Personal loans have about 80 per cent share in exposures restructured under regulatory package 2.0 by eight banks who have declared results for the second quarter. The remaining 20 per cent are loans to individuals used for business and credit to MSMEs. The total recast exposure of these banks under One Time Restructuring (OTR 2.0) was Rs 27,708 crore.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Sluggish rural demand along with higher inflation is set to mute revenue growth of the fast-moving consumer goods (FMCG) sector at 7-9 per cent this fiscal and the next compared to 8.5 per cent in the previous fiscal, a report said. Almost 40 per cent of the Rs 4.7-lakh-crore sector come from the hinterland markets, which have been hit by high inflation, low wages and high job losses since the Covid pandemic. Revenue growth of the FMCG sector will be muted at 7-9 per cent this fiscal and the next compared to 8.5 per cent in the last, while volume growth will be just about 1-2 per cent, down from 2.5 per cent last fiscal, Crisil said in a report on Monday.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
'But in the team, the environment is good and all are first-class fit and ready for second T20I'
'RBI is already late in addressing inflation pressures.'
Smriti Mandhana isn't actually known to be the most prolific T20 player -- her career T20 International average of 27.32 is middling at best. There have been failures too, but her ability to analyse and assess them honestly is a rarity in modern sport.
Mr Adani has a fight on his hands. It is not a fight to the death, asserts T N Ninan.
Prime Minister Narendra Modi on Friday urged bureaucrats to make national interest the sole basis of their every decision, saying the country has put its faith in them and they must uphold that trust.
Investing merely on the basis of past return can land you in trouble even in debt funds, a supposedly safe asset class, suggests Sarbajeet K Sen.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay the depositors of 21 stressed cooperative banks, including the Punjab & Maharashtra Co-Operative Bank (PMC Bank), up to Rs 5 lakh within 90 days. The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these banks. Of the 21 banks, 11 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
Moody's and Fitch on Thursday downgraded Russia's sovereign rating to 'junk' grade following severe sanctions by western countries. While Moody's Investors Service downgraded Russia's long-term issuer and senior unsecured (local-and foreign-currency) debt ratings to 'B3' from 'Baa3', Fitch pulled down the rating on the country to 'B' from 'BBB', putting it on 'Rating Watch Negative'. The downgraded rating is in speculative or junk category reflecting default risk. It signifies that even through financial commitments are currently being met, the sovereign is vulnerable to high credit risk.
Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank.
Ministries such as road transport and heavy industries are learnt to have objected to NITI Aayog's attempts to become an implementing body for the EV programme.
This comes against the backdrop of instances of indicative ratings given by agencies, for which there are no written agreements.
Retail investors may safely invest in shorter-duration funds, suggests Sanjay Kumar Singh.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
'The wife will not only abuse her husband for giving her less money, but also abuse the government.' 'Look at the price of a cooking gas cylinder, it is Rs 1,200.'
"The downgrade of the bank's BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank's standalone profile, particularly its capital position," the rating agency said in a report.
'While we note the very strong cyclical recovery in the economy, we believe there is still uncertainty over medium-term prospects.'
Moody's assumes that the RBI will continue to pursue price and financial stability and implement policies towards these goals.
At risk of entrenched rough times are sectors like hospitality and those with discretionary spends.
The Musharraf episode in the recent history of the subcontinent has convinced many realists in India that the hope of establishing peace with Pakistan is like accepting a dinner invitation from cannibals and expecting to live to tell the tale, points out Colonel Anil A Athale (retd).
The improved outlook on the Government of India announced by rating agency Moody's might need to be viewed with some scepticism. There is no doubt the performance of the Indian economy has sharply improved from the deep trough it hit last year. But the ability of the second largest global ratings agency to assess an upside and downside before events make everyone wise about India has been dismal for a long time, as the chart shows.
Mr Modi might have questions to ask himself on the most formidable strategic challenge before India that he inherited from the United Progressive Alliance: The triangulation between China and Pakistan. The failure to break out of it, or even loosen it a bit, is something to reflect on, notes Shekhar Gupta.
NBFCs are facing the heat of a crisis at IL&FS, which defaulted on repayment of its commercial paper dues, leading to a contagion effect in the sector.
The Nifty Bank index has come off 15 per cent from its peak in February, underperforming the benchmark Nifty which is down 6%.
Veteran India speedster Mohammed Shami has recovered from his niggles and is fit to play the final Test against England in Manchester, starting September 10.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Prime ministers turning up with such frequency to launch trains is an indication of the political mileage resident in public transport. Will our railways step out of the government's shadow? After all, they are the ones manufacturing trains and running them, notes Shyam G Menon.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'The digital trust level has drastically gone up due to Covid, not only in tier-I and II cities, but also in tier-III, IV and V geographies,'
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
The remarks by Naidu in his last address as the country's Vice President came even as Telangana's ruling Telangana Rashtra Samithi RS said the welfare of poorer sections of society is not a freebie and that welfare measures taken by governments should continue.
The Budget oration of the finance minister and the confidence with which she delivered it, along with the measures and the recent upsurge in the economy would all contribute to unleashing the storied 'animal spirits' and help the economy run on the growth path quite smoothly. Or so the government hopes, notes Shreekant Sambrani.
A lot has been written about the impact of the recommendations.
