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Govt.of India; Get ready for New Changes in Department of E-Commerce

March 30, 2021 03:48 PM

Govt.of India; Get ready for New Changes in Department of E-Commerce
Department of E-Commerce; April 1, the start date of the new financial year. For companies, for employees, for governments, it's a deadline.

Department of E-Commerce; April 1, the start date of the new financial year. For companies, for employees, for governments, it’s a deadline. Many changes and additions will take place from this date. Many of the proposals announced in the budget will come into effect from this date. This time the prices of cars, bikes, TVs and ACs are likely to fall on the common man from day one. Also, air travel may cost a bit more. There are many such things .. Aventante ..

The check books of these banks do Not work:

Andhra Bank, Dena Bank, Vijaya Bank, Corporation Bank, Oriental Bank of Commerce, United Bank of India, Allahabad Bank. Do you have accounts in these seven banks? Pass books and check books of these banks will not be operational from April 1. Because .. these seven banks have merged into different banks. Clients are required to collect check books belonging to the merged banks. Dena Bank, Vijaya Bank in Bank of Baroda; OBC, United Bank of India in Punjab National Bank (PNB).

Double TDS on bank Deposits:

Department of E-Commerce ; Finance Minister Nirmala Sitharaman said in her budget speech that tax deduction at source (TDS) on bank deposits would be doubled if Income Tax Returns (ITRs) are not filed. The government has taken this step to encourage the filing of IT returns. Those with TDS or TCS of Rs 50,000 or more in the last two years will be charged double or 5 per cent above the specified rate (whichever is higher).

Are you depositing more in the EPF‌ Account?

From April 1, 2021, investments made in the Employment Provident Fund (EPF) account will not be tax deductible. However, if more than Rs 2.5 lakh (as announced in the budget) is invested in the EPF in a financial year, interest on it will be taxed. Recently, the tax-deductible investment was increased to Rs 5 lakh. However, the company should not have a stake in these PFs.

Companies have to account for cryptocurrency:

From April 1, companies will be required to disclose their cryptocurrency details in their financial accounts. The Center has brought this provision with the intention of making the financial aspects of the company known to the shareholders. The extent to which cryptocurrency exists as of the date of declaration of financial results. Not only that the profit and loss on them should also be disclosed.

Also Read: Cognizant Launches Programme to help Tech Professionals Restart Career

Cars, bikes, ACs prices are Dearer:

Department of E-Commerce ; Prices of cars and bikes will go up from the new financial year. Companies also raised rates in January. Cars and bike companies say rates are likely to rise as commodity and metal prices rise due to a shortage of international supplies. TVs and ACs will also go up to Rs 3,000-4,000. As manufacturing costs rise, so do the prices of AC and refrigerators. AC prices can go up to Rs 1500-2000.

Are you boarding a plane?

From April 1, air travelers will have to pay more. This is because aviation security fees (ASF) will increase at Indian airports. The Ministry of Civil Aviation has already decided to increase the ASF on domestic and international passengers. These new rates will apply to tickets issued from April 1. Rs 200 on domestic travelers; International travelers will be charged $ 12. For children under two years of age, however; Holders of Diplomatic Passports etc. This fee is not applicable for special categories.

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