Day: July 7, 2020

During the Coronavirus lockdown, various Indian banks had announced exemption from maintaining the minimum balance limit in one’s savings account. Since the offer was available till 30th June 2020, the original savings account minimum balance limit rule will become effective from tomorrow. Ignoring this may lead to monetary loss for many savings account holders. However, the State Bank of India (SBI) has made it clear in the first fortnight of…

Due to COVID-19 induced lockdown and monetary crunch, many individuals are resorting to options that ease their financial burden. Ration cards are one such instrument being used by people to purchase food at a subsidised rate. It’s an authorised document issued by the State Government of India. The whole objective is to help individuals buy food grains and other related items from the PDS system that is maintained under the…

Now Atal Pension Yojana (APY) subscribers have the flexibility to increase or decrease the pension amount anytime during the year with effect from July 1, 2020. Earlier this facility was available only during the month of April every year. However, this change in the pension amount can be done only once in a year. The PFRDA, which regulates pension funds, has asked all banks to process pension amount change requests…

The Income Tax department has rolled out a new tool to calculate Tax Deducted at Source (TDS) rate under Section 194N on its e-filing portal.  This development comes after new rules under Section 194N relating to TDS on cash withdrawals were implemented from July 1. Section 194N :- To encourage a cashless economy, a new Section 194N was introduced in the Income Tax Act effective from July 1. Section 194N…