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Provident Fund (PF) : Budget 2021 Proposed To Tax The Interest Income

Provident Fund (PF): Union Budget 2021-22 proposed to tax the interest income on Provident Fund (PF) contributions by employees exceeding Rs. 2.5 lakh a year. The Ministry of Finance expressed concerns over investments as much as Rs. 1 crore each month into PF and suggested it was unfair that they get tax concessions as well […]

Power Sector Reforms : Andhra Pradesh Became The Second State

Power Sector Reforms: Andhra Pradesh has become the second State to undertake the power sector reforms stipulated by the Department of Expenditure, Ministry of Finance. As part of the reforms, the State has started a Direct Benefit Transfer (DBT) of electricity subsidy to farmers with effect from September 2020. Thus, the State has successfully implemented […]

Hindi Word Of The Year 2020 : Aatmanirbharta Or Self-Reliance

Aatmanirbharta’ Or Self-Reliance: Oxford Languages has chosen ‘Aatmanirbharta’ or self-reliance as its Hindi word of the year for 2020. The 2019 Oxford Hindi word of the year was “Samvidhaan” or Constitution as the panelists felt that in 2019, the abrogation of Article 370 and the Supreme Court’s judgment on the Ram Janmabhoomi-Babri Masjid dispute brought […]

Unsolicited Commercial Communications (UCC): Guidelines by Delhi Court

Unsolicited Commercial Communications (UCC): The Delhi High Court (HC) ordered the Telecom Regulatory Authority of India (TRAI) to ensure “complete and strict” implementation of the regulation issued by it in 2018 for curbing Unsolicited Commercial Communications (UCC). UCC means any Commercial Communication which a subscriber opts not to receive, but does not include- any transactional […]

Asset Reconstruction Company – Budget 2021 : Key Points

Asset Reconstruction Company: In the Budget 2021-22, Asset Reconstruction Company (ARC) has been proposed to be set up by state-owned and private sector banks, and there will be no equity contribution from the government. The ARC, which will have an Asset Management Company (AMC) to manage and sell bad assets, will look to resolve stressed […]

New Amendments to The Companies Rules 2021: Key points

Amendment of The Companies Rules: The ministry of corporate affairs (MCA) has amended the definition of small companies by amending the Companies Rules. The new amendment allows the non-resident Indians (NRIs) to incorporate one-person companies (OPCs) in India. The changes were announced by finance minister Nirmala Sitharaman during the presentation of the Union Budget. These […]

Foreign Contribution (Regulation) Act, 2010 : New Guidelines to Banks

Foreign Contribution (Regulation) Act, 2010: The Ministry of Home Affairs (MHA) issued new regulating guidelines to banks under Foreign Contribution (Regulation) Act, 2010. It states that the donations received in Indian rupees by non-governmental organizations (NGOs) and associations from any foreign source (even if that source is located in India at the time of such […]

Union Budget 2021 : Key Points | Highlights

Budget 2021: Finance Minister Nirmala Sitharaman said that the Budget proposals for this financial year rest on six pillars — health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation, and R&D, and ‘Minimum Government, Maximum Governance’. Significant announcements included a slew of hikes in customs duty […]

14 Minor Forest Produce Items Included Under MSP Scheme

14 Minor Forest Produce Items Included Under MSP Scheme:   Highlights: This new mechanism will help to provide remunerative and fair prices to tribal gatherers of forest produces. The items which have been included in the scheme include- Tasar Cocoon, bamboo shoot, elephant apple dry, wild dry mushroom and malkangani seed. Minimum Support Price (MSP) […]

Reasons for High Fiscal Deficit in 2019-20

Increased Fiscal Deficit: The government’s fiscal deficit has increased to Rs. 11.58 lakh crore or 145.5% of the Budget Estimate (BE) at the end of December 2020 (accounting for the first nine months of the year 2020-21) mainly on account of lower revenue realisation. Key Points: Fiscal Deficit Target Fixed for 2020-21: The Centre had […]