Income Tax treatment in case of salaried person who are provided with medical benefit
Updated: As per amended Finance Act 2020 For Medical facilities in India: Under section 17(2) of income tax, the medical expenses incurred or reimbursed by the employer for medical treatment to an employee or his dependent relative (i.e. children, spouse, brothers, sister and parents) will not be chargeable to tax in the hands of the…
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Now NSE is in the list of SEBI for e-KYC Aadhaar authentication
Today (Tuesday), in a circular SEBI said, “National Stock Exchange of India Limited shall undertake Aadhaar authentication service of the UIDAI subject to compliance of the conditions as laid down in this regard”. In May 2020, the market regulator allowed eight entities viz. Central Depository Services (India) Ltd (CDSL), National Securities Depository Ltd (NSDL), BSE,…
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Govt. orders cutoms to allow Auto LEO under ECCS to ensure ease of doing exports
Central Board of indirect revenue and customs, Ministry of Finance in its letter dated September 7, 2020, asked the Principal Chief Commissioner and Chief Commissioner to allow the facility of Auto Let Export Order (LEO) under the Express Cargo Clearance System (ECCS), in order to facilitate exports by courier and to enhance the global competitiveness…
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The K.V.Kamath committee constituted by RBI names 26 sectors for restructuring: COVID 19 related stress
Based on the report of the Expert Committee (K.V.Kamath Committee) on Resolution Framework for Covid-19 related Stress the Reserve Bank of India (RBI) on Monday announced the financial parameters for the resolution plans under the scheme. The Committee has recommended financial parameters that, inter alia, include aspects related to leverage, liquidity, and debt serviceability. The…
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Income Tax Benefit on LTA/LTC under section 10(5)
Updated: As per amended Finance Act 2020 Leave Travel Concession or Assistance (LTC/LTA), extended by an employer to an employee for going anywhere in India along with his family exempt is exempt from tax if you have opted for old-tax regime. In the other words, the tax exemption of leave travel allowance is not available…
Revised LFAR format with audit scope on areas of credit risk, market risk, operational risk, capital adequacy among others
RBI on Saturday announced the revised long format audit report (LFAR) norms with the scope of the mandate of an audit covering areas of ‘Credit risk’, ‘market risk’, assurance functions and operational risk areas’, ‘capital adequacy’ and ‘going concern and liquidity risk assessment’, among others. This may also involve commenting on various risks to which…
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