Tag: rule

  • New Cash Transaction Rule: Big news! Tax notice will come

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    The Income Tax Department has become very cautious about cash transactions these days. In the last few years, the Income Tax Department has tightened the rules for cash transactions for the general public on various investment platforms like banks, mutual fund houses, broker platforms, etc.

    Please tell that there are many such transactions, which are monitored by income tax. If you do large cash transactions with banks, mutual funds, brokerage houses and property registrars, they have to inform the Income Tax Department. Let us know about 5 such transactions, which can put you in trouble.

    1 Bank Fixed Deposit (FD):

    If you deposit Rs 10 lakh or more in FD once or more than once in a year, the Income Tax Department may ask you about the source of the money. In such a situation, if possible, deposit most of the money in FD through online medium or through cheque.

    2 Bank savings account deposits:

    If a person deposits Rs 10 lakh or more in cash in one account or more than one account in a financial year, the Income Tax Department can question the source of the money. The maximum limit in current accounts is Rs 50 lakh.



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    3 Payment of credit card bill:

    Many times people also deposit credit card bill in cash. If you deposit more than Rs 1 lakh in cash as a credit card bill at one go, then the Income Tax Department can question you. On the other hand, if you pay a credit card bill of more than Rs 10 lakh in cash in a financial year, you can also be asked about the source of the money.

    4 Property Transaction:

    If you do a big transaction in cash with the property registrar, then its report also goes to the Income Tax Department. If you buy or sell a property worth Rs 30 lakh or more in cash, then the information will go to the Income Tax Department on behalf of the property registrar.

    5 Purchase of Shares, Mutual Funds, Debentures and Bonds:

    If you do large cash transactions in shares, mutual funds, debentures and bonds then you may face problems. Cash transactions in such instruments can be done only up to a maximum of Rs 10 lakh in a financial year. So if you have any plan to invest money in any of these, then the first thing to keep in mind is that you do not have to use large amounts of cash.

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    ( With inputs from : kashmirpublication.in )

  • President’s rule will be imposed in Telangana by Feb end: Uttam Kumar Reddy

    President’s rule will be imposed in Telangana by Feb end: Uttam Kumar Reddy

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    Hyderabad: Congress MP Uttam Kumar Reddy has stirred a new debate in political circles by making sensational remarks. He said President’s rule could be imposed in Telangana by dissolving the assembly by the end of this month.

    He said that the central government will be asked to hold mid-term elections to the assembly during the President’s rule. Talking to media persons in Kodad, Uttam Kumar Reddy said that the Congress wave is going on across the country, because of which BJP wants to divide the country on religious lines.

    Uttam Kumar Reddy hold a meeting with key Congress leaders of Suryapet district in connection with the ‘Haath Se Haath Jodo’ campaign. He said the BRS MLA from Kodad is getting commission from beneficiaries of Dalit Bandhu and sand mafia.

    He said the Congress will win the upcoming elections in Kodad and Huzurabad with a majority of 50,000 votes and challenged that he would retire from politics if he did not get a majority in both the constituencies.

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    ( With inputs from www.siasat.com )

  • Bank change cash deposit rule: Big news! Now without

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    On 10 May 2022, the government had implemented these rules by issuing a notification. PAN Card and Aadhar Card have been made mandatory for depositing large amounts of cash in one or more banks in a financial year. Similarly, the government has also set the limit for cash transactions.

    New Delhi. The central government has taken several steps to crack down on illegal and unaccounted cash transactions. The government has amended the cash withdrawal limit and also made PAN card and Aadhar card mandatory for depositing large amounts of cash in one or more banks in a financial year.

    This means that now you have to show PAN card and Aadhar card while depositing large amount. Not only this, a provision has also been made for heavy fines for paying cash or receiving cash in excess of the prescribed limit.

    Under the new rules, it has now been made mandatory to provide PAN or Aadhaar for depositing or withdrawing more than Rs 20 lakh in banks. On May 10, 2022, the government had implemented these rules by issuing a notification.

     

    The Central Board of Direct Taxes (CBDT) has made new rules under the Income Tax (15th Amendment) Rules, 2022. After the implementation of these new rules, if a person deposits a total amount of 20 lakh rupees or more in a financial year in one or more accounts in any banking company, co-operative bank or post office, then PAN and Aadhar card for him. Giving has become mandatory.



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    What will happen to those who do not have PAN?

