BREAKING NEWS

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first*** DA FOR BANKER FROM FEBRUARY 2023 SEE DETAILS CHART FOR OFFICER AND WORKMAN***Outcome of Today’s meeting with IBA - 31.01.2023***All India Bank Strike 27.06.2022******PLEASE VISIT INDIAN TOURISM CULTURE & HERITAGE *****NITI Aayog finalised names of Two public sector banks and one general Insurance Co. for privatisation****No economic reason to privatise PSU banks---post date 24.05.2021******Mobile users may soon be able to switch from postpaid to prepaid and vice versa using OTP*****India May Privatise or Shut 46 PSUs in First 100 Days, Says NITI Aayog's Rajiv Kumar----We should start with the banks*****Expected DA for Bank Employee from August 2019 is 24 slab to 29 slab*****RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019******WITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI***** Salient features of Sukanya Samriddhi Account---Who can open and how?******OBC posts 39% rise in Q4 profit, OBC readt tWITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI o take another Bank--MD MUkesh Jain*******DA FOR BANKER FROM NOV 2018 IS INCREASE 66 SLAB I.E 6.60%****40,000 STANDARD DEDUCTION IN YOUR TAX - IS A GREAT DRAM/BLUFF BY JAITLY SEE DETAILS+++++++Cabinet approves plans to merge PSU banks-The final scheme will be notified by the central government in consultation with the Reserve Bank. post date 23.08.2017****IBA to restrict the negotiations on Charter of Demands of Officers' Associations up to Scale-III only post dated 07.07.2017*****

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BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Saturday, December 30, 2017

Expected DA for FEB 18 to APR 18 for Banker is minimum 14 point and maximum 19 point

Expected DA for Feb'18 to Apr'18 - Updated on 29.12.2017 on announcements of CPI for the month of Nov'17


Now,  . on 29.12.2017, CPI for the month Nov'17 announced as 6573.86
We are providing calculations of expected DA on the basis of three assumption as under :-
  1. On assumptions that CPI would remain at least same as of Nov'17 for the next next month i.e. for Dec'17. In this situation the expected (tentatively) increase in DA Slabs would come to 16 slabs.(on this assumption the total tentatively revised DA slabs would be 532 i.e. 53.20%)
  2. On assumptions that there would be increase of one point in CPI data in next month. In this situation the expected (tentatively) increase in DA Slabs would come to 17 slabs.(on this assumption the total tentatively revised DA slabs would be 533 i.e. 53.30%)
  3. Keeping in view the recent fuel price hike we assume that there be may an increase of two points in Dec'17, In this situation the expected (tentatively) increase in DA Slabs would come to 19 slabs.(on this assumption the total tentatively revised DA slabs would be 535 i.e. 53.50%)
  4. On assumptions  that if fuel and other essential commodities price decreases then  DA will be 14 point
  5. The Expected DA Calculator is updated on the basis of above assumtions. Final DA calculation will be published in this blog on 31.01.2018 after receive CPI data for the month of DEC 2017

Thursday, December 28, 2017

ICICI Officials Accused of Tricking Hundreds Into Buying Insurance Instead of FD Schemes

