Month: April 2021

Resolution to appoint Samit Ghosh as MD and CEO, Ujjivan Financial Services not approved

Banking & Finance

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A special resolution to appoint Samit Ghosh as Managing Director and CEO of Ujjivan Financial Services was not approved by the required majority of shareholders.

According to data with BSE, the special resolution to approve the appointment of Ghosh as MD and CEO of the company for a three year period, effective May 1, 2021 was “not approved by the requisite majority”.

Only 70.527 per cent of the votes were polled in favour of the resolution while 29.473 per cent of the votes were polled against the proposal. Ghosh is currently the non-executive Chairman of the company.

“These being special resolutions in nature, required a minimum of 75 per cent of the votes polled in favour of the resolution or a minimum of three times of the votes polled against the resolution,” said a regulatory filing by Ujjivan Financial Services.

A career banker, Ghosh was the erstwhile founder of the Ujjivan Financial Services and has served as its MD and CEO until January 31, 2017. He then took charge as the MD and CEO of Ujjivan Small Finance Bank Limited effective from February 1, 2017 and retired on November 30, 2019 on attaining the age of 70 years.

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Post Office RD: Here’s How To Calculate Your Returns

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Planning

oi-Vipul Das

|

Post Office Recurring Deposit (RD) is a small savings scheme backed by the government of India. Because of the attractive interest rate, post office recurring deposits have been the most preferred investment bet as opposed to banks. For a tenure of 5 years, one can open a post office RD account by depositing a minimum contribution of Rs 100 per month or any amount in multiples of Rs 10 with no upper limit. The interest on a recurring deposit at the post office is compounded per quarter. Depositors will get interest on their deposits every three months, for a total of four periods per year. A post office RD allows a total of 60 deposits across the span of the five-year term, i.e. one mandatory deposit per month. Interest rates on post office RD are updated on a quarterly basis and for the quarter ending on June 30, 2021 the current interest rate of post office rd is capped at 5.8%. Considering the interest rate here’s how you can calculate your exact RD returns which you will get upon maturity.

Post Office RD: Here’s How To Calculate Your Returns

Formula to calculate your RD returns

The compounding rule determines the rate of interest charged on a Post Office Recurring Deposit. The rate of interest is calculated using the compounding interest formula mentioned below.

P x (1+R/N) ^ (Nt) = M

Here P is the principal amount, R is rate of interest, N is Compounding Frequency (no. of quarters), T is Tenure and M is the maturity amount.

Suppose Mr A deposits in post office RD an amount of Rs 10,000 per month at a rate of 5.8% for 5 years or 60 months then he will get a maturity amount of Rs 6,96,967.

10,000 x (1+5.8%/20) ^ (20×5) = 6,96,967

Note: Customers can now view their RD account details online through the e-Banking platform of the Department of Posts (DoP). The e-Banking platform offers a variety of features, including the option to view a customer’s RD account balance. To know how to login to your post office RD account and check balance online, click here.



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8 Key Taxation Matters To Remember For FY22

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1. At the onset of the financial year, you can decide on choosing between old and new taxation regime:

New taxation regime with lower tax rate offers no deduction and exemption as allowed in the case of older tax regime. It is to be noted that once the taxpayer decides on going with the new tax regime, reverting to the old taxation shall not be allowed.

2. Pre-filled ITR forms shall be available:

As mentioned in the Union Budget 2021, there will be a seamless shift to pre-filled ITR forms that will both reduce the efforts and also probability of errors. So, consequently the processing for the ITR shall also be hastened.

The pre-filled ITR form will contain mapped details of your capital gains from listed securities, dividend Income, interest from banks / post offices etc. The service shall also be extended to the non-salaried.

3. Dividend income taxable for investors:

3. Dividend income taxable for investors:

For any stocks or mutual funds investment, dividends are now taxable in the hands of investors. And now as the dividend is taxable as other income there shall not be any dividend distribution tax (DDT) deducted by the company. If in a case the dividend income is above Rs. 5000, the payer shall deduct the TDS and pay the balance amount.

This dividend income is also to be shown while filing income tax return as the gross amount received after the TDS has been cut.

4. Your EPF is tax-free up to a limit:

Beginning financial year, contribution to EPF or employee provident fund up to Rs. 2.5 lakh shall be tax free with respect to proportionate interest. And any interest accrued on any contribution above this time shall be added to other income and taxed at peak incremental tax rate.

Effective interest on any contribution above this limit will be added to other income and taxed at peak incremental rates of tax.

5. Tax return filing exempted for senior citizens:

5. Tax return filing exempted for senior citizens:

For senior citizens aged above 75 years, the government amid the pandemic has relaxed guidelines and waived all such taxpayers from filing ITR if their only income source is from pension and bank interest. In such cases the bank will pay the tax payable and pay it to the government. And in most cases there is already TDS deduction if the pension income exceeds Rs. 5 lakh and they would need to file the return if they want to claim refunds.

