Month: February 2021

Non-Filers Of Income Tax Return To Face Higher TDS On Interest, Other Incomes

Personal Finance

[ad_1]

Read More/Less


Taxes

oi-Roshni Agarwal

|

In the Union Budget 2021 there has been made a proposal to charge higher TDS and TCS on non-filers of income tax return (ITR). This is done to put off the practice of not filing returns by taxpayers in whose case considerable sum of tax has been deducted or collected.

Non-Filers Of Income Tax Return To Face Higher TDS On Interest, Other Incomes

Non-Filers Of Income Tax Return To Face Higher TDS On Interest, Other Incomes

As per the proposal, if any individual in whose case TDS or TCS of Rs. 50000 or more has been deducted or collected in the last two years and if such a person has not filed ITR, then the TDS/TCS rate will be double of the specified rate or 5 percent, whichever is higher. For the higher TDS implication, a new Section 206AB has been introduced, while higher TCS rate shall apply as per the new Section 206CCA in the following year. So accordingly, higher TDS will be applicable to those having interest income, dividend income, annuity pensions, income from capital gains.

Further, this newly proposed section shall not apply where the tax is required to be deducted under sections 192 (Salary income), 192A (PF), 194B (Winning from lottery etc), 194BB (Winning from horse rates), 194LBC (income received from a securitisation trust) or 194N (Cash withdrawal exceeding Rs 20 lakh) of the Income-tax Act, 1961.

“The onus of ensuring a higher rate of tax is deducted/collected have been placed on the deductor/collectee, who will now have to request documentation validating proof of submission of ITR in the previous 2 years, increasing the burden of compliance for such deductors/collectee”, said Archit Gupta, founder and CEO, ClearTax. Additionally, in a case where TDS or TCS applies, it should automatically come in Form 26AS and return filing could be ascertained through it.

“This is an additional burden of compliance for deductors/collectee, besides no additional remedy is provided for cases where ITR filing was not applicable in the 2 previous years. Taxpayers who foresee facing this issue should prepare to file ITR for FY 2020-21 in due course,” he added.

This new provision comes into effect from July 1, 2021.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


Reserve Bank of India, Thiruvananthapuram invites e- tender for the captioned work from Bank’s empanelled vendors/contractors under the captioned category of the work costing between ₹ 10 Lakh and ₹ 25 lakh. The tendering would be done through the e-Tendering portal of MSTC Ltd (https://www.mstcecommerce.com/eprochome/rbi). All interested empanelled vendors /contractors must register themselves with MSTC Ltd through the above-mentioned website to participate in the tendering process. The Schedule of e-Tender is as follows:

a. Name of Work Renovation of Selected portion of Second Floor of Main Office Building, Reserve Bank of India, Thiruvananthapuram
b. e-Tender no RBI/Thiruvananthapuram/Estate/341/20-21/ET/499
c. Estimated Cost Rs 17.68 lakhs
d. Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through https://www.mstcecommerce.com/eprochome/rbi)
e. Earnest Money Deposit(EMD) ₹ 35,360/- (Thirty-Five thousand Three hundred and Sixty only) in the form of DD or BG, in favour of Reserve Bank of India, Thiruvananthapuram to be delivered in physical form at Estate Dept., Reserve Bank of India, Bakery Junction, Thiruvananthapuram – 695033

OR

₹ 35,360/- (Thirty-Five thousand Three hundred and Sixty only) towards
Beneficiary Name: ESTATEMOB
Beneficiary Ac No: 8614038
IFSC Code : RBIS0THPA01 (5th and 10th character: zero)
f. Date of NIT available to parties to download 17:00 Hrs on February 02, 2021
g. Date of Pre-Bid Meeting 11:00 Hrs on February 08, 2021
h. Date of starting of e-Tender for submission of Techno-Commercial Bid and price Bid in MSTC Portal 17:00 Hrs on February 08, 2021
i. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid 14:00 Hrs on February 17, 2021
j. Last date of submission of EMD 13:00 Hrs on February 17, 2021
k. Date & time of opening of tender 15:00 Hrs on February 17, 2021
l. Transaction Fee To be charged by MSTC Ltd.

