NJR MONEY

Today in this blog, we are discussing about Sukanya Samridhi Yojna Who can Open Account: A legal Guardian/Natural Guardian can open A/c in the name of their Girl Child. A guardian can open only 1 A/c in the name of one girl child and maximum 2 A/cs in the name of two different Girl childs. A/c can be opened up to age of 10 years from the date of birth. Online Deposit facility is available through Netbanking and IPPB Saving Account. Deposit Amount: In a financial year, minimum ₹ 25​0/- and Maximum ₹ 1,50,000/-.  Subsequent deposit in multiple of INR 50/-  Deposits can be made in lump-sum. You can deposits number of times in A/c because there is no limit on number of deposits either in a month or in a Financial year Penalty for Non-deposit: If minimum Rs 25​0/- is not deposited in a financial year, account will become discontinued & can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year. Duration of Account: Deposits may ...

  Institute of Chartered accountants of India (ICAI) has launched Virtual MCS Course for those CA Final students who has appeared in May 19 and Nov 19 exam. And this course can also be done by those students who are going to appear in Nov 20 and May 21 exam.  Due to Covid-19 pandemic, 90 hours physical MCS Course is not possible. So, ICAI made arrangements of doing such MCS Course virtually. For New course students, they compulsory need to do this course before appearing in CA Final exam and in case of old course students, they also compulsory need to do this course but before applying for CA membership. First you need to go to: https://virtualmcs.icai.org At this website, you need to Register yourself.  Once you got log in details, make payment for the course. Students can pay ₹5000/- fee online and can start watching lectures on their PC or smartphone.  Before start watching, you need to upload your passport size photo. Also scan and upload your PAN.  In you...

Section 44ADA is a special provision for small professionals. Under the presumptive scheme of taxation, profits are presumed at 50% of the gross receipts. The following are some of the key benefits available to professionals who opt for presumptive taxation scheme under Section 44ADA: No need of maintaining books required under Section 44AA No requirement of having accounts audited under Section 44AB Facilitates ease of doing business. Tax form is much shorter and simpler as compared to a complex ITR forms under other sections of the income tax act. Reduces compliance burden on small professions. It helps to save money. Tax consultants can charge exorbitant amounts to file tax returns for self-employed individuals due to the complicated filing requirements involved. On the other hand, u/s 44ADA, professionals can file returns on their own due to the simpler ITR form requirements and this can save self-employed professionals a lot of money. For getting above benefits, professionals have...

  Here in this blog, we will be discussing about latest amendment in Seventh Proviso to Section 139(1) of Income Tax Act. In following certain scenarios, it is now mandatory to file income tax return even if your taxable income is below basic exemption limit (threshold limit) as per latest amendments in Income Tax Act. Before we go further, first we will understand what is Basic exemption limit in income tax. Basic exemption limit is the maximum amount not chargeble to tax. Some time, it is also called as threshold limit. Even though the person is otherwise not required to file a return of income because his total income is below the basic exemption limit. However, if he is undertaking certain high-value transactions, he required to file income tax return compulsory. Currently, Company and Firm are compulsory required to file income tax return every year. A person other than a company or a firm is required to furnish the return of income only if their total income exceeds basic...

Senior Citizen Savings Scheme (SCSS) Eligibility: An individual of the Age of 60 years or more may open the account. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits A retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of 50 years subject to the fulfilment of other specified conditions. Account Opening: A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife) Joint account can be opened with spouse only and first depositor in Joint account is the investor. There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh. Account can be opened by ...