The new e-filing income tax portal has introduced the facility of paying taxes. Earlier, taxpayers could use facility provided by NSDL website to pay income taxes to the goverment. The new income tax portal allows the taxpayers to pay income tax via UPI, credit card and 4 other ways. Read on to know the step by step guide for the same.
Banks are relative stragglers in the race for deposits. Average rates being offered in specific segments by some lenders are sometimes less than sovereign bond yields.
Among others, the regulator has imposed a Rs 30 lakh penalty on The Jammu and Kashmir State Co-operative Bank Ltd; a fine of Rs 6 lakh on Mumbai-based The Pratap Co-operative Ltd and Rs 5 lakh each on LIC Housing Finance and The Mysore Merchants Co-operative Bank Ltd.
Size-wise, loans to large businesses accelerated to 7.9 per cent against a contraction of 2.1 per cent a year ago. Medium industries recorded credit growth of 36.2 per cent in September 2022 as compared with 37.1 per cent last year, while credit to micro and small industries rose by 27.1 per cent (13.1 per cent a year ago).
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Though fixed deposits and small savings schemes offer assured returns, the interest earned is taxed at normal rates applicable to the investor. The gains from debt funds are also taxable, but at different rates.
Private lender HDFC Bank continued to be the worst affected, with total cards in force down by 1.6 million month on month. Bankers say while the total credit card numbers will normalise soon, they are also looking to change the strategy with regard to onboarding customers.
Suitors have raised concerns over the bidding process, including the introduction of 'challenge mechanism', as the resolution process of debt-ridden Reliance Capital Ltd (RCL) enters the final stage.
The ministry has noted that "many of these illegal lending apps may not be regulated entities by RBI and are using bulk SMS, digital advertisement, chat messengers and mobile app stores on a massive scale".
On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit."
Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry.
While speaking at the Annual Conference of Reserve Bank of India Ombudsmen, Das said the authority needs to strive harder to further reduce turnaround times without compromising on the quality of our resolution. "There needs to be a proper and deep evaluation of the facts and evidence of a case to ensure a fair settlement. While we encourage our regulated entities to excel, we too must match their efforts and ensure timely and just resolution, RBI Governor Shaktikanta Das said.
Explanation of impact of your behaviour and experiences on the investment choices you make and on how your investment journey finally shapes up by Morgan Housel in his book, "The Psychology of Money".
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India is still one of the best-performing markets in Asia and the world and is thriving well in these extremely volatile environment
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"We do think that India is a very bright spot. But the brightest spot is the willingness that India has to share that technology. The Indian bank has indicated in our government bank governance meeting, that they are willing to share the technology for this UPI with other member states. You know that (this) costs a lot of money to develop. This openness and generosity is very welcome," the secretary general of the 56-nation group said.
The CESTAT said that in the absence of any guideline, departmental representatives are unaware as to what stand is to be taken in such cases that are at the bankruptcy court or the appellate body. The IBC overrides other laws and stipulates that recovery proceedings, including tax recovery, cannot be initiated after a company is admitted for debt resolution under the bankruptcy code, the tribunal noted.
Lenders expect to close the transaction by the first week of November. It will involve NARCL acquiring ₹9,234 crore of stressed loans. In the first week of October, NARCL gave a ₹3,570-crore binding bid for the loans held by public sector banks, triggering a Swiss challenge auction.
The first tranche of $15 million was executed on October 15 after receiving regulatory approval while the balance of $10 million is scheduled for execution in November, Muthoot Microfin's chief executive Sadaf Sayeed said. The effective cost of borrowing comes to 11.3%. The pricing is 500 basis points over the secured overnight financing rate (SOFR),which is at 2.28%, and includes the hedging cost.
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The CBDT has extended the due date for filing income tax return (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. The extended due date is applicable to all taxpayers where audit is required, said experts.
Life Insurance Corporation (LIC) has been trading below the issue price of ₹949 a share ever since it got listed on stock exchanges on May 17. It listed at ₹872 apiece on NSE. On Tuesday, the scrip settled at ₹595.50, down 0.72%over the previous close.
Pros and cons of opening multiple bank accounts. Read to know more
Have you recently sold or are planning to sell an under-construction property? If yes, then ensure that you know the income tax laws on capital gains correctly. The income tax laws are different on under-construction property and fully constructed house. Read on to know to calculate capital gains on selling of under-construction property, income tax rate at which tax will be payable on such capital gains.
The government has directed banks to formulate a clear roadmap in a time-bound manner to strengthen the RRBs (Regional Rural Banks) to support the post-pandemic economic recovery and make technological advancement.
The Singapore-based lender, which has folded Lakshmi Vilas Bank into its operations to push its retail business here, expects loans and profits to grow in double digits.
Petno's remark came during his first closed-door meeting with the heads of nearly two dozen Indian mid-sized companies, held here more than a week ago. Several companies are tapping the bank for a range of products, including credit, cash management, risk management and currency risk covers.