Amendments / Corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website and will not be published in any newspaper.

Regional Director
(Kerala and Lakshadweep)

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Growth-focused budget helps Sensex , Nifty maintains the bull run, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


-Sheersh Kapoor

Broader markets have started recovering post the announcement of Union Budget 2021. A growth and capex oriented Budget has provided ammunition to the bulls as the BSE Sensex attempts to scale mount 50K yet again. Several stocks notched up 52-week highs today in the broader market.

At close, the Sensex was up by 2.46% at 49,797.72, and the Nifty up by 2.57% at 14,647.90. Nifty Bank Index traded green at Rs 34,267 Adding 3.56%, while BSE Bankex ended at Rs 38,833 adding 3.43%. Amongst the top Gainers were- SBI at Rs 333 adding 7.21% followed by HDFC Bank at Rs 1,560 adding 5.67%, Bandhan Bank at Rs 339 (4.98%), Kotak Mahindra Bank at Rs 1,861 (3.32%), IDFC First Bank at Rs 47 (2.36%), RBl Bank at Rs 242 (2.34%), ICICI Bank at Rs 617 (2.24%).

Nifty Financial Services ended at 16,208 adding 3.23%. Amongst the top gainers were Indiabulls Hsg at Rs 213 adding 3.74% followed by HDFC at Rs 2,659 down 3.09%, Bajaj Finance at Rs 5173 (2.27%),Power Finance at Rs 118 (2.19%). while all other major indices traded in green, Bajaj Finance and Cholamadalam traded lower by 2.53% and 0.89% respectively.

Other key takeaways

Govt won’t own or fund ‘Bad Bank’
The government is preparing to bring stressed assets worth Rs 2.25 lakh crore under the proposed ‘Bad Bank’. The entity which will be entirely funded and managed by commercial banks, said two top bureaucrats in an exclusive interaction on February 2. The funding will be done by banks from both the private sector and the public sector, they said. It is not clear what is initial capital estimated for setting up the Bad Bank

“The new budget has ignited spark in all cyclical and economy driven sectors.”

Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities:-
The elevated borrowings for the next few years indicate higher spending could remain for next few years. The earnings season is throwing good earnings surprise which is also getting factored in stock prices. With clarity on growth and earnings it will be ideal to focus on economy driven sectors like capital goods, construction, engineering, cement, power utilities, oil & gas, banks, Insurance and NBFCs.”

“As valuations are rich and Nifty-50 has again gone closer to the 15,000 mark there could be some resistance setting in at these levels. Investors can now look to accumulate stocks in every decline with a 2 to 3 year view.” he added.

HDFC Q3 result:
The company has reported 65 % YoY fall in its December quarter net profit at Rs 2,925.8 crore versus Rs 8,372.5 crore and revenue was down 42.3% at Rs 11,707 crore against Rs 20,285.5 crore. The Q3FY20 net profit includes proceeds from Gruh stake sale, reported CNBC-TV18.

Gold Updates
COMEX gold trades little changed near $1865/oz after a 0.7% gain yesterday. Gold is choppy amid mixed trade in the US dollar index and as market players assess the possibility of a US stimulus deal.

Experts believe that gold may continue to witness mixed trade reflecting the mixed trend in the US dollar but general bias may be on the upside owing to global growth worries and the possibility of US stimulus. Domestic gold prices have become cheaper due to duty cut, however, general price trend will be determined by international markets.

Rupee Updates
Indian rupee is trading higher by 8 paise at 72.94 per dollar, amid buying seen in the domestic equity market. It opened flat at 73.02 per dollar against it’s previous close of 73.02. The rupee opened flat at 72.92 against the US dollar in opening trade on Tuesday morning.

