Category: Personal Finance

Top 7 Best FMCG Company Stocks To Invest in India 2021

Personal Finance

[ad_1]

Read More/Less


Hindustan Unilever Limited (HUL)

HUL was founded in 1931 as Hindustan Vanaspati Manufacturing Co. and was renamed Hindustan Lever Limited in 1956 after a merger of constituent organizations. In June 2007, the firm was renamed Hindustan Unilever Limited. The stock gained 54.25 percent over three years, compared to 43.81 percent for the Nifty 100 index. Over three years, the stock returned 54.25 percent, while the Nifty FMCG provided investors a 27.06 percent return. It is a large-cap firm in the FMCG industry with a market capitalization of Rs 587,391.95 crore. Surf, Excel, Dove, Lux, Lifebuoy, Clinic Plus, Wheel, Sunsilk, Knorr, Axe, and other well-known brands are among the popular brands.

ITC Limited

ITC Limited

ITC is India’s leading FMCG marketer, the clear market leader in the Indian Paperboard and Packaging industry, a globally recognized pioneer in farmer empowerment through its substantial Agri-Business, and India’s leading hotel network. ITC Infotech, a wholly-owned subsidiary of ITC, is a global digital solutions specialist. The stock has returned -23.08 percent over the last three years, while the Nifty 100 has returned 43.81 percent. With a market value of Rs 250,423.44 crore, it is a Tobacco-related Large Cap company.

Nestlé India

Nestlé India

The margin improvement was assisted by lower raw material costs, particularly milk. Recent price hikes in several other basic commodities, such as sugar and palm oil, may, however, restore some pressure in the second quarter. Sales through the e-commerce sector are rapidly expanding. Nestle India Ltd., formed in 1959, is a large-cap company in the FMCG industry with a market valuation of Rs 167,715.14 crore.

Britannia Industries

Britannia Industries

Biscuits are the company’s most well-known product. Biscuits, breads, and dairy products under the Britannia and Tiger brands are sold in India and over 60 countries across the world. The company with a 100-year history and yearly revenues of over Rs. 9000 crore. Britannia is one of India’s most trusted food companies, producing popular brands like Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold, which are household names in the country. In March 21, Britannia Industries reported a flat financial result. In the last three months, the score has dropped from 7 to -5. It is traded on the BSE under the symbol 500825, the NSE under the symbol BRITANNIA, and the ISIN is INE216A01030. Over three years, the stock returned 22.8 percent, compared to the Nifty FMCG, which returned 27.19 percent.

Marico

Marico

Marico had revenue of Rs 73 billion (USD 1 billion) in 2019-20 from sales in India and other selected rising Asian and African regions. In the sectors of hair care, skincare, edible oils, health foods, male grooming, fabric care, and hygiene, Marico has cultivated over 25 brands. Over the last three years, the company has maintained a respectable ROE of 29.28 percent. The company’s promoters own 59.61 percent of the corporation. Over three years, the stock yielded 54.48 percent, while the Nifty FMCG yielded 27.19 percent.

Tata Consumer Products,

Tata Consumer Products,

Tata Consumer Products, a subsidiary of the Tata Group, is a fast-moving consumer products corporation located in Mumbai, Maharashtra, India. It is the world’s second-largest tea producer and distributor, as well as a major coffee grower. Tata Consumer Products Limited, formerly Tata Global Beverages Limited (TGBL), is a subsidiary of the Tata Group. Tata Consumer Products was founded in February 2020 when Tata Chemicals consumer products division joined with Tata Global Beverages Ltd. For the past three years, the company has grown its sales by 30.52 percent. Over three years, the stock returned 186.43 percent, while the Nifty FMCG provided investors a 27.19 percent return. The company has almost decreased its debt by Rs35 Crore.

