Banks, post offices can ascertain TDS applicability rates on cash withdrawal of above Rs 20 lakh - ਇਕ ਸੋਚ
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Banks, post offices can ascertain TDS applicability rates on cash withdrawal of above Rs 20 lakh



Delhi, July 13, 2020: The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return. So far, more than 53,000 verification requests have been executed successfully on this facility.

CBDT on Sunday said that this functionality available as “Verification of applicability u/s 194N” on since 1st July 2020,is also made available to the Banks through web-services so that the entire process can be automated and be linked to the Bank’s internal core banking solution.

Explaining the details of this facility, CBDT said that now the Bank/Post Office has to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS.

On entering PAN, a message will be instantly displayed on the departmental utility:“TDS is deductible at the rate of 2% if cash withdrawal exceeds Rs. 1 crore” [if the person withdrawing cash is a filer of the income-tax return] and “TDS is deductible at the rate 2% if cash withdrawal exceeds Rs. 20 lakh and at the rate of 5% if it exceeds Rs. 1 Crore” [if the person withdrawing cash is a non-filer of the income-tax return].

CBDT said that the data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act to lower threshold of cash withdrawal to Rs. 20 lakh for the applicability of this TDS for the non-filers and also mandated TDS at the higher rate of 5% on cash withdrawal exceeding Rs. 1 crore by the non-filers.

It may be noted that in order to discourage cash transactions and move towards less cash economy, the Finance (No.2) Act, 2019 has inserted section 194N in the Income Tax Act w.e.f. 1st September, 2019 to provide for levy of TDS @ 2% on cash withdrawal exceeding Rs. 1 crore from a Bank/Post Office account/s subject to certain exceptions.

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How to hike petrol and diesel in India is creating a problem for normal human beings?



electric car

There are two primary reasons for the fuel value rise. Worldwide market decrease fuel creation, and assembling nations are delivering less fuel to acquire benefit. Sequential rises in petroleum and diesel costs are squeezing the pockets of the everyday person in India. Again, People prefer to opt for electric cars in India because of the hike in petrol and diesel in India. There are many reasons available for the hiking of petrol and diesel price in India.  

According to union govt policy the petrol and diesel price per liter, it is also increasing every year. In recent time the general public faces problems in their day-to-day life for this hike in petrol and diesel in India. In 2021 the union govt policy also increases petrol and diesel price.  

Why people prefer to opt for electric cars in India?

Electric vehicles incorporate practical functionality user-friendly features. They can diminish these issues and even save you money. Fuelling with power offers some advanced advantages which are not available in ordinary interior ignition motor vehicles. 

Since electric engines respond rapidly, EVs are exceptionally responsive and generally have tremendous force. EVs are regularly more carefully associated with conventional vehicles. That’s because it has numerous EV charging stations giving a choice to control charging from a cell phone application.

EVs can likewise minimize outflows that add to environmental change and exhaust cloud, improving people’s health and diminishing harmful effects. You can charge your EV on sustainable power; for example, sun-oriented or wind limits these outflows considerably more. The EV policies in India keeps on updating every year. 

Just as a cell phone, you can connect your EV when you return home and use it the next morning. Since the electric matrix is accessible anyplace, there is an assortment of choices for charging. You can charge it as per your requirement, like at home, grinding away or out, etc. With the help of setting regularly, you will not face any inconvenience situation in future. Because of the faster adoption and manufacturing of EV (fame), people prefer to use these vehicles.

Significant advantages of electric vehicle

Highly convenient

The electric vehicle is not challenging to re-energize. Interestingly, at this point, you don’t have to hurry to the fuel station to re-energize your car before taking off. 

Cause no emission

The most significant favourable benefit of an electric vehicle is its green accreditation. Electric cars are 100% eco-accommodating as they run on electrically fueled motors. 

It doesn’t discharge harmful gases or smoke in the climate as it runs on a perfect fuel source. They are surprisingly better than other vehicles as crossovers running on gas produce discharges. You are adding to a substantial and green environment. We can also take the example of the Tesla electric car; it causes no emissions. Again, this is absolutely an eco-friendly vehicle.

Secure vehicle for driving

Electric vehicles undergo similar wellness and testing methodology test as other fuel-controlled vehicles. An electric car is more secure to utilize, given its lower focal point of gravity. This makes them steadier on the road in case any collision occurs.  

Suppose any accident happens, then the airbags will automatically open up and power supply to cut from the battery. This can save you and different travellers in the vehicle from genuine wounds. 

Moreover, the faster adoption and manufacturing of EV (fame) demand is rapidly increasing. That’s because of its eco-friendly nature and user-friendly features. These are also available at reliable prices. Suppose you will buy a Tesla electric car, then before purchasing this, you must know all its specifications. This can help you with the right selection.

Electric vehicles run on electrically controlled motors, and subsequently, there is no compelling reason to lubricate the motors. It does not require heavy maintenance or a massive load of support undertakings generally required with a gas motor. 

Subsequently, the support cost of these vehicles is quite nominal as per EV policies in India. You don’t have to spend extra money in the service station frequently as you accomplish for a standard gas vehicle. Because of the above reasons, the demand for electric cars in India keeps on rising.

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Live Updates About The Farmer’s Protest: Deep Sidhu Arrested in Karnal



deep sidhu

The recent changes in the farm bills have really triggered the farmers of India. Thousands of farmers are protesting about these changes in the borders of Delhi. As per the recent update, actor Deep Sidhu arrested in Karnal. And this happened after the Red fort Delhi violence that happened after republic day.

The actor Deep Sidhu has been accused by the cops of instigating a group of farmers to storm the historic Red Fort on republic day. The SWR range of the special cell arrested the actor in Haryana. However, earlier, Delhi Police also announced that they would reward INR one lakh to the person who will tell about Deep Sidhu.

But on Tuesday, Sanjeev Kumar Yadav, who is the deputy commissioner of police (special cell), arrested the accused actor for Red fort Delhi violence. Now that you know all the Farmers protest Delhi live updates and Deep Sidhu arrested in Karnal, you should also know some interesting facts and other news.

Why are farmers protesting at Delhi Border?

As you know that the government came with some changes in the Farm bills recently, and there are some changes that farmers don’t want. Here in this post, you will know about these changes and why farmers don’t want them.

The 1st proposal from the government

As per the 1st proposal, the government can now impose fees/cess on the private mandis.

Why are farmers objecting to it?

The farmers believe that this creation of private mandis and state-run APMCs will drive the private market’s agricultural sector. And this will offer power to some powerful people. And the farmer also believes that this proposal will bring APMCs to an end.

2nd proposal of the government

In this proposal, the government is offering written assurance stating that the MSP will still continue.

Why are farmers objecting to it?

The farmers are objecting to it because they are not fully convinced about the written assurance. They also believe that the new agricultural Acts will dismantle APMCs.

3rd proposal of the government

As per the third proposal, the state government can enrol traders to regulate them.

Why are farmers objecting to it?

The previous farm laws did not have any provisions to control the traders. This new Act offers permission to the PAN cardholders access to procure grain from the market as per their desired price. So, farmer believes that instead of regulating traders, the centre is passing on this duty to the state governments.

And this makes it clear that the centre is trying to avoid all the responsibilities. So, this is why farmers are protesting. So, these were some of the notable proposals for which the farmers of the nation are protesting. Now that you know the core of the protest, here is another update that you should know.

Another Farmers protest Delhi live updates

As per the recent Farmers protest Delhi live updatesthe foreign celebs are also supporting the farmers. Yes! Recently some well-known celebs like Rihanna and John Cusack are supporting the protest.

Wrapping up, this is all you should grasp about farmer’s protests. For more updates, stay tuned!

Click Here To Read More Know All About Farmers protest India update!

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Know All About Farmers protest India update!



tweets by Ms. Rihanna and Ms. Thunberg

Farmer Protest India

It reached 75th day. Indeed, the ‘chakka jam’ call on 6th February by the political leader leading farmers was not so successful. However, the protest still has managed to garner attention because of foreign celebrity interference. And, the most noteworthy among them was the tweet of Rihanna. The born in Barbados singer’s tweet created a lot of uproar in India.

Specifically, Bollywood divided into two parts after her tweet. Top names like Akshay Kumar, Ajay Devgan, KanganaRanaut, Suneil Shetty firmly opposed Rihanna, asking her to let India solve her own issue. In fact, Sachin Tendulkar has also opposed Rihanna’s tweet to malign India’s image.  On the other hand, names like TaapseePannu, who often join JNU left-wing protests, have praised Rihanna.

Rihanna’s and Ms. Thunberg Tweet on Farmer Protests

Protest against the agriculture bill got back to headline also after the tweet of Greta Thunberg. However, the Swedish teen soon got into a controversy after her tweet. Specifically, it was because of the link to a toolkit she provided in her tweet. In fact, Greta Thunberg deleted the toolkit link soon after tweeting on it. Primarily, there is so much controversy around the toolkit is because of the creators of it. Specifically, as the name, MO Dhaliwal appeared on it. Dhaliwal is the founder of the Poetic Justice Foundation, which created the toolkit.

Moreover, the toolkit had a mention that its intention is to garner support for farmer protest, part of a “larger conspiracy to create disharmony”. Dhaliwal is under the scanner of Indian security officials. He is a sympathiser of the Khalistani activists. Most importantly, he has remained part of many anti-India demonstrations abroad.

Also, he is close to many Khalistani leaders and a PR agency-Sky rocket.  Allegedly, the same PR agency with Khalistani link has paid $2.5 million (Rs 18 crore) for a single tweet to Rihanna. The PR agency Skyrocket also hasa link with many other under-scanner names, for instigating Farmer’s protest. For example, it has links with Anita Lal, co-founder of Poetic Justice Foundation.

Latest statements of leaders

According to the latest reports, PM Modi has addressed the matter in Rajya Sabha. He states that the bill is going to empower farmers. Also, PM Modi condemns opposition for taking a ‘U-turn’ on the matter. He added that the law has already remained in cold storage for decades. Above all, he has confirmed that MSP, was, is, and will be there.

Rather, according to Modi, the law will enrich the standard of cold storages in India. According to Indian Union Minister, the farmer protest is a result of a misunderstanding. However, veteran leader Sharad Pawer has emphasised that the PM, Rajanath Singh, and Gadkari must talk to farmer leaders.

Piyush Goyal, Minister of Finance and Commerce,has said that the government is ready for a talk with the government. According to MP Som Prakash, government has already taken a step towards talks by suspending the bill for 18 months.TMC has said that the government is creating a war-like situation against farmers.

Meanwhile, Center has sent a notice to micro-blogging site to block 1,178 accounts in links with Khalistani activists, instigating protests. Also, security agencies have caught one more connection with Red Fort violence on Republic Day.

However, disturbing news has come as a farmer’s body found hanging from a tree, near Tikri border protest site. On the other hand, farmer Rakesh Tikait shows his firmness about the protest. Moreover, he has confirmed about no call back as long as the bill is there. According to him, ‘no gharwapsi’ until the government meets the demands of the farmers.

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