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Can an NRI submit Form 15G/H for exemption of TDS ? NO . NRIs not entitled to submit Form 15G/15H for tax exemption HO cir 92/2011
TDS CERTIFICATES TO BE ISSUED PROMPTY WITHIN THE DUE DATES AND BRANCHES/OFFICES SHOULD MAINTAIN RECORDS FOR HAVING ISSUED THE SAME As per the Notification, the due date for furnishing TDS certificate to the employee or deductee or payee is revised as under: Salary(Form 16) - Annual By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted. Non-salary(Form No 16 A) - Quarterly Within 15 days from the due date for furnishing the statement of TDS
HO CIR 311/2010
QUOTING OF NSDL TIN RECEIPT NUMBER IN FORM 16 & 16A. 1. All Branches/Offices are instructed to quote NSDL TIN Receipt Number instead of Provisional Receipt Number while issuing of Form 16 & 16 A for the FY 2010-11 onwards. 2. The format of Form 16 & 16A for the FY 2010-11 is available in HO circular 228/2010. 3. Form 16 & Form 16A have to be issued within the due date as per HO circular 235/2010 and records for having issued to be maintained by our Branches/Offices.
The qualifying age for senior citizen under I T Act is reduced from existing 65 years to 60 years. Kindly note that to avail the benefit of senior citizen, the resident individual should complete 60 years at any time during the Financial Year. 2) INTRODUCTION OF NEW CATEGORY OF SENIOR CITIZENS:
A new category of Resident Individual (Senior Citizens) is introduced under I T Act with age 80 years or more. The tax slabs for all Resident Individual, who is of age of 80 years or more, are furnished in Annexure I. 3) CHANGE IN RESIDENT INDIVIDUAL & HUF INCOME TAX SLAB LIMITS:
The Income Tax slab limits for Resident Individual and Hindu Undivided Family (HUF) have been changed in Finance Act, 2011. The new Income Tax slab limits with effect from 01.04.2011 are given in the Annexure I for immediate information of our branches/offices.
CANARA
VIKAS
Smart Card issued by our Bank is called Canara Vikas . Smart Card is used in Bio Metric Hand held machine for deposit and withdrawal of funds from SB accounts. It bears the name and address of the account holder. The account number and the date of birth of the customer is also printed on the card. It is a contact less card with 4KB to 32KB capacity. It holds 10-16 applications like SB, RD, Loan account, Health Insurance. Life insurance,Vehicle insurance etc. It can hold latest 10 Transactions in the account. It bears magnetic strips on the backside, which enables the card holder to operate the account through the Bio metric ATM. This card is used in Bio metric hand held machine, operated by the Business Correspondent/Customer Service Provider.
Payments and receipts through smart cards By BC The Business Correspondent shall also accept the remittance of cash to the credit of SB/Loan accounts and also disburse small value cash fromSB account, through the smart card (Canara Vikas) used in Bio metric Hand Held Machine/Biometric ATMs etc. The BC shall disburse the pension/NREGP wages and other benefits as specified from time to time, to the beneficiaries whenever the Bank takes up such activities on behalf of Government, institutions etc as a part of the duties of BC
BAR SHOULD NOT BE RAISED ON THE DRAWEE BRANCH OR ACCOUNTS SECTION. The Master Data will be uploaded to CBS by DIT Wing. Dividend/interest/redemption/refund payment instruments will be processed and paid by the drawee branches/offices. Branches/offices will invoke respective options as detailed below in the document. Instrument will be paid and related CASA A/c of Pooling Branch will be debited online. The entries will be passed in CBS through IBGL (200001004). 1. FP-8326 D W Liquidation by GL for single instrument. 2. FP-8327 D W Liquidation against CASA Account for single Instrument 3. FP-5521 Payment through Inward Clearing
An inventory of the articles is to be prepared Articles are to be placed in Double Lock Cash found denomination has to be noted and credited to SL Suspense Account Efforts to trace the true owner are to be made A report has to be sent to the Circle Office giving full details of the articles/valuables/cash found and steps taken to trace the owner. The expenses incurred are to be recorded in the Register. Bank can exercise particular lien over the articles/valuables for the expenses incurred.
Money mules are individuals with bank accounts recruited by fraudsters to receive cheque deposit or wire transfer for the purpose of money laundering.
Money mules receive cheque deposits or wire transfers and then transfer these funds to accounts held on behalf of another person or other individuals, minus a certain commission.
Branches should strictly follow the KYC /AML/CFT guidelines to prevent abuse of banking system by money launderers using money mules.
Valid Identity and address proof documents should be obtained while opening of accounts. Proper introduction should be obtained while opening the accounts. In case thanks giving letter is returned undelivered, appropriate action should be initiated. Where Introducer has not come to the Bank in person, NF 154 should be sent by Registered post Ack. Due. Branches should fix Risk category / Threshold limit for all new accounts and the same has to be updated in the system on a continuous basis. STR alerts should be attended on a regular basis and the suspicious transactions should be escalated. Risk category/ Threshold Limit are to be modified appropriately, wherever required, on the basis of the alerts/ additional information. High risk accounts and new accounts are to be subjected to close monitoring, and Legality of large transactions, that are inconsistent with the normal and expected activity of the customer, is to be verified.
Reserve Bank of India has instructed that Banks should give the customer an option to decide as to whether he is agreeable for the bank sharing with other agencies, the information furnished by him at the time of applying credit card. Branches to obtain the Declaration regarding Most Important Terms and Conditions (MITC) / Disclosure of Personal Details along with the prescribed Application for Canara Credit Cards with the check boxes duly ticked. Canara Credit Card Applications without Declaration Form and the option check boxes not ticked will not be processed
a) The customer may seek redemption of bonus points any time before last day of February every year, if he has qualified for redemption. b) The threshold limit for redemption of bonus points has been reduced from 1000 points to 300 points. c) Where the cardholder does not seek redemption of bonus points, even though he has qualified for redemption, the accumulated bonus points in multiples of 100 points will be redeemed automatically to the credit of their card accounts. d) Bonus points not qualified for redemption as on last day of February every year would lapse. e) As one time measure, bonus points not qualifying for redemption would be allowed to be carried forward till February 2012.
Account Holders with Net Banking Facility No registration required from Bank side Registration may be required at the Billers Website Click Hyper link Bill Payment in our Website System will show default CASA Account and the Amount payable Once the user verifies and confirms that the details are correct, system will take to Transaction password screen. Once the user enters the transaction password, system executes the transaction. A message is displayed to the customer stating the successful status of his payment with unique transaction reference number. The customer is then provided with an option to print the receipt and then directed to the biller's website through the Bill Desk Payment Gateway Interface.
Payment of pension to all the pensioners / family pensioners on any of the last four working days of the month for which pension is payable except in the month of March when it is payable on the first working day of April. Prompt payment of increased Dearness Relief and arrears of Dearness Relief. Revision of pension and payment of arrears and pensionary benefits on receipt of revision authorities from pension sanctioning authorities without any delay. Necessary steps are taken to commence payment of family pension to the spouse / other dependents in the case death of pensioners without any delay. Details of payment of pension / arrears, copies of statement of arrears paid etc., are made available to the pensioners. Prompt redressal of any other grievances of the