For example, an employee earning wages of ₹20,000 per month who previously attracted mandatory contributions only on ₹15,000 (i.e., ₹1,800 per month) will now attract contributions on the higher wage amount (i.e., 12% of ₹20,000 = ₹2,400).
For a long time now, I, along with many other mutual fund cheerleaders in India, have gone through a small monthly celebration. Amfi releases the previous month’s SIP figures, almost always a record, and we celebrate them as proof that the ordinary Indian has learned to save patiently instead of hiding in a ‘safe’ bank…
Many salaried taxpayers assume they can simply file ITR-1 (Sahaj) because their primary source of income is salary, which is not always true. If you have income from multiple sources, own certain assets or have carried out specific financial transactions in a financial year, you may have to file a different ITR form. The due…
Debt mutual funds may appear less volatile than equity funds, but their NAV is not immune to market movements. A change in interest rates can affect the market value of the bonds held by a fund, with the impact generally larger when the portfolio has a longer duration. This means investors in debt funds can…
Banks will not be allowed to reclassify instruments between trading book and banking book for regulatory arbitrage with the intention of achieving lower capital requirements, according to the RBI’s directions on minimum capital requirements for market risk. The directions, issued on Monday, aim to align the market risk guidelines with the revised Basel III framework,…
Mumbai: General insurers may have to increase reserves for motor third-party claims as a series of Supreme Court rulings raise the compensation payable to accident victims, putting further pressure on insurers’ profitability. The Supreme Court’s June ruling in the Shishu Pal case, which fixed a notional monthly income of ₹30,000 for homemakers while calculating compensation…
Most online scam victims believe that once they have voluntarily transferred money or completed an OTP authentication, they cannot get that money refunded by their bank. However, a recent ruling by the Nagpur District Consumer Disputes Redressal Commission shows that banks may still be held accountable if they fail to detect or act on suspicious…