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Interest Rate cut on small savings scheme – PPF, NSC, PO MIS interest rates revised

Last updated : 23rd April, 2014 Government has cut interest rates on small savings scheme marginally by 0.10% for 2013-2014.  The revised interest rates will be applicable with effect from April 1, 2013. The decision is in line with the recommendations of Shyamala Gopinath Committee, which had suggested that returns should be in sync with market rates determined by the returns offered by other securities. 1) The interest rate on Public Provident Fund (PPF) has been reduced from 8.8% to 8.7%. 2) The interest rate on National savings certificates (NSC) having maturity of 5 and 10 years has been reduced ... Read More »

E-filing of Income tax return mandatory if income exceeds Rs 5 lakhs

Last updated : 8th April, 2014 The government has now made electronic filing of returns mandatory for taxpayers with a taxable income above Rs 5 lakh. Taxpayers with annual income of over 5 lakh will now have to file their returns in electronic form online. Last year government has made the e-filing of returns compulsory for taxpayers with a taxable income above Rs 10 lakh. DON’t PANIC Electronic e-filing of returns is easy. For filing the return online, having Digital Signature is NOT Compulsory. Returns can be filed with or without digital signature. In case the returns are filed with ... Read More »

Highlights of Indian Union Budget 2013-2014 (Quick Summary )

Last updated : 23rd April, 2014 Highlights of Union Budget 2013 – 2014 Union Finance Minister P. Chidambaram presented Budget 2013-14 in the Lok Sabha today on 28-Feb.  He said that India will become USD 5 trillion economy, and among top five in the world by 2025. I have quickly summarised the major highlights of this budget on one page for your quick read. Major Highlights of this Budget are :  Fiscal deficit seen at 5.2 point of GDP in 2012/13        Fiscal deficit seen at 4.8 point of GDP in 2013/14  No Change in Income Tax Slabs Tax credit of ... Read More »

Soon, you may have Reliance Bank, L&T Bank, Birla Bank

Last updated : 28th April, 2014 Soon you may have Reliance Bank, L&T Bank, LIC Bank, Birla Bank.  After almost ten years, RBI is set to issue fresh banking licenses. Last licenses were issued to Kotak Mahindra Bank & Yes Bank in 2003-2004. RBI has now issued final guidelines for new bank licenses which will allow corporate & business groups with sound credentials to enter into banking business. Corporate houses like Anil Dhirubhai Ambani Group, Larsen & Toubro, Tatas, Mahindra and Mahindra, Life Insurance Corporation, Aditya Birla Group and NBFCs Shriram Transport, Religare, SREI, Reliance capital have shown interest to ... Read More »

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