Section 115BAC of the Income-tax Act deals with the new tax regime introduced in the Union Budget 2020. The income tax slabs in the new tax regime has been proposed to be revised in Budget 2023. Here is all you need to know about the Section 115BAC of the Income-tax Act.
The transaction, announced in March 2022, has been closed for a cash consideration of 116.03 billion rupees ($1.41 billion).
Vedanta Resources has been exploring ways to raise funds to meet upcoming debt maturities, after Indian government's nominees on group company Hindustan Zinc's board objected to a $2.98 billion cash deal to purchase Vedanta's zinc assets. Vedanta Resources has mandated Cantor Fitzgerald to syndicate a $2 billion loan to service short-term maturities, ET reported on February 16.
With this fund infusion, existing financial partner Morgan Stanley has been provided an exit, the company said, without disclosing the name of the private equity firm.
HDFC Bank users on Tuesday complained about the bank's servers being down, saying that they could not access netbanking or mobile app services. Some users complained on the day that they were not able to access the services for over two hours. While HDFC Bank did not acknowledge the problem, it did aplogise for the 'inconvenience' caused.
Indian banks are not prepared to adopt environmental, social and governance (ESG) norms as part of their lending models due to reasons including a lack of clarity on how they apply to lenders, a survey showed. The RBI will likely use the findings to frame the first set of guidelines to boost green finance
ET Wealth explained the income tax slabs that will be applicable for the financial year 2022-23. For the financial year 2022-23 (ending on March 31, 2023), the income tax slabs that will be applicable for your incomes earned between April 1, 2022, and March 31, 2023, will be the ones announced in the previous budget.
The Securities and Exchange Board of India (Sebi), however, opposed it alleging violation of its circular related to voting process of debenture holders (DHs). A Bench led by Justice BR Gavai - while reserving its judgment on giving approval for AII's resolution process (RP) - asked all parties to file a small note of their submissions.
The government had infused ₹5,000 crore in FY22 into three state-run general insurers, and so far it has pumped in around ₹18,000 crore into these loss-making firms. A large part of this capital was allocated to wage revisions.
Punjab National Bank is offering retail and senior citizens, respectively, at 7.25 per cent and 7.75 per cent on its 666 days bucket, Bank of Baroda's new pricing comes at 7.05 per cent and 7.755 per cent for 399 days; Bank of India is offering the same rate as that of Bank of Baroda for 444 days, while Bank of Maharashtra's new rate is 7 per cent and 7.50 per cent for 200 days.
Under the new policy that was finalised a few weeks ago, the public-sector bank would give working capital as well as term loans to manufacturers of lab-grown stones against 100% collateral security and high internal rating of the borrower, said a person familiar with the bank's internal circular.
The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a USD 7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend.
The report showed that of all such fake Indian numbers, 80% are still valid and operational, and SIM cards from all private telecom operators are used to create these fake customer care numbers.
The offer from ACRE, an asset reconstruction company, is at the reserve price set by the bank and equates to a recovery of 33 paise on outstanding loans for the country's largest state-run lender by assets, the people said.
The massive jump in their gross portfolio cemented NBFC-MFIs' dominance in the sector with 38.5% market share. Only three months back, NBFC-MFIs regained their leadership in lending to the economically weaker section by overtaking banks. Banks enjoyed 35.7% market share at the end of December, according to a quarterly report published by Sa-Dhan, a microfinance industry body.
Any income earned by Non-Resident Indian (NRI) in India is subject to tax in India. The incomes are credited into the NRI account after TDS has been deducted from it. Further, they cannot submit Form 15G or 15H to avoid the TDS on their incomes. Here's what they can do to lower or avoid TDS on income earned in India.
Guide on SWP and the benefits it offers to an investor
PSU banks have taken the lead in raising deposit rates, offering as high as 8.5% to senior citizens for specific tenures. State Bank of India now offers 7.1% for a 400-day deposit, with senior citizens earning 7.6%. Among other nationalised banks offering attractive rates are Union Bank of India -7.3% for an 800-day deposit, and Central Bank 7.25% - for a 444-day deposit. Punjab and Sind Bank offers 8% for a 221-day deposit if done online, with senior citizens earning 8.5%.
Higher share of cash transactions, better-quality assets, and quicker implementation of resolution has meant that the majority of SRs (61%) are higher rated versus 40% in 2016.
Niva Bupa Health Insurance on Thursday announced the launch of health insurance policy 'ReAssure 2.0'. The first of its kind indemnity plan offers lock-in of entry age until a policyholder makes his/her first claim, thereby helping customers save on premiums.
Indian banks could see an increase in bad loans in the retail and small business segments from its recent low levels, an official with the country's largest lender said on Thursday. While loans to this segment have been growing fast, defaults have thus far been few.
The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of ₹250 crore over and above its original amount of ₹3,240 crore in a petition filed before the court. The next date for the hearing is set for February 28.