6. Timeline to file belated return has also been reduced:

The Finance Bill 2021-22 proposed to reduce the timeline allowed to file belated return by three months i.e. beginning FY22, the belated return of the previous year can be filed only until December 31 of the following year.

7. Higher TDS shall be payable in case ITR not filed:

7. Higher TDS shall be payable in case ITR not filed:

In Budget 2021, there has been added Section 206AB as per which higher rate of TDS shall apply to those not filing ITR.

In case of non-filers, the applicable TDS rate will be 5% more or twice the original applicable rate; whichever is higher.

8. ULIPs tax free only with respect to some condition:

Effective new fy 2021-22, as against the current regime, the exemption allowed i.e. maturity proceeds shall be tax exempt if the premium paid is not more than 10% of sum assured shall not be the case if the aggregate annual premium across all ULIPs by an individual exceeds Rs2.50 Lakh. Note this shall not be applicable for old policies.

GoodReturns.in



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Shriram Transport Q4 jumps 238% to ₹755 crore

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Shriram Transport Finance Company (STFC) reported a 238 per cent year-on-year (yoy) jump in fourth quarter net profit at ₹755 crore against ₹223 crore in the year ago period.

The bottomline was supported by a 36 per cent y-o-y decline in loan losses and provisions at ₹724 crore (₹1,129 crore) and deferred tax credit of ₹534 crore (₹44 crore).

The Board of Directors recommended a final dividend of ₹6 per equity share of face value of ₹10 each fully paid up — 60 per cent, for FY21. With this the total dividend for FY2021 will be ₹18 per share (180 per cent).

The net interest income (difference between interest earned and interest expended) of the non-banking finance company, which predominantly finances used and new commercial vehicles (CVs), rose about 10 per cent y-o-y to ₹2,151 crore (₹1,962 crore).

As at March-end 2021, assets under management increased by 7 per cent y-o-y to ₹1,17,243 crore (₹1,09,749 crore).

In the reporting quarter, used CV was the only line of business that reported y-o-y growth of 11 per cent.

The remaining lines of business reported de-growth — new CV (-19.80 per cent), business loans (-20.54 per cent) and working capital loans (-19.51 per cent).

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AU Small Finance Bank Q4 net profit up 38 per cent at Rs 169 cr

Banking & Finance

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AU Small Finance Bank reported a 38.1 per cent jump in its net profit for the quarter ended March 31, 2021 at Rs 168.97 crore versus Rs 122.32 crore a year ago.

For the full fiscal 2020-21, its net profit grew 73.5 per cent to Rs 1,170.68 crore, compared to Rs 674.78 crore in 2019-20.

Excluding the profit of Aavas Financiers, the net profit was Rs 600 crore, AU Small Finance Bank said in a statement on Thursday.

For the quarter ended March 31, 2021, the bank’s total income grew 14.8 per cent to Rs 1,569.01 crore versus Rs 1,366.59 crore a year ago.

Provisions rose to Rs 177. 77 crore in the fourth quarter of the fiscal from Rs 150.57 crore a year ago.

Gross NPAs shot up to 4.25 per cent of gross advances as on March 31, 2021 from 1.68 per cent a year ago. Net NPAs rose to 2.18 per cent of net advances as on March 31, 2021 from 0.81 per cent as on March 31, 2020.

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Resolution to appoint Samit Ghosh as MD and CEO, Ujjivan Financial Services not approved

Banking & Finance

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A special resolution to appoint Samit Ghosh as Managing Director and CEO of Ujjivan Financial Services was not approved by the required majority of shareholders.

According to data with BSE, the special resolution to approve the appointment of Ghosh as MD and CEO of the company for a three-year period, effective May 1, 2021 was “not approved by the requisite majority”.

Only 70.527 per cent of the votes were polled in favour of the resolution, while 29.473 per cent of the votes were polled against the proposal.

Ghosh is currently the non-executive Chairman of the company.

Another special resolution to appoint Abhijit Sen as an independent director was also not approved by the requisite majority.

“These being special resolutions in nature, required a minimum of 75 per cent of the votes polled in favour of the resolution or a minimum of three times of the votes polled against the resolution,” said a regulatory filing by Ujjivan Financial Services.

The board had proposed to appoint Ghosh, the existing Non-Executive Director, who is over 70 years of age, as the MD and CEO of the company for a period of three years.

A career banker, Ghosh was the erstwhile founder of the Ujjivan Financial Services and has served as its MD and CEO until January 31, 2017. He then took charge as the MD and CEO of Ujjivan Small Finance Bank Ltd effective from February 1, 2017 and retired on November 30, 2019 on attaining the age of 70 years.

