Finance Minister Mrs.Nirmala Sitharaman in her budget 2024-25 presentation proposed to increase the standard deduction for salaried employees from ₹50,000 to ₹75,000. Also, the deduction on family pension for pensioners is proposed to be enhanced from ₹15,000 to ₹25,000 under the new tax regime. The FM announced changes in new tax regime slabs Taxable Income…
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament today (July 23) at 11 am. The following announcements were made by the finance minister in presenting her historic 7th Budget with a focus on employment and skilling. PM package of five schemes of five schemes aimed at facilitating employment and skilling, with…
On return from a foreign trip, travellers must surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or Travelers Cheques (TCs) for future use or credit…
It’s also important to remember that the country you’re going to may have its own rules about how much cash you can bring in. Make sure to do your research depending on the country you’re headed to. Travellers going to any country are allowed to purchase foreign currency notes/coins only up to USD 3000 per…
Under the hire-purchase system, goods are delivered to the buyer at the time of the purchase agreement with a condition that Payment will be made in installments but a buyer will become the owner of goods only on the payment of the last installment. In this system, the buyer pays the price of the goods…
The Hire Purchase Act, of 1972 defines a hire purchase agreement as an agreement under which goods are let on hire and under which the hirer has an option to purchase them by the terms of the agreement and includes an agreement under which: (i) Possession of goods is delivered by the owner thereof to…
Leasing in India is expected to become the preferred financial device for businesses seeking agility and cost-efficiency, promising significant growth with increasing awareness, new market players, and diversification of asset classes. The promising and growth-hungry small and medium Enterprises (SMEs) and startups, having a close eye on capital efficiency, are a confined user base for…
The impact of lease accounting on financial statements is substantial. Financial ratios are important tools used in accounting and financial analysis to gauge a company’s overall financial health. They are derived from financial statements like the balance sheet, income statement, and cash flow statement. These ratios can help in assessing various aspects of a business,…
The paramount job of a regulator is ensuring transparency, professional reliability, and minimum damage to the public interest. In India, the Regulatory body for financial leases is the Reserve Bank of India (RBI). As per RBI regulations, it is mandatory for a company that is in the business of financing to have a certificate of…
The Reserve Bank of India lenders on Monday to give defaulting borrowers enough time to respond before they are classified as “fraud accounts. The amendment to current rules incorporates a Supreme Court judgment in March last year that a bank cannot unilaterally declare an account as fraud without providing the defaulter the right to be…
