Dearness Allowance raised by 3%, effective from April 1

The Government had hiked Dearness Allowance for central govt employees and Dearness Relief for pensioners by 3 percent. The hike will be effective from January 2022 and with the latest increase the DA and the DR now stand at 34 percent

Big boost: Hike in DA announced effective Jan 2022

Government hikes Dearness Allowance for central govt employees and Dearness Relief for pensioners by 3%.

The Government had hiked Dearness Allowance for central govt employees and Dearness Relief for pensioners by 3 percent. The hike will be effective from January 2022 and with the latest increase the DA and the DR now stand at 34 percent
The DA increase would come as a relief for the employees at a time when petrol and diesel prices are witnessing a continuous surge. "This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission," said the government. This decision will benefit over 50 lakh government employees and 65 lakh pensioners.
The government revises DA and DR twice every year -- in January and July. Dearness Allowance is a component of salary of government employees and pensioners, aimed at soothing the impact of inflation.&nbsp;&nbsp;Dearness Relief is what is given to pensioners.

To deal with the pandemic and the financial &amp; health concerns that come with it,&nbsp;Insurance giant -&nbsp;LIC&nbsp;is helping its policymakers to revive their lapsed policies in the current financial year.&nbsp;
Insurance giant,&nbsp;LIC has announced a special window to revive old policies which have lapsed due to unpaid premiums and the window for revival is ending next week, that is on March 25.&nbsp;
Here's how to revive your lapsed LIC policy
The state-run insurance giant in a statement&nbsp;said, "In view of the prevailing circumstances, concessions are being offered in late fee for other than&nbsp;Term Assurance&nbsp;and High-Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in a late fee."&nbsp;&nbsp;Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from the date of the First Unpaid Premium subject to certain terms and conditions.&nbsp;&nbsp;Consession in late fee for eligible policies&nbsp;&nbsp;&nbsp;* Up to Rs 1,00,000- Concession in latefee- 20%, Maximum consession- Rs 2000&nbsp;* From 1,00,001 to Rs.3,00,000- Concession in late fee 25%, Maximum consession- Rs.2,500&nbsp;* From 3,00,001 and above- Concession in late fee 30%, Maximum consession Rs 3000&nbsp;Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign.
LIC has regularly allowed such windows with the last such opportunity in Aug 2021 and Nov 2019.&nbsp;&nbsp;

Lapsed LIC policy? You have 48 hours left to revive it, here is how

To deal with the pandemic and the financial concerns that come with it, Insurance giant, LIC is helping its policymakers to revive their lapsed policies 

Here's how you can revive your lapsed LIC policy

According to the statement, eligible health and micro insurance policies are also eligible for the late fee reduction.

To deal with the pandemic and the financial &amp; health concerns that come with it,&nbsp;Insurance giant -&nbsp;LIC&nbsp;is helping its policymakers to revive their lapsed policies in the current financial year.&nbsp;
Insurance giant,&nbsp;LIC has announced a special window to revive old policies which have lapsed due to unpaid premiums and the window for revival is ending next week, that is on March 25.&nbsp;
Here's how to revive your lapsed LIC policy
The state-run insurance giant in a statement&nbsp;said, "In view of the prevailing circumstances, concessions are being offered in late fee for other than&nbsp;Term Assurance&nbsp;and High-Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in a late fee." &nbsp; &nbsp; Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from the date of the First Unpaid Premium subject to certain terms and conditions. &nbsp; &nbsp; Consession in late fee for eligible policies &nbsp;&nbsp;&nbsp; * Up to Rs 1,00,000- Concession in latefee- 20%, Maximum consession- Rs 2000 &nbsp; * From 1,00,001 to Rs.3,00,000- Concession in late fee 25%, Maximum consession- Rs.2,500 &nbsp; * From 3,00,001 and above- Concession in late fee 30%, Maximum consession Rs 3000 &nbsp; Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign.
LIC has regularly allowed such windows with the last such opportunity in Aug 2021 and Nov 2019.&nbsp;&nbsp;

As the financial year is about to get over on March 31st, EJ lists out several deadlines that one needs to meet when it comes to money.
1. Aadhaar-PAN link: If you haven't yet connected your PAN to your Aadhaar number, you have until March 31, 2022, to do so. If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
2. ITR Filing: If you didn't file or missed your ITR for the fiscal year 2020-21 on December 31, 2021, here is your opportunity. You have until March 31, 2022, to file the late return. A delayed ITR is an income tax return filed between January 1, 2022, and March 31, 2022. A late filing fee of Rs 5,000 will be charged if the ITR is not filed on time (Rs 1000 for total income up to Rs 5 lakh).
3. Update KYC in your bank accounts
The Reserve Bank of India (RBI) had extended the deadline for updating Know Your Customer (KYC) in the bank accounts to March 31, 2022, from the previous deadline of December 31, 2021. Customers must update their PAN card, address (such as Aadhaar), passport, and other documents as part of KYC. In addition, recent pictures and other details are required.
 

