Complete your required financial work before December 31
Saturday - December 22, 2018 10:39 am ,
Category : WTN SPECIAL
Concern about debit - credit card and check book
Before the New Year, complete required bank related work
DEC 22 (WTN) - New Year 2019 is to be started from January 1 and by December 31, the current year is going to end. But, after the ending of the current year on December 31, the time limit for conditional income tax return filing and some banking related work is going to end. There are many important works which can be stopped or ended. What are these important tasks, let’s describe you.
Double fine for not filing income tax return before December 31
First of all, talk about the income tax return; if you have not yet filed an income tax return, you must file it with the penalty before December 31. Because if you didn’t do this work by December 31, you would have to pay double the penalty.
For your information, let you know that till date December 31 or earlier, a fine of Rs 5,000 has been imposed for filling ITR, but from 1 January 2019 to 31 March 2019, the penalty will be Rs 10,000. Well, for your information, let you know that the tax payers whose income is less than Rs 5 lakh, can be fined with maximum of Rs 1,000
Concern about debIt and credit Card
Your debit and credit Card may be blocked before December 31, because according to the Reserve Bank's order issued on August 27, 2015, all banks will have to convert customers magistrates (i.e. black strip) debit and credit card to the EMV (Europe, MasterCard and Visa) based chip card.
The last date for converting debit and credit cards to EMV is 31 December 2018. After this, all the magstripe cards will be blocked. Therefore, we recommend that if you have not yet applied for an EMV based chip card, then do so before December 31, 2018. There are no fees for these cards issued by banks.
Do you have a CTS check book?
For your information, let you know that it has been made mandatory for the banks to issue the CTS 2010 check book for their customers inevitably. However, if a customer has been issued non-CTS check and offers it for fund transfer in the bank, then it may be delayed. So far, the clearing of such checks was happening once in the month i.e. on the second Wednesday of the month. But let you know that non-CTS checks will not be accepted after 31st December, 2018.
We advise you not to give non-CTS checks or take such checks. If you don’t have ‘CTS 2010’ check book, then contact your bank immediately and ask for it. To know whether your check is CTC, see on the left side of the check if the 'CTS 2010' is marked or not.
Keep attention of rewind points
Whenever you do online purchasing by debit or credit card, you get reward points and you can use these reward points in different ways. For your information, let you know that many reward points are such that after reaching a certain number, you get into your account by turning into rupees, and there are many such ones that you can redeem yourself.
Due to lack of awareness, most people don’t know that there are many banks that end their rewards points after every 31st December and in the New Year, your points start with zero. Therefore, we advise you that if you don’t redeem your earning points before December 31, then your money will get spoiled.
DEC 22 (WTN) - New Year 2019 is to be started from January 1 and by December 31, the current year is going to end. But, after the ending of the current year on December 31, the time limit for conditional income tax return filing and some banking related work is going to end. There are many important works which can be stopped or ended. What are these important tasks, let’s describe you.
Double fine for not filing income tax return before December 31
First of all, talk about the income tax return; if you have not yet filed an income tax return, you must file it with the penalty before December 31. Because if you didn’t do this work by December 31, you would have to pay double the penalty.
For your information, let you know that till date December 31 or earlier, a fine of Rs 5,000 has been imposed for filling ITR, but from 1 January 2019 to 31 March 2019, the penalty will be Rs 10,000. Well, for your information, let you know that the tax payers whose income is less than Rs 5 lakh, can be fined with maximum of Rs 1,000
Concern about debIt and credit Card
Your debit and credit Card may be blocked before December 31, because according to the Reserve Bank's order issued on August 27, 2015, all banks will have to convert customers magistrates (i.e. black strip) debit and credit card to the EMV (Europe, MasterCard and Visa) based chip card.
The last date for converting debit and credit cards to EMV is 31 December 2018. After this, all the magstripe cards will be blocked. Therefore, we recommend that if you have not yet applied for an EMV based chip card, then do so before December 31, 2018. There are no fees for these cards issued by banks.
Do you have a CTS check book?
For your information, let you know that it has been made mandatory for the banks to issue the CTS 2010 check book for their customers inevitably. However, if a customer has been issued non-CTS check and offers it for fund transfer in the bank, then it may be delayed. So far, the clearing of such checks was happening once in the month i.e. on the second Wednesday of the month. But let you know that non-CTS checks will not be accepted after 31st December, 2018.
We advise you not to give non-CTS checks or take such checks. If you don’t have ‘CTS 2010’ check book, then contact your bank immediately and ask for it. To know whether your check is CTC, see on the left side of the check if the 'CTS 2010' is marked or not.
Keep attention of rewind points
Whenever you do online purchasing by debit or credit card, you get reward points and you can use these reward points in different ways. For your information, let you know that many reward points are such that after reaching a certain number, you get into your account by turning into rupees, and there are many such ones that you can redeem yourself.
Due to lack of awareness, most people don’t know that there are many banks that end their rewards points after every 31st December and in the New Year, your points start with zero. Therefore, we advise you that if you don’t redeem your earning points before December 31, then your money will get spoiled.
