The new EET method of taxation needs to be debated extensively.
An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender.
With the new pension system attracting lukewarm response from citizens, interim regulator PFRDA today expressed hope that the Budget would provide tax exemption to individuals at the time of entry to encourage them to opt for the scheme.
In its effort to be something of everything, the budget has become a bag of contradictions
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
Whether Rajeev Chandrasekhar wins or not, Thiruvananthapuram will likely never see such an interesting contest again.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
Welcoming the move, the Capstocks MD V Rajendran said the move would prove beneficial for the bourses in the long term, and will aid the economy to ensure a steady flow of funds into the stock markets.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
Use a combination of the two options without which sufficient corpus can't be assured.
Besides these entities, IDBI Capital was shortlisted by the interim pension regulator PFRDA for acting as a fund manager and asked to submit bids.
With UPA facing allegations of corruption, Prime Minister Manmohan Singh on Saturday said his government wants to use new technology to curb dishonesty and bring transparency in governance.
Those who have crossed 50 must show the greatest urgency. They need to achieve a corpus that can sustain them and their spouses for at least 25-30 years after retirement.
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
Individuals could soon lose tax benefits available on fixed deposits with an over five-year term once the direct taxes code comes into force from April 2011.
The payment mechanism is aimed at checking corruption and pilferage in the social sector schemes that seek to promote financial inclusion.
From taking charge of Jharkhand as its youngest chief minister at 38 to establishing himself as a 'fighter' for tribal rights, Hemant Soren, who was arrested by the Enforcement Directorate, is an accidental leader thrust into politics after a family tragedy.
Defining challenge in India is augmenting state capacity, says Finance Minister P Chidambaram.
'it's not just youth in India who are left behind because of their inability to find jobs; nearly two-thirds of Indian women of working ages do not participate at all in the paid labour force.'
Union Agriculture Minister Arjun Munda on Tuesday said a law guaranteeing minimum support price (MSP) on crops cannot be brought in a hurry without consulting all stakeholders and urged the protesting farmer groups to have a structured discussion with the government on the issue.
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
Experts foresee possible scenarios: A BRS government with less majority, a BRS government with BJP and AIMIM support, or a Congress government.
Here's how the move will affect the banks' customers.
AIBOC in a letter to the Prime Minister, has said the government should not expect the banking fraternity to "join the political campaign of #MainBhiChowkidar" unless issues related to merger of banks, salary revision and staff recruitment, among others, are addressed.
If there was anything called an anomaly in the pension structure, it was for those who get elevated to the Supreme Court from the Bar and Justice Hegde is a prime example of the victims of that system.
While demanding an increase in income tax exemption limit, the trade unions suggested that the rates of personal and corporate income tax for those in high income brackets should also be enhanced.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The 'partial withdrawal' is however allowed only after 10 years of contribution by the subscriber, said the draft guidelines by the Pension Fund Regulatory and Development Authority.
Defence Minister Rajnath Singh on Monday said swift and transparent decision-making and availability of optimal resources were needed for a country's combat readiness.
Neither the BJP, nor the Congress before it, made any manifesto commitments on defence spending, even though allocations have plummeted from 4 per cent of gross domestic product (GDP) in the late 1980s to less than 2 per cent today, points out Ajai Shukla.
Reduction in the mandatory minimum contribution and extension to invest in the scheme from 60 years to 70 years has made the National Pension Scheme more friendly, says Anil Chopra, Group CEO & Director Bajaj Capital
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
In his maiden foray in the state election, Yadav won from the Karhal assembly seat by a margin of 67,504 votes.
Finance Minister Arun Jaitley announced several reforms.
Will the EPFO be required to deduct tax at source or will the employee have to calculate the tax and pay it separately?
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