Happy Financial New Year… Except there’s very little to be really happy about right now (apart from the dolphins coming back to Juhu Beach). But it’s not the end. The world will move on from this Pandemic like we moved on from the Great Depression…stronger than ever. And we will continue to bring you a weekly dose of Tax updates.
Contrary to the rumor mill… the new Financial Year is already here. Along with a new Financial Decade, FY 20-21 brings a new Question: Old Tax Regime VS New Tax Regime. Why not use a Tax Calculator to answer your burning question?
How about some resolutions?… Every year we promise ourselves to be opportunistic, but eventually, fail to do so. This year lets ‘Strike when the iron is hot!’. The Iron is the Financial New Year and you can strike it by some solid Resolutions. And why not? IMF predicted that the World is moving towards a Recession. Might as well have all your Finances in order.
Netflix could get more expensive… The parliament approved the 2% equalization tax on digital businesses in India. Apparently any foreign e-commerce company will have to pay a 2% tax if they do business in India.
Covid-19 = Recession… In a study published by EIU, the majority of the G20 countries are predicted to have negative GDP Numbers with Germany’s – 6.8% worst among all. India’s GDP for fiscal year 20-21 is also predicted to simmer down from 6% to 2.1%. Interestingly China’s GDP prediction stood at a modest 2.6%.
Donations to PM-Cares 100% Tax Deductible… If you are one of the many patriots who want to contribute towards India’s fight on Covid-19, a 100% Tax Deduction u/s 80G could be a cherry on the cake. Individuals making donations can claim this benefit until June 30, 2020… Talk about Motivating people ehh?
While we’re WFM in our PJs…. China is going to work. The majority of its cities are inching towards normalcy in their lives. Chinese factories are receiving orders for PPEs, facemasks, and sanitizers from other virus hit countries. This has only fueled the conspiracies around the topic.
“With Solidarity, we can defeat the virus and build a better world.”
-UN Secretary-General, Antonio Guterres