The Rajasthan police’s special operations group (SOG) is investigating multiple ICICI bank and ICICI Prudential officials for allegedly duping hundreds of unsuspecting consumers into buying insurance policies whose premiums they could barely afford.
When Sohandas, a 75-year-old farmer from Udaipur, sold the only piece of land he owned, he hoped the money would help him and his 65-year-old wife with financial security during old age. After building a small house, he deposited the rest of his money (Rs 7,50,000) in a fixed deposit at ICICI bank’s Udaipur branch.
“Nine months later, I started receiving calls from Mumbai asking me to deposit another Rs 7,50,000, failing which I’d lose my original deposit. When I showed the bank documents to a lawyer, I was told it was an insurance policy, which required me to deposit the same amount every year”.
“I don’t know what to do now,” he said. “Both my wife and I are too old to find labour jobs. We have medical bills of Rs 5-7,000 every month. We don’t have 7.5 lakh rupees to deposit every year”.
Sohandas, however, is not alone. There are hundreds like him – a labourer who was relieved of the insurance money she received upon her husband’s death; a government employee whose gratuity melted away; a poor farmer whose agricultural loan was appropriated.
The victims include farmers, labourers and senior citizens from rural areas of southern Rajasthan, including beneficiaries of central government schemes like the Kisan Credit Card and MGNREGA, all of who were duped by officials from ICICI bank into buying insurance policies with huge recurring annual premiums, the police says.
In a preliminary probe, the special operations group (SOG) of the Rajasthan police established the existence of this  fraud following a complaint by a whistleblower, Nitin Balchandani, an ex-employee of ICICI Prudential.
Subsequently, in November, the SOG launched a full-fledged investigation, booking company officials for cheating, forging documents, criminal conspiracy and criminal breach of trust.
An FIR was registered in the same month under sections 420 (fraud), 467, 468, 471 (forgery), 406 (criminal breach of trust) and 120B (criminal conspiracy) of the Indian Penal Code. The FIR, a copy of which The Wire has accessed, specifically names Rohit Saini (Regional Manager, ICICI Prudential, Udaipur), Kamlesh Mehta (Financial Services Consultant, ICICI Prudential Udaipur), Deepak Agarwal (Sales officer, ICICI bank Udaipur) and Satish Kumar Dangi (ICICI employee).
According to the SOG investigation, the bank and its officials misled consumers and violated regulatory norms issued by the Insurance Regulatory and Development Authority of India (IRDAI).
“These banks and insurance firms have unrealistic monthly targets. In this case, whenever they gave out loans to farmers or other vulnerable applicants, they put a substantial part of the money in insurance policies with recurring premium. In some cases, they put the entire loan amount in such policies. The farmer has no idea. It’s a comprehensive fraud,” inspector general of police (SOG) Dinesh M.N. told The Wire.
Bholi Bai, a wage labourer under MGNREGA, wanted to put the insurance money she received at her husband’s death into a fixed deposit. The officials at ICICI bank’s Kelwa branch sold her an insurance policy instead.
Bholi, a MGNREGA labourer earning about Rs 3000 a month, thought her money was safe in a FD since she believed “bank mein kuch galat nahin hota (the bank could do no wrong)”.
I got insurance of Rs 1,00,000 at my husband’s death. I wanted an FD but the bank put my money into an insurance policy. I realised it months later when my mamaji (uncle) saw the bank documents. When I approached them, they told me I had to deposit Rs 50,000 every year only then I would get my money back,” she says.
The Wire sent detailed questionnaires to both companies asking for their comments on the pre-investigation and subsequent FIR. Both companies, however, refused to respond despite repeated emails and phone calls to their officials as well as Adfactors PR, the agency handling their public relations portfolio.
The modus operandi
ICICI and ICICI Prudential officials in the state allegedly used their large database of account holders in rural areas to target unsuspecting consumers, especially farmers, labourers and senior citizens.
Typically, the officials asked the consumers – who would either want to deposit money or seek loans – to put a part of their money/loan into a fixed deposit (FD). They would then make the applicants sign policy documents written in English, claiming they were for an FD. Since most of their customers couldn’t read or write English, they would have no idea about the product they were signing up for.
Manohar Das Vaishnav, who trusted the bank with his retirement money, was shocked when he learnt he had been sold an insurance plan which required him to pay a premium of Rs 1,00,000 every year.
“I got Rs 4,00,000 as gratuity from my employer on retirement. The money was deposited in the ICICI branch in Fatehnagar Udaipur. They got me to sign a form written in English saying it was for a fixed deposit. But they withdrew Rs 1,00,000 from my account and put it in an insurance plan,” says Vaishnav (63), a retired employee of Tilam Sangh, a state run oil company.
The SOG investigation found several irregularities by bank officials – faking age (lowered) and annual income (increased) of applicants, making calls to ICICI call centres posing as the consumer to establish consent, faking witnesses and not cooperating with the police.
“So far, our investigation has revealed fraud and serious violation of IRDAI guidelines. The bank and the insurance authorities also did not cooperate with the investigation and tried to mislead us. The scale of this fraud is massive,” Mahaveer Singh Ranawat, additional SP (SOG) who conducted the preliminary investigation, told The Wire.
The pre-probe established the connivance of officials from ICICI bank, and ICICI Prudential Insurance company.

