♻️ Updating the Annual Aggregate Turnover (AATO) by taxpayers.
♻️ Advisory on AATO Functionality
♻️ Annual Aggregate Turnover Computation Methodology
Author: Business So Simple
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Legal Updates 6th August 2021
1.’Redefine Jurisdiction Of Family Courts Under Guardianship And Wards Act To Protect Interests Of Children of Transnational Marriages’: Madras High Court
(Source : Live Law)
- [ COVID-19 Vaccination] Karnataka High Court urges State to include teaching, non-teaching staff of schools in category of frontline workers
(Source : Bar and Bench) - “Choice Of Religion Is Between Two Individuals”: Gujarat HC Seeks Govt. Reply On Plea Challenging Gujarat Freedom Of Religion Act
(Source : Live Law) - [Domestic Violence] The aggrieved often do not rush to police or keep medical records of abuse: Bombay High Court upholds payment of compensation
(Source : Bar and Bench) - Section 9 Arbitration Act Will Apply To Foreign Arbitration Unless Expressly Excluded By Parties In Arbitration Agreement: Calcutta HC
(Source : Live Law) - Tendency in society not to treat mental health issue as illness: Himachal Pradesh High Court grants bail to accused on ground of mental illness
(Source : Bar and Bench) - Properly Framed ‘All India Judicial Service’ Important To Strengthen Justice Delivery System: Centre Tells Rajyasabha
(Source : Live Law) - [BREAKING] Finance Ministry introduces Bill to withdraw retrospective amendments to Income Tax Act – A compromise for Vodafone, Cairn judgments
(Source : Bar and Bench) 9.No Action Against Those Involved In Free Distribution Of Medical Oxygen During Covid Second Wave: Delhi Govt Tells High Court
(Source : Live Law) - Many born after 1947 may not be aware of independence struggle; we are enjoying benefits of freedom and some are misusing it: Madras High Court
(Source : Bar and Bench) 11.Salaries payable to Nuns, Priests working as teachers in Govt, Aided institutions liable for TDS; does not violate Article 25: Kerala High Court
(Source : Bar and Bench)
Regards,
Abha
Sovereign Gold Bond Scheme 2021-22 (Series V) – Issue Price
In terms of Government of India Notification No.4(5)-B (W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series V) will be opened for the period August 9-13, 2021 with Settlement date August 17, 2021. The issue price of the Bond during the subscription period shall be Rs 4,790 (Rupees Four thousand Seven hundred ninety only) – per gram, as also published by RBI in their Press Release dated August 06, 2021.
The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 4,740 (Rupees Four thousand seven hundred forty only) per gram of gold.
Ministry of Finance Press Release dated 06 Aug 2021
Setting Up of Small-Scale Food Processing Units at Farm Level
Ministry of Food Processing Industries (MoFPI) is implementing Central Sector umbrella scheme- Pradhan Mantri Kisan Sampada Yojana (PMKSY) since 2016-17 for overall growth and development of food processing sector, including cereals, oilseeds, vegetables & fruits based processing industries. Under its component schemes, MoFPI provides credit linked financial assistance (capital subsidy) in the form of grants-in-aid to entrepreneurs for setting up of food processing / preservation industries with farm level infrastructure like primary processing facilities, collection centers etc. So far, a total of 292 Food Processing Units have been approved for assistance under component scheme Creation/Expansion of Food Processing & Preservation Capacities. Also,a total of 124Primary Processing Centres with Dry Warehouse capacity of 116450 MT, ColdStorage capacity of 56520 MT and deep freezer capacity of 1750 MT have been approved as part of Mega Food Park projects.
The Government has announced expansion of scope of “Operation Greens Scheme” from Tomato, Onion & Potato (TOP) to 22 perishable products, in the budget speech for 2021-2022, so as to boost value addition in these perishables. Ministry has identified these 22 perishables, which include Mango, Banana, Apple, Pineapple, Carrot, Cauliflower, Beans etc.
This information was given by Minister of State for M/o Food Processing Industries, Shri Prahlad Singh Patel in a written reply in Rajya Sabha today.
Ministry of Food Processing Industries press release dated 06 Aug 2021
Know all about e-RUPI, the new digital payment instrument (Ministry of Finance Press Release dated 06 Aug 2021)
(Prime Minister Shri Narendra Modi on August 2nd launched digital payment solution e-RUPI, a cashless and contactless instrument for digital payment. Prime Minister said that the eRUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital transactions in the country and will give a new dimension to digital governance. He said e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology.)
What is e-RUPI and how it works ?
e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. It is a pre-paid voucher, which he/she can go and redeem it at any centre that accepts its.
For example, if the Government wants to cover a particular treatment of an employee in a specified hospital, it can issue an e-RUPI voucher for the determined amount through a partner bank. The employee will receive an SMS or a QR Code on his feature phone / smart phone. He/she can go to the specified hospital, avail of the services and pay through the e-RUPI voucher received on his phone.
