Category: Banking and Finance

Finance Ministry makes further amendments in the Income Tax Rules 1962

By | 4th July, 2020

Ministry of Finance (“MOF”) vide Notification dated July 03, 2020, makes further amendment in the Income Tax Rules, 1962. The following are the amendment made in the rules are as under:- 1. In the Income-tax Rules, 1962 (hereinafter referred to as the…Read More »

Apex trade body demands audit of GSTN portal

By | 4th July, 2020

The Confederation of West Bengal Trade Association (CWBTA), the apex body of traders in the state, has demanded an audit of the GSTN (Goods and Services Tax Network) portal by a committee comprising IT professionals, taxpayers, and government officials. It has also…Read More »

GST : No Provisional attachment of bank account if no proceeding pending against assessee under the law

By | 3rd June, 2020

2019 TaxPub(GST) 1317 (Mad-HC) IN THE MADRAS HIGH COURT RAVICHANDRABAABU, J. V.N. Mehta & Co. v. Asstt. Commr. W.P. No. 26187 of 2019 & W.M.P. Nos. 25551, 25552 & 25553 of 2019 8 November, 2019 Petition allowed. Petitioner by: P.Rajkumar Respondents by: M.Santharaman Senior…Read More »

Stamp duty and registration charges for execution of lease deed is a Capital or revenue expenditure ?

By | 3rd June, 2020

  Stamp duty and registration charges for execution of lease deed is a Capital or revenue expenditure ? Short Overview: Stamp duty and registration charges for execution of lease deed did not involve any element of premium. It was incurred only to draw…Read More »

Moody’s downgrades SBI, HDFC Bank amid bleak outlook for Indian banks

By | 2nd June, 2020

Seven other domestic banks saw either their rating or their outlook being negatively revised by Moody’s on Tuesday. The rating agency announced a rating action on 11 banks. Apart from SBI and HDFC Bank, the nine other banks whose ratings faced an…Read More »

IDFC First Bank CEO takes 30% pay cut, 10% for senior management

By | 27th May, 2020

The bank said it has honoured all offers that were made to new hires before the pandemic including lateral and 550 management trainees. The bank has paid 100% of the FY20 variable pay to 78.2% of its employees IDFC First Bank Ltd…Read More »

Lendingkart Lays Off 500 Employees Or 50% Of Its Workforce

By | 23rd May, 2020

The coronavirus epidemic wreaked havoc on commercial operations and caused panic in industries. Reports of corporate layoffs are coming thick and fast. Zomato, Bounce, Curefit, and Treebo are just a few Indian startups that have allowed their workforce to grow enough to…Read More »

Indiabulls Housing Finance fires 2000 employees over WhatsApp calls

By | 20th May, 2020

Indiabulls Housing Finance sacked more than 2,000 employees in the last two weeks. ETBFSI learnt that company fired them over WhatsApp calls seeking resignations. The company also threatened them to terminate them if they do not resign.Those that the company did sack…Read More »