Aadhar-PAN link to ITR filling: tasks you should complete by March 31

As the financial year is about to get over, EJ lists out several deadlines that one needs to meet when it comes to money matters 

Do this before March 31 else your PAN Card will become inactive

fee of Rs 5,000 will be charged if the ITR is not filed on time

If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.&nbsp;

As the financial year is about to get over on March 31st, EJ lists out several deadlines that one needs to meet when it comes to money. Also read/watch |&nbsp;<a title="PVR Inox Merger: Here is what shareholders need to know" href="https://www.editorji.com/business-news/markets/pvr-inox-merger-here-is-what-shareholders-need-to-know-1648455166192" target="_blank">PVR Inox Merger: Here is what shareholders need to know</a> &nbsp;
1.&nbsp;Aadhaar-PAN link: If you haven't yet connected your PAN to your Aadhaar number, you have until March 31, 2022, to do so. If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
2. ITR Filing: If you didn't file or missed your ITR for the fiscal year 2020-21 on December 31, 2021, here is your opportunity. You have until March 31, 2022, to file the late return. A delayed ITR is an income tax return filed between January 1, 2022, and March 31, 2022. A late filing fee of Rs 5,000 will be charged if the ITR is not filed on time (Rs 1000 for total income up to Rs 5 lakh).
3. Update KYC in your bank accounts
The Reserve Bank of India (RBI) had extended the deadline for&nbsp;updating Know Your Customer (KYC) in the bank accounts&nbsp;to March 31, 2022, from the previous deadline of December 31, 2021. Customers must update their PAN card, address (such as Aadhaar), passport, and other documents as part of KYC. In addition, recent pictures and other details are required.

From the cup of coffee in the morning to your evening Maggi snack everything is going to cost more as companies take in price hikes to battle rising cost. HUL and Nestle have raised prices of high demand items such as Bru Coffe and Maggi. With the latest changes, the price of Maggi Masala noodles 70 gm is hiked to Rs 14 from Rs 12. The price of Maggi Masala Noodles 140 gm is hiked by Rs 3. CNBC TV-18 reports that Bru instant coffee pouches as well as popular Nescafe is going to cost more by 3-5%. Food inflation in India is now near the highest level in a decade. 

Maggie price hiked from hiked to Rs 14 from Rs 12: See what is costlier 

From the cup of coffee in the morning to your evening Maggi snack everything is going to cost more as companies take in price hikes to battle rising cost. 

Coffee to Maggi - snackables get pricey

Price of Maggi Masala noodles 70 gm is hiked to Rs 14 from Rs 12.

From your&nbsp;cup of coffee in the morning to the evening&nbsp;snack of&nbsp;Maggi&nbsp;everything is going to cost more as companies take in price hikes to battle rising cost.&nbsp; Also watch &amp; read:&nbsp;<a title="Startup Sizzle Fades: Paytm, Zomato, Nykaa, others flushed investors' money" href="https://www.editorji.com/business-news/markets/startup-sizzle-fades-paytm-zomato-nykaa-others-flushed-investors-money-1647250454734">Startup Sizzle Fades: Paytm, Zomato, Nykaa, others flushed investors' money</a>
HUL&nbsp;and Nestle have raised prices of high demand items such as Bru&nbsp;Coffe&nbsp;and Maggi.&nbsp;With the latest changes, the price of Maggi Masala noodles 70 gm is hiked to Rs 14 from Rs 12. The price of Maggi Masala Noodles 140 gm is hiked by Rs 3.&nbsp;
CNBC&nbsp;TV-18 reports that&nbsp;Bru instant coffee pouches as well as popular Nescafe&nbsp;is going to cost more by 3-5%.&nbsp;
Food inflation in India is now near the highest level in a decade.&nbsp;

Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even.
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose to $117.39 per barrel on March 3, the highest since 2012. This compares to an average of $81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
"With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," JP Morgan said in a report.
The seventh and final phase of polling for the Uttar Pradesh legislative assembly is on March 7 and the counting of votes is slated for March 10.Oil prices have been on the boil ever since Russia put its forces on the Ukraine border last month. They spiked after it invaded the central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 120 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.
Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the state government.
Before these tax reductions, petrol price had touched an all-time high of Rs 110.04 a litre and diesel came for Rs 98.42. 

