Consequences Financial News

updated income tax return or ITR-U for FY 2020-21 (AY 2021-22) was March 31, 2024. This deadline is now over. If you have missed this deadline and there was any error in your previously filed ITR or there was any misreported income or under-reporting of income, now it cannot be fixed through the filing of ITR-U. It was the last opportunity for taxpayers to fix these errors by paying up to 50% penalty, however, now the income-tax department may catch them any day and impose up to 200% penalty. According to Ankit Jain, partner, Ved Jain & Associates, a CA firm, «Once the ITR-U deadline is over, the option to make any further corrections are not available to the taxpayer.»

—Name withheld on request In today’s digitally interconnected world, our reliance on online transactions for personal and business purposes exposes us to increasing cyber threats. As an entrepreneur dealing with multiple online transactions, your concerns are valid. Safeguarding this private and sensitive data is imperative.

RBI may again keep the key interest rate unchanged in April as it is likely to focus more on bringing down inflation to the 4 per cent target after concerns over economic growth abated with GDP growth estimated at nearly 8 per cent, said experts. Also, the Reserve Bank's rate-setting panel — Monetary Policy Committee (MPC) — may take cues from the central banks of some major economies like the US and UK, which are apparently in wait-and-watch mode on interest rate cuts. Switzerland has become the first major economy to cut interest rates, while Japan, the world's third-largest economy, ended its eight-year period of negative interest rates regime. The meeting of the Reserve Bank Governor Shaktikanta Das headed MPC is scheduled for April 3-5. The decision will be announced on April 5 (Friday). It will be the first bi-monthly monetary policy of fiscal 2024-25. A total of six MPC meetings are scheduled for the fiscal beginning April 1, 2024.

Metallic Rouge draws near, fans eagerly anticipate the unveiling of Roy's master plan in Episode 13. Scheduled for release on Wednesday, April 3rd, around 11 AM GMT / 3 AM PT / 8 AM CT, the exact timing may vary depending on upload speed. Look out for Metallic Rouge Episode 13 on Fuji TV+ Ultra in Japan and Crunchyroll for international viewers, where it's expected to be available with both English and Japanese dubs.

The collapse of a Baltimore bridge that got struck by a cargo ship has highlighted the important role that bridges play in the daily lives of many Americans

NEW DELHI : Ongoing tensions in the Taiwan strait can impact Indian exports passing through the region, the domestic semiconductor industry relying on supplies from the area, and the critical undersea cable network anchored there, said Vijay Gokhale, former diplomat and foreign secretary, on Saturday. Speaking at the Mint India Investment Summit 2024, Gokhale emphasized the importance of India using its considerable diplomatic influence to inform the global community about the potential consequences of a US-China conflict and to play a role in averting such a scenario. "India carries substantial diplomatic weight around the world," he remarked.

In the realm of personal loans, the interest rate structure stands out as a crucial consideration. Borrowers typically encounter two primary options: Fixed and variable interest rates, each presenting its array of benefits and considerations. 

ICICI Securities (I-Sec) has been approved by over two-thirds of its public shareholders facilitating its transition into a wholly owned subsidiary of ICICI Bank. Notably, the listing in April 2018 did not yield any material benefit to the parent bank. Thus, the move seems like a course correction.

Sebi) has cancelled the registration of Karvy Investor Services, as the merchant banker was found non- complaint with its rules. The regulator had conducted an inspection of Karvy Investor Services last year, during its onsite visit it found that it was not functioning both at the registered as well as in the correspondence address.

diesel exports fell 25% year-on-year in the first 11 months of this financial year to $20 billion as prices in the international markets softened. The export volume increased marginally to 26 million metric tonnes (mmt) from 25.8 mmt during the April 2023-February 2024 period, according to the petroleum and natural gas ministry data. Petrol exports fetched $10 billion during this period, about 13% less than a year earlier. In volume terms, however, petrol exports increased 4% to 12.1 mmt.

Nobody likes to be amidst a financial crisis. But when it comes, it comes unannounced. It can affect everything from your fuel bills to credit card dues. And one thing comes as a collateral damage: impact on your credit score. 

As the Federal Reserve struggles to completely snuff out inflation, a new study from Allianz Life sheds fresh light on how higher costs are forcing shifts in American households’ financial behaviors and attitudes.

As much as 2.5 million tons of coal, hundreds of cars made by Ford Motor Co., and General Motors Co., and lumber and gypsum are threatened with disruption after the container ship Dali slammed into and brought down Baltimore’s Francis Scott Key Bridge in the early hours of Tuesday.

Last year saw tremendous enthusiasm around the concept of digital public infrastructure (DPI) during the G20 and after. What I didn’t realize at the time was that lurking just beneath the surface were strong undercurrents of disapproval. The arguments against DPI range from the semantic (that the term DPI flatters to deceive) to the techo-solutionist (not everything can be solved by throwing technology at it).

—Name withheld on request The legal fees that you are required to pay to the law firm situated in Dubai would be taxable in India under the provisions of the Income Tax Act, 1961 since such fees would qualify as “fees for technical services". However, the India-UAE DTAA (double taxation avoidance agreement) may provide benefit in your case if the services have been provided by the law firm directly from Dubai.

Arun Govil, who gained popularity for his portrayal of Lord Ram in the iconic television series «Ramayan,» as a candidate from the Meerut constituency for the upcoming Lok Sabha elections.

Baltimore bridge collapse: Maryland Governor Wes Moore declared a state of emergency on Tuesday after the collapse of the Francis Scott Key Bridge due to a collision with a cargo ship. The emergency services are calling it a “mass casualty event" and as many as 20 people fell in Patapsco River after the Baltimore bridge collapsed.

Gaza, AP reported. In a statement late Monday, the militant group said it had informed mediators that it was sticking to its original position, conveyed earlier in March.

7th Pay Commission: Central government employees could get their increased salaries for the month, a day early on March 30, as March 31 is a Sunday, as per a Jagran report. It should be noted however that the Reserve Bank of India (RBI) has asked banks to work on March 31, despite it being a Sunday, because it is the last day of the financial year. Also Read | 7th Pay Commission: Government employees likely to get 4% DA hike in March 2024 The dearness allowance (DA) for employees and pensioners is worked out based on the latest Consumer Price Index for Industrial Workers (CPI-IW) brought out by the Labour Bureau every month.

₹9,756 on March 7 before undergoing a 38% correction, settling at ₹5,960 by the end of last week. This sharp decline over 10 days translated into a staggering loss of nearly ₹20,000 crore in market capitalization. Consequently, the company's market cap dwindled from ₹49,365 crore on March 7 to ₹30,155 crore within a span of two weeks.

For most people, purchasing a home is a major milestone. However, the associated mortgage debt can be a long-term financial commitment for many. In recent years, home loan borrowers have experienced a substantial increase in their monthly payment amounts. This can be attributed to the repeated hikes in interest rates on home loans by banks, which began in May 2022.