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Here’s A Quick Guide!! Income Tax Return Filing Deadline 2 Weeks Away

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The last day to file income tax returns for assessment year 2019-20 (financial year 2018-19) is August 31, 2019. The income tax (I-T) department cautions that the income tax payers should not resort to the last minute rush and file their income tax (I-T) returns as soon as possible. The I-T department provides various forms for income tax assessees to file their ITR or income tax return. Meant for different types of taxpayers, such as salaried or self-employed individuals and companies, these income tax forms are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V (verification), according to its website – incometaxindia.gov.in.

Here are 5 things to know about Income Tax Return (ITR) filing

1. For assessment year 2019-20, every taxpayer is required to file the income tax return electronically except super senior citizens (those aged above 80 years), who can furnish the returns in a physical mode either using Form ITR-1 or ITR-4.

2. For filing of income tax return, individuals are required to register on the Income Tax Department’s e-filing portal – incometaxindiaefiling.gov.in – using their Permanent Account Number (PAN). However, in the recent Budget, government announced “interchangeability of PAN and Aadhaar”. This means that who do not have PAN (Permanent Account Number) card can file income tax returns by quoting their Aadhaar number.

3.  After submitting the return, individuals are also required to verify their returns. I-T Department offers five ways for verification of an ITR: net banking, bank ATM, Aadhaar OTP, bank account and demat account, according to the I-T’s e-filing portal.

4. After e-filing, users can also find information on the status of their submission through the Income Tax Department’s website.

5. One can file the income tax return after the August 31 deadline too. However, the delayed income tax return will attract a penalty of up to Rs. 10,000, according to the Income Tax Department.

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ECONOMY

Export growth rate drops to 6% but the Modi govt focuses on $5 trillion company

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Export growth rate drops to 6% but the Modi govt focuses on $5 trillion company

According to the official data released on India’s exports in August have dropped by 6.05 percent to $26.13 billion in comparison to the August 2018 mark which shows that in first five months of this fiscal, overall exports are down 9 percent to $15.33 billion.

Friday’s data showed a narrow trade deficit in August to $13.45 billion.

Earlier the minister had set a target by stating “India must bring back 19-20 percent export growth to become a $5 trillion economy.

The growth rate of export had fallen 41 months low in June this year as all major Foreign exchange earners such as petroleum oil, gems and jewelry and engineering goods recorded poor performance.

The imports in the same month had hit a 34 month low by a fall of 9.06 percent. The trade deficit had gone down by nearly eight percent to $15.28 billion in June which was three month low.

Outbound trade in June had diminished to a very low 9.7 percent after registering a rise of 3.93 percent in May 2019.

In August, the oil imports had shrunk by 8.9 percent to $10.88 billion while the non-oil imports were down by 15 percent to $28.71 billion.

A negative growth has been registered in the exports of gems and jewelry, and the engineering goods.

Cumulatively, during April-August 2019, exports were down 1.53 percent to $133.54 billion, while imports contracted by 5.68 percent to $206.39 billion.

Despite the nearing festival season, the gold imports have plunged 62.49 percent to $1.36 billion in August 2019.

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Manmohan Singh claimed that flawed Policies ruined Economic growth of India

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Manmohan Singh claimed that flawed Policies ruined Economic growth of India

On Thursday Former Prime Minister Manmohan Singh attacked the government for its flawed policies that have caused the current economic slowdown and asked Congress Party leaders to hit the streets to inform people about the policies of the earlier UPA government at the Centre during the global economic recession.

The former Prime Minister’s views were supported by Congress General Secretary Priyanka Gandhi Vadra who was also present in the meeting along with several other senior leaders.

Manmohan Singh told party leaders that when the economic recession had hit the global economy our government was able to revive the economy while the current government’s flawed policies on the economy are the reason for the Slowdown.

As per the source, Manmohan Singh emphasized economic slowdown as a great challenge for the current Narendra Modi government.

 The sources said that “Manmohan Singh told the party leaders that unemployment has increased in recent times as many sectors are facing the heat of economic slowdown and gross domestic product (GDP) is continuously falling,”

He also revealed that the former Prime Minister said Congress leaders need to hit the streets and tell people about the policies of the Congress during 2007-09 when the global recession had impacted India and how the then government was able to revive the economy and generate jobs.

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ECONOMY

“Maths did not help Einstein discover gravity” comments Piyush Goyal

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“Maths did not help Einstein discover gravity” comments Piyush Goyal

On  Thursday Union Commerce Minister Piyush Goyal was attending a Board of Trade meeting when he said that “Maths did not help Einstein discover gravity”

Piyush Goyal in an attempt of defending the government against the allegations of an economic slowdown. He was trying to answer the question of how projected GDP growth rates which is not aligned with $5 trillion dollar economy mission.

Piyush Goyal in an impassioned way against the GDP calculations made by experts and said that “Don’t get into the calculations that you see on television…don’t get into those maths. Maths has never helped Einstein discover gravity.”

He then continues: “If he [Einstein] had only gone through structured formulae and what was past knowledge, I don’t think there would have been any innovation in the world.”

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