The new wage definition under the Code on Wages, 2019 will change the way gratuity and provident fund calculations are done on salary. As per current rules, gratuity and provident fund is calculated on the basic salary. However, under new rules, it will take into account basic and other allowances except those that are excluded. These changes will impact your income tax liability.
Effective from July 1, 2022, TDS will be applicable at the time of transfer of virtual digital assets, crypto and NFTs. The TDS will be applicable at the rate of 1%. However, the Central Board of Direct Taxes (CBDT) has announced that TDS will be applicable if the amount paid exceeds the specified limits.
The investment is the second tranche of investment under the strategic partnership between GIC and India’s largest retail-led mixed-use asset developer and operator to set up a joint venture to develop, own and operate retail-led, mixed-use developments across India.
The banking regulator once again cautioned against the proliferation of virtual currencies, calling the instruments a 'danger'. "Cryptocurrencies are a clear danger," RBI governor Shaktikanta Das noted in the foreword to the report. "Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name."
This will ensure that these products do not face the tax applicable on VDAs such as cryptocurrencies and non-fungible tokens (NFTs), introduced this budget.
The number of fresh borrowers at 67.61 lakhs for private sector banks under the government's ECLGS scheme is three times the fresh borrowers attracted by public sector banks who managed only 22.65 lakh new borrowers. Private banks disbursed Rs 95700 crore compared to Rs 79800 crore disbursed by public sector banks, according to Reserve Bank's latest Financial Stabilty Report.
The RBI’s clarification that prepaid payment instruments (PPI) - a licensing category that includes e-wallet operators in India - can only be loaded via cash, bank accounts and credit cards issued by regulated entities does not prevent digital finance platforms from offering loans backed by banks and other non-bank financial companies.
It can be noted that the RBI has hiked interest rates by a cumulative 0.90 per cent in two successive actions since May with an eye to tame the rising inflation, as it tries to rollback the accommodative measures taken during the pandemic.
The income tax laws that apply to various individuals will see a few new changes in July. Here are three significant changes to income tax law that will take effect on July 1, 2022.
The Central Board of Direct Taxes (CBDT) has issued a further circular clarifying how TDS on virtual digital assets (VDA) and crypto will work in case of peer-to-peer transactions. The new income tax rules regarding TDs on VDA and crypto will come into effect from July 1, 2022. Read on to know more about the latest circular.
There can be interest penalty under section 234A of the Income-tax Act, 1961 if taxes are paid after the deadline of filing ITR has expired. However, it is important to note that the last date of filing ITR varies for different taxpayers.
Banks are staring at significant mark-to-market losses in April-June quarter as some of them approached the Reserve Bank of India seeking a one-off relaxation following rises in bond yields.
Businesses using Cashfree’s Payment Gateway can integrate with ‘Token Vault’ to securely tokenize the cards issued by all major card networks including RuPay, Visa and Mastercard. Due to this feature, businesses will no longer need to spend time integrating with multiple token service providers to tokenize cards and execute transactions.
The program will offer a host of benefits such as the option to choose from over 10,000 premium restaurants across India and Dubai, instant confirmation on table reservations, and exclusive offers on dining reservations made through the EazyDiner app.
Nikunj Kedia started his career with American Express Financial Advisors and has close to two decades of experience in the financial services industry with expertise in advisory and wealth management. Prior to joining IIFL Wealth Management, he had founded Park Financial Advisors, with a focus on fee-based financial planning, which was acquired by Karvy Private Wealth in 2009.
This partnership will help Axis Bank build operational efficiencies in the cash management process. It is also expected to speed up the payment cycle and help in releasing the bandwidth of field agents who operate across the country.
Amidst the volatilities in the market, here are the five best reasons, why you should invest in the markets now
As geopolitical tensions prevail, Investors should with switch from debt funds to equity markets with a balanced investment strategy like Systematic Transfer Plan (STP)
ITR-1, also known as Sahaj, is used by most individual taxpayers to file their income tax returns. Here is a step-by-step guide on how to file ITR-1 completely online on the new income tax portal for FY 2021-22 (AY 2022-23). While filing ITR online, ensure that information pre-filled in the ITR form is correct. If not, then correct the information in the online form.
Funding to the nearly three-decades-old, Ahmedabad-based company will help accelerate product innovation, channel partnerships, brand building and also acquisitions, the statement added. At present, it portfolio consists of premium tiles, faucets and sanitaryware, which are sold through over 200 exclusive brand outlets in India and globally.
"Talking about the market and the economy, it will largely depend on the war situation and its impact on inflation and the central banks’ response to inflation. And obviously how banks respond to interest rate hikes. Compared to the first quarter last year, this year is pretty good so far because the same period last year was completely washed out due to Covid-2."
With the payment of additional taxes, the new provision enables taxpayers to make changes to errors or omissions on their ITRs within two years of filing. On the website of the income tax department, you may find the much awaited updated ITR (ITR-U).
The ITR-1 form is also known Sahaj, is one of the most used income tax return forms. However, not all individual can file their tax returns using Sahaj. Only individuals having income from limited number of sources can use ITR-1. Read on to know who can use ITR-1 and who cannot use ITR-1 to file ITR for FY 2021-22 (AY 2022-23).