    Those who do not have PAN will have to apply for PAN at least seven days prior to any transaction of more than Rs 50,000 in a day or more than Rs 20 lakh in a financial year. Similarly, if a person withdraws a total amount of 20 lakh rupees or more in a financial year from one or more accounts of any banking company, co-operative bank or post office, then he will have to give PAN or Aadhar card.

     

    Keep these things in mind

    • Income tax laws prohibit cash transactions above Rs 2 lakh for any reason. Therefore, avoid excessive cash transactions, otherwise you may have to pay a fine.
    • The government prohibits accepting cash above Rs 2 lakh. Therefore, in a single day, you cannot take more than Rs 2 lakh in cash even from your close relatives.
    • Not more than Rs 2 lakh can be accepted as a cash gift from a single donor at a time. If anyone violates this, he can be fined equal to the amount received.
    • Do not pay cash for health insurance. If the taxpayer pays the insurance premium in cash, he will not be eligible for section 80D deduction.
    • In a property transaction, the maximum cash allowed is also Rs 20,000. If a seller is in advance, then the maximum limit is only two lakh rupees.

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    ( With inputs from : kashmirpublication.in )

  • Saudi executions doubled under rule of King Salman, Crown Prince: Report

    Saudi executions doubled under rule of King Salman, Crown Prince: Report

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    The annual rate of executions in the Kingdom of Saudi Arabia (KSA) has almost doubled since King Salman and Crown prince, Prince Mohammed bin Salman, came to power in 2015.

    This came in a report, issued on Tuesday by the non-profit European Saudi organization for Human Rights (ESOHR) and the anti-death penalty charity Reprieve.

    The report, entitled “Bloodshed and Lies: Mohammed bin Salman’s Kingdom of Execution,” stated that the average number of executions increased by 82 percent under the rule of Mohammed bin Salman and his father.

    The two organizations confirmed that more than 1,000 executions were carried out during the reign of the current leadership of the Kingdom, after matching official data with their own investigations and interviews with lawyers, families of death row, and activists.

    In the year 2022, the Kingdom executed 147 people, including 81 people in one day in March 2022 on charges related to terrorism, in the largest mass execution in the history of Saudi Arabia, and this matter sparked international condemnation.

    In November 2022, Saudi Arabia executed 12 people in 10 days.

    Saudi Arabia executed in 2022 executed twice the number of individuals who were executed in 2021. 67 were executed in 2021 and 27 in 2020.

    According to the report, the Kingdom carried out an average of 70.8 executions per year during the period from 2010 to 2014, and during the period from 2015 to 2022, it carried out 129.5 executions per year.

    However, the past six years witnessed the largest number of executions in modern history in Saudi Arabia.

    Almost three-quarters of the women executed from 2010-2021 were foreign nationals, and of these, at least 56 percent were domestic workers.

    The report pointed out that “executions in Saudi Arabia have always been shrouded in secrecy.

    The government refuses to publish data on executions, despite repeated warnings from the United Nations in this regard and does not notify families of executions or of returning bodies to their families.

    The report considers that “this lack of transparency enables Saudi Arabia to cover up its violations and hinders the efforts of other countries and organizations to hold it accountable.” 

    “Every point in this report represents a human life lost,” said Maya Foa, director of Reprieve.

    Maya Foa continued, “The Saudi death penalty machine reaps children, demonstrators, vulnerable women in domestic service, drug carriers without their knowledge, and people whose only ‘crime’ is owning banned books or speaking to foreign journalists.”

    “The Saudi authorities are taking this bloody path with the aim of intimidation and political repression,” said Taha al-Hajji, legal director of the European Saudi Organization for Human Rights, noting that “reports of secret executions since the end of 2022 are very disturbing.”



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    ( With inputs from www.siasat.com )

  • JSP’s main objective is to end ‘devil’s rule’ in Andhra Pradesh: Pawan Kalyan

    JSP’s main objective is to end ‘devil’s rule’ in Andhra Pradesh: Pawan Kalyan

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    Vijayawada: Actor-politician Pawan Kalyan on Wednesday said that ending the “devil’s rule” in Andhra Pradesh is the main objective of his Jana Sena Party (JSP)

    After performing a special puja for his campaign vehicle ‘Varahi’ at the Kanaka Durga temple, he told mediapersons that from today onwards, “Varahi’s goal is to end the devil’s rule in the state”.

    Terming the rule of YSR Congress Party (YSRCP) as devil’s rule, he said that his foremost responsibility is to end it.

