No TDS on interest income up to Rs 50,000 in case of senior citizens

No TDS on interest income up to Rs 50,000 in case of senior citizens, clarifies CBDT

CBDT has clarified that in the case of senior citizens, no TDS is required to be deducted u/s 194A, where the amount of such income doesn’t exceed Rs 50,000 in aggregate.

income tax, TDS on interest income, CBDT, interest income, senior citizens, 50000, bank deposits

It may be noted that earlier a deduction of Rs 10,000 in respect of interest income was provided to all taxpayers.

Are you a senior citizen and your bank is still deducting TDS on your interest income which is less than Rs 50,000 in a financial year? Here’s good news for you. The Central Board of Direct Taxes has clarified that in the case of senior citizens, no TDS (tax deducted at source) is required to be ‘deducted at source’ u/s 194A of the Income Tax Act, where the amount of such income during a financial year doesn’t exceed Rs 50,000 in aggregate.

In a circular, CBDT has said that it has been brought to its notice that in case of senior citizens, some TDS deductors and banks are deducting TDS despite the amount of income not exceeding Rs 50,000 in a financial year. “The same is not in accordance with the law as the Income-Tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed Rs 50,000,” it said.

The Tax Department further said that under sub-rule (5) of Rule 31A of the I-T Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified.

“In exercise of the powers delegated by the CBDT(Board) under sub-rule (5) of Rule 31A of the I-T Rules, 1962, the Principal Director General of Income-tax (Systems) hereby clarifies that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed Rs 50,000.”

It may be noted that earlier a deduction of Rs 10,000 in respect of interest income was provided to all taxpayers. However, to provide a dignified life to senior citizens, significant incentives were given to them in the Budget 2018-19 by FM Arun Jaitley. One such incentive was given in the form of exemption of interest income on deposits with banks and post offices up to Rs 50,000 without TDS under Section 194A. For this purpose, a new Section 80TTB was inserted in the I-T Act to provide deduction for interest income up to Rs 50,000. This benefit is also available on interest income from all FDs and recurring deposit schemes.

https://www.financialexpress.com/money/income-tax/no-tds-on-interest-income-up-to-50000-in-case-of-senior-citizens-clarifies-cbdt/1407270/

Your Maggi Is Toxic

Your Maggi Is Toxic, Nestle Admits In Court; Supreme Court Allows Case Against Maggi

If you love to eat Maggi, then there is some bad news for you. Nestle, the company which manufacturers Maggi, has admitted that toxic ingredients are in it.

What does this mean? And what will happen to Maggi now?

Keep reading to find out more..

Nestle: Yes, Maggi Has Toxic Elements

After Supreme Court allowed the case against Nestle to reopen, and reinstate, Nestle’s lawyers have admitted that toxic elements such as lead and MSG are found in Maggi’s sample tests.

These tests were conducted by CFTRI (Central Food Technological Research Institute, Mysuru).

Which Toxic Elements Were Found In Maggi?

The controversial toxic element in question here is Monosodium glutamate (MSG), which was found in the tests conducted by the Mysore based lab.

Now, although Maggi has admitted that MSG is found in their product, they have contested the findings of the lab stating that it is not clear whether MSG is naturally occurring or it has been added artificially into Maggi.

Besides, Maggi has also argued that the MSG content in Maggi is under ‘permissable’ limits. On this, the bench headed by Justice D Y Chandrachud asked Nestle why they should consume Maggi, if Nestle itself is admitting that MSG is found in it?

The Bench has made it clear that the final verdict over the fate of Maggi will solely depend on the lab test results from CFTRI (Central Food Technological Research Institute, Mysuru).

The case proceedings are currently underway, and we will keep you updated, as more details come in.

Maggi Was Banned Due To MSG

In June 2015, Food Safety and Standards Authority of India (FSSAI) had banned the sale of Maggi all over India, over MSG content found in sample tests.

Over this, Consumers Affairs Ministry had filed a complaint at the National Consumer Disputes Redressal Commission (NCDRC) under Section 12 (1)(d) of the Consumer Protection Act, 1986. Damages worth Rs 640 crore was sought from Maggi, over the issue.

Additional cases were filed on the behalf of consumers over unfair trade practices, and for selling ‘Maggi Oats Noodles’ without prior approval.

However, after Nestle challenged the ban over inconsistent lab results, the b an was lifted in November, 2015 .