USDINR pair closed positive, USDINR Feb Future is trading at 73.27. it is expected to trade with bullish momentum for the day. The USDINR Spot pair took support at 72.80 level and bounced back up to 73.15 levels and ended above 73.00 level indicating a positive momentum to continue with in the range of 72.70-73.20 levels.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

RBI appoints external IT firm for special audit of HDFC Bank’s IT infrastructure

Banking & Finance

[ad_1]

Read More/Less


The Reserve Bank of India has appointed an external IT firm for carrying out a special audit of the IT infrastructure of HDFC Bank, which has faced a number of outages in digital banking services.

“The RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the bank under Section 30 (1‐B) of the Banking Regulation Act, 1949 (the Act), at the cost of the bank under Section 30 (1‐C) of the Act,” said HDFC Bank in a regulatory filing on Tuesday.

The bank shall, accordingly, extend its cooperation to the external professional IT firm so appointed by the RBI for conducting the special IT audit, it further said.

The RBI had, on December 2 last year, directed HDFC Bank to temporarily halt the sourcing of new credit card customers as well as launches of digital business generating activities planned under its proposed programme, Digital 2.0.

The directive had come after a sudden outage at one of HDFC Bank’s data centres impacted its digital and mobile banking and ATM and payment services on November 21, 2020, and a similar outage in December 2019.

In an analyst call after its third quarter results, HDFC Bank had said it had submitted a blueprint to the RBI on how to address these digital outages. The bank had said the action plan will take 10-12 weeks for implementation, and further time frame will depend on the RBI’s inspection.

Market sources said the move is in the right direction and is going as per the process.

Credit card business is a key focus area of HDFC Bank, which had 1.53 crore outstanding credit cards at the end of November 2020. According to its Annual Report 2019-20, it has over 5.6 crore customers and digital transactions accounted for 95.1 per cent of all retail transactions.

On Tuesday, HDFC Bank scrip touched a high of ₹1,578 apiece on the BSE before closing the day 5.63 per cent higher at ₹1,560.4 apiece.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

New CEO at LIC Housing Finance

Banking & Finance

[ad_1]

Read More/Less


LIC Housing Finance Ltd (LICHFL), on Tuesday, said Y Viswanatha Gowd has been appointed as the Managing Director & Chief Executive Officer of the company with effect from February 1. Gowd’s appointment as MD and CEO of LICHFL follows the resignation of Siddhartha Mohanty with effect from February 1.

Mohanty has taken charge as Managing Director of Life Insurance Corporation of India (LIC). LIC has 40.31 per cent stake in LICHFL.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

With An Interest Rate Of 7% This FD Can Be A Good Bet For Short Term Investors

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

A good approach to enhance your wealth is to invest, and in order to gain the best return on investment there are many high-return investing opportunities, such as Public Provident Funds, bank or corporate fixed deposits, post office savings schemes, FDs of small finance banks, and more. The preference of an investment option, though, varies according to your risk appetite, strategic objectives and liquidity. Fixed-income instruments such as fixed deposits are the ideal investment vehicles for investors finding lucrative returns and stability, along with the security of their principal.

A fixed lock-in term of 3 months falls with a Bajaj Finserv or Bajaj Finance Fixed Deposit. Although there is no penalty towards premature withdrawal of money, in terms of accrued interest one can lose money. Therefore, in the event of a monetary crisis or other emergency, the account holder can just attempt to opt for early withdrawal. Conversely, without missing out on the interest, one can apply for a loan against FD and get the necessary investment capital. Bajaj Finserv provides its customers a fixed-deposit scheme with competitive interest rates and high credit scores from the nation’s leading rating firms.

