Do you know in those days the loans were restricted to Rs. 1 L only and the loan tenure was a mere 3 months only?! Also, these were security loans. Another trivia to note is that in this period lending against shares of the banks or on the mortgage of houses, land or other real… Read More »
Banks feel the need to educate the consumer on financial literacy and in a move to stress this Reserve Bank came out with a concept paper on the subject and Financial Literacy and Credit Counselling (FLCC) centres in April 2008. These centres could be a great resource for loan applicants as a final step in… Read More »
Apart from the exciting and often tempting credit card offers, have we ever looked at the fine print, the stuff that actually makes the difference between a good and a bad choice? Most probably, not. Here is some information you should always look at before you opt for a credit card.
Over the years the tax rates have been mostly reduced with the intention of making them more rational and in tune with the international practices. It has reached a stage where any further reduction is not logically possible. At the same time the government has to think of ways of increasing its income. Hence, the… Read More »
Source based taxation is a process in which the income tax is calculated on the basis of the source of income whereas residence based taxation calculates income on the basis that individuals are taxable in the country or tax jurisdiction in which they are residing.
The new code suggests a rate of 0.25% of the value of gross assets for Banking companies and 2 percent for all other companies. A very striking aspect of the new code’s suggestions is that the MTA will be a final tax and it will not be allowed to be carried forward for tax credit… Read More »
This interest range for the bank to choose from is termed a spread. This spread is left to the discretion of the bank and depends on the other factors involved in loan eligibility like the credit profile of the loan consumer for instance. According to RBI regulations, banks are required to make changes in existing… Read More »
The most positive take away from the BoP for 2008-09 is the Capital account. The FDI inflows and NRI deposits have shown tremendous growth implying a greater confidence in the Indian economy in the long term and gives us the confidence that we are on the right track albeit slowly. NRI deposits were at 4.3… Read More »
As much as the government’s expenditure is – looks like a simple answer. But the problem is that, the citizens (we) may not be ready to pay if the tax rate is very high. A major grey market (unaccounted money), may be created if the citizens do not want to pay taxes. The solution is… Read More »
Also since the tax can be paid in one shot at the time of tax returns filing, the business persons get to keep the tax amount with them-selves. Thus reducing the pressure on the working capital which is the life line of any business and more so for SMB’s. Compare that with the sales tax… Read More »