The Minimum Support Price or MSP is the rate at which the government buys grains from farmers. The aim of fixing MSP is to counter price volatility of agricultural commodities due to the factors like variation in their supply, lack of market integration and information asymmetry. It is fixed on the recommendations of the Commission…
The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020; The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 and The Essential Commodities (Amendment) Bill, 2020 – were introduced in the Parliament on September 14 to replace the ordinances issued during the lockdown. Lok Sabha has passed these bills…
For FY 2020-21, Salaried individuals, who have no business income, will have to choose between the existing and new tax regimes u/s 115BAC every financial year, as per their convenience. The new income tax rates are lower compare to old tax rate. However, anyone opting for the new tax regime will have to forego most…
Reserve Bank of India today asked all the banks that they should ensure that the asset classification status is updated as part of day end process. Banks should also be able to generate classification status report at any given point of time with actual date of classification of assets as NPAs/NPIs. In any exceptional circumstance…
[Nearly, 104 amendments are made either by amending/omitting existing sections or by insertion of new sections. In this article, the amendments, which are most relevant to salaried persons, are covered.] Your total salary income comprises both monetary income and non-monetary income. Monetary income means income chargeable under the salary but excluding perquisite value of all…
[This post elucidates about components of salary, the monetary benefits paid by employers which do not include in salary, points to be considered for taxation of salary, place of accrual of salary, etc.] Salary is the remuneration which includes the pay, allowances, bonus, or commission payable monthly or otherwise or any monetary payment, by whatever…
Today, RBI in its notification said that an independent compliance function is required to be headed by a designated Chief Compliance Officer (CCO) of banks, selected through a suitable process with an appropriate ‘fit and proper’ evaluation/selection criteria to manage compliance risk effectively.The Central Bank also directed all the banks to lay down a board-approved…
Today (September 10, 2020), a bench of Justices Ashok Bhushan, R Subhash Reddy and M R Shah posted the matter of extension of loan moratorium for further hearing on September 28 and said that the court expects that the government and RBI actively consider all the issues and file the affidavit and place before it…
Finance Minister Nirmala Sitharaman on Wednesday (September 09, 2020) launched doorstep banking services for public sector banks in order to facilitate hassle-free and convenient banking to Senior Citizen and those in the ‘divyang’ (differently-abled) category. The move is part of the EASE reforms to make banking easier and accessible. The salient features of new services…
Updated: As per amended Finance Act 2020 For Medical facilities in India: Under section 17(2) of income tax, the medical expenses incurred or reimbursed by the employer for medical treatment to an employee or his dependent relative (i.e. children, spouse, brothers, sister and parents) will not be chargeable to tax in the hands of the…