Key benefits of Bajaj Finance FD

Key benefits of Bajaj Finance FD

  • It is of great significance to find the best financial institution to invest in a fixed deposit. Bajaj Finance Fixed Deposit is a perfect choice for those searching for a blend of stability and attractive returns by taking into account the benefits covered below:
  • It is best to be committed for the longer term while investing in a Fixed Deposit. For tenures of 36 months or more, Bajaj Finance provides the best FD interest rates. By holding for 36 months or longer, you can enjoy the profit of FD interest rates of up to 7.25 percent. Consequently, owing to the advantage of compounding, your yields are higher by selecting a longer tenure.
  • Bajaj Finance provides an additional rate advantage of 0.10 percent on online deposit for those under 60 years of age. This ensures that from the convenience of your home you can open an FD account and reap benefit from an added rate gain. Elderly people can also benefit from a 0.25 percent additional rate benefit, which lets them get better returns against their fixed deposit.
  • It is better to pick payouts at maturity for those seeking to increase their corpus with Bajaj Finance. Bajaj Finance proposes a better cumulative Fixed Deposit interest rate with payouts at expiration of the FD tenure. If you want to boost your returns with Bajaj Finance FD, pick auto-renewing your deposits and receiving an additional interest rate of 0.10 percent. Bajaj Finance helps you to deposit effortlessly and also provides the best security on your investment, with the highest ICRA and CRISIL scores, which ensures that your principal amount is secured.
  • It is incredibly convenient to invest in a Bajaj Finance Fixed Deposit. Just visit the online FD form for Bajaj Finance, and fill in your personal, banking and other required specifics. Via online banking, you can make deposits and earn your online Fixed Deposit Approval. You can get the Fixed Deposit Receipt by mail at your confirmed address.

Loan against FD

Loan against FD

Bajaj Finserv gives its customers up to 75 percent of the amount deposited in a cumulative fixed deposit and up to 60 percent of the capital deposited in a non-cumulative fixed deposit in a fixed deposit system. Depositors can also take advantage of Bajaj Finserv online fixed deposit loans of up to Rs. 4 lakh.

Multi deposit option

Multi deposit option

You can also opt to contribute to several deposits with a single cheque payment when filling in the FD application form of Bajaj Finserv. Prefer for varying maturity periods for both of these deposits and patterns of interest payouts. Prefer for varying maturity periods for both of these deposits and patterns of interest payments. You can withdraw prematurely from a single deposit if you need immediate funds, without breaking any deposits. Contributing in a Bajaj Finance Fixed Deposit provides you a blend of easy investing procedures, up to 7.25 percent attractive interest rates, and deposit cover, making it one of the best investment opportunities for you to quickly improve your wealth.

Bajaj Finserv FD Rates

Bajaj Finserv FD Rates

The positive effects of Bajaj Finance FD are competitive FD interest rates, flexible tenures, periodic interest payments, multi-deposit facilities, auto-renewal facilities, and convenient FD loans can be made. By investing online, those under 60 years of age can receive the higher rates of up to 7.10 percent, whereas elderly people can get fixed returns of up to 7.25 percent on a minimum deposit amount of Rs 25,000. This guarantees a hassle-free savings approach and the privilege of increasing your deposits with a decent fixed deposit rate. With effect from 01 Feb 2021 here are the current FD interest rates delivered by Bajaj Finance on cumulative deposits, with payouts at maturity, for those seeking to invest in an FD for higher and guaranteed returns.

Tenure ROI in % for deposits up to Rs.5 crore
12 – 23 6.15
24 – 35 6.60
36 – 60 7.00



[ad_2]

CLICK HERE TO APPLY

Leave a comment

With An Interest Rate Of 7% This FD Can Be A Good Bet For Short Term Investors

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

A good approach to enhance your wealth is to invest, and in order to gain the best return on investment there are many high-return investing opportunities, such as Public Provident Funds, bank or corporate fixed deposits, post office savings schemes, FDs of small finance banks, and more. The preference of an investment option, though, varies according to your risk appetite, strategic objectives and liquidity. Fixed-income instruments such as fixed deposits are the ideal investment vehicles for investors finding lucrative returns and stability, along with the security of their principal.

