Money Matters

21/03/2022

RBI directed Paytm payment bank to stop with immediate effect the onboarding of new customers and appointed IT audit firm to conduct a audit of its IT systems. Onboarding of new customers will be subject to permission granted by RBI after reviewing audit report
This action has been taken under section 35A of banking regulations act, 1949.

19/05/2021

Income Tax E-Filing New Portal to be Launched From 7th June, Existing Portal won’t be available from 1st to 6th June

10/02/2021

Finance Bill 2021 Proposed to insert section 206AB under Income tax act. Where TAX is required to be deducted under the provisions of Chapter XVIIB other than 192, 192A, 194LBC, 194BB, 194B or 194N.
Means it will be applicable for those who (u/s 139(1)) has not filed the income tax return past two years, also if aggregate of TDS and TCS is 50k or more in each of these two previous years.

Tax to be deducted at the higher rate either at twice rate, specified in the relevant provisions of act or at rate of 5 Per cent (whichever is higher).

Similar section 206CCA, also proposed to be inserted for TCS.
To check/identify the Deductee’s return status, Deductor may have to collect acknowledgement of tax return or declaration from him.

So, get ready for higher rate of TDS and TCS deduction if not filing the income tax return regularly.

26/01/2021

TDS on EPF withdrawals

20/01/2021

12 Golden Rules to keep your ATM transactions safe and secure -

1. Please sign on the reverse of the card immediately on receipt.
2. Change your ATM PIN regularly.
3. Never keep the PIN with the debit card or write on it. Always memorize it.
4. Do not provide the ATM card and PIN details to anyone, including Bank/IBA/RBI/Govt. agency/family/friends, etc. Bank or any other institution will never ask for this information.
5. Do not let strangers come in to the ATM room or take their help to complete the transactions.
6. Hide the keypad while keying in your PIN at ATM/POS terminals.
7. Do not throw your transaction slip in the ATM room as it contains your account information.
8. Always wait till the ATM returns to the idle mode and the green light is blinking.
9. Insist on swiping your card in your presence in hotels/shops/malls, etc.
10. Never swipe your card at POS machines kept at unknown temporary stalls.
11. Block and destroy your old card, when you get a new one. Register your mobile number at the Branch to get SMS alerts for all transactions
12. Hotlist your card immediately on losing it by calling on the number given on the credit card

- Faceless compliance

16/01/2021

MCA Clarified - Companies are eligible to spend CSR funds for the awareness campaigns and public outreach activities on COVID 19 Vaccination programs

30/12/2020

How to check EPF Balance

30/09/2020

CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Year 2019-20 from 30th September, 2020 to 30th November, 2020

25/08/2020

Now, Businesses with an annual turnover of up to Rs 40 lakh are GST exempt (for goods). Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax (for goods).

For services, Businesses with turnover upto Rs 20 lakh in a year are GST exempt. A service provider having turnover upto Rs 50 lakh in a year can opt for composition scheme for services and pay only 6% tax.

Once GST was implemented, the tax rate on a large number of items was brought down. As of now, the 28% rate is almost solely restricted to sin and luxury items. Out of a total of about 230 items in the 28% slab, about 200 items have been shifted to lower slabs.

Significant relief has been extended to the construction sector, particularly the housing sector. It has now been placed at the 5% rate. GST on affordable housing has been reduced to 1%.

The taxpayer base has almost doubled since the roll out of GST. The numbers of assessee covered by the GST at the time of its inception were about 65 lakh. Now the assessee base exceeds 1.24 crore.

All process in GST have been fully automated. Till now 50 crore returns have been filed online and 131 cr e-way bill generated.

08/06/2020

Process to update date of exit

28/05/2020

Process to get PAN instantly

21/05/2020