rediffGURU Samkit Maniar answers readers' personal income tax queries.
The Delhi high court has directed SpiceJet to deposit "forthwith" Rs 75 crore that has to be paid to media baron Kalanidhi Maran and his Kal Airways towards interest on an arbitral award of Rs 578 crore. The high court said, admittedly, there is no modification of the February 13, 2023 order passed by the Supreme Court in the case, and hence it needs to be followed. "Since the judgment debtor (SpiceJet) had failed to pay an amount of Rs 75 crores to decree holder (Maran and Kal Airways), hence in terms of para 15 (ii) of the order dated February 13, 2023 of the Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed.
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 revision in rate is for deposits of up to five years and will be effective from Sept 07, 2012.
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
A spirited performance from their bowlers saw Royal Challengers Bengaluru outclass Chennai Super Kings by 27 runs to qualify for the play-offs.
Few in Varanasi expect the result to be different from 2014 and 2019. The only point of interest is whether Narendra Modi will increase his winning margin against his rivals.
Your opportunity to earn higher interest by keeping more than Rs 1,00,000 in your savings bank account might soon be limited.
The Supreme Court said on Friday keeping activist Gautam Navlakha under house arrest in the Elgar Parishad-Maoist link case further will set a "wrong precedent" and directed the National Investigation Agency (NIA) to apprise it of his current medical condition and the stage of trial.
The currency in circulation (CIC) declined by Rs 7,600 crore in the Diwali week, making it the first such happening in two decades, a report said on Thursday. This was made possible courtesy of a greater reliance on digital payments by people, the report by economists at SBI said, adding that the Indian economy is undergoing a structural transformation at present. They clarified that the Diwali week in 2009 had also witnessed a marginal Rs 950 crore decline in currency in circulation, but that was purely due to the economic slowdown amid the global financial crisis.
Tamil Nadu Chief Minister Jayalalithaa on Tuesday resumed her deposition before a special court in Bengaluru for the third time in connection with the Rs 66 crore disproportionate asset case against her and two others.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
The Directorate of Enforcement (ED) has launched a preliminary investigation or a pre-open inquiry into alleged violations related to the Foreign Exchange Management Act (Fema) in the Paytm Payments Bank case, according to sources in the know. The probe follows serious concerns raised by the Reserve Bank of India on multiple violations by the Paytm bank, which is a joint venture between One97 Communications, which is the parent company of Paytm, and the group's founder Vijay Shekhar Sharma.
First, it is important to gauge the financial strength of the bank. Second, the period of the deposit is vital. Often, a higher rate of return is available for specific time maturities like 10 per cent for 360 days and so on. Third, the amount is important. In most cases, if the deposit is above Rs 15,00,000, the bank offers a higher than normal rate of interest. Fourth, since there can be a big difference in the various rates of interest being offered, read the fine print.
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel. Major drivers include equity and debt investments, deposits, and the international travel segment, among others. According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year.
The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public.
'We are committed to achieving the targets we had outlined.'
The Finance Ministry has sought comments from stakeholders.
'Building a credit history is a gradual process that requires at least 6-12 months of consistent credit activity.'
"There can be a situation where a person has lost his/her money for no fault," SC said.
Fintech firm One97 Communications, which owns the Paytm brand, on Wednesday said its loss in the fourth quarter of the financial year 2023-24 has widened to Rs 550 crore following the ban imposed by the RBI on transactions related to its payments bank. The company had posted a loss of Rs 167.5 crore in the same period a year ago, the company said in a regulatory filing. "Our fourth quarter FY24 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of the PPBL embargo.
Prime Minister Narendra Modi on Tuesday said he wants the Bharatiya Janata Party-led National Democratic Alliance to win 400 seats in the ongoing Lok Sabha polls to ensure the Congress does not bring back Article 370 in Kashmir and put a 'Babri lock' on the Ram temple in Ayodhya.
Do not shop around for loans immediately after getting a secured credit card. Such loan enquiries can also pull down credit score, as they are treated as a sign of credit-hungry behaviour.
The premises are alleged to be of the domestic help of Jharkhand Rural Development Minister Alamgir Alam's personal secretary Sanjiv Lal.
The Reserve Bank on Monday advised banks to provide shade from the sun and water to customers waiting to exchange or deposit Rs 2,000 notes. It can be noted that during the note ban in 2016, there were allegations of customers dying while waiting in queues to exchange bank notes. Following Friday's announcement of withdrawing Rs 2,000 notes -- the notes continue to be legal tender unlike demonetisation exercise -- there were concerns about customers facing inconvenience, especially given the summer being at its peak.
Bank deposits serve the purpose of preserving capital, which is the most wanted at certain times.
The Supreme Court on Friday rejected Kingfisher Airlines' plea against the Karnataka High Court's order directing it to deposit around Rs 185 crore with the Income Tax Department as TDS from its employees' wages.
Rangeela's presence in the fray could have been trifle uncomfortable for Modi. He may not have posed an electoral challenge to the prime minister, but Rangeela's public meetings could have seen people flocking, if only to hear him mimic Modi. In a completely Modi-centric election, the presence of a 'rival' -- if only for a smattering of audience at his meetings -- would not have been particularly appreciated by Modi, asserts Nilanjan Mukhopadhyay, author of Narendra Modi: The Man, The Times.
'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.'
The State Bank of India (SBI) on Wednesday told the Supreme Court that a total of 22,217 electoral bonds were purchased by donors between April 1, 2019 and February 15 this year, out of which 22,030 were redeemed by political parties.
The explosion took place at Rameshwaram Cafe in Brookefield in East Bengaluru on Friday. A man wearing a cap, mask and glasses is the prime suspect in the case and is still untraceable,
The judges said the group can sell 13 out of the 15 properties mentioned in one of the lists to deposit the amount.
HDFC Bank Q1FY24 results analysis: Shares of HDFC Bank, the world's seventh largest financial entity, have advanced 2 per cent in two days, as against 1 per cent rise in the benchmark S&P BSE Sensex, after the lender reported its April-June quarter (Q1) results for financial year 2023-24 (FY24) on July 17. The S&P BSE Bankex index, meanwhile, has gained 1.3 per cent. While the near-term stock performance may remain sideways due to merger-related hiccups, analysts remain bullish on the stock's long-term prospects.
The Reserve Bank of India on Friday announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said in a statement. In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
Cap on bank withdrawals to be reviewed after Dec 30, says finance secy.
The Reserve Bank of India (RBI) on Tuesday told the Delhi high court that withdrawal of Rs 2000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.
One of the high points of the proceedings was when Indrani Mukerjea's lawyer smartly utilised Dr Zeba Khan's expert status to pose her A Most Curious Question. He asked her if a skull can grow new teeth, even after the person, who it belonged to, had died, three years before. We can be sure that the discrepancy between the number of teeth discovered in the skull unearthed in 2012 and the skull shown in court in September 2019 will come up soon in Courtroom No 51. Vaihayasi Pande Daniel reports from the Sheena Bora Murder Trial.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
Deposits in Jan Dhan account have more than doubled to Rs 87,000 crore in 45 days post demonetisation, prompting the tax department to "dissect" information relating to such deposits, a top government official said.