Brace yourself - Rs 12 hike in petrol, diesel price needed to break-even

Are you ready for your petrol, diesel bill to go up by Rs 12! Brace yourself it starts tomorrow

 Big hikes in petrol and diesel prices likely to start Tuesday

Crude Oil prices surged to $130/bbl, first time since 2008

Fuel bill is going to burn a hole in your budget.&nbsp;Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even.
Also watch &amp; read:<a title="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485" href="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485">&nbsp;Rupee at record low! RBI lends a helping hand, reportedly sells dollars&nbsp;</a>
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose to $117.39 per barrel on March 3, the highest since 2012. This compares to an average of $81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
"With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," JP Morgan said in a report.
The seventh and final phase of polling for the Uttar Pradesh legislative assembly is on March 7 and the counting of votes is slated for March 10.Oil prices have been on the boil ever since Russia put its forces on the Ukraine border last month. They spiked after it invaded the central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 125 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.
Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the state government.
Before these tax reductions, petrol price had touched an all-time high of Rs 110.04 a litre and diesel came for Rs 98.42.&nbsp;

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march. Petrol, diesel prices may go up by at least Rs 9/lt as per calculations done by brokerage JPMorgan. Fuel prices have remained unchanged since November in the country meanwhile crude prices have gone up by over $20 in the same period. Fuel prices across the globe are already surging, cost of a litre of petrol at UK is now at record high, prices in the US have almost doubled in just a year with majority of the increase coming in the last 2 weeks. 

Expect daily petrol, diesel price hikes come March 7, this is how much fuel prices could surge

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march. 

This is how much petrol, diesel prices could go up by

Crude prices have surged to the highest level since 2013

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march.&nbsp;
Also watch|&nbsp;<a title="Trouble before take off, Why did Ilker Ayci turn down Air India?" href="https://www.editorji.com/business-news/trouble-before-take-off-why-did-ilker-ayci-turn-down-air-india-1646213928343">Trouble before take off, Why did Ilker Ayci turn down Air India?</a> Petrol, diesel prices may go up by at least Rs 9/lt as per calculations done by brokerage JPMorgan. Fuel prices have remained unchanged since November in the country meanwhile crude prices have gone up by over $20 in the same period.&nbsp; Fuel prices across the globe are already surging, cost of a litre of&nbsp;petrol&nbsp;at UK is now at record high, prices in the US have almost doubled in just a year with majority of the increase coming in the last 2 weeks.&nbsp;

From KYC in your bank accounts to filing belated income-tax returns, EJ BIZ makes a list of things, which has some crucial deadlines for your money matters
1. Last Date for Filing Belated ReturnsThe deadline for filing the income tax return (ITR) for income earned in Financial Year (FY) 2020-21 or Assessment Year (AY) 2021-21 ended on December 31, 2021. But you can still file a belated income-tax return till March 31, 2022
A belated return is a return which is filed after the stipulated due date mentioned in the income tax rules. Make sure you file a return before 31 March and do not miss this deadline.
2. PAN-Aadhar Linking
The last date to link your Permanent Account Number (PAN) with their Aadhaar card by March 31, 2022. If not done by the given deadline, the PAN card can become invalid and a fee of Rs 1,000 may be required for linking the PAN card with Aadhaar thereafter. 
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
3. Update KYC in your bank accounts
The Reserve Bank of India (RBI) had extended the deadline for updating Know Your Customer (KYC) in the bank accounts to March 31, 2022, from the previous deadline of December 31, 2021. The RBI had notified it because of the rise in Omicron variant cases in the country.
4. Advance Tax Installment
Income tax rules state that if your annual estimated income tax in the current financial year is at least Rs 10,000, then you have to pay advance income tax in four instalments throughout the year. Your last instalment deadline for income earned in 2021-22 is March 15, which is Tuesday.
5. Complete tax-savingIf you have not yet completed your tax-saving exercise for the fiscal year 2021-22, you should do so as soon as possible before the deadline. Remember that if you do not make the tax-saving investments and expenditures by this month, your tax burden for the fiscal year 2021-22 would be higher.
 

