FINANCIAL RESOLUTION AND DEPOSIT INSURANCE BILL
A quick guide on how to save tax in a financial year
For FY 2020-21, if you have opted for the old tax regime, then there are various ways to save tax. Here is a quick look at how you can save tax in a financial year.
Will transfer Rs 2.2 lakh crore NPAs to ‘bad bank’: Financial services secretary
Financial services secretary Debasish Panda is responsible f...
View: Some of Budget's boldest moves happened in financial sector
The government has followed a consultative approach as a number of suggesti...
Budget relief: Depositors of stressed banks can access up to Rs 5 lakh of deposits
The finance minister said that the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 would be amended to create such a provision. The government raised the deposit insurance cover to Rs 5 lakh from Rs 1 lakh last year.
Firms to forego deduction if they delay deposit of employees' social security contributions
Besides it is proposed to tax interest earned on annual provident fund contribution of over Rs 2.5 lakh from April 1, 2021. At present there is no tax on interest earned on provident fund deposits.
If bank fails, Rs 5 lakh deposit insurance amount to be available immediately to depositors
The FM said in her budget speech that she will bring in an amendment to allow this in the current budget session. Owing to many banks facing stress and putting hardship on their depositors (for instance, YES Bank and PMC Bank), last year the insurance cover on deposits held in a bank was raised from Rs 1 lakh to Rs 5 lakh.
10 financial learnings from Ravana’s life
If you invest in a particular stock or buy property, but it starts going downhill, do not hesitate to sell and make good your loss. As you celebrate Dussehra, follow these financial rules that stem from various aspects of Ravana’s life, says ET Wealth.
Financial transactions such as hotel bills, life, health insurance proposed to come under tax lens
In a tweet by mygov.in, which was subsequently removed, the govt has proposed to expand the list of reportable transactions to include domestic business class air travel or foreign travel, payment of property tax above Rs 20,000 per year, life insurance premium above Rs 50,000 and health insurance premium above Rs 20,000.
Need legally-backed 'resolution corporation' to deal with stressed financial firms: RBI Governor
The government in August 2017 had introduced the Financial Resolution and Deposit Insurance (FRDI) Bill in Parliament which, among other things, proposed setting up of a resolution corporation.
Union cabinet okays changes in 'Vivad se Vishwas' Bill for faster resolution in direct tax litigation
The minister hoped that people will take advantage of the scheme to settle the tax disputes before March 31, 2020 as 10 per cent more will be charged for settlement of disputes after the end of the current financial year.
FinMin working on FRDI bill, says Sitharaman
The comments assume importance given the massive five-fold hike in deposit insurance and the recent changes in the insolvency laws that included insolvency solutions for financial institutions. The FRDI Bill seeks to offer a bail-in clause to banks, which many fear will be detrimental to depositors. The budget has increased by five-folds the deposit insurance to Rs 5 lakh.
20 financial resolutions to make in 2020
Keeping anything till the last minute is never a good idea, especially when it comes to money matter. Making your tax-saving investments in the last minute can have long lasting negative implications.
DHFL creditors to meet on Monday for discussing resolution
The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process. The Mumbai bench of NCLT had admitted the company for insolvency resolution on December 2 and appointed IOB's former MD and CEO R Subramaniakumar as the company's administrator.
Need rules for non-disruptive exit in financial sector: Uday Kotak
The comments come at a time when the companies in the sector like DHFL are grappling with resolutions and the future of thousands of crore of debt is in doubt. It also comes at a time when cooperative lender PMC Bank is in troubles allegedly because of mismanagement, putting depositors in a difficulty.
Deposit insurance in India covers 92% of accounts, 28% of banking deposits: RBI
At the end of FY19, the number of registered insured banks stood at 2,098, comprising 157 commercial banks, and 1,941 cooperative banks.