Today (Tuesday), in a circular SEBI said, “National Stock Exchange of India Limited shall undertake Aadhaar authentication service of the UIDAI subject to compliance of the conditions as laid down in this regard”. In May 2020, the market regulator allowed eight entities viz. Central Depository Services (India) Ltd (CDSL), National Securities Depository Ltd (NSDL), BSE,…
Central Board of indirect revenue and customs, Ministry of Finance in its letter dated September 7, 2020, asked the Principal Chief Commissioner and Chief Commissioner to allow the facility of Auto Let Export Order (LEO) under the Express Cargo Clearance System (ECCS), in order to facilitate exports by courier and to enhance the global competitiveness…
Based on the report of the Expert Committee (K.V.Kamath Committee) on Resolution Framework for Covid-19 related Stress the Reserve Bank of India (RBI) on Monday announced the financial parameters for the resolution plans under the scheme. The Committee has recommended financial parameters that, inter alia, include aspects related to leverage, liquidity, and debt serviceability. The…
Updated: As per amended Finance Act 2020 Leave Travel Concession or Assistance (LTC/LTA), extended by an employer to an employee for going anywhere in India along with his family exempt is exempt from tax if you have opted for old-tax regime. In the other words, the tax exemption of leave travel allowance is not available…
RBI on Saturday announced the revised long format audit report (LFAR) norms with the scope of the mandate of an audit covering areas of ‘Credit risk’, ‘market risk’, assurance functions and operational risk areas’, ‘capital adequacy’ and ‘going concern and liquidity risk assessment’, among others. This may also involve commenting on various risks to which…
Updated: as per amended finance act 2020 [Section 10 of the Income Tax Act allows the computation of specific incomes as tax-free. Here we have listed tax-free income mainly under Section 10(6) and other import incomes which are tax-free under section 10 such as 10(1), 10(2), 10 (2A),10(4),10(4B), 10(10D,10(10BC),and10(15).] There are certain types of income…
[This post elucidates details of tax components as well as tax exemption for earned Leave encashment, Gratuity, commutation of pension, NPS withdrawal, retrenchment compensation, , amount received on voluntary retirement, tax on EPF withdrawal etc.] Updated: As per amended finance act 2020 Leave encashment under section 10(10AA): The encashment of unutilized earned leave (read note-1)…
Updated: as per amended finance act 2020 If an individual receives any portion of his salary in arrears or in advance or arrears of family pension or receives profits in lieu of salary, then such amount is taxable in the financial year in which it is received. However, the assessee can claim relief for arrears…
Updated: As per amended finance act 2020 Sweat Equity Shares are Shares or Specified Securities issued at discount or for consideration other than cash to employees or directors of the company as reward their hard work or for their value addition in the progress of the company. ESOP (employee stock ownership plan) scheme comes with…
The Statutory Liquidity Ratio (SLR) is the liquid reserve to be maintained by the commercial banks at the rate fixed by RBI. At present, banks are permitted to exceed the limit of 25 per cent of the total investments under Held to Maturity (HTM) category, provided the excess comprises only of SLR securities and total…