Godrej Consumer Products

Godrej Consumer Products

Godrej Consumer Products Limited (GCPL) is a Mumbai-based Indian consumer goods firm. GCPL has seven manufacturing plants in India, divided into four working clusters. Over the last three years, the company has maintained a respectable ROE of 27.50 percent. The company has been able to keep its typical operating margins at a healthy level.

7 Best FMCG Company Stocks To Invest In India 2021

7 Best FMCG Company Stocks To Invest In India 2021

Company Name Price in Rs MARKET CAP in Rs P/E DIV. YIELD
Hindustan Unilever Limited 2,448.65 5,75,332.07 Cr. 72.33 1.65%
ITC 205.05 2,52,392.85 Cr 19.37 5.27%
Nestle India 17,506.70 1,68,792.10 Cr 78.17 1.14%
Marico 511.65 66,073.80 Cr 59.74 1.32%
Britannia Industries 3,670.05 88,399.87 Cr 50.23 1.69%
Tata Consumer Products 757.60 69,816.76 Cr 112.7 0.53%
Godrej Consumer Products 870.55 89,012.54 Cr 72.7 0.92%

Disclaimer

Disclaimer

Our content is designed for and must be used solely for the purpose of providing information and education. Before making any investment based on your own unique circumstances, it is critical to conduct your own analysis. If you want to rely on any information you see on our Website, whether for the purpose of making an investment choice or otherwise, you should seek independent financial advice from a professional or independently study and verify it.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Axis Bank Revises Interest Rates On Fixed Deposit, Check New Rates Here

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

Axis Bank, a leading private sector lender, has adjusted interest rates on fixed deposits (FDs) with effect from June 22, 2021. Axis Bank provides FDs with terms ranging from 7 days to 10 years. Axis Bank is providing a 2.50 per cent interest rate on FDs maturing between 7 and 29 days, a 3 per cent interest rate on FDs maturing between 30 days and less than 3 months, and a 3.5 per cent interest rate on FDs maturing between 3 months and less than 6 months. After the most recent adjustment, Axis Bank offers a 4.40 per cent interest rate on FDs maturing in six months to less than one year. For fixed deposits, maturing in 1 year to less than 1 year 5 days, the bank is now offering an interest rate of 5.10%.

Axis Bank Revises Interest Rates On Fixed Deposit, Check New Rates Here

Whereas, an interest rate of 5.15% is provided by the bank on deposits maturing in 1 year 5 days to less than 1 year 11days. On FDs maturing in 1 year 11days to less than 1 year 25days and 17 months to less than 18 months, the bank is now promising an interest rate of 5.10% after the most recent revision. An interest rate of 5.25% on deposits maturing in 18 months and less than 2 years is currently being provided by the bank. Axis Bank provides a 5.40 per cent interest rate on deposits maturing in 2 to 5 years, and a 5.75 per cent interest rate on deposits maturing in 5 to 10 years, after the recent revision.

Axis Bank FD Rates

Below are the latest fixed deposit interest rates of Axis Bank for a deposit amount of less than Rs 2 Cr:

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 2.50% 2.50%
15 days to 29 days 2.50% 2.50%
30 days to 45 days 3.00% 3.00%
46 days to 60 days 3.00% 3.00%
61 days to less than 3 months 3.00% 3.00%
3 months to less than 4 months 3.50% 3.50%
4 months to less than 5 months 3.50% 3.50%
5 months to less than 6 months 3.50% 3.50%
6 months to less than 7 months 4.40% 4.65%
7 months to less than 8 months 4.40% 4.65%
8 months to less than 9 months 4.40% 4.65%
9 months to less than 10 months 4.40% 4.65%
10 months to less than 11 months 4.40% 4.65%
11 months to less than 11 months 25 days 4.40% 4.65%
11 months 25 days to less than 1 year 4.40% 4.65%
1 year to less than 1 year 5 days 5.10% 5.75%
1 year 5 days to less than 1 year 11 days 5.15% 5.80%
1 year 11 days to less than 1 year 25 days 5.10% 5.75%
1 year 25 days to less than 13 months 5.10% 5.75%
13 months to less than 14 months 5.10% 5.75%
14 months to less than 15 months 5.10% 5.75%
15 months to less than 16 months 5.10% 5.75%
16 months to less than 17 months 5.10% 5.75%
17 months to less than 18 months 5.10% 5.75%
18 Months to less than 2 years 5.25% 5.90%
2 years to less than 30 months 5.40% 6.05%
30 months to less than 3 years 5.40% 5.90%
3 years to less than 5 years 5.40% 5.90%
5 years to 10 years 5.75% 6.50%
Source: Axis Bank, W.e.f 22.06.2021

