Based on the recommendations of an internal committee under the current executive director in charge of NBFC supervision, the Reserve Bank of India approved creating a specialized supervisory and regulatory structure for commercial banks, urban cooperative banks and non-banking financial companies (NBFCs). This specialized structure will include consolidating the different supervisory and regulatory activities and…
According to the Bank of Baroda (BOB) officials about the merger of Dena Bank and Vijaya Bank with Bank of Baroda, around 800-900 bank branches have been recognized which needs to be rationalized. “It does not make sense to have branches of Dena and Vijaya at the same location when both have been merged…
ITR Filing is one of the most important dates of the financial calendar and as the final step, it requires you to e-verify your ITR subsequent to submission of your returns for the applicable financial year. The task of ITR verification needs to be completed within 120 days of submission of your income tax returns…
The Income Tax Department has announced the availability of Income Tax Return (ITR) Forms 1 through 4 on the official Income Tax e-filing website. This means that the income tax return filing season has officially begun and as of now 31 st July 2019 is the deadline for AY 2019-20 ITR filing. There are a…
Fixed deposits also known as term deposits are one of the most popular investment instruments in India owing to a number of benefits which they offer. Besides providing for safety of capital and assured returns, fixed deposits also qualify for a tax deduction under Section 80C of the Income Tax Act. Thus, it is…
Yes, availing tax benefits in the same financial year can help you save on your taxes considerably. However, this is possible only if the rent agreement is in your name and you service home loan for another property. Both properties can be in the same or different cities.
If you have changed jobs during the financial year, you will receive multiple Form 16 tax statements. Income Tax Form 16 is a key document for filing your Income Tax return as it contains details of your income earned, TDS deductions, tax saving investments data and more. In the following sections, we will provide some…
The Central Board of Direct Taxes (CBDT) has notified certain changes in Form 16, the salary TDS certificate, seeking more details about exempted allowances under section 10 of the Income Tax Act, 1961. The new format as notified by CBDT will come into effect from May 12, 2019. Section 10 of the Income Tax Act…
Under existing income tax rules, an income tax return (ITR) needs to be submitted annually with the tax authorities. ITR is best defined as a statement of income from various sources, details of tax saving investments/donations, applicable income tax liability, tax deducted at source (TDS), advance tax paid, balance tax payable, etc. provided by the…
Salaried individuals, Professionals, as well as self-employed individuals, can start ITR filing for the financial year 2018-19 with the Income Tax Department issuing ITR Form 1 and Form 4 from today. ITR Form 1 (Sahaj) and 4 (Sugam) are available on income tax e-filing portal for online filing or can also be downloaded. Also Read:…
