Method of Tax Collection at source is now modified by the Income Tax department
(According to the new rules employer need not deduct tax at source if salary income including the value of perquisites is not taxable after giving effect to the exemptions, deductions, and relief as applicable). Section 192 of the Income Tax Act, of 1961 deals with tax deducted at source (TDS) on salary. According to this…
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What is meant by Foreign Investment, Foreign Direct Investment, and Foreign Portfolio Investment?
This article distinguishes amongst foreign investment, Foreign Direct Investment, Foreign Portfolio investments, Qualified Foreign Investor (QFI), Foreign Institutional Investor (FII), etc. Foreign Investment: Any investment made by a person resident outside India on a repatriable basis in capital instruments of an Indian company or to the capital of a Limited Liability Partnership (LLP) is known…
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PNB,Union Bank, Canara Bank, and Indian Bank announce share-swap ratios for merged entities
The four anchor banks PNB, Union Bank, Canara Bank, and Indian Bank approved mergers of the other 6 PSBs and issued share-swap ratios for the proposed mergers. The details of share-swapping are as under.PNB: 1150 share of PNB for every 1000 shares of OBC 121 shares of PNB for every 1000 shares of United Bank…
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RBI announces Scheme of Reconstruction for YES bank
The Yes Bank Ltd. was placed under an order of moratorium on March 5, 2020 which will be effective up to April 3, 2020.In this regard, RBI published a draft scheme of reconstruction of the Yes Bank Ltd.in public domain inviting suggestions and comments from the public as well as all the stake holders of…
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Repatriation of the sale proceeds of immovable property
[This article elucidates the FEMA rules for the transfer of sale proceeds of immovable properties abroad and the documents required for the same.] Section 6(5) in the Foreign Exchange Management Act, 1999 provides that “A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in…
Details of negotiation meetings held between IBA and UFBU on Feb 29
Today (29.02.2020) negotiations for 11th BPS started at 11.30 am at IBA Office Mumbai. Negotiations committee chairman first offers to start negotiations with an appeal to UFBU for withdrawal of three days strike call given by them. UFBU on their part clear their stand by reminding their 12points demand. After a lot of discussions, the…
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