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Streamlining Income Tax Processing

Fri, 14 Jul 2023 14:35:57 +0530

Advanced AI Tools for ITR Scrutiny

Introduction

As the income tax season approaches, taxpayers can expect some changes in the way their returns are processed. This year, the income tax department is set to employ advanced Artificial Intelligence (AI) tools to scrutinize filed Income Tax Returns (ITRs) more meticulously. The adoption of this specially designed, self-automated, and modified AI software program aims to streamline the process by automating data collection and analysis. However, this enhanced scrutiny process may result in delays in tax refunds. In this blog post, we will explore the details of this new AI-driven approach and its implications for taxpayers.

Harnessing the Power of AI

The AI program utilized for ITR scrutiny begins by collecting data linked to your Permanent Account Number (PAN) card. It then automatically retrieves linked data from your Aadhaar card. Next, the AI software cross-references the transactions associated with your Aadhaar and PAN with the bank accounts you have declared and attached to your ITR. The program meticulously gathers information on fixed deposits, quarterly interests credited, share dividends, share transactions, mutual funds, and both long-term and short-term gains from all your declared bank accounts.

Digging Deeper: Unveiling Undeclared Accounts

Not stopping at the declared accounts, the AI program delves into undisclosed bank accounts registered under your name. It also extends its search to joint accounts where you are the second or third member authorized to operate the account. Furthermore, the program scrutinizes postal accounts, cooperative banks, local credit institutions, and investments made jointly with family members who are non-registered ITR filers. No stone is left unturned in ensuring comprehensive coverage of your financial activities.

Beyond Banking: Wider Scope of Scrutiny

The PAN card's validity is also checked against government registry records to identify any land or immovable property transactions made by you in the current and previous three years. Additionally, the program takes into account debit card and credit card transactions, passport and visa details, as well as information on two- and four-wheeler purchases or sales. This holistic approach aims to create a comprehensive profile of your financial activities for accurate scrutiny.

Automated Calculations and Section 143(i)

The data collected by the AI program is meticulously compared to the information furnished in your ITR. Additionally, the program verifies the tax deducted at source (TDS) information recorded in AS26 data. Using this data, the AI program automatically calculates the declared and undeclared factual income tax. If discrepancies are found, a demand notice will be sent to you under Section 143(i) of the Income Tax Act.

Impact on Processing Times

While this new AI-ITR program promises to expedite the scrutiny process, the implementation may cause some delays in income tax processing. The program's remarkable capacity to perform all the required tasks within seconds necessitates additional time for thorough analysis. As a result, taxpayers can anticipate ITR processing to be completed in the last week of July or the first week of August.

Conclusion

With the introduction of advanced AI tools for ITR scrutiny, the income tax department aims to enhance the accuracy and efficiency of the process. Taxpayers should be prepared for potential delays in tax refunds due to the thoroughness of the AI-driven scrutiny. It is crucial for individuals to exercise caution and accuracy while filing their ITRs, as any inconsistencies may lead to further scrutiny and potential demand notices. By embracing technological advancements, the income tax department seeks to ensure a fair and transparent tax system, encouraging taxpayers to fulfill their obligations diligently.

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Documents required for Income Tax Return Filing

Fri, 05 May 2023 14:58:32 +0530

Documents Required for Income Tax Return Filing

We have hereby prepared the exhaustive list of documents that is required in order to file your Income Tax Returns Online

Income from Salary Details:

Income Tax Login Details
PAN Card & Aadhar Card
Form 16 from All Employers, if any.
Form 26 AS
Any other Income or Deduction details not mentioned in Form 16.
Bank Account Number & IFSC of All Active Bank Accounts.

Income From House Property Details:

Property Address with Annual Rent Received
Tenant Name & Pan.
Municipal Taxes Paid, if any.

Income from Capital Gain Details:

Portfolio/ Statement of investments such as securities/mutual funds and derivatives.
Date and amount of property sold and purchased along with sale and purchase agreement.

Income from Foreign Country

Income Proof showing Income & Tax deduction details such as Pay Slips
TIN Number or Social Security Number, if any
Passport Number
W2 or Tax Return Filed in Foreign Country

For any further or queries talk to us here

Tax Implications On Foreign Inward Remittance

Tue, 20 Sep 2022 12:59:41 +0530

Tax Implications On Foreign Inward Remittance

When money is being transferred from abroad to India, surely there are tax implications to consider. If you are the one sending money, naturally you’d think about how much tax you need to pay in the country of your residence for remitting money to India. On the other hand, if you are a resident Indian and receiving money from abroad, you’ll want to know if you are liable to pay tax on the amount received. In this post, we’ll examine both these questions and more.

How much tax is applicable to the sender, on money transfer from abroad to India?

Tax Implications On Money Transferred From Abroad To India

Sep 17 18| by Rashid Rasheed

How much tax is applicable to the sender, on money transfer from abroad to India?

No tax is applicable on the money being transferred from abroad to India. None at all. This is because you’d have already paid tax on the income you are earning in the country abroad. India has signed the Double Taxation Avoidance Agreement with 85 other countries.

