Common ITR form for all taxpayers

The finance ministry on Tuesday proposed to come out with a user-friendly common income tax return form for all taxpayers, under which income from virtual digital assets will have to be disclosed under a separate head.

All taxpayers, except trusts and non-profit organisations, can file returns with the proposed new common ITR form, on which the Central Board of Direct Taxes (CBDT) has invited stakeholder comments by December 15.

Currently, there are 7 types of income tax return (ITR) forms which are filed by different categories of taxpayers.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property/other sources (interest etc).

ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.

ITR-2 is filed by people having income from residential property, ITR-3 by people having income as profits from business/ profession, ITR-5 and 6 by LLPs and businesses respectively, while ITR-7 is filed by trusts.

The CBDT, under the finance ministry, said that ITR-1 and 4 would continue, but individuals would also have the option to file returns of income in the common ITR form.

"It proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. The draft ITR aims to bring ease of filing returns and reduce the time for filing the ITR by individuals and non-business-type taxpayers considerably," the CBDT said.

The taxpayers will not be required to see the schedules that do not apply to them. It will have a smart design of schedules in a user-friendly manner with a better arrangement, logical flow, and increased scope of pre-filling.

"It will also facilitate the proper reconciliation of third-party data available with the Income-tax Department vis a vis the data to be reported in the ITR to reduce the compliance burden on the taxpayers," the CBDT said.

The proposed ITR would be customised for the taxpayers with applicable schedules based on certain questions answered by them.

Once the common ITR form is notified, after taking into account the inputs received from stakeholders, the online utility will be released by the Income Tax Department.

"In such a utility, a customised ITR containing only the applicable questions and schedules will be available to the taxpayer," the CBDT said.

Nangia Andersen LLP Partner Sandeep Jhunjhunwala said taxpayers filing return of income in Forms ITR-2, ITR-3, ITR-5 and ITR-6 would not have an option to file the old forms, once the new common form and related utility are notified.

"Contemporary reporting requirements such as pass through income or loss under various heads, income from virtual digital assets, declaration and details of Business Connection, Permanent Establishment and Significant Economic Presence in India for non-residents, and details of foreign equity and debt interest held remain key highlights of the new common ITR form," Jhunjhunwala added.

Block UPI Apps if the phone is stolen or lost or lost your SIM Card

For Paytm

Step #1: Call 01204456456 to the PayTM Payments Bankh helpline

Step #2: Choose the "Lost Phone" option. 

Step #3 Select "Enter a different number" and then, type the phone number you lost. 

Step #4: Select the option to log out from all the devices using the samel ogin credentials.

Step #5. Go to PayTM's website (www.paytm.com) and select the option "24x7 help" 

Step #6: You need to choose "Report a Fraud" from among the other options available onboard. 

Step #7: Once you select the appropriate issue, tap on "Message

Step #8: The next screen will asky ou to prove the ownership of thea account by submitting a debit or credit card statement, email, or SMS confirmation, as well as some  documentation such as a police report proving that your phone was lost or stolen 

Step #9: Once all the information is confirmed and verified, you will receive a message confirming that your PayTM account and UPI have been temporarily blocked unless you unfreeze it.

Google Pay

Step #1: Firstly, dial 18004190157

from any smartphone to reach out to

customer service Step 

#2: Talk to the respective customer service representative to answer their queries and ask them to block your Google Pay account.

Step #3: Repeat the following procedure based on if you are using Android or iOS 

PhonePe

Step #1: Dial numbers  02268727374 or 08068727374 

Step #2: Next, you need to mention the phone number associated with the PhonePe account to report it

Step #3: Enter the OTP when required if you have the SIM card or else, select 'report the loss of a SIM or device.

Step #4. You will be connected to a customer service representative where you can report the incident or fraud and ask them to block your PhonePe account.

Step #5: Verify that your PhonePe account has been blocked. You can now seek out a new phone and port your old phone number to a new SIM card and re-active all the services just like the ones that were available previously.

Big EPFO news! Pension to shopkeepers too!!!

The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 will have to be reformed to remove the salary limit of Rs 15,000 and 20 employees. After this change, self-employed people will also be able to join the EPFO ​​scheme.

Employees’ Provident Fund Organization ie EPFO ​​is working on an important proposal. EPFO is considering a proposal to abolish the salary and the limit of employees in the company. This proposal is being considered to be implemented for all types of formal workers and self-employed people. This means that people whose salary is less than Rs 15,000 and a company that does not have 20 employees can be included in the retirement scheme of EPFO.

To implement this new proposal, EPFO ​​is talking to different parties and its point has also been conveyed to the states. At present, only people whose salary is Rs 15,000 can take advantage of the EPFO ​​scheme. Also, only the company which has at least 20 employees can add their employees to the EPFO ​​scheme. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 will have to be reformed to remove the salary limit of Rs 15,000 and 20 employees. After this change, self-employed people will also be able to join the EPFO ​scheme.

