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 sell property/shares/capital in losses during the pandemic time, the losses should be declared and filed on or before the due date.
  5. Income Tax Department could send a notice for not filing or mismatch of income/loss declared.
  6. You can apply for refunds and losses till 31 December 2022 and if you miss this deadline, you will be required to find an appeal for condonation for refund and losses carried forward.
  7. The commissioner of income tax of your ward will consider your application and approve it only
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Is Death Under Mysterious Circumstances Just Another Tweet By Elon Musk?

Tesla CEO Elon Musk in his latest tweet said about dying under “mysterious circumstances”. And it is the first time that he has indicated a risk to his life and his followers are connecting his fear to the Ukraine war.

HIGHLIGHTS

• Elon Musk tweets about death under “mysterious circumstances”
• His company SpaceX Starlink is providing military communication equipment to Ukraine
• Speculations are that he faces threat from Russia for helping Ukraine
• The post elicited mixed responses from Twitter users

What Is Disturbing In His Tweet?

Musk said that he would be held responsible for supplying the fascist forces in Ukraine with military communication equipment. He further said that he will be held accountable like no adult – no matter how much he would play the foo.

What Is The Truth Behind Russian Threat?

The communication equipment Musk talked about in his tweet was delivered by the Pentagon, the headquarters of the US Department of Defense. But Musk activated his SpaceX’s Starlink satellite broadband service in Ukraine after a minister of the war-torn country reached out to Musk.

How Are People Responding To Musk’s Tweet?

Most people are connecting his tweet to the recently concluded deal of Twitter. Elon Musk has bought the micro-blogging site Twitter for $44 billion and people are saying that he is bothered by the … Read the rest

LIC IPO Opens Under The Shadow Of Russian Invasion Of Ukraine

The much awaited initial public offering (IPO) of Life Insurance Corporation of India (LIC) will open for subscription from 4-9 May. The over Rs. 21,000 crore IPO is offered with a price band of Rs. 902-909 per share.

HIGHLIGHTS

• LIC IPO opens tomorrow and will available till Monday
• The government is giving discount of Rs. 60 to its policy holders and Rs. 45 for retail investors and its employees
• Initial size of the IPO was cut to Rs. 21,000 crore due to international war conditions
• The central government is selling 3.5% stake in LIC through the IPO

About IPO

Lic IPO

It is entirely an offer-for-sale (OFS) offered with a discount of Rs. 60 per share for LIC policyholders and Rs. 45 per share for retail investors and institutional buyers. Also, half of the issue has been reserved for qualified institutional buyers (QIBs), 35% is reserved for retail investors, and 15% for non-institutional investors.

The shares will be offered in a lot of 15 equity shares and multiples thereafter. A single lot would cost approximately Rs. 14,235 (excluding discounts) and the shares will be listed in both NSE and BSE.

The cut off time for UPI mandate conformation is fixed at Tuesday 10 May up to 12:00 pm. Applications received after the cut off time won’t be considered.

KFin Technologies has been made registrar of the issue and Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, Nomura Financial Advisory and Securities India, Goldman Sachs India Securities, ICICI Securities, JM Financial, JP Morgan India and SBI Capital Markets are the lead managers.

International Conditions Affecting The IPO

The initial … Read the rest

A ₹ 15 Hike In Petrol, Diesel Prices Feared By Experts After A Four Month’s Pause

With assembly elections in five states – Uttar Pradesh, Punjab, Uttarakhand, Manipur, and Goa – concluding on Monday, the state-owned fuel retailers are gearing up to adjust the price according to the benchmark international rate in the preceding 15 days.

Highlights Of The Fuel News:

• Fuel prices have been frozen since 4 November 2021 due to assembly elections
• The crude oil price for India rose above $111 per barrel on 1st March 2022
• International oil prices shot up fearing disrupting of oil supplies or sanctions by western nations on Russia for invading Ukraine
• The decrease in the value of the rupee to 77.01 per dollar further escalated the crude oil prices

How Much The Oil Price Could Be Revised In India?

Hike In Petrol, Diesel Prices

At the time of freezing of oil prices four months back, India was paying $81.5 per barrel. The oil companies today need at least a ₹ 15/liter increase to break even. But they are expected to increase the price by less than 50 paisa/liter every day instead of passing the entire loss to the consumers in one go.

How Much Crude Oil India Buys From International Market?