No.	Countries
1.	Armenia
2.	Australia
3.	Austria
4.	Bangladesh
5.	Belarus
6.	Belgium
7.	Botswana
8.	Brazil
9.	Bulgaria
10.	Canada
11.	China
12.	Cyprus
13.	Czech Republic
14.	Denmark
15.	Egypt
16.	Finland
17.	France
18.	Georgia
19.	Germany
20	Greece
21.	Jordan
22.	Greece
23.	Jordan
24.	Hungary
25.	Iceland
26.	Indonesia
27.	Ireland
28.	Israel
29.	Italy
30.	Japan
31.	Kazakhstan
32.	Kenya
33.	South Korea
34.	Kuwait
35.	Kyrgyzstan
36.	Libya
37.	Lithuania
38.	Luxembourg
39.	Malaysia
40.	Malta
41.	Mauritius
42.	Mexico
43.	Mongolia
44.	Montenegro
45.	Morocco
46.	Mozambique
47.	Myanmar
48.	Namibia
49.	Nepal
50.	Netherlands
51.	New Zealand
52.	Norway
53.	Oman
54.	Philippines
55.	Poland
56.	Portugal
57.	Qatar
58.	Romania
59.	Russia
60.	Saudi Arabia
61.	Serbia
62.	Singapore
63.	Slovenia
64.	South Africa
65.	Spain
66.	Sri Lanka
67.	Sudan
68.	Sweden
69.	Switzerland
70.	Syria
71.	Tajikistan
72.	Tanzania
73.	Thailand
74.	Trinidad and Tobago
75.	Turkey
76.	Turkmenistan
77.	UAE
78.	UAR
79.	Uganda
80.	UK
81.	Ukraine
82.	USA
83.	Uzbekistan
84.	Vietnam
85.	Zambia

As per the Double Taxation Avoidance Agreement between India and any one of the foreign countries mentioned above, if you have already paid tax on the income earned abroad, then you need not pay tax when transferring that money back to India. The only tax you’d be required to pay is the service tax (negligible amount) and the transaction charges when you transfer money to India using any foreign exchange or money transfer services.

So if you are thinking of transferring funds from overseas to your parents or close relatives for their personal expenses, you should just directly transfer it to their savings account in India. There won’t be any further tax applicable on that amount.

So how much money can you send to India in a year?

Theoretically speaking, there is no limit to the amount of money you can send back to India in a year. All governments welcome funds from foreign countries as it bolsters the economy. India has not sent any limits on receiving funds from abroad.

However, the foreign country you are in might have regulations that limit the amount of money you can send abroad. These regulations differ from country to country.

For ex: In the USA, you are allowed to send an unlimited amount of money to India.

If you are sending the money to your NRE/NRO account or to the bank account of your close relatives, then it is tax-free.

As per US law, a close relative of an individual is defined as ;

A current or former spouse;
A father, mother, guardian, brother, sister, son, daughter; or
A father-in-law, mother-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law.

However, if you want to send money to your friend in India, then you can send money, tax-free, only up to US$ 14,000 per person per year. Beyond this amount, you’d have to pay a gift tax in the US.

How much tax is applicable to the receiver, on money received from abroad to India?

No tax to be paid if the sender is your close relative. As per RBI rules, the remittance money received from persons abroad, who are your close relatives, is treated as a tax-free gift. Close relatives are defined as ;

Spouse of the individual
Brother or sister of the individual
Brother or sister of the spouse of the individual
Brother or sister of either of the parents of the individual
Any lineal ascendant or descendant of the individual
Any lineal ascendant or descendant of the spouse of the individual

However, if you are receiving money from abroad and the sender is not related to you, then any amount over Rs. 50,000 (about US$ 700) will be liable to be taxed as your income. You’d have to pay income tax on the excess amount.

For ex: If your friend from the US sends you US$ 10,000 as a gift (around Rs. 7,00,000 at today’s US Dollar rate in India). You’d have to add the excess Rs. 6,50,000 to your income and pay tax on it.

If the gift amount exceeds US$ 14,000, your friend in the US would have to pay the gift tax there and you would have to pay the income tax on the excess amount above Rs. 50,000 in India.

Frequently Asked Questions

1. If I send money from abroad to a normal Indian savings account, will it be taxable?

If you are sending money to your close relative, it won’t be taxable. However, if you are sending money to your friend or acquaintance in India and the amount is above Rs. 50,000, then it is taxable. The excess amount above Rs. 50,000 would be treated as income and the receiver of the funds would have to pay income tax on it in India.

2. What are the tax implications for transferring money from India to the USA?

The Tax implications of sending money from India to the USA are dependent on the amount of money you are sending.

You’d have to pay GST on forex transactions in India.

Tax on money transfer from India to any country
Money Transfer Slab	Minimum Tax – Maximum Tax
Slab 1 [Up to Rs 1 lakh]	Rs. 45 – Rs. 180
Slab 2 [Rs 1 lakh to Rs. 10 lakh]	Rs. 180 – Rs. 990
Slab 3 [Above Rs. 10 lakh]	Rs. 990 – Rs. 60,000
The maximum GST for forex transactions is capped at Rs. 60,000

3. Do I need to pay taxes on foreign money transferred to my account?

If the money is sent by your close relative abroad, then you don’t have to pay taxes.

However, if the money has been sent by someone who is not your close relative, then up to Rs. 50,000 the money is considered as a tax-free gift. If the money received in your account is above Rs. 50,000, then you’d have to add the excess amount to your income and pay income tax.

4. How much money can I send abroad from India in a year?

As per the rules of Liberalized Remittance Scheme (LRS) of RBI, a resident Indian can remit abroad up to US$ 2,50,000 in a single financial year (Apr 1 to Mar 31).

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Equalization Levy in Case of Import

Sat, 11 Jul 2020 13:56:32 +0530

Equalisation Levy

1. Background and Relevance of Equalisation Levy

Over the last decade, Information Technology has gone through an exponential expansion phase in India and globally. This has led to an increase in the supply and procurement of digital services. Consequently, this has given rise to various new business models, where there is a heavy reliance on digital and telecommunication networks.

As a result, the new business models have come with a set of new tax challenges in terms of nexus, characterization and valuation of data and user contribution. The combination of inadequacy of physical presence based nexus rules in the existing tax treaties and the possibility of taxing such payments as royalty or fee for technical services creates a fertile ground for tax disputes.

To bring in clarity in this regard, the government introduced vide Budget 2016, the equalisation levy to give effect to one of the recommendations of the BEPS (Base Erosion and Profit Shifting) Action Plan.

2. Applicability of Equalisation Levy

Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient. The two conditions to be met to be liable to equalisation levy:

The payment should be made to a non-resident service provider;
The annual payment made to one service provider exceeds Rs. 1,00,000 in one financial year.

3. Services Covered Under Equalisation Levy

Currently, not all services are covered under the ambit of equalisation Levy. The following services covered:

Online advertisement;
Any provision for digital advertising space or facilities/ service for the purpose of online advertisement;

As and when any other services are notified will be included with the aforesaid services.

4. Rate of Tax Under Equalisation Levy

Currently the applicable rate of tax is 6% of the gross consideration to be paid.

Example:

Rohan has advertised on Facebook to expand his business. He has to pay Rs. 2,00,000 in FY 2017-18 to Facebook for the advertising services availed.

Solution:

Facebook will bill Rohan for an amount of Rs. 2,12,765.9

Rohan will deduct TDS at the rate of 6% of Rs. 2,12,765.9 = Rs. 12,765.9 and pay the balance of Rs. 2,00,000 ( Rs. 2,12,765.9 – Rs. 12,765.9) to Facebook.

5. Due Dates for Compliance

Due date of furnishing Equalisation Levy Statement (Form-1) is on or before 30th June of Financial Year ended. This is the annual statement.

From the above example, let us assume Rohan made the payment on 15th February.

He will have to deposit the tax with the authorities by 7th March, 2019 and file the statement (i.e. Form -1) on or before 30th June, 2019.

6. Consequences of Delayed Payments
In case there is a delay in payment:
Interest is charged at 1% of the outstanding levy for every month or part thereof is delayed.
In case there is non-compliance on behalf of the service recipient:
The compliance procedure for the Equalisation Levy is the responsibility of the service recipient.
1. Penalty for failure of payment
Equalisation Levy not deducted: Penalty equal to the amount of levy failed to be deducted (along with interest and depositing of the principal levy outstanding).
Equalisation Levy deducted but not deposited: Penalty equal to INR 1,000/day subject to the maximum of the levy failed to be deducted (along with interest and depositing of the principal levy outstanding).
Disallowance of such expenditure in the hands of the payer (unless the defect is rectified).
2. Penalty for failure of filing statement of compliance
INR 100/day for each day the non-compliance continues.
3. Prosecution
If a false statement has been filed then the person may be subjected to imprisonment of a term up to 3 years and a fine.

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Mandatory Linking of Pan with Aadhar by 30th June 2020

Wed, 17 Jun 2020 10:51:45 +0530

How to Link PAN Card to Aadhar Card Online through e-Filing Website

Link PAN card with Aadhaar card right now if you haven't already done so June 30, 2020 is the new deadline to link your Aadhar Card and PAN Card. As per a directive from the Income Tax Department, it is mandatory to connect your Permanent Account Number (PAN) with Aadhar Card. In case you are not sure whether you have already linked PAN card with Aadhaar card, it is a good time to check the status of your Aadhaar card and PAN card linking. The Central Board of Direct Taxes (CBDT) on December 30 extended the deadline for linking Aadhaar card with PAN card from December 31 to March 31, 2020, and then on March 24, extended it to June 30 in light of the coronavirus pandemic. People failing to meet the deadline will no longer be able to file their income tax returns and their PAN will become inoperative.

"The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020. Notification no.107 of 2019 dated 30/12/2019 issued by CBDT," the IT department said in a tweet

If you want to check whether your Aadhaar and PAN are already linked, you need to follow the steps provided below.

How to check your PAN-Aadhaar card link status

Checking PAN-Aadhaar link status is easy. You need to go to the website of the Income Tax Department before the June 30, 2020 deadline. The website will ask you to enter your Aadhaar card number and PAN card details to check the status of the Aadhaar-PAN linking online

Go to the official website of the Income Tax Department by visiting https://www.incometax.gov.in/iec/foportal/ from your browser.
Now, click on the Link Aadhaar option provided under the Quick Links section on the left sidebar.
This will take you to the Link Aadhaar page from where you need to click on the Click here link.
You'll now see a page where you need to enter your PAN and Aadhaar numbers to check the linking status.
If your Aadhaar and PAN are already linked, you'll see a screen showing a confirmation message. This will highlight the last four digits of your Aadhaar number.
You should verify the PAN and Aadhaar number you've entered if you're getting a message that you're yet to link them but you have a doubt that you had already performed the linking.

In case if you haven't linked your Aadhaar and PAN, you can follow the steps available below to link them online.

How to Link PAN Card to Aadhar Card Online through e-Filing Website

People can get their PAN and Aadhar linked online by following the steps mentioned below:

Step 1. Visit the Income Tax e-Filing website to link your PAN and Aadhaar

Step 2. Enter your PAN and Aadhar number in the form

Step 3. Enter your name as mentioned in your Aadhar card

Step 4. In case only your birth year is mentioned on your Aadhar card, you have to tick the square

Step 5. Now enter the captcha code mentioned in the image for verification

Step 6. Click on the “Link Aadhaar” button

Step 7. A pop-up message will appear that your Aadhaar will be successfully linked with your PAN

Visually challenged users can request for an OTP that will be sent to the registered mobile number instead of the captcha code.

How to Link Aadhar with PAN by Sending an SMS

In order to link your Aadhar to PAN, follow these steps:

You have to type a message in the format
UIDPAN<12 Digit Aadhaar> <10 Digit PAN>
Send the message to either 567678 or 56161 from your registered mobile number
If your Aadhaar number is 987654321012 and your PAN is ABCDE1234F, you have to type UIDPAN 987654321012 ABCDE1234F and send the message to either 567678 or 56161

Correction Facility for Linking your PAN with Aadhar Card

PAN and Aadhar card linking is successful only when all your details in both the documents match. In case there are errors such as spelling mistakes in your name, your PAN will not be linked with Aadhaar. You can make changes by visiting a nearby Aadhaar Enrolment Centre or through the portal of NSDL PAN. In case there are errors, you can get it corrected by following these steps:

The user can correct his PAN details using the NSDL website
The NSDL link redirects to the page where you can apply for the correction of your name
Submit signed digital documents to get your PAN details updated
Once your details are corrected in your PAN and confirmed by NSDL over a mail, you can link your PAN with Aadhaar

Unable to Link PAN with Aadhaar? Here’s What to Do

PAN cards have to be mandatorily linked with Aadhaar before the deadline ends otherwise they will be deactivated by the Income Tax Department. The name of the applicant should be the same on both PAN card and the Aadhaar card. In case there is some spelling mismatch, you will be unable to link Aadhaar with PAN. You will have to get your name corrected and after correction, you can easily link your PAN with Aadhaar.

When PAN Card is Mis-Spelt:

Step 1: Visit the e-filing website of NSDL at https://goo.gl/zvt8eV
Step 2: Select the ‘Changes or Correction in existing PAN data/Reprint of PAN Card (No changes in Existing PAN Data)’ option from the drop-down menu
Step 3: Select the individual category and enter your details
Step 4: Make payment and submit your form online after Aadhaar e-KYC
Step 5: Your updated PAN will be sent to your address
Step 6: Once you receive your PAN card, you can link your PAN with Aadhaar

When Aadhaar Card is Mis-Spelt:

Step 1: Visit an Aadhaar Enrolment Centre
Step 2: Carry a self-attested copy of your proof of Identity
Step 3: Fill the Aadhaar Enrolment Form
Step 4: Submit the form along with the documents
Step 5: You will get an acknowledgement slip that contains the update request number
Step 6: This URN can be used to check the status of your update request
Step 7: Once your update request is processed and the name is corrected, you can link your PAN with Aadhaar

Importance of Linking PAN Card with Aadhar Card

Linking PAN with Aadhar is very important for all PAN cardholders because of the following reasons:

All PAN cards that are not linked with Aadhaar will be deactivated after March 31st, 2020
Linking PAN with Aadhaar will help in tackling the problem of multiple PAN cards issued in the same name
Your income tax return form would not be processed if your PAN is not linked with Aadhaar
The user will get a summarised detail of taxes levied on him for future reference

FAQs on Linking PAN-Aadhaar

Q. I don’t have Aadhaar. Can I still e-file my tax return?
A. Yes, you can file tax returns but it will not be processed until your Aadhaar is linked with PAN. In case you have enrolment number, you can link it with PAN and your e-return would be processed this year but you will have to link your PAN with Aadhaar at a later stage.

Q. Is there any other process to link the two?
A. Right now, there are only two processes. The user has to get his documents linked by any one of the processes.

Q. Do NRIs need Aadhaar card to e-file?
A. NRIs are exempt from quoting their Aadhaar while filing their income tax e-returns.

Q. Who will be required to link PAN and Aadhaar numbers? What if my income is below taxable limits?
A. Even if the taxable income of an individual is below the taxable limits, he has to link his PAN with Aadhaar. Otherwise, it will be deactivated.

Q. Why do I get failed authentication message when I try to link Aadhaar with PAN?
A. You have to enter the correct OTP sent to your registered mobile number. In case you enter wrong OTP, you will get the failed authentication message. It is best suggested to enter the OTP diligently on the website to authenticate your request.

Q. When is the Aadhaar-PAN linking not compulsory?
A. You are exempt from linking your Pan with Aadhaar if:

You are an NRI
Residents of Assam, Meghalaya and Jammu & Kashmir
Foreign nationals residing in India.
Senior citizens who are more than 80 years of age at any time during the financial year

Q. Is it mandatory to create an account with the department website?
A. All taxpayers have to create an account with the Income Tax Department to file their e-returns.

Q. How can I change the mobile number that is registered with Aadhaar?
A. In order to get your mobile number updated, you have to visit a nearby Aadhaar Enrolment Centre and get your mobile number updated.

Q. What is the deadline for linking PAN card with Aadhaar card?
A. The deadline for linking PAN card and Aadhaar card is 30th June 2020.

Q. Do I have to submit any documentary proof to link my PAN and Aadhaar card?
A. Linking PAN with Aadhaar is a very simple process. You can do it online or via SMS. You do not have to submit any document proof.