To be sure, a reversal in the rate trends could impact spending on borrowed funds. India's central bank has raised rates twice in the space of a month beginning early May to restrain inflation.
The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, requires the central government to hold at least 51% of public sector banks. The earlier thinking was that Centre should retain at least 26% stake during privatisation and that this could be brought down gradually.
It also estimated that the Risk-Adjusted Capital (RAC) ratio of ICICI Bank will dip marginally below 10 per cent due to strong credit growth from 10.4 per cent as of March 31, 2022.
Ahead of National Insurance Awareness Day, Aviva Life's Amit Malik, Aegon Life’s Satishwar Balakrishnan, Bajaj Allianz's Tapan Singhel, and SBI Life Insurance’s Mahesh Kumar Sharma deliberate on ‘Simplifying Insurance for India: Rethinking Products and Processes’ in a CEO Roundtable, as part of an ET.com initiative to boost financial literacy for the next billion users.
Under this association, small business owners, who are also Visa's business card holders can receive health insurance covers, doctor consultations and a "host of other wellness benefits" with monthly plans starting Rs 129 (per life, per month).
The widening of these margins can be attributed to recent interest rate hikes undertaken by the Reserve Bank of India (RBI) in order to tame inflation. In addition to that, higher policy rates and favorable funding structures might also contribute to the larger margins, the report said. This, in turn, will help to generate higher returns on assets or ROA.
Many private sector banks started cutting their exposure to small businesses when the pandemic broke out but with government guarantees coming in and stress turning out to be less than expected, they sharply increased their market share in FY22.
Reliance Capital had pledged the shares in its unit RGI as security against funds raised by group companies through the issue of non-convertible debentures in FY19. IDBI Trusteeship, custodian of the RGI shares, says it doesn’t have permission from the debenture holders to release the pledged shares — representing a 37% stake in the insurance unit — according to the people cited above.
Slices of loans waived to lessen the strain on defaulting borrowers are being interpreted as 'benefits' that lenders are passing on to borrowers under the new provisions the government has come out on tax deducted at source (TDS).
As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to close the resolution of RCL within 180 days -- by June 3. In addition, the CoC also decided to extend the last date for submission of the resolution plan by the prospective bidders from June 20 to July 11.
According to the sources, banks were asked to sanction loans for productive sectors to accelerate the revival of the economy facing headwinds, including the Russia-Ukraine war.
DHFL and HDIL are realty and housing finance businesses run by two branches of the family. Rakesh Wadhawan of HDIL is the younger brother of the late Rajesh Wadhawan, whose children Kapil and Dheeraj now run DHFL.
Rajnish Kumar said the NBFCs will have to maintain capital adequacy norms, introduce core banking solutions and make adequate disclosures by 2025.
MD & CEO of VFS Capital Kuldip Maity said at an event in Kolkata on Friday night that the NBFC-MFI has 247 branches at present, and added that plans are there to add 35 more this fiscal and also to enter the state of Rajashthan.
The bank would look to raise Rs 5500 crore through Basel III compliant additional tier 1 bonds, while the target to raise through tier 2 bonds is fixed at Rs 3500 crore. The timing and extent of fundraising would however entirely depend on the market conditions, the bank said in a regulatory filing to stock exchanges.
Instead, RBI has asked for tokenisation as a safer and more convenient alternative to card storage. Through tokenisation, one’s sensitive card information can be replaced with a non-sensitive uniquely generated code called ‘Token’.
State Bank of India, the country's largest lender, last week increased the retail rate by 20 basis points, or 0.2 percentage point, for fixed deposits of less than two years.
The Central Board of Direct Taxes (CBDT) has issued a circular explaining the guidelines about how TDS will work on crypto, virtual digital assets (VDAs) and NFTs (as notified by the government). Read on to know what TDS certificate will be issued and how much tax will be deducted on the sale of VDAs.
"There are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks... but the development is uneven. We need symmetric development of urban cooperative banks," Shah said at an event here.The symmetric development of cooperative banks will help sustain competition in future, he said.The minister also felicitated several U.C.Bwhich have completed 100 years of operation.
As of now, the applicants under the regulatory sandbox mechanism can apply through cohorts. "Here we now realise that this has to be a continuous process, the period for which they are allowed to test such products in the market is only limited to six months. We are now proposing to expand that period to even up to three years, particularly for life insurance products," Debasish Panda, Chairperson, Irdai said.
Form 16 is a basic document required to file the income tax return by salaried individuals. It may happen that individuals have switched jobs during the financial year. In such a scenario, an individual will require Form 16 from both employers to start the process of filing ITR. Form 16 is a TDS certificate containing details of the salary paid to an employee during the financial and taxes deducted on it.
Belgium-based SettleMint, US-based Corda Technologies and IBM would provide technology support for the project driven by the Reserve Bank of India’s (RBI) Innovation Hub in Bangalore, three people familiar with the matter told ET. Axis Bank, Bank of Baroda and Union Bank of India are also involved.
All about card tokenization and why every customer should go for it.
Smart decisions you need to make during volatile markets
It's one of the largest non-performing asset (NPA) pools being sold as a single block by any bank in recent times.