"The amended proposal provides that if a person maintains more than one account with the same bank, the bank shall aggregate the withdrawals made from all such accounts to compute the threshhold. Though this amendment plugs the loophole but partially, since even not a person can maintain various accounts with difference banks and withdraw less than Rs 1 cr from each such bank to avoid the TDS," Nangia said.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about Cash withdrawal from multiple accounts to be aggregated for levying 2% TDS
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The bank's consolidated total assets stood at Rs 12,88,190 crore at September 30, 2019. It is present across 15 countries.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about ICICI Bank introduces cardless cash withdrawal facility through ATMs
While the details were not announced, the scheme is likely to be enforced through the Unorganised Workers’ Social Security Act, 2008, (UWSS Act) that gives a legal framework for providing social security benefits to workers in the unorganised sector. … [Read more...] about Piyush Goyal sounds poll bugle: Direct cash to farmers, pension for unorganised workers, tax break for middle class
The Budget speech mainly reflected on the key achievements of the present government over the past five years and their vision for India. It can be assumed that the government refrained from announcing big-ticket changes in this Budget. The budget maintained a good balance between populism and fiscal prudence (this was expected being an election budget). The government missed its FY19 fiscal deficit target (of 3.3 percent of GDP) and instead pegged it at 3.4 percent. It budgeted the FY20 fiscal deficit target at 3.4 percent of GDP, missing the glide path target of 3.1 percent. The Budget poses tough challenge for the fiscal situation for FY20 given the aggressive assumptions for tax revenue growth; it however, is expected to boost consumption. This growth mix may prove to be neutral for the overall macro situation. … [Read more...] about Budget 2019: An Election Agenda?
The McKinsey Global Institute’s (MGI) new China-World Exposure Index shows that the world’s relative exposure to China has increased, while China’s to the world has fallen. This is important for China to be mindful of as they are already facing a contraction with a rising domestic consumption. According to the MGI, in 11 of the 16 quarters since 2015, domestic consumption contributed more than 60 per cent of total GDP growth. In 2017 to 2018, about 76 per cent of GDP growth came from domestic consumption, while net trade made a negative contribution to GDP growth, which was 8 per cent in 2008. … [Read more...] about Trade | How real is the truce in the US-China trade war?