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TDS upto 5% to be deducted on cash withdrawals from post office schemes

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The Department of Posts has issued new rules for deduction of tax deducted at source (TDS) if the aggregate withdrawal from all post office schemes is more than Rs 20 lakh. The provision includes withdrawals from PPF as well.

As per the new provisions under Section 194N of Income Tax Act 1961, if an investor has not filed income tax returns (ITR) for the previous three assessment years then TDS will be deducted from the withdrawal amount.

This new rule is applicable from July 1, 2020.

Here are the details of the TDS rules:

  1. If aggregate cash withdrawal by an investor exceeds Rs 20 lakh but does not exceed Rs 1 crore during a financial year and he is a non-ITR filer, then TDS at the rate of 2 per cent will be deducted from the amount exceeding Rs 20 lakh. In case total cash withdrawal from all post office accounts exceeds Rs 1 crore in one financial year then TDS at 5 per cent will be payable on the amount exceeding Rs 1 crore.
  2. The rule is different for ITR filers. If cash withdrawal exceeds Rs 1 crore by an ITR filer in a financial year the income tax payable will 2 per cent of the amount above Rs 1 crore.
  3. The changes have not yet been incorporated. In order to facilitate Post Offices to deduct TDS, the Center for Excellence in Postal Technology (CEPT), the technology solution provider to post offices, has identified and extracted the details of such depositors for the period from April 1, 2020, to December 31, 2020.
  4. CEPT will provide the required details to the concerned circles. Details such as account, PAN number of the depositor and the TDS amount to be deducted will be provided by the CEPT.
  5. The respective Post Office of the depositor will deduct TDS and the account holder will be informed about the deduction in writing.
  6. A voucher for the TDS amount will be prepared by the concerned Postmaster following which it is forwarded to HO/SBCO along with other SB vouchers. As per the requirements, the postmaster is responsible for the deduction of TDS as per rules.

Source: The Statesman

Business

Consumers spared of hike; petrol, diesel prices unchanged on Thursday

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Consumers have been spared another increase in auto fuel prices with oil marketing companies (OMCs) deciding to keep petrol and diesel rates unchanged on Thursday.

This is second consecutive day of fuel price pause and follows slight softening in global oil market over demand concerns prime markets in Asia seeing rising cases of coronavirus.

With fuel prices spared of another increase, the price of petrol continues to remain at Wednesday’s level of Rs 92.85 a litre and diesel Rs 83.51 per litre in Delhi.

Across the country as well the petrol and diesel price remained static on Thursday but its actual retail prices varied depending on the level of local levies in respective states.

Before Thursday, OMC was revising fuel prices on every alternate day for last one week rather than undertaking changes on a daily basis as has been practised. Accordingly, Wednesday’s price hold came after there was an increase in prices on Tuesday. There was no price increase on Monday as well.

Also, on Sunday while petrol and diesel prices were raised by 24 and 27 paisa per litre respectively, there was no price revision on Saturday. Similarly, while fuel prices were raised on Friday, they remained unchanged in the previous day.

Under daily price revision, OMCs revise petrol and diesel prices every morning benchmarking retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. However, in a market where fuel prices need to be increased successively, alternate day price revision seems to be the flavour.

It is worth noting that with 10 price increase in May, the retail price of regular petrol has already reached over Rs 99 a litre in Mumbai. Petrol prices are already over Rs 100 per litre in several cities in Madhya Pradesh, Rajasthan and Maharashtra. Premium petrol has been hovering above that level for some time now.

Petrol prices have increased by Rs 2.30 a litre Delhi in May in the 10 increases so far. Similarly, diesel prices have risen by Rs 2.78 per litre in capital this month.

IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post-state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.

With global crude prices at around $ 67 a barrel mark (lower than $ 70 it touched last week), OMCs may keep a watch and freakin’ from any further increase in fuel prices for some time now.

source: The Statesman

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Business

Sony expands E-mount lens lineup in India

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Sony India on Thursday unveiled the newest addition to its E-mount lens lineup with the introduction of the FE 14mm F1.8 GM -a compact, large-aperture, ultra-wide-angle lens.

Priced at Rs 162,990, the company said that it allows users to capture the world with new perspectives, especially when shooting landscapes, architecture, starry skies and interiors.

“The latest Sony lens from the G Master series, the FE 14mm F1.8 GM, offers extraordinary resolution, fast and quiet autofocus and is remarkably compact,” Mukesh Srivastava, Digital Imaging Head at Sony India, said in a statement.

“We are constantly innovating and working towards bringing technology that fulfils the needs of our customers so that they can realise their creative vision and deliver what they desire,” Srivastava added.

The new lens features a compact optical design, measuring just 83mm x 99.8mm and weighing just 460g (approx.), with advanced optical technology that delivers superb resolution and stunning contrast.

Users can render light point sources thanks to a maximum aperture of F1.8, making it possible to capture astrophotography or shoot in other low-light environments without having to use extremely slow shutter speeds.

When shooting in challenging lighting conditions, Sony’s original Nano AR Coating II technology maximises clarity by subduing flare and ghosting.

The new lens also features several advanced and versatile control options including, a focus hold button, a focus mode switch and a focus ring to ensure smooth, efficient operation in a wide range of shooting environments, the company said.

source: The Statesman

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Business

NEFT transfers will not be operational on May 23. Here’s why

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The Reserve Bank of India (RBI) on Monday said that due to NEFT system upgrade, this service will not be available from 00:01 hrs to 14:00 hours on Sunday, May 23, 2021.

“A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021. The RTGS system will continue to be operational as usual during this period,” the RBI tweeted today.

Member banks may inform their customers to plan their payment operations accordingly.

A similar technical upgrade for RTGS was completed on 18 April 2021.

NEFT is available 24X7 that happens in batches of half an hour. There is no maximum limit on the amount that one can transfer through NEFT, but different banks have various limits on the amount that can be transferred.

source: The Statesman

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