Story first published: Saturday, June 26, 2021, 16:57 [IST]



[ad_2]

CLICK HERE TO APPLY

Leave a comment

EPFO Has Asked These Bank A/c Holders To Update Their Bank Details In UAN

Personal Finance

[ad_1]

Read More/Less


Personal Finance

oi-Roshni Agarwal

|

EPFO- the provident fund managing body in the country has released a notice wherein it said “It is hereby notified that with effect from 1st April 2021 the IFSC of Andhra Bank, Oriental Bank of Commerce, Allahabad Bank, Syndicate Bank, United Bank of India and Corporation Bank has become invalid.”

How EPF Members Can Update Bank A/c Details In UAN?

EPFO Has Asked These Bank A/c Holders To Update Their Bank Details In UAN

Further it added that “Member needs to get the correct IFSC added through an employer as till then no online claim filing will be facilitated. Kindly get the correct IFSC from your bank and get the details uploaded and approved. This will ensure that member’s claim amount is not returned by banks.”

For the Updation of the UAN in EPF A/c, you need to follow the below specified process:

1. Go to EPF’s unified portal, login to your account using the credentials such as UAN and Password

2. Now you need to click on the manage tab and choose the KYC option from the Drop Down menu

3. Now you need to select the relevant documents, enter bank account number as well as IFSC. Click on save option

4. Now as and when the details are saved successfully, it shall show in the KYC i.e. pending for approval.

5. You need to also submit the documents with the employer. Now as and when the employer approves the same the status for the KYC shall change to Digital Approved KYC

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Slips towards $30,000 as strategists flag Bitcoin’s near-term risks, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


By Joanna Ossinger

Strategists are struggling to see a turnaround ahead for Bitcoin, at least for now, as the digital coin hovers around the $30,000 level.

The near-term setup is “challenging,” a JPMorgan Chase & Co. team including Josh Younger and Veronica Mejia Bustamante wrote in a note Friday, while Fundstrat Global Advisors LLC’s David Grider recommended reducing risk or buying some protection.

The JPMorgan team said blockchain data suggests recent cryptocurrency sales were made to cover losses and that “there is likely still an overhang of underwater positions which need to be cleared through the market.”

Bitcoin has halved from a peak near $65,000 in April, hurt by a cryptocurrency clampdown in China, tightening regulatory scrutiny elsewhere and concerns that the servers underpinning the virtual coin consume too much energy. The prospect of reduced emergency stimulus amid the recovery from the pandemic has also emerged as a possible obstacle for the most speculative investments.

Still, the JPMorgan strategists pointed to stability in the Bitcoin futures market as a positive factor, alongside the possibility of increased production costs as China’s crackdown pushes Bitcoin mining abroad. Some researchers argue the marginal production cost plays an important role in Bitcoin prices.

So while the “cryptocurrency market shows signs that it is not yet healthy, it does also appear to be beginning the process of healing,” they wrote.

The largest cryptocurrency fell as much as 6% to $30,296 on Saturday after dropping almost 8% on Friday. Other coins were also under pressure, with Ether dropping more than 5%. Some chart watchers view the $30,000 level as key for Bitcoin, contending a decline below it could open the way to retreat to $20,000.