But now, Consumer Disputes Redressal Commission (NCDRC) has filed a fresh case against Nestle in the Supreme Court, and the admittance by lawyers regarding MSG has happened during this recent hearing.

Now, in case the Bench headed by Justice D Y Chandrachud is convinced that Maggi was aware of the MSG content, and despite this, they allowed the sale to happen, then Maggi can be again banned in India.

https://m.dailyhunt.in/news/india/english/trak+in-epaper-trakin/your+maggi+is+toxic+nestle+admits+in+court+supreme+court+allows+case+against+maggi-newsid-105427592?ss=wsp&s=a

Can a Bank be held deficient in services if its ATM does not dispense Cash for the reason “Cash not available”?

A consumer Court in Raipur has recently imposed a penalty of Rs.2500/- on SBI for exactly the same reason overruling 🎯the arguments of SBI that
1) the complainant was not its customer and
2) failure of internet connectivity is not within its ambit, rather it is upon the internet service provider against whom, any complaint if any, should lie.

The Forum countered SBI by saying that when Banks are charging for usage of ATMs for a whole year in advance and a client is Free to use any ATM he automatically becomes a customer.

The second point was countered with the reasoning that when the ATM itself was showing “No Cash Available” on 3 different dates and times how it can be a case of internet failure? Moreover, when customers are penalised for no balance or less than minimum balance in their accounts, how can a Bank get away with no cash in the ATM?

It being the first such judgement for ATM failure, it is expected to generate a lot of interest in the matter.

The incident happened in May 2017, complaint filed in June 2017 and the verdict was passed recently.
It’s a reminder to our banker friends here to be more careful in loading Cash in ATMs especially before consecutive holidays to escape such penalty as well as customer dissatisfaction.
As received.

Courtesy N Sankarapandian Natarajan in SBI Pensioners group💐🙏

FHRAI warns of action against Oyo for large scale breach of contracts

After issuing a notice to Online Travel Aggregators (OTAs) – MakeMyTrip and GoIbibo, the Federation of Hotel & Restaurant Associations of India (FHRAI), has warned of action against Oyo alleging large scale breach of contracts, jeopardising the safety of consumers and violation of laws.

In a letter dated December 10, 2018, FHRAI has pointed out to the company that it is endorsing illegal and unlicensed bed and breakfast apartments, flats in residential and commercial buildings, rooms in chawls and such other independent structures as hotels.

“Such positioning of hotels is tantamount to misleading the guests. When a guest books in a hotel they expect to stay in a hotel and not in an apartment or a residential premise. This not only harms the reputation of hotels in India, but also constitutes potential safety hazard for the guest,” said Gurbaxish Singh Kohli, VP, FHRAI and Hotel and president Restaurant Association of Western India (HRAWI).

Read more at: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/fhrai-warns-of-action-against-oyo-for-large-scale-breach-of-contracts/articleshow/67026408.cms

Doctor Fails AIIMS Entrance, Sues Coaching Centre, Gets Rs 32K: What Students Need to Know!

In what could be possibly construed as a warning to such institutes, a medical coaching centre was sued by a former student who claimed that it did not prep him well enough to crack the entrance test for AIIMS.

Various coaching centres continue to mushroom in different parts of the country. While many provide their students with exposure to good material and teaching staff, several others make lofty claims but fail to deliver.

In what could be possibly construed as a warning to such institutes, a medical coaching centre was sued by a former student who claimed that it did not prep him well enough to crack the entrance test for AIIMS.

In 2014, R Sankara Rao completed his Bachelor’s in Medicine and enrolled for medical coaching at the Bhatia Medical Institute in Chikkadpally, Hyderabad.
Photo Source

Before joining the course, Sankara was given an entire list of topics that would be covered. Additionally, he had enrolled at the centre on the assurance that renowned pathologist Dr Devesh Mishra would conduct classes.

However, for the entire duration that Sankara was at the centre, Dr Mishra never conducted any class. Furthermore, he alleged that the institute didn’t cover all the topics that were mentioned in the syllabus.

Sankara mentioned the above incidents in his petition to the District Consumer Forum. Additionally, he added that due to the centre’s negligent behaviour not only was he unable to clear the AIIMS entrance examination but also wasted his time and money. The coaching fees that Sankara had paid was approximately Rs 45,000.

The coaching center on their part refuted all the allegations and also said that more topics were covered than mentioned to Sankara.
Delhi- govt-scheme-coaching
Representational Image only.

