In terms of section 234F, certain individuals can file their ITR without paying a penalty if the gross total income does not exceed the basic exemption limit of Rs.2.50 lakhs even after the expiry of the deadline. The basic exemption limit of Rs.3 lakh for Senior Citizens of above 60 years and Rs.5 lakh for…
Earlier to initiation of KRA by SEBI, investors were required to complete the KYC process as and when they interact with each type of SEBI Intermediaries by submitting the relevant documents, requirements of which may vary from intermediary to intermediary. In view of bringing uniformity in KYC requirements for the securities markets, SEBI has initiated…
The right of subrogation is an equitable and natural right of the guarantor against the principal borrower on whose behalf he has paid the money. Section 128 of the Indian Contract Act 1872 provides that the liability of the guarantor is co-extensive with the principal debtor. It means the guarantor of a loan is liable…
Government of India (GoI), vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small, and Medium enterprises. The new criteria came into effect on July 1, 2020. According to the new notification, these enterprises are reclassified under composite criteria (investment and turnover). and there…
Every year in its annual budget (also known as Annual Financial Statement) the Government provides details of how much money it expects to reap from various sources and how it intends to spend the funds. As of now, the Government of India earns about 80% of its total revenue through taxes and the remaining 20%…
RBI today clarified banks and other financial institutions about the definition of ‘out of order’, as clarified in the earlier circulars, shall be applicable to all loan products being offered as an overdraft facility, including those not meant for business purposes and/or which entail interest repayments as the only credits. “The ‘previous 90 days period’…
There are four types of bills passed in Parliament viz. (i) Ordinary bills, (ii) Money bills and Finance bills, (iii) Ordinance Replacing Bills, and (iv) Constitutional amendment bills. These Bills are the statutes in the draft. Once they are approved in both the houses of Parliament and then with the President’s nod, they become the…
An individual or HUF who has opted for the old income tax rule can invest in Tax saver fixed deposits of banks, not exceeding the aggregate limit of Rs.150000.00 u/s 80 (C) of IT in a financial year is eligible for tax relief. The ‘deposit’ can be opened in a single name or joint names…
In today’s (10.02.2022) meeting, the MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Accordingly,…
In its judgment dated 30th January 2022, in the case of AMAR NATH– APPELLANT(S) VERSUS GIAN CHAND AND ANR. … RESPONDENT(S)[ (CIVIL APPEAL NO. 5797 OF 2009,], the Supreme Court observed that the production of the original power of attorney is not necessary if the document is presented for registration by the power of attorney…