April 13, 2018 in News

SBI ATM Cash Withdrawal Rules Explained

SBI ATM Cash Withdrawal Rules Explained

SBI or State Bank of India allows its customers to make cash withdrawals of up to Rs.40,000 per day from its ATMs. Using SBI’s Classic Debit Card, SBI customers can withdraw up to Rs. 40,000 in cash from the bank’s network of ATMs, according to the corporate website of India’s largest bank – sbi.co.in. SBI offers several types of debit cards such as SBI Classic Debit Card, State Bank ATM-Cum-Debit Card, SBI Global International Debit Card and SBI Gold International Debit Card. For example, SBI Classic Debit Card enables its customers to purchase goods at merchant establishments, make payment online and withdraw cash from ATMs within the country, according to SBI website.

While SBI allows its customers to withdraw up to Rs. 40,000 in cash in a day using the Classic Debit Card, higher value cards permit daily withdrawal limits of up to Rs. 1 lakh per day, according to the SBI website.

SBI charges a fee of Rs. 125 plus GST (Goods and Services Tax) as annual maintenance charges for its Classic Debit Card. The charges are subject to revision from time to time, according to the SBI website.

SBI offers many services to its customers through its ATMs. These include cash withdrawal, ‘fast cash’ – a cash withdrawal option wherein the user gets to choose from a list of pre-defined values, PIN change, balance enquiry, mini-statement. cheque book request and utility bill payment.

The user can also register for IMPS or Inter-mobile Mobile Payment System service at State Bank of India ATMs, according to its website.

IMPS service enables a customer to transfer money to any other person with a registered IMPS number instantly.

Source by ndtv..

April 13, 2018 in News

Are PPF Partial Withdrawals Taxable? All You Need To Know

Are PPF Partial Withdrawals Taxable? All You Need To Know

PPF or public provident fund is one of the most popular small savings schemes. For risk-averse investors, PPF is one of the most suitable schemes for savings towards retirement, say financial planners. PPF accounts have a maturity period of 15 years, which can be extended further. Apart from higher interest rates as compared to bank deposits, PPF contribution, interest earned and maturity proceeds are all tax-free. PPF contribution up to Rs. 1.5 lakh in a financial year is eligible for tax deductions under Section 80C of the Income Tax Act.

Income Tax Treatment Of PPF Partial Withdrawal

Partial withdrawals from PPF accounts are permissible every year from seventh financial year from the year of opening account, according to India Post website. If the PPF accounts are extended beyond the maturity of 15 years, partial withdrawals can also be made. Tax experts say that PPF partial withdrawals also don’t attract any tax.  “PPF deposits fall under the EEE (Exempt, Exempt, Exempt) tax category, which means an investor is not liable to pay tax at all three levels – investment, earning and withdrawal. All payments from PPF shall be exempt from tax under Section 10 (11) and partial withdrawals or premature closure are not exceptions,” says Naveen Wadhwa, DGM at Taxmann.com.

“In other words, investors shall not be liable to pay any tax on the interest portion or the principal sum received on premature closure of the PPF account,” Mr Wadhwa adds.

In case of partial withdrawal of PPF account, the amount of withdrawal is restricted to 50 per cent of the balance in the PPF account at the end of the fourth year immediately preceding the year of withdrawal or the year immediately preceding the year of withdrawal, whichever is lower.

Other Things To Know About PPF Account
A PPF account holder can avail of loan facility in the third financial year, from the financial year in which the account was opened. A loan can be taken up to 25 per cent of the amount in the account at the end of the second year immediately preceding the year in which the loan is applied for. The PPF investor can repay the loan in lump sum or instalments.

Once the PPF investor repays the first loan, a second loan can be obtained. This loan facility is available till the end of fifth financial year from the end of the financial year in which initial subscription was made. PPF investor can take a loan only once a year.

Source by ndtv..

April 13, 2018 in News

How SBI Savings Plus Account Can Help You Earn Higher Interest

How SBI Savings Plus Account Can Help You Earn Higher Interest

Customers can now link their State Bank of India (SBI) Savings bank account to multi-option deposit account and earn higher interest, mentioned the official Twitter handle of country’s largest lender – @TheOfficialSBI. According to SBI, a savings bank account linked to multi option deposit (MOD) account is called ‘Savings Plus Account’, wherein surplus fund above a threshold limit from the savings bank account is transferred automatically to term deposits opened in multiples of Rs. 1,000. Customers can add more to their savings with SBI’s savings plus account, the tweet added.

All you need to know about SBI’s Savings Plus Account:

1. Any individual eligible to open SBI’s savings bank account can also open SBI’s savings plus account.

2. A monthly average balance (MAB) requirement is applicable for maintaining SBI’s Savings Plus account. For metro and urban bank branches, the MAB requirement is Rs. 3,000 while for semi-urban bank branches it is Rs. 2,000. The MAB requirement for rural bank branches is Rs. 1,000, as mentioned on SBI’s portal.

