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Mudra Loan Limit Increased to Rs 20 Lakh

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 Mudra Loan Limit Increased to Rs 20 Lakh Following Budget Announcement. As announced in the July 2024-25 Union Budget, the Mudra loan limit under the Pradhan Mantri Mudra Yojana (PMMY) has been increased from Rs 10 lakh to Rs 20 lakh. This enhancement particularly benefits aspiring entrepreneurs, aiding their growth and expansion. The government stated that the move aligns with its commitment to fostering a strong entrepreneurial ecosystem. The notification introduces a new Tarun Plus category for loans between Rs 10 lakh and Rs 20 lakh, available to entrepreneurs who have successfully repaid previous loans under the Tarun category. The Credit Guarantee Fund for Micro Units (CGFMU) will provide guarantee coverage for loans up to Rs 20 lakh under the Pradhan Mantri Mudra Yojana (PMMY). Loans under the Pradhan Mantri MUDRA Yojana (PMMY) are designed to support both term loans and working capital for income-generating activities in manufacturing, trading, and service sectors, as well as
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RCM for Commercial Property Rentals: A New Provision in GST

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RCM for Commercial Property Rentals: A New Provision in GST Understanding the Implications of Notification No. 09/2024 The Indian government has introduced a significant change to the Goods and Services Tax (GST) regime with the issuance of Notification No. 09/2024. This notification mandates the implementation of Reverse Charge Mechanism (RCM) for the renting of commercial property by any unregistered person to a registered person. What is Reverse Charge Mechanism (RCM)? RCM is a mechanism under GST where the recipient of the supply is liable to pay the tax instead of the supplier. In the context of commercial property rentals, it means that the registered person renting the property will be responsible for paying the GST on the rental amount. Key Points of the Notification  * Effective Date: The RCM for commercial property rentals will come into force on October 10, 2024.  * Scope: The notification applies to all cases where an unregistered person (such as an individual or a small bu
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Location: India
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Missed ITR filing July 31 deadline? Check the penalties you need to pay

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The last date for filing an Income Tax Return (ITR), July 31, for the Financial Year 2023-24, has passed. As the Income Tax Department (IT Department did not extend the due date. Now income tax return (ITR) filed after the deadline of July 31 is called a belated return, as per section 139 (4) of the Income Tax Act. Penalties charged for missing ITR deadline Taxpayers have to pay penalties for filing their ITR based on their income level. -Taxpayers with net taxable income above ₹5 lakhs for FY24 can file a belated tax return penalty of up to ₹5,000. Whereas, for the people, whose net taxable income is below ₹5 lakhs for the financial year (FY24), penalty on belated ITR is limited to ₹1,000. What happens when one misses filing an ITR on time? In addition to facing penalties on belated ITR filing, income taxpayers also end up getting certain advantages and privileges that they used to have before the deadline. Following are the two major disadvantages (apart from penalties) for individua
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Say Goodbye to Digital Signatures: Verify Tax Audits with Aadhaar OTP

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In a significant move aimed at simplifying the tax filing process, the Income Tax Department of India has introduced a new verification method for tax audit forms. Taxpayers can now verify their tax audit forms using an Aadhaar OTP (One-Time Password), eliminating the need for a Digital Signature Certificate (DSC). This development is in response to long-standing demands from taxpayers seeking a more convenient and user-friendly verification process. Key Highlights : 1. Simplified Verification Process:    Taxpayers filing tax audit forms can now opt for Aadhaar OTP verification, making the process more accessible and less cumbersome. 2. No DSC Required:    The new system removes the necessity for a Digital Signature Certificate, which previously added an extra layer of complexity for many filers. 3. Enhanced Accessibility:     The Aadhaar OTP verification method is particularly beneficial for individuals who may not be well-versed with digital signatures or those who find the DSC procu
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Location: Hyderabad, Telangana, India
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RBI to Introduce Licensing Framework for Point-of-Sale Players

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The Reserve Bank of India (RBI) is set to roll out a comprehensive licensing framework for point-of-sale (POS) operators, a move that is poised to impact major players in the industry. Let's delve into the details: Background The rapid growth of third-party operators in the offline payments sector has underscored the need for regulatory measures. While banks and non-banking financial companies (NBFCs) currently engaged in the POS business won't be affected, third-party operators will need to obtain licenses to continue their operations¹. Key Points 1. Objective: The primary objective of this licensing framework is to ensure operational harmony and level the playing field between online and offline payment operators. 2. Major Players: The development will significantly impact major players in the POS space, including well-known names such as Pine Labs, MSwipe, Paytm, and BharatPe. 3. Operational Balance: By introducing licensing norms, the RBI aims to create a balanced environme
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Location: India
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Understanding the Role of Net Worth and CA Certificates in Visa Applications

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Understanding the Role of Net Worth and CA Certificates in Visa Applications When planning to travel abroad, whether for study, tourism, or immigration, understanding the financial documentation required for visa applications is crucial. Among these, the “Net Worth Certificate for Visa,” “CA Certificate for Visa,” and “CA Certificate for Visa Format” are key documents that embassies and consulates often request. Let’s delve into what these terms mean and why they are important. Net Worth Certificate for Visa A Net Worth Certificate is a document that showcases an individual’s financial health. It lists all assets, both movable and immovable, and subtracts any liabilities to calculate the net worth. This certificate is often required by visa authorities to assess an applicant’s financial stability and ensure they have sufficient funds to support their stay in the foreign country. CA Certificate for Visa A Chartered Accountant (CA) Certificate for Visa is a statement certified by a pract
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Location: India
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How to choose the Best Term Insurance Plan for your family.

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Introduction Term insurance is a type of life insurance that provides a lump sum amount to the nominee or beneficiary in case of the death of the policyholder during the policy term. Term insurance is also known as pure protection plan, as it does not have any maturity or survival benefit. Term insurance is one of the most affordable and effective ways to secure the financial future of your family in your absence. Term insurance can help you to: - Replace your income and support your dependents - Pay off your debts and liabilities - Cover your children's education and marriage expenses - Achieve your long-term goals and dreams - Leave a legacy for your loved ones Status Term insurance is gaining popularity and awareness in India, as more and more people realize the importance of financial protection and planning. According to a report by CRISIL Research, the term insurance segment grew by 17.4% in FY 2020-21, despite the challenges posed by the COVID-19 pandemic. The report also pr
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Location: India
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