Bear with these from tomorrow
Posted on: 31/Mar/2017 2:42:24 PM
Starting from tomorrow, there are going to be both good and bad developments for citizens. Well, that’s not about April fooling. From tomorrow, you will have to spend a bit more towards premium on non-life insurance policies offering coverage on health, auto and accident. The increase in payment follows IRDAI instruction to revise commissions for insurance agents.
Starting from tomorrow, junior assessing offers in income tax department need to decide whether or not to conduct survey or search in your premises. Senior officials in one level up from them can tentatively link the property, and eliminate waiting for court order.
Further, income tax officers now hold the key to reopen tax cases that are 10 years old if and when the cases have undisclosed income and assets of more than Rs 50 lakh.
When large volumes are cash are dealt with, it is better to make digital transactions. Starting from 1st April, the centre’s ban for payment above Rs 2 lakh will come into effect. At the same time, income tax filing is not going to be easy as delay in payment in any sort will attract penalty of the range Rs 1000 and Rs 10,000.
From April, SBI customers will be charged for many banking services or situations including that of cash deposits, withdrawals beyond permitted free limit, non-maintenance of minimum balance, and more.
The minimum average balance requirement is also raised. In metro, the minimum balance with savings account is Rs 5000 and in urban areas, it is Rs 3000 and in suburban areas, the minimum balance is Rs 2000 and Rs 1000 in rural areas.
When there is a shortfall in the minimum balance, penalty of the range Rs 50 and Rs 100 will be applicable. For enquiries that are old beyond 12 months will be charged with Rs 200 and for ATM cards, the penalty is Rs 100 or for return of welcome kit courier due to wrong address.