Following the AQR exercise, banks' gross NPA ratio jumped to 11.5% at the end of March 2016 with the public sector banking group leading the stress at 14.5%, data from RBI showed. The banking sector gross NPA was at 3.5% before AQR.
The UPI linkage with Singapore's PayNow for faster and cheaper cross-border fund transfers through mobile apps is a step in that direction. The cost of international money transfer is nearly 5%, which the India-Singapore linkage can cut to less than half.
Tagit has in the past worked with banks like Citibank which have global presence. For India though, its focus is on providing end to end scalable solutions to financial institutions to service the large consumer base the country has to offer.
Through this initiative, the insurance service provider, risk manager and reinsurance broker is providing insurance protection to almost 20,000 delivery partners, insured on a daily basis, while they are active on the platform.
The GST council has announced a mechanism where an individual can claim GST refund. The GST refund can be claimed provided initially when service was paid for, the GST was collected by the service provider, however, the same service was not availed by the individual or the contract was cancelled. Here is a step by step guide on how to apply for GST refund, documents required to file the claim.
The settlement terms are unknown but Peninsula Land will have to meet certain payment milestones as the withdrawal of the insolvency petition is conditional. Peninsula Land and ICICI Prudential did not respond to queries until press time.
It has also brought Saksham Shubham, a former Grab senior member and WingPay chief business officer, as business head for south east Asia to drive the business operations in the Asia Pacific region.
"This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said in an email repose late on Monday.
“The issue was discussed in a meeting last month. We have suggested to the RBI that instead of one week, the reporting time should be increased to around a month,” said a senior bank executive aware of the development. Under the existing framework, lenders need to report fraud to the RBI's Central Repository of Information on Large Credits (CRILC) within a week of the joint lenders’ forum (JLF) declaring an account fraudulent.
Bank mergers have benefited both the acquirer and the acquired, according to a report by Reserve Bank of India researchers. While the transactions have helped improve the efficiency of the acquirer banks, they have added to shareholder value for banks that have been acquired.
Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm.
About 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement. Consequent to the cancellation of its licence, the bank is prohibited from conducting various activities, including acceptance of deposits and repayment of deposits with immediate effect.
The comments offer a degree of support for embattled billionaire Gautam Adani after some banks balked at refinancing a $500 million bridge loan due next month. That came after a report in January from short seller Hindenburg Research sent the group’s assets tumbling. More recently, investor sentiment got a boost when the conglomerate said it will address upcoming maturities.
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Net interest income of banks grew by a record 25.5 per cent to Rs 1.78 lakh crore in the December 2022 quarter on-year, driven by a healthy credit off-take and higher yield on advances, according to an analysis. The quarter saw banks booking higher yields on advances as the system-wide core profitability metric net interest margin (NIM) rose by 17 basis points (bps) to 3.28 per cent.
The bank has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures.
"If you look at our cashless transactions, the UPI, I think we record the largest number of cashless transactions in the world. So there's been a kind of a technology leapfrogging in the psyche of people, and that's been actually a very big difference," Jaishankar said at the Raisina@Sydney Business Breakfast.
"We observe that bankers are highly optimistic of credit demand across all the main sectors in the coming quarters, viz., Q4:2022-23 to Q2:2023-24," a paper based on the survey released in the February bulletin of the RBI said.
An ETF, or Exchange Traded Fund, is a type of mutual fund that trades on the stock market like a single stock. ETFs are designed to track a particular index, such as the S&P 500.
Debt funds are suitable for investors with a low to moderate risk appetite. Debt funds are less volatile in the short term and therefore less risky than equity funds. Debt funds are recommended to conservative investors who don’t want to place a bet on equity funds.
State-owned Bank of Baroda (BoB) has increased its MCLR by 5 bps across all tenors from February 12. The bank has revised one-year MCLR to 8.55% from 8.5%. The overnight, one-month and three-month MCLRs stand at 7.9, 8.2 and 8.3%, respectively, according to its website.
Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023.
The net asset value (NAV) is the value of a mutual fund scheme on a particular day. You can ascertain the value of your investments by multiplying the NAV with your unit balance.
With the last date of completing tax-saving exercise fast approaching, many people having salary income of Rs 10 lakh are wondering how to save income tax in current financial year. Here is what salaried individuals can do to save income tax in current financial year 2022-23 (AY 2023-24). Read on to know more about it.
After its borrowing costs surged in response to allegations of fraud and stock manipulation by shortseller Hindenburg Research, some are already warning that Adani’s more highly-leveraged companies have little capacity to absorb higher interest rates.
Triton had offered ₹210 crore in cash to creditors of AMW Motors at more-than-94% haircut to lenders that have admitted claims of ₹3,756 crore. The NCLT had approved the plan in December giving Triton 45 days to complete the transaction. However, Triton failed to make the payment in the stipulated time as a result of which the guarantee was invoked, people familiar with the matter said.
The fund will focus on investing in regions including Mumbai, Chennai, Noida, and Hyderabad that are witnessing significant rise in demand for these services.