NON REFUNDABLE COVID ADVANCE
What is AIS, how to download it and how it helps taxpayers in ITR filing?
What is AIS, how to download AIS: Annual Information Statement (AIS) is a statement introduced by the income tax department in 2021. This statement is a comprehensive which help individuals and other taxpayers to get access of most of their financial transactions done in a financial year. It also helps in the knowing different sources of income.
Non-refundable Covid advance no longer available under EPFO
According to an EPFO circular dated June 12, since Covid is no longer a pandemic, the competent authority has decided to discontinue the said advance with immediate effect and this would be applicable to even exempted establishments.
EPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facility
During the Covid-19 pandemic, a non-refundable advance was provided to the EPF members during the outbreak of first wave of Covid-19 and another advance was also allowed in view of second wave
Union Bank Net Rises 19% on Big IT Refund, Interest Income
The bank received ₹497 crore as income tax refund in the quarter ending March as against ₹8 crore in the comparable period, which helped to push up profits for the fourth quarter.
Novavax soars 146% on $1.2 billion Sanofi vaccine licensing deal
The pact links two big players in the vaccine world that both missed out on the rush to develop and commercialize Covid shots quickly during the pandemic. Amid various setbacks, Sanofi and Novavax ceded tens of billions of dollars in sales to nimbler messenger-RNA developers including the Pfizer-BioNTech alliance and Moderna Inc.
Woman gets 6-month jail for not filing ITR; who has to mandatorily file income tax return, consequences of not filing
Who has to file ITR: The decision was made following a complaint from the Income Tax Office (ITO), alleging that Rs. 2 lakh was deducted as TDS (tax deducted at source) from a receipt of Rs. 2 crore received by the accused in the fiscal year 2013-14. Despite this, the accused failed to file an income tax return for the assessment year 2014-15.
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C-suite hiring trends open doors to new roles in non-tech industries
Hirings and firings in the technology sector are creating opportunities in emerging roles in non-tech sectors like manufacturing, healthcare, and various industries. Demand for leadership talent is increasing, focusing on skills like data science and ESG. Cultural fitment is a challenge for organizations and talent.
Transforming India’s infrastructure with quality and innovation
Under the visionary leadership of Govindasamy, Sarvesh Multiplast intends to transform India’s infrastructure and has emerged as a symbol of excellence, showcasing a steadfast dedication to quality and innovation
Green office leasing quadruples in post-COVID realty landscape: JLL-CRE Matrix
The leasing of green office spaces in India is increasing, driven by the efforts of occupiers, developers, landlords, and investors to reduce carbon emissions and promote sustainability. The share of green leasing has risen to 16% in 2022-2023 from 4% in 2018-19, indicating significant progress. However, challenges such as lack of industry-wide guidance and transparency still hinder widespread adoption.
Turnaround in the Indian banking system cornerstone of India’s success, says RBI Governor
The Indian banking and financial sector has seen a significant turnaround since the Covid pandemic, contributing to the country's economic recovery. Reserve Bank of India Governor Shaktikanta Das emphasized the importance of preserving the trust built on the system, stating that the bank has improved its regulatory and supervisory systems to adapt to emerging trends like digital penetration and credit analytics.
EPFO retires Covid advance facility, move may impact consumption
According to experts, the move may impact consumption as much of the Covid advance was being used for discretionary purchases and other expenses. They also opined that the decision has come too late and that it had impacted the availability of funds at EPFO's disposal.
Small finance banks bounce back from Covid lows
Equitas and Ujjivan lead the show with more than 80% jump in market capitalisation this year while Suryoday bounced back after dips in the previous two years. AU, already enjoying a high valuation, has delivered a consistent performance.
RBI Governor flags bank-NBFC links as 'contagion risk'
On November 16, RBI announced increases in bank capital requirements for consumer loans and mandated lenders to set limits on various retail segment loans, signalling the central bank's vigilance on the unbridled growth in these types of advances.
EPFO disburses Rs 48,000 crore Covid advance to over 22 million subscribers in 3 years
As per the draft Annual Report 2022-23, EPFO disbursed Rs 17,106.17 crore in 2020-21 benefitting 6.92 million beneficiaries, Rs 19.126.29 crore in 2021-22 to 9.16 million beneficiaries and Rs 11,843.23 crore to 6.20 million beneficiaries in 2022-23.
