Finance Ministry releases final instalment of Rs 6,194 crore revenue devolution grant to states
The Finance Ministry on Wednesday released the 12th and final monthly instalment of revenue deficit grant of Rs 6,194 crore to the states. With the release of this instalment, a total amount of Rs 74,340 crore has been released to eligible states as Post Devolution Revenue Deficit (PDRD) Grant...
Private players may own 51% stake in proposed bad bank: Report
State-run banks who are working on the “bad bank” want private companies, including asset managers, to own a 51 percent stake in the asset management company (AMC). he public sector will have a 49 percent stake, but the shareholding ratio is yet to be finalised, Mint reported. However, private entities with...
The Centre’s Rs 2.5 lakh crore asset monetisation policy
After years of false starts — the latest due to the Covid-19 pandemic in 2020, the Narendra Modi government has made privatisation and asset monetisation cornerstones of its economic agenda. The government’s plans for privatisation, which include marquee names Air India and Bharat Petroleum, are well known. However, since...
FY 2020-21: 6 Income Tax Benefits For Senior Citizens
India’s income tax legislation provides certain advantages for retirees and as per the regulations, a resident senior citizen of India falls under the age group of 60 years and 80 years and very poor citizen above 80 years of age are able to reap tax benefits under the Section...
Mutual Fund Investment: How will a US citizen PIO residing in India be taxed?
V Mallikarjun (name changed) is a Person of Indian Origin (PIO), who has become a US citizen, but is staying in India for the last five years. He is employed and paying taxes in both India and the US and is planning to invest in mutual funds (MFs) in...
7 direct tax announcements in Budget 2021 and its impact on taxpayers
The Finance Minister Nirmala Sitharaman presented the Union Budget for FY 2021-22 on February 1. The theme for the direct tax proposal was simplification of the tax administration, ease of compliance and reduction of litigation. The key aspects of the direct tax proposals impacting individual taxpayers are discussed below....
7th Pay Commission: CONFIRMED! 3% DA, DR hike for government employees, pensioners of THIS state from March 1
7th Pay Commission Latest News Today: In a big Holi gift for the government employees and pensioners, the government of this state has announced 3 per cent Dearness Allowance (DA) for them. This increased DA and DR will come into effect from March 1. The announcement was made by...
Income tax exemption limit to be hiked from Rs 2.5 lakh to Rs 5 lakh, standard deduction from Rs 50,000 up to Rs 1 lakh in Budget 2021 by FM Nirmala Sitharaman?
The income tax-payers comprising Middle Class in India may have their old demand met on February 1st when the Finance Minister Nirmala Sitharaman presents the Union Budget 2021-22. Budget 2021 is almost upon us and every taxpayer is looking for income tax exemption and standard deduction relief from government...
How to Verify TDS Certificate Online?
Tax Deducted at Source (TDS) is proof of tax paid by the payee. Apart from verifying the digital signatures on the TDS certificate, it is important to assure its credibility. But before we discuss ways to verify the credibility of a TDS certificate online, let’s understand what a TDS...
7th Pay Commission latest news: Big pension news for central government employees! See Finance Ministry’s reply on OPS, NPS
7th Pay Commission latest news today: A section of central government employees who joined after 1st January 2004 have been demanding the Old Pension Scheme (OPS) implementation for them instead of market linked new National Pension System (NPS). 7th Pay Commission latest news today: A section of central government employees who...