Government cuts interest rates on small savings schemes NSC, PPF, senior citizen savings scheme etc

he government on Wednesday slashed interest rates on small savings schemes, including NSC and PPF, by 0.2 percentage point for the January-March period from the rates applicable in the previous quarter, a move that will prompt banks to lower deposit rates.

At the same time, investments in the five-year Senior Citizens Savings Scheme has been retained at 8.3 per cent. The interest rate on the senior citizens' scheme is paid quarterly.

A finance ministry notification said rates have been reduced across the board for schemes such as National Savings Certificate (NSC), Sukanya Samriddhi Account, Kisan Vikas Patra (KVP) and Public Provident Fund (PPF). However, interest on savings deposits has been retained at 4 per cent annually.

Since April last year, interest rates on all small savings schemes have been recalibrated on a quarterly basis.

As per the notification, PPF and NSC will fetch a lower annual rate of 7.6 per cent while KVP will yield 7.3 per cent and mature in 118 months.

The girl child savings scheme Sukanya Samriddhi Account will offer 8.1 per cent from existing 8.3 per cent annually.

Term deposits of 1-5 years will fetch a lower interest rate of 6.6-7.4 per cent, to be paid quarterly, while the five-year recurring deposit is pegged at 6.9 per cent.

"On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis," the ministry said, while notifying the rates for fourth quarter of financial year 2017-18.

While announcing the quarterly setting of interest rates, the ministry had said that rates of small savings schemes would be linked to government bond yields. The move is expected to see banks lowering their deposit rates in line with the small savings rate offered by the government.

Wednesday, December 27, 2017

Big catch! CBI arrests its own software programmer for developing illicit software to subvert railways Tatkal reservation system

The CBI today arrested its software programmer for developing an illicit software to subvert the railways Tatkal reservation system, allowing hundreds of tickets to be booked in one go. Ajay Garg, an assistant programmer with CBI, worked with IRCTC (Indian Railway Catering and Tourism Corporation Ltd) for four years between 2007-11 where he learnt the vulnerabilities of the railway ticketing system, sources said. Garg has been arrested along with close aide Anil Gupta, a private person who distributed the software to agents for a price. Besides, 10 agents — seven in Jaunpur and three in Mumbai — have been identified, the sources said.
Garg, who joined CBI in 2012, exploited the vulnerabilities to develop the illegal software, which allowed agents to book hundreds of tickets in one go, leaving genuine passengers in the lurch, they said. “The vulnerabilities of the IRCTC system still exist,” an official said. A postgraduate in computer applications, Garg allegedly sold the software through Gupta.

Tuesday, December 26, 2017

This small-cap stock doubled in 2017 and buy it now to double your money in 2018

Indian stock markets have been on a perpetual rising streak for the last one year and have beaten most of the markets among the major economies of the world. The benchmark indices Sensex and Nifty have returned 28% in the last 12-month year period. Sensex has surpassed eight levels this year, rising by more than 8,000 points adding about 8,189 points to hit an all-time high of 34,005.37 from a level of 25,807.1 a year ago. The 30-share barometer Sensex has seen a couple of slumps in a journey from 25,807 to 34,000 but many other factors kept the momentum going, such as World Bank ease of doing business upgrade, Moody’s sovereign credit rating upgrade, Modi government’s PSU bank recapitalisation and others.
There are some stocks which have vastly outperformed the massive returns of key equity indices even. We bring you one such small-cap stock which had more than doubled the investor’s wealth in 2017 and you can buy it now to double your money in 2018. Shares of Binani Industries have grown over 2 times in the last one year period. The stock of Binani Industries had zoomed more than 115% to a level of Rs 141 from Rs 65 a year ago. The research and brokerage firm HDFC Securities has given a target price of Rs 269 from a recommendation price of Rs 107, an upside of 151% and from its current market price of around Rs 140, it implies an upside of 92%. Binani Industries is a small-cap stock commanding a market capitalisation of about Rs 445 crore on BSE.
Binani Industries is a holding company having business operations, through its subsidiaries, in the cement, fiberglass, EPC, and energy. Binani Cements, one of the subsidiaries of Binani Industries presents a strategic opportunity for potential bidders. The cement capacity of Binani Cement Ltd (BCL) is 11.25 metric tons per annum and it operates integrated cement plants in India and China as well as a grinding unit in Dubai, UAE. “In the recent times, with an expectation of further consolidation in the Indian cement sector, we expect the plant of the size of BCL’s in Rajasthan backed by sufficient raw material reserves and a medium to market and produce in Asian and Middle East would make BCL an attractive bet for any Indian player,” HDFC Securities said.
“We feel risk bearing investors could buy the stock at the CMP and add on dips to Rs 87-91 band for sequential targets of Rs 136, Rs 203 & Rs 269 over the next 4-6 quarters with a stop loss of Rs.77,” HDFC Securities said in a report.

