INTEREST

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Breaking: Government Prescribes Manner Of Calculating Interest On Delayed Payment Of Tax

Vide Notification No. 14/2022- Central Tax Dated 5th July 2022, the CBIC has prescribed manner of calculating interest on delayed payment of tax. Rule 88B has been inserted in the CGST Rules 2017 for this purpose. Rule 88B of the CGST Rules as prescribed in the notification is as under: (1) In case, where the …

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What Are Benefits Available To Senior Citizens in Respect Of Interest On Deposits?

Section 80TTB ​of the Income Tax law gives provisions relating to tax benefits available on account of interest income from deposits with banks or post office or co-operative banks of an amount upto Rs. 50,000 earned by the senior citizen (i.e., an individual of the age of 60 years or above). Interest earned on saving …

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Government Revises Rate Of Interest On Deposits Under Special Deposit Scheme

Government Revises Rate Of Interest On Deposits Under Special Deposit Scheme

Notification Dated 3rd January 2022 Ministry of Finance, Department of Economic Affairs The notification reads as under: It is hereby notified that the deposits made under the Special Deposit Scheme for Non Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F. 16(1) PD/75 dated 30th …

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Decision likely in 2-3 days over charging interest by banks on deferred instalments: Centre informs Supreme Court

The Centre informed the Supreme Court today that a decision is likely to be taken in two to three days over the charging of interest by banks on instalments which were deferred during the moratorium period in view of COVID-19 pandemic. The apex court asked the Centre to bring the decision on record and circulate …

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