Grider, lead digital asset strategist at Fundstrat, noted that a large short position has been building again on the crypto exchange Bitfinex — and said the last time there was a similar situation, negative news out of China took prices lower.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

Top 10 Lenders With The Lowest Interest Rates On Home Loans

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

When it comes to purchasing your dream house or let’s say the most valuable investment of your life, availing of a home loan can be the first preference of your personal finance. A home loan tenure generally ranges from 10 to 30 years, and you need to repay the amount you borrowed within the preferred tenure. The amount of your home loan is determined by the interest rate imposed by banks and HFCs. So when it comes to paying your home loan EMI (equated monthly instalment), interest rates play an important role. The bulk of home loans were available from lenders with floating interest rates which are linked to the external benchmark. As a result, home loan rates of lenders based on the loan amount may vary from one another. So if you want to add a home loan to your personal finance portfolio to purchase or construct your dream house, then here are the top 10 public sector, private sector banks and housing finance companies (HFCs) providing the cheapest interest rates on home loans for a loan amount of more than Rs 30 lakhs up to Rs 75 lakhs.

Home Loan Rates of Public Sector Banks

Home Loan Rates of Public Sector Banks

Currently, the cheapest home loan interest rate provided by a public sector bank is 6.65 percent by Punjab & Sind Bank, followed by Bank of Baroda and Punjab National Bank. Here are the top ten public sector banks that are currently providing the best home loan rates.

Banks Interest Rates In %
Punjab & Sind Bank 6.65 – 7.60
Bank of Baroda 6.75 – 8.25
Punjab National Bank 6.80 – 7.90
Central Bank of India 6.85 – 7.30
UCO Bank 6.90 – 7.25
Union Bank of India 6.90 – 7.65
State Bank of India 6.95 – 7.65
Bank of Maharashtra 6.90 – 8.40
Canara Bank 6.90 – 8.90
Bank of India 6.85 – 8.35
Source: Bank Websites

Home Loan Rates of Private Sector Banks

Home Loan Rates of Private Sector Banks

Currently, Kotak Mahindra Bank offers the lowest home loan interest rate among private sector banks, at 6.65 percent, followed by ICICI and Axis Bank. Here are the top 10 private sector banks offering the lowest home loan rates now.

Banks Interest Rates In %
Kotak Mahindra Bank 6.65 – 7.30
ICICI Bank 6.75 – 7.45
Axis Bank 6.90 – 12.0
HSBC Bank 7.20 – 7.75
Karur Vysya Bank 7.35 – 9.55
Karnataka Bank 7.50 – 8.75
Federal Bank 7.70
Dhanlaxmi Bank 7.85 to 9.00
South Indian Bank 7.95 to 9.45
Tamilnad Mercantile Bank 8.25
Source: Bank Websites

Home Loan Rates of Housing Finance Companies (HFCs)

Home Loan Rates of Housing Finance Companies (HFCs)

Bajaj Finserv currently provides the cheapest home loan interest rate at 6.75 percent among housing finance companies, followed by LIC Housing Finance and Tata Capital Ltd. Below are the top 10 housing finance companies providing the cheapest rates on home loans.

HFCs Interest Rates In %
Bajaj Finserv Ltd. 6.75 – 9.00
LIC Housing Finance 6.90 – 7.80
Tata Capital 6.90% onwards
HDFC Ltd. 7.00 – 7.55
PNB Housing Finance 7.35 – 9.55
Repco Home Finance 7.75 onwards
Indiabulls Housing 8.65 onwards
Aditya Birla Capital 9.00 – 12.50
GIC Housing Finance 9.10 onwards
Reliance Home Finance 9.75 – 13.00
Source: As per the official websites of HFCs

Story first published: Saturday, June 26, 2021, 15:00 [IST]



[ad_2]

CLICK HERE TO APPLY

Leave a comment

3 Best Investment Options To Park Short Term Funds

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Roshni Agarwal

|

If you have some funds and wants to earn good return from this fund that you almost want to redeem after some time i.e. wishes to make a short term investment, here are some good investment options:

3 Best Investment Options To Park Short Term Funds

3 Best Investment Options To Park Short Term Funds

Remember here the point made is these returns may or may not fetch you a higher return but may enable you to balance your total portfolio risk as a whole:

1. Arbitrage funds:

These funds tend to advantage from the price differential in the spot and futures market to generate handsome returns. Here in the fund manager managing the arbitrage fund buys securities from the cash market and simultaneously sells that in the futures or derivatives space, so this gives a profit to the investor.

