What does Salary include?
[This post elucidates about components of salary, the monetary benefits paid by employers which do not include in salary, points to be considered for taxation of salary, place of accrual of salary, etc.] Salary is the remuneration which includes the pay, allowances, bonus, or commission payable monthly or otherwise or any monetary payment, by whatever…
Read article
RBI marks rules for appointment of chief compliance officers (CCO) of banks and and their role functions
Today, RBI in its notification said that an independent compliance function is required to be headed by a designated Chief Compliance Officer (CCO) of banks, selected through a suitable process with an appropriate ‘fit and proper’ evaluation/selection criteria to manage compliance risk effectively.The Central Bank also directed all the banks to lay down a board-approved…
Read article
Supreme Court extends bank loan repayment moratorium till September 28
Today (September 10, 2020), a bench of Justices Ashok Bhushan, R Subhash Reddy and M R Shah posted the matter of extension of loan moratorium for further hearing on September 28 and said that the court expects that the government and RBI actively consider all the issues and file the affidavit and place before it…
Read article
Here are a few things you need to know about newly launched doorstep banking
Finance Minister Nirmala Sitharaman on Wednesday (September 09, 2020) launched doorstep banking services for public sector banks in order to facilitate hassle-free and convenient banking to Senior Citizen and those in the ‘divyang’ (differently-abled) category. The move is part of the EASE reforms to make banking easier and accessible. The salient features of new services…
Read article
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…
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,…
Read article