How to calculate Gratuity?

(This post offers calculation of Gratuity in two different methods and also discusses tax liability on Gratuity received) The tax-exempt gratuity limit had already been raised to Rs. 20 lakh for government employees effective from 1 January, 2016. The ‘Payment of Gratuity Amendment Act 2017’ is likely to be passed in this budget session (commencing…

PMEGP-Frequently Asked Questions

We have been receiving lots of queries from our readers about Prime Minister’s Employment Generation Programme (PMEGP). Some of the frequently asked questions are answered here. Q: I’m in the business of readymade garments, hosiery goods, other articles of clothing and clothing accessories such as gloves, ties, braces etc. Whether I’m eligible for loan under…

How Insolvency and Bankruptcy Code (IBC) could benefit banks?

The Insolvency and Bankruptcy Code (IBC) 2016 is the bankruptcy law of India, amended as Insolvency and bankruptcy code (amendment) Bill 2017. The new law seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The mounting NPAs in banking sector and other financial insttutions has crippled lending activities of…

What is the validity period for bank guarantees issued in favour of Government?

Inasmuch as, the legal provisions governing Contract of Guarantee, the guarantees furnished by the banks in favour of Government Departments in the name of the President of India, has validity period of 30 years as per limitation act 1963.In the light of above section of limitation act, many readers are asking the questions whether the…

Statewise lists of bank holidays 2018 in India

(This post offers you holidays lists of 31 states viz.1.Andhra Pradesh, 2.Arunachal Pradesh, 3.Assam, 4.Bihar, 5. Chhattisgarh,  6. Delhi, 7. Goa, 8.Gujarat,9. Haryana,10. Himachal Pradesh, 11.Jammu & Kashmir,  12.Jharkhand, 13.Karnataka, 14.Kerala, 15.Madhya Pradesh, 16. Maharashtra,  17. Manipur,                   18. Meghalaya, 19.Mizoram,20. Nagaland,  21.Odisha, 22. Pudhucherry, 23.Punjab,  24.Rajasthan, 25.Sikkim, 26.Tamilnadu, 27.Telangana, 28.Tripura, 29.Uttarkhand, 30.Uttar Pradesh, 31. West…