ATM Money Debited from your Account but Cash Not Dispensed/Received?

In every bank’s ATM Centre, a notice board explaining this along with contact numbers of the help desk/contact person is expected to be put up. Inform the Concern Authorities Via Email / Phone Call.

Usually the money gets credited back in 24-72 hours

If not Lodge a complaint at the branch where you have the account linked with the ATM card (Refer your Name, Account No, Debit/Credit Card No, ATM Centre, Address & Mobile Number) and note down the Complaint Number or get the acknowledgement Copy. This process is applicable even if the transaction was carried out at another Banks ATM .

The bank is mandated to resolve it within seven days of receiving the complaint. If the bank fails to recredit the account within seven days, the customer is entitled to a compensation of Rs.100 a day from the bank.


After 7 or 12 Days:

1. Follow-up with Branch Officials
2. Escalate to Bank Grievance System / Bank Nodal Officers
3. Approach the Banking Ombudsman
http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=164
https://secweb.rbi.org.in/BO/precompltindex.htm

FYI: The number of notes put in the ATM and the amount dispensed is tallied at the end of the day with each ATM (Inquiry the Error Log on Cash Management Process). Normally, it’s one odd case (of people not getting money out of ATM) and if a claim comes and the amount is the same as the difference noticed in the tally report, then it is given to the customer.”

There are cameras in many ATMs and it can be easily established whether the cash is dispensed or not. All our ATMs have a telephone which you can just pick up and you are connected to the call Centre. You can inform the call Centre or the branch, whichever is convenient.

Capital Gains Tax

Under the Income Tax Act, 1961, gains, if any, arising from  sales of the land would be taxable.

STCG - Short Term Capital Gains - Property held for less than 36 months
The STCG woule be tax rates as applicable to other normal income for the concerned Financial Year.

LTCG - Long Term Capital Gains - Property held for more than 36 months
The exemption under section 54/54F of the Act could be availed by individual only in respect of LGCG.

Incase of inheritance, the period of holding is counted from the date of purchase of the property by the previous owner (Father/Mother/Husband/etc).


LTCG = Net Sales Proceeds - Indexed Cost of Acquisition
LTCG shall be taxed at the rate of 20.6% (including education cess).

Cost of Acquisition = Purchase Cost + Property improvement Costs(Alterations) + Stamp Duty + Registraion Fees +  Brokerage + Legal Expensess + etc.

On the other hand, payment of interest on the bank loan availed for purchase of  property being an ongoing recurring expensess. it will not be considered as part of purchase cost.

Claiming Exemption:
Provisions under the Income Tax Act 1961 for claming exemption from tax in respect of LTCGs from Sale of land is seprate from the sale of residential property house. (i.e.,) Calcuation Methodology

Though in both the cases exemption from tax in respect of LTCG can be claimed by investing the proceeds or capital gains, as the case may be, in a new residential house.

LTCGs from Sale of Land:
Where the cost of new house exceeds the net sale proceeds, entire LTCG should be exempt from tax.
However, where the cost of new house is lower than the net sale proceeds, LTCG is exempt from tax in proportion of cost of new house to the net sale proceeds.

However, the exemption under Section 54F of the Act Could be availed subject to fulfilment of prescribed conditions.
(i) You should not own more than one house (other than new house), on date of sale.
(ii) Further you should not purchase or constuct any residential house (other than the new house) within a period 1 Year to 3 Years, respectively after the date of sale.
(iii) Alternatively, you may consider claiming exemption from tax under Section 54EC of the Act by investing the sale proceeds in specified bonds issued by National Highways Authorities of India or Rural Electricification Corporation Ltd within Six months from the Sale date upto cap of Rs.50Lakh duing any Financial Year.

LTCGs from Sale of Residential Property:
Under Section 54 of the Act, you could Claim LTCGs arising from transfer of residential flat as exempt from tax by investing in new residential house.

The exemption is caped to lower of the amount invested in the new house or Capital gains arising from the transfer fo the old house.

Alternatively you could invest the sale proceeds during the Financial Year in specified Bonds and claimed deduction under Section 54EC of the Act.

Simple Investment Principle

1. Take pure "Term Insurance Plan" to fulfill your insurance needs. 
2. Don’t mix your investment and Insurance portfolios. (i.e.) ULIP or Mutual Fund with Group Insurance
3.  

Income Tax Return efilling

Question 1: If you get the error as “Please select Proper XML file for processing”. Then you have to add the Income tax website into your trusted sites list.

Answer 1: For this open the Internet explorer -> Select the Tools tab -> Click Internet Options -> Choose Security tab -> click the Trusted Sites -> add the website https://incometaxindiaefilling.gov.in. Now try to upload the same XML file.

Question 2: Individual has loss from ONE house property. Can we submit ITR-1 or ITR-2 for AY 2010-11 / AY2011-12?

Answer 2: ITR-1 is having the provision to enter the details in the column “Income from one house property”. Here you have to enter the House property loss amount with negative sign (-). So ITR-1 is good to submit the same.

Case 1: Entering Values more than -1,50,000 say -1,70,000
When you press the Calculate Tax button it will ask “If the Property is Occupied by you (Self occupied) /then the maximum you can claim is Rs-1,50,000. Is your property Self Occupied?”
If you Rented out the property then you have to choose the “No” button, in turn it will accept your entered values, for self occupied property you have to choose “Yes” button, in turn it will reset the value to Rs-1,50,000 as per the IT norms.

Case 2: Entering values less than -1,50,000
When you press the Calculate Tax button it will accept your values.

இந்தியன் Gratuity Act (A to Z):

Ten or more persons are employed or were employed on any day of the preceding 12 months is liable to pay gratuity to its employees. Once the Act becomes applicable, it continues even if the number of employees falls below ten.

Gratuity is payable to an employee (Nominee - in case of death of employee) who has rendered continuous service of five years or more on his termination of employment, superannuation, retirement or resignation.

Gratuity Tax Free limit has been raised from Rupees 3,50,000/= (w.e.f. 24-9-1997) to Rupees.10,00,000/= (w.e.f. 24-05-2010). Gratuity received by on death of employees by his widow or other legal heirs will be fully exempt if the employee is government employee for others same will be taxable subject to the provisions of section 10(10).

Employee has to make an application in Form-I to his employer within 30 days from the date of gratuity becomes payable.

No of Years Calculation:
Eligible for getting gratuity if employee complete 240 days service in 5th year with out any negative actions taken by management then the individual is eligible for the gratuity. (Refer Madras High Court Judgment)

Note:
For 4 Year 8 Months – 5 Year 7 Months = Take 5 Years Gratuity
For 5 Year 8 Months – 6 Year 6 Months = Take 6 Years Gratuity
Notice Period also is considered as a Service Only.
Service means Date of Joining to Date of leaving the Organization.
Date of joining means actual date of join not after completion of probation period
Is 240 days taken for eligibility without deducting leaves
Period of service as Apprentice shall not count towards service for the purpose of gratuity.
In the case of a female, she has been on maternity leave; so, however, that the total period of such maternity leave does not exceed twelve weeks

In CTC: Usually while calculating CTC the gratuity amount is considered as 4.16 (30Days/Month) or 4.83% (26 days/Month) of Basic Pay.

Calculation:
Basic/26 x 15 days x Number of years of service
Basic + DA = Last Wage Drawn26 Days = Number Working Days in a month15 Days = Salary

Calculator: http://profit.ndtv.com/Calculators/gratuity.htm