Rural banking initiatives such as the business correspondents model have failed because they are not demand-driven

Since Independence, several attempts have been made towards financial inclusion of the poor, particularly in rural areas. The initiatives include the cooperative movement, followed by priority sector lending, lead bank scheme, service area approach, creation of National Bank for Agriculture and Rural development, introduction of regional rural banks/ local area banks, microfinance, kisan credit cards, business correspondence and finally Pradhan Mantri Jan-Dhan Yojana.
All these initiatives are supply driven — supply of banking services to the poor people at their doorstep. However, it is time to introspect as to why these programmes have not been effective in improving economic conditions of the poor people.
Availability of finance is a means to an end, but not an end in itself. The ultimate objective is to provide a constant source of income to the poor so that they will demand financial services. If banks do not wish to penetrate into remote rural areas, other service providers could surely do so, provided there is a genuine demand for it. Supply-driven financial inclusion does not work.
Cost factor
The outcome of earlier financial inclusion programmes has been much below expectations. According to NSSO reports, the share of institutional credit to farmers declined from a peak of 69.4 per cent in 1991 to 56 per cent in 2012. Farmers’ dependence on non-institutional credit has gone up from 30.6 per cent in 1991 to 44 per cent in 2012. The availability of finance is a necessary, but not sufficient condition for poverty reduction. Many high cost financial inclusion initiatives have not enthused rural households.
According to the 70th Round of National Sample Survey, among the institutional agencies, the share of commercial banks’ lending to agriculture was the highest at 25.1 per cent, followed by co-operatives at 24.8 per cent in 2012 due to their low cost.
Self-help groups contributed only 2.2 per cent of total institutional credit. Micro finance institutions (MFIs) continue to charge poor borrowers 24-34 per cent, close to the usurious interest rates charged by village money lenders.
Why BC model failed
In order to provide banking services at reasonable costs to the poor people, the business correspondents model was introduced in 2006. Being technology driven, the BC model played a critical role in opening large number of Jan-Dhan accounts during the recent period, but was unable to provide basic banking services to them for several reasons.
The RBI has nudged banks to open a brick and mortar branch in every village with a population of 2,000 or more. However, according to the 2011 Census, 96 per cent of Indian villages have a population of less than 1,000. Can the BC model be able to provide basic banking services to large segment of population living in small villages?
The BC model is akin to the agency model followed by insurance companies and pension funds. Out-sourcing of financial services through agents for a commission has been somewhat successful in case of other financial services, as the agents get a constant flow of income.
The compensation in the case of the BC model is awfully inadequate compared to the services expected from them. Banks’ lending activities through BCs are negligible. The activities of BCs are typically limited to opening new deposit accounts for a commission. The opportunity of opening new deposit accounts is quickly exhausted, particularly after the success of Jan-Dhan Account scheme.
BCs are expected to provide small withdrawal and deposit facilities besides remittance service to all deposit holders. He is all in one — a clerk, cashier, branch manager, financial adviser and agent for rural digitization. He goes to the base branch and settles all deposit and withdrawals. BCs either neglect these activities, or are not in a position to do justice to them due to the sheer workload.
Some BCs do agency functions for mutual funds, LIC, or sell small savings instruments as they get a fair amount of commission. Hence, it is natural for them to ignore basic banking activities that are less lucrative. Handling cash is also risky, particularly where the base branch is far away. BCs have limited overdraft facility that may not be sufficient for daily requirement of the account holders.
Brick and mortar branches
Let us take the case of how BCs can work for a village with a population of 2,000 — for which there is a brick and mortar branch with at least three or four staff. Assuming an average family size of five in such villages, there might be 400 families who can potentially open bank accounts. A brick and mortar branch in a village of 2,000 population may have at least 400 deposit accounts if each family opens only one account. Assuming that some families have more than one account, such deposit accounts may go up to, say 800.
For a BC to provide basic banking services effectively, deposit accounts should not exceed 500. Even ultra-small branches, where an officer from a base branch occasionally visits the rural area, are not working well where deposit accounts are more than 800.
The commission-based BC model is not working well for the banking system, unlike for other financial services. All ultra-small branches with a BC model with more than 1,000 accounts may be immediately converted into brick and mortar branches. Alternatively, for every 1,000 Jan-Dhan accounts in a locality, there should be a physical branch. Accounts from multiple banks may be shifted to the bank ready to open a brick and mortar branch to serve 1,000 such account holders. This exercise can be undertaken by the State-Level Bankers’ Committee.
The Government should pool all resources under several rural development schemes and provide a scheme-based permanent source of income through gainful employment to the rural people. Although, schemes may vary from state-to-state based on availability of natural resources, non-farm activities like construction of roads, electrification, warehousing, healthcare, irrigation would provide a constant source of income and make the financial inclusion truly demand-driven.
The writer is former Principal Adviser and Head of the Monetary Policy Department, RBI

