government rules

Insurance companies, while settling third party insurance claims, cannot deduct tax at source (TDS) on the interest earned on the compensation amount, ruled Bombay high court. A division bench of justice Sharad Bobde and justice SJ Kathawalla, in an interim order, directed the New India Assurance Company not to deduct tax from the amount of interest to be paid over a compensation granted to a widow, her two children and her mother-in-law. Full Article

As you are aware, the Reserve Bank of India has taken a series of initiatives in the recent past to facilitate electronic mode of funds transfers as a result of which the volume processed in RTGS and NEFT systems have grown substantially. It is observed that of late, certain banks have been accepting receipts to Government accounts through RTGS. Full Article