3. The rate of interest for SBI’s Savings Plus Account is same as applicable to SBI’s savings bank account. The interest on bank account is between the 10th and the last day of the month. Interest is credited on June 30 and December 31 every year.

4. Any surplus funds retaining a minimum of Rs. 25,000 in Savings Bank (to be set up by the customer) will be transferred as Term Deposit with a minimum of Rs. 10,000  and in multiple of Rs. 1,000 at one instance.

5. Thus, the minimum threshold limit for transfer of multi-option deposit (MOD) account is Rs.35,000.

6. All facilities offered to savings bank account holders such as ATM card, mobile banking, Internet banking, SMS alerts are also available in SBI savings plus account.

7. The period of deposit is 1-5 years.

8. Loan against multi-option deposits are also available.

9. The mode of operation can be single, joint or with either or survivor, former or survivor, anyone or survivor, etc.

Source by:-ndtv

April 11, 2018 in News

NASA wants you to send your name to the Sun

NASA wants you to send your name to the Sun

NASA wants you to send your name to the Sun

Washington, March 7  If you want your name to travel through the Sun’s atmosphere, braving brutal heat and radiation conditions, here comes your chance. NASA is inviting people around the world to submit their names online to be placed on a microchip aboard its historic solar probe launching this summer.

“This probe will journey to a region humanity has never explored before,” said Thomas Zurbuchen, Associate Administrator for the Science Mission Directorate at NASA Headquarters in Washington.

“This mission will answer questions scientists have sought to uncover for more than six decades,” Zurbuchen added.

In May 2017, NASA renamed the spacecraft from the Solar Probe Plus to the Parker Solar Probe in honour of astrophysicist Eugene Parker.The US space agency on Tuesday said it would accept submissions until April 27, 2018.

The spacecraft, about the size of a small car, will travel directly into the Sun’s atmosphere about four million miles from the star’s surface.

The primary science goals for the mission are to trace how energy and heat move through the solar corona and to explore what accelerates the solar wind as well as solar energetic particles.The mission will revolutionise our understanding of the Sun, where changing conditions can spread out into the solar system, affecting Earth and other worlds, NASA said.

The spacecraft speed is so fast, at its closest approach it will be going at approximately 430,000 mph.That’s fast enough to get from Washington, DC, to Tokyo in under a minute, NASA said.

“Parker Solar Probe is, quite literally, the fastest, hottest — and, to me, coolest — mission under the Sun,” said project scientist Nicola Fox of the Johns Hopkins University Applied Physics Laboratory in Maryland, US.“This incredible spacecraft is going to reveal so much about our star and how it works that we’ve not been able to understand,” she added.

Source by indiatimes..

April 5, 2018 in News

what is gstr1 and how to file gstr 1 online

GST has rolled out and paved the way for a uniform and systematic reporting system that is seldom found anywhere else. This transaction-wise, destination-based reporting system provides for a much effective credit flow, removes chances of corruption and illegal transactions.

To achieve this, the government has come up with an effective form-based reporting system that needs to be filed either monthly, quarterly or yearly, as the case may be, by the dealers and manufacturers. The aggregation of information uploaded by all the dealers will lead to a common reservoir of data, which can be accessed by either. Moreover, dealers can view their credit statement or payables with respect to GST easily in a common internet portal.

What Is GSTR-1 ?

It all starts with GSTR-1. It is where the suppliers will report their outward supplies during the reporting month. As such, all registered taxable persons are required to file GSTR-1 by the 10th of the following month. It is the first or the starting point for passing input tax credits to the dealers.

Who needs to file GSTR-1?

GSTR-1 has to be filed by “all” taxable registered persons under GST. However, there are certain dealers who are not required to file GSTR-1, instead, are required to file other different GST returns as the case may be. These dealers are E-Commerce Operators, Input Service Distributors, dealers registered under the Composition Scheme, Non-Resident dealers and Tax deductors. It has to be filed even in cases where there is no business conducted during the reporting month.

How to file GSTR-1 In few steps.

What needs to be filled in GSTR-1?