    Accompanied by Nadendla Manohar and other JSP leaders, Pawan Kalyan participated in various rituals conducted by the priests.

    Large number of JSP workers and Pawan Kalyan’s fans had gathered at the temple to welcome him.

    The JSP leader, who performed puja for the campaign vehicle at two temples in Telangana on Tuesday, said that the people of two Telugu states should live with unity and develop and prosper.

    After the puja, Pawan left for the JSP office at Mangalagiri in Varahi. A large number of people had gathered enroute to catch a glimpse of the actor.

    His supporters showered petals on him and welcomed him with huge garlands. The procession led to a long traffic snarl on the Prakasam barrage.

    He is scheduled to address party workers at the JSP office later in the day.

    Gearing up for the 2024 electoral battle in Andhra Pradesh, Pawan Kalyan had unveiled the specially designed vehicle last month which is equipped with high-security features and also has a public address system as well as CCTV cameras.

    The four-wheeler will be used by the JSP leader to campaign across Andhra Pradesh, where elections are due in April-May 2024.

    Power star, as the actor is popularly known, had planned to launch the state-wide tour after Dussehra but the same has been postponed and he is now likely to embark on a visit in next few weeks.

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    ( With inputs from www.siasat.com )

  • Coming presidential elections in Turkey will be the toughest test for Erdogan’s rule

    Coming presidential elections in Turkey will be the toughest test for Erdogan’s rule

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    Nicosia: Last week Turkish President Recep Tayyip Erdogan signalled that the country’s Presidential and Parliamentary elections scheduled for June would be held on May 14.

    This immediately stirred a debate about whether he can legitimately run for office, as the Constitution envisages that the President’s term of office is five years renewable only once, and Erdogan has been President since 2014. However, the big question is not whether he is entitled to be a candidate for President but, after 20 years in power, there is a real possibility that Erdogan may lose.

    Repeated polls show that this time the Turkish elections will be tight and Erdogan faces the possibility of being unseated by the so-called “Table of Six” -a six-party opposition alliance led by the Republican People’s Party (CHP).

    Erdogan announced his intention to move the elections one month earlier in a speech on January 18 when he said:

    “Now, we ask for the support of our nation in 2023 by saying, ‘Enough! The decision and the future belong to the nation. In the 100th anniversary of our Republic, we have achieved the goals that we wanted our country and our nation to reach, to a great extent… 2023 is both the symbol of our 20 years of work, as well as the beginning of our new vision, the Century of Turkey. This is what makes the upcoming election important and historic.”

    Some constitutional experts express doubts if Erdogan can legitimately contest the elections, in the light of article 110 of the Constitution “that a person may be elected as the President of the Republic for two terms at most.”

    However, Article 116 says “If the Assembly decides to renew the elections during the second term of the President of the Republic, he/she may once again be a candidate.”

    Erdogan became president for the first time in the presidential elections held in 2014. He later took office as the first president of the new executive presidential system in the elections held in June 2018. Under the new system, a person can be elected president at most two times.

    Justice Minister Bekir Bozdag on January 19 claimed that there is no obstacle for Erdogan to be a candidate again, saying: “Our President is a candidate running for the second president of the Presidential Government System and it is his second candidacy. There are no constitutional obstacles.”

    But the question of whether Erdogan has the right to contest the elections or not is a moot point, as it is the Parliament and the Election Council that will approve the new election date and as Kemal Kilicdaroglu, the leader of the opposition Republican Party, said that he has no objection if Erdogan stands as a candidate.

    What opposition parties are really concerned about is the fact that the election campaign would take place on a highly uneven playing field, given that Erdogan’s party has a near monopoly on public broadcasting and the mass media.

    Furthermore, Erdogan’s Executive Presidency has managed to control the judiciary, the Army, the Police and almost all institutions in Turkey and hollowed democracy in Turkey turning it effectively into a “one man’s rule.”

    Berk Esen, an international relations expert at Sabanci University in Istanbul, says: “Erdogan has transformed Turkey’s democratic government into a hyper-presidential system, in which parliament is no longer that powerful.”

    This view is shared by the mass media, many scholars, journalists, newspapers and magazines in many countries, which express concern at the great power Erdogan exercises on all institutions in Turkey and his harmful influence on Turkish democracy.

