Insurers must comply with the procedure, which includes verifying whether individuals and entities on the designated list hold funds, financial assets or economic resources or related services, in the form of bank accounts, stocks, insurance policies etc.
As part of the association, a multi-media campaign featuring Virat Kohli will showcase the value proposition of banking with HSBC. Through its suite of products and services, the bank is positioned to support various facets of the Indian economy poised for a significant and sustained growth trajectory, it said in a statement.
Submit Form 15G or 15H to avoid TDS on interest income. Form 15G is for those who are younger than 60, and Form 15H is for those who are older than 60.
India's income tax department sent notices to two private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies. The initial investigation focused on over 20 insurance firms and around 500 entities linked to their sales agents. However, officials have now shifted their attention to banks, as voluminous transactions have been revealed. Investigators are apparently scrutinising transactions in excess of INR60,000cr ($8.06bn) and also investigating suspected GST evasion exceeding INR5,500cr.
Following a nudge from the finance ministry last fortnight, most government-owned banks identified companies they would prefer to sell to National Asset Reconstruction Company (NARCL), the people cited above said. NARCL will identify about 20-25 accounts from the list for acquisition this fiscal year.
The Budget 2023 has made changes under the income tax laws, that have an impact on how tax will be deducted from the salary income by an employer. From April 1, 2023, the new tax regime has become a default tax regime. Thus, if no tax regime is communicated, then employer will cut tax on the basis of new tax regime.
It comes after the Insurance Regulatory and Development Authority of India (IRDAI) asked the insurers to come out with a new insurance product along these lines, they said. Insurers will make a representation to the IRDAI in this regard, said a senior executive with one of the general insurance companies.
The government's decision to withdraw tax exemptions on maturity proceeds of non-unit linked insurance policies (non-ULIP) with an annual premium exceeding ₹5 lakh led to a surge in pre-booking of high-value non-linked policies before March 31, resulting in an overall increase in the average ticket size for retail regular premium policies across the insurance industry.
The overnight and one-month tenor MCLRs are raised by 0.10 per cent to 7.90 per cent and 8.10 per cent each while the six-month maturity bucket increased to 8.40 per cent.
The loan was mobilised from India Infrastructure Finance Co (IIFCL) last week, two people familiar with the matter told ET. PFS did not comment on the matter. IIFCL officials could not immediately be reached for comments. The loan was mobilised from India Infrastructure Finance Co (IIFCL) last week, two people familiar with the matter told ET.PFS did not comment on the matter. IIFCL officials could not immediately be reached for comments.Its assets under management shrunk to around Rs 7300 at the end of December 2022 crore from Rs 8652 crore nine months prior to that.
Godrej Capital, a late entrant into finance among storied business groups in India, started its operations only in November 2020 and expects to expand in the crowded mortgage market in India. The company has two separate arms, Godrej Housing Finance for home loans and Godrej Finance to lend to MSMEs.
To claim a tax deduction, a person must donate to a fund or institution that meets the conditions specified under the Income Tax Act. One condition is that the recipient must file a donation statement with the IT department and provide the donor with a Form 10BE certificate specifying amount.