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Reserve Bank of India – Tenders

Tenders

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Sealed bids are invited for the sale of Honda BR V – TS 09 FG 4203 on “As Is Where Is, No Complaint” basis stationed at RBI Hyderabad office at 6-1-56, Saifabad, Hyderabad.

2. Tender forms can be downloaded from Bank’s website (www.rbi.org.in) under section tenders or can be obtained from Reserve Bank of India, Estate Department, 6-1-56, Saifabad, Hyderabad-500004 up to 14:00 hrs May 20, 2021. Terms and conditions are enclosed with tender documents. Tender forms addressed to The Regional Director, Reserve Bank of India, Estate Department, 6-1-56, Secretariat Road, Saifabad, Hyderabad-500004 in a sealed envelope should reach the office of RBI, Hyderabad not later than 14:00 hours on May 20, 2021.

3. The tenders will be opened at 15:00 hrs. on May 20, 2021 in the presence of the tenderers who wish to be present.

General Manager (O-i-C)
Reserve Bank of India, Hyderabad
29.04.2021

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Reserve Bank of India – Press Releases

Press Releases

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The following State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹12,900 Cr. (Face Value).

Sr. No. State/ UT Amount to be raised (₹ Cr) Additional Borrowing (Greenshoe) Option (₹ Cr) Tenure (Yrs) Type of Auction
1. Haryana 1000 – 15 Yield
1500 – Re-issue of 6.68% Haryana SDL 2039 issued on August 19, 2020 Price
2. Jammu and Kashmir 400 – 12 Yield
3. Maharashtra 2000 500 11 Yield
2000 500 12 Yield
4. Rajasthan 1500 – 10 Yield
5. Tamil Nadu 1500 – 10 Yield
1500 – Re-issue of 6.53% Tamil Nadu SDL 2031 issued on January 06, 2021 Price
6. Telangana 1500 – 30 Yield
  Total 12900     

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on May 04, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on May 04, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.

In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.

For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on May 04, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on May 05, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on November 05 and May 05 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Rupambara
Director   

Press Release: 2021-2022/134

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All You Need To Know About Tax Applicable On EPF Withdrawal

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Taxation on EPF contribution

When your salary is paid, your employer deducts your EPF contribution of 12% of your basic salary. The Employee Pension Scheme Account retains 8.33 percent of the 12 percent contribution, while the employee EPF account retains the remaining 3.67 percent. EPF membership is mandatory for all employees earning less than Rs 15,000 a month on a monthly basis. When you become a part of the EPF scheme, you are unable to step out. An employee can contribute up to 100% of his or her basic salary to the voluntary provident fund as an additional contribution. You are allowed to claim the amount of PF deduction under Section 80C for the EPF contribution deducted by your employer, up to Rs 1.50 lakh per year, along with other eligible products such as home loan repayment, tuition fees for children, and so on. An employee can contribute more than the basic minimum, but under Section 80C, the deduction is limited to a maximum of Rs 1.50 lakh. The employee has no tax liability in relation to the employer’s contribution up to 12% of the basic salary, after which it remains subject to taxation in the employee’s hands.

Taxation on EPF withdrawal

Taxation on EPF withdrawal

If you have withdrawn the balance of your EPF account where no contributions have been made for a minimum duration of 5 years, the entire balance of your EPF account is completely exempt from tax. Keep in mind that the number of months during which EPF deposits have been made, not the period of time the account has been open, determines your eligibility for the exemption on EPF withdrawal. TDS will be withheld if you withdraw from EPF before completing 5 years of continuous employment. Your former employer’s tenure is therefore taken into account while calculating 5 years of employment. No TDS is withheld if you transfer the EPF balance from an old employer to a new employer and have worked with the new employer for at least 5 years. When the EPF balance becomes taxable in your hands as a result of an early withdrawal, tax will be withheld at a rate of 10% on the entire balance if the accrued balance payable to the employee is Rs 50,000 or more. If you do not have a Permanent Account Number (PAN), tax will be deducted at a rate of 30%. When the accumulated balance is withdrawn within five years, the portion covering the employer’s contribution, as well as any additional interest, will be taxed under the heading “Salaries.” Your contribution, as well as any interest earned on it, will be taxed as “Income from other Sources.” If your total income, including EPF withdrawals, is tax-free, you can file Form 15G/Form 15H. If Form 15G/Form 15H is submitted, no TDS is deducted.

Note

Note

From April 1, 2021, the start of the current fiscal year, new tax and financial rules and laws are in effect. According to Budget 2021, if an employee’s contributions towards the Employees’ Provident Fund (EPF) and Voluntary Provident Fund (VPF) surpass Rs 2.5 lakh in a fiscal year, the interest received on such contributions will be taxable in the employee’s hands. Furthermore, if the employer does not contribute to the EPF account, interest earned on contributions up to Rs 5 lakh in a fiscal year is tax-free.



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