Income tax department adds new column for Indians declaring foreign assets
The income tax department of India has tightened its norms and has introduced a new column seeking details of the foreign assets in the Income Tax Return forms for the 2012-13. Those tax payers who hold foreign bank accounts or…
Reserve Bank of India to tighten debt restructuring norms
The loan account monitoring will have to be more vigilant in monitoring a loan account while corporate will have to think twice before restructuring the loan with the Reserve Bank of India. The Reserve Bank of India is now planning…
RBI takes steps to save consumers from exploitative investment schemes
The first step has been taken by the Reserve Bank of India (RBI) to protect the consumes from the exploitative investment schemes. The RBI has released a National Strategy for Financial on July 16, 2012. Comments have been invited by…
Banks increase interest rates on long term fixed deposits
It was expected that there would be a fall in the interest rates of the deposits. But contrary to the expectations, the commercial banks are now seen increasing the interest rates on the fixed deposits of two to three years….
E-filing made mandatory for income above Rs. 10 lakh per annum
The filing of the IT returns electronically has been made mandatory by the CBDT for those individuals with an annual income of Rs. 10 lakh or above. E-filing was introduced a few years back, but just the small tax payers…
RBI says 9% of banks in India don’t want to lend to poor
There are many banks in India which show reluctance to lend money to the poor. This is in turn is effecting the implementation of Prime Minister Manmohan Singh government’s financial inclusion scheme. The Reserve Bank Of India (RBI) has found…