Category: Financial Prudence

Articles on Personal Finance, Investments, Savings, Earnings, Video

Electoral Bearer Bond Scheme 2018 – Sale by Authorised Branches of State Bank of India (SBI) during July 01-10, 2021

Posted on by Business So Simple in Financial Prudence

The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), who is a citizen of India or incorporated or established in India. A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals. Only the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds. The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.

State Bank of India (SBI), in the XVII Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches ( as per list enclosed)  w.e.f. 01.07.2021 to 10.07.2021.

The Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.  

Refer notification

Electoral Bearer Bond Scheme 2018 – Sale by Authorised Branches of State Bank of India (SBI) during July 01-10, 2021

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1731202&RegID=3&LID=1

Auction for Sale (Re-Issue) of (i) ‘5.63% GS 2026’, (ii) ‘GoI Floating Rate Bond 2033’, (iii) ‘6.64% GS 2035’, and (iv) ‘6.67% GS 2050’

Posted on by Business So Simple in Financial Prudence

The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘5.63% Government Security, 2026’ for a notified amount of Rs 11,000 crore (nominal) through price based auction, (ii) ‘GoI Floating Rate Bonds, 2033’ for a notified amount of Rs 4,000 crore (nominal) through price based auction,  (iii) ‘6.64% Government Security, 2035’ for a notified amount of Rs 10,000 crore (nominal) through price based auction,, and (iv) ‘6.67% Government Security, 2050’ for a notified amount of Rs 7,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to Rs 8,000 crore against the above Security/Securities. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on July 02, 2021 (Friday) using multiple price method.

Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on July 02, 2021. The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. 

The result of the auctions will be announced on July 02, 2021 (Friday) and payment by successful bidders will be on July 05, 2021 (Monday).

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

Ministry of Finance Press release dated 28 July 2021

RM/MV/KMN

New Accounting Standards Rules for Small and Medium Sized Company (SMC) w.e.f. 01st April 2021 -Companies (Accounting Standards) Rules, 2021 (MCA Notification dated 23 June 2021)

Posted on by Business So Simple in Company Law, Financial Prudence

Dear Friends,

Please find below YouTube Video link on New Accounting Standards Rules for Small and Medium Sized Company (SMC) w.e.f. 01st April 2021 -Companies (Accounting Standards) Rules, 2021 (MCA Notification dated 23 June 2021)

✅ New definition of SMC

✅Applicability date of AS rules

✅Obligation to comply with Accounting Standards

✅Benefits of New Definition

✅News analysis/expert views

Regards,
Bipul Kumar

Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021

Posted on by Business So Simple in Business Consultancy, Financial Prudence, GST, Income Tax

Dear Sir,

Please find below Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021:

Date 12-06-2021 GST Topic New functionalities on GST Portal -11 June 2021 https://www.youtube.com/watch?v=I6rTi0Zsc5c
Minute 5.18

Date 12-06-2021 GST Topic GST on E-Commerce & Electronic Commerce Operator https://www.youtube.com/watch?v=1Ttjb0ltyX0
Minute 4.42

Date 11-06-2021 Entreprenurship Topic E-Commerce Business Models II Self-run model II E-platform/marketplace model II Hybrid model https://www.youtube.com/watch?v=kN3x2eYk4-o
Minute 11.57

Date 10-06-2021 Financial awareness Topic What are Bank Loan Options for Women entrepreneur https://www.youtube.com/watch?v=LF-wiSUfEdU
Minute 5.35

Date 09-06-2021 Income Tax Topic Tax benefits available to Producer Companies II Section 80PA II Tax Deduction for Producer Companies https://www.youtube.com/watch?v=zssPO4OVtO0&t=83s Minute 2.29

Date 09-06-2021 Financial awareness Topic Common borrowing Mistakes that can impact your finance https://www.youtube.com/watch?v=jS52mchI5L8 Minute 5.16

Date 08-06-2021 Financial awareness Topic How to prepare financially for unexpected events? https://www.youtube.com/watch?v=K_PoySSEV_w&t=110s Minute 13.26

Date 07-06-2021 Income Tax Topic Tax implications if your medical treatment/covid treatment is crowdfunded https://www.youtube.com/watch?v=XiBT1yV7scY&t=143s Minute 3.46

Date 06-06-2021 Entreprenurship Topic How to Start Grocery Store business? https://www.youtube.com/watch?v=0we73JX6Weo&t=829s
Minute 27.1

Date 05-06-2021 Income Tax Topic New Taxpayer friendly e-filing Portal (New Features) -MOF Press Release dated 05 June 2021 https://www.youtube.com/watch?v=gN93Fni22zQ&t=124s
Minute 5.06

Regards,
Bipul Kumar

DECLARATION AND PAYMENT OF DIVIDEND{Updated with all Company Law, SEBI Income tax & FEMA provisions till May 2021)

Posted on by Business So Simple in Company Law, FEMA, Financial Prudence, Income Tax, International Taxation

Dear Sir,

Please find below YouTube Link of Video on DECLARATION AND PAYMENT OF DIVIDEND{Updated with all Company Law, SEBI Income tax & FEMA provisions till May 2021)
https://www.youtube.com/watch?v=CLLl4Sw4iG0

Topic Cover

✅ Financial planning for Dividend decisions

✅ Company law provisions applicable on declaration & payment of Dividend

✅ Taxability of divided-Taxability in hands of Company & Shareholders, Withholding taxes

✅ FEMA provisions applicable on repatriation of Dividend outside India

Regards,
Bipul Kumar

Model Tenancy Act- What’s New? II(मॉडल टेनेंसी एक्ट में नये प्रावधान क्या है?) II

Posted on by Business So Simple in Financial Prudence

Dear Sir,

Please find below YouTube video link on Model Tenancy Act- What’s New? II(मॉडल टेनेंसी एक्ट में नये प्रावधान क्या है?) II https://www.youtube.com/watch?v=MZJmBpe1fi8

✅ Speedy resolution of disputes(a rent authority or a rent court)

✅ Security deposit (2 -residential/6 Months-commercial)

✅ No subleting provisions

✅ Vacation notice- after termination/expiry- Double rent for 2 months after expiry and four times thereafter

✅ 24-hour prior notice to carry out repairs or replacement.

