Allowances are payments paid to employees paid in specific intervals, apart from salary, for the purpose of meeting some particular expenditure, eg. Leave travel allowance, transport allowance, uniform allowance, etc. There are some allowances that are taxed, while some are non- taxable allowances.
Government has allocated Rs 500 crore to India Post Payments Bank for financial year 2017-18 as it gears up to set up 650 branches across country by September 2017.
Out of the 7.41 lakh accounts confirmed by the 5.27 Lakh taxpayers, the cash deposit amount has been confirmed in more than 99.5 percent accounts.
The income tax department has issued refunds to the tune of Rs 1.42 lakh crore so far this fiscal till February 10, 41.5 percent higher than last year's.
IDFC Asset Management Company on Monday launched an open-ended fixed income fund and hoped to mop-up revenue in the range of Rs 300 crore-500 crore from the scheme in the NFO period itself.
Under pressure from competition, NSDL e-Governance Infrastructure has decided to drastically cut maintenance and account opening charges for subscribers of the National Pension System (NPS) from April 1.
Central government employees found misusing Leave Travel Concession (LTC) will face disciplinary action, the Department of Personnel and Training (DoPT) has warned.
If you thought that phishing emails aiming to defraud you of your hard earned income only come as lottery and charity baits, then be alert!
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.
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 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.
India Post Payments Bank (IPPB) kicked off its operations by rolling out pilot services in Raipur and Ranchi on February 1.
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.
Eighty-nine percent of those surveyed in a recent survey wanted the service charge levied by restaurants to be completely removed.
The total number of certificates issued by CBDT now stands at approximately 23 lakh.
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.
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.
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.
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.
"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.