Blog – Page 7 – SimBizz

Deadline extended!!! from Sep 30?

Posted on October 6, 2023 By Priyanka Menon

Many financial deadlines were extended by their respective departments in September. However, there are a few money deadlines that have not been extended and from October 1, 2023, the new rules have come into force. Here is a list of deadlines that have been extended, and a few that have not been ex...

General Updates, Labour Laws

Income Tax applicability on Gratuity in India

Posted on September 29, 2023 By Priyanka Menon

Gratuity is a payment received by an individual for their past services rendered to an organization, typically before or upon their retirement. In the Income Tax Act of 1961, there are provisions that determine the taxability of gratuity amounts. These provisions differentiate between government emp...

General Updates, Income Tax

Income Tax Penalty of Rs. 10 Lakhs if foreign shares, investments and assets not disclosed in your Income Tax Returns

Posted on September 28, 2023 By Priyanka Menon

Non-reporting of foreign shares and other foreign assets held by you in your income tax return (ITR) can cost you a lot of money. An individual can be held liable for violation of the Black Money Act, 2015. Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax A...

General Updates, Labour Laws

What is Family pension under EPFO’s Employees’ Pension Scheme (EPS)

Posted on September 26, 2023 By Priyanka Menon

The amount that you contribute through your employer towards your provident fund every month not only helps create a retirement corpus for you but also financial security net for your family. Besides monthly pension paid to employees at retirement (58 years of age), it is also paid to family members...

General Updates, Income Tax

Who has to get their accounts audited before filing ITR

Posted on September 24, 2023 By Priyanka Menon

As per the Income Tax Act 1961, certain categories of taxpayers are required to get their accounts audited for income tax purposes. An audit of books of accounts may also be required under other laws such as the Companies Act, 2013, etc. Despite similarities between the two types of audits, an incom...

General Updates, Income Tax

Do you have Income from Social media Websites?

Posted on September 24, 2023 By Priyanka Menon

Earned money from X (Twitter), Instagram, YouTube or other social media sites? Know much income tax you will have to pay!!!...

General Updates

Still not exchanged ₹2000 notes??? The time limit for exchaning the ₹2000 notes expires on 30th September, 2023

Posted on September 23, 2023 By Priyanka Menon

The Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 banknotes from circulation on May 19, 2023. However, the banknotes in Rs 2000 denomination will continue to be legal tender. The last date to exchange or deposit Rs 2000 banknotes is September 30, 2023. The general public can visit...

General Updates, Income Tax

Deadline Alert!! Submission of PAN, Aadhaar details before Sep 30 if you have PPF, NSC, other small savings investments

Posted on September 23, 2023 By Priyanka Menon

This rule of mandatory submission of Aadhaar and PAN numbers for small savings schemes is part of the Know Your Customers (KYC) process....

Income Tax

The Taxation UpdaTaxation on foreign remittance and Updated LRS Scheme. A few Key Clarifications.

Posted on June 17, 2023 By Priyanka Menon

Taxation on foreign remittance and Updated LRS Scheme. A few Key Clarifications....

General Updates, Labour Laws

Kerala recognises domestic workers, home nurses as ‘workers’ with legal immunity

Posted on June 1, 2023 By Priyanka Menon

The state government has drafted the Domestic Workers (Regulation and Welfare) Act to protect domestic workers’ rights in Kerala, and provide them job security and pension....

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Deadline extended!!! from Sep 30?

Income Tax applicability on Gratuity in India

Income Tax Penalty of Rs. 10 Lakhs if foreign shares, investments and assets not disclosed in your Income Tax Returns

What is Family pension under EPFO’s Employees’ Pension Scheme (EPS)

Who has to get their accounts audited before filing ITR

Do you have Income from Social media Websites?

Still not exchanged ₹2000 notes??? The time limit for exchaning the ₹2000 notes expires on 30th September, 2023

Deadline Alert!! Submission of PAN, Aadhaar details before Sep 30 if you have PPF, NSC, other small savings investments

The Taxation UpdaTaxation on foreign remittance and Updated LRS Scheme. A few Key Clarifications.

Kerala recognises domestic workers, home nurses as ‘workers’ with legal immunity

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