Stay updated with breaking news from Banking Channel. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
NEW YORK and SAN DIEGO, April 9, 2024 /PRNewswire/ -- BNY Mellon , the global financial services company, today announced a new collaboration of its short-term investment platform,...
On finding that the Revenue has grossly erred by treating the element of interest on the alleged loan as bogus in nature, the Ahmedabad ITAT held that the loan amount cannot be made subject to...
Recently, the Allahabad High Court held that investments made through banking channels and show in regular returns cannot be disbelieved unless proven otherwise by the department.The bench comprising...
Stressing that only the legislature or the executive can undertake such an exercise, the Court said it will step into that arena.
The Ministry of Home Affairs has proposed that the prize amount for lottery winners be paid through formal banking channels to prevent tax evasion and money laundering. The ministry has approached the Department of Revenue, the Finance Ministry, and state governments for their views on the matter. Winnings from lotteries or crossword puzzles are subject to Tax Deduction at Source (TDS) under sections 194B and 194G of the Income Tax Act. The Finance Act amended section 194B to include gambling or betting above a threshold of Rs 10,000 for TDS.