A fixed lock-in term of 3 months falls with a Bajaj Finserv or Bajaj Finance Fixed Deposit. Although there is no penalty towards premature withdrawal of money, in terms of accrued interest one can lose money. Therefore, in the event of a monetary crisis or other emergency, the account holder can just attempt to opt for early withdrawal. Conversely, without missing out on the interest, one can apply for a loan against FD and get the necessary investment capital. Bajaj Finserv provides its customers a fixed-deposit scheme with competitive interest rates and high credit scores from the nation’s leading rating firms.

Key benefits of Bajaj Finance FD

Key benefits of Bajaj Finance FD

  • It is of great significance to find the best financial institution to invest in a fixed deposit. Bajaj Finance Fixed Deposit is a perfect choice for those searching for a blend of stability and attractive returns by taking into account the benefits covered below:
  • It is best to be committed for the longer term while investing in a Fixed Deposit. For tenures of 36 months or more, Bajaj Finance provides the best FD interest rates. By holding for 36 months or longer, you can enjoy the profit of FD interest rates of up to 7.25 percent. Consequently, owing to the advantage of compounding, your yields are higher by selecting a longer tenure.
  • Bajaj Finance provides an additional rate advantage of 0.10 percent on online deposit for those under 60 years of age. This ensures that from the convenience of your home you can open an FD account and reap benefit from an added rate gain. Elderly people can also benefit from a 0.25 percent additional rate benefit, which lets them get better returns against their fixed deposit.
  • It is better to pick payouts at maturity for those seeking to increase their corpus with Bajaj Finance. Bajaj Finance proposes a better cumulative Fixed Deposit interest rate with payouts at expiration of the FD tenure. If you want to boost your returns with Bajaj Finance FD, pick auto-renewing your deposits and receiving an additional interest rate of 0.10 percent. Bajaj Finance helps you to deposit effortlessly and also provides the best security on your investment, with the highest ICRA and CRISIL scores, which ensures that your principal amount is secured.
  • It is incredibly convenient to invest in a Bajaj Finance Fixed Deposit. Just visit the online FD form for Bajaj Finance, and fill in your personal, banking and other required specifics. Via online banking, you can make deposits and earn your online Fixed Deposit Approval. You can get the Fixed Deposit Receipt by mail at your confirmed address.

Loan against FD

Loan against FD

Bajaj Finserv gives its customers up to 75 percent of the amount deposited in a cumulative fixed deposit and up to 60 percent of the capital deposited in a non-cumulative fixed deposit in a fixed deposit system. Depositors can also take advantage of Bajaj Finserv online fixed deposit loans of up to Rs. 4 lakh.

Multi deposit option

Multi deposit option

You can also opt to contribute to several deposits with a single cheque payment when filling in the FD application form of Bajaj Finserv. Prefer for varying maturity periods for both of these deposits and patterns of interest payouts. Prefer for varying maturity periods for both of these deposits and patterns of interest payments. You can withdraw prematurely from a single deposit if you need immediate funds, without breaking any deposits. Contributing in a Bajaj Finance Fixed Deposit provides you a blend of easy investing procedures, up to 7.25 percent attractive interest rates, and deposit cover, making it one of the best investment opportunities for you to quickly improve your wealth.

Bajaj Finserv FD Rates

Bajaj Finserv FD Rates

The positive effects of Bajaj Finance FD are competitive FD interest rates, flexible tenures, periodic interest payments, multi-deposit facilities, auto-renewal facilities, and convenient FD loans can be made. By investing online, those under 60 years of age can receive the higher rates of up to 7.10 percent, whereas elderly people can get fixed returns of up to 7.25 percent on a minimum deposit amount of Rs 25,000. This guarantees a hassle-free savings approach and the privilege of increasing your deposits with a decent fixed deposit rate. With effect from 01 Feb 2021 here are the current FD interest rates delivered by Bajaj Finance on cumulative deposits, with payouts at maturity, for those seeking to invest in an FD for higher and guaranteed returns.

