Recovery of Penal interest for delay/default in servicing of the loan shall be stopped: RBI
The Statement on Developmental and Regulatory Policies dated February 8, 2023 sets out various developmental and regulatory policy measures relating to (i) Financial Markets; (ii) Regulation; (iii) Payment and Settlement Systems and (iv) Currency Management. In its statement today, India’s central bank announced that it will issue draft guidelines for transparency in the penal charges…
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Soon, QR Code based Coin Vending Machines
In the statement on Developmental and Regulatory Policies dated February 8, 2023, the Reserve Bank of India (RBI) announced today that the central bank will start a pilot project to launch QR code based coin vending machines. Unlike cash-based traditional Coin Vending Machines, the QCVM is a coin dispensation machine that would eliminate the need…
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RBI hikes repo rate by 25 bps, monetary policy will remain agile and alert to inflation says Governor
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Wednesday (February 8, 2023) announced the hike in the repo rate by 25 basis points to 6.50%. The RBI also projected India’s GDP growth at 6.4 per cent for 2023-24 and projected retail inflation at 6.5 per cent for 2022-23 and 5.3 per cent…
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Budget 2023: The big picture of several changes made in income tax rules
There are many changes in income-tax rules. This post analyses tax consequences on 15 key points on which tax policies are changed. Let us see how these changes impact you. A standard deduction of Rs 50,000 to salaried individuals, and a deduction from family pension up to Rs.15000, is currently allowed only under the old…
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Tax deduction benefits on the entertainment allowance, and employment/professional tax
Updated: 01.02.2023 Tax deductions and tax exemptions are distinct from each other. The tax deductions are typically a portion of income excluded from total taxable income. The salaried person who opts for a new regime under section 115BAC is not eligible to claim deductions for exemptions of professional tax, and entertainment allowance on salaries. An…
Highlights of Union Budget 2023-2024
Individuals tax slabs: Before listing out the new slabs, the minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. No changes have been made to the old tax regime. The Union Finance…
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