India meets about 85% of its oil requirement from the international crude oil market where prices have jumped to a 13-year high of $140/barrel. Heavy dependence on the international market makes India more vulnerable to a price increase. But today India is facing the double blow of Ukraine war and a weakening rupee.

How Is the Russian Invasion Of Ukraine Affecting The International Crude Oil Prices?

Russia produces one-third of Europe’s natural gas and 10% of global oil in the world but most … Read the rest

Did Ajay Devgn Really Lose His Cool During A Mahindra Commercial?

The latest commercial of Mahindra Truck And Bus shows Ajay Devgn losing his cool with repeated changes in the script. The video shows the star asking why the script is changed again and again and showing his exasperation on getting a creepy reply.

See The Video

Ajay Devgn is ready for the shoot, but the script has changed. He asks why the script is being changed and someone answers that it has been changed only four times. The actor shows his exasperation. The video ends with a caption – keep watching, meaning that is more to come in the video.

Anand Mahindra’s Reaction On The Video

Chairman of Mahindra Group, Anand Mahindra, took to Twitter to give his reaction to the video.

“I better leave town before he comes after me in one our trucks…” said Anand Mahindra.

And his reaction started a series of tweets and comments from his followers. It is to be noted that Anand Mahindra uses his Twitter handle to give his views on different matters and he has a large followership on the microblogging platform.

Ajay Devgn Really Lose His Cool During A Mahindra Commercial

After Anand Mahindra’s tweet went viral, one of his followers warned him that the actor could come on two trucks. The follower was alluding to the actor’s stunt for his film Phool Aur Kaante.

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Tesla Delays Launch Of New Models Amid Supply Chain Woes

While rising demand for electric vehicles has increased Tesla’s profit to a record $5.5 billion in 2021, the electric carmaker calls it a bigger feat as it made 87% deliveries and scored a 71% ($53.8 billion) rise in revenues despite the global semiconductor shortage.

No Immediate Relief From Supply Chain Woes To Tesla

No Immediate Relief From Supply Chain Woes To Tesla

In a press release, Tesla stated that the company planned to boost production to achieve the target of 50% annual growth. But it maintained that the stability of the supply chain would play a crucial role in the growth.

Tesla’s press release further stated that their factories had been running below capacity due to supply chain anomaly and that the problem would continue in 2022.

Elon Musk Has Hope

Elon Musk Has Hope

Musk said that the new semiconductor capacity could plug the demand and supply gap by the end of 2022 or early 2023. But he also hinted at other issues that could surface in 2022. Elon Musk was speaking to analysts and investors during a conference call.

No New Products This Year

Elon Musk's Tesla Rides

The decision to roll out new products has to be deferred due to supply chain issues. But the company would work on its electric pickup “Cybertruck” for its possible launch in 2023. Musk added that had the company added new models in 2021, that would have resulted in lower production. About the $25,000 electric vehicle that Musk had previously discussed, he said that the product was not in the new models.

New Factories

Tesla is busy ramping up its facilities in California and Shanghai. Also, the work in new factories in Germany and Texas is going in a full swing. In 2021, … Read the rest

Jeff Bezos Will Fulfill His Childhood Dream Of Blasting Into Space In His Rocket

The 57-year-old Amazon founder, Jeff Bezos, is planning a trip to space in his rocket. He will ride a reusable New Shephard rocket that has been tested 15 times by his Blue Origin Company.

When will the flight take off?

Jeff Bezos is the wealthiest man in the world by Forbes’ estimate and now he’s going to be the first billionaire to travel to space. The flight will take July 20 on the 52nd anniversary of the first moon landing by Apollo 11 which took Neil Armstrong and Buzz Aldrin to the moon.

Bezos will be accompanied by his younger brother, Mark who’s an investor and volunteer firefighter. Also, there’ll if a lucky winner of an online charity auction. A New Shephard rocket will take all the occupants to space from remote West Texas on the said date.

Blue Origin’s flight details

Blue Origin took inspiration from Alan Shephard who’s the first American to go to space in a sub-orbital ride aboard a Mercury capsule in 1961. Blue Origin even named its capsule on Alan Shephard. But Bezos flight will be five minutes less than Shephard’s historical flight.

Also, the New Shephard capsule has more room than its predecessor. What is more exciting is that every seat in the capsule is provided with a huge window to soak in panoramic views of the space.

