If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
'Stay disciplined, and remain invested.' 'Volatile times are the best to invest in structural opportunities at the right price.'
Tax advantage, absence of huge interest rate risks and better returns makes investing in liquid mutual funds a viable option to park your spare cash.
Tax advantage, absence of huge interest rate risks and better returns makes investing in liquid mutual funds a viable option to park your spare cash.
The stocks are largely from sectors such as chemicals, finance and cement, which struggled earlier but the worse seems to be behind them.
The Reserve Bank India's (RBI's) decision to ban the onboarding of new accounts on the "bob World" mobile digital platform led to a selloff in the Bank of Baroda (BoB) stock. The stock of the public sector bank dropped by around 3 per cent. The central bank cited "material supervisory concerns"; news reports claimed mobile numbers were randomly linked to accounts to purportedly inflate registrations on bob World.
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license. UPI consumer data indicates stable market share, and expansion in partner networks in financial distribution. All this implies Paytm could be set to meet guidance of turning Adjusted Ebitda breakeven by Q4FY25 (ex of UPI-incentives).
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'With tuition fees for international students rising, education loans have become critical for bridging the gap between savings, scholarship, and full cost.'
It is advisable to file your ITR right away and not rely on potential extensions.
rediffGURU T S Khurana answers readers' personal income tax queries
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
The Reserve Bank has cautioned the public not to fall prey to spurious offers made by a fake website in its name offering savings accounts.
'It is observed that some of our branches are already losing good balances in their savings deposits as well as fixed deposits, which are maturing, to the other banks.'
Reflecting strong momentum in business, commercial banks, including one public sector lender, reported a year-on-year (YoY) growth in advances. This was higher than or around the banking sector trend in the first quarter ended June 2023. Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs 1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to Reserve Bank of India (RBI) data.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," Economic Affairs Secretary Shaktikanta Das said.
One cannot open a savings bank account, have a fixed deposit or a public provident fund.
'There has been a change in the advances mix, with the share of corporate loans decreasing.'
India's financial sector is dominated by large government-owned and private-sector banks.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
The NDA government has asked states to enrol all MNREGA workers under the three newly-launched social security schemes.
The saving in 2015-16 was about Rs 7,000 crore.
Currently, the ATM withdrawal limit from savings bank accounts stands at Rs 2,500 a day, but most ATMs are dispensing only Rs 2,000 notes or Rs 100
Sources said the two Acts will be amended to provide for voluntary sharing of the 12-digit identification number for obtaining new mobile phone connections and for the opening of bank accounts.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
The government does not seem keen on issuing fresh gold bonds given the overall cost and rising gold prices.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
'The problem is that the bubble may not only be in valuations, but also in investors' minds.'
Households are likely to remain the primary net lenders to the economy in the coming decades.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
The merged entity's deposits grew by 16.2 per cent YoY at Rs 20.63 trillion at the end of the first quarter. Sequentially, the merged entity's advances rose by about 0.7 per cent to Rs 22.30 trillion as of March 31, 2023. However, the pace of deposit mobilisation was higher at 1.2 per cent over Rs 20.39 trillion as of March 31, 2023.
'Women' as a political constituency appears to be an idea that has come of age. It is changing India in ways that we only dimly understand, asserts Aditi Phadnis.
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