In our previous article ‘What is capital gain and how capital gain tax has arrived?”, we have discussed the definition of capital gain, Tax applicable on Short-Term and Long-Term Capital Gains, Exemption of tax available on capital gains, the time limit for reinvestment, how indexation cost of the capital asset has arrived, etc. Through this…
Updated: As per the amended finance act 2020 Any gain arising on the transfer (by sale or exchange) of the capital asset is known as a capital gain. Capital gains are calculated on the cost of acquisition and cost of improvement expenses of a capital nature incurred in making any additions or alterations to the…
Capital gains are calculated considering the net cost of acquisition (after deducting brokerage, stamp duty, advertisement, Travelling expenses in connection with the transfer, Broker’s commission related to the shares sold, etc) and cost of improvement Expenses of a capital nature incurred in making any additions or alterations to the capital asset by the seller. Indexed…
Q: Whether two illiterate people (thumb impression) open a joint account? R: Normally, Banks do not allow the opening of joint accounts of two illiterate persons. However, at the discretion of the bank, they may allow the opening of accounts of closely related people like illiterate husband and wife under the condition that the account…
Updated: As per amended finance act 2020 Although investments made under Section 80C does offer a major tax-saving deduction, there are other sections that you can explore to reduce tax liability. Here are some important tips about how you can save tax if you opt for an existing (old) tax regime. Click here for Income…
Service area approach (SAA) is a developed version of the ‘area approach’ structure of the Lead Bank Scheme. Under SAA plan each commercial bank / RRB branch in a rural and semi-urban area is designated to serve 15 to 25 villages for the planned and orderly development of the areas. The designated branch of a…
Background: In October 1969, the study group lead by Prof. D. R. Gadgil (Gadgil Study Group) recommended the adoption of an ‘Area Approach‘ to evolve plans and programmes for the development of an adequate banking and credit structure in the rural areas. Further, under the chairmanship of Shri F. K. F. Nariman (Nariman Committee) a…
Q: Who is the authority to impound Counterfeit Notes? A: The Counterfeit Notes can be impounded by (i) All Banks (ii)All Treasuries and Sub-Treasuries (iii) Issue Offices of Reserve Bank of India. Q: How the Counterfeit Notes are detected? A: Currency notes tendered over the counter is examined by the cashier for authenticity through machines.…
[This post offers updated guidelines/instructions on SHG-Bank linkage programme at one place based on various circulars issued by Reserve Bank of India on the subject up to June 30, 2020] The Self Help Group-Bank Linkage Programme (SBLP) was started in 1992 at the initiative of NABARD. The basic idea of the SBLP is to link…
Q: Which are the banks authorised to exchange notes coins? R: All the bank branches in entire India are mandated to provide facility for exchange of notes and coins to the members of public. Banks are also directed by the banking regulator (RBI) to issue fresh/good quality notes and coins of all denominations whenever customers…