To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
Women are multitasking and management queens. The pointers here can easily be managed by all women along with juggling their current tasks at hand. Superheroes are fictional whereas superwomen are real. They are all around us!
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
At 3.5 per cent per annum, interest on savings accounts is the only regulated rate in the banking system currently and a highly contentious one given its impact on the common man.
rediffGURU Chandu Nair advises entrepreneurs and enterprises about how to create and build their business.
With slippages increasing every quarter, any derailment on growth or change in customers' repayment behaviour after moratorium may impact the overall asset quality. Correction, though, presents attractive buying opportunities, given the bank's sustained leadership position.
The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Some believe the shift to mobile-based transactions will be seamless considering that the urban tele-density is 148%. In rural areas, it is touching 51%. But smartphone penetration in India is a mere 12%. Growth of mobile money has been extremely slow: It is currently 1%.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases. The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
The calculation is based on annual usage of eight cylinders per household.
Assuming the private bank issues 20 billion shares at Rs 10 apiece (with face value of Rs 2 each), the total capital raise will be Rs 20,000 crore. And for the 49 per cent stake, SBI will need to put in about Rs 10,000 crore.
Even so, the PM's cash in hand is among the lowest when compared with his Cabinet colleagues
The top court said in order to declare whether the exercise is academic or infructuous, it needs to examine the matter since both sides are not agreeable.
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.
The awarding of in-principle licences for 10 small finance banks is likely to be a game changer in a way which may not be adequately realised right now.
Savings in deposits by the households rose, however, to Rs 1 trillion (17 per cent) in the year to Rs 6.91 trillion in FY14 as against Rs 5.91 trillion in 2012-13.
There are about 15.3 crore LPG consumers in the country.
Paying for facilities like issuance of demand drafts, cheque books, credit or debit cards and ATM interchange may soon become passe as public sector lender IDBI Bank on Wednesday waived-off all service charges on current and savings accounts (CASA), the first by any bank.
'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
The charges would apply to savings as well as salary accounts
Firms that have a turnover of under Rs 1 cr can pay tax without maintaining books.
Close on the heels of one per cent cut in interest rate on small savings scheme and PPF in the Union Budget, the Reserve Bank of India announced on Friday a 0.5 per cent reduction in interest rate on savings account to 3.5 per cent effective Saturday
The Postal Department has geo-tagged more than 1,50,000 post offices on geo-portal Bhuvan, developed by ISRO
'Midcap and smallcap indices are trading in the expensive zone.'
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
It is strange that the wealthy evade taxes even though the marginal utility of the money saved amounts to little and tax rates in countries, including India, have dropped
Govt expects to save Rs 10,000 crore through this move.
Adopted after nearly two weeks of hectic negotiations, the first Global Stocktake deal, being termed the UAE consensus, urges countries to accelerate efforts toward the phase-down of unabated coal power, which is a climb down after India and China strongly resisted the singling out of coal.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
rediffGURU Sunil Lala answers your MF-related queries.
If you switch jobs midway through the year and do not declare the earlier deductions to your new employer, he will use the same calculation to compute your tax liability.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
The perils mentioned here may seem few in number, but each of it encompasses an entire set of dangers posed by the free online tax filing offers.
"You can download mobile applications provided by banks on your phones and I want to urge political leaders, teachers, youth to give training to people on mobile banking," Modi said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Missing the deadline for filing Income Tax returns can lead to consequences.
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