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Banks rush to buy cyber security cover as digital payments rise Banks rush to buy cyber security cover as digital payments rise

At a time when cyber threats are on the rise for banks for increasing cashless transactions and effects of demonetization, insurers see rise in demand for cyber insurance and cyber liability insurance, in particular.

Reply date for I-T queries on deposits extended till Feb 15 Reply date for I-T queries on deposits extended till Feb 15

Government on Saturday extended the window for assessees receiving SMS or e-mail queries from the income tax department on cash deposits post demonetisation by 5 days to February 15.

RBI Governor nudges banks to reduce lending rates RBI Governor nudges banks to reduce lending rates

RBI Governor Urjit Patel today exhorted banks to reduce their lending rates to push credit demand in laggard segments, saying banks have benefited from influx of low-cost deposits and its previous repo rate cuts.

This is how India Post Payments Banks will bring banking to your door step This is how India Post Payments Banks will bring banking to your door step

India Post Payments Bank (IPPB) kicked off its operations by rolling out pilot services in Raipur and Ranchi on February 1.

No decision yet on imposing tax on cash transactions: Govt No decision yet on imposing tax on cash transactions: Govt

The government has not taken any decision on levying a Banking Cash Transaction Tax (BCTT) on cash deals of Rs 50,000 and above as suggested by the high- powered Chief Ministers' panel, Economic Affairs Secretary Shaktikanta Das said on Thursday.

89% want eatery service charge removed : Survey 89% want eatery service charge removed : Survey

Eighty-nine percent of those surveyed in a recent survey wanted the service charge levied by restaurants to be completely removed.

CBDT issues certificates of appreciation to nearly 3.74 lakh tax payers

The total number of certificates issued by CBDT now stands at approximately 23 lakh.

Tax officers to maintain digital records of summons, notices

Reducing discretionary powers of taxmen, the income tax department has asked its field officers to maintain digital records of summons, notices and special audit ordered by them.

CAs to pay fine of Rs 10,000 for filing incorrect info: CBDT

In a bid to check filing of incorrect returns by CAs, the tax authority will impose Rs 10,000 fine on such professionals to deter such act.

Income Tax Slabs: Check out tax rates applicable from April 2017 Income Tax Slabs: Check out tax rates applicable from April 2017

Finance Minister Arun Jaitley slashed the income tax rate to 5 percent for individuals having income between Rs 2.5-Rs 5 lakh from the earlier tax rate of 10 percent.

IDBI Bank reduces MCLR by up to 0.35%; effective February 1 IDBI Bank reduces MCLR by up to 0.35%; effective February 1

State-run IDBI Bank Monday said it has reduced its marginal cost of funds based lending rate (MCLR) by 30-35 basis points across various tenors, effective February 1.

I-T dept clarifies on deposits, says no questions on deposits up to Rs 2.5 lakh I-T dept clarifies on deposits, says no questions on deposits up to Rs 2.5 lakh

"There is no need to fear for any genuine person. We will ensure there is no harassment to genuine person," Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said at CII post-Budget seminar.

Government to issue exemption list on new tax for unlisted firms Government to issue exemption list on new tax for unlisted firms

Government will come out with an "exhaustive list" of transactions on which the "anti-abuse" provision of levying long-term capital gains tax on share transfer in unlisted companies will not be applicable.

Allowed others' black money deposits in your account? I-T dept to attach property under new benami law Allowed others' black money deposits in your account? I-T dept to attach property under new benami law

If you allowed others to use your bank account to park others' black money to escape the brunt of demonetisation, you may be in for trouble.

'RBI should cut rates by 0.75%; ensure banks pass on benefit' 'RBI should cut rates by 0.75%; ensure banks pass on benefit'

The Reserve Bank should cut interest rate by 0.5-0.75 percent in view of dismal credit growth as well as subdued demand and, along with government, nudge banks to pass them on at a time when demonetisation has led to "windfall gains", an industry body said today.

I-T dept to levy 100% penalty even for receiving cash over Rs 3 lakh: Hansmukh Adhia I-T dept to levy 100% penalty even for receiving cash over Rs 3 lakh: Hansmukh Adhia

In a bid to check generation of black money, a steep penalty awaits those accepting cash in excess of Rs 3 lakh, beginning April 1, to settle any transaction.

1-crore bank accounts scanned under I-T department's 'Operation Clean Money'​ drive 1-crore bank accounts scanned under I-T department's 'Operation Clean Money'​ drive

As part of the tax department’s Operation Clean Money initiative, it has scrutinised around 1-crore  bank accounts, narrowed down to 18 lakh individuals to explain the source of large cash transactions they undertook in the weeks after demonetisation.

Central government employees expect 2% DA for January 2017 Central government employees expect 2% DA for January 2017

Central government employees expect a 2 percent dearness allowance in the salary from January 2017.

Govt rules out tax incentive beyond Rs 2 lakh for second home Govt rules out tax incentive beyond Rs 2 lakh for second home

Ruling out rollback of the proposal to restrict tax incentive for second home to Rs 2 lakh per annum, Revenue Secretary Hasmukh Adhia on Saturday said there is no point in subsidising purchase of second property by those who have surplus funds.

Pay penalty up to Rs 10,000 for filing return late this year Pay penalty up to Rs 10,000 for filing return late this year

Income tax department may slap penalty up to Rs 10,000 if you fail to file your income tax returns by the given deadline. The rule applies on the Assessment year 2018-19.