Income tax 2019: From January 1, six new rules that will affect the common man, including banking, insurance and income tax, will be implemented. The taxpayers who earn more than Rs 5 lakh will not pay the financial year 2017-18 till December 31, they will have to pay a doubling (Rs 10,000) penalty. ATMs and credit cards with magnetic stripe will not be valid. They have to be replaced with newer cards with more security features. Apart from these, some other changes will affect the common man.
If you make a return by December 31, then only Rs 5,000 will be charged.
The return of fiscal year 2017-18 could be filled without penalty until July 31. Subsequently, from August 1 to 31, there was the eligibility of returning only after paying a penalty of 5 thousand rupees to those earning more than 5 lakh annually. If such taxpayers still do not return the returns, then the penalty will be 10 thousand rupees from January 1. By paying this penalty the taxpayers will be able to file the returns till March 31, 2019. For the taxpayers with income of less than Rs 5 lakh, this penalty was paid after July 31, Rs.1000, which will remain the same till March 31, 2019.
Debit-credit cards with magnetic strip will be closed(Income tax 2019)
Debit and credit card with magnetic stripe will not work from January 1. Such cards have ceased to be built. This is being done to increase the security of the card. Because, cards with magnetic strips are less secure. However, some banks have said that the process of card replacement is in progress but old cards will not be closed anymore.
In 2016, the RBI had instructed banks to replace the card with magnetic striped card chip. The deadline for December 31, 2018 is fixed for this. That is, the customer will be able to use it only after the card has been replaced by the bank.
Non CTS checks will not be valid
Non-CTS checks will also be closed from one January. According to the instructions of the RBI, customers who are using such check books so far will have to take a CTS check book from the bank. The country’s largest bank SBI has stopped taking non-CTS checks since December 12.
What happens is the CTS check?
CTS means check truncation system. Under this, an electronic image of the check is captured and the physical check is not required to be sent from bank to bank for clearance. Rather they are processed online. This reduces the clearance in the clearance and reduces the cost of banks.
Cars will become expensive
Most auto companies will increase the rates of cars from January 1. They have already announced it. These include companies like Tata Motors, Maruti, Nissan, Ford, Toyota and BMW. Tata Motors announced the increase in prices of all passenger vehicles by up to Rs 40,000.(Income tax 2019)
Accidental cover in motor insurance Rs 15 lakh Will happen
Insurance regulator IRDA’s new rules will come into effect from January 1. Under this, there will now be an accidental cover of Rs 15 lakh in motor insurance. In case of accident, the death of the vehicle owner or the driver or the person is fully divested, his family will get this amount. According to the new rules, now with the insurance of the vehicle, additional premium of 750 rupees will be paid for the Accidental cover. All auto owners will be required to take this option at the time of insurance.
If the companies want, they will also be able to cover more than 15 lakh by taking more premium from vehicle owners. So far two-wheeler owners had to pay 50 rupees and four-wheeler owners 100 rupees for an Accidental cover of Rs. 1 lakh.
Indore Airport will be Silent, Once Only Announcement
On Jan 1, Indore airport will provide passengers with information about different flights instead of repeatedly, instead of announcing only once. After this all the information will be seen on the digital display board in every part of the airport. Along with this, the airline will provide all the information related to the flight to the passengers through SMS. This initiative is being taken to control noise pollution. Such arrangements are at international airports.
Income tax 2019
- After December 31, Rs 10,000 will be payable instead of 5,000
- These rules will apply on the financial year 2017-18
- Penalty for 1 thousand rupees for those who earn less than Rs 5 lakh
- Cars of most companies will become expensive from January 1, Tata will increase rates up to Rs 40000
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