The interest earned on bank fixed deposits are added to an individual's taxable income and charged as per the applicable tax slab.
The Finance Ministry has sought comments from stakeholders.
The deadline for compliance expired in December, 2005. Though new accounts are KYC-compliant, getting the old ones up to date is expected to take two or three years.
The attached properties include three commercial assets based in Dubai, a Mercedes Benz car and a number of fixed deposits in bank accounts in the country and outside, the agency said.
A day ahead of Lok Sabha polls announcement, the government today decided to hike interest rates on fixed deposit schemes offered by post offices by up to 0.2 per cent.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
'Markets could face uncertainty in the short to medium term.' 'It would be prudent to invest in alternative asset classes, especially debt, for about a year.' 'Bank fixed deposits are offering rates as high as 9 per cent per annum and these can be used as a great hedging tool until equity markets stabilise.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Enforcement Directorate on Tuesday alleged that Dravida Munnetra Kazhagam leader and Tamil Nadu Higher Education Minister K Ponmudy issued "illegal" red sand mining licenses to his MP son, relatives and some benami holders, and that huge amount of "hawala" funds generated from this mining business was used to purchase companies abroad.
Regardless of market levels, invest in stocks and equity mutual funds in a staggered manner.
Even an investor with an appetite for risk can consider investing in fixed deposits to hold a complete and well-diversified portfolio across asset classes.
Capital Indexed Bonds promise a double bonanza: they purport to offer returns at a fixed rate and yet incorporate the ability to combat inflation.
Karvy expects individual wealth in India to grow to Rs 558-lakh crore at a CAGR of 12.9% over the next five years.
A day after the Reserve Bank of India's (RBI's) Monetary Policy Committee hiked the policy repo rate by 50 basis points (bps), several commercial banks, including ICICI Bank and Bank of Baroda, raised their external benchmark-linked loan rates by an equal amount on Thursday. HDFC, the country's largest mortgage lender, too, increased its interest rates on housing loans by another 50 bps. In total, it has raised rates by 85 bps since May 4, when the RBI had increased the repo rate by 40 bps in an off-cycle meeting.
The country's largest lender State Bank of India on Wednesday said it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenures, effective March 10. The bank has reduced its one-year MCLR by 10 basis points to 7.75 per cent from the earlier 7.85 per cent, SBI said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
The alleged chit fund scam in West Bengal involving the Saradha Group revolves around a total sum of Rs 2,460 crore with 80 per cent of the depositors' monies still remaining unpaid, a latest investigation report has revealed.
These funds carry low risk and should be able to beat the returns from fixed deposits.
The HC had on July 29, 2021 extended the interim protection to the portal, represented through its holding company PPK NewsClick Studio Pvt. Ltd., and Purkayastha, uptill the next date of hearing.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
Appellate tribunal NCLAT on Monday stayed the Rs 200 crore penalty imposed by the Competition Commission on Maruti Suzuki but directed the car maker to deposit 10 per cent of the total amount within three weeks. The amount has to be deposited with the Registrar of the National Company Law Appellate Tribunal (NCLAT). A three-member NCLAT bench stayed the demand notice issued on October 27 to the car maker, subject to the condition of depositing 10 per cent of the penalty amount.
The move comes barely a week after fellow crypto unicorn CoinDCX laid off 12 per cent of its workforce - an estimated 80 employees - amid challenging macroeconomic conditions and regulatory uncertainty in the sector. CoinSwitch has 519 employees, according to its LinkedIn profile. This means around 8 per cent of its workforce were shown the door.
If you are one of those who is now staring at your credit card bill and wondering how to go about it, here is the way out.
Since MAAFs invest across multiple asset classes, they offer diversification.
The summons were sent to Singham recently on his personal email ID and also through the Chinese diplomatic channels after the ED routed them through the ministry of external affairs, the officials said.
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.
These plans are best suited for individuals with a lower risk appetite as they provide guaranteed benefits.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Unlike fixed deposits or other recurring deposits, the rate will be reviewed every three months.
To expedite mining activities in the country and address shortcomings in the mine auction process, the Centre has proposed the introduction of intermediary timelines for acquiring mining leases and composite licences. The government has outlined timelines for various activities involved in the process, accompanied by penalties for delays attributable to the bidder. According to the Ministry of Mines notification dated February 9, the penalty for surpassing specified timelines in any activity within a milestone would lead to deductions from the performance security deposited by the bidder.
They will also have access to banking channels such as ATM, mobile and Internet banking.
'Historically, the lead-up to a general election tends to be excessively volatile and big losses are perfectly possible.'
More than 50 per cent of SIP accounts come from semi-urban and rural areas.
The Supreme Court came down heavily on the Centre on Tuesday for failing to take any decision for years on the pension payable to retired regular captains of the Army in accordance with the One Rank One Pension (OROP) scheme and imposed a fine of Rs 2 lakh on it.
The higher the tax bracket, better the yields for these instruments
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
