FinKnowHub Blog

 In the for Financial Year 2023, a separate provision for the taxability of Online Games was introduced i.e., Section 194BA. This was much anticipated because of the current development seen in Online Gaming Industry and a number of Websites and Applications being introduced in the recent years offering Online Betting on various Sports.  Section 194BA states that, "Any person earning income from winnings from any online gaming, then the person who is responsible to pay such winnings shall be liable to deduct TDS from the NET WINNINGS  of such person earning income." Therefore, Central Government vide Notification G.S.R. 379(E). dated 22nd May, 2023  inserted Rule 133 with respect to calculation of Net Winnings.  The Rule segregates the Point of Taxability into 3 stages, 1. FIRST TIME WITHDRAWAL 2. SUBSEQUENT WITHDRAWAL 3. AT THE END OF FINANCIAL YEAR

In the Evening of 19th May, 2023  was travelling to Gurugram. Suddenly, back to back Whatsapp notifications buzzed. Only one message was circulating in all groups, "Rs. 2,000 banned". I quickly checked my wallet to looked for any such denomination with me, but there wasn't. Then I browsed the Internet to check the Truth behind it and went to RBI Website and read the entire Press Release. Through this article I will try to remove the misconceptions and rumours behind the recent development. To keep it easier, a QnA format is used. 1. Why Rs.2,000 denomination Bank Notes were issued ? To fulfil the currency requirement of the Economy in an immediate manner after the sudden decision of withdrawing Rs.500 and Rs.1,000 denominated Bank Notes.  The intent was to de-circulate them once the currency in other denominations gets floated in the economy in adequate quantities, therefore printing of New Rs.2,000 Bank Notes was stopped in 2018-19.  Also the value of Rs.2,000 Bank Notes...

G one are the days when dividend income was considered as an Exempt Income. In the Finance Budget 2020, the liability to pay tax on Dividend was shifted from declaring companies to its recipients.  Following is a brief overview of provision pertaining to Taxability of Dividend prior to April 1, 2020 Prior to April 1, 2020 Dividend (Interim or Final) declared by a Domestic Company was taxed under Section 115-O of Income Tax Act, 1961 at the rate of 15%. This tax was called DIVIDEND DISTRIBUTION TAX. (Section 115-R dealt with the Income distributed by Mutual Funds to its Unit holders) On the other side, the said Dividend Income was treated as an EXEMPT INCOME in the hand of recipient (Investor) . Therefore, the onus to pay tax lied upon the Domestic Company Dividend, not the investor.

1.   Who can apply for Udyam Registration ? Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal. 2. What are Micro, Small and Medium Enterprises ? 3. What information is required to apply for  Udyam Registration ? Link for NIC Code:   https://udyamregistration.gov.in/docs/NIC-code-for-MSME-classification-defination.pdf  (Page 36 - 137) Link for Sample Udyam Registration Form:   https://udyamregistration.gov.in/docs/UdyamApplication.pdf 4. Is there any Fees/ Charge associated with Application for Udyam Registration ? Udyam Registration is completely FREE. 5.  How much does it takes to get Registered ? It will be an instant process i.e, soon after successful submission of required details, Udyam Registration Number will be granted. A Certificate will also be issued online.  The government owns 8 other domains which will direct to the main domains ( https://udyamregist...

Not only for AADHAR - PAN linking, but 31st March is also the deadline for "UPDATING NOMINATIONS IN ALL EXISTING MUTUAL FUNDS FOLIOS" . So here is STEP BY STEP guide to update Nominations in Mutual Fund Folios.👇 METHOD 1:  Website/App of Mutual Fund Central MF Central is combined platform for the two Registrar and Transfer Agents (RTA), CAMS and KFintech. Investors can use various Mutual Fund related services such as Subscription, Redemption, Consolidation of Folios, Updation of E-Mail and Contact Number, Updation of Nominee etc. on this platform. A person can create an account by using his/her PAN and Registered Mobile Number/E-Mail ID. Once you log in all the Folios assigned to your PAN will be displayed in the Portfolio Section. Here is a Screenshot of the various service request that can be placed, Investors can use the "Update Nominee Details" option to update/opt out of Nomination. Link:  https://app.mfcentral.com/investor/signin METHOD 2:   Through RTA Web...