Every year in its annual budget (also known as Annual Financial Statement) the Government provides details of how much money it expects to reap from various sources and how it intends to spend the funds. As of now, the Government of India earns about 80% of its total revenue through taxes and the remaining 20%…
RBI today clarified banks and other financial institutions about the definition of ‘out of order’, as clarified in the earlier circulars, shall be applicable to all loan products being offered as an overdraft facility, including those not meant for business purposes and/or which entail interest repayments as the only credits. “The ‘previous 90 days period’…
There are four types of bills passed in Parliament viz. (i) Ordinary bills, (ii) Money bills and Finance bills, (iii) Ordinance Replacing Bills, and (iv) Constitutional amendment bills. These Bills are the statutes in the draft. Once they are approved in both the houses of Parliament and then with the President’s nod, they become the…
An individual or HUF who has opted for the old income tax rule can invest in Tax saver fixed deposits of banks, not exceeding the aggregate limit of Rs.150000.00 u/s 80 (C) of IT in a financial year is eligible for tax relief. The ‘deposit’ can be opened in a single name or joint names…
In today’s (10.02.2022) meeting, the MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Accordingly,…
In its judgment dated 30th January 2022, in the case of AMAR NATH– APPELLANT(S) VERSUS GIAN CHAND AND ANR. … RESPONDENT(S)[ (CIVIL APPEAL NO. 5797 OF 2009,], the Supreme Court observed that the production of the original power of attorney is not necessary if the document is presented for registration by the power of attorney…
Finance Minister Nirmala Sitharaman presented the fourth Budget of the second term of the Modi government today. The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 percent growth…
The average AICPIN-IW for the months of October 2021, November 2021, and December 2021 has been released by Labour Bureau on 29.10.2021 is 8236 as per index numbers released by Labour Bureau of India. Accordingly, the number of DA slabs and DR payable on basic pension (including commutation amount) worked out as under. Retired on…
The average AICPIN-IW for the months of October 2021, November 2021, and December 2021 has been released by Labour Bureau on 29.10.2021 is 8236 as per index numbers released by Labour Bureau of India. Accordingly, the number of DA slabs works out to 471 Slabs (8236 – 6352= 1884/4 = 471 Slabs). The payment of…
The average AICPIN-IW for the months of October 2021, November 2021 and December 2021 has been released by Labour Bureau on 29.10.2021 is 8236 as per index numbers released by Labour Bureau of India. Accordingly, the number of DA slabs works out to 471 Slabs (8236 – 6352= 1884/4 = 471 Slabs). The payment of…