Find out about the people who can give you tax-free gifts and the gifting threshold that will not invite any tax.
Asset location is a strategy to maximise post-tax returns.
The group has already incorporated the financial services company within JSWOP and christened it as JSW One Finance Ltd, he said, adding that the company will approach the RBI for a license to work as a non-deposit taking NBFC in the last quarter of FY23, and hopes to get the regulatory nod in 7-9 months after that.
The government and the LIC hold 45.48 per cent and 49.24 per ecnt stake in the IDBI Bank. Cente has invited bids for sale of 60.72 per cent stake.
State Bank of India’s Dinesh Khara has become deputy chairman along with two others including A S Rajeev, MD & CEO of Bank of Maharashtra and Madhav Nair, CEO of Mashreq Bank, a Dubai-headquartered foreign lender.
For those who are having difficulty filing their returns, the Income Tax Department has provided the most recent FAQs. ITR stands for Income Tax Return.
RBI had placed the ban on TMB in 2019 after the bank's shareholders decided to raise authorized share capital to Rs 500 crore. The central bank objected to the bank not raising its subscribed capital to at least half of the authorized capital as required.
"We have been seeing a solid demand across our online and offline partners and this partnership will help us service demand and learn from the deep financial expertise and Digital Underwriting Capabilities that IIFL has built over the last three decades," Lizzie Chapman, CEO & Co-founder of ZestMoney, said. The other lending partners onboard ZestMoney are Aditya Birla Finance, Tata Capital, Piramal Finance and CSB Bank.
PNB Housing has announced the appointment of Girish Kousgi to replace Prasad. A veteran of 25 years of mortgage and retail lending experience, Kousgi was managing director Can Fin Homes prior to joining PNB Housing. Kousgi’s appointment is however subject to the approval of shareholders.
LGT Wealth India has already employed more than 200 staff and has a presence in fourteen cities across India. With LGT Wealth India, LGT is gaining a foothold in the Indian wealth management market and is further strengthening its Asia presence.
Earlier, the Reserve Bank of India (RBI) came out with a bespoke special rupee account for bilateral trades between rupee and any other currencies besides the US dollar. Gazprombank is only facing sectoral sanctions, but is not under the Specially Designated Nationals, or SDN, sanctions.
"Large banks with international operations should avoid this business bet as it may pose risks of economic sanctions," said a banker. Earlier, UCO was also the primary payment settlement bank for India-Iran trade ties when Iran was under US sanctions. The special payment mechanism to import crude from Iran had provided the state-owned lender a good chunk of interest-free floating fund, which helped it reduce its cost of funds.
In July, the private lender's board had approved raising Rs 8,898 crores in equity capital from Carlyle and Advent International and they had the option of acquiring 10% stake each in the bank.
The shareholders seek to suspend powers exercised by CEO Shivan JK in respect of all capital and revenue expenditure, except statutory payments such as salaries and wages. According to the proposed shareholder resolution, all suspended spending powers will be jointly exercised by any two non-executive directors of the board.
The successful bidder would be required to mandatorily lock-in at least 40 per cent of the equity capital for 5 years from the date of acquisition. It further said that the selection of the qualified interested parties and the amount of equity stake of such entities in IDBI Bank would be decided by the Reserve Bank and the bidder would have to clear the 'fit and proper' assessment done by the banking regulator.
Have you received high-value gifts this Diwali from your friends and relatives. It may happen that you end up paying tax on Diwali gifts recieved. It is important for an individual to know the income tax rules regarding taxation of gift. Read on to know when and how you will be taxed on Diwali gifts received from friends, relatives and employer.
"Customer centricity is at the heart of everything we do at RBIH. India's strong digital stack offers us the unique opportunity to bring everyone into the country's financial ambit. I am excited about the possibilities our collaboration with IPPB can open, and the impact we can create for the citizens of India, together," RBIH CEO Rajesh Bansal said.
It is a matter of serious concern that the public sector general insurance companies who gave handsome profits and dividends for the years from 2012 to 2017 and successfully implemented various Government Social Security Schemes like Ayushman Bharat, Pradhan Mantri Fasal Bima Yojana, Corona Kawach policy, are not given proper wage hike. The PSGIs during the period of 2012 to 2017 contributed more than Rs 10,000 crore as dividends to the government, it claimed.
The bank's net interest margin, a key profit metric, was 6.2% for the quarter as compared with 5.9% in the same period last year. Total income was 40.3% higher at Rs 2240 crore for the quarter under review against Rs 1597 crore a year back. Operating profit rose 27% at Rs 499 crore against Rs 393 crore.
The scheme will not cover wilful tax evasion, he said. Repeat offenders and offenders against whom enforcement agencies have initiated will also not be eligible. The idea is to de-clutter courts and dispose of cases arising because of differences in the interpretation of GST provisions, the official said. The proposed scheme is likely to be on the lines of the Centre's 'Sabka Vishwas Scheme' of 2019, which sought to resolve all legacy disputes relating to erstwhile service tax and central excise.