Financial News India: Read all the latest finance news on credit card, online payment, bank loan interest rate, scams, GDP growth Inflation, Saving schemes, PPF, NSC, KVP Bank, FD calculators ULIP IIP numbers
Finance : The focus is on converting savings into investments rather than leaving them idle. The key takeaway is that disciplined investing ...
Finance : This guide explains why senior travellers should review travel insurance coverage, organise medical records, and plan ahead before...
Finance : The article explains how local Indian phone numbers enhance credibility and accessibility for international businesses. It highlig...
Finance : The article explains how borrowing within your affordability and understanding total loan costs can make loan management easier. I...
Finance : The article examines how ATMs are facing cash shortages even though currency circulation is at an all-time high. It argues that ba...
Finance : The Government has exempted interest and capital gains earned by FPIs on Government securities from income tax with effect from 1 ...
Finance : The Ministry of Finance has introduced a unified portal to help individuals search for unclaimed bank deposits, insurance claims, ...
Finance : The IFSCA clarified that retrocession and retention requirements apply to the entire gross reinsurance premium of IFSC Insurance O...
Finance : The authority observed that except life insurance, other insurance segments under IFSCA regulations align with the statutory defin...
Finance : The Ministry of Finance clarified that claims regarding monetisation of temple gold holdings or issuance of gold bonds to temples ...
Finance : The Supreme Court ruled that vicarious liability under the NI Act cannot arise solely from holding an office in a society or compa...
Finance : The Supreme Court refused relief to borrowers who defaulted from the very first instalment after availing an ₹8.09 crore loan. T...
Finance : The Supreme Court upheld a Will executed in favour of the testator’s sister despite objections from his wife and children. The C...
Finance : The Supreme Court held that insolvency proceedings under the IBC cannot be invoked merely to recover disputed dues arising from co...
Finance : The issue was whether indemnity obligations arise only after final appellate confirmation. The Supreme Court held that liability a...
Finance : IFSCA clarified that a common brand name by itself is sufficient to establish a Group Entity relationship under the ship leasing f...
Finance : IFSCA has consolidated multiple regulations and circulars into a single Master Circular for Stock Exchanges and Clearing Corporati...
Finance : IFSCA has introduced a standardized ACAR and ACAC reporting framework for Capital Market Intermediaries in IFSCs. The circular aim...
Finance : IFSCA has warned regulated entities that advanced AI models can accelerate cyberattacks by rapidly identifying and exploiting vuln...
Finance : The International Financial Services Centres Authority clarified that existing ASPs and TechFin entities continuing operations und...
Question:- A Karta of a HUF makes an agreement with another person to sell an ancestral immovable property for a consideration. His married sons refuse to execute the sale deed in the last minute saying that the sale consideration is nowhere near the market price, their interests are therefore very much affected and the Karta has misled them to sign the sale deed. In the above circumstances.
Can residential premises be used for professional or business office purposes? It is generally believed that only a part of the flat can be used for professional purposes and that no part of the flat can be used for business office purposes. However the decided case laws on the subject speak otherwise.
The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS). But industry says a complete transition from Indian Generally Accepted Accounting Principles (GAAP) to IFRS may take time.
Banks are making a strong pitch to the government for permission to issue tax-free bonds to fund infrastructure projects. Bankers, who are expected to again take up the issue with the finance ministry next week, are arguing that the bonds will help them raise long-term resources and reduce dependence on retail fixed deposits, whose maturity is getting shorter. In recent months, banks have been saddled with deposits in the one-year maturity bucket, while infrastructure loans have a tenure of 15-20 years.
The Supreme Court has held that banks are liable to compensate a customer whose money is wrongly paid to another person without verifying the original signature of the account-holder as it amounted to deficiency of service. A bench of Justices D K Jain and T S Thakur said the bank was guilty of honouring the cheque presented by the fraudster by releasing an amount over and above the amount in the account even though the customer Gurnam Singh had no overdraft facility.
THE Central Vigilance Commission (CVC) has issued instructions to identify sensitive posts in various Ministries/Departments of the Union Government. The Commission has issued instructions to the organizations under its advisory jurisdiction regarding rotation of officials working in sensitive posts. As per the instructions, the organizations were to identify the sensitive posts and effect rotational transfer on these posts every 2 or 3 years to avoid development of vested interest by the people working on these posts.
General insurers, both private and public, have started offering continuity of features of group mediclaim policies to employees even after one quits an organisation where the cover was originally offered. People retiring can also continue to avail of the facilities of the group health policies. The only catch is that it no longer remains a group policy and gets struck off the list of covered employees of the company. It is now treated as an individual policy.
India can surpass China as a global production hub for consumer durables with rationalisation of tax structure and policy support from the government, says a study by industry body Ficci and financial consultancy company PricewaterhouseCoopers. The study suggested tax rebates for high-end technology companies that set up research and development centres in India .
Normally every sovereign state provides a legal framework to decide about the accounting year. Every entity carrying on a business is required to prepare the final accounts as understood by us for pre-defined accounting year. [More…] Besides annual report to various stakeholders, collection of tax revenue is also based on this pre-determined accounting year. In India, such an accounting year is financial year starting from 1st April and ending on 31st March. Earlier in India, sentimental luxury relating to choice of an accounting year was given to every business entity. No longer is such a luxury permissible.
These are challenging times in many respects. A global financial meltdown in which India cannot escape without hurt, a gruesome terrorist attack on 26/11 on the financial capital of India i.e., our dear Mumbai, politicians’ continuous play and ensuing election and what not. In the field of Accounting and Auditing also we are expected to start a new reporting procedure, namely, IFRS. It is stated to be applicable from 1st April 2011. However in reality, one will have to start looking at the accounts in accordance with IFRS requirements much earlier, say, from 1st of April 2009.