Q. What are the details I have to check when linking my PAN with my Aadhaar card?
A. You have to check your name, gender and date of birth when linking your Aadhaar with PAN. In case there are errors, you can get them rectified before linking both documents.

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Find Corona HotSpot or Containment Zones

Tue, 19 May 2020 20:19:56 +0530

Find Corona HotSpot or Containment Zones

Coronavirus Hotspots in India: The Government has demarcated 130 districts as Coronavirus hotspots or red zones, 284 districts as orange zones and 319 districts as green zones, as per the list released on May 1, 2020. The list identifies all 11 districts of Delhi as red zones.

Other metropolitan cities including Mumbai, Bengaluru, Hyderabad, Chennai and Kolkata have also been identified as red zones. Post May 3rd, the Home Ministry had announced certain relaxations for the orange and green zones. The red zones, however, continued to remain under strict lockdown with the exception of certain necessary relaxations.

What are Red, Orange and Green Zones?

The Centre had classified all districts into three categories- red, orange and green zones:

Red Zones: The districts with higher coronavirus case load or have a high growth rate of the virus have been identified as red zones or hotspot areas.

Orange Zones: The districts with fewer cases have been marked as orange zones or non-hotspots.

Green Zones: The Districts with no new COVID-19 infection has been categorised as green zones.

Note: A red or orange zone can be marked as green if it does not report any new COVID-19 case for 28 and 14 days respectively.

Search Here if you are in a Containment Zone or Not

SBI NetBanking - Register, Login, Remit.

Mon, 04 May 2020 19:38:55 +0530

SBI NetBanking – How to register ,Login, Check Balance & Steps to transfer money

State Bank of India (SBI), the largest public sector bank in India, offers the net banking facility to its customers, both retail customers as well as corporate customers. In a recent move, State Bank of India leads five other public sector banks such as State Bank of Mysore, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, and State Bank of Bikaner and Jaipur. Here is a detailed breakdown of the different aspects of SBI net banking.

State Bank of India (SBI)

Owner	Government of India
Chairperson	Rajnish Kumar
Headquarters	Mumbai
Customer service	1800 425 3800
Founded	1st July 1955

1. How to register for SBI net banking?

TO register for SBI Netbanking Individual account holders must satisfy the following criteria to be able to register for net banking services online.

You must have a savings account with SBI.
You must have linked your mobile number with the bank account.
You must have a valid ATM card.
To register online, you should not apply for the facility at the branch.

Follow the below steps to register for net banking facility with SBI online:

Step 1: Visit the official internet banking website at https://www.onlinesbi.com/.https://www.onlinesbi.com/.

Step 2: Click on ‘New User Registration/Activation’

Step 3: A pop-up window will appear on the screen to confirm that you have not received an internet banking kit. Click on ‘OK’.

Step 4: Select the ‘New User Registration’ option from the drop-down menu and click ‘Next’.

Step 5: In the next screen that appears, fill up the details such as the account number, CIF number, branch code, country, registered mobile number, and the facility you want to sign-up for. Also, enter the captcha code correctly. If you are unable to figure out the branch code, you can find it under the ‘Get Branch Code’ option. You must enter the state and the branch name to get the branch code.

Step 6: Under the ‘Facility Required’ field, you can select one of the following options: View, limited transactions, and full transactions.

Step 7: Click on ‘Submit’.

Step 8: An OTP will be sent to the registered mobile number. Enter the OTP on the screen and click ‘Confirm’.

Step 9: Select the option ‘I have my ATM card’ and click ‘Submit’.

Step 10: Now, enter the ATM card details on the screen and click ‘Submit’.

Step 11: A temporary username will be displayed on the screen; take note of this username.

Step 12: Set a password that adheres all the rules such that you can remember it. Click ‘Submit’ to complete the registration process.

2. How to login to SBI net banking?

Step 1: Visit the official website https://www.onlinesbi.com/ to see the login page for both personal banking as well as corporate banking.https://www.onlinesbi.com/ to see the login page for both personal banking as well as corporate banking.

Step 2: Click on the ‘LOGIN’ button on the personal banking section.

Step 3: Enter your username and password details on the screen and click ‘Login’ to access your account.

Step 4: You will be redirected to a page where you can access all information related to your account.

3. How to check account balance in SBI net banking?

Once you log into your SBI net banking account, you can click on the ‘Account Summary’ option available under the ‘Quick Links’. You will see a list of all the accounts you hold with the bank. Click on the ‘Click here for balance’ option against the account to know the balance.

4. Steps to transfer money via SBI net banking portal

Before transferring money online, you have to make sure that the recipient is added as a beneficiary on your account. You require the details such as beneficiary name, account number, bank name, and IFSC. Follow the steps below to initiate a money transfer:

Step 1: Log in to the OnlineSBI portal.

Step 2: Click on ‘Other Bank Transfer’ under ‘Payments/Transfer’ tab if you wish to transfer money to another bank’s account.

Step 3: If you wish to transfer to an account within the same bank, click ‘Accounts of Others – Within SBI’.

Step 4: A screen will appear according to your selection, choose the type of transaction you would like to make and click ‘Proceed’.

Step 5: From the list, choose the account you wish to make the fund transfer from.

Step 6: Now, enter the amount you wish to transfer and remarks if any.

Step 7: Choose the beneficiary account to transfer the funds.

Step 8: You can also instruct when the fund transfer must take place using the option available.

Step 9: Agree to the terms and conditions by selecting the checkbox and click ‘Submit’.

