CBDT Income tax return forms benefit amid covid -19

CBDT revising income tax return forms to enable taxpayers avail benefits of timeline extension  due to Covid-19:-

Income tax return revision

In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the income tax return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of this month.

CBDT today said that in order to facilitate taxpayer to avail full benefits with various timeline extension up to 30th June 2020 granted by the government, it has initiated necessary changes in the income tax return forms so that taxpayers could take benefits of their transactions carried out during the period from 1st April 2020 to 30th June 2020 in the income tax return forms for FY 2019-20.

CBDT explained that the necessary modifications in the income tax return forms are being made to allow taxpayers to avail the benefits of their investments/transactions made for the Apr-to-Jun 2020 period. Once the revised income tax forms are notified, it will further necessitate the consequential changes in the software and income tax return filing utility.Hence, the income tax return filing utility after incorporating necessary changes shall be made available by 31st May, 2020 to avail benefits for FY 2019-20.

CBDT said that due to outbreak of Covid-19, the Government has extended various time lines under the Income-tax Act,1961 vide Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020. Accordingly, the time for making investment/ payments for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim),80G (Donations), etc. for FY 2019-20 has also been extended to 30th June 2020. Also, the dates for making investment/construction/purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to 30th June 2020. Therefore income tax return forms are being revised to facilitate reporting of the transactions of the relief period.

It may be noted that generally the income-tax return forms are notified in the first week of April. This year also the e-filing utility for filing of income tax return for Assessment Year 2020-21 was made available as on 1st April, 2020, and the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the FY 2019-20 (Assessment Year 2020-21),too, were already notified vide notification dated 3rd January, 2020. However, to ensure that the taxpayer is enabled to avail all benefits of the timeline extension due to Covid -19 pandemic, the income tax Return Forms revision is being carried out.

लोन लेने वालों के लिए बड़ी खबर , MSME और किसानों के लिए मददगार

लोन लेने वालों के लिए बड़ी खबर, EMI नहीं चुकाने पर अब 180 दिन तक डिफॉल्टर नहीं:-

रिजर्व बैंक ने EMI नहीं चुकाने पर 180 दिन तक डिफॉल्टर नहीं घोषित का निर्देश जारी किया है। लोन लेने वालों को 3 महीने के मोराटोरियम पीरियड के बाद 90 दिनों का अतिरिक्त समय दिया जाएगा ताकि वह EMI को दोबारा शुरू कर सकें|

  

हाइलाइट्स:

लोन लेने वालों को रिजर्व बैंक ने दी बड़ी राहत

180 दिन तक डिफॉल्टर नहीं घोषित होंगे

मोराटोरियम पीरियड के बाद मिलेंगे 90 दिन एक्स्ट्रा

तीन महीने का समय इसलिए कि रेग्युलर कर सकें EMI

रिजर्व बैंक ने आज लोने लेने वालों को बड़ी राहत का ऐलान किया है। आरबीआई ने लोन डिफॉल्टर की परिभाषा को फिलहाल बदल दिया है। आज के अपने संबोधन में गवर्नर शक्तिकांत दास ने कहा कि जिन लोनधारकों ने मोराटोरियम पीरियड को चुना है, उन्हें 3 महीने के बाद 90 दिनों का अतिरिक्त समय दिया जाएगा ताकि वह EMI को दोबारा शुरू कर सकें। इस दौरान इसे NPA नहीं माना जाएगा।

NPA नहीं मानेगा बैंकदूसरे शब्दों में समझें तो जो लोन 29 फरवरी तक रेग्युलर थे और जिन लोगों ने मार्च में तीन महीने का मोराटोरियम विकल्प चुना है, उस लोन को 180 दिनों तक NPA नहीं घोषित किया जाएगा। बैंक ऐसे लोन में सितंबर तक EMI नहीं जमा होने पर भी एनपीए की घोषणा नहीं करेगी।

COVID-19: आरबीआई के ऐलान पर बोले पीएम मोदी, MSME और किसानों के लिए मददगार

लोन लेने वालों को 180 दिनों की राहत

बैंक उस लोन को एनपीए घोषित कर देता है जिसकी ईएमआई तीन महीने तक के लिए नहीं चुकाई जाती है। एक लोन जब एनपीए घोषित हो जाता है बैंक रिकवरी की प्रक्रिया शुरू करने का अधिकार रखता है। ऐसे में जिन लोगों ने कार लोन, कार लोन लिए हैं उन्हें अब 180 दिनों की राहत मिल गई है।

