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…
Updated: As per the amended finance act 2020 Interest-free loan or loan at a concessional rate of interest given by an employer to the employee (or any member of his household) is a perquisite chargeable to tax in the hands of the concerned employee under section 17(2)(viii) read with Rule 3(7)(i) of Income Tax act.…
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…