Step 10: The following screen will show all the details you entered for review. Once you are sure that all the details are correct, click ‘Confirm’.

Step 11: You will receive a high-security password on the registered mobile number. Enter this password and click ‘Confirm’ to complete the authentication process.

Step 12: A confirmation message will be displayed on the screen to mark the completion.

5. Transaction limits and charges applicable

Transaction Type	Per Day Limit	Overall Daily Limit	EasyPIN Overall Category Limit	EasyPIN Individual Overall Daily Limit	Charges
IMPS	Per Transaction Limit: Rs.2,00,000; Overall Daily Limit: Rs.2,00,000	Rs.10,00,000	Rs.1,00,000	Rs.1,00,000	Nil
Quick Transfer	Per Transaction Limit: Rs.10,000; Per Day Limit: Rs.25,000; Overall Daily Limit: Rs.2,00,000	Rs.10,00,000	Per Transaction Limit: Rs.10,000; Per Day Limit: Rs.25,000	Nil
NEFT	Rs.10,00,000	Rs.10,00,000	Rs.1,00,000	Rs.1,00,000
RTGS	Rs.10,00,000	Rs.10,00,000	N/A	Nil
UPI	Rs.1,00,000	Rs.10,00,000	Rs.1,00,000	Nil
Transfer Within Self Accounts	Rs.2,00,000	Rs.2,00,000	Rs.1,00,000	Nil
Transaction Limit for a New Beneficiary (First 4 Days)	Rs.1,00,000	Rs.1,00,000	Rs.1,00,000	–
Third-Party Transfer within SBI	Rs.10,00,000	Rs.10,00,000	Rs.1,00,000	Nil

6. How to reset the password?

Step 1: Visit the official website https://www.onlinesbi.com/.https://www.onlinesbi.com/.

Step 2: Click ‘Login’ under ‘Personal Banking’ section.

Step 3: Click on the ‘Continue to Login’ button.

Step 4: In the login screen, click ‘Forgot Login Password’.

Step 5: A pop-up window will appear with a dropdown menu. Select the ‘Forgot My Login Password’ option and click ‘Next’.

Step 6: In the following screen, provide details such as username, account number, date of birth, mobile number, country, and captcha code.

Step 7: Click ‘Submit’ when you are done entering the details.

Step 8: An OTP will be sent to your registered mobile number. Enter this OTP on the screen and click ‘Submit’.

Step 9: You will be redirected to a page where you can reset the password.

7. Frequently Asked Questions
Q. What should I do if I forget my internet banking username?
A. If you happen to forget your internet banking username, you have to visit your home branch and request for re-registration.
Q. What are the good practices to create a password?
A. The good practices to create a password for your internet banking account are:
Do not choose your name, family name, or vehicle number as your password.
It is recommended to choose a word that is not available in English dictionary.
Change your password at regular intervals of time.
Do not note your password anywhere. Memorise your password.
Do not share your password with anyone even if they claim that they are from SBI.
Q. Can I change the username and password provided to me by courier?
A. The username and password sent to you by courier are system-generated and it is mandatory for you to change them on your first login. Later, you can only change the password and not the username.

Emergency Loan in 45 Mins from SBI

Sun, 03 May 2020 22:50:14 +0530

Emergency Personal Loan from SBI

The entire nation is going through a harrowing time due to the ongoing nationwide lockdown in the wake of coronavirus outbreak. Most of the shops and business establishments have been shut even. The middle-class people are the one who have been badly affected due to COVID19. It has adversely impacted the economic condition of the country. Some people even have lost their livelihood.

However, if you are in need of money for any reason, do not worry as the State Bank of India (SBI) has reportedly introduced an emergency loan to help you. The most amusing thing is that you need not to visit any SBI bank. You can get the loan within 45 minutes by being at your house.

No EMI For 6 Months

As SBI has introduced the loan to help the people during the coronavirus pandemic, it has decided to give an opportunity for the people not to pay their Equated Monthly Instalment (EMI) for the first six months, which means if you are taking the emergency loan in May, you no need to pay the EMI till October. Your EMI payment will begin after six months.

Rate Of Interest

You can take the personal emergency loan at any time. This emergency loan is available at an interest rate of 7.25% per annum.

How Much Loan You Can Take

Personal Loan: Till Rs 2 lakhs

Pension Loan: Till 2.5 lakhs

Service Class: Till 5 lakhs

How To Apply For The Personal Emergency Loan
You are required to write PAPL in your registered number and give space then write the last four digit of your account number and then sent it to 567676
Then Bank will intimate you whether you are eligible for the loan or not
The eligible candidate will get the loan in four processes.
You have to click on the Avail Now option in the SBI app- YONO SBI app
Then you have to select the loan tenure and amount
Later you will get an OTP in your registered number and once you put the OTP in the option money will be credited to your account automatically

Know More

Some more relaxation by MCA

Sat, 25 Apr 2020 14:17:27 +0530

Some more relaxation by MCA

Amidst this pandemic lockdown, along with government MCA is also trying its best provide relaxation to the public as far as possible, thats why MCA has issued a notification announcing below mentioned relaxation and extension in various form filing to the public.

