Calculation of Income Tax benefit available on House Rent Allowance
In terms of section 10(13A) & Rule 2A of the amended finance act 2020, a salaried person can claim the exemption in respect of House Rent Allowance received from his/her employer. The least of the following three amounts is exempt from income tax: a) Actual HRA Received b) 40% of Salary* (50%, if house situated…
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Working from home? Your income tax liability may go up
Many salaried individuals are working from home during coronavirus pandemic. Besides your traveling time savings, it has been a respite to many office goers who have been roughcast with problems of traffic jams go back and forth everyday, office politics, and even more annoying moments that the calls from the bosses who call too many…
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Learn how NDTL for banks Calculated
Updated on 13.10.2022 Net Demand and Time Liability (NDTL) is basically the sum of demand and time liabilities including ODTL of scheduled commercial banks. NDTL is used by banks for the computation of the Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), and Liquidity Adjustment Facility (LAF). i.e. Net Demand and Time Liabilities (NDTL) =…
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Now your health insurance premium of over Rs.20000 is under income tax lens: Check other changes
The ‘Transparent Taxation’ platform, launched by Prime Minister Narendra Modi on Thursday, proposes multiple reforms to improve tax compliance, faceless assessment and ease of filing returns while widening the income tax base and checking tax evasion. The Government has also introduced new sections to IT act and is making reporting of certain transactions mandatory to…
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Now SCORES platform takes up your complaint against listed companies
SEBI Complaints Redress System (SCORES) is an online platform where SEBI takes up complaints related to issue and transfer of securities and non-payment. When a response from a listed company/ intermediary registered with SEBI to a complaint is not satisfactory, the complainant may further approach SEBI using the SCORES platform to get his/her complaint redressed.…
How NGOs get foreign funding under FCRA?
Foreign contributions are a major source of financial support for NGO activities in India. Foreign funds are flowing in through private foundations, foreign governmental agencies, and individuals for charitable causes either in the form of donations or as project funding support. The process of receiving these grants has been subjected to law ever since the…
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