Financial Consequences Of Missing ITR Deadline

Filing Your ITR By 31 July 2022 Can Save You This Much Amount

File your income tax return (ITR) for the financial year 2021-22, or assessment year 2022-23 on or before 31 July to avoid attracting penalties like late fees.

The Financial Consequences Of Missing ITR Deadline

Financial Consequences Of Missing ITR Deadline
  1. File your ITR by December 21, 2022, with a late fee according to your tax slab. The late fee for income group of up to ₹ 5 lakh is ₹ 1,000 and for over ₹ 5 lakh is ₹ 5,000. But no late fee is levied for the group whose income doesn’t exceed the basic exemption limit.
  2. Missing a deadline will attract interest on the late payment of taxes. You will pay some tax with interest and dividends. TDS deduction is made at 10%, but if you are in the 20% or 30% tax slab, the differential amount will attract the interest of 1% per month according to Section 234A.
  3. The interest rate charged will be applied retrospectively from the last date of filing ITR, July 31, 2022. Also, if the outstanding dues are paid after the 5th of any month, you will be charged an interest rate for the full month.
  4. Carrying forward losses isn’t allowed after the due date. If you are forced to
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Chess Olympiad 2022 In Mamallapuram Chennai

Look Who Are Participating In The Chess Olympiad 2022 In Mamallapuram Chennai

All eyes will be on young Indian chess players at the 44th edition of the Chess Olympiad in Mamallapuram, Chennai. The competition began on Thursday. Top-seeded of the world including the US, Norway, Spain, and Poland are participating in the competition.

Ten Points

Chess Olympiad 2022 In Mamallapuram Chennai
  1. India is hosting the 44th edition of the Chess Olympiad in Mamallapuram, Chennai. 187 countries including the US are participating in the competition and it is a world record.
  2. The US team led by the World Championship Challenger Fabiano Caruana is leading with Elo 2771 rating followed by India (Elo 2696), Norway led by World Champion Magnus Carlsen (Elo 2692), Spain (Elo 2687), Poland (Elo 2683), and Azerbaijan (Elo 2680).
  3. India has 30 players divided into six teams participating in the Chess Olympiad. The top team includes Vidit Gujrathi, Pentala Harikrishna, Arjun Erigaisi, SL Narayanan and Krishnan Sasikiran.
  4. Arjun and Narayanan are making their debut in the international championship. Where Arjun has an excellent Elo score of 2700, Narayanan is a bankable player for the country.
  5. Harikrishna, Vidit, and Sasikiran are the most experienced players of team India. They have an excellent track record of winning matches.
  6. In the women’s competition, the Indian team leads with Elo
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Mysterious Object

Do You Know What The Mysterious Object On Martian Surface Is?

A picture sent by a NASA rover from the Martian surface kept the space watchers guessing about the object seen in the image. It looked like a tangled piece of rope and it received a mixed response from the Internet community. The rover spotted the object on 12 July.

HIGHLIGHTS

• NASA’s Perseverance rover sent an image of a tangled-looking object from Mars
• It looked like a remnant robotic exploration to Mars in February 2021
• The Internet community started calling it Italian pasta

What Was That Mysterious Object?

A spokesman for NASA’s Jet Propulsion Laboratory told AFP that they had been discussing where that was from. There had been speculation that the object seen in the image could be a piece of cord from the parachute or from the landing system that lowers the rover to the ground.

What Is Mysterious About That Object?

The first sighting of the reported remnant of the rocket propulsion … Read the rest

US Economy Is Under Recession

The US Economy Is Under Recession But India Is Safe

Reuters polls of economists predict a slowdown in the global economy including the US which is the largest economy in the world. But they say India faces no such threat.

Ten Points

US Economy Is Under Recession
  1. The report forecasts a 3% slowdown in the global economy followed by 2.8% the next year compared to the 3.5% and 3.4% in the last quarterly poll in April.
  2. The poll covered 48 economies out of which 77% were downgraded for the next year only, 13% are left unchanged, and 10% upgraded.
  3. The poll covered the top 19 global banks out of which 11 are forecast to see inflation returning next year.
  4. The remaining 8 banks will remain safe. They include the Fed, the European Central Bank, the Bank of England, and the Reserve Bank of India.
  5. The US Federal Reserve is expected to increase rates by another 75 basis later this week. It is an indication of inflation being at a four-decade high of 9.1%.
  6. The US has only a 40% chance of seeing recession but it is sharply up from three months ago. The chances of recession have also risen for the euro zone and Britain.
  7. Inflation forecasts for 48 economies show no quick relief from
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5G Auction Becomes More Interesting With Gautam Adani Joining

Race To 5G Auction Becomes More Interesting With Gautam Adani Joining The Bidders

With Gautam Adani joining the bidders for the fifth-generation airwaves in India, the battle for supremacy in the digital space has become more interesting. While Mukesh Ambani-led Jio Infocomm Ltd. is seen as the highest bidder, analysts say that Adani’s entry into the telecommunication sphere could raise the bar for others.

HIGHLIGHTS

• The Modi government is expected to raise 1.1 trillion rupees from the sale of fifth-generation airwaves
• Ambani and Adani are among the prominent bidders for the airwaves
• Adani doesn’t plan to enter the consumer mobile space presently dominated by Ambani

What Is Offered In 5G Sale?

The government has offered 72 gigahertz of airwaves in various frequency bands ranging from 600 megahertz to 26 gigahertz. The airwaves are offered for 20 years. Also, the bidders are allowed to pay the total amount in 20 equal installments with no upfront payment. A local rating company ICRA Ltd. has put the figure for the airwaves sale at 1.1 trillion rupees ($14 billion).

5G Auction Becomes More Interesting With Gautam Adani Joining

How Much The Bidders Have Deposited For The Auction?

Mukesh Ambani deposited the highest amount 140 billion rupees followed by Bharti Airtel’s 55 billion rupees and Vodafone Idea’s 22 billion rupees. Adani Data paid only … Read the rest

Google Co-Founder Divorcing His Wife For Elon Musk

Is Google Co-Founder Divorcing His Wife For Elon Musk?

Tesla owner Elon Musk reacted to a Wall Street Journal report that alleged he had an affair with the wife of Google co-founder Sergey Brin. But Elon Musk denied the allegation saying that he and Sergey were friends and he had seen Nicole Shanahan twice in three years and both times with many other people around. Nothing romantic, Musk tweeted on the WSJ report.

HIGHLIGHTS

• WSJ alleged Elon Musk had an affair with Nicole Shanahan
• Sergey Brin had filed for divorce with Nicole Shanahan in January
• Elon Musk had also broken up with his singer girlfriend Grimes
• Tesla boss also apologized to Mr. Brin for the affair according to eyewitnesses

What Did Wall Street Journal Report About Elon Musk?

The WSJ reported that Elon Musk had an affair with Nicole Shanahan, wife of his friend and Google co-founder Sergey Brin. The report further said that the affair started with Musk meeting Nicole Shanahan at the … Read the rest