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Tax Collected at Source Applicable on FOREX transactions From October 2020

The Finance Act 2020 has introduced new Income Tax provisions with respect to Tax Collected at Source (TCS) on foreign remittance on all forex transactions under Liberalised Remittance Scheme (“LRS”) from 1st October, 2020.

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Canara Bank revises fixed deposit interest rates. Latest FD rates here

Canara Bank new FD interest rates are effective today The bank also slashed its MCLR by up to 30 basis points across various tenors effective 7th August Canara Bank has revised interest rates on deposits which are less than ₹2 crore with effect from today (10 August). After the latest revision, for term deposits with maturity…

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Income tax deduction on FD interest for senior citizens: 5 points

The deposits can be with any bank or post office or cooperative bank. Section 80TTB of Income Tax Act explains the tax benefits available to senior citizens on account of interest income from deposits. The deposits can be with any bank or post office or cooperative bank. According to Section 80TTB of the Income Tax…

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ICICI Bank revises fixed deposit (FD) rates.

Private sector lender ICICI Bank has revised fixed deposit rates with effect from 14 July. Many banks like State Bank of India (SBI), HDFC, Punjab National Bank (PNB), Bank of Baroda (BoB) have been lowering their deposit rates citing surplus liquidity. Starting from interest rate of 2.75% on FD deposits between 7 days to 14…