Friday, June 14, 2019
Tuesday, June 11, 2019
Saturday, June 8, 2019
RBI removes NEFT, RTGS payment charges to push digital transactions
RBI has removed charges for payments via NEFT and RTGS and asked banks to pass on the benefits to customers. This means that payments via NEFT and RTGS would become either free or charges would be drastically reduced. This was announced in the Statement on Developmental and Regulatory Policies, which was released today by the central bank as part of its monetary policy review.
The Reserve Bank levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National Electronic Funds Transfer (NEFT) System for other fund transfers. Banks, in turn, levy charges on their customers. In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week.
1. National Electronic Fund Transfer (NEFT)
NEFT is a payment system facilitating funds transfers from one bank account to another. One can access this service either by using Internet banking or by visiting the bank branch. (Not all bank branches are enabled with this service.)
Once you initiate the transfer, the money reaches the beneficiary account within hours. There is no limit on the minimum or maximum amount you can transfer, however, individual banks may put restrictions on the per transaction amount.
2. Real Time Gross Settlement (RTGS)
This is a facility used for transferring high value amounts. In RTGS, the minimum amount that can be currently transferred is Rs 2 lakh.
You can only transfer funds using RTGS on any working day between Monday and Saturday either via internet banking or bank branch.
Source:-The Economic Times
Thursday, June 6, 2019
Govt may have to extend ITR filing deadline for FY18-19; extends Form 16 issue date to July 10
The government may have to extend the due date for filing income tax return (ITR) this year. The normal due date or deadline for filing ITRs by individuals is July 31. This is because the Central Board of Direct Taxes (CBDT) has issued a notification dated June 4, 2019 extending the deadline for employers to file their TDS returns and also to issue Form 16 to employees to June 30th and July 10th respectively.
If employees get their Form 16 by July 10th it leaves very little time for thousands of tax payers to file their returns if the deadline for filing of ITRs remains July 31 – only 21 days. Also, remember that since last year a penalty is payable for filing ITR after due date. Therefore, following this move of the CBDT, the extension of the due date for filing ITRs for individuals may well get extended too.
The due date for filing of ITRs for individuals has been extended in earlier years too for various reasons including: giving more time for PAN-Aadhaar linking, income tax e-filing website going down due to heavy rush etc. Given that now there will be very little time for the salaried to file their returns this year, there are likely to be several requests from various quarters urging the government to give more time to file the ITRs.
The CBDT has issued a notification to amend the Form 24Q and Form 16 (TDS certificate in respect of salary income) with effect from May 12, 2019. As per the new format, every employer is required to report the detailed break-up of salary, exempt allowances and deductions claimed and allowed to an employee.
Further, the income-tax return forms for AY 2019-20 were also amended by CBDT in line with the changes made in Form 24Q and Form 16. The move has been made to cross check the information provided by an employee in ITR forms with TDS return filed by his employer.
If employees get their Form 16 by July 10th it leaves very little time for thousands of tax payers to file their returns if the deadline for filing of ITRs remains July 31 – only 21 days. Also, remember that since last year a penalty is payable for filing ITR after due date. Therefore, following this move of the CBDT, the extension of the due date for filing ITRs for individuals may well get extended too.
The due date for filing of ITRs for individuals has been extended in earlier years too for various reasons including: giving more time for PAN-Aadhaar linking, income tax e-filing website going down due to heavy rush etc. Given that now there will be very little time for the salaried to file their returns this year, there are likely to be several requests from various quarters urging the government to give more time to file the ITRs.
The CBDT has issued a notification to amend the Form 24Q and Form 16 (TDS certificate in respect of salary income) with effect from May 12, 2019. As per the new format, every employer is required to report the detailed break-up of salary, exempt allowances and deductions claimed and allowed to an employee.
Further, the income-tax return forms for AY 2019-20 were also amended by CBDT in line with the changes made in Form 24Q and Form 16. The move has been made to cross check the information provided by an employee in ITR forms with TDS return filed by his employer.
The due date of filing of income-tax return for AY 2019-20 is 31st July 2019. So, it is very likely that the CBDT would also extend the due date of filing of income-tax return considering the extension in due date of issuance of Form 16.
Source:-The Economic Times
UPU News:-From climate policy to climate solutions – bridging the governance gap
Climate action has rocketed to the top of the political agenda in many countries amidst warnings that greenhouse gas emissions are continuing to rise, but what does this mean for postal services? From the COP 24 in Poland to the World Economic Forum in Davos, the message of urgency is clear, but how can we turn national and sectoral commitments into action on the ground?
An ever-expanding catalogue of solutions is available to help Posts reduce their energy consumption and meet the remaining demand in a sustainable way, and electric vehicles and solar panels are no longer science fiction. A key question for Posts is how to choose which climate actions to take. Where should they invest their resources for the biggest reduction in emissions? The most appropriate solutions will vary between operators, depending on factors such as the age of their physical infrastructure, the mix of services delivered and even the local climate.
To support strategic decision-making, member countries requested the UPU to provide an online tool for postal operators to measure their greenhouse gas emissions. The result is the Online Solution for Carbon Analysis and Reporting (OSCAR), which is available to the designated operators of UPU member countries free of charge.
At a basic level, OSCAR can be used to record qualitative information about environmental management activities and broad summaries of greenhouse gas emissions, enabling users to track their emissions and demonstrate their growing engagement with this topic over time. This includes a very popular feature allowing users to record and, if they wish, to share updates about new sustainability projects and innovations. This information also gives the UPU critical insights into innovative projects under way in member countries, and ideas for new programmes it could develop. These functions are valuable for decision-making at the postal-operator level, and are convenient ways of collecting data for other sustainability reporting and accreditation systems in which Posts participate, such as the Global Reporting Initiative.
However, it is by engaging with the detailed reporting of data on emissions from building stock, vehicle fleet and energy mix that the full functionality of OSCAR is revealed. The output is a list of KPIs designed specifically for the postal sector, which Posts can use to support strategic action on emissions reduction. These indicators take abstract data and convert it into a more tangible form, such as CO2 emissions per item, percentage of alternative vehicles in the Post’s fleet, and more. Such data can help inform the climate change strategies of UPU members, irrespective of how advanced their progress is to date.
OSCAR’s 2017 annual campaign saw another increase in the detail and quality of reporting. Participation remains evenly distributed across the regions, which we believe is a reflection of the level of support currently provided to users. The tool and guidance are available in six languages, with online help and an e-mail for sending queries directly to our OSCAR team. We are keen to make this tool as inclusive and user-friendly as possible, so please send us your feedback.
This year’s OSCAR campaign will open soon. Starting in May 2019, we will be collecting data on the 2018 emissions and sustainability progress of our designated operators. For more information, visit https://oscar.post or e-mail oscar@upu.int.
Monday, June 3, 2019
Retirement of Superannuation
Shri K.C. Chinara, SPOs, Balasore Division, Balasore retired from Govt. Service on 31-05-2019(A/N) on superannuation.
On the occasion of his retirement from Govt. Service, All India Association of Inspectors and Assistant Superintendents of Posts, Odisha Circle Branch bids him a respectful farewell and wishes him a good-health and peaceful life in his post-retirement days.
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