Reserve bank of India on Monday (August 31) announced conducting of additional special open market operation involving the simultaneous purchase and sale of Government securities for an aggregate amount of Rs.20,000 crore in two tranches of Rs.10,000 crore each. The auctions would be conducted on September 10, 2020 and September 17, 2020. “The RBI remains…
Updated: (As per amended Finance Act, 2020). Motor Car perquisite is taxable only in case of specified employees (as defined below in note-2). Tax on perquisite value calculated on the basis of whether the motor car is used for official purpose or partly official partly personal purpose or purely for private purpose. The value of…
According to the sources with direct knowledge of the matter, the Department of Financial Services (DFS) has written a letter to Chairmen and heads of the banks on August 26, asking them to consider setting up of an IT system to collate such data, The IBC code amendment 2019 allows creditor to permits file insolvency…
Today (Aug 28) a meeting of the working group for workmen unions of banks held on a virtual platform. Four workmen unions AIBEA-NCBE-INBEF-NOBW participated discuss about distribution of amount agreed in MOU and finalizing the new pay scales, etc. from allocated Rs.7808 crores (15%) of total amount for employees and officers together. Salient feature of…
As per RBI master circular, it is a prerequisite for banks to fix a Date of Commencement of Commercial Operations (DCCO) for all project loans at the time of sanction of the loan or financial closure in the case of multiple banking or consortium arrangements. Financial closure is defined as a stage when all the…
Section 10(14) of amended finance act 2020 provides tax benefits on allowances paid to salaried people working in hilly areas, tribal areas, duty on the island, duty in the border area or remote area, or any difficult/disturbed areas. Provisions of section 10(14)(ii)provide exemption towards the prescribed allowance granted to an employee to meet his personal…
On Risk Management System in Banks, Scheduled Commercial Banks (SCBs) and Urban Co-operative Banks (UCBs) are required to put in place a board-approved credit policy, which, among other things, should prescribe the periodicity and methodology of review/renewal of credit facilities. As per RBI guidelines, regular and ad-hoc credit limits need to be reviewed/regularised not later…
Perquisite may be defined as any casual emolument or benefit attached to an office or position in addition to salary or wages. In the following cases the value of benefits are not treated as perquisites for the purpose of income tax assessment of an employee. Hence, they will not be included under the ‘head of…
This article will cover the calculation of taxable perquisite value with regards to quarters provided to employees and hotel charges reimbursed by the employer. Applicable Taxes calculated as per amendments to finance act 2020. A perquisite is a benefit offered to employees by the employer on account of their job or position. The benefits can…
Updated : as per amended finance act 2020 Conveyance allowance is an allowance offered to taxpayers who receive income from salary to meet the cost of transportation in the course of official work. Usually, it is provided to employees only if there is no transportation provided by the employer. Conveyance allowance: It is provided to…