    Last week’s issue of the British magazine “The Economist” claims that Erdogan as a leader has taken his country “to the brink of disaster,” and adds: “Approaching his third decade in power, he sits in a vast palace snapping orders at courtiers too frightened to tell him when he is wrong. His increasingly eccentric beliefs swiftly become public policy…

    Mr Erdogan’s behaviour as the election approaches could push what is today a deeply flawed democracy over the edge into a full-blown dictatorship.”

    Reacting to the article, Turkey’s Communications Director Fahrettin Altun harshly accused The Economist of making “cheap propaganda” and disinformation on Turkey and wrote on Twitter: “The Economist recycles its intellectually lazy, dull, and purposefully ignorant depiction of Turkiye (Turkey). It seems like they feel obligated to announce the end of Turkish democracy through regurgitating cliches, misinformation and blatant propaganda.”

    Speaking to reporters following Friday prayers in Istanbul, Erdogan said: “Does a British magazine determine Turkey’s fate? It is my nation that decides. Whatever my nation says happens in Turkey.”

    A big currency crisis, mainly created as a result of Erdogan’s misguided insistence on lowering the interest rates, high inflation which is currently standing at 65 percent and high unemployment have eroded popular support for AKP and Erdogan, particularly among workers and the lower classes, who a few years ago were their ardent supporters.

    President Erdogan in January raised the salaries of public servants by 30 per cent and restored to some extent their purchasing power, but what about people working in the private sector who find that they cannot buy even the basic things they need? So, discontent keeps rising.

    For the first time in 20 years, the opposition parties have a chance to remove Erdogan. Last year six opposition parties – The Republican People’s Party (CHP), the right-wing Iyi Party, the Conservative Felicity Party, the Democrat Party (DP), DEVA (Democracy and Progress) Party and the Future (Gelecek) Party- formed a platform called the Table of Six and announced a constitutional package for restoring democracy, the rule of law and a parliamentary system if they win elections in 2023 against President Erdogan.

    But they have a chance to win the elections only if they manage to agree and set aside even temporarily the political ambitions of their respective leaders and manage to field a single strong candidate who will be able to convince the Turkish people to vote for him and put an end to the one-man rule of Recep Tayyip Erdogan.

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    ( With inputs from www.siasat.com )

  • Iran to rule on release of film-maker Jafar Panahi

    Iran to rule on release of film-maker Jafar Panahi

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    Iran’s judiciary is to rule on whether to release the film-maker Jafar Panahi on bail after his conviction was overturned by the supreme court, his lawyer said.

    Panahi, 62, who has won a number of awards at European film festivals, was arrested on 11 July last year and sent to jail to serve a six-year sentence which had been handed down in 2010 for “propaganda against the system”. He served two months at the time before being granted a conditional release. He was also barred from leaving Iran and making films, and was largely confined to his home until his arrest in July.

    But on 15 October the supreme court quashed the conviction and ordered a retrial.

    “Early this morning, judicial officials told me that they will make a decision about Panahi by the end of the week,” his lawyer, Saleh Nikbakht, said on Saturday.

    “Panahi’s case had remained blocked in the courts since mid-October, but it was finally sent to the court of appeal on Monday to launch the legal proceedings.

    “By law, he should immediately be released on bail and his case reviewed again.”

    Panahi won a Golden Lion at the Venice film festival in 2000 for his film The Circle. In 2015, he won the Golden Bear at Berlin for Taxi Tehran, and in 2018 won the best screenplay prize at Cannes for Three Faces.

    Panahi’s conviction followed his support for mass protests in 2009 against the disputed results of that year’s presidential election, in which the populist leader Mahmoud Ahmadinejad won a second term.

    As well as the six-year jail term, the court sentenced Panahi to a 20-year ban from directing or writing films, travelling or speaking to the media. However, he has continued to live and work in Iran and the films he has made have tried to find loopholes in these restrictions.

    According to his lawyer, Panahi already had health problems before his arrest, and he contracted a serious skin disease in prison.

    Doctors had said he needed to be treated “outside prison”, the lawyer said.

    Panahi was arrested in July after he attended a court hearing for a fellow film director, Mohammad Rasoulof, who had been detained a few days earlier.

    Rasoulof was released from prison on 7 January after being granted a two-week furlough for health reasons, his lawyer told Agence France-Presse.

    Separately, a court ordered the release on bail of the activist Arash Sadeghi, who was detained in October during mass protests against the death in custody of Masha Amini following her arrest for an alleged breach of Iran’s strict dress code for women, the Etemad newspaper reported.

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    ( With inputs from : www.theguardian.com )