Do these 5 tasks before March 31 or you may face financial penalty

From last days to filing belated income-tax returns to linking your PAN-Aadhaar, March has some crucial deadlines for your money matters

Here's a full list 

Deadline for filing income-tax returns (ITR) in audit cases, for assessment year 2021-22, has been extended till March 15, 2022

From KYC in your bank accounts to filing belated income-tax returns, EJ BIZ makes a list of things,&nbsp;which has some crucial deadlines for your money matters
Also read and watch|&nbsp;<a title="Price hike pains begin, and petrol has not even started: Here is what is more expensive from March 1" href="https://www.editorji.com/business-news/economy/price-hike-pains-begin-and-petrol-has-not-even-started-here-is-what-is-more-expensive-from-today-1646112735854">Price hike pains begin, and petrol has not even started: Here is what is more expensive from March 1</a>
1. Last Date for Filing Belated Returns The deadline for filing the income tax return (ITR) for income earned in Financial Year (FY) 2020-21 or Assessment Year (AY) 2021-21 ended on December 31, 2021. But you can still file a&nbsp;belated income-tax return&nbsp;till March 31, 2022
A belated return is a return which is filed after the stipulated due date mentioned in the income tax rules. Make sure you file a return before 31 March and do not miss this deadline.
2. PAN-Aadhar Linking
The last date to link your Permanent Account Number (PAN) with their Aadhaar card by March 31, 2022. If not done by the given deadline, the PAN card can become invalid and a fee of Rs 1,000 may be required for linking the PAN card with Aadhaar thereafter.
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
3. Update KYC in your bank accounts
The Reserve Bank of India (RBI) had extended the deadline for&nbsp;updating Know Your Customer (KYC) in the bank accounts&nbsp;to March 31, 2022, from the previous deadline of December 31, 2021. The RBI had notified it because of the rise in Omicron variant cases in the country.
4. Advance Tax Installment
Income tax rules state that if your annual estimated income tax in the current financial year is at least Rs 10,000, then you have to&nbsp;pay advance income tax&nbsp;in four instalments throughout the year. Your last instalment deadline for income earned in 2021-22 is March 15, which is Tuesday.
5. Complete tax-saving If you have not yet completed your tax-saving exercise for the fiscal year 2021-22, you should do so as soon as possible before the deadline. Remember that if you do not make the tax-saving investments and expenditures by this month, your tax burden for the fiscal year 2021-22 would be higher.
&nbsp;

Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday.
The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
In an interview with PTI, Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue.
"The provision in the Finance Bill is related to taxation of virtual digital assets. It is to bring certainty in taxation of cryptocurrencies. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament," he said.
The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly.
The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, he said adding the income tax return form from next year will have a separate column to declare gains from crypto.
"Next year ITR form will show a separate column for crypto. Yes, you will have to disclose," he said.
"The Government was very clear that it has to push for a tax on income from crypto assets. So we have brought in maximum rate and levied 30 per cent, with an applicable surcharge. We have also brought in TDS, so we will now track the transactions," Bajaj said.
The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.
The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.
Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets. It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income.
No deduction has been allowed since cryptocurrencies and virtual digital assets do not have any economic value, except the underlying technology, Bajaj said.
 

Next year's ITR to have separate column for crypto income

How will cryto be taxed? Is it just 30% or are there more surchages, details revealed by the Revenue Secretary as he says your new ITR will have a separate coloumn for crypto. 

Crypto Tax details revealed, ITR filing to surcharges everything you need to know 

The government will from April 1 charge a 30 per cent tax plus cess and surcharges on crypto&nbsp;transactions

Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday.
The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
In an interview with PTI, Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue. Also read and watch:&nbsp;<a title="FD rate hike: Time to start saving - get all the details here&nbsp;" href="https://www.editorji.com/business-news/personal-finance/sbi-hdfc-icici-and-kotak-increase-deposit-rates-check-latest-fd-rates-here-1643800940410">FD rate hike: Time to start saving - get all the details here&nbsp;</a> "Next year ITR form will show a separate column for crypto. Yes, you will have to disclose," he said.
"The provision in the Finance Bill is related to taxation of virtual digital assets. It is to bring certainty in taxation of cryptocurrencies. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament," he said.
The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly.
The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, he said adding the income tax return form from next year will have a separate column to declare gains from crypto.
"The Government was very clear that it has to push for a tax on income from crypto assets. So we have brought in maximum rate and levied 30 per cent, with an applicable surcharge. We have also brought in TDS, so we will now track the transactions," Bajaj said.
The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.
The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.
Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets. It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income.
No deduction has been allowed since cryptocurrencies and virtual digital assets do not have any economic value, except the underlying technology, Bajaj said.
&nbsp;

Union Budget gives a reasons to cheer for savers. Lenders like State Bank of India (SBI), HDFC Bank, Axis Bank and ICICI Bank have opted to hike the deposit rates.
The rising rate comes as a good news for depositers who have been earning one of the lowest rates of interest in almost 20 years. 
The State Bank of India, which is the largest lender in India, has increased deposit rates on fixed deposits two times earlier in this week. There is a chance of a change in the interest-rate cycle, SBI is taking inspiration from private lenders HDFC Bank, Axis Bank and ICICI Bank.HDFC BankAccording to its website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.
Compared to this, for deposits below Rs 2 crore, State Bank of India (SBI) is offering interest rates in the range of 2.9-5.4% on FDs with various tenors ranging from 7 days to 10 years. 
In the case of ICICI Bank, the interest rates are applicable for new deposits and renewal of existing fixed deposits. The bank gives interest rates ranging from 2.5 per cent to 5.50 per cent on deposits maturing in 7 days to 10 years. Senior citizens continue to get a 50 basis points (bps) higher interest rate than others.
Kotak Mahindra Bank has hiked the interest rate on fixed deposits (FD) across various tenors. After the latest revision, for FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 120 days, Kotak Mahindra Bank offers an interest rate of 2.5%, 2.75% and 3% respectively. 
 