Monday, December 25, 2017

India To Send 3 Lakh Youth To Japan For On-Job Training

India will send three lakh youth to Japan for on-job training for 3-5 years as part of the government's skill development programme, Union Minister Dharmendra Pradhan said here today.

Japan will bear the financial cost of the skill training of Indian technical interns.

The Skill Development and Entrepreneurship Minister said the Union Cabinet has approved signing of Memorandum of Cooperation (MoC) between India and Japan on the 'Technical Intern Training Program (TITP)'. 

The MoC, he said, is expected to be signed during his three-day visit to Tokyo starting October 16.

"TITP is an ambitious program to send Three Lakh Indian technical interns to Japan for on the job training for a period of three to five yrs," Pradhan said in a tweet.

He said the youth will sent for training in the next three years with Japanese financial assistance.

"Each skilled youth going there will have a tenure of 3-5 years. These youth will work in the Japanese ecosystem and get employment opportunities there along with accommodation facility," the minister said.

About 50,000 of them may also get jobs in Japan, he added.

The selection of the youth will be done in a transparent manner according to Japanese requirements.

"When these youth return from Japan they will contribute to our industry as well," the minister said.

An official release said the MoC is expected to pave the way for bilateral cooperation between the two countries in the area of skill development.

Just over 2 crore Indians, or 1.7 per cent of the total population, paid income tax in the assessment year (AY) 2015-16, according to data released by the I-T department.

Just over 2 crore Indians, or 1.7 per cent of the total population, paid income tax in the assessment year (AY) 2015-16, according to data released by the I-T department. The number of income-tax return filers increased to 4.07 crore in assessment year 2015-16 (FY 2014-2015) from 3.65 crore in the previous year but only 2.06 crore actually paid tax as the others claimed income below taxable limits. In the previous AY 2014-15, 1.91 crore, out of 3.65 crore who filed returns, had paid income tax. But the total income tax paid by individuals declined to Rs 1.88 lakh crore in AY 2015-16 from Rs 1.91 lakh crore in AY 2014-15. The data, released last week, indicates just over 3 per cent of the 120 crore population filed returns. Of these, 2.01 crore paid nil income tax, 9,690 paid tax of over Rs 1 crore. Only one individual paid over Rs 100 crore in taxes (Rs 238 crore to be precise). Maximum among of 19,931 crore was collected from 2.80 crore tax filers who paid between Rs 5.5 lakh to Rs 9.5 lakh in taxes. As many as 1.84 crore returns were filed for payment of income tax of less than Rs 1.5 lakh or an average of Rs 24,000. Of the 4.07 crore tax returns field in AY 2015-16, close to 82 lakh showed zero or income less than Rs 2.5 lakh. Currently, no income tax is for income up to Rs 2.5 lakh. In AY 2014-15, 3.65 crore filed tax returns with 1.37 crore showing zero or less than Rs 2.5 lakh income.
The combined income of all individual tax filers rose to Rs 21.27 lakh crore in AY 2015-16 from Rs 18.41 lakh crore in the previous year. Maximum number of 1.33 crore individuals were in Rs 2.5 lakh to Rs 3.5 lakh income group in AY 2015-16. In all, 4.35 crore income tax returns, including those by individuals, were filed in AY 2015-16. Total income declared was Rs 33.62 lakh crore. In the previous year, 3.91 crore returns were filed with Rs 26.93 crore declared income. Companies filed 7.19 lakh returns with gross income of Rs 10.71 lakh crore.

