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1. Income tax - faceless from Sept 2019

Following changes are expected from September 2019 -

Assessment of your return will be completed in three months of filing your return.
Any communicion with income tax department will be papaerless - letters from income tax department will have DIN ( Document Identification Number). If any communiction does not have DIN, you are not required to reply to it. Also, you can check authencity of communication by visiting your e-filing website. This means that any mischief attempted by your local tax authorities will be the thing of past.
Any interaction with income tax department will be faceless - you will receive online notice and you will have to reply online.You may not know that income tax authority from which city has issued you the notice. therefore going to your local income tax office will be of no use.
Income tax authorities will have a softer face now - they can approach you if you have not shown any income in your return, or not made calculation in your tax return correctly or not filed your return. This approach will be before formal notice. As you know, ITR -1 form for filing return is now pre-filled, you are now required only to verify the information given there..There's much to see here. So, take your time, look around, and learn all there is to know about us. We hope you enjoy our site and take a moment to drop us a line.

1.Single RBI platfrom for complaint against bank/NBFC 2.Penalty for late refund of failed transactio

1.Single RBI platform for complaints against Banks, NBFC -

As per present provision, complaints against banks and NBFC ( Non-banking Financial Companies ) have to filed with Ombudsmans of the respective region. Now RBI has launched a Complaint Management System (CMS) on its website.
Complaints once filed will be directed to the appropriate office of the Ombudsman or regional office of The RBI. Complainant will be informed of status of complaint and can also file appeal.
So, there is now no need for searching banking Ombudsman of your area for filing complaint. Just go to the RBI portal ( https://cms.rbi.org.in) and file complaint.

2.Penalty for late refund of failed transaction at ATM -

While using ATM card at ATM if your account is debited but you didn't get cash, then as per RBI rule, it is the responsibility of bank issuing card to re-credit this amount in your bank account within seven days.
If bank fails to do it, then card issuing bank has to pay compensation of Rs 100 per day till the amount is re-credited.
Bank has to re-credit this amount even without complaint being made, but for compensation complaint has to be filed with card issuing bank within 30 days

1. Govt employee can invest more in equity

1. Govt. employee can now invest more in equity instruments -

Govt. rules stipulate that no govt. employee shall speculate in any stock or any instrument with frequent purchase and sale of shares i.e. speculation. But occassional investments through stock brokers or duly authorised persons are allowed.
Govt. officers can now invest amount equal to six months basic salary in shares, debentures, mutual funds which was earlier two months salary. If you invest more than this amount in a calender year, govt employee will have to inform authority in seperate form.
There is no change in the rule that if you invest more than two months salary in stock market this has to be declared in annual property return, but for investment upto six months salary , seperate form will not be necessary.

1. For EPF, Basic Salary now includes allowances 2. Ombudsman for digital payment.

1. For EPF, Basic salary now includes allowances - According to Supreme Court decision, for provident fund purposes (EPF) salary will now include following allowances -

a. Conveyance

b.Education

c. Canteen

d. Medical

e. Any allowances that is paid regularly

But it will not include any allowances that is variable in nature, linked to incentives for production or sales increase or not paid to all employees across the board.

* As you know, EPF is must for every employee whose salary is less than Rs 15000 and in organisation which employs at least 20 persons regularly. As result of supreme court decision, Employer has to deposit more in your EPF account . As such you take home salary will be less but at the same time employer will have to deposit more money in your EPF account i.e. 12 % of basic salary plus allowances.

2. Ombudsman scheme for digital transaction (OSDT) - RBI has launched Ombudsman scheme for digital transaction. they will provide simple and free of cost grievance redressal mechanism to customers for digital transaction against mobile wallet companies or companies using UPI platform for cashless transaction. OSDT will at present function from offices of banking Ombudsman and will have the same jurisdiction.

1.No TDS for senior citizens on interest up to 50000 2.No tax benefit if house in name of wife

1. No TDS for senior citizens on interest income upto Rs 500001. - Order has been issued by Income Tax department that if interest income of senior citizens form all sources is below Rs 50,000, no Tax will be deducted at source. This will be valid on deposits in banks post-offices. cooperative banks . But if interest income exceeds Rs 50000, TDS will be deducted on whole of interest income. Example- if your interest income is Rs 49000, no tax will be deducted - but if your interest income is Rs 55000 tax will be deducted on Rs 55,000. For this you will not have to deposit Form 15 H.

2. No Tax benefit if house is in name of your wife - If one sells his house and invests the proceeds in new house, you get tax benefit for it, But, according to a new decision of income tax tribunal, if house is in name of wife then benefit wil accrue to her. If house is in joint name, then both of you will get 50-50 benefit.

IThere's much to see here. So, take your time, look around, and learn all there is to know about us. We hope you enjoy our site and take a moment to drop us a line.

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Gold Gives Negative Returns

Gold gives negative returns - If you think that buying gold is always profitable then look last five year's prices of gold at the time of diwali. Price of gold in 2012 was Rs 31050 per 10 gm and similarly in the year of 2013, 2014, 2015, 2016, 2017 prices of gold per 10 gms were Rs 29600, 28006, 26343,28623, 29667. On 2018 d1wali price of gold per 10 gms was 31,734. It means that compared to 2012, increase in price of gold in 2018 was only Rs 734, which means an annual return of 0.3 % per annum. Whereas in any fixed deposit you can easily earn a return of 8 % per annum.

Look Beyond Bank Fixed Deposits

1. Income tax - faceless from Sept 2019

1.Single RBI platfrom for complaint against bank/NBFC 2.Penalty for late refund of failed transactio

1. Govt employee can invest more in equity

1. For EPF, Basic Salary now includes allowances 2. Ombudsman for digital payment.

1.No TDS for senior citizens on interest up to 50000 2.No tax benefit if house in name of wife

Gold Gives Negative Returns