The Reserve Bank of India on Febraury 7, 2018 vide its circular DBR.No.BP.BC.100/21.04.048/2017-18, given an instrucion to banks and NBFCs not to down grade the asset classification of accounts of MSME borrowers where the borrower’s account was standard as on August 31, 2017.The accounts shall be treated as standard accounts if the borrower unit is…
Tax proposals for Salaried Class: No change in income slabs for salaried class. Health and education cess has been increased to 4 per cent Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses Education cess: 3% to 4% Surcharge of 10 % on income above Rs 50 lakh but…
(The DA relief for Bank Pensioners is continuously updated on this site as soon as the ministry of labour releases consumer price index (For example DA chart for the months of February to July will be updated on 31st Jan, and DA chart for the months of August to January will be updated on 31…
Latest update: 31.01.2018 As announced by the Labour Bureau of the Government today (31.01.2018), the average index numbers for October ‘17 to December ‘17 works out Bank employees and Officers DA Chart for Feb ’18 to Apr ‘18to 6551.01. It means 12 slabs (1.20% ) increase in DA for the ensuing quarter February 2018 to…
The notified entities in India are permitted to import of Gold only after the issue of license by DGFT. The imported gold covered by the above license shall be disposed-off in the manner specified by the DGFT. The conditions for the licence are clearly mentioned in the licence itself. Within the contours of the Regulations…
(This post offers calculation of Gratuity in two different methods and also discusses tax liability on Gratuity received) The tax-exempt gratuity limit had already been raised to Rs. 20 lakh for government employees effective from 1 January 2016. Payment of Gratuity (Amendment) Act, 2018 is notified in the Government Gazette on 29th March 2018. The…
We have been receiving lots of queries from our readers about Prime Minister’s Employment Generation Programme (PMEGP). Some of the frequently asked questions are answered here. Q: I’m in the business of readymade garments, hosiery goods, other articles of clothing and clothing accessories such as gloves, ties, braces etc. Whether I’m eligible for loan under…
Both the houses of the Parliament have passed the Insolvency and Bankruptcy Code (Amendment) Bill 2017 and the bill is waiting for assent of the President of India to become a law. The aim of this amendment was to tightening loopholes in existing code and disallows backdoor entry of some existing managements from bidding as…