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12 Aug 23

RBI asks banks to maintain incremental CRR (I-CRR)

The Reserve Bank of India (RBI) has asked banks to maintain an incremental Cash Reserve Ratio (ICRR) of 10 per cent on the increase in their deposits between May 19 and July 28 to suck out excess liquidity in the banking system. Bank does not earn interest on CRR maintained with RBI…

19 Jul 23

Capital Gain Exemption Allowable On Construction Of Residential House Completed Within 3 Years: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), has held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction of residential house completed within 3 years is allowed and removed the penalty levied under Section 271(1)(c) of the Income…

15 Jul 23

SARFAESI Act 2002, Section 17 (4A)Amendment Act Of 2016 & Its Implication On Rights Of Tenant Under Tenancy Law

Provisions of SARFAESI Act speaks about recovery procedure in its Sec 13 deals with enforcement of security interest. Sec 14 empowers the Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession. Sec 17 deals with application against measures to recover secured debts. Before the amendment in…

30 Jun 23

Tax rebate under section 87A of Income Tax Act

For the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed Rs. 500,000. The rebate is allowed to the extent of Rs. 12,500. Thus, if the total tax (excluding health &…