On November 15, 2018, the District Consumer Forum ruled in favour of Sankara and held the institute responsible for keeping Rao ‘disgruntled and dissatisfied,’ and ordered it to return the fees of the student along with a compensation of Rs 32,000.

The order by the consumer forum read, “The opposite parties are only coaching institutes, and when they promise a certain standard, it should be observed carefully. That the complainant should obtain a seat in AIIMS is certainly not their responsibility, but the path towards the flat goal should not be hindered by not delivering.”

In 2013, Abhivyakti Verma, a student who was preparing for her HSC exams, took on the Oxford Tutors Academy, an Andheri-based tutoring centre, for failing to provide promised services. The consumer court ruled in her favour, and the centre was slapped with a fine of Rs 3.64 lakh.

If you are enrolled in a coaching center and feel that the center is not fulfilling its promises, do consider taking legal action against them.

(Edited by Gayatri Mishra)

https://www.thebetterindia.com/166440/medical-entrance-exam-aiims-compensation-news-india/

Interview with O P Rawat – Outgoing Chief Election Commissioner

OP Rawat: ‘Note ban had absolutely no impact on black money. During polls we seized a record amount’

OP Rawat said, “We manage all polls with 17 lakh EVMs. If you have simultaneous elections, we will need 34 lakh. And maintain the inventory for five years, without any use. So, instead of savings, there may be losses.”

cVIGIL, the mobile application launched in Bengaluru during the Karnataka elections, helped voters report any violations of code of conduct. Through the application, the photo or video (of any violation) taken by a voter could be sent directly to the inbox of the returning officer or the district election officer concerned, who could then immediately verify the complaint, take action and respond within 100 minutes. In Bengaluru, we got 800 complaints. This time, during elections in the five states, we received nearly 7,000 complaints, of which 4,000 were verified and action was taken. This has given voters a lot of confidence.

We have launched campaigns for voter awareness in several public places — malls, museums etc. We have sent our EVMs and VVPAT (Voter Verifiable Paper Audit Trail) machines across and asked people to come and vote and then count slips, so that they develop full confidence. Ninety-nine per cent of the parties support EVMs. When we asked political parties to come and check the EVMs, only two of them came and even they said that they had come only to learn about the machines. Then, we put up the EVM ‘Status Paper’ on our website, which has answers to all the doubts and questions. It also has inquiry reports about all incidents.

Some ask why is it that developed countries are not using EVMs? Some say it does not have Internet access and so it is obsolete. Yes, it is obsolete and that is why it cannot be tampered with. It cannot be connected to the Internet and so there is no chance of any hacking. The Indian EVM is unique.

We have to do a lot. Harvard University’s Electoral Integrity Project brought out a series on elections worldwide. The 2014 general elections were rated as having ‘moderate-integrity’ with a score of 59 out of 100. On nine out of the 11 parameters used for determining the integrity index, our score was 72 — ‘very high integrity’. On two counts, campaign finance and media issues, we scored very poorly — 34 and 37 respectively. We need to do a lot on those fronts.

When the election bonds were brought in through the Finance Bill of 2017, the EC raised its concerns with the Law Ministry. We said that it would result in more opacity in political funding and allow for loss-making companies to donate their money, because of the removal of the company law provision that allowed for only 7.5 per cent of the profit of the last three years to be donated. And, when you don’t know the source, anyone can give money. All the grey areas and concerns were flagged by the EC.

For the full interview – please visit – https://indianexpress.com/article/india/op-rawat-cec-note-ban-black-money-polls-assembly-elections-mizoram-5474369/

Chemicals used in Teflon and Scotchgard are Toxic?

How the EPA and the Pentagon downplayed a growing toxic threat

GP: Teflon frying pan on wooden table
Teflon frying pan on wooden table
rzoze19 | iStock | Getty Images

 

The chemicals once seemed near magical, able to repel water, oil and stains.

By the 1970s, DuPont and 3M had used them to develop Teflon and Scotchgard, and they slipped into an array of everyday products, from gum wrappers to sofas to frying pans to carpets. Known as perfluoroalkyl substances, or PFAS, they were a boon to the military, too, which used them in foam that snuffed out explosive oil and fuel fires.

It’s long been known that, in certain concentrations, the compounds could be dangerous if they got into water or if people breathed dust or ate food that contained them. Tests showed they accumulated in the blood of chemical factory workers and residents living nearby, and studies linked some of the chemicals to cancers and birth defects.

