Reserve Bank of India to Issue New Batch of Rs 20 Notes Soon


Mumbai, July 20: The Reserve Bank of India is all set to release a new batch of currency notes of denomination of Rs 20 under the Mahatma Gandhi series-2005. The new notes of Rs 20 will be released with the inset letter ‘S’ in both the number panels, news agency ANI reported.

RBI - News24in7

According to a report, another major change that will be seen in the new currency notes will also carry a signature of RBI Governor Urjit Patel, which the older Rs 20 notes did not have. However, the design of the new Rs 20 notes will not change in any way and will remain the same as the ones released in September 2016 with the inset letter ‘R’. The RBI also said that the old Rs 20 notes in circulation will continue as a legal tender.

Earlier this month an image of a note of Rs 200 denomination was being widely shared on social media, even though there was no official confirmation about its authenticity came from the responsible authorities. Some report suggests that the printing process had begun and the central banks would soon issue the new notes of Rs 20.

There were reports that the RBI is looking to issue the Rs 200 notes to make daily transactions easier for people. Last month, the RBI introduced a new series of the recently introduced Rs 500 notes.

“In continuation of issuing of Rs 500 denomination notes in Mahatma Gandhi (new) series from time to time which are currently legal tender, a new batch of banknotes with inset letter “A” in both the number panels, bearing the signature of RBI Governor Dr Urjit R Patel Governor; with the year of printing “2017” on the reverse, are being issued,” RBI said in a statement.

Source

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6 ways to verify your income tax return


Incometax - News24in7

Image Source: Livemint

With less than 10 days left to the deadline of July 31 for filing income tax returns (ITR), most people have started filing their ITR. An ITR after being filed has to be verified by the assessee.

As per the existing tax laws, a return filed by the taxpayer is not valid until it is verified as filed by the concerned assessee. A taxpayer can verify his/her return either electronically using E-Verification Code (EVC) using any one of multiple options or physically.

In case of e-filing taxpayers have the option to e-verify their respective returns at the time of uploading or after uploading. In case of an already-uploaded return, taxpayers can e-verify the same by clicking on the “e-Verify Return” option under the ‘My Account’ tab after logging into the e-filing website. Physical verification method can be used only after filing the return.

Under the ‘e-verify return’ option, a taxpayer will be shown three alternatives to verify their returns.

  1. I already have an EVC to e-verify my return.
  2. I do not have an EVC and I would like to generate EVC to verify my return.
  3. To verify your returns using Aadhaar OT

If you’re using Aadhaar OTP method, your mobile number must be linked to your Aadhaar. In this process a, OTP is generated and sent to your registered mobile number. Enter the OTP in the text box provided and click on submit. Success page will be displayed. It is important to remember that Aadhaar OTP is valid for 30 minutes only.

If you do not have EVC or your mobile number is not linked to aadhaar, then you can choose option 2 mentioned above. EVC can be generated by clicking on ‘Generate EVC’ option under ‘My Account Tab’. Four options to verify your ITR will appear. An Individual can choose any of the following method to verify it.

Using Electronic methods
You can use any one of the following four methods to verify your ITR electronically apart from Aadhaar OTP. Once you have verify it.

Using Electronic methods
You can use any one of the following four methods to verify your ITR electronically apart from Aadhaar OTP. Once you have verified it electronically you are not required to send the physical ITR-V copy to Bengaluru.

(a) Using One Time Password (OTP): You can verify your ITR by receiving an OTP on your registered mobile number and e-mail ID. OTP is a 10 digit alphanumeric code which can be generated through the income tax department’s e-Filing portal and is valid for 72 hours.

This OTP can be used only if your gross Income minus deduction is less than or equal to Rs 5 lakh. And/or, refund/demand is less than or equal to 100. This is first option to that appears under the ‘Generate EVC’ option. Click on ‘Generate e-filing OTP’. The OTP will be you’re your email id.

(b) Generating EVC using net-banking: You can also verify your return by using the net-banking facility of your bank account. Log-in to your net banking account and click on tab related to income tax filing. Select the e-verify option and you will be redirected to e-filing website.

Once logged in to the income tax e-filing website, click on the ‘My Account’ to generate the EVC. A 10-digit alpha-numeric code will be sent to your email and mobile number which is valid for 72 hours. Now, click on ‘e-verify’ option in ‘My Account’ tab to verify your returns using option 1 ‘I have EVC already’.

(c) Receiving EVC by using bank account based validation system: To use this method you must first pre-validate your bank account. You can pre-validate your bank account through the profile settings menu in your e-filing account. You will be required to enter details such as bank name, account number, IFSC and mobile number.