Jeff Bezos wants to start his space tourism business with this flight. He will offer seats to interested people. The flight will include three minutes of weightlessness in space. But the cost of a ticket is yet to be announced.

Competition in space

Elon Musk is also preparing to send his … Read the rest

Bill And Melinda Gates’ Great Deal Of Thought Of Divorce

Bill and Melinda Gates are singles now. They are ending their 27 years of marriage after a great deal of thought. But it would be an amicable divorce as both will work together on the philanthropic projects they have started.

What was that great deal of thought?

The two met in New York in 1980 when Melinda was a manager in Microsoft. Their relationship flourished and they decided to tie the knot in a private ceremony in Hawaii. They raised three incredible children and built a foundation that works all over the world.

Melinda said during a Salesforce event in 2016 that they fell in love with everything they saw that didn’t mean that they fell in love with people. She went on disclosing her personal life by saying that they were asking questions to themselves.

The couple filled a marriage questionnaire later in the trip. Based on their answers, they decided that their resources from Microsoft should go back to society. She said that that was an easy discussion and they thought that would be later in their lives when they got to do that.

How would the couple separate?

Monica Mazzei, a divorce attorney, and a partner at Sideman & Bancroft LLP in San Francisco is looking after their divorce proceedings. She said the biggest concern was the couple’s foundation and family office. It is to be decided as to what extent they want to work together and move forward.

How would the couple work together?

Bill and Melinda Gates would remain co-chairs and trustees of the Bill & Melinda Gates Foundation. They would continue … Read the rest

Four Important Points Of RBI Monetary Policy

Reserve Bank of India (RBI) governor Shaktikanta Das will release the first by-monthly monetary policy statement of fiscal 2022 in a press conference on Wednesday. The statement was prepared by the six-member Monetary Policy Committee (MPC), or the rate-setting panel, headed by Das after three-day marathon meeting could shed light on the following points.

Rate Action & Commentary

A change in policy rates is unlikely to happen but a hike is expected at the end of the current fiscal or the next. Most bankers and economists also want the RBI to support the recovery that has just begun by maintaining the present rates.

Economic Growth

The MPC is unlikely to revise down its FY22 forecast of 105% amid localized lockdowns due to fresh wave of pandemic. But RBI could revise its Q1FY22 forecast of 26.2%. Lead indicators also point to mid sequential moderation in RBI policies.

Inflation

Rising input costs, commodity prices, and sticky core inflation could press RBI to revise its inflation forecast for the Q2FY22. The central bank projected inflation at 5.2-5% in Q1FY22 and 4.3% in the second half in its February policy. According to Madhavi Arora, economist, Emkay Global, there could be little tinkering with inflation forecasts.

Liquidity

While the experts are divided into liquid normalization process of RBI, but there are strong chances that the central bank could start liquidity normalization in the second half of the fiscal. But Sonal Varma and Aurodeep Nandi, economists, Nomura believe that RBI could start the process in mid-2021.

Source:- https://bit.ly/3s1l6Pn

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A Bihari Farmer Selling His Crop ₹1 Lakh/KG

If you are of the opinion that farming isn’t a profitable business then this news from Bihar could be an eye-opener for you. A farmer in Bihar cultivated a specific kind of vegetable that sells ₹1 lakh/kg. It is the costliest crop in the world and a humble Indian farmer from a poor state has proved that it could be a game-changer for the farming community.

What is that crop?

It is Hops and popularly known as seed cones or strobiles. Member of the Cannabaceae family of flowering plants, it is considered the costliest crop because of its uses and health benefits. Would you believe that no part of this plant goes to waste? Everything from fruit, flower to the stem has multiple uses in food and medicines.

What are the uses of Hops flower?

It is used by the beer industry for making alcoholic beverages. Hops flower works as a stability agent in beer making. Also, it is considered a potential remedy for Tuberculosis. Hops plant is rich in antioxidants hence good for your skin. It is also known to bring relief in mental conditions like anxiety, depression, and insomnia.

Who cultivated Hops in Bihar?

Amresh Singh (38), a farmer from Karamnidh Village of Aurangabad district of Bihar, cultivated this risky crop in his field. He bought the seeds of this plant from the Indian Vegetable Research Institute at Varanasi and became the first farmer to cultivate this crop in India. Presently Hops is a rare vegetable in Indian markets.

Source:- https://bit.ly/3dvL3RU

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