Sunday, December 24, 2017

MOST IMPORTANT POINTS YOU MUST KNOW BEING AN INCOME TAX PAYER

Dear Taxpayer’s,  We are heading toward a new financial year 2017-18. Here are the most important points you must know being a Income tax payer regarding the slab rate in order to assess the tax liability as an individual or a firm and the important dates (filing of tax return, payment of TDS/TCS, service tax , VAT, Advance Income Tax)

 Income Tax Slab Rate:


Income tax slab rates are for different classes of taxpayers, who are taxed progressively more according to their earning. The income tax slab rates can be classified into the following categories:

1.  Income Tax Slab for Individual & HUF ( age less than 60 years old)

Income SlabTax Rate
Income up to Rs. 2,50,000*No Tax
Income from Rs. 2,50,000 – Rs. 5,00,0005%
Income from Rs. 5,00,000 – 10,00,00020%
Income more than Rs. 10,00,00030%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.
* Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

2.  Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old)


Income SlabTax Rate
Income up to Rs. 3,00,000*No Tax
Income from Rs. 3,00,000 – Rs. 5,00,0005%
Income from Rs. 5,00,000 – 10,00,00020%
Income more than Rs. 10,00,00030%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
* Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age.


3. Income tax slab for super senior citizens (80 years old or more)


Income SlabTax Rate
Income up to Rs. 2,50,000*No Tax
Income up to Rs. 5,00,000*No Tax
Income from Rs. 5,00,000 – 10,00,00020%
Income more than Rs. 10,00,00030%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old


4. Income Tax Slab for Co-operative societies :

Income Tax SlabTax Rates
Total income less than Rs.10,000.10% of the income.
Total income greater than Rs.10,000 but less than Rs.20,000.20% of the amount by which it exceeds Rs.10,000.
Total income greater than Rs.20,000.30% of the amount by which it exceeds Rs.20,000.


5. Firms, Local Authorities, Corporates and Domestic Companies:

Companies are taxed at a flat rate of 30% on the total income declared.
A surcharge of 5% is levied on the total income tax of domestic companies if their income exceeds Rs.1 crore. This surcharge does not apply to firms and local authorities.


Due Dates for Payment of Various Taxes

TDS/TCS Due Dates (For Individual)
7th of Every MonthPay TDS/TCS of Previous Month
15th Jan, May, July, Oct.File Quarterly Return of TDS/TCS
30th of Jan, May, July, Oct.Issue Quarterly TDS/TCS Certificate (Other Than Salary
7th AprilDeposit 15G/15H Forms
30th of AprilDeposit TDS/TCS Deducted in March
31st of MayIssue Yearly TDS Certificate of Salary


Income Tax Due Dates

15th JuneDeposit Advance tax Corporate Assesse
15th Sep. Dec. MarchDeposit Advance tax
31st MarchLast Date for filling of belated return or revise return in some cases
31st JulyLast Date of Return Filling for non-audit cases.
30th SeptemberLast Date of Return Filling for audit cases.



Due date of filing of Return of Income

Sr. No.Status of the taxpayerDue date
1Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below)September 30 of the assessment year
2Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92ENovember 30 of the assessment year
3Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other lawSeptember 30 of the assessment year
4A working partner of a firm whose accounts are required to be audited under this Act or under any other lawSeptember 30 of the assessment year
5Any other assesseeJuly 31 of the 

Income Tax Slabs/Rates For FY 2017-18 And Tax Saving Under Section 80C Deductions

Have you calculated how much income tax you need to pay this year? And how much income tax you can save by investing in tax-saving instruments? Don't wait for the last minute. Very soon, you will have to submit the necessary documents as proof towards tax-savings investments and deductions to your employer. Income tax laws allow many exemptions that can help reduce your income tax liability. Section 80C of the Income Tax Act is one of the most widely used avenues for claiming income tax deductions by individuals.
 