Pre-validation will be successfully completed only if your PAN and name match with bank account records. You must enter the mobile number which is linked to that bank account. Once these details are confirmed and validated by the bank then only you can generate EVC using this option. You will receive the code on the mobile number mentioned by you. Currently, only 12 banks are providing this facility. You must ensure that your bank is in the list before using this option. No change of mobile number or email as mentioned above will be permissible without revalidation of the bank.

(d) Verifying returns through Demat Account Number: This method is similar to bank account based validation. This method was launched earlier but has become functionally usable starting from this assessment year. To use this method for verifying your tax returns, your must also first validate your Demat account in the profile settings menu.

You will be required to select your depository and enter both mobile number and email id. Once the details (PAN, mobile number and email id) mentioned by you is confirmed and validated by the depository then you can use this option to generate the code. Here too, no change of mobile number or email id will be permitted without revalidation with the depository.

Using Physical Method (by sending ITR-V/Acknowledgement receipt)
If the taxpayer is not able to e-verify his return because of any reason or is not comfortable in using the electronic verification mode, then he/she can download the ITR-V also known as acknowledgement receipt. He needs to sign it and send it to CPC through post. This ITR-V should reach CPC within 120 days from the date of upload of the return for the return to be treated as valid.

  1. ITR-V is a one-page document which you need to sign in blue ink and send via ordinary post or speed post. You cannot courier the ITR-V.
  2. ITR-V is a password protected document which can be downloaded from your account on the e-filing website under the ‘View Returns/Form’ on the ‘Dashboard’. This ITR-V is auto-generated after you successfully upload/e-file your income tax return. Password to open ITR-V is your PAN number in lower letters along with your date of birth (DOB). If your PAN is “AAAPA1111F” and DOB is 01/01/1975, then your password will be “aaapa1111f01011975”.
  3. You are not required to send any supporting document along with the ITR-V. Just send the one page signed ITR-V.
  4. When your duly signed ITR-V is received and entered in the records at CPC, you will receive an email on your registered email ID that the ITR-V has been received and your return has been verified. Processing of your return will only start after verification.
  5. Address of CPC Bangalore for speed post: ‘CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka, India’.

Note: Not all assessee can use the e-verification option to verify their returns. Some assesses are required to verify their returns by using the ‘Digital Signature Certificate (DSC)’. Such assesses are the individuals or HUF using ITR 3 for the FY 2016-17 (ITR 4 for the FY 2015-16) to file their tax returns and whose accounts are required to be audited under section 44AB. Once returns are filed using DSC method, they are not required for further verification as they are digitally signed by the taxpayer.

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Sirens to alert people in case of earthquakes in Uttarakhand


soundwave

DEHRADUN: IIT-Roorkee has developed a regional early warning system which will alert people in Uttarakhand in the event of an earthquake by sounding a siren.

A siren will scream after getting required signals from sensors to be put up in quake-sensitive areas across the state and alert people in case of earthquakes so they get enough time to reach safety, seismic scientist from IIT-R Ashok Kumar said in a presentation at a meeting of the Advisory Group Committee on disaster management chaired by Chief Secretary S Ramawamy.

84 sensors have already been installed in quake-prone areas of Uttarakhand out of a total of 1,100 sensors to be put up throughout the state, Kumar said at the meeting.

After the installation of sensors is complete, sirens will begin to be installed in sensitive areas, an official release quoting him said.

A mobile app has also been developed which will alert users about a quake by producing a unique beeping sound.

n areas where there is no mobile connectivity, the early warning system will be connected with All India Radio.
An early warning system software has also been prepared, Kumar said.

Via

— TimesofIndia

 

Congress says it won’t let Modi speak in Parliament unless he says sorry to Manmohan, Rahul attacks PM


rahul-gandhi

Outraged over Narendra Modi’s remarks against predecessor Manmohan Singh, the Congress warned on Wednesday that it will not let the Prime Minister speak in Parliament unless he apologises for his “unacceptable” comment.

Congress members in the Rajya Sabha staged a walkout soon after Modi accused Singh of “allowing corruption under his nose but at the same time managing to steer clear” of any charges. The Prime Minister was replying to a debate on the motion of thanks on the President’s address.

Terming the events in Parliament “shameful”, Congress vice-president Rahul Gandhi tweeted: “When a Prime Minister reduces himself to ridiculing his predecessor-years his senior, he hurts the dignity of the parliament &the nation.”

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Even though many scams took place in the country (in the previous UPA regime), Singh’s image remained clean, Modi said, taking a dig at the former PM. “People should learn from Dr. Singh how to bathe in bathroom wearing a raincoat.”

