cloud platforms and implementing machine learning to identify all kinds of fraudulent activities across their network and platforms.

Anti-money laundering fight

The sixth AML Directive was introduced in European law last December, which sets out that all EU members and their organisations must implement these regulations by June 2021. The 6th AMLD aims to close the gap of domestic legislation and harmonise the definition of anti-money laundering across EU member states. The new directive also focuses on predicate crime as the list of financial crimes has been expanded covering a wider range of activities not listed in the previous directives.



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Reserve Bank of India – Press Releases

Press Releases

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Read More/Less




April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

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Will Second Wave Affect Real Estate Sentiments, Prices

Personal Finance

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Planning

oi-Sunil Fernandes

|

The country is going through the second wave of coronavirus infection, and the business world is concerned about its impact; the real estate sector is observing the situation with bated breath; however, the realtors feel that everyone must work together to contain the second wave. As the government has hinted that complete lockdown is not on the lines, the sector believes that a short lockdown will not affect much as construction stock remains on the sites, and sales are happening online also.

The sector is ready with the learnings from the last year to handle the situation. Manoj Gaur, CMD, Gaurs Group and Vice President – North, CREDAI National says, “The country’s residential real estate sector is gaining traction, thanks to various steps taken by the central and state governments, the RBI, and the banks. The rise in supply numbers in the first quarter reflects this positive shift, indicating that developers are more confident in terms of liquidity support and consumer sentiment. After the second wave, the current situation is likely to drive up real estate demand even further. The stability and utility of real estate assets are clear to people, particularly after the experience in 2020 with various other investment tools, and NCR will clock in good sales numbers in the coming months.”

Many developers are also offering deals to retain the interest of the buyers. The market is full of offers such as 60:40, 40:30:30, assured returns, no EMI till possession, etc. Sharing his views on the efficacy of such deals in current situation, Nayan Raheja of Raheja Developers, says, “Offers and deals are made in response to the increased demand to make consumers revel in their decision to invest in a real estate asset. The worst is over, even though there is still a long way to go. The challenges that real estate faced in 2020 will act as a catalyst for the sector’s long-term expansion”

Will Second Wave Affect Real Estate Sentiments, Prices

Sagar Saxena, Project Head, Spectrum Metro, feels, “Following the partial opening of the economy, demand increased due to government stimulus and RBI liquidity initiatives. When numerous developers made lucrative deals, the situation improved even further. Nonetheless, the positives that have emerged from the 2020 crisis will serve as the foundation for the real estate sector’s development in the coming months. The demand for larger homes within an accessible, hygienic, and green complex with amenities such as healthcare, daily necessities, and everyday rejuvenation within walking distance would drive demand.”

Some people are speculating that the second wave will bring down the prices; however, the sector is unanimous that there is no probability of a decrease in prices. The cost of construction has increased by 5-6 per cent, owing to procurement difficulties, supply chain disruptions, rising raw material costs, and increased costs for health and safety as a result of the global crisis. “Prices in real estate are at their lowest level and are likely to go up in future. In 2020, we witnessed a marginal increase in prices in few markets, including Delhi NCR. However, real estate is becoming affordable due to low home loan interest rate, reduction in stamp duty in some states, etc. The time is right to invest in real estate as prices are likely to go up in the short term,” says Kushagr Ansal, Director, Ansal Housing and President, CREDAI – Haryana.

For the last few years, one of the factors majorly affecting the prices is the raw material cost. “The cost of some of the raw materials has gone up by 200 per cent in the last three years, making it unrealistic to cut down prices in real estate projects. Looking at the emergence of buyer-friendly, especially post-2020, people should not wait to get hold of real estate asset. By the end of 2021, the chances of witnessing price rise in the range of 5-8 per cent in various markets,” says Harvinder Singh Sikka, MD, Sikka Group.

Almost everyone in the sector echoes the sentiment that there are chances of an increase in prices. Dhiraj Bora, Head Marketing & Communication, Paramount Group, says, “Even the new projects are being launched at higher prices as the developer community has no choice but to increase prices due to the increasing cost burden. People are investing now in real estate, and we are seeing that even the fence-sitters are going ahead with buying decision. The coming months will witness a price rise; the percentage of change will vary according to the markets.”

GoodReturns.in



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