Thus e-RUPI is a one time contactless, cashless voucher-based mode of payment that helps users redeem the voucher without a card, digital payments app, or internet banking access.
e-RUPI should not be confused with
Digital Currency which the Reserve Bank of India is contemplating. Instead e-RUPI is a person specific, even purpose specific digital voucher.
How is e-RUPI advantageous to the Consumer ?
e-RUPI does not require the beneficiary to have a bank account, a major distinguishing feature as compared to other digital payment forms. It ensures an easy, contactless two-step redemption process that does not require sharing of personal details either.
Another advantage is that e-RUPI is operable on basic phones also, and hence it can be used by persons who do not own smart-phones or in places that lack internet connection.
What are the benefits of e-RUPI for the sponsors.
e-RUPI is expected to play a major role in strengthening Direct-Benefit Transfer and making it more transparent. Since, there is no need for physical issuance of vouchers, it will also lead to some cost savings as well.
What benefits accrue to the Service Providers.
Being a prepaid voucher, e-RUPI would assure real time payments to the service provider.
Who has developed the e-RUPI ?
The National Payments Corporation of India (NPCI), which oversees the digital payments ecosystem in India, has launched e-RUPI, a voucher-based payments system to promote cashless transactions.
It has been developed in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.
Which Banks issue e-RUPI ?
NPCI has partnered with 11 banks for e-RUPI transactions. They are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India.
The acquiring Apps are Bharat Pe, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and YoNo SBI Merchant Pay.
More banks and acquiring Apps are expected to join the e-RUPI initiative soon.
Where can e-RUPI be used now ?
To begin with NPCI has tied up with more than 1,600 hospitals where e-RUPI can be redeemed.
Experts say, in the days to come the user base of e-RUPI is expected to widen, with even private sector using it to deliver employee benefits and MSMEs adopting it for Business To Business (B2B) transactions.
Partnership Firm II Features II Types II Merits II Limitations II Partnership Deed II Registration II Consequences of Non Registration
Dear Sir,
Please find below YouTube video link on Partnership Firm II Features II Types II Merits II Limitations II Partnership deed II Registration II Consequences of Non Registration
Regards,
Bipul Kumar
Thought of the day- 06 Aug 2021 -Each is great in his own place (Part-6)
Inactivity should be avoided by all means. Activity always means resistance. Resist all evils, mental and physical; and when you have succeeded in resisting, then will calmness come. It is very easy to say, “Hate nobody, resist not evil,” but we know what that kind of thing generally means in practice. When the eyes of society are turned towards us, we may make a show of non resistance, but in our hearts it is canker all the time. We feel the utter want of the calm of non-resistance; we feel that it would be better for us to resist. If you desire wealth, and know at the same time that the whole world regards him who aims at wealth as a very wicked man, you, perhaps, will not dare to plunge into the struggle for wealth, yet your mind will be running day and night
after money. This is hypocrisy and will serve no purpose. Plunge into the world, and then, after a time, when you have suffered and enjoyed all that is in it, will renunciation come; then will calmness come. So fulfil your desire for power and everything else, and after you have fulfilled the desire, will come the time when you will know that they are all very little things; but until you have
fulfilled this desire, until you have passed through that activity, it is impossible for you to come to the state of calmness, serenity, and self-surrender. These ideas of serenity and renunciation have been preached for thousands of years; everybody has heard of them from childhood, and yet we see very few in the world who have really reached that stage. I do not know if I have seen twenty
persons in my life who are really calm and non-resisting, and I have travelled over half the world.
Every man should take up his own ideal and endeavour to accomplish it. That is a surer way of progress than taking up other men’s ideals, which he can never hope to accomplish. For instance, we take a child and at once give him the task of walking twenty miles. Either the little one dies, or one in a thousand crawls the twenty miles, to reach the end exhausted and half-dead. That is like what we generally try to do with the world. All the men and women, in any society, are not of the same mind, capacity, or of the same power to do things; they must have different ideals, and we have no right to sneer at any ideal. Let every one do the best he can for realising his own ideal. Nor is it right that I should be judged by your standard or you by mine. The apple tree should not be judged by the standard of the oak, nor the oak by that of the apple. To judge the apple tree you must take the apple standard,
and for the oak, its own standard.
