How to open and operate Capital Gain account/CGAS in banks?
In our previous article ‘What is capital gain and how capital gain tax has arrived?”, we have discussed the definition of capital gain, Tax applicable on Short-Term and Long-Term Capital Gains, Exemption of tax available on capital gains, the time limit for reinvestment, how indexation cost of the capital asset has arrived, etc. Through this…
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How indexation cost of a capital asset has arrived?
Capital gains are calculated considering the net cost of acquisition (after deducting brokerage, stamp duty, advertisement, Travelling expenses in connection with the transfer, Broker’s commission related to the shares sold, etc) and cost of improvement Expenses of a capital nature incurred in making any additions or alterations to the capital asset by the seller. Indexed…
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These things you need to know that you are eligible for tax benefits outside section 80C
Updated: As per amended finance act 2020 Although investments made under Section 80C does offer a major tax-saving deduction, there are other sections that you can explore to reduce tax liability. Here are some important tips about how you can save tax if you opt for an existing (old) tax regime. Click here for Income…
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What is Service Area Approach?
Service area approach (SAA) is a developed version of the ‘area approach’ structure of the Lead Bank Scheme. Under SAA plan each commercial bank / RRB branch in a rural and semi-urban area is designated to serve 15 to 25 villages for the planned and orderly development of the areas. The designated branch of a…
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What is Lead Bank Scheme?
Background: In October 1969, the study group lead by Prof. D. R. Gadgil (Gadgil Study Group) recommended the adoption of an ‘Area Approach‘ to evolve plans and programmes for the development of an adequate banking and credit structure in the rural areas. Further, under the chairmanship of Shri F. K. F. Nariman (Nariman Committee) a…
FAQs on Detection and Impounding of Counterfeit Notes
Q: Who is the authority to impound Counterfeit Notes? A: The Counterfeit Notes can be impounded by (i) All Banks (ii)All Treasuries and Sub-Treasuries (iii) Issue Offices of Reserve Bank of India. Q: How the Counterfeit Notes are detected? A: Currency notes tendered over the counter is examined by the cashier for authenticity through machines.…
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