FD rate hike: Time to start saving - get all  the details here 

The rising rate comes as a good news for depositors who have been earning one of the lowest rates of interest in almost 20 years. 

Check out the new rates here: 

Fixed Deposits interest rates hike? check latest FD rates here

Union Budget 2022 may have&nbsp;disappointed&nbsp;taxpayers but this could be a good news for savers.&nbsp;
Major banks like SBI, HDFC Bank and ICICI&nbsp;Bank have increased interest rates on fixed deposits&nbsp;in January 2022.
This enables higher returns for depositors on FDs&nbsp;who have been earning one of the lowest interest rates in decades.&nbsp;
Editorji&nbsp;compiles the latest FD rates for you:
HDFC&nbsp;Bank, in a recent update, has revised its interest&nbsp;rate on Fixed deposits.&nbsp;
According to the website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch a 5.4% rate and 5 years 1 day and 10 years will fetch 5.6%.
Compared to this, The State Bank of India, which is the largest lender in India, has increased deposit rates on fixed deposits not once but twice earlier this month. After the latest revision, SBI is giving 5.1% on FD with tenure between 1 year to less than 2 years. For senior citizens the rate has been increased from 5.50 percent to 5.60 percent. ICICI&nbsp;- ICICI Bank gives interest rates ranging from 2.5 percent to 5.60 percent&nbsp;on deposits maturing in 7 days to 10 years.&nbsp;
According to the bank&rsquo;s website, ICICI Bank is offering a&nbsp;5.20%&nbsp;percent interest rate on FDs maturing in&nbsp;2 years 1 day to 3 years whereas&nbsp;a 5.60 percent interest rate on FDs maturing in 5 years to 10 years.
 Kotak Mahindra Bank&nbsp;has hiked the interest rate on fixed deposits (FD) across various tenors. After the latest revision, the interest rate by 10 bps to 5.3% on fixed deposits maturing in 3 to 5 years. Investors will also receive returns at an interest rate of 5.3% on term deposits maturing in 5 years to 10 years.

The interest rate on fixed deposits for tenure 1 year to less than 2 years has been increased to 5.1% from 5.0%. For senior citizens the rate is increased from 5.50% to 5.60%

Though Union Budget 2022 disappoints majority of taxpayers but this might be a good news for savers.&nbsp; Lenders such as State Bank of India (SBI) and HDFC Bank have revised interest rates on fixed deposits (FDs), enabling higher returns for depositors on maturity. The rising rate comes as a good news for depositors&nbsp;who have been earning one of the lowest rates of interest&nbsp;in almost 20 years.&nbsp; Also read: <a title="Forgot it ...then fix it! Tax payers get 2 years to report 'overlooked' income" href="https://www.editorji.com/business-news/personal-finance/forgot-it-then-fix-it-tax-payers-get-2-years-to-report-overlooked-income-1643772243376">Forgot it ...then fix it! Tax payers get 2 years to report 'overlooked' income</a>
Here&nbsp;Editorji&nbsp;lists down the latest FD rates for you:
The State Bank of India, which is the largest lender in India, has increased deposit rates on fixed deposits two times earlier in this week. There is a chance of a change in the interest-rate cycle, SBI is taking inspiration from private lenders HDFC Bank, Axis Bank and ICICI Bank. HDFC&nbsp;Bank According to its website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.
Compared to this, for deposits below Rs 2 crore, State Bank of India (SBI) is offering interest rates in the range of 2.9-5.4% on FDs with various tenors ranging from 7 days to 10 years.&nbsp;
In the case of&nbsp;ICICI Bank, the interest rates are applicable for new deposits and renewal of existing&nbsp;fixed deposits. The bank gives interest rates ranging from 2.5 per cent to 5.50 per cent on deposits maturing in 7 days to 10 years. Senior citizens continue to get a 50 basis points (bps) higher interest rate than others.
Kotak Mahindra Bank has hiked the interest rate on fixed deposits (FD) across various tenors. After the latest revision, for FDs maturing in 3 years, 5 years and 10 years,&nbsp;Kotak Mahindra Bank&nbsp;offers an interest rate of 5.15%, 5.3% respectively.&nbsp;

Forgot it, now file it later: The FM in a hope to increase compliance and reduce litigation, is giving tax payers  a chance to to disclose or rather update all taxable.

