The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
The industry's reactions to the Budget have been mixed.
Banks have Rs 10 trillion in stressed assets - Rs 7.8 trillion of bad loans and Rs 2.2 trillion of restructured ones.
The reaction from Planning Commission Deputy Chairman Montek Singh Ahluwalia comes a day after the Central Bureau of Investigation arrested LIC Housing Finance CEO Ramachandran Nair and seven other senior bankers on charges of corruption and criminal conspiracy.
"People forgot about income for farmers. But for the first time, this thinking has been changed," he said and listed steps the Centre has taken for the welfare of farmers.
Three stockmarket experts give their best picks for the New Year.
Some of their tactics would put a snake oil salesman to shame, says Harsh Roongta.
Instead of taking loans from banks, they believe in forming groups - some acting as treasurers, others as accountants, credit officers or recovery agents - with Bandhan, one of the most active microfinance institutions (MFI) in the region.
The best option to reduce farm distress in the state is that when the rains fail, the state -- the central and the state government -- provide a financial cushion for the farmer
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
FIFA announced that soccer players would be allowed to make two moves in a single calendar year.
It will take over large non-performing assets of banks and help in revive companies ridden with bad debts.
The Andhra ordinance and SKS IPO have abruptly changed the industry's prospects
There's a long way to go before human beings are replaced by machines -- in banks at least.
As per the will, Hardik has Rs 50,000 in his bank account, of which Rs 20,000 will go to his parents and the rest to a Panjrapole near his native village in Gujarat.
Are you managing one of your greatest assets -- yourself -- with care? Here are five ways that can help you.
ICICI Prudential has tied up with the healthcare service provider to enable investors in its ICICI Prudential Savings Fund use the money seamlessly for medical purpose.
The area-based income compensation scheme says that farmers should be paid the difference between the actual price they get and the state-mandated MSP. The compensation will be determined on a per acre basis by using district-level estimates of marketable surplus and prices in the harvest season.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
At a time Life Insurance Corporation (LIC) is under the scanner due to the alleged bribe-for-loan scam at its housing finance arm, the mutual fund company of the corporation has been continuously losing business. Its assets have dipped substantially this year. As the mutual fund industry faces redemption pressure, LIC Mutual Fund, a state-owned fund house, has performed worse than the industry so far in the current financial year.
The government will take special efforts to ensure adequate credit flow to underserved areas -- the eastern states and Jammu-Kashmir, he added.
PFC provides loan syndication, along with 18 other institutions, mostly banks and Life Insurance Corporation and Hudco, under the Power Lenders' Club.
The top court last week gave Sahara a final chance to raise funds.
Cohen, 52, was sentenced to 36 months in prison by the US District Court for the Southern District of New York.
'There is no need to do anything, let your SIPs get deducted every month, and stick to your allocation between equity, fixed income and emergency funds and your risk covers.'
The Pradhan Mantri Jan Dhan Yojana scheme will help eradicate poverty and curb corruption at the grassroot level, industry said.
The Direct Tax Code recently been proposed by the Government of India, will bring about a change in the whole taxation system of the country. But how will it impact tax savers?
India should take 'measured approach' with stimulus packages to deal with COVID-19 by limiting interventions to the provision of food, shelter and basic necessities of life for all; forbearance on payments of outstanding loans; and extra provision of working capital including what will be necessary to cover outstanding wages from lockdown period to enterprises.
The bench said the government should come out with a policy which deals with the root causes of farmers taking the extreme step.
From the date you put in your papers, the employer will promptly freeze your salary payouts and you will get everything along with the full and final settlement.
Since 2014, the public sector banks' branch network in rural and semi urban has grown by a mere 4,000 while for private sector banks, it doubled from 9,673 to 18,437.
He said the empowerment of women is very close to his heart.
Expressing happiness over the growth of the banking sector in the last 10 years, Finance Minister P Chidambaram today described it as a great achievement of the United Progressive Alliance rule.
'If you consider only demonetisation and GST as my government's work, it will be a big injustice to me.'
The Union Budget is not everyone's cup of tea. But here's how you can make it yours.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
BJP deputy leader in Rajya Sabha S S Ahluwalia said the main aim of the opposition was to register its protest against the 'anti-people' policies of the government.
'The number of deaths attributable to warming is likely to rise in the future.'