Issue Description	Period/Days of Extension
Names reserved for 20 days for new company incorporation. SPICe+ Part B needs to be filed within 20 days of name reservation.	Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020.
Names reserved for 60 days for change of name of company. INC-24 needs to be filed within 60 days of name reservation.	Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020.
Extension of RSUB validity for companies.	SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 3rd May 2020, additional 15 days beyond 3rd May 2020 would be allowed. However, for SRNs already marked under NTBR, extension would be provided on case to case basis. Note: Forms will not get marked to (Not to be taken on Record)’NTBR’ due to non-resubmission during this extended period as detailed above.
Names reserved for 90 days for new LLP incorporation/change of name. FiLLiP/Form 5 needs to be filed within 90 days of name reservation.	Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020.
RSUB validity extension for LLPs.	SRNs where last date of resubmission (RSUB) falls between 15th March 2020 to 3rd May 2020, additional 15 days would be allowed from 3rd May 2020 for resubmission. However, for SRNs already marked under NTBR, extension would be provided on case to case basis. Note: Forms will not get marked to (Not to be taken on Record)’NTBR’ due to non-resubmission during this extended period as detailed above.

For further queries on this reach out to us

Classification & Details about Trademark Class 1

Sat, 11 Apr 2020 23:31:25 +0530

Chemicals used in industry, science and photography, as well as in agriculture, horticulture and forestry; unprocessed artificial resins,

unprocessed plastics; manures; fire extinguishing compositions; tempering and soldering preparations; chemical substances for preserving

foodstuffs; tanning substances; adhesives used in industry.

Class 1 includes mainly chemical products used in industry, science and agriculture, including those which go to the making of products

belonging to other classes.

This Class includes, in particular:

• compost;

• salt for preserving other than for foodstuffs;

• certain additives for the food industry (consult the Alphabetical List of Goods).

This Class does not include, in particular:

• raw natural resins (Cl. 2);

• chemical products for use in medical science (Cl. 5);

• fungicides, herbicides and preparations for destroying vermin (Cl. 5);

• adhesives for stationery or household purposes (Cl. 16);

• salt for preserving foodstuffs (Cl. 30);

• straw mulch (Cl. 31).

Basic no. Indication

010008 acetate of cellulose, unprocessed

010007 acetates [chemicals]*

010010 acetic anhydride

010011 acetone

010013 acetylene tetrachloride

010012 acetylene

010016 acid proof chemical compositions

010014 acids*

010251 acidulated water for recharging batteries / acidulated water for recharging accumulators

010461 acrylic resins, unprocessed

010018 actinium

010025 activated carbon / activated charcoal

010020 additives, chemical, to motor fuel / chemical additives to motor fuel

010019 additives, chemical, to drilling muds / chemical additives to drilling muds

010308 additives, chemical, to insecticides / chemical additives to insecticides

010309 additives, chemical, to fungicides / chemical additives to fungicides

010022 adhesive preparations for surgical bandages

010028 adhesives for billposting

010002 adhesives for industrial purposes

010203 adhesives for paperhanging / adhesives for wallpaper

010573 adhesives for wall tiles

010690 adjuvants, other than for medical or veterinary purposes

010029 agar-agar

010030 agglutinants for concrete

010031 agricultural chemicals, except fungicides, herbicides, insecticides and parasiticides

010036 albumenized paper

010033 albumin [animal or vegetable, raw material]

010040 alcohol*

010042 aldehydes*

010564 alginates for industrial purposes

010669 alginates for the food industry

010037 alkalies

010559 alkaline iodides for industrial purposes

010560 alkaline metals

010039 alkaline-earth metals

010562 alkaloids*

010052 alum

010046 alumina

010051 aluminium iodide

010050 aluminium chloride

010049 aluminium silicate

010048 aluminium hydrate

010047 aluminium alum

010565 aluminium acetate*

010054 americium

010063 ammonia alum

010061 ammonia*

010558 ammonia [volatile alkali] for industrial purposes / volatile alkali [ammonia] for industrial purposes

010060 ammoniacal salts

010062 ammonium aldehyde

010567 ammonium salts

010700 ammonium nitrate

010065 amyl alcohol

010064 amyl acetate

010067 anhydrides

010066 anhydrous ammonia

010165 animal carbon preparations

010069 animal albumen [raw material]

010068 animal charcoal

010568 animal carbon

010710 animal manure

010393 metal annealing preparations

010070 anthranilic acid

010645 anti-boil preparations for engine coolants

010006 anti-frothing solutions for batteries / anti-frothing solutions for accumulators

010073 anti-incrustants

010071 anti-knock substances for internal combustion engines

010571 anti-sprouting preparations for vegetables

010523 anti-tarnishing chemicals for windows

010072 antifreeze

010076 antimony sulfide

010075 antimony oxide

010074 antimony

010693 antioxidants for use in manufacture

010694 antioxidants for use in the manufacture of cosmetics

010695 antioxidants for use in the manufacture of pharmaceuticals

010696 antioxidants for use in the manufacture of food supplements

010260 antistatic preparations, other than for household purposes

010082 argon

010084 arsenic

010085 arsenious acid

010607 artificial sweeteners [chemical preparations]

010086 astatine

010649 automobile body fillers / car body fillers / fillers for automobile bodies / fillers for car bodies

010004 auxiliary fluids for use with abrasives

010594 bacterial preparations, other than for medical and veterinary use

010009 bacteriological preparations for acetification

010595 bacteriological preparations, other than for medical and veterinary use

010343 balm of gurjun [gurjon, gurjan] for making varnish

010104 barium compounds

010101 barium

010574 barium sulfate

010103 baryta paper

010102 baryta

010495 barytes

010106 bases [chemical preparations]