GSTR-1 has 13 different heads that need to be filled in. The major ones are enlisted here:

• GSTIN of the taxable person filing the return – Auto-populated result
• Name of the taxable person – Auto-populated field
• Total Turnover in Last Financial Year – This is a one-time action and has to be filled once. This field will be auto-populated with the closing balance of the last year
• The Period for which the return is being filed – Month & Year is available as a drop down for selection
• Details of Taxable outward supplies made to registered persons – CGST and SGST shall be filled in case of intra-state movement whereas IGST shall be filled only in the case of inter-state movement. Details of exempted sales or sales at nil rate of tax shall also be mentioned here
• Details of Outward Supplies made to end customer, where the value exceeds Rs. 2.5 lakhs – Other than mentioned, all such supplies are optional in nature
• The total of all outward supplies made to end consumers, where the value does not exceed Rs. 2.5 lakhs.
• Details of Debit Notes or Credit Notes
• Amendments to outward supplies of previous periods – Apart from these two, any changes made to a GST invoice has to be mentioned in this section
• Exempted, Nil-Rated and Non-GST Supplies – If nothing was mentioned in the above sections, then complete details of such supplies have to be declared.
• Details of Export Sales made – In addition to the sales figures, HSN codes of the goods supplied have to be mentioned as well.
• Tax Liability arising out of advance receipts
• Tax Paid during the reporting period – it can also include taxes paid for earlier periods.

The form has to be digitally signed in case of a Company or an LLP, whereas in the case of a proprietorship concern, the same can be signed physically.

Common Mistakes while filing GSTR-1

The mistakes can be as puny as mentioning incorrect HSN codes, Service Accounting Codes and can extend up to mentioning incorrect GSTIN, charging incorrect rates of tax, treating a sale as an intra-state sale instead of inter-state sale or vice versa, mentioning a tax invoice twice and the like. The supplier while filing the GSTR-1 can make these common mistakes. Apart from the above, situations may arise that ship to address of the customer can change. This common change can be witnessed while filing GSTR-1.

How to amend GSTR-1?

There may be cases wherein details mentioned by the supplier are incorrect. In these cases, there is a possibility for the dealers to amend the errors or omissions after filing GSTR-1. In a normal scenario, the details filed by the supplier is rejected by the recipient of the goods or services, then the supplier will receive an intimation to that effect, wherein he can amend the same. Where the recipient inadvertently accepts the invoice, oblivious of the error, then the supplier has to report the same to the Jurisdictional Authority citing such error and its rectification. The Jurisdictional Authority will have to option to make good such error, after ascertaining the facts of the case.

Where an inter-state sale is treated as an intra-state sale and subsequently, IGST is charged instead of CGST and SGST, then the supplier has to pay the amount of IGST separately to the Ministry and claim for a refund of the excess CGST or SGST. Again, he also has the option to claim input tax credit on the CGST / SGST amount inadvertently paid by him against CGST, SGST or IGST output liability, as per the prescribed rules.

In some cases, the supplier may be required to change information in a tax invoice, which is already uploaded in GSTR-1. It has to be noted that if the recipient accepts the details of the supplier as mentioned in the GSTR-1, then the supplier will have no option to amend or make any changes whatsoever in the invoice document. The supplier has to issue a supplementary invoice or a credit note against the invoice in which he wants to make any changes.

To negate the effects of the double claim of input tax credits, suppliers shall install a system, which derives a unique combination of financial year, invoice number, and the GSTIN. The system will automatically display the error in case there is a duplicate invoice being punched in.

There can be chances that Point of Supply in an invoice is changed over a reasonable period of time. This new point of supply can happen to be in a different state. In that case, SGST part charged will be reversed and passed on to the new state.

Common Questions Regarding GSTR-1

1) What is the checklist before filing Form GSTR-1?

The first and foremost requirement is having a valid Goods and Services Tax Identification Number (GSTIN). The supplier will be notified with a User ID and Password that will enable the user to file returns. Next, the supplier will be required to have a valid digital signature certificate (DSC). This DSC is obligatory for companies, LLPs (Limited Liability Partnerships) and FLLPs (Foreign Limited Liability Partnerships). Other suppliers, i.e. Proprietors, partnership concerns, HUF, etc. have the option to “E-sign” the form. In that case, a valid Aadhar Card Number is required. An OTP for verification shall be sent across on the registered mobile number as mentioned in the Aadhar Card.

2) How shall I file GSTR-1?

After going through the checklist, suppliers need to log in to the GSTN portal with the given User ID and password, follow these steps to file their returns successfully.

• Search for “Services” and then click on Returns, followed by Returns Dashboard.
• In the dashboard, the dealer has to enter the financial year and the month for which the return needs to be filed. Click on Search after that.
• All returns relating to this period will be displayed on the screen in a tiled manner.
• Dealer has to select the tile containing GSTR-1
• After this, he will have the option either to prepare online or to upload the return.
• The dealer will now Add invoices or upload all invoices directly
• Once the entire form is filled up, the dealer shall then click on Submit and validate the data filled up
• With the data validated, dealer will now click on FILE GSTR-1 and proceed to either E-Sign or digitally sign the form
• Another confirmation pop-up will be displayed on the screen with a yes or no option to file the return.
• Once yes is selected, an Acknowledgement Reference Number (ARN) is generated.

