An individual or HUF who has opted for the old income tax rule can invest in Tax saver fixed deposits of banks, not exceeding the aggregate limit of Rs.150000.00 u/s 80 (C) of IT in a financial year is eligible for tax relief. The ‘deposit’ can be opened in a single name or joint names…
Updated on 30 August 2021 The Government has notified September 1, 2021, as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021. “In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation…
Form 15G and 15H are self-declaration forms filed with the banks or financial institutions who deduct TDS on the interest income earned/accrued to not deduct TDS on the interest income. As per Section 194A of the Income Tax Act, 1961, all Banks and Financial Institutions have been mandatorily instructed to deduct TDS on all Interest…
Edited and reposted on 02.07.2021: The rate of interest payable by banks on overdue deposits differs depending upon the instances like renewal or non-renewal of the deposit for a minimum stipulated period, death of the depositor before the maturity of the deposit, death of the depositor after the maturity of the deposit, interest payable on…
All the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 3 percent per year with effect from May 11, 2021 till the time of payment to the depositor/claimant. The interest rate was 4 per cent p.a. up to June 30, 2018, and 3.5 per…
(No punitive restrictions on Account Operations for non compliance of periodic upation of KYC till Dec 31) Reserve Bank of India on Wednesday advised Banks and other Regulated Entities (REs) that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no punitive restrictions on operations of…
Edited and republished on 05.04.2021 On Monday (05.04.2021), the Reserve Bank of India updated several amendments made to the Gold Monetization scheme 2015 to date and advised all designated banks to give adequate publicity to the Scheme through their branches, websites, and other channels. As per present guidelines, nominated banks authorized to import gold by…
Today (02.11.2020), RBI announced that banks may ensure compliance with the instructions contained in their Circular dated August 6, is extended up to December 15, 2020. In its circular of August 6, RBI said in respect of the opening of current accounts banks shall comply with all the instructions contained therein the circular. For existing…
In its Statement on Developmental and Regulatory Policies dated August 6, 2020, wherein Reserve Bank of India (RBI) had announced the introduction of the Positive Pay System for Cheque Truncation System (CTS). On September 25, 2020, RBI has issued a circular stating that the Positive Pay System shall be implemented from January 01, 2021, for…
On Thursday (6th August), on the eve of the Statement on Developmental and Regulatory Measures, RBI Governor Mr.Shaktikant Das announced “To enhance safety of cheque payments, it has been decided to introduce a mechanism of Positive Pay for all cheques of value ₹50,000 and above. This will cover approximately 20 per cent and 80 per…