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SBI slashed down the deposit rates

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SBI slashed down the deposit rates

On Monday the state bank of India has decided to reduce both the retail and corporate deposit rates from 1 August in view of failing interest Scenario and surplus liquidity, the country’s largest lender.

The SBI said that “For time deposits with longer tenors, there is a reduction up to 20 bps in the Retail segment and 35 bps in the Bulk segment,”

The interest rates have been reduced by 50-75 bps for time deposits with shorter tenors.

Retail deposit rates (below ₹2 crore) for 1 year to less than 2-year maturity will be 6.8% as compared to 7% now. For 2 years to less than 3 years, the rate will be 6.70% as compared to 6.75%.

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Govt imposes 30 percent on corporate tax and 40 percent on foreign firms : Reports

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Govt imposes 30 percent on corporate tax and 40 percent on foreign firms : Reports

A government panel has recommended cutting the corporate tax rate to 25 percent from 30 percent for all companies and scrapping surcharges on tax payments, an official said on Tuesday, part of a major overhaul of the six-decades old tax act.

India has one of the highest corporate tax rates in the world even after Finance Minister Nirmala Sitharaman this year cut the rate to 25 percent from 30 percent for companies with annual sales of up to Rs. 400 crore.

The panel headed by Akhilesh Ranjan, a member of the central board of direct taxes, delivered its report to Ms. Sitharaman on Monday. It was not made public and a finance ministry spokesman declined to comment on its contents.

A finance ministry source who reviewed the report said it recommended an overhaul of the Income Tax Act.

“The committee has said the government should move away from surcharges on income and reduce corporate tax to 25 percent,” the source who declined to be identified told Reuters.

The government imposes a 30 percent corporate tax rate on domestic companies and 40 percent on foreign firms, plus a 4 percent health and education surcharge on total tax payments.

It also charges a surcharge of 12 percent for domestic companies and 5 percent for foreign companies if their taxable income exceeds Rs. 10 crores, according to Deloitte, a global tax consultancy.

The panel was formed in 2017 and tasked with bringing the income tax law in line with other countries and incorporating best practices according to the needs of the economy.

The finance ministry will study the report before taking a decision on its recommendations, the ministry source said, adding that they may be included in the government’s 2020-21 budget proposals

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ECONOMY

Here’s A Quick Guide!! Income Tax Return Filing Deadline 2 Weeks Away

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The last day to file income tax returns for assessment year 2019-20 (financial year 2018-19) is August 31, 2019. The income tax (I-T) department cautions that the income tax payers should not resort to the last minute rush and file their income tax (I-T) returns as soon as possible. The I-T department provides various forms for income tax assessees to file their ITR or income tax return. Meant for different types of taxpayers, such as salaried or self-employed individuals and companies, these income tax forms are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V (verification), according to its website – incometaxindia.gov.in.

Here are 5 things to know about Income Tax Return (ITR) filing

1. For assessment year 2019-20, every taxpayer is required to file the income tax return electronically except super senior citizens (those aged above 80 years), who can furnish the returns in a physical mode either using Form ITR-1 or ITR-4.

2. For filing of income tax return, individuals are required to register on the Income Tax Department’s e-filing portal – incometaxindiaefiling.gov.in – using their Permanent Account Number (PAN). However, in the recent Budget, government announced “interchangeability of PAN and Aadhaar”. This means that who do not have PAN (Permanent Account Number) card can file income tax returns by quoting their Aadhaar number.

3.  After submitting the return, individuals are also required to verify their returns. I-T Department offers five ways for verification of an ITR: net banking, bank ATM, Aadhaar OTP, bank account and demat account, according to the I-T’s e-filing portal.

4. After e-filing, users can also find information on the status of their submission through the Income Tax Department’s website.

5. One can file the income tax return after the August 31 deadline too. However, the delayed income tax return will attract a penalty of up to Rs. 10,000, according to the Income Tax Department.

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ECONOMY

Nirmala sitharaman asks PSBs to seek ideas from branches for achieving $5 trillion economy; to prepare roadmap for banking sector

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CII assures of investment in J&K to FinMin Nirmala Sitharaman

The finance ministry has asked public sector banks (PSBs) to initiate a month-long consultation process with officers starting from branch level to seek suggestions for achieving a $5-trillion economy in five years.

The suggestions emanating from a month-long campaign beginning on Saturday (today) will be used as inputs to prepare a roadmap for the future growth of the banking sector.

According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.

The consultation process is aimed at aligning the banking sector with national priorities, stimulating ideas and inculcating a sense of involvement among bankers at the branch level, it said.

The campaign envisages not only performance review but synchronisation of banking with region-specific issues and their growth potential.

It also aims to find out role of PSBs as active partners in the Indian growth story for the next five years. The country has set a goal of achieving a $5-trillion economy by 2024-25.

It will also find solution for enhanced ease of living making banks more responsive to customers and challenges before banks and their preparedness in areas such as cybersecurity and data analytics.

There will be focus on raising credit offtake for supporting economic growth credit support to infrastructure and role of the banking sector in doubling farmers’ income and water conservation.

Besides, supporting for green economy, improving education loan and other sectors such as micro, small and medium enterprises (MSMEs) and exports.

In addition, there will be focus on pushing digital economy and financial inclusion, it said.

The consultative process will be divided into three stages with the first being at the branch or regional level, followed by the state level. It will culminate with a national-level two-day brainstorming in Delhi.

The campaign comes at a time when the economy is facing headwind and it has slowed to a 5-year low of 6.8 percentage.

There are ominous signs showing that slowdown may be deep. The automobile sector is facing its worst crisis in two decades and reports suggest thousands of job losses in the auto and ancillary industry.

In the real estate sector, the number of unsold homes has increased, while fast-moving consumer goods (FMCG) companies have reported a decline in volume growth in the first quarter.

Though lending by banks to industries has shown a significant jump from 0.9 per cent in the June 2018 quarter to 6.6 per cent in the corresponding period this year, the same to job-creating MSME sector has slipped from 0.7 percent to 0.6 percent during the same period.

However, silver lining amid gloom is improvement in non-performing assets of the banks.

Last month, Finance Minister Nirmala Sitharaman told Parliament that total bad loans of commercial banks declined by Rs 1.02 lakh crore to Rs 9.34 lakh crore in 2018-19, on the back of steps taken by the government.

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