अभी NPA का निपटान 210 दिनों में

अभी बैंकों को दबाव वाली संपत्तियों (NPA) के मामलों का निपटान 210 दिन में करना होता है। यदि वे निर्धारित समयसीमा में वे उसका निपटान नहीं कर पाते हैं तो उन्हें उसके लिए 20 प्रतिशत अतिरिक्त प्रावधान (प्रोविजनिंग) करना होता है। मौजूदा समय में बैंकों के पास चूक या डिफॉल्ट के बाद 30 दिन का समय समीक्षा के लिए होता है। उन्हें किसी इकाई द्वारा चूक के संदर्भ में निपटान योजना क्रियान्वयन 180 दिन के अंदर करना होता है।

कॉर्पोरेट के लिए सिस्टम लिक्विडिटी और सपोर्ट का ध्यान

आरबीआई की घोषणाओं पर श्री जयकिशन परमार, सीनियर इक्विटी रिसर्च एनालिस्ट, एंजल ब्रोकिंग लिमिटेड ने कहा कि रिजर्व बैंक ने एनपीए में कुछ राहत प्रदान करते हुए कॉर्पोरेट के लिए सिस्टम लिक्विडिटी और सपोर्ट का ध्यान रखा है। ऐसे सभी खातों के लिए जिन्हें बैंक और एफआई ने मोराटोरियम दिया है, 90 दिन के नियमों में मोराटोरियम की अवधि शामिल नहीं होगी।

NBFCs के लिए अलग से घोषणा

यह कदम कुछ हद तक पूंजी पर दबाव कम करेगी। लॉकडाउन के बाद की अवधि में चिंता का प्रमुख कारण था एनबीएफसी को लिक्विडिटी सपोर्ट। हालांकि, आज रिजर्व बैंक ने एनबीएफसी के स्वास्थ्य में सुधार के लिए कई उपायों की घोषणा की। नाबार्ड, सिडबी और एनएचबी को पैसा दिया गया है ताकि एनबीएफसी/ एचएफसी को फंडिंग सुनिश्चित की जा सके।

20 key highlights of press conference of RBI governor

.         Motivation to grow big for students
20 Key Highlights of Press Conference by RBI Governor  :

1. Launch of TLTRO 2.0 worth Rs. 50,000 crore.

2. India expected to post a sharp turnaround in FY22 with 7.4% growth, as per IMF.

3. Announced a rate cut of 75 basis points.

4. Reverse repo rate is being reduced by 25 bps from 4% to 3.75% under Liquidity adjustment facility (LAF).

5. The TLTRO option of Rs. 25,000 crore is to be conducted today (April 17).

6. Financial conditions have eased considerably and activity in corporate bond market has picked up.

7. Focused on following measures announced by RBI :

(i.) Maintain liquidity in the system,

(ii.) Facilitate and incentivise bank credit flows,

(iii.) Ease financial stress,

(iv.) Enable formal working of markets.

8. Injected 3.2 percent of GDP into the economy by RBI to tackle liquidity situation.

9. LCR- Reduced from 100% to 80%.

10. NPA classification will exclude 90-day moratorium period.

11. LCR requirement of scheduled commercial banks being brought down from 100 percent to 80 percent with immediate effect and This shall be restores to 90 percent by October 2020 and 100 percent by April 2021.

12. Period of resolution plan for NPAs to be extended by 90 days.

13. Loans given by NBFCs to commercial real estate to get same relief.

14. Banks shall not make any dividend payments until further orders.

15. Rs. 50,000 crore special finance facility to be provided to financial institutions such as Nabard, Sidbi, NHB.

16. No change in repo rate which is decided by MPC.

17. Redemption pressures faced by some mutual funds have moderated.

18. Automobile production, sales declined sharply in March; electricity demand has fallen sharply.

19. ATM operations stood at 91%, no downtime on internet and mobile banking.

20. Additional regulatory measures being announced today, consistent with BASEL guidelines

Moratorium on credit card ,no impact on your credit score

How interest will be calculated if you opt for moratorium on credit card dues amid Covid lockdown:-
The issuer will not block your credit card if the bill is not paid during these three months.

Should you opt for the 3-month moratorium on payment of credit card dues being offered by some banks as a relief measure, after a nudge from the Reserve Bank of India (RBI).

As per the recent RBI notification, banks are permitted to grant a moratorium of three months for payment of all credit card dues falling between March 1, 2020 to May 31, 2020 but interest will continue to accrue on the unpaid dues during the moratorium period. RBI took this step to provide borrowers temporary relief in the economic upheaval caused by the coronavirus related lockdown.

Naveen Kukreja - CEO, Paisabazaar.com said, "As per the moratorium relief, if you don't pay your credit card bill for three months, the banks will levy interest as it normally does, however, the bank will not levy any late payment fees during this period even if the 'minimum due amount' (normally 5 percent of retail purchases) is not paid."


Normally, one can defer payment by paying 'minimum due amount' and rollover the balance outstanding amount to the next month. In this process the unpaid amount (balance outstanding amount) is carried forward to the next billing cycle and 2-4 percent interest is levied on it.

