Section 11 of the Income-Tax Act, 1961 excludes from the income of charitable or religious trusts to the extent applied towards the objects of such trusts. However there are several conditions lay down under section 11 of the Act, for the purpose of claiming exemption in respect of the income of a charitable or religious […]
Non- Performing Asset An asset, including a leased asset, becomes non performing when it ceases to generate income for the bank. Hence, in a simple words a non performing asset (NPA) is a loan or an advance where; – When interest and/ or instalment of principal remain overdue for a period of more than 90 […]
In October 1996, various regulatory prescriptions regarding conduct of consortium / multiple banking / syndicate arrangements were withdrawn by Reserve Bank of India with a view to introducing flexibility in the credit delivery system and to facilitate smooth flow of credit. However, Central Vigilance Commission (CVC), Government of India, in the light of frauds involving […]
The directions have been issued by the Reserve Bank Of India in the name of Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2017. The provisions of such Directions are applicable to every Scheduled Commercial Bank licensed to operate in India by the Reserve Bank of India. Loans to MSME Sector The MSMED […]
Funded Interest Term Loan (FITL) is a talk of the Bank Audit season of 2021. The treatment of this advance is not only new but confusing also. There are no clear instructions to deal such accounts which are outstanding as at 31st March 2021. There are also issues related to serving of Interest till 31st […]
The housing loan is the “Priority Sector Lending”. The Reserve Bank of India, through its Master Direction on the subject of housing loan have advised the bankers adhere to the National Building Code (NBC) formulated by the Bureau of Indian Standards (BIS) in view of the importance of safety of buildings especially against natural disasters. […]
by the Banking Institutions. The lending to agriculture sector include Farm Credit (Agriculture and Allied Activities), lending for Agriculture Infrastructure and Ancillary Activities. Farm Credit – Individual farmers Loans to individual farmers and Proprietorship firms of farmers, directly engaged in Agriculture and Allied Activities, viz. dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture includes the […]
As per guidelines issued by MCA, From 1st April 2021, CSR Funding will be released only to that NGOs, Trusts, Religious Trusts, Societies, 12AA registered entities, 80 G granted entities, Section 8 Company that are registered with MCA by filing Form CSR-1.So, if such institutions willing to receive CSR Funding then it is mandatory for […]
The Finance Act 2020 and 2021 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Section 8 Companies including educational, medical and/or religious institutions complying with the certain rules of registration under the Income Tax Act, 1961 (the Act). The registrations were perpetuity in nature, and their registrations […]
There are various CBS developed by various software companies created to serve the banking Industry.. The same are available in the market however, out of the all, highly acclaimed and widely used Core Banking Softwares are a) FINACLE by Infosys, b) BaNCS by Tata Consulting Services and c) FlexCube by Oracle Financial Services FlexCube provides […]
