Discontentment amongst banks on Saving Rate Deregulation

Discontentment amongst banks on Saving Rate Deregulation
The India Banks Association (IBA) has shown its discontentment to RBI on Saving Rate Deregulation. RBI had recently in May increased the rate of interest to 4% from 3.5% on money lying in the Saving Bank Accounts to be calculated on a daily basis. The IBA contends that already RBI has increased the base rates and saving bank deposits are the only cheap source of fund for banks which accounts for 22% of the total bank deposit base. According

Easy & Free Way to Download Rupee symbol !

Easy & Free Way to Download Rupee symbol !
The government has provided free software for downloading the rupee symbol which was designed by Bombay IIT post-graduate D Udaya Kumar and was approved by the government in July last year. The rupee symbol is a blend of the Devanagri 'Ra' and Roman 'R' and presently is not available on the keyboards. The symbol is being incorporated exactly after a year when India joined the elite club of countries to have a distinctive symbol for its currency. Microsoft has

IT department in staff crunch –50% chances of escaping scrutiny for taxpayers

Recently CBDT exempted salaried class employees having income below Rs 5 lacs from filing their returns, later another statement came that Income tax department is after big fish and thus salaried employees would be generally exempt from scrutiny. Now more relaxing news for the tax payers as due to shortage of staff it is likely that 50% of the returns filed will escape income tax scrutiny so even high income earners can relax a bit. The income tax department

Statutory Auditors to Certify Financial Statements Filed in XBRL Format

Statutory Auditors to Certify Financial Statements Filed in XBRL Format
There is another reason for cheering for Auditors and more compliance cost for companies. The statutory auditors of all listed companies and also unlisted firms with a paid-up capital of at least Rs 5 crore or those with turnover of Rs 100 crore and above have more news to cheer about. The Ministry of Corporate Affairs (MCA) has made it mandatory for all the entities that are required to get their financial statements in XBRL format, to get them

SBI Fixed Deposits – No penalty on premature withdrawl of FDs of Tenor of 90 days

SBI Fixed Deposits – No penalty on premature withdrawl of FDs of Tenor of 90 days
In a move to benefit the investors, SBI is not charging any penalty on premature withdrawl of Fixed Deposits that are invested with a tenor of 90 days. The move is a welcome step for investors who wish to invest their funds for a span of 3 months not knowing when they would need the money in between. Earlier the investor was charged with a penalty of 1% on premature withdrawl of FDs. Another relief given to the investor