Bank Theory

Important Retail Liability Products - Banking Notes Important Retail Liability Products 1. Demand Deposits: An Introduction Demand deposits are those which can be withdrawn by the depositor at any time without any prior notice. They include Current and Savings Accounts. 2. Current Deposit Account Main Features No interest paid on balances. Suitable for businesses with frequent transactions. Allows overdraft facilities. Advantages Helps businesses manage liquidity efficiently. Enables unlimited withdrawals and deposits. Overdraft options available on merit. Documents Required for Opening Various Types of Current Accounts Identity and address proof Business registration documents PAN Card and GST Registration (if applicable) Operational Aspects Opening: Through KYC and due diligence. Transfer: Can be transferred between branches. ...

Taxation: Income Tax, TDS, Deferred Tax - Bank Theory Taxation: Income Tax / TDS / Deferred Tax Overview of Income Tax Act The Income Tax Act, 1961 is the statute under which income tax is levied and collected in India. It covers all aspects of taxation including income classification, computation, deductions, TDS/TCS, filing of returns, penalties, and recovery of taxes. Basic Overview of Deductions under Chapter VI-A Section 80QQB : Deduction for royalty income earned by Indian authors on books (other than textbooks), up to ₹3 lakhs per annum. Section 80RRB : Deduction for royalty on patents registered under the Patents Act, 1970 – maximum ₹3 lakhs. Section 80TTA : Deduction of interest on savings bank accounts up to ₹10,000 per annum (for non-senior citizens). Section 80U : Fixed deduction for individuals with disability – ₹75,000 for normal disability and ₹1,25,000 for severe disability. TDS/TCS Tax Deducted at Source (T...