Here are a few changes made in income tax rules that came into effect from September 1, 2019 Section 194 N of IT act provides that aggregate cash withdrawal beyond Rs.1 crore thresholds in a year from banks, post offices or cooperative societies will attract TDS at the rate of 2 percent. This new rule…
With effect from September 1, 2019, Income Tax department would “suo motu” allot a fresh PAN to a person who files I-T Returns (ITR) with only Aadhaar number. The Central Board of Direct Tax (CBDT) notified on August 30, 2019, that a person who furnishes Aadhaar, as he/she does not have PAN, “shall be deemed”…
Ethics is defined as a moral philosophy or code of morals based on what is considered right and wrong by a whole society or a person. “Ethics” identifies correct human behaviour according to positive values, such as transparency, loyalty, consistency, suitability, fairness, and opportunity. The ethical foundation is the basis for ethical standards, a system…
The government on Friday (August 30, 2019) announced the amalgamation of eight public sectors and making them in to three single entities. As per the announcement, Oriental Bank of Commerce and United Bank of India will merge with Punjab National Bank. Canara Bank and Syndicate Bank will become single entity with the merger. Union Bank…
Today (August 29, 2019)RBI notified to all the Scheduled Commercial Banks including RRBs / Urban Co-operative Banks /State Co-operative Banks / District Central Co-operative Banks /All Authorised Card Networks with regard to Point of Sale transaction. The Banking Regulator said that it has come to their notice that many banks are not following in letter…
Bankers wage revision meeting held on Aug 29, 2019 Outcome: IBA did not agree to its earlier offer on wage revision, but proposed to discuss Performance Linked Pay (PLP) by forming a sub-committee. The UFBU constituents decided to on September 11, 2019 to deliberate on this issue. Source: AIBEA/NCBE/NOBW/BEFI
The Central Board of the Reserve Bank of India (RBI) on August 26, 2019 approved to transfer a sum of ₹1,76,051 crore to the Government of India (Government) comprising of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF). What consists…
The share capitals of a company are of two types namely Equity Shares and Preference Shares. Equity shares are non-refundable to shareholders during the lifetime of the company. Unlike preference shares, there will be no fixed rate of dividend to be paid to the equity shareholders and this rate may vary from year to year.…
The Reserve Bank of India (RBI) on Monday (26.08.2019) announced modalities for providing 2 per cent interest subsidy on short-term loans of up to Rs 2 lakh for farmers engaged in fisheries and animal husbandry through Kisan Credit Card (KCC). With this interest subvention, such farmers will get short-term loan of up to Rs 2…
Updated on December 20, 2023 The card issuer shall provide a complete list of merchants for whom it can provide tokenisation services. The cardholders shall select the merchants with whom he/she wishes to maintain tokens. (Alternatively – “The cardholder can make his selection from the list ). It is now proposed to introduce CoF token…