The deadline for filing IT returns and Audit reports for AY 2021-22 are further extended
CBDT vide Circular No.17/2021 dated 09.09.2021 extended the deadline for filing Income Tax returns till December 31, 2021, given the coronavirus pandemic and persistent technical problems with its website. Earlier in May 2021, the date was extended to September 30, 2021, from the original date end of July 2021 for the same reasons. “On consideration…
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UCO bank is now out of PCA framework
Reserve Bank of India on Wednesday has taken public sector lender UCO Bank out of Prompt Corrective Action (PCA) framework (PCA) on improvement in financial and credit profile. “The performance of the UCO Bank, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision. It was noted…
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RBI enhances the scope of tokenisation of cards
RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Tokenisation is a process by which actual card details mask sensitive card details of your debit/credit / prepaid card with an alternate code. This process by which the primary details of…
Read article Explained: Undisclosed Reserves of Commercial Banks
Undisclosed reserves are on the books of the banks, but “hidden” from the public and not listed on the balance sheets or other financial statements. Such reserves are part of Tier 2 capital of the bank along with general loan-loss, revaluation reserves hybrid capital instruments, and subordinated term debt. The undisclosed reserves are generally getting…
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General Allocation of Special Drawing Rights -SDR by the IMF
International Monetary Fund (IMF) makes the general SDR allocation to its members in proportion to their existing quotas in the Fund. The Board of Governors of the IMF had approved a general allocation of about SDR 456 billion on August 2, 2021 (effective from August 23, 2021) of which the share of India is SDR…
Tax on Contribution to PF and interest exceeding the taxable threshold will not be retrospective: CBDT
In order to provide clarity on the computation of the taxable interest component, CBDT vide its Notification dated 31st August 2021, has provided a mechanism to facilitate the computation of taxable interest for the financial year 2021-22. According to the notification, the mechanism of segregating taxable and non-taxable contributions requires maintenance of separate accounts within…
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