WeWork seeks bankruptcy protection, a stunning fall for a firm once valued at close to $50 billion
WeWork is also requesting the "ability to reject the leases of certain locations," which the company says are largely non-operational, as part of the filing. Specific estimates of total impacted locations were not disclosed Monday, but all affected members have received advanced notice, the company said.
From cancer to rheumatology, online pharmacy MrMed wants to make speciality medicines affordable & accessible
Super-speciality medicines play an indispensable role in addressing complex health issues, but they often remain ensnared in a web of accessibility, affordability, and reliability issues. MrMed wants to change that.
First section of Delhi Metro Phase-IV to open by July 2024, fresh targets set due to Covid, says DMRC chief
The managing director of the Delhi Metro Rail Corporation (DMRC) said the construction of the Ph-IV has brought many firsts for the country, and "beam technology-enabled TBMs" are being used in the phase to assess strata layers in advance so that "there are no surprises" during the drilling process.
UAE's GDP grew 3.7% in first half of 2023, supported by non-oil sector
The United Arab Emirates (UAE) reported a 3.7% increase in its gross domestic product (GDP) for the first half of the year, with non-oil sector growth surging by 5.9%. The non-oil sector now accounts for over 70% of the UAE's GDP, reflecting the country's efforts to diversify its economy away from oil and toward knowledge-based industries.
Is EPF e-nomination mandatory to partially withdraw money from EPFO accounts?
The Employees' Provident Fund (EPF) Advance Form, also known as Form 31, is typically used to submit a claim for a partial withdrawal or advance from the EPF account.
7 latest highly deceptive online scams; how to identify them and protect your money
Online scam and how to protect yourself: If you are not aware of their latest methods and tricks, you can easily fall into their trap, resulting in loss of time, money and personal information. ET Wealth Online explains a few types of scams that have been on the rise and the ways to protect yourself from them.
Dr Lal PathLabs Q1 FY24 net profit rises 44% to Rs 84 crore
Dr Lal PathLabs' Q1FY24 net profit surged 44% YoY to INR84 crore due to the rise in non-Covid testing and higher realisations, while non-Covid revenue advanced 10% YoY. In comparison, the pathology chain had posted a net profit of INR58 crore in the corresponding year-ago quarter.
How non-economic factors like politics, conflicts, social factors also affect business
The business world is not confined within economic factors only. Political, social, environmental, and technical considerations impact the industry and can have various impacts on businesses. Sociopolitical conflicts can affect companies and the production capacity of a country negatively.
How health-tech is breaking silos
Equitable and timely access to quality, affordable healthcare to its 1.43 billion people will be important on the road to becoming an economic powerhouse. Ensuring universal healthcare for over 17% of the world’s population is a tall order. But keeping World Health Day tomorrow in mind, this goal is attainable.
World Health Day: Why preventive is the new curative
The need of the hour is to understand and adopt the right 'prevention-first' behaviour. For instance, we tend to think about our health only when we have a symptom. That needs to change. The maintenance of our bodies should not be a result of a 'scare' or because someone we know is suffering.
Should you buy or rent your furniture? Here is a cost comparison
Can’t be bothered to lug around belongings every time you move? You could rent furniture and appliances, but don’t overlook the hidden costs.
Economic Survey laced with 'excuses of non-performance': Congress
The Congress on Tuesday said the Economic Survey is laced with "excuses of non-performance" as it blames Covid, Russia-Ukraine war and global slowdown for price rise and India's falling GDP, but offers no solutions.
Advance tax mopup jumps 22% to Rs 1.81 lakh crore in July-September
The sharp rise in the advance tax collections indicates expectations of better corporate performance and an underlying strong economy. Companies paid ₹78,783 crore advance tax in the first quarter of the current fiscal. Gross direct tax collection reached ₹7.20 lakh crore till September 15, maintaining growth momentum of 34%.
EPF withdrawal: 12 instances when you can apply for non-refundable EPF advance
After the member reaches the age of 54, or within one year of his or her actual retirement on superannuation, whichever is later. Up to 90% of the EPF balance, which includes the member's portion, the employer's contribution, and interest
Direct tax collections top revised budget estimate by ₹1 lakh crore
Net direct tax collections till March 16 in the current fiscal year (FY22) stood at ₹13.63 lakh crore, a growth rate of over 48.4%, showed official data released on Thursday.
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