interest income

What is Form 26AS? Why should a taxpayer know details about this form while filing an income tax return?

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What is Form 26AS? Why should a taxpayer know details about this form while filing an income tax return?

Form 26AS is the annual tax statement that provides taxpayers access to the tax deduction/tax collection details and income. It contains comprehensive information related to salary income, business and professional receipts, interest income earned on bank deposits, etc along with the respective tax deduction/collection details. These details are generated based on returns of tax deductions/collected … Read more

Sharp drop in provisions helped RBI transfer bumper dividend to RBI

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Sharp drop in provisions helped RBI transfer bumper dividend to RBI

The Reserve Bank of India‘s income rose 17 percent last fiscal on higher interest income from bond holdings, but it was the sharp drop in provisions transferred to the Contingency Fund that helped it pay a record Rs. 2.1 lakh crore in dividend to the central government. An amount of ₹42,819.91 crore was provided towards … Read more

Income Tax Returns FY24: How to properly report P2P lending income while filing your ITR. Check details

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Income Tax Returns FY24: How to properly report P2P lending income while filing your ITR. Check details

ITR FY2024: P2P Lending or Peer-to-Peer Lending is one of the upcoming and somewhat most trusted ideas to earn passive income. P2P lending, also known as social lending, is an innovative financial model that has seen considerable growth in recent years. This approach provides individuals with an alternative means of securing funds without the need … Read more

Deposit growth improves at private banks in Q4, but at higher costs

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Deposit growth improves at private banks in Q4, but at higher costs

On a sequential basis, HDFC Bank, ICICI Bank, and Axis Bank reported a faster growth in deposits for the March quarter compared with the credit growth while IndusInd Bank and Yes Bank showed marginally lower growth in deposits than advances. Synopsis While these lenders were able to increase deposits at a faster clip during the … Read more

To beat the last minute rush, some taxpayers start filing ITRs early

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To beat the last minute rush, some taxpayers start filing ITRs early

To beat the last minute rush, at least some taxpayers have started filing their income tax returns for assessment year 2024-25 after the Central Board of Direct Taxes (CBDT) enabled functionalities for commonly used income tax returns from April 1 this year. According to data with the income tax department, as many as 119,000 income … Read more

SBI Q3 results: PAT down 35% at Rs 9,164 crore on one time exceptional item

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SBI Q3 results: PAT down 35% at Rs 9,164 crore on one time exceptional item

Leading public sector lender State Bank of India (SBI) reported a standalone net profit of Rs 9,164 crore which was down by over 35% from 14,205.34 crore reported by the state lender in the year ago period. The bank earned Rs 105,733.78 crore in interest income in the reported quarter which was up 22% from … Read more

Karur Vysya net profit up 51% on lower provisions

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Karur Vysya net profit up 51% on lower provisions

Kolkata: Private sector lender Karur Vysya Bank on Monday reported a 51% rise in net profit at 378 crore for the July-September period against 250 crore in the corresponding quarter last year, riding on sharply lower provisions in line with asset quality improvement. The bank’s net interest margin stood at 4.07% for the quarter under … Read more