010126 basic gallate of bismuth

010208 bate for dressing skins / dressing, except oils, for skins

010108 bauxite

010619 beer preserving agents

010121 beer-clarifying and preserving agents

010109 bentonite

010111 benzene derivatives

010713 benzene

010110 benzene-based acids

010113 benzoic sulfimide

010112 benzoic acid

010714 benzol

010115 berkelium

010578 bicarbonate of soda for chemical purposes

010118 bichloride of tin

010120 bichromate of soda

010119 bichromate of potassium

010122 biochemical catalysts

010579 biological preparations, other than for medical or veterinary purposes

010658 biological tissue cultures, other than for medical or veterinary purposes

010334 birdlime

010125 bismuth

010494 bismuth subnitrate for chemical purposes

010168 blood charcoal

010225 blue vitriol / copper sulfate [blue vitriol]

010432 blueprint paper

010434 blueprint cloth

010167 bone charcoal

010134 borax

010135 boric acid for industrial purposes

010315 brake fluid

010137 brazing preparations

010583 brazing fluxes

010381 brickwork preservatives, except paints and oils

010585 bromine for chemical purposes

010460 by-products of the processing of cereals for industrial purposes

010163 caesium

010488 calcined soda

010152 calcium carbide

010141 calcium cyanamide [fertilizer] / calcium cyanamide [fertiliser]

010510 calcium salts

010142 californium

010709 calomel [mercurous chloride]

010638 camphor, for industrial purposes

010151 carbide

010586 carbolineum for the protection of plants

010148 carbon

010149 carbon disulfide

010166 carbon for filters

010528 carbon tetrachloride

010597 carbon black for industrial purposes

010146 carbonates

010150 carbonic acid

010357 carbonic hydrates

010591 casein for industrial purposes

010677 casein for the food industry

010153 cassiopium [lutetium] / lutetium [cassiopium]

010154 catalysts

010139 catechu

010038 caustic alkali

010490 caustic soda for industrial purposes

010489 caustics for industrial purposes

010155 cellulose

010590 cellulose esters for industrial purposes

010592 cellulose derivatives [chemicals]

010593 cellulose ethers for industrial purposes

010158 cement [metallurgy]

010170 cement for footwear

010194 cement for mending broken articles

010196 cement preservatives, except paints and oils

010195 cement-waterproofing chemicals, except paints

010160 ceramic glazings

010621 ceramic materials in particulate form, for use as filtering media

010646 ceramic compositions for sintering [granules and powders]

010161 cerium

010177 chemical preparations for scientific purposes, other than for medical or veterinary use

010178 chemical reagents, other than for medical or veterinary purposes

010181 chemical substances for analyses in laboratories, other than for medical or veterinary purposes /

chemical preparations for analyses in laboratories, other than for medical or veterinary purposes

010045 chemical preparations for facilitating the alloying of metals

010044 chemical substances for preserving foodstuffs

010015 chemical condensation preparations

010211 chemical preparations for use in photography

010317 chemical preparations for smoking meat

010395 chemical preparations to prevent mildew

010404 chemical preparations for protection against wheat blight [smut] / chemical preparations to prevent

wheat smut

010639 chemical intensifiers for paper

010640 chemical intensifiers for rubber

010654 chemical additives for oils

010708 chemical coatings for ophthalmic lenses

010107 chemicals, except pigments, for the manufacture of enamel

010505 chemicals for use in forestry, except fungicides, herbicides, insecticides and parasiticides

010575 chemicals for the manufacture of paints

010679 chemicals for the manufacture of pigments

010174 chimney cleaners, chemical

010182 chlorates

010554 chlorides

010183 chlorine

010186 cholic acid

010187 chromates

010188 chrome alum

010190 chrome salts

010191 chromic acid

010477 chromic salts

010189 chromium oxide

010598 cinematographic film, sensitized but not exposed / cinematographic films, sensitized but not

exposed

010199 citric acid for industrial purposes

010254 clarification preparations / purification preparations

010169 coal saving preparations

010599 cobalt oxide for industrial purposes

010688 collagen for industrial purposes

010206 collodion*

010570 color- [colour-] brightening chemicals for industrial purposes / color-brightening chemicals for

industrial purposes / colour-brightening chemicals for industrial purposes

010001 combusting preparations [chemical additives to motor fuel]

010622 compost

010117 concrete preservatives, except paints and oils

010116 concrete-aeration chemicals

010138 condensation-preventing chemicals

010647 coolants for vehicle engines

010214 corrosive preparations

010219 cream of tartar for chemical purposes

010667 cream of tartar for the food industry

010668 cream of tartar for industrial purposes

010602 creosote for chemical purposes

010220 crotonic aldehyde

010221 cryogenic preparations

010596 cultures of microorganisms, other than for medical and veterinary use

010226 curium

010215 currying preparations for leather

010216 currying preparations for skins

010228 cyanides [prussiates] / prussiates

010227 solutions for cyanotyping

010230 cymene

010617 damp-proofing chemicals, except paints, for masonry

010580 decolorants for industrial purposes / bleaching preparations [decolorants] for industrial purposes

010236 defoliants

010231 degreasing preparations for use in manufacturing processes / grease-removing preparations for use

in manufacturing processes

010239 dehydrating preparations for industrial purposes

010635 descaling preparations, other than for household purposes

010021 detergent additives to petrol [gasoline] / detergent additives to gasoline [petrol] / detergent additives

to gasoline

010241 detergents for use in manufacturing processes

010242 dextrin [size]

010243 diagnostic preparations, other than for medical or veterinary purposes

010244 diastase for industrial purposes

010632 diatomaