Tuesday 8 November 2016
PM Narendra Modi: Rs 500, Rs 1000 bank notes not valid from yesterday midnight; ATMs won't work today
INDIATODAY.IN NEW DELHI, NOVEMBER 8, 2016
PRIME MINISTER NARENDRA MODI, IN A SUDDEN ADDRESS TO THE NATION, ANNOUNCED THAT RS 500 AND RS 1,000 DENOMINATION NOTES ARE BEING WITHDRAWN FROM MIDNIGHT. HE SAID THAT SUCH NOTES WILL BECOME "MERE PAPER".
PRIME MINISTER NARENDRA MODI TODAY ANNOUNCED THAT RS 500 AND RS 1000 BANKNOTES WOULD BE WITHDRAWN FROM THE FINANCIAL SYSTEM AT MIDNIGHT, SAYING IT WAS PART OF A CRACKDOWN ON RAMPANT CORRUPTION.
IN AN UNPRECEDENTED MOVE, PRIME MINISTER NARENDRA MODI ADDRESSED THE NATION THROUGH DOORDARSHAN, INDIA'S STATE TELEVISION. HE IS SCHEDULED TO MEET PRESIDENT PRANAB MUKHERJEE AFTER HIS TELECAST.
THIS IS THE FIRST TIME MODI ADDRESSED THE NATION IN THIS MANNER SINCE HE WAS ELECTED MORE THAN TWO YEARS AGO. THE ADDRESS WILL BE FIRST IN HINDI, FOLLOWED BY AN ENGLISH TELECAST.
MODI'S ADDRESS TO THE NATION COMES AT THE END OF THE DAY IN WHICH HE MET THE THREE CHIEFS OF THE ARMED FORCES - ARMY CHIEF DALBIR SINGH, NAVY CHIEF SUNIL LANBA AND INDIAN AIR FORCE VICE CHIEF BS DHANOA - TO REVIEW INDIA'S SECURITY FOLLOWING THE TENSION WITH PAKISTAN.
National Security Advisor Ajit Doval was also present at the meeting. The Prime Minister then chaired a meeting of his senior ministers.
The meeting came as tension along the India-Pakistan border continues, with over 100 violations from the Pakistani side since the surgical strikes that India carried out on terror launch pads in Pakistan-administered Kashmir in the intervening night of September 28-29.
Highlights:
- This speech is for a special request that I am going to make to the nation.
- We are for empowerment of poors and for their rights.
- The various schemes launched by the government are aimed at empowering the poor. It shows the government is dedicated to the poor.
- Corruption and black market is a big hindrance in removing poverty.
- India a bright spot in global economy. This claim is not by us, but by the IMF.
- Corruption is the biggest bane for us. We are Number 70 on corruption index.
- Terrorism is being funded from across the border using fake currencies
- We took many steps to contain the menace of black money
- We made an SIT on black money with a retiredd judge of Supreme Court
- We entered into agreements with various countries to contain black money transactions
- We introduced the amnesty scheme to announce black money\
- Corruption, black money etc are such things which are pushing teh country backwards
- Rs 125 lakh crores came out during amnesty scheme on black money
- Some people have misutilised their positions for corrupt practices
- Some honest people have fought corruption as well
- On one side terrorism, fake note currency is destroying the country and on the other corruption and black money is destroying the country
- Rs 500 and Rs 1000 notes will be invalid from November 8 midnight
- The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society
- From Midnight Nov 8, 2016 today, Rs 500 and Rs1000 notes are no longer legal tender
- You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office
- On November 9 and in some places, on November 10, the ATMs will not work
- ATMS will limit money to Rs 2,000 a day initially
- On November 9, all banks will remain closed for public work
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etcThe new Rs 500 note. (Photo: ANI)
- The new Rs 2000 note. (Photo: ANI)
Tuesday 1 November 2016
Income Tax 2016-17 – All Salaried Employees to declare deductions and savings under Form 12BB
Income Tax 2016-17 – All Salaried Employees to declare deductions and savings under Form 12BB
Till Finance Act 2016, there was no standard format for salaried employees for filing declaration with their employer to claim deduction for savings under Section 80 C, payment of house loan interest under Section 24, and HRA exemption under Section 10. In the absence of single declaration form, employees had to submit proof for each investment made in the year.
12BB – Download Form 12BB as a Word, Excel or PDF file- All Employees to file Declaration under Form 12BB to claim deduction for savings under Section 80 C, payment of house loan interest under Section 24, and HRA exemption under Section 10.
The Finance Act, 2015 had introduced section 192(2D) of the Income-tax Act, 1961 (the Act) wherein the person responsible for making payment of salary (employer) was obliged to collect the necessary evidence or proof in the prescribed form and manner to allow any claim for any deduction and/or tax saving investments. However, the relevant rules and form were yet to be prescribed. The Central Board of Direct Taxes (CBDT) has come out with the relevant rules1 and also prescribed the form i.e. Form 12BB, in which salaried employees would now be required to furnish evidence of claims and tax saving investments to the employer.
As a relief to employees and also to employer, Income Tax Department has introduced a new Form 12BB. This form, applicable from June 1, 2016, will act as a single entity that you can use to declare your to claim deduction for savings under Section 80 C, payment of house loan interest under Section 24, and HRA exemption under Section 10.
Deductions that can be declared under Form 12BB:
The standard Form 12BB is for all salaried Employees to claim tax deductions. You use can use it to claim deductions for leave travel allowance (LTA/LTC), house rent allowance (HRA), interest paid on home loans, and all other tax deductions pertaining to Chapter VI-A of the Income Tax Act.
House Rent Allowance (HRA):
With form 12BB, you can claim any HRA tax deductions under Section 10 (13A) of the Income Tax Act. Along with 12BB you will need to provide the relevant rent receipts for this deduction. You will also need to submit the name and address of the landlord. In the event the aggregate rent paid by you exceeds Rs 1 lakh, you will also need to submit the Permanent Account Number (PAN) of your landlord.
Amount claimed under Leave travel Concession (LTC)
With Form 12BB, you need to furnish amount and provide evidence of expenses made towards your travel. Unlike in the past, it is now mandatory to provide proof of all travel expenses in the form of receipts for your claim.
Interest on home loan under Section 24:
Earlier to claim deduction for interest paid on home loan, we have to submit interest certificate from the concerned bank. Now, in addtion to the same we will have to fill up Form 12BB to claim deductions under Section 24 of the Income Tax Act.
Savings / deductions under Chapter VI-A:
All tax deductions under Section 80C, Section 80CCC, and Section 80CCD, as well as other sections like 80E, 80G, and 80TTA come under Chapter VI-A of the IT Act. For deductions, fill up Form 12BB and provide details and proof of your investments and expenditures incurred related to the relevant section you are seeking deductions under.
Post offices to go paperless in six months
" என்ன எப்படி ஆனாலும் நாங்க பேப்பர்ல STATEMENT அனுப்பச் சொல்லி கேட்டுகிட்டே இருப்போம்ல "
ONGOLE, October 29, 2016 : In a customer-centric initiative, India Post will go paperless shortly implementing Core System Integrator (CSI) Project across different channels, levels and locations, according to its Vijayawada Region Postal Services Director E. Veerabhadra Rao.
Addressing the media here on Friday night, he said, “A pilot project is being implemented in Machilipatnam in this region to lay down a robust IT infrastructure, implement software applications. All services of the Postal Department will go online in six months time.” Customer Interaction Channels would provide services through call centre, web portal and mobile devices.
The CSI also provided for IT-based mail operations with improved article tracking and technology-driven logistics network. Finance & Accounts as also Human Resources Management would be done online under CSI, he added.
“India Post is fully geared up to offer banking services from new fiscal,” he said, adding that the Reserve Bank of India had in principle agreed to inter-portability of its Automated Teller Machines (ATMs) with those of PSU banks. “Some ticklish issues like addressing the complaints of the customers of each other are being looked into,” he added.
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