For the investment, these are hybrid mutual fund products which invest both in debt and equity but primarily in equities and so accordingly are taxed at equity funds. In the last one year, the average return from the category has been to the tune of 3.2% as per Value Research.

2. Low Duration Mutual Funds:

These funds typically invest in money market and other debt instruments but they hold assets of longer maturity or lower credit quality. Hence they have a higher credit as well as interest rate risk.

In the case of low duration mutual funds, if the holding period is up to 3 years then short term capital gains tax at the individual’s tax slab rate are applicable.

And for a holding period of over 3 years, the indexation benefit is allowed for long term capital gains tax. Indexation means that for the purpose of capital gain calculation the purchase price can be increased to make up for the inflation. Long term capital gains are currently taxed at a lower rate of 20%.

3. Corporate Bond funds:

For short term investors can consider corporate bond funds with lower maturity. These are indeed the best funds which lend at least 80% of their corpus to companies to highest credit rating.

Investors with a time horizon of 2-3 years can invest in the scheme for a good return.

These funds offer investors a better return in comparison to fixed deposits of the same maturity.

Further, long term investment into these funds can be highly beneficial as they then offer tax efficient returns due to indexation benefits.

GoodReturns.in

Story first published: Saturday, June 26, 2021, 11:54 [IST]



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Top 5 Banks With Higher Interest Rates On 1-2 Year Fixed Deposits

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

For investors who do not want to take a risk or do not have much exposure to market-based returns, fixed deposit (FD) investments are the most secure bet. Due to the guaranteed interest rates across the maturity period, a flexible tenure which generally ranges from 7 days to 5 years, high liquidity, DICGC insurance cover up to Rs 5 lakhs, additional interest rates to senior citizens, overdraft facility and so on, a fixed deposit investment is more appealing for investors who have both short-term and long-term goals. And when it comes to short-term goals of the customers, some banks are now currently offering higher interest rates than small savings schemes on short-term fixed deposits. So if you are an investor with a risk-averse attitude and want to invest for short-term, then here are the top 5 banks that are currently providing higher interest rates in the market on 1-2 year fixed deposits but for a deposit amount of less than Rs 2 Cr.

1-2 Year Fixed Deposits of Small Finance Banks

1-2 Year Fixed Deposits of Small Finance Banks

Generally, small finance banks provide higher and decent returns on fixed deposits than public and private sector banks. Here are the top 5 small finance banks with higher interest rates on 1-2 year fixed deposits.

Banks 1-year FD rates for regular customers 1-year FD rates for senior citizens 2-year FD rates for regular customers 2-year FD rates for senior citizens W.e.f.
Utkarsh Small Finance Bank 6.75% 7.25% 6.75% 7.25% 19.10.2020
Ujjivan Small Finance Bank 6.50% 7.00% 6.50% 7.00% 05.03.2021
ESAF Small Finance Bank 6.50% 7.00% 6.00% 6.50% 02.05.2021
Equitas Small Finance Bank 6.35% 6.85% 6.25% 6.75% 01.06.2021
Jana Small Finance Bank 6.25% 6.75% 6.50% 7.00% 07.05.2021
Source: Bank Websites

1-2 Year Fixed Deposits of Private Banks

1-2 Year Fixed Deposits of Private Banks

For a deposit tenure of 1-2 years, here are the top private sector banks offering higher returns on 1-2 year fixed deposits.

