The Reserve Bank of India has noted that some cooperative societies are using the word ‘bank’ in their names, in contravention of the Banking Regulation Act. Some cooperative societies are even accepting deposits from non-members/nominal members/associate members without any licensing or approval from the central bank, which is tantamount to conducting banking business in violation…
In the accounting procedures, there are two methods of recording accounts viz. Accrual basis of accounting and cash basis accounting. Accrual accounting is a financial accounting method that allows a company to record revenue before receiving payment for goods or services sold or expenses are recorded as incurred before the company has paid for them.…
Edited on 28.04.2022 The Income Tax Department has announced the introduction of a new statement called ‘Annual Information Statement (AIS)’ which would provide you with almost all the details about your financial transactions during the year. Compared to Form 26AS which has been primarily providing information related to taxable income and tax deducted at source…
The Reserve Bank on Friday (12.11.2021) announced the activation of the RBI Retail Direct (RBI-RD) Scheme with effect from today. RBI-RD Scheme will bring G-secs such as Government of India Treasury Bills; Government of India dated securities; Sovereign Gold Bonds (SGB); and State Development Loans (SDLs), within easy reach of the common man by simplifying…
With the expectation that the publication of the London Interbank Offered Rate (LIBOR) as a benchmark rate will cease by the end of 2021, RBI permitted banks to offer interest rates on FCNR (B) deposits using widely accepted ‘Overnight Alternative Reference Rate (ARR)* for the respective currency’ with upward revision in the interest rates ceiling…
This article talks about how gifts are taxed in India and who need not pay tax on gifts received. Gifting has always been seen as a way for people to express love and affection. Yet, with the increased focus on taxation, the legislations have been penned so as to levy tax on gifts. The Act…
With the account aggregation solutions, the user doesn’t have to physically provide hard copies of documents from various financial information providers like Banks/NBFCs, Mutual Fund Houses, and Insurance companies to various users like cash flow based lenders, personal finance managers, wealth managers, and Robo advisors in a secure and effectual manner. Through AA all financial…
( The intent of the clubbing provision is to control tax evasion arising out of the transfer of assets and income to the spouse. Clubbing provisions of the income tax act also apply to assets or income transferred to the minor children from parents and from father in law to daughter in law, also to…
One of the major requirements for pensioners to draw uninterrupted pension during their lifetime is to provide life certificates to the authorized pension disbursing agencies like Banks, Post offices, etc., usually during the month of November, following which their pension is credited to their account. According to a circular issued by the Department of Pension…
AICPIN-IW for September 2021 has been released by Labour Bureau on 29.10.2021. On the basis of CPI data announced by the Labour Bureau for the period of July 2021 to September 2021, the average index number works out to 434 slabs (base 1960=100) or 30.38 % for the above period. Accordingly, for the months of…