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Estate Office, Mumbai Regional Office, Reserve Bank of India had invited e-tenders for the work of “Design, supply, installation, testing & commissioning of 160 KVA Diesel Generator Set with AMF panel and acoustic enclosure for Deputy Governor’s flats, Nepean Sea Road, Mumbai “. 2. This is to inform that the captioned tender stands cancelled. |
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Amidst the second wave of Covid-19 cases in the country, insurance companies say they are poised to deal with rising claims but general insurers are worried about the impact on their balance sheets. For the life insurance sector, the pandemic has posed less of a challenge as the number of deaths has been much lower than the active case load.
“The first quarter of this fiscal will be challenging for all non-life insurers as health claims are on the rise again. While Covid-19 claims are surging, people are also getting elective surgeries done,” said the head of a general insurance company, adding that if cases continue at this level then it would also begin to dent the balance sheets.
Also read: Interest waiver: PSU banks may have to take Rs 2,000 crore-hit
“As of now, it’s wait and watch mode. Covid-19 cases are rising and there will be more clarity on medical claims by the month end,” noted another general insurer, adding that the need for hospitalisation and number of critical cases have been lower till now, even though cases have been rising.
By March 15, general insurers had received over ₹14,000 crore of claims according to industry data.
In contrast, life insurers say the impact of the pandemic, in terms of claims, has been limited till now.
“Covid-19 claims are not too many. Some impact has been there but we will like to watch it for some time. Claims may go up but it will be temporary,” said G Murlidhar, Managing Director, Kotak Mahindra Life Insurance.
As of now, Kotak Life Insurance has paid a total of about 900 Covid-19-related claims amounting to about ₹90 crore, he said.
An executive with another life insurer said that even last year, the number of Covid-19-related claims had been low, especially in the initial months after the lockdown.
“There will be some impact of Covid-19 on business and mortality but it will be limited and overcome. Even in the last wave, the impact had been limited and business had continued,” the insurer noted.
According to a recent report by Motilal Oswal, higher Covid-19 claims were reported across insurers.
SBI Life Insurance saw about 5,000 Covid-19-related claims and paid about ₹340 crore, the report said.
“A similar rise in death claims was seen in other isurers as well, with ICICI Prudential Life Insurance settling claims of about ₹340 crore,” it said. HDFC Life Insurance settled Covid-19-related claims with 1,271 individuals and 542 Group-related settlements. Death claims for Max Life Insurance were the highest at 10,525, compared to 7,313 in the third quarter of 2019-20, it noted.
India recorded over one lakh daily Covid-19 cases, crossing even the peak recorded in the first wave of the pandemic in September last year.
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Taxes
oi-Vipul Das
Business owners and professionals can now update their tax audit records, thanks to new regulations implemented by the Central Board of Direct Taxes (CBDT) on Friday to eliminate legal obstacles in seeking deductions for certain payments. In situations where the taxpayer renders certain payments such as taxes, duties, or cess or provident fund contribution of employees after the tax audit report has been filed in an assessment year, an updated audit report certified by the accountant can be provided to seek relief for that payment or transaction, according to a statement published by the CBDT.
The Income Tax Act does not authorise such expenditures, such as interest, royalty, or fees for technical services, to be deducted while calculating an assessee’s taxable income if the tax is not deducted at source and paid to the government. Furthermore, payments such as provident fund contributions and leave encashment are only allowable in the year in which they are generated. If the taxpayer makes payments after filing the tax return, recalculation of the amount of expenditure available for deduction may be required. The new law makes it possible for an assessee to file a revised report and seek exemptions. Simultaneously, the taxpayer’s responsibility to clarify the mismatched audit report and deduction claim is excised. Businesses with sales of Rs 1 crore or more, as well as professionals with income of Rs 50 lakh or more, are required to submit tax audit reports.