Banks 1-year FD rates for regular customers 1-year FD rates for senior citizens 2-year FD rates for regular customers 2-year FD rates for senior citizens W.e.f.
RBL Bank 6.10% 6.60% 6.10% 6.60% 01.06.2021
Yes Bank 6.00% 6.50% 6.00% 6.50% 03.06.2021
IndusInd Bank 6.00% 6.50% 6.00% 6.50% 04.06.2021
DCB Bank 5.70% 6.20% 6.00% 6.50% 15.05.2021
Karur Vysya Bank 5.00% 6.00% 5.50% 6.00% 11.01.2021
Source: Bank Websites

1-2 Year Fixed Deposits of Public Sector Banks

1-2 Year Fixed Deposits of Public Sector Banks

On fixed deposits for 1-2 years, these public sector banks are currently promising higher interest rates.

Banks 1-year FD rates for regular customers 1-year FD rates for senior citizens 2-year FD rates for regular customers 2-year FD rates for senior citizens W.e.f.
Union Bank 5.25% 5.75% 5.30% 5.80% 15.12.2020
Canara Bank 5.20% 5.70% 5.20% 5.70% 08.02.2021
Punjab & Sind Bank 5.15% 5.65% 5.15% 5.65% 16.05.2021
Bank of India 4.50% 5.00% 5.25% 5.75% 01.06.2021
State Bank of India 4.40% 4.90% 5.00% 5.50% 08.01.2021
Source: Bank Websites

Story first published: Saturday, June 26, 2021, 10:29 [IST]



[ad_2]

CLICK HERE TO APPLY

Leave a comment

President, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


SAN SALVADOR: Facing resistance from the World Bank, IMF and opposition parties to his move to make bitcoin legal tender in El Salvador, President Nayib Bukele has promised $30 for each citizen who adopts the cryptocurrency.

Initiated by Bukele, El Salvador’s parliament approved a law this month to allow the crypto money to be accepted as tender for all goods and services in the small Central American nation, along with the US dollar, its national currency.

The crypto money will become legal tender in September.

Bukele said that in a bid to boost its wide adoption, each citizen who opens an electronic bitcoin “wallet” named Chivo will have the equivalent of $30 uploaded to their account.

“It will be a gift,” Bukele told national television late Thursday. “Just download and register and you will receive the bitcoin equivalent of $30 to use.”

Bukele did not specify where the money would come from.

He said more than 50,000 people in the country of 6.5 million were already using bitcoin.

On Twitter, the president also accused the opposition of trying to “sow fear” among Salvadorans about the bitcoin law.

He gave an assurance that use of the cryptocurrency will be optional, and wages and pensions in the country will continue to be paid in US dollars.

Bukele has touted the move as a way to make it cheaper and easier for Salvadorans abroad — some 1.5 million, mainly in the United States — to send money back home in the form of remittances, which represent almost a quarter of the country’s GDP.

According to World Bank data, El Salvador received more than $5.9 billion in 2020 from nationals living abroad.

But opposition parties have said the plan is “unworkable” and experts and regulators have highlighted concerns about the currency’s notorious volatility and the lack of protections for its users.

On Tuesday, the cryptocurrency fell beneath $30,000 for the first time in five months. At its highest, bitcoin was worth more than $63,000 in April.

Last week, the World Bank rejected a request from El Salvador for assistance in its bid to adopt bitcoin as a currency, citing “environmental and transparency shortcomings”.

The IMF has also flagged concerns, with spokesman Gerry Rice telling reporters El Salvador’s move “raises a number of macroeconomic, financial and legal issues that require careful analysis.”

The Central American Bank for Economic Integration (CABEI) has said it will provide technical assistance for El Salvador to regulate the use of bitcoin.

On Thursday, the first bitcoin teller machine was opened in the capital San Salvador, where people can deposit dollars in cash into their bitcoin wallet.

