Category: Tax Credit

No charge for RuPay credit card use on UPI for transaction up to Rs 2,000: NPCI

There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, the National Payments Corporation of India has said. “During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed […]

Number of active credit cards drops after RBI rule comes into force

After the Reserve Bank of India rule mandating credit card operators to deactivate cards that are inactive for 365 days came into effect, the number of credit cards in force declined to about 78 million in August 2022 – a fall of more than two million in one month. RBI data showed that total credit […]

IndusInd Bank to be a large bank in 5 years with a Rs 5 lakh crore balance sheet

Private lender IndusInd Bank’s balance sheet will cross Rs 5 lakh crore in the next five years, its managing director Sumant Kathpalia told Saloni Shukla and MC Govardhana Rangan in an interview. Kathpalia also said he is not looking to grow inorganically as it will be dilutive for the bank. Edited excerpts: Credit growth is […]

Government needs to assess financial sector risks, financial markets regularly: FSDC

Financial Stability and Development Council (FSDC) on Thursday underscored a need to assess financial sector risks and the financial market conditions regularly by the government and the regulators so that any vulnerability can be mitigated and addressed without delay. This assumes importance in strengthening financial stability amid global economic headwinds which saw inflation across the […]

Loan waiver not a benefit, banks exempt from 10% TDS for one-time settlement

Banks will not be required to deduct 10% tax at source (TDS) on one-time settlement (OTS) or loan waivers, the Central Board of Direct Taxes said on Tuesday. CBDT said in a detailed clarification that OTS or loan waiver by a bank will not be treated as a benefit or a perquisite and not face […]

Large corporate demand lifts credit numbers in India

Banks loans rose three times the pace last year registering 15.1 per cent growth in July 2022 as compared with 5.1 per cent a year, as large corporates came back to banks , according to the latest data released by the Reserve Bank of India. On a year-on-year (y-o-y) basis, non-food bank credit continued to […]

Finance Ministry refutes plans to levy charges on UPI transactions

The finance ministry on Sunday said that the government is not considering any charges for Unified Payments Interface (UPI) payment services and that service providers’ cost recovery will have to be met through other means. Last week a discussion paper put out by the Reserve Bank of India sought suggestions on whether charges should be […]

Over 63 L ITRs Filed till 10 pm on Last Day

The deadline for filing I-T returns by those taxpayers who do not have to get their accounts audited for the fiscal that ended on March 31, 2022 was Sunday. Till July 30, more than 5.1 crore tax returns were filed. Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for […]

Supreme Court permits companies to claim transitional tax credit

By- Sachin Dave ET Bureau In a judgement that could benefit many companies, the Supreme Court ruled on Friday that businesses that were unable to claim tax credits when the indirect tax system switched to the Goods and Services Tax (GST) would be able to do so. A tax credit is a component of a […]

Back To Top
%d bloggers like this: