GST No.: 24AABAT4356N1Z6               

INCOME TAX Guidelines

  1. If customer will deposit Rs. 50,000 and above to any account PAN to be quoted mandatory.
  2. Bank will not issue a demand draft against cash money.
  3. In saving accounts if total cash receipt will be Rs.10 lac or cross above 10 lac in a year then bank will reporting to concern department.
  4. It is necessary for bank if income tax will demand for any account information.
  5. The rate of TDS deduction on deposit accounts is subject to change from time to time.

Income Slab (Rs.)

Rate of Income Tax in the case of

an individual man below 60 Yrs. Age, HUF

Individual Woman below 60 Yrs. Age

Individual of age 60 Yrs. and above

Individual of age 80 Yrs. and above

A.Y. 2020-21

IT Rate

Surcharge

IT Rate

Surcharge

IT Rate

Surcharge

IT Rate

Up to Rs. 2,50,000

NIL

NIL

NIL

NIL

NIL

NIL

NIL

Rs. 2,50,000 to Rs.3,00,000

5.00%

NIL

5.00%

NIL

NIL

NIL

NIL

Rs.3,00,000 to Rs.5,00,000

5.00%

NIL

5.00%

NIL

5.00%

NIL

NIL

Rs.5,00,000 toRs.10,00,000

20.00%

NIL

20.00%

NIL

20.00%

NIL

20.00%

Rs.10,00,000 to 50,00,000

30.00%

NIL

30.00%

NIL

30.00%

NIL

30.00%

Rs.50,00,000 to 1,00,00,000

30.00%

10.00%

30.00%

10.00%

30.00%

10.00%

30.00%

Above Rs. 1,00,00,000

30.00%

15.00%

30.00%

15.00%

30.00%

15.00%

30.00%

 

 

Note :

Add 4% Education Cass on above I.T. Amount


TDS Guidelines

PAN Notice For Depositors

As per Income Tax Act 1961 a new provision relating to tax deduction at source (TDS) has become applicable w.e.f. 01/04/2019, under which it is obligatory for every person, who is liable for deduction of TDS on interest on deposit, to furnish a copy of PAN card. If the PAN card is invalid or does not belong to the deductees, TDS is required to be deducted @ 20% or at the rate which is in force, whichever is higher in all cases, whereas the TDS applicable for customers having PAN cards is currently 10% only.

 

Tax Deducted at Source (TDS): Newly Introduced

Sec 194 N :-TDS on Withdrawal of Cash from Bank, Post Office or Co-operative Banks

Particulars

Proposed

Payer

A Banking Company,Post Office or Co-operative Banks

Payee

Any Person

Threshold limit

Cash Withdrawal by payee exceeding Rs.1 Crore

Rate

2% of sum exceeding Rs. 1 crore