What is a tax audit? To whom it is applicable?
In our previous posts we talked about In our previous posts we talked about various types of audits conducted in banks such as (1) Statutory Audit (2) Long Form Audit Report 3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. (6) Emergence of Risk-Based Internal Audits in Banks (7) Tax audit, and (8) What is the stock audit? For details, you…
Read article
Present PPF rules for NRIs
As per the new rules set in 2018, a person who became NRI can continue his/her PPF account that he/she had opened while in India. However, one cannot open a new PPF account after becoming an NRI. Earlier to the above rule, (in terms of amended PF rule 2017), a person who becomes an NRI…
Read article
Death claim settlement process of SCSS account
When the first holder in the SCSS (Senior Citizen Savings Scheme) account dies, the second holder (spouse) is allowed to continue the account even when he/she does not meet the age criteria of 60 years as required under the rules. Similarly, when the spouse is the sole nominee, he/she is allowed to continue the account…
Read article
Lenders should disclose the aggregate amount to be refunded/adjusted as of March 31, 2021: RBI
Reserve Bank of India on Wednesday asked lending institutions to disclose the aggregate amount to be refunded/adjusted in respect of their borrowers based on the Asset Classification and Income Recognition following the expiry of the Covid-19 regulatory package in their financial statements for the year ending March 31, 2021. The above announcement of the central…
Read article
RBI Monetary policy updates: Repo rate unchanged
As expected by most of the experts and analysts, the Reserve Bank of India (RBI) has today announced the monetary policy in which it has kept the repo rate unchanged at 4% and also decides to retain its ‘accommodative’ policy stance. RBI had kept the key policy rates unchanged for the fifth consecutive meeting. On…
Bank Finance under Self Employment Program (SEP) component of DAY-NULM
The Government of India, Ministry of Housing and Urban Affairs (MoHUA), had restructured the erstwhile Swarna Jayanti Shahari Rozgar Yojana (SJSRY) and launched the National Urban Livelihoods Mission (NULM) in 2013. NULM has been implemented in all district headquarters (irrespective of population) and all the cities with population of 1 lakh or more. The Self…
Read article