3) What is the due date of filing GSTR-1? What if I don’t file my returns within the due date?

The due date for filing GSTR-1 is 10th of the following month. If the dealer does not file GSTR-1 where it is mandatory to do so, then a late fee will be charged to the dealer.

The late fee is an amount of Rs. 100 / act / day, i.e. Rs. 300 shall be charged on account of IGST, CGST and SGST per day. Moreover, this late fee is calculated automatically after filing of GSTR-1.

Read about penalties under GST.

4) Can you upload invoices any time before filing the return?

Yes. Invoices can be updated on a regular basis before filing GSTR-1. Technically, dealers have a time slot of 40 days to upload their invoices, i.e. from 1st of the reporting month till the 10th of the next month. There can be several changes made to the list of invoices during this period.

5) The field “turnover” is a mandatory field in GSTR-1. How shall I fill it up?

This field is a one-time field and has to be filled up manually during the first return. It will be automatically populated every month based on the details furnished in the return.

How To File GSTR-1 Online?

Apart from filing GSTR-1 directly on GSTN portal, you can use third party softwares which are simpler to use. Most of these software accept data from your existing accounting software and help you upload it to GSTN portal. Almost all the GSPs have come up with their return filing solution.

If you want to avoid multiple steps and hassle of using lot of softwares, try ProfitBooks today. Its an easy to use accounting software with super fast GST return filing. Its designed for business owners who do not have any accounting background.

April 4, 2018 in News

WHAT IS GST E-WAY BILL? HOW TO REGISTER FOR BILL GENERATION

The e-way (electronic way) bill system under GST (Goods and Services Tax) for inter-state movement of goods rolled out on Sunday. E-way bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding Rs. 50,000 as mandated by the government in terms of Section 68 of GST Act, mentioned a circular released by Central Board of Indirect Taxes and Customs (CBIC). E-way bill can be generated from ewaybillgst.gov.in portal by the registered persons or transporters who cause movement of goods of consignment, said CBIC.

Steps to register on e-way bill portal (transporters already registered in GST portal):

1. All the registered persons under GST need to register on the portal of e-way bill again by using the GSTIN (Goods and Services Tax Identification Number)

2. Users can go to e-way bill portal and click on registration

3. Now, choose e-way bill registration and enter the GSTIN4. The system sends an OTP to the registered mobile number, registered with GST portal

5. After the authentication, the system enables the user to generate his/her username and password for the e-way bill system

6. After generation of username and password of his/her choice, he/she may proceed to make entries to generate e-way bill

Steps to register on e-way bill portal (transporters not registered in GST portal):

1. Unregistered transports can go to e-way bill portal and click on registration

2. Now, click on ‘Enrolment for Transporters’

3. Fill the form and submit

4. The e-way bill portal will generate Transporter ID, along with your user credentials. This Transporter ID can be given to clients

April 3, 2018 in News

WhatsApp privacy at risk: Users chat activity can be tracked

This can be a coincidence. At the time when Facebook has been in the news for gathering its users’ data, growing privacy concern. A recent report claims that a new app dubbed Chatwatch is reportedly tracking a user’s chat activity on Facebook-owned WhatsApp.

This app lets people peep into a user’s contact list using WhatsApp’s online or offline status feature. The report asserts that it informs users how often their friends check the micro-blogging platform and can also estimate when they go to bed every day — potentially making it an invasive app.

In simpler terms, this new creepy app takes advantage of WhatsApp’s public online/offline status, which lets your friends know when you’re readily available to talk and if you have read the message, even if you have disabled read receipts and last seen.

“Using this data, the app can tell you how often your friends check WhatsApp. It can even estimate what time they go to sleep and wake up each day,” tech website LifeHacker reported. This comes at a time when Facebook users are uninstalling apps they got connected with long ago via “Facebook log-in” after the social media platform, which also owns WhatsApp, was hit by a major data breach.

“It’s a creepy new trick that the app’s developers hope will bring more attention to how Facebook handles our data, along with how other companies access and analyse it,” the report stated.

“It’s also likely that WhatsApp will find a way to block ‘Chatwatch’ soon. So if you want to spy on your friends expose Facebook’s privacy issues, you should try it soon,” it added.

This app was originally launched on iOS devices but it was later taken off from the Apple App Store. ‘Chatwatch’ is currently available on Android platform and the developers are reportedly working on a web-based version as well, as per the report.

The question here raises is — is WhatsApp’s end-to-end encryption working efficiently. The instant messaging service is encrypted end-to-end so that the messages cannot be read by any other person.

Source by deccanchronicle..