BC ECONOMY
Saved by @Mollyycolllinss

Key Highlights from the Union Budget 2021, as presented by the Hon’ble Finance Minister.

Direct Taxes -
• Vivad Se Viswas Scheme Last Date of filing extended to 28th February 2021.
• Citizens of age 75 years and above who have only Pension and Interest income – Need not file👇

 Income Tax Returns
• Re-opening of Assessment to reduced to 3 years from 6 years. Only where evidence of concealment of income of Rs. 50 lakhs or more – re-opening can be made up to 10 years & only with the approval of Pr.CCIT.
👇
• Reducing Litigation for small taxpayers – Constitution of Faceless Dispute Resolution Panel for people with Total Income up to Rs.50 lakh and disputed income of Rs.10 lakh
• Income Tax Appellate Tribunal to become Faceless – Only electronic communication will be done
👇
• Relaxation to NRIs – Rules to remove hardship of Double Taxation
• Tax Audit Limit to be increased to Rs.10 crores from Rs.5 crores for those having less than 5% cash transactions
• Dividend Tax- Dividend will be exempt from TDS. Advance tax liability on dividend income
👇
will arise only after the declaration or payment of the dividend. For Foreign Investors – a lower treaty rate benefit will be given.
• Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakhs to be extended for loans taken till 31st March 2022.
👇
• Affordable Housing Projects – Tax Holiday extended till 31st March 2022.
• Tax Holiday for Capital Gains for Aircraft Leasing Companies and Tax Exemption to Lease paid to Foreign Persons
• Pre-Filling of Returns – Details of Capital Gains, Dividend Income and Interest
👇
income will be pre-filled in the returns
• Relief to Trusts – Charitable trusts running Hospitals and Educational Institutions relief increased from Rs.1 crore to Rs.5 crore.
• Employee contribution not paid by the employer will not be allowed as a deduction.
👇
• Tax holiday for Start-Ups extended to 31st March 2022. Capital Gains exemption on investment in startups also extended to 31s March 2022.

MCA, Companies Act, LLP Act
• Easing Compliance requirements of Small Companies – Threshold increased to Share Capital increased
👇
up to Rs.2 crore and Turnover up to Rs.20 crore will be Small Companies
• Allow One Person Companies (OPC) to grow without any restriction in Share Capital or Turnover. NRIs will be allowed to set-up OPCs. Presence in India of 120 days in a year enough to start an OPC.
👇
• Launching MCA Version 3.0 – E-Scrutiny, E-Adjudication, and Compliance management to be simplified.
• Decriminalisation of LLP Act, 2008
• Tribunals to be rationalized.

#WA 🙏

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For those who haven’t heard, we are witnessing a globally coordinated plan (conspiracy) to use fear and safety as cover for a #GreatReset of the world economy & society. This is a planned and internationally coordinated strategy by the most powerful global elites-the ruling class

The aim of the global ruling class is to refashion global capitalism into what we can call neo-feudalist technocratic bio-fascism-or ‘global fascism’ for short.

The aim is for remaining liberal democratic rights and freedoms that have been in place at least formally in the ‘west’ for the last few hundred years to be eroded and withdrawn.

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It’s also almost a month into an agreement for ‘unimpeded’ humanitarian access to #Tigray the #AbiyAhmed regime signed with the @UN. Yet, even a needs assessment is not conducted to date. 2/17



In the meantime, people are actually dying of hunger in #Tigray. These past 2 days, I had calls with some people that made it to #Mekelle from Wukro, Edagahamus, Abi-Adi & Hagereselam and environs. The stories are similar and harrowing. Words cannot express the desperation. 3/17

On top of existing poverty in #Tigray, production was particularly hit this season owing to an invasive locust & #COVID-19. Worse yet, the war came at a time when whatever is left could be collected. More than a million are internally displaced. 4/17

Even more tragic is that in many of the towns and villages I heard about, vengeful #Eritrean troops have looted private possessions, including food. Some of the stories I heard shocked me to the core. Innocent people are dying, from bullets, starvation and curable diseases. 5/17
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Took the 6 yo old out for some local lock down exercise on his bike. Park too busy to cycle through, so we did a loop on local roads because that's the only other option without driving somewhere. Here's how it went (a thread) @CycleSheffield @CyclewalkSCR @DameSarahStorey

The 6yo doesnt cycle in a complete straight line yet so one of us cycles abreast of him just in case. Lots of drivers waited patiently for a long time before overtaking slowly and safely. Thank you for this. Sudden accelerating engines make the 6yo less likely to stay straight.

Some drivers, sadly not an insignificant number, decided they needed to get past more quickly and more slowly than was safe. Where were they all going to and why the need to be so impatient? It's not like there is anything to get to quickly at the moment.

Drivers coming the other way were generally the biggest threat. The roads were double parked with people using the park (worst I have have ever seen) resulting in narrow road space. Drivers did not slow down to adjust to this or to us cycling alongside the 6yo.

One driver overtaking a parked car had to encroach on to our side of the road. Instead of waiting he pushed out and shook his head at us. Did he think we shouldn't be on the road with a small child or did he just think he had priority? Either way he was wrong.
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On Sep 3rd 2020 we closed on a 120k sf glove factory built in 1890 in a small NY town.

Has 45k sf of self storage inside and had $14k a month of net operating income at closing.

Let's breakdown this deal.

A THREAD on creating $2 million out of thin air in 18 months...

👇👇


First saw the property on Loopnet in mid 2018. I ignored it. Who wants to try to operate a business in an old factory in a dying NY town.

A few months later I reached out. Broker sent me financials. They were good. $24k a month in revenue and $10k in expenses.


So I visited the property. It was old. Needed a new roof. Full time manager. Only accessible to customers 9am-5pm M-S. No autopay. A lot of folks paying 1/2 market rent.

I loved everything about it.

But I knew they were going to have trouble selling this thing no matter the profitability, so on July 1 2018 I made a low offer. $750k + seller pays for new $250k roof + $20k in environmental work.

Countered at asking price + $100k credit towards roof.

I ignored the response.

Broker called me back mid September of 2018. Make another offer, he urged.

I knew it was a good biz so I got more aggressive - $1MM + seller pays for roof / environmental.

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Paul Goldsmith-Pinkham
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@paulgp
My friend @itsafronomics wanted to know the breakdown of student debt by income, so I pulled data from the SCF.

Student debt is more concentrated amongst high earners, but disproportionately amongst Black borrowers. The plot below plots the average within Income Quartiles.
1/n


But those are the averages. What's the share that's above 10k? (This is the Biden current cutoff for debt forgiveness, so a useful benchmark).

For comparison, 20% of white Americans have student debt, and 31% of Black Americans.


Let's contrast that with say, above 20k. I was surprised at how high the share remains.


When we get to 50k of student debt, or more, we see it's only about 5% of the US, and around 8% of Black Americans. Strikingly, it's a huge share of high income Black Americans (this is a known fact in the education literature, I believe).


So what does this look like put together? Overall, we see a higher share of Americans with debt above 10k, and 20k. We would cover a decent amount with 10k, but miss Black Americans especially.
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programmes for Hanuman devotees who can do ‘Sadhna‘ under the guidance of Setuu masters. Devotees who qualify all the criteria will be eligible for Hanuman’s ‘sakshaat darshan‘
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