“How can you have a dialogue with the opposition with this kind of language used against us… You can’t get personal in a debate,” senior Congress leader Kapil Sibal later told reporters in the Parliament House complex. “We too could get personal and start talking about things where the Prime Minister’s name has occurred but we never did that.”

While Singh did not respond to the Prime Minister’s statement, the Congress fielded all its senior leaders to attack Modi on the issue.

Former finance minister P Chidambaram claimed that the Prime Minister doesn’t come to the House to listen to anyone from the Opposition. “Today, he was scheduled to come in at 5pm. He deliberately did not come at that time and came only after the last speaker from the opposition had concluded. Then he begins his speech and within minutes attacks the former Prime Minister in the most unacceptable manner,” he said.

“It was in extremely poor taste. It is unbecoming of a Prime Minister to use such language against the former PM. It certainly is unbecoming of anyone to say such harsh, ugly statements about Dr Manmohan Singh. We are very disappointed and angry.”

We have expressed our protest by walking out. We could have stayed back, created a ruckus, stormed the well of the House and shouted down the Prime Minister. But that would have in the circumstances of today brought us down to the level of the debate which the Prime Minister wanted. We don’t want such a debate to take place. We want the people to know that no Prime Minister has ever used such a language against a former Prime Minister,” Chidambaram added.

In a strongly worded attack on the government’s demonetisation exercise in the Rajya Sabha during the winter session in November last year, Singh said that several deaths and distress among the poor, farmers and small traders convinced him the demonetisation plan led to “organised loot and legalised plunder”.

On Wednesday, in an apparent reference to these comments, PM Modi said, “We have the ability to pay back in the same coin,” Modi said. “If anyone speaks like this, he should also be ready to face the consequences.”

But Sibal defended the use of words “plunder and loot” by Singh, saying those were not personal remarks against Modi but about the demonetisation policy. “We have never seen such arrogance. There is a dignity of the chair he occupies. The PM gives speeches in Parliament as if he speaks in a locality or in a ground. He doesn’t know what to say and what not in Parliament. The PM thinks that only he is clean and the rest all of us are black marketers,” he said.

From the government benches, information and broadcasting minister Venkaiah Naidu supported PM Modi and said that the Congress had earlier described Modi as Hitler as well as Mussolini.

However, Congress’ deputy leader in the Rajya Sabha Anand Sharma refuted these charges. “Never ever have we called the Prime Minister names even if he functions in a dictatorial manner. The fact is that he is behaving in an extremely insulting and arrogant manner towards the entire opposition. He has also insulted the memory of India’s martyred Prime Minister Indira Gandhi and used unacceptable language against the former Prime Minister. We cautioned him initially not to drag the debate to such a low level,” he said.

Congress’ chief spokesperson Randeep Singh Surjewala tweeted: “PM is not a person but an institution it has a decorum, propriety, morality and discipline in language. Sadly, Modi ji forgets he is PM of India!”

Via (HT)

Earthquake in Uttarakhand, strong tremors jolt Delhi, north India; NDRF teams rushed


earth-quakes

A 5.8 magnitude earthquake struck Uttarakhand, sending tremors across Delhi-NCR and several states of north and eastern India on Monday night, shaking buildings, rattling window panes and sending people scurrying out of their homes.

The earthquake jolted the North India at 10:33pm and tremors were felt for about 30 seconds. There was no loss of life or damage to property, however one was injured in Uttarakhand’s Rudraprayag district, which according to National Seismological Bureau was the epicentre of the quake.

“The depth of the quake was 33km and it occurred at 10.33 PM,” said JL Gautam, operations head at the NSB, a unit of ministry of earth sciences.

According to the US Geological Survey, the magnitude was 5.6.

Uttarakhand, which falls in the Himalayan belt, is known for high seismic activities.

Prime Minister Narendra Modi on Twitter said he had spoken to officials and taken stock of the situation.

A home ministry spokesperson said home minister Rajnath Singh had asked for a detailed report and the NDRF has been put on high alert.

Union home ministry said NDRF teams have been rushed from Ghaziabad to Uttarakhand to conduct rescue and relief operations, if such a situation arises.

Two teams of National Disaster Response Force were rushed to Rudraprayag, NDRF director general RK Pachnanada told PTI.

He said that one more team has been put on standby and will be dispatched depending on the developing situation.

PM Narendra Modi also tweeted: “Spoke to officials & took stock of the situation in the wake of the earthquake felt in various parts of North India. PMO is in touch with officials in Uttarakhand, which is the epicentre of the quake. I pray for everyone’s safety & wellbeing.”

Ashok Kumar, a senior official in Dehradun police, said, “The quake was quite heavy. It lasted for 25 or 30 seconds, but there are no reports of damage so far received.”

