In the economic dialect, inflation refers to the increase of the price level of commodities due to an increase in the quantity of money supply. During the period of inflation, the growth of money supply is faster than the level of productivity in the economy. On the other hand the term ‘deflation’ is used to…
The Union Budget for the financial year 2019-20 was presented by finance minister Smt. Nirmala Sitharaman in Parliament on Friday July 5, 2019. The major impact on budget 2019 proposal on common man is as follows. Individual tax payers with income up to Rs.5 lakh taxable income will get full tax rebate after permissible deductions…
An individual require filing income tax return, if his/her gross total income exceeds the basic exemption limit of income of Rs.2.5 lakh before permissible deductions under Sections 80C to 80U. The people with gross total income below exempted limit of Rs.2.5 lakh or Senior citizen of above 60 years and below 80 years with gross…
Banks & Financial Institutions are generally free to determine the lending rates on loans and advances. The method to arrive at Lending Rate has changed drastically over the last decade. The Lending Rate like BPLR, Base Rate, and MCLR internal benchmark rates are used by individual banks to determine the interest rates on their credits.…
For individuals: No change in personal income tax slabs. Full tax rebate on taxable income (after all applicable deductions) up to Rs. 5 Lakh continues as announced in the interim budget of 2019. 3% surcharge for those in the income bracket ₹2 crore to5 crore, and 7% surcharge on income of ₹5 crore and above.…
Under Section 24 and Section 56 of the Banking Regulation Act, 1949, every Scheduled Commercial Banks (Including Regional Rural Banks), Local Area Banks, Small Finance Banks and Payments Banks in India are required to maintain in the form of cash, or gold or unencumbered investment in any of the following instruments (“SLR securities”)], namely:- (i)…
On June 27, 2019, Reserve Bank of India notified all the banks (SCBs, SBs, LABs), excluding RRBs that the RBI is receiving complaints from exporters and their Associations that the banks are not extending the benefits under the Gold Card Scheme as per extant instructions. The Central bank therefore reiterated that the instructions relating to…