Once this amendment is done in the rules of EPFO, then the rule of salary and mandatory number of employees will be abolished. Then any company with any income or salary and any number will be able to join EPFO. At present, the benefit of the retirement scheme of EPFOs available to the same employee or worker whose salary is more than Rs 15,000. EPFO provides a provident fund, pension and insurance facility to its members. These facilities are provided under EPF, Employee Pension Scheme and Employee Deposit Linked Insurance Scheme.

On the other hand, a committee has suggested to increase the salary limit of EPF from Rs 15,000 to Rs 21,000. According to the existing rules, only an employee can join EPFO ​​whose salary is up to Rs 15,000. The rule says that it is necessary to give the benefit of the EPF scheme on behalf of the company to an employee with a monthly salary of Rs 15,000. If the recommendation of the committee is accepted, then the salary limit can be Rs 21,000. Earlier in 2014, the salary limit was increased. EPF was set up in the year 1952 and the 9th increase was done for the last time in 2014.

The money deposited in EPF is for retirement facilities. But in adverse circumstances or subject to certain conditions, money can be withdrawn from PF. During the Corona period, the government had given permission to withdraw advance money from PF. As soon as the limit of Rs 21,000 is fixed, about 75 lakh employees of the country will come under PF.

At present, the benefit of EPF is given to 6.80 crore people. But if the EPFO ​abolishes the rule of the salary limit, then people working in the formal sector and self-employed will also benefit. Under EPF, the benefits of provident fund, pension and insurance schemes are given to the employees.

Multibagger Stocks

A stock is referred to as a "multibagger" if its value increases by multiples after an initial investment. These stocks might be inexpensive but have solid fundamentals and can increase an investor's return on investment by a factor of multiples. Multibagger stocks promise excellent corporate governance and quickly scaleable businesses.

The important features of multibagger stocks are :-

• Low-debt:-A low-debt company is a Zero to a multibagger stock. While the definition of a low-debt company varies by industry, it is generally accepted that debt that is less than 30% of equity value is healthy.
• Sources of income:-Look at the sources that contribute most to the company's income. The stock may merit being a multibagger in the future if the revenue sector appears to be rising at a macro level and the operations seem easily scalable.
• Quarter-on-quarter performance:-Pay attention to the company's(Quarter on Quarter) QoQ revenue multiples. Low multiples could be a sign that the company has a significant upside potential.
• Earnings and price multiples:-Check the price-/-sales and PE ratios based on the revenue and trailing 12-month EPS Increasing the PE level above the stock price more quickly shows multibagging.Based on the trailing 12-month EPS and revenue, check the current PE and price/sales ratios. Being a multibagger is indicated by a faster increase in the PE level over the stock price.The management history, corporate strategy, and yearly reports may all significantly affect stock growth

Difference between Mediclaim and Health Insurance.

When it comes to Mediclaim and health insurance, people often get confused between the two, but one should understand that there is a fine line of difference between them.

A Mediclaim insurance includes the points mentioned below:

• Expenses that are covered due to an accident
• Cost of expenditure due to any emergency

But it is essential to know that a Health insurance policy covers only the hospital's expenses. If there are any other expenses related to your health, it does not come under Mediclaim insurance. The policyholder himself is supposed to deal with the extra expenses.

Now, let us get to see what health insurance is.

Health insurance is nothing but an insurance policy. It, too, just like Mediclaim, covers all the expenses, including medical and surgical. Once you issue health insurance, you get protection against every medical emergency.

The payment system takes place in one of the two processes. One is that the payment can be made directly by the insurer. The bill is directly settled between the hospital and the insurer. And if anyone follows the second method, then the insured can pay the insured bill out of their own pockets and later ask for its reimbursement.

But it is to be noted that health insurance is much costlier than Mediclaim as it covers the policyholder's cost extensively. Now, let us see the fundamental difference between Mediclaim and health insurance:

• Mediclaim does not cover the extra cost other than the hospital expenses, whereas health insurance covers the add-ons other than the hospital expenditure.
• A Mediclaim plan is not flexible, unlike health insurance. Health insurance has a sound planning system. Our expenses and add-ons are covered according to the plan that we choose.
• A Mediclaim plan covers only an amount of 3 lakhs, whereas health insurance covers an amount of 5 lakhs.

Now, the question lies, which one is better and to know that you should consider three things:

1. The financial state you are in
2. The flexibility you require in your health plan
3. You should always check on your medical history

Now, it depends upon you which one is better for you after considering these factors.

Is bear rally over?

Falling inflation is good for any economy  Inflation in July has fallen for 4 straight months, from 7.79% in April to 6.71% in July. That said, it is still above the RBI's 6% comfort zone.

Three major factors over the next three months will determine if this is the formation of a bull rally or if this is another bear rally. And all these three factors are locked in a circle.

Inflation: Falling inflation will cause central banks around the world to go easy on rate hikes.

Rate hikes: If inflation falls and a recession is averted, central banks will limit rate hikes.

Earnings: If central banks limit rate hikes, credit becomes cheaper and people's spending capacity will go up, which bodes well for corporate bottomlines.