Banking Awareness 20th December | Financial Affairs 20th December 2016.

I-T Act change to help small firms move to e-payment

Reduce the rate of deemed profit from 8 to 6%.

The Centre will amend the Income Tax Act in Budget 2017 to reduce the rate of deemed profit from 8 to 6 per cent for small firms with a turnover of less than Rs.2 crore who receive their payments electronically.

6%

Rate of deemed income in electronic form.

My fight is for governance, not position within the Tata Group

Decided to take the legal route in his fight

• Mistry said that the court cases will be for making sure that at all levels, governance and rights of all the shareholders including minority are well protected.
• He added he is looking at different forums for making sure that happens. But the legal forum is one of the largest forums.

50 years

Mistry and his family associated with Tata group.

Eliminate digital payment costs to sustain cashless push: TRAI chief

Costs associated with digital payments to be eliminated

Telecom Regulatory Authority of India (TRAI) Chairman Ram Sewak Sharma said  that people will go back to cash payments unless costs associated with digital payments are eliminated and the present exemptions from charges on cashless payment are not continued beyond March 31.

Ram Sewak Sharma

Chairman of TRAI.

RBI sets one-time limit for big deposits of old notes

Explanation willbe sought for any cash deposit of over Rs. 5,000

Eleven days before the window to deposit the withdrawn Rs. 500 and Rs. 1,000 currency notes is to close, the Reserve Bank of India (RBI) has placed restrictions on deposits exceeding Rs. 5,000, using these notes.

Not Applicable for:

Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana.

Celebrating demonetisation with a ‘sari-for-a-rupee’ offer in Bidar

Police step in to regulate crowds flocking to the shop in the market

A small cloth shop owner in Bidar, Karnataka, claims to promote demonetisation with his own scheme: for two days he has sold saris at a rupee each, the only condition being that the payment has to be made with a Re. 1 note. No coins.

1 Rupee saree.

Payment has to be made with a Re. 1 note. No coins.

EPF rate slashed to 8.65 per cent, a seven-year low

It will impact about 17 crore workers

In a move that will impact about 17 crore workers, the Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) reduced the interest rate payable on their PF savings for this financial year to 8.65 per cent, as against 8.8 per cent in 2015-2016.

Bandaru Dattatreya

Minister of State for Labour who chairs the EPF board.

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