The Reserve Bank of India (RBI) today (on Thursday) came out with a ‘5-Core Actions’ approach for promoting financial education, which among other things include development of relevant content for school children and adults, community participation and collaboration among various stakeholders. According to NSFE, the country has been one of the important developmental agendas of…
Updated: As amended in finance act 2020 As per section 10(14) of Income-tax, children education allowance and Hostel Expenditure Allowance are eligible for deduction available to individuals employed in India. Children Education Allowance: Up to Rs. 100 per month per child up to a maximum of 2 children is exempt Hostel Expenditure Allowance :Up to…
In terms of section 10(13A) & Rule 2A of the amended finance act 2020, a salaried person can claim the exemption in respect of House Rent Allowance received from his/her employer. The least of the following three amounts is exempt from income tax: a) Actual HRA Received b) 40% of Salary* (50%, if house situated…
Many salaried individuals are working from home during coronavirus pandemic. Besides your traveling time savings, it has been a respite to many office goers who have been roughcast with problems of traffic jams go back and forth everyday, office politics, and even more annoying moments that the calls from the bosses who call too many…
Updated on 13.10.2022 Net Demand and Time Liability (NDTL) is basically the sum of demand and time liabilities including ODTL of scheduled commercial banks. NDTL is used by banks for the computation of the Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), and Liquidity Adjustment Facility (LAF). i.e. Net Demand and Time Liabilities (NDTL) =…
The ‘Transparent Taxation’ platform, launched by Prime Minister Narendra Modi on Thursday, proposes multiple reforms to improve tax compliance, faceless assessment and ease of filing returns while widening the income tax base and checking tax evasion. The Government has also introduced new sections to IT act and is making reporting of certain transactions mandatory to…
SEBI Complaints Redress System (SCORES) is an online platform where SEBI takes up complaints related to issue and transfer of securities and non-payment. When a response from a listed company/ intermediary registered with SEBI to a complaint is not satisfactory, the complainant may further approach SEBI using the SCORES platform to get his/her complaint redressed.…
Foreign contributions are a major source of financial support for NGO activities in India. Foreign funds are flowing in through private foundations, foreign governmental agencies, and individuals for charitable causes either in the form of donations or as project funding support. The process of receiving these grants has been subjected to law ever since the…
On Thursday (6th August), on the eve of the Statement on Developmental and Regulatory Measures, RBI Governor Mr.Shaktikant Das announced “To enhance safety of cheque payments, it has been decided to introduce a mechanism of Positive Pay for all cheques of value ₹50,000 and above. This will cover approximately 20 per cent and 80 per…
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020 on August 7, 2020. As per the latest amendment, which is effective from 07th August 2020, the authorized representative of creditors shall seek voting instructions only after the circulation…