Business

[ad_1] MUMBAI: RBI has barred banks from unilaterally categorising borrowers as fraud without giving them a hearing. RBI has said banks must give a 21-day show-cause notice to the defaulter, giving them an opportunity to present their case before classifying the account as fraud. RBI has revised its guidelines in response to a Supreme Court…

[ad_1] MUMBAI: HUL is selling its water purification business to US-based water technology company AO Smith‘s Indian arm for an enterprise value of Rs 601 crore ($72 million). The move comes as the FMCG major looks to sharpen its focus on core categories, HUL said in a statement on Monday. It is also aligned with…

[ad_1] MUMBAI: Tata Steel‘s strategy for its UK operations will remain unchanged amid concerns that its restructuring could face delays under the new Labour government that has come to power after a decade. In September 2023, the previous govt led by the Conservative party had agreed to grant 500 million pounds to Tata Steel to…

[ad_1] MUMBAI: Bank of Baroda has increased deposit rates through a special monsoon scheme – offering customers 7.25% on 399-day deposits and 7.15% on 333-day ones. Senior citizens will earn an additional interest rate of 0.50%, which translates into 7.75% for 399 days and 7.65% for 333 days. Earlier this month, two private lenders, ICICI…

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[ad_1] BEIJING: China’s economy grew 4.7 percent year-on-year in the second quarter of 2024, official data showed Monday, less than analysts had expected.“By quarter, the GDP for the first quarter increased by 5.3 percent year on year and for the second quarter 4.7 percent,” Beijing’s National Bureau of Statistics (NBS) said in a statement.The figures…

[ad_1] It’s something that the taxman loves but businesses and individuals often find cumbersome. With finance ministers routinely adding transactions requiring tax deduction at source (TDS) or tax collected at source (TCS), the number of entries requiring TDS or TCS is now close to the half century mark.While there is a compliance burden — as…

[ad_1] BENGALURU: HCLTech remains optimistic about achieving its revenue growth of 3% to 5% for FY25, despite the absence of a significant increase in discretionary spending and some uncertainties surrounding the timing and nature of the anticipated recovery.“Traditionally, the June quarter is soft for us, and revenue picks up after that. The same trajectory will…

[ad_1] Income Tax Slabs FY 2023-24 rebate under new tax regime: Under the new tax regime, taxpayers with a net taxable income of up to Rs 7,00,000 are eligible for a rebate of up to Rs 25,000. Furthermore, individuals whose net taxable income surpasses Rs 7,00,000 can still avail marginal relief, provided that the additional…

[ad_1] China’s economic growth fell to the worst pace in five quarters as retail sales slowed, piling pressure on Beijing to boost confidence at a twice-a-decade policy meeting unfolding this week.Gross domestic product expanded 4.7% in the second quarter from the same period a year earlier, data released by the National Bureau of Statistics showed…