Tenure ROI in % for deposits up to Rs.5 crore
12 – 23 6.15
24 – 35 6.60
36 – 60 7.00



[ad_2]

CLICK HERE TO APPLY

Leave a comment

SBI launches a 4 day sale on YONO, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


SBI has announced a sale offer for its 34.5 Million plus registered users on its banking and lifestyle platform, YONO. The sale will go live on February 4 and will continue till February 7.

The four days unique shopping carnival will offer an exclusive range of discounts and cashback on various categories including electronics, furniture, travel, hospitality, online shopping.

The Bank has partnered with more than 100 e-merchants including Amazon, OYO, Pepperfry, Samsung, and Yatra. During the sale, SBI customers can avail up to 50% off on hotel booking with OYO, 10% discount on flight booking with Yatra.com, 15% discount on Samsung mobiles, tablets and watches along with other exclusive benefits and many more.

CS Setty, MD (Retail & Digital Banking), SBI said, “To add further cheer and optimism this new year, we are glad to announce the YONO Super Saving Days for our customers. This special initiative by the bank is a step ahead to fulfill the shopping needs of our customers through YONO with attractive deals and discounts in an array of shopping categories. We look forward to witnessing wholehearted participation in this mega shopping event exclusively designed for our valuable YONO users.”



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

PFC raises $500 million through bonds issue

Banking & Finance

[ad_1]

Read More/Less


Power Finance Corporation (PFC) has raised $500 million (₹3,650 crore) through the issuance of dollar-denominated bonds under Reg-S route of the US Securities Act on January 29. The bonds have a fixed maturity of May 16, 2031, making them the longest tenor issue from India this year.

The notes were priced on January 21, and the issue was oversubscribed by 5.1 times, with the order book amounting to around $2.55 billion, PFC said in a statement. The bonds have a fixed coupon of 3.35 per cent per annum. They will be listed on the Singapore Exchange Securities Trading Limited, NSE IFSC and India INX.

“The proceeds from bonds will be utilized in accordance with the external commercial borrowing regulations of the Reserve Bank of India including for on-lending to power sector utilities,” PFC said. The union budget has provided an outlay for a ₹3.06 lakh crore financial assistance scheme to utilities.

This issue by PFC is separate from the ₹10,000 crore that the power sector NBFC is raising through its maiden bond issue of taxable non-convertible debentures, the first tranche of which, for ₹5,000 crore, was opened on January 15 and closed on January 29, according to the company’s prospectus.

[ad_2]

CLICK HERE TO APPLY

Leave a comment ,

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The Reserve Bank of India (RBI) has, by orders dated January 29, 2021 imposed monetary penalties on the following co-operative banks for contravention of/non-compliance with the directions issued by RBI on “Exposure Norms and Statutory/Other Restrictions-UCBs”:

Sl. No. Name of the Bank Penalty Amount
(₹ In lakh)
1 Konnagar Samabaya Bank Limited, Hoogly, West Bengal 2.00
2 The Santragachi Co-operative Bank Limited, Howrah, West Bengal 2.00

The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the banks to adhere to the prudential limits on gross and counterparty inter-bank exposures contained in the aforesaid directions issued by RBI.

The violations of the Reserve Bank directions were revealed during the inspection of the above mentioned banks with reference to their financial position as on March 31, 2019. Taking note of the violations, notices were issued to the banks advising them to show cause as to why penalty should not be imposed for contravention of/ non-compliance with the directions. The banks’ replies and additional submissions made in writing/during the personal hearing were considered, and RBI came to the conclusion that the aforesaid charges of contravention of/ non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1033

[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 85 86 87 88 89 … 92