More from ProPublica:

Toxic fires

Bombs in our backyard: Open burns, ill winds

In Colfax, echoes of another conflict

Now two new analyses of drinking water data and the science used to analyze it make clear the Environmental Protection Agency and the Department of Defense have downplayed the public threat posed by these chemicals. Far more people have likely been exposed to dangerous levels of them than has previously been reported because contamination from them is more widespread than has ever been officially acknowledged.

Moreover, ProPublica has found, the government’s understatement of the threat appears to be no accident.

The EPA and the Department of Defense calibrated water tests to exclude some harmful levels of contamination and only register especially high concentrations of chemicals, according to the vice president of one testing company. Several prominent scientists told ProPublica the DOD chose to use tests that would identify only a handful of chemicals rather than more advanced tests that the agencies’ own scientists had helped develop which could potentially identify the presence of hundreds of additional compounds.

The first analysis, contained in an EPA contractor’s PowerPoint presentation, shows that one chemical — the PFAS most understood to cause harm — is 24 times more prevalent in public drinking water than the EPA has reported. Based on this, the Environmental Working Group, an advocacy organization whose scientists have studied PFAS pollution, has estimated that as many as 110 million Americans are now at risk of being exposed to PFAS chemicals.

In the second analysis, ProPublica compared how the military checks for and measures PFAS-related contamination to what’s identified by more advanced tests. We found that the military relied on tests which are not capable of detecting all the PFAS chemicals it believed to be present. Even then, it underreported its results, sharing only a small part if its data. We also found that the military’s own research programs had retested several of those defense sites using more advanced testing technology and identified significantly more pollution than what the military reported to Congress.

Even before the troubling new information about PFAS chemicals emerged, the government had acknowledged problems relating to them were spreading. Past EPA water testing, however incomplete, identified drinking water contamination across 33 states that Harvard researchers estimated affected some 6 million people. The military suspected drinking water at more than 660 U.S. defense sites where firefighting foam was used could be contaminated; earlier this year, it announced it had confirmed contamination in 36 drinking water systems and in 90 groundwater sites on or near its facilities.

The new analyses suggest these findings likely represent just a fraction of the true number of people and drinking water systems affected.

In written responses to questions, the EPA did not directly address whether it had understated contamination from PFAS chemicals. The agency said it had confidence in its current testing procedures and had set detection limits at appropriate levels. It also stated that it is taking steps towards regulating some PFAS compounds and registering them as “hazardous substances,” a classification that triggers additional oversight under waste and pollution laws.

The agency will “take concrete actions to ensure PFAS is thoroughly addressed and all Americans have access to clean and safe drinking water,” then-EPA Administrator Scott Pruitt, who recently resigned, said in the written statement to ProPublica in May.

The Department of Defense also responded to questions in writing, defending its testing methods as the best available and calling it difficult to fully assess risks from PFAS because the EPA has not regulated these chemicals. A DOD spokeswoman said the Pentagon’s research group has a program underway aimed at enhancing the test methods and detecting more PFAS compounds, but suggested that no alternatives were ready for use. She did not answer questions about why the agency reported contamination levels for only two chemicals to Congress when it would have had data on many more, stating only that the Pentagon “is committed to protecting human health and the environment.”

Environmental experts aren’t convinced.

“Widespread contamination may be harming the health of millions or even tens of millions of Americans and the government is intentionally covering up some of the evidence,” said Erik Olson, a senior director for health, food and agriculture initiatives at the Natural Resources Defense Council, in an interview. The EPA and Defense Department “have done all they can to sort of drag their feet and avoid meaningful regulatory action in making significant investment in cleanups.”

In May, a Politico report revealed that the EPA and the White House, along with the Defense Department, had pressured a division of the Centers for Disease Control and Prevention to withhold a health study expected to warn that people exposed to PFAS chemicals face greater health risks than were previously understood. That report was quietly released in mid-June and, indeed, estimated safe levels of exposure are seven to 10 times smaller than what the EPA has said.

Such a determination could spur stricter limits on exposure than the EPA appears to have considered. Paired with an emerging realization that testing by the EPA and DOD hasn’t captured the true extent of contamination, the government could be forced to reconceive its approach to these compounds, said David Sedlak, the director of the Institute for Environmental Science and Engineering at the University of California, Berkeley, who helped develop one of the most advanced commercial tests for PFAS substances.

“Not talking about it isn’t going to make the problem go away,” Sedlak said. “And because these compounds are forever — they aren’t going to degrade on their own — eventually there is going to be a day of reckoning.”

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