New tax forms notified



The Income Tax Return (ITR) forms for the assessment year 2018-19 has been notified by the Central Board of Direct Taxes (CBDT). All the seven ITR forms are to be filled electronically except for some categories of taxpayers.

ITR 1 is to be filed by an individual whose income is up to ₹50 lakh and receives income from salary, one house property/other income.

Salary break-up, allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under Section 16 are to be provided in the form. ITR form 2 is to be filed by individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.

Individuals having income from profits and gains of business or profession shall file ITR form-3. ITR form-4 is to be filed for presumptive income from business or profession.

Reliance Jio Payments Bank

Jio Payments Bank started operations last week. This is a 70:30 joint venture between Reliance Jio and State Bank of India. The company has planned to launch the payments bank with the Reliance Jio feature phone.

Payments banks can accept deposits of up to ₹1 lakh, and can also issue debit cards. But loans cannot be offered. RBI promotes these payments banks for financial inclusion .

Ola launches in-trip insurance

Ola has launched an in-trip insurance at ₹1 for its Indian riders for a cover of up to ₹5 lakh. This insurance protects its customers from any accident during travel, missed flights, loss of valuable belongings, baggage and in the case of theft in the house when a rider is outstation, travelling in an Ola cab. For providing this insurance, Ola has partnered with Acko General Insurance and ICICI Lombard across 110 cities.

Remitting via social media

ICICI Bank has launched a Money2India app through which non-resident Indians can send money through social media.

For sending money through this app, NRIs have to set a four-digit passcode and a link will be generated, which will be valid for 24 hours. The link can be shared with the beneficiary using any social media site or email and passcode can be shared separately.

All the transactions through this app have a two-factor authentication process between the bank and the Money2India user.

Pay with Samsung

IndusInd Bank partners with Samsung Electronics to enable its MasterCard and Visa Credit Card customers to use ‘Samsung Pay’. Credit card holders of IndusInd bank can now tap and pay at merchant outlets having point of sale (PoS) terminals using Samsung smartphones.

Credit-card holders of IndusInd bank with an eligible Samsung device can get 100 per cent cashback on their first three transactions till April 30, 2018.

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