Amit Negi, secretary of disaster management in the state, said they have alerted all districts and were coordinating with them, but that there were no reports of damage so far.

In Delhi, panicky people rushed out of their homes as the quake hit the city of 16 million people.

Tremors were also felt across Punjab, Haryana and their common capital Chandigarh too. Tremors were felt as far as Kolkata, reports said.

In Chandigarh, many people came running out of their homes screaming. “I was sleeping, when my bed started shaking. I ran towards my mother’s room,” said Kirti, a resident of Sector 20.

“I was driving, so I didn’t feel the tremor. But I noticed girls were screaming and they were running out of their homes,” said Reena from Sector 27.

Another resident of the same sector, Deepinder Kohli, said: “I was watching TV when my chair started shaking. I looked at the fan and it was moving. I didn’t realise, until my children came running towards me shouting.” (With inputs from agencies)

Source: MSN

 

Kanpur building collapse toll rises to 7


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Army jawans carry out rescue and relief works after collapse of an under-construction building in Chakeri, Kanpur | PTI

Feb 2 (IANS) The death toll in a building collapse here in Uttar Pradesh rose to seven on Thursday, with three more labourers succumbing to their injuries, a police official said.

Eight persons trapped in the debris of the six-storey under-construction apartment building, owned by SP leader Mehtaab Aalam, were also rescued, the police official said.

Deputy Inspector General of Police Rajesh Modak confirmed the number of deaths and informed that many of the injured were still in critical condition.

Most of the victims were labourers and their families from Chhattisgarh. The incident occurred on Wednesday afternoon when the sixth floor was being constructed.

All of a sudden, the building crumbled like a pack of cards and thereafter there was chaos and wails for help, an eyewitness told IANS.

All through the night, the National Disaster Response Force (NDRF) teams, who were rushed in from Varanasi and Lucknow, continued their relief and rescue operations.

The Army was also helping, a district official informed. But since the building is located in a narrow lane, rescue work was hampered.

–IANS

Middle class can breathe bit easy as tax rate halved


news24in7(IANS) In a major relief to the tax-burdened middle-class people, Finance Minister Arun Jaitley on Wednesday proposed to halve the income tax to five per cent for those earning between Rs 250,000 and Rs 500,000 per annum.

Presenting the 2017-18 Budget in the Lok Sabha, Jaitley said he proposes to halve the income tax for persons earning between Rs 2.5 lakh-Rs 5 lakh from the current 10 per cent.

“This will reduce the tax liability of all persons with incomes below Rs 500,000 either to zero (with rebate) or 50 per cent of their existing liability,” Jaitley said.

The existing benefit of rebate available to the same group of beneficiaries is being reduced to Rs 2,500 that is available only to assessees up to an annual income of Rs 350,000.

According to him, the combined effect is that there will be nil tax liability for people with incomes of up to Rs 300,000 per annum.

The tax liability will only be Rs 2,500 for people with incomes between Rs 300,000 and Rs 350,000.

If the limit of Rs 150,000 under Section 80C for investment is used fully, the tax would be zero for people with incomes of Rs 450,000.

While the tax liability of people with incomes of up to Rs 500,000 is being reduced to half, all other categories of taxpayers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person.

“The total amount of tax foregone on account of this measure is Rs 15,500 crore,” Jaitley said.

In an effort to somewhat make good the loss of revenue, Jaitley proposes to levy a surcharge of 10 per cent of tax payable on individuals whose annual taxable income is between Rs 50 lakh and Rs 1 crore.

The surcharge will generate additional revenue of Rs 2,500 crore.

The existing surcharge of 15 per cent of the tax on people earning more than Rs 1 crore will continue.

For those with incomes of up to Rs 500,000 — other than business income — Jaitley said a single-page income tax return form will be introduced.

“It is a populist budget for the middle class. The budget proposes to give relief to the middle class while taxing the super-rich,” Neha Malhotra, Executive Director, Nangia & Co., an international tax advisory and accounting firm, told IANS.

“It was a legitimate expectation post-demonetisation that the personal income tax rate will be reduced to soften the tax hit on the pockets of the individuals,” she added.

According to Malhotra, immovable property owners have been relieved by lowering the holding period for availing lower rate of long-term capital gains tax from three years to two years.

“Also, the base year for computing capital indexation benefit has been changed from existing April 1, 1981, to April 1, 2001. This move will give significant relief to the taxpayers earning profits from sale of house property and will encourage investments in the real estate sector,” she said.

Another woe of the taxpayers is that provisions applicable on dishonoured cheque under Section 138 of the Negotiable Instrument Act are ineffective.

New effective way to tackle the issue of bounced cheque is a welcome move which shall relieve those facing hardship on these fronts, she added.

–IANS