General category Senior citizens Super senior citizens
(Up to 60 years of age) (60-80 years) (Above 80 years)
IncomeTax IncomeTax IncomeTax
Up to Rs. 2.5 lakhNil Up to Rs. 3 lakhNil Up to Rs. 5 lakhNil
Rs. 2,50,001-Rs. 5 lakh5% Rs. 3,00,001-Rs. 5 lakh5% Rs. 5,00,001-Rs. 10 lakh20%
Rs. 500,001-Rs. 10 lakh20% Rs. 5,00,001-Rs. 10 lakh20% Above Rs. 10 lakh30%
Above Rs. 10 lakh30% Above Rs. 10 lakh30%   
Surcharge of 10% for income between Rs. 50 lakh and Rs. 1 crore with marginal relief
Surcharge of 15% for income above Rs. 1 crore with marginal relief
# Rebate of up to Rs. 2,500 for taxable salary up to Rs. 3.5 lakh
# Education and higher education cess of 3%

Surcharge


Surcharge becomes applicable if income exceeds a specified limit. And it is applicable on the basic tax (without inclusion of cess).

Marginal relief


The concept of marginal relief is meant to provide relaxation from levy of surcharge to a taxpayer where the total income exceeds marginally above Rs. 50 lakh or Rs. 1 crore, as the case may be.

(Also readHow marginal relief lowers your income tax liability)

How to avail benefits under Section 80C


Broadly you can avail Section 80C benefits under two ways: expenditures and investment. Sukanya Samriddhi Scheme, PPF, insurance premium, , NSC, NPS, tax saver bank fixed deposits, ELSS, and Senior Citizens Savings Scheme are some of the investment schemes that offer tax deduction under Section 80C.

Your own contribution towards EPF is eligible for deduction under Section 80C of Income Tax Act.

Deductions under Section 80C are not only available for investments but also for specified expenditures made by the taxpayer.

Children's tuition fees: The tuition fee paid for the education of two children is eligible for tax deduction under Section 80C of up to Rs. 1.5 lakh a year.

Home loan principal payment, stamp duty and registration cost of the house at the purchase of house are some of the expenditures allowed for Section 80C deduction.


Some of the popular investment options that offer deductions under Section 80C

Tax-saving FDs


The interest earned in income-tax saving bank FDs is taxable as per the investor's tax bracket. TDS or tax deducted at source is applicable on the interest earned. Some banks allow a minimum deposit as low as Rs. 100 for opening income-tax saving FDs. The maximum amount in a year is Rs. 1.5 lakh.

Interest on income tax-saving deposits is payable on a monthly or quarterly basis. The interest amount earned can be reinvested.

Tax-saving fixed deposits have a lock-in period of five years. No premature withdrawals or loans are allowed. The interest rate on tax-saving fixed deposits is typically the same as normal fixed deposits. SBI, for example, offers an interest rate of 6 per cent on tax-saving bank FD (6.50 per cent for senior citizens).

Public Provident Fund (PPF)


PPF is a popular small savings scheme which enjoys an EEE or exempt, exempt, exempt status in terms of income tax implication - contribution, interest and maturity proceeds all are tax free.

PPF accounts have a maturity period of 15 years and this can be extended in blocks of five years.

Interest rate on PPF is revised every quarter. Currently, 7.8 per cent is offered on PPF.

ELSS mutual funds


ELSS funds or tax-savings mutual funds are categorised as equity mutual funds. Gains for equity mutual fund units (SIP or lumpsum) held for more than 12 months are considered as long-term capital gains. There is no tax on long-term capital gains from equity funds.

ELSS funds have a lock-in period of three years.

Rs.50 Lakh Stolen from Axis Bank Cash Van in Kerala

n a daring incident that took place in Uppala, Kasaragod, Kerala on Wednesday, ₹50 lakh was stolen from a van while it was transporting cash...

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