The country’s only other bitcoin machine is in the coastal town of El Zonte, where hundreds of businesses and individuals use the cryptocurrency for everything from paying utilities bills to haircuts or buying a can of soda.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Major Tax Reliefs Extended To Taxpayers

Personal Finance

[ad_1]

Read More/Less


Planning

oi-Roshni Agarwal

|

Centre amid glitches in the new tax portal as well as in view of the Covid situation has granted relief in respect of the number of compliances:

Here are some important reliefs:

Major Tax Reliefs Extended To Taxpayers

Major Tax Reliefs Extended To Taxpayers

1. For the employer who is required to furnish TDS form no. 16:

The date has now been shifted to July 31, implying that employers can now furnish this TDS form to employees latest by July 31 as against the earlier extended deadline of July 15.

The form is issued as part of the Section 203 of the Income Tax Act, 1961 and comprises two parts, Part A and Part B. While Part A includes all employee and employer information together with employee term and TDS deducted, Part B summarises the income earned during the year, deductions and hence the taxable income.

2. The timeline to invest capital gains for claiming tax deductions increased:

Section 54 of the Income Tax Act allows the person earning capital gains by way of transfer of property to reinvest the same and claim deduction on it. The exemption is allowed in a case if the proceeds from property transfer are invested in some specified timeline i.e. within 2 years (in case of purchase of new house) or within 3 years (in case of construction of a house) from date of transfer of original house property.

Now as per the latest relief extension, the government has said that in case any of the deadline is expiring between April 1, 2021 to September 29, 2021, it will be extended to September 30, 2021.

3. Payment under Vivad Se Vishwas scheme :

Payments under the scheme without paying additional amount can be now made until August 31 and with additional amount has been extended till October 31. This is a tax dispute settlement scheme in respect of direct taxes and comes with the idea of levying lower charges if the taxpayers settles all the dispute before the end of the FY 2019-20.

4. First time home buyer relief extended:

On the investment in residential house, first time home buyers could get special tax benefit. The extension in timeline for claiming such a benefit has now been extended by over 3 months from the earlier deadline of June 30, 2021.

5. No tax implication on ex-gratia received due to death from Covid 19:

Also, the centre has announced that in order no tax implication arises on any of the grant granted to kin of Covid victim, it has been decided that it shall be income tax exempt. This has also been applicable for all the borrowed sum from employer or family for the purpose of treatment of Covid 19.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Curbs on PMC Bank to continue till December, says RBI

Personal Finance

[ad_1]

Read More/Less


The cash withdrawals were initially capped at Rs 1,000 per account for six months, but gradually relaxed to Rs 1 lakh in June last year.

Reserve Bank of India (RBI) on Friday said a proposal from Centrum Financial Services (CFS) and BharatPe to reconstruct PMC Bank (Punjab and Maharashtra Co-operative Bank) was “feasible”. The regulator extended the restrictions on the co-operative bank until December; by then the resolution process for the troubled lender is expected to be completed.

On June 18, the regulator gave CFS an in-principle nod to set up a small finance bank (SFB), saying the approval had been given specifically with regard to the latter’s response to the EoI or expression of interest from PMC on November 3, 2020.

BharatPe group president Suhail Sameer has said CFS and BharatPe would together infuse capital to the tune of Rs 1,500-3,000 crore into the SFB. As per the EoI document released in November 2020, investors needed to bring in capital to enable the bank to achieve the mandated minimum capital to risk weighted assets ratio (CRAR) of 9%.

In September 2019, RBI had put stringent curbs on PMC Bank, including on cash withdrawals by depositors following a probe into accounting lapses. The cash withdrawals were initially capped at Rs 1,000 per account for six months, but gradually relaxed to Rs 1 lakh in June last year.

PMC posted a net loss of Rs 6,835 crore in FY20, reporting a negative net worth of Rs 5,850.61 crore, as per the bid document.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,
1 … 229 230 231 232 233 … 387