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When you have to mandatorily file returns even if income is not taxable The Income Tax department of India has received over 10 million income tax returns for last fiscal till 26 June 2023. The 1 million milestone has been achieved 12 days early this year compared to the corresponding period in the preceding year.  An ITR is a ...

S&P upgrades rating for Bajaj Finance, UBI, Shriram Finance & Hero Fincorp Global rating agency Standard and Poor’s (S&P) has upgraded the rating for four Indian financial sector players — Bajaj Finance, Hero FinCorp, Shriram Finance, and public sector lender Union Bank of India. The rating upgrade reflects the view that they will continue to improve their asset quality, ...

I-T dept tweaks exemption norms for charitable institutions, seeks details The income tax department has tweaked disclosure norms for charitable institutions claiming I-T exemption by seeking additional details. As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities undertaken by them are ...

Digit Life enters insurance space with maiden product group term plan Digit Life Insurance, which is the newest licensee to get the regulatory approval to enter the life insurance space, on Monday said it has begun operations with the launch of a group term plan as its maiden product. The company, promoted by Canadian NRI Prem Watsa’s Fairfax ...

Axis Bank to grow up to 6% faster than industry in medium to long term: CEO Axis Bank on Monday said it will continue to grow 4-6 per cent faster than the industry in the medium to long term, helped by focus on rural and semi-urban markets, improving digital infrastructure and Citibank India retail business. Fiscal year 2023 ...

EPFO extends deadline to apply for higher pension for members till July 11 Retirement fund body EPFO has extended the deadline for filing applications to opt for a higher pension till July 11. This is the second extension of the deadline for applying for a higher pension. Earlier, it was extended from May 3, 2023, to June 26, ...

RBI finalises norms for banks to hold capital for operational risks The Reserve Bank of India (RBI) has finalised directions for commercial banks to hold sufficient regulatory capital against their exposures arising from operational risks. It would cover the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. RBI, ...

RBI slaps penalties on Standard Chartered Bank-India, other entities The Reserve Bank of India on Monday said it has imposed penalties on Standard Chartered Bank-India, TransUnion CIBIL, Equifax Credit Information Services, and other entities for contravention of various norms. A monetary penalty of Rs 30 lakh has been imposed on Standard Chartered Bank-India for non-compliance with certain provisions ...

Tax implications of income earned from shares, mutual funds Union Budget 2023 changed the way mutual funds are taxed in India.  Investors should be aware of the revised regulations to effectively plan their investments and understand the tax liabilities associated with them. One of the notable changes pertains to the long-term capital gains on Specified Mutual Funds. Previously, investors enjoyed ...

Documents needed for ITR 1, eligibility, changes Is income tax returning filing stressing you out? Business Standard helps you decode everything about ITR-1.  ITR-1, also known as Sahaj Form, is for a person with an income of up to Rs 50 lakh. What is ITR-1  “ITR-1, also known as Sahaj, is an income tax return form in India ...