✅ In case of a dispute- No cut in power and water supply

Regards
Bipul Kumar

Sovereign gold bond scheme- Benefits, Features & FAQs

Posted on by Business So Simple in FEMA, Financial Prudence, Income Tax

Dear Sir,

Please find below YouTube video link on Sovereign gold bond scheme- Benefits, Features & FAQs
https://youtu.be/2zAnQ1_BPy8

Topic cover

1. What is Sovereign Gold Bond (SGB)? Who is the issuer?

2. Why should I buy SGB rather than physical gold? What are the benefits?

  1. Are there any risks in investing in SGBs?
  2. Who is eligible to invest in the SGBs?
  3. Whether joint holding will be allowed?
  4. Can a Minor invest in SGB?
  5. Where can investors get the application form?
  6. What are the Know-Your-Customer (KYC) norms?
  7. Can an investor hold more than one investor ID for subscribing to the Sovereign Gold Bond?
    10. What is the minimum and maximum limit for investment?
  8. Can each member of my family buy 4Kg in their own name?
    12. Can an investor/trust buy 4 Kg/20 Kg worth of SGB every year?
  9. Is the maximum limit of 4 Kg applicable in case of joint holding?
  10. What is the rate of interest and how will the interest be paid?
  11. Who are the authorized agencies selling the SGBs?
  12. If I apply, am I assured of allotment?
  13. When will the customers be issued Holding Certificate?
  14. Can I apply online?
  15. At what price the bonds are sold?
  16. Will RBI publish the rate of gold applicable every day?
  17. What will I get on redemption?
  18. How will I get the redemption amount?
  19. What are the procedures involved during redemption?
  20. Can I encash the bond anytime I want? Is premature redemption allowed?
  21. What do I have to do if I want to exit my investment?
    26. Can I gift the bonds to a relative or friend on some occasion?
  22. Can I use these securities as collateral for loans?
    28. What are the tax implications on i) interest and ii) capital gain?
  23. Is tax deducted at source (TDS) applicable on the bond?
  24. Who will provide other customer services to the investors after issuance of the bonds?
  25. What are the payment options for investing in the Sovereign Gold Bonds?
  26. Whether nomination facility is available for these investments?
  27. Can I get the bonds in demat form?
  28. Can I trade these bonds?
  29. What is the procedure to be followed in the eventuality of death of an investor?
  30. Can I get part repayment of these bonds at the time of exercising put option?
  31. How do I contact RBI to address my queries regarding Sovereign Gold Bond ?

Regards
Bipul Kumar

Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST

Posted on by Business So Simple in Company Law, Financial Prudence, GST, Income Tax, Succession Planning

Dear Sir,

Please find below YouTube link of Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST for your easy reference:

👉 Company Law

Setting of Branch offices of Foreign Company in India
https://youtu.be/Y30q0ZgcMcU

Nidhi Company-each & everything
https://youtu.be/maS_1205vO4

Producer Company-each & everything https://youtu.be/MP-t3sg_qWg

CSR Funding: Ngo registration for getting CSR Funding https://youtu.be/j-OG40NJl9Q

Managerial Remuneration
https://youtu.be/a9DHcuu8iyI

Presentation of Financial Statements w.e.f. 01st April 2021
https://youtu.be/kExSlqi14os

Limited Liability Partnership & its suitability
https://youtu.be/_06iCBKsDc8

👉 Succession planning

Each & everything about Will https://youtu.be/W80MGdy0kio

Partition of Property https://youtu.be/IaQ03qcRWDg

👉 Income Tax

Fair Market Value calculation for Section 50B (Slump Sale) of Income Tax Act, 1961 – Updated by Notification No. 68/2021 -24th May, 2021
https://www.youtube.com/watch?v=UILmcJxns9k

Extension of ITRs, Tax Audit Report, TP Audit Report, Belated/Revised Return for FY 2020-21 https://youtu.be/scXDMjZ9v2k

Tax benefits for Startup
https://youtu.be/1DDJ1_LlhfA

New Rules of for registration u/s 12AB & 80G w.e.f. 01-04-2021 https://youtu.be/JfKVfZ9mk6Q

👉 GST

Accounts & records maintained under GST
https://youtu.be/k4xmiu_9mE0

GST Amnesty Scheme (July 2017 to April 2021-GSTR 3B Return)
https://youtu.be/NQ_XeOv_uXU

Late fees Rationalisation for April 2021 onwards period
https://youtu.be/NZMZhi5mG2k

Simplification of Annual Return for FY 2020-21 https://youtu.be/L21Over9X3w

Covid related measures for taxpayers https://youtu.be/Mb7Ae2LMm1E

Regards
Bipul Kumar

WILL-Legal provisions (वसीयत -कानूनी प्रावधान)

Posted on by Business So Simple in Financial Prudence, Succession Planning

Dear Friends,

Please find below YouTube video link on WILL-Legal provisions (वसीयत -कानूनी प्रावधान)

Topic

✅ What is WILL ? Chief characteristics of a WILL

✅ Applicable Laws on WILL

✅ Persons capable of making WILLS

✅ Key things to know for making WILL

-Language or wordings of Will
-Earlier Wills
-Excluding someone
-Other things- List of debt & Liabilities, Witness, Executors, Registration etc.

Regards,
Bipul Kumar