-Swami Vivekananda
News update-Entrepreneurship, Taxation, Personal Finance & Succession planning-06 Aug 2021
All newspaper compilation from Economic times, Live mint & Financial express on Entrepreneurship, Taxation, Personal Finance & Succession planning. Refer link:
1.* Revamped tax-filing portal is still giving taxpayers trouble*
2. *How to apply for gold loan using SBI YONO*
3. *Before writing a will for your estate planning, know what it typically looks like, states*
4. *58.5% respondents prefer real estate as a mode of investment in the future: Survey*
5. *NAREDCO-UP urges Noida administration to reduce circle rate*
6. *UP RERA intervention pays off, 800+ buyers in Noida project to get flats*
7. *Sebi mulls measures to improve liquidity in ETFs*
8. *Retail ownership in NSE-listed companies at all-time high*
9. *Sebi mulls measures to improve liquidity in ETFs*
11. *Health insurance cannot be denied to HIV infected*
12. *‘Self-assessment is the most vital requisite for success in investing’*
13. *If you are an Investor in equities, heed these two warnings from Daedalus*
14. *Compare your bank FD rates*
https://www.livemint.com/money/personal-finance/compare-your-bank-fd-rates-11628189075410.html
15. *I am part of my father’s HUF. Can I have one more HUF?*
16. *Want to sell house. It still not registered but have builder buyer agreement.*
17. *RBI keeps repo rate unchanged; SBI offers waiver on processing fees on home loans till month end*
18. *Ethereum London Hard Fork upgrade: What is it? How will it impact ETH prices and investors?*
19. *Holding too many mutual funds? De-clutter your portfolio – Here is how*
20. *PFRDA, NPS Trust ready for separation, awaiting amendment in Act by Parliament*
21. *How mutual funds can help you in retirement planning*
https://www.financialexpress.com/money/how-mutual-funds-can-help-you-in-retirement-planning/2305020/
22. *HDFC Life launches HDFC Life Saral Pension – Check features, other details*
23. *Noida circle rate hike ill-timed, will dampen buyer sentiment: Developers*
24. *Missed Zomato IPO? Don’t worry, wait for real estate investment*https://www.financialexpress.com/money/missed-zomato-ipo-dont-worry-wait-for-real-estate-investment/2304828/
Legal Updates 5th August 2021
Legal Updates 5th August 2021
1.Section 7 IBC application not barred by limitation even if filed 3 years after Corporate Debtor’s loan account declared as NPA: Supreme Court
(Source : Bar and Bench)
- Krishna river dispute: Andhra declines mediation, CJI recuses himself
(Source : Hindustan Times) - Noida towers built on green area palpably wrong: Supreme Court
(Source : Times of India) - Cognizance Of Section 138 NI Act Offence By Magistrate Will Not Automatically Result In Decree In Civil Suit For Cheque Dishonour : Delhi High Court
(Source : Live Law) - Parliament Passes Bill To Amend Act Regulating Major Airports In India
(Source : Live Law) - E-Way Bill Not Required For Transportation Of Used Personal Vehicle : Kerala High Court
(Source : Live Law) 7.Madras High Court Stays NGT Office Order Mandating Suo Moto ‘Pan India’ Matters To Be Heard Only By NGT Principal Bench
(Source : Live Law) 8.”Lawyers Charge Professional Fee & Then Abstain From Work”: Allahabad HC Refuses To Direct Time Bound Disposal Of A Case
(Source : Live Law) - Section 9 Arbitration Act will apply to foreign arbitration unless arbitration agreement expressly excludes its application: Calcutta High Court
(Source : Bar and Bench) - Order under Section 12 of Domestic Violence Act can be enforced in same manner as maintenance orders under CrPC: Karnataka High Court
(Source : Bar and Bench) - Supreme Court issues notice on PIL seeking stringent mechanism for sugarcane farmers
(Source : India Legal Live) - False impotency allegation ground for divorce says Supreme Court
(Source : Times of India) - Rummy & Poker Are Games Of Skills’ : Madras High Court While Striking Down Online Gaming Ban
(Source : Live Law) - Freedom of speech the foundation of a strong democracy: Punjab & Haryana High Court grants bail to farmer booked for sedition
(Source : Live Law) - [Treatment of Rare Diseases] Digital crowdfunding platform now operational: Centre tells Delhi High Court
(Source : Bar and Bench)
Regards,
Abha
News update-Entrepreneurship, Taxation, Personal Finance & Succession planning-05 Aug 2021
All newspaper compilation from Economic times, Live mint & Financial express on Entrepreneurship, Taxation, Personal Finance & Succession planning. Refer link:
1. *New app for property tax payers*
2. *Partition of HUF under Hindu Law and Income Tax Act*
3. *Families of covid victims in debt trap as insurers reject claims*
4. *IPO Street’s paved with gold? Retail investors can’t stop buying*
5. *HDFC Mutual Fund launches Nifty50 Equal Weight Index Fund*
6. *RBI cautions against fraudulent buy or sale of old banknotes*
7. *Issuing a cheque? Be mindful of new rules or else*
8. *Maintain current A/Cs in ‘appropriate number’ of banks: Sebi to mutual funds*
9. *Realtors welcome UPRERA extension to realty projects*
https://www.financialexpress.com/money/realtors-welcome-uprera-extension-to-realty-projects/2303971/
10. *Property prices to go up in Noida as administration proposes hike in circle rates*
11. *7 types of health insurance plans: Features, benefits, how they work – Explained*
12. *PSU general insurers employees go on strike to protest proposed privatisation*
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