"If you opt for a moratorium on credit card dues and don't pay the credit card bill during these three months, the cumulative interest levied on your credit card bill can go up to 12 percent," Kukreja said.

Apart from this, if you make any further purchase during these three months, the interest on the new/additional expenditure will start accruing from the very first day and you might end up paying hefty interest costs.

Amit Jain, Director-Wealth Management, JRK Group - a Kolkata-based financial service firm, said, "Moratorium is a facility to defer the payment of the credit card dues and it should not be confused with interest waiver. "The interest accrued during the moratorium period on the credit card will become payable along with the outstanding amount after the moratorium period of three months get over," he said.

Let's first take a basic illustration of a credit card statement. Here in this example, the total credit card dues to be paid by the customer are explained in two scenarios, assuming the customer transacted on March 1, 2020, and will not be carrying out any fresh transaction thereafter during the moratorium period ending May 31, 2020.

BASIC ILLUSTRATION OF A CREDIT CARD STATEMENT

 Transaction date: March 1, 2020
Transaction Amount: Rs 10,000
Statement Date: March 6, 2020
Minimum Amount Due (generally 5 percent of total purchases): Rs 500 [5 percent of 10,000]
Total Amount Due: 10,000
Amount Due Date: March 26, 2020

 Assumed monthly interest rate of 3.5 percent on unpaid credit card bill (rollover outstanding amount)

ACTUAL BILL PAYMENT
Scenario 1: WHEN YOU DON'T OPT FOR MORATORIUM
Bill payment before the due date within the same month
Bill amount fully paid on March 25
Total payment made: Rs 10,000

Calculation:
Interest levied for 25 days (Between March 1 and March 25): 287.7 [25*10000*3.5%*12/365 = 287.7]
Total interest charged = 0

Remarks:
Interest will not be levied as you have made the payment before the due date. In such a scenario, the system will net off the interest charged, and you will not have to pay additional interest levied for it. To pay the credit card bill, you generally get a credit-free period of around 20 days from the bill/statement issue date.

Scenario 2: WHEN YOU OPT FOR MORATORIUM
Bill payment before the due date after three months
Total transaction: Rs 10,000 as on March 1
New Amount Due Date: June 26, 2020
Next statement dates: April 6, May 6, June 6 (statement will be issued every month)
Transaction done between March 6 to April 6: NIL
Transaction done between April 6 to May 6: NIL
Transaction done between May 6 to June 6: NIL

Calculation:
Interest levied for 6 days (Between March 1 and March 6): 69 [6*10000*3.5%*12/365 = 69.04]
Interest levied for 31 days (Between March 7 and April 6): 357 [31*10000*3.5%*12/365 = 356.7]
Interest levied for 30 days (Between April 7 and May 6): 345 [30*10000*3.5%*12/365 = 345.2]
Interest levied for 31 days (Between May 7 and June 6): 357 [31*10000*3.5%*12/365 = 356.7]

Total interest charged (in Rs): 69+ 357+ 345+ 357 = Rs 1,128
Total amount payable after 3 months will be Rs 11,128 (10,000 +1,128)

Remarks:
Interest on the complete amount of Rs 10,000 will be levied for the next 98 days till new statement is generated. You must make the payment before the due date, which in this case will be June 26, 2020 to avoid late payment charges. If you do not make payment by that time, it can then impact your credit score.

To pay the outstanding amount for three months on your credit card bill, you generally get a credit-free period of around 20 days from the bill/statement issue date which in this case will be June 6, 2020.

According to IndusInd bank website, "After the moratorium period is over, the entire outstanding dues on your credit card account along with accrued interest charges will become payable as per the June 2020 credit card statement due date."

The benefit of opting for moratorium
There will be no impact on your credit score
The issuer will not block your credit card if the bill is not paid during these three months
No late payment fees will be levied during these three months

Should you opt for the credit card moratorium?
Here moratorium means you can choose not to pay your credit card dues for three months. This further implies that the moratorium is only the deferment of payment and not waiving off the credit card dues.

While, no late payment fees will be levied on your credit card bill during these three months, but the interest on the outstanding balance of credit card dues will continue to accrue for the period of the moratorium. The interest will get added to your outstanding amount and therefore increase your payment burden when the moratorium l gets over and you start paying your credit card dues.

According to financial experts, "You should opt for moratorium on your credit card dues only if you are facing a financial or liquidity crisis during the lockdown, else it is better if you continue paying your credit card dues regularly."

Individuals must note that the interest calculations shown above are only illustrative and the actual interest calculation will vary based on your retail purchase, credit revolve behaviour and the interest rate applicable on your credit card. Therefore, they should do their own calculations, check with their bank regarding the terms and conditions attached and only then decide on whether or not to opt for the moratorium.