New ITR norms, 2 year window to file overlooked income

This option will also be available to those who haven’t filed a tax return previously for the relevant assessment year. These changes will come into effect from April, 2022

The new ITR norm from FM - Forgot it ...then fix it! 

Memes&nbsp;highlighting the missing&nbsp;middle class this budget have flooded the internet&nbsp;as any hope of tax reduction or deduction was overlooked, but there are a few amendments that could apply tou you and help you get some relief. EJ Biz gets you the amendments in taxes that you may have overlooked.

The new timeline has been introduced to replace the current deadline of either three months before the end of the assessment year.

Forgot it, now file it later: The FM in a hope to increase compliance and reduce litigation, is giving tax payers&nbsp; a chance to to disclose or rather update&nbsp;all taxable income. The <a href="https://www.editorji.com/business-news/budget" target="_blank">budget</a> announced a new 2-year window for assessees&nbsp;to file an 'updated' return if any income was overlooked or missed while filing tax returns.&nbsp; When reporting such additional income, the <a href="https://www.editorji.com/story/18-000-crore-of-refunds-to-i-t-taxpayer-sitharaman-1589368556873" target="_blank">taxpayer</a> would also be required to pay additional tax at the rate of 25% if the updated return is filed between one to 12 months or 50% on the additional tax if the updated return is filed between 13 to 24 months from the end of relevant assessment year but before the commencement of proceedings.
<a href="https://www.editorji.com/business-news/budget/dear-fm-a-taxpayer-s-expectations-and-hopes-from-this-budget-1642736193401" target="_blank">Budget 2022: What does the salaried class expect from Nirmala Sitharaman's budget?</a> &nbsp; The updated return cannot be filed to report additional loss or decrease in the tax liability. The tax is required to be paid before the filing of the updated tax return and the proof to that extent is required to be attached while filing updated return.
Also Watch:&nbsp;<a href="https://www.editorji.com/liveblog/budget/budget-2022-live-updates-fm-nirmala-sitharaman-to-present-budget-at-11-am-today-26" target="_blank">Budget 2022 Live Updates: Record Capex, Tax on Crypto &amp; No Income Tax relief for middle class</a>
This option will also be available to those who haven&rsquo;t filed a <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank">tax return</a> previously for the relevant assessment year. These changes will come into effect from April, 2022

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Tejas, that is the new keyword in skilling and aiming for a job in the UAE. The government is launching a programme in partnership with leading businesses in the middle east to upskill and re-skill overseas workers.Under Tejas, or Training in Emirate Jobs & Skills the govt is hoping to place 10,000 Indian workers in a year and 100,000 across the GCC [Gulf Cooperation Council] region over the next five years as per a report in Indian Express. The Tejas project extends across blue-collar jobs, including electricians, plumbers, multi-skilled technicians, welders, food and beverage service operators, cooks, car/bike riders and the mid-level workforce, which includes IT, finance and healthcare professionals.

Want a job in Gulf? The govt is making it easier for you to get one

Under Tejas, or Training in Emirate Jobs & Skills the govt is hoping to place 10,000 Indian workers in a year and 100,000 across the GCC [Gulf Cooperation Council] region over the next five years as per a report in Indian Express. 

Want a job in Gulf? 

Govt is launching a training and upskilling&nbsp;program called&nbsp;Training in Emirate Jobs &amp; Skills (Tejas)

Tejas, that is the new keyword in skilling&nbsp;and aiming for a job in the UAE. The government is launching a programme in partnership with leading businesses in the middle east to upskill and re-skill overseas workers. Also watch|&nbsp;<a title="GST hike from January 1, traders' body to state govts request rethink of 'death knell' move" href="https://www.editorji.com/business-news/economy/gst-hike-from-january-1-traders-body-to-state-govts-request-rethink-of-death-knell-move-1640666521747">GST hike from January 1, traders' body to state govts request rethink of 'death knell' move</a> Under&nbsp;Tejas, or Training in Emirate Jobs &amp; Skills the govt is hoping to place&nbsp;10,000 Indian workers in a year and 100,000 across the GCC [Gulf Cooperation Council] region over the next five years as per a report in Indian Express.&nbsp; The Tejas project extends across blue-collar jobs, including electricians, plumbers, multi-skilled technicians, welders, food and beverage service operators, cooks, car/bike riders and the mid-level workforce, which includes IT, finance and healthcare professionals.

EMI payments set to add more pressure to your budget as banks have already started to pass on the unexpected rate hike from RBI onto the customers. ICICI Bank raised its external benchmark lending rate by 40 basis points to 8.10%. Shortly after the RBI announcement, ICICI Bank announced the rate hike on their website stating, “the ICICI Bank External Benchmark Lending Rate" (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 8.10% p.a.p.m. effective May 4, 2022.”Bank of Baroda also hiked repo-linked lending rate by 40 bps to 6.90%. The interest rates for existing borrowers linked to repo rate or any other interest rate benchmarks, both internal as well as external, will remain the same till the next reset date of their loans.
 

Banks start to raise lending rates, check what happens to your EMIs

EMI payments set to add more pressure to your budget as banks have already started to pass on the unexpected rate hike from RBI onto the customers. 

Bank of Baroda and ICICI increase lending rates

EMI&nbsp;payments are set to add more pressure to your budget as banks have already started to pass on the unexpected rate hike from RBI&nbsp;onto the customers.
ICICI Bank raised its external benchmark lending rate by 40 basis points to 8.10%. Shortly after the RBI&nbsp;announcement,&nbsp;ICICI Bank announced the rate hike on their website stating, &ldquo;the ICICI Bank External Benchmark Lending Rate" (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 8.10% p.a.p.m. effective May 4, 2022.&rdquo;
Bank of Baroda also hiked the&nbsp;repo-linked lending rate by 40 bps to 6.90%.&nbsp;The interest rates if you are an borrower linked to repo rate or any other interest rate benchmarks, both internal as well as external, will remain the same till the next reset date of your loans.

The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year. 
Here we list out 5 important changes in new credit card rules that will become effective from 1st July 2022
1. Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others.
2. Any credit card closure request shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. After the credit card closure, the cardholder shall be immediately notified about the closure through email, SMS, etc.
3. Card closure requests shall be honoured by the issuer within 7 working days. Failure to do so shall result in a penalty of ₹500 per day of delay, payable to the customer till the closure of the account, provided there is no outstanding in the account.
4. Card-issuers shall ensure that there is no delay in sending/dispatching/emailing bills/statements and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged.
5. If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer. 
 

RBI's new credit card rules| Here's you all need to know

RBI issues circular on credit cards. From your interest rates to closure of credit card, here's you all need to know 


New credit card rules from RBI| Here's you all need to know

RBI's directions on credit cards say that registered NBFCs cannot issue credit cards or similar products without the regulator's approval.

The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year.&nbsp;
Here we list out 5 important changes in new credit card rules that will become effective from 1st July 2022.
1.&nbsp;Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others.
Also read/watch| <a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076">Top</a><a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076"> edible oil stocks to watch out for in India</a>
2. Any credit card closure request shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. After the credit card closure, the cardholder shall be immediately notified about the closure through email, SMS, etc.
3.&nbsp;Card closure requests shall be honoured by the issuer within 7 working days. Failure to do so shall result in a penalty of ₹500 per day of delay, payable to the customer till the closure of the account, provided there is no outstanding in the account.
4.&nbsp;Card-issuers shall ensure that there is no delay in sending/dispatching/emailing bills/statements and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged.
Also read/watch|&nbsp;<a title="Explained: EV fires, the burning issue and if recalls are enough" href="https://www.editorji.com/business-news/explained-ev-fires-the-burning-issue-and-if-recalls-are-enough-1650875918735">Explained: EV fires, the burning issue and if recalls are enough</a>
5.&nbsp;If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer.&nbsp;

In a big move India's largest babk State Bank of India (SBI) has hiked loan rates which is going to hurt consumers as prices across the board continue to rise. SBI raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately. SBI's one year MCLR increases to 7.10% vs 7% earlier. The three year MCLR is now at 7.4% vs 7.3%. 

SBI hikes rates, loans & EMIs get more expensive

SBI raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately. 

SBI hike rates, loans & EMIs get more expensive

SBI hikes MCLR by 10 bps across tenors, effective April 15

In a big move India's largest bank&nbsp;State Bank of India (SBI) has hiked loan rates which is going to hurt consumers as prices across the board continue to rise.&nbsp;
Also read/watch| <a title="Infosys share price sinks; here is what brokerages are saying" href="https://www.editorji.com/business-news/new-timings-for-banks-and-forex-trade-check-the-details-here-1650256866497">Infosys share price sinks; here is what brokerages are saying</a> SBI&nbsp;raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately.&nbsp;
SBI's one year MCLR increases to 7.10% vs 7% earlier. The three year MCLR&nbsp;is now at 7.4% vs 7.3%.&nbsp;

If you've forgotten your debit card at home when you're out and wondering how to withdraw cash, then this new policy change is fo you!
The Reserve Bank of India (RBI), in its one of the key decisions in Monetary Policy Committee (MPC) has proposed to make cardless cash withdrawal facility available at all ATMs, through the Unified Payment Interface (UPI). 
Here's how you can withdraw cash without your card-To withdraw cash without a card, you will need a UPI ID, The transactions will be authenticated via UPI.
-Once you enter the ATM, you will have to choose the “Cashless Withdrawal” option on the screen.
-The ATM screen will then show a QR code that needs to be scanned within a UPI app.
-Then the user will enter the UPI pin and the cash will pop out of the ATM machine
As per experts, this system will curb ATM frauds as it uses mobile PIN to generate cash. However, not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs 10,000 to Rs 25,000, as per the facilities offered by the particular bank. 

Explained: how to withdraw cash at ATM without a card

This cardless facility will curb ATM frauds but as of now not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs 10,000 to Rs 25,000, as per the facilities offered by the particular bank. 

&nbsp;
&nbsp;
&nbsp;

The cardholder mostly has to use a mobile banking app and raise a request to withdraw cash at the ATMs if they do not possess their debit cards.

In a bid to go truly digital, the Reserve Bank of India (RBI) announced that cardless cash withdrawal facility will be available at all ATMs&nbsp;soon. So how exactly will cash withdrawal without card work? It all routed back to the UPI&nbsp; Also read/watch |&nbsp;<a title="Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets" href="https://www.editorji.com/business-news/elon-musk-decides-not-to-join-twitter-board-ceo-parag-agrawal-tweets-1649649073820">Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets</a> &nbsp;
Here's how you can&nbsp;withdraw cash without your card
<ul>
<li>To withdraw cash without a card, you will need a UPI ID, The transactions will be authenticated via UPI.</li>
<li>Once you enter the ATM, you can choose the &ldquo;Cashless Withdrawal&rdquo; option on the screen.</li>
<li>The ATM screen will then show a QR code that needs to be scanned within a UPI app.</li>
<li>Then the user will enter the UPI pin and the cash will be dispensed from&nbsp;the ATM machine</li>
</ul>
Cardless cash withdrawal will curb ATM frauds but as of now not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs&nbsp;10,000 to Rs 25,000, as per the facilities offered by the particular bank.&nbsp;

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of:Provident Fund becomes taxable&nbsp;The government has decided to tax the interest income from the Provident Fund account from April 1. If the contribution is below&nbsp;₹2.5 lakh, no tax will be levied. However if the contribution exceeds&nbsp;₹2.5 lakh - then the interest income will be taxed.Crypto&nbsp;tax kicks off&nbsp;Income from transactions in virtual digital assets will attract a tax of 30 percent From April 1. As clarified by the Finance Ministry no loss can be offset against the gain so each profitable transaction will attract the 30 per cent tax liability.&nbsp;Apart from this, there will be a 1 per cent TDS and gift tax under certain conditions to be paid by the receiver of such digital asset as a gift.
Filing of updated ITRTaxpayers will be able to file an updated return from April 1 to eliminate errors or mistakes done in income tax returns. The updated return can be filed within two years from the end of the relevant assessment year.
Tax relief for persons with disabilityWhen the parent or guardian of a differently-abled person can take an insurance scheme for the latter, they would be eligible to deduction from gross income before tax subject to certain conditions.

 Big tax changes from April 1: Crypto, EPF, ITR all the latest updates

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of:

Big tax changes from April 1

Income tax on crypto assets, filing of updated returns, new tax rules on EPF interest all kick in from April 1&nbsp;

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of: Provident Fund becomes taxable&nbsp; The government has decided to tax the interest income from the Provident Fund account from April 1. If the contribution is below&nbsp;₹2.5 lakh, no tax will be levied. However if the contribution exceeds&nbsp;₹2.5 lakh - then the interest income will be taxed. Crypto&nbsp;tax kicks off&nbsp; Income from transactions in virtual digital assets will attract a tax of 30 percent From April 1. As clarified by the Finance Ministry no loss can be offset against the gain so each profitable transaction will attract the 30 per cent tax liability.&nbsp; Apart from this, there will be a 1 per cent TDS and gift tax under certain conditions to be paid by the receiver of such digital asset as a gift.
Filing of updated ITR Taxpayers will be able to file an updated return from April 1 to eliminate errors or mistakes done in income tax returns. The updated return can be filed within two years from the end of the relevant assessment year.
Tax relief for persons with disability When the parent or guardian of a differently-abled person can take an insurance scheme for the latter, they would be eligible to deduction from gross income before tax subject to certain conditions.

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