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There's no denying the fact that the banking sector is the life-line of the bustling Indian economy and it caters to millions every day. Over the years, the banking sector has been including a lot of technology in its system. The objective here is simple - get rid of repetitive tasks, provide better services and make the sector run smoothly. Banking: Things will always change In order to provide better services to the populous nation, banking needs all the help it can get. Automation is not a dirty word. While it takes over certain jobs, it gives birth to several more. Recently, the 50th anniversary of ATM was celebrated. ATMs radicalized the system of bank withdrawals. That was needed then; this is needed now. Change is the only constant. Robot: You have got a "Mitra" to help you out There is hardly any point in deploying skilled labor on a task which is basic or repetitive in nature. Now, if one walks into the Canara Bank head office, he/she will be gree...

CBDT notified the ITR or Income Tax Return Forms AY 2017-18 (FY 2016-17). There are few major changes in these forms. Let us see in detail these changes and understand which form you can use. There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form- # An individual of the age of 80 years or more at any time during the previous year; or # An individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income. Income Tax Slabs for FY 2016-17 (AY 2017-18) Before understanding the Income Tax Return Forms AY 2017-18 (FY 2016-17), let us first understand the taxation for FY 2016-17 or AY 2017-18. Below is the chart about Capital Gain Tax for FY 2016-17 (AY 2017-18) Now you might have got the clarity ab...

The income tax department on Wednesday clarified that quoting of Aadhaar in filing of returns for assessment year 2017-18 has been made mandatory for only those who are eligible to obtain the unique ID number. The government, as per the Finance Act 2017, has made it mandatory for taxpayers to quote Aadhaar or enrolment ID of Aadhaar application form for filing of income tax returns (ITR). Also, Aadhaar has been made mandatory for applying for permanent account number with effect from July 1, 2017.  "It is clarified that such mandatory quoting of Aadhaar or enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number... Accordingly, the requirement to quote Aadhaar as per section 139AA of the Income-Tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016," an official statement said. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all...

The Reserve Bank of India has cleared a proposal to issue Rs 200 notes, according to reports. In fact, the printing of Rs 200 notes could begin after June. The Live Mint on Tuesday reported that the RBI board meeting happened in March where the central bank decided to go ahead with the new notes. However, there has be no official confirmation from the RBI so far. According to a report by India Today, the new note is already in the pipeline and is only awaiting instructions from the central government to go ahead with the printing procedure. "Rs 200 currency note is in the pipeline. But, unless it is notified by the central government, making a dye (block), working on security features and printing process of Rs 200 would not take place. So this time, RBI would implement its plan only after the Centre's notification," a source told India Today. The source also suggested that the government is planning to issue new Rs 1000 note. The demonetisation drive that started afte...

It's an attempt to simplify the tax filing process and reduce the compliance burden on the tax payer. The Central Board of Direct Taxes (CBDT), the income tax regulator, has notified the new simplified income tax return forms for the assessment year 2017/18. Here are the changes that you should know about. 1) The New ITR- 1 (Sahaj) Form is a one page form and it can only be filed by an individual with income of up to Rs 50 lakh a year. This will include salaried income, interest income and income from one house property. "Those who have income of more than Rs 50 lakh or own more than one house property will have to file ITR - 2 Form," said Archit Gupta, founder and CEO, Cleartax.com. 2) In order to account for those who have deposited Rs 2 lakh or more in a bank account during the demonetisation period, the tax department has introduced a new column where the person filing the tax will have to give details of the money deposited and bank account. If a person...

A crisp income tax form for salaried individuals will be introduced from April 1, doing away with some columns to simplify the filing of returns. Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR1 form called 'Sahaj'. In the form for Assessment Year 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included. "Columns that will remain include those for claiming deductions under Section 80C, mediclaim (80D). Those individuals who want to show deductions under other heads can do so by selecting an option," an official told PTI. Currently, the ITR 1/Sahaj has 18 different columns for claiming deductions under Section 80 of the Income Tax Act. Under section 80C, a deduction of Rs 1.5 lakh can be claimed from total income for investments in LIC, PPF and repayment of housing loan. Section 80D provides...