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Taxes
oi-Vipul Das
The new fiscal year has already been started, and certain new income tax provisions are in effect from April 1. The following changes were declared by Union Finance Minister Nirmala Sitharaman while introducing the Union Budget 2021 in February and went into force for individual taxpayers on April 1st:
The budget for 2020-21 also introduced a new tax system, where an individual taxpayer can select, with lower tax rates along with relatively few deductions available and fewer exempt allowances available, rather than the regular tax regime, where you must pay tax at higher rates but have the right to claim numerous benefits and deductions. This is the first year in which you must choose whether to stay in the old tax system or move to the new tax regime.
All You Need To Know About New TDS & TCS Rates Applicable From April 1, 2021
Previously, if you could not file your ITR by the due date of July 31st, you could also file it by March 31st with a late penalty. You can also revise the ITR by March 31st of the same year. That being said, the finance bill for 2021-2022 proposes to shorten this time period by three months, allowing you until December 31st of the same fiscal year to file your belated ITR or revise your ITR. It ultimately shortens the time you have to submit a belated or revised ITR by three months.
When To Submit Form 15G/15H To Avoid TDS On FD?
Dividends obtained from Indian corporations and mutual fund schemes were tax-free in your hands until March 31, 2020, because the tax on the dividend or income distributed was paid by the corporation or mutual fund. That being said, in Budget 2020, the deduction for dividend income was eliminated, making it taxable in your hands. If the dividend provided to you surpassed Rs 5,000, the Company or the fund houses would have withheld tax before crediting the dividend to your bank account. If any TDS appears on your form No. 26AS, you must gross up your dividend income by adding the amount of tax withheld to the amount of dividend credited in your account for complete and accurate declaration of your taxable dividend income.
From April 1, 2021, interest on employee contributions to EPF will be taxable at the time of withdrawal if it reaches 2.5 lakh in any year. This will result in increased tax responsibility, especially for HNIs that contribute more, which will prevent voluntary provident fund (VPF) contributions. If a taxpayer’s employer does not contribute to the employee’s provident fund, the tax-free cap is Rs 5 lakh.
Know All About New TDS Rules That Will Go Into Effect From July 1, 2021
The maturity proceeds from any life insurance scheme, even a ULIP (Unit Linked Investment Plan), are tax-free if the premium charged on the policy does not exceed 10% of the sum assured. The budget for 2021-2022 introduced eliminating this exception if an individual’s gross annual premium for all ULIP policies together surpasses Rs. 2.5 lakhs. This will only apply to ULIP policies purchased after February 1st, 2021. Furthermore, all gains received on such ULIP at maturity will be regarded as equity products, subject to a taxation of 10% without indexation. This ten per cent tax rule will extend only to ULIPs who meet a minimum percentage of contributions in listed companies.
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During the limited period, the bank offered home loan starting from 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh-Rs 5 crore.
As per information posted on its website, the new rate effective April 1 is 6.95 per cent.
Compared to teaser rate for the limited period, the new rate is 25 basis points higher at 6.95 per cent.
The hike in minimum home loan rate by SBI is likely to prompt other lenders to follow suit.
The bank will also levy a consolidated processing fee on home loans. This will be 0.40 per cent of the loan amount and goods and services tax (GST) subject to a minimum of Rs 10,000 and maximum of Rs 30,000 plus GST.
Last month, SBI had in waived off home loan processing fees till March 31 to cash in on festive fervour. DP ANS ANS
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Country’s largest lender State Bank of India (SBI) has revised its home loan rate to 6.95 per cent effective April 1.
With the revision, the lowest rate of 6.70 per cent regime for limited period ended in March 31.
During the limited period, the bank offered home loan starting from 6.70 per cent for loans up to ₹75 lakh and 6.75 per cent for loans in the range of ₹75 lakh-₹5 crore.
As per information posted on its website, the new rate effective April 1 is 6.95 per cent.
Compared to teaser rate for the limited period, the new rate is 25 basis points higher at 6.95 per cent.
The hike in minimum home loan rate by SBI is likely to prompt other lenders to follow suit.
The bank will also levy a consolidated processing fee on home loans. This will be 0.40 per cent of the loan amount and goods and services tax (GST) subject to a minimum of ₹10,000 and maximum of ₹30,000 plus GST.
Last month, SBI had in waived off home loan processing fees till March 31 to cash in on festive fervour.
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According to reports, the government is likely to start with micro, small and medium enterprises as it sees a rise in bad loan cases with the lifting of suspension on insolvency proceedings against Covid-related defaults last month.
“Govt is working with regulators to bring out pre-pack and other resolutions of MSME and other sectors. A lot of work in progress has been already achieved, it is only when some part of implementation issues has been watched closely, so once the whole mechanism is in the market, it is well accepted by the market, Pawan Kumar, Deputy MD, IIFCL, said.
As bad loans are feared to top 13.5% of total advances due to the pandemic such a move has become urgent, experts said.
Under the pre-packaged process, main stakeholders like creditors, shareholders and the existing management or promoter can come together to identify a prospective buyer and negotiate terms of a resolution plan, before submitting it to NCLT for formal approval.
In the Budget for 2021-22, Finance Minister Nirmala Sitharaman said the government will introduce alternative methods of debt resolution and a special framework for micro, small and medium enterprises.
What experts say
Experts say it will help expedite the resolution process for stressed assets as well as reduce the number of insolvency-related cases before the National Company Law Tribunal (NCLT).
“It’s time for the prepack. Prepack is the way to go if you want to preserve the asset (value). If you want to create a very effective remedy outside NCLT…,” Nishant Singh, Partner at Indus Law, said.
Pre-pack has to be at the forefront and also with some other mechanism on the forefront of the resolution of the insolvency and bankruptcy cases, said Ashok Haldia, Chairman, Governing Board Indian Institute of Insolvency Professional of ICAI.
“IBC has been the main law for the resolution of insolvency. Any forward-looking economy, any forward-looking industry or business scenario would see IBC is a matter of last resort, rather than the first legislator or framework to address there has to be an alternative mechanism rather than what we have been discussing all along be pre-pack as an alternative mechanism,” he said.
Lack of buyers
Nishant Singh of Indus Law said that the availability of resolution buyers could be a challenge in today’s stressed market situation, emphasising that the government needs to further encourage foreign players in view of their participation.
“Right now they (foreign players) have limited access through ARC (Asset Reconstruction Company) or FPI (Foreign portfolio investment) to actually participate…We have a massive debt which is under default or going to be the default and foreign investors are not able to participate (much), we are blocking massive liquidity coming into the Indian market which can really help to resolve these assets,” Singh said.
NCLT Infrastructure
Another challenge for the resolution under the IBC framework could be the lack of infrastructure, Singh said. Already, India is witnessing a pile of litigation cases at its courts, he said, adding “The courts will need to figure out how they will increase the capacity in the stipulated amount of time.”
“There has to be a process to make sure when there is a flood of these cases then we should prioritise the admission process so that the corporate debtor who needs immediate protection, gets that protection and the process gets jump-started,” he said.
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Private sector lender IndusInd Bank reported a 3 per cent increase in net advances and 27 per cent rise in deposits as on March 31, 2021, compared to a year ago.
According to a regulatory filing by the bank on Monday, its net advances increased to ₹2.13 lakh crore as on March 31, 2021, versus ₹2.06 lakh crore a year ago. Even sequentially, net advances increased by 3 per cent from ₹2.07 lakh crore as on December 31, 2020.
Deposits increased to ₹2.56 lakh crore as on March 31, 2021, compared to ₹2.02 lakh crore a year ago.
Moody’s affirms IndusInd Bank’s ratings, revises outlook to ‘stable’
“Retail deposits and deposits from small business customers amounted to ₹95,811 crore as of March 31, 2021, as compared to ₹85,914 crore as of December 31, 2020,” IndusInd Bank said.
On a sequential basis, deposits increased 7 per cent in the fourth quarter of last fiscal from ₹2.39 lakh crore as on December 31, 2020.
Why IndusInd Bank FD is an attractive short-term choice
The bank’s CASA ratio was at 41.8 per cent as on March 31, 2020, from 40.4 per cent a year ago.
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