NACH system to be accessible on all days
The Reserve Financial institution of India (RBI) has introduced that the Nationwide Automated Clearing Home (NACH) system can be accessible on all days, together with Sundays and financial institution holidays, efficient from August 1, 2021.
NACH is a bulk cost system operated by NPCI which facilitates one-to-many credit score transfers, equivalent to cost of dividend, curiosity, wage, pension, and likewise assortment of invoice funds pertaining to electrical energy, gasoline, phone, water, periodic instalments in direction of loans, investments in mutual funds, insurance coverage premium, and many others.
At current, auto-debit directions given by the checking account holder doesn’t get processed on days the financial institution is closed like Sundays, financial institution holidays and even gazetted holidays. Additional, since most firms use NACH for wage credit these additionally don’t occur on financial institution holidays.
From August 1, your wage credit score into your checking account, auto-debits associated to mutual fund SIPs, house/automobile/private loans EMI funds, invoice funds equivalent to phone payments, gasoline funds, electrical energy payments and many others. will happen even on financial institution holidays.
Penalty on self-assessment tax dues above Rs 1 lakh
A authorities press launch issued on Might 20, 2021, said that if a person taxpayer’s tax dues, after subtracting TDS and advance tax dues, exceeds Rs 1 lakh for FY 2020-21, then the cost should be made on or earlier than July 31, 2021. The penal curiosity, as per below 234A of the Earnings-tax Act, 1961, can be levied on the charge of 1 per cent per 30 days from August 1, 2021, until the date of submitting of ITR.
The press launch clarified that if senior residents (who should not required to pay advance tax as per earnings tax legal guidelines) pay any taxes earlier than July 31, 2021, then the taxes paid can be handled as advance tax. Additional, if because of this the ultimate tax legal responsibility goes under Rs 1 lakh, then penal curiosity is not going to be levied below part 234A.
Nevertheless, such aid has not been supplied for people aged under 60 years. Due to this fact, they should pay all their tax dues if it exceeds Rs 1 lakh to keep away from penal curiosity from August 1.
Revision in ICICI Financial institution transaction prices
In response to ICICI Financial institution’s web site, the service prices of varied transactions of normal financial savings account can be revised from August 1, 2021. Here’s a take a look at among the revisions based on the web site:
Money transaction prices
Worth restrict (sum complete of deposits and withdrawals) the worth restrict is inclusive of each House and Non house department transactions.
a) House Department (Department the place account is opened or ported)
Rs 2 lakh. (w.e.f Aug 01, 2021 – Rs 1 lakh) Free per 30 days per account.
Above Rs 2 lakh (w.e.f Aug 01, 2021 – Rs 1 lakh) – Rs 5 per Rs 1,000, topic to a minimal of Rs 150
b) Non-House department
No prices for money transactions worth as much as Rs 25,000 per day.
Above Rs 25,000 – Rs 5 per Rs 1,000 topic to a minimal of Rs 150
Nil for 20 (w.e.f Aug 01, 2021 – Nil for 25) payable-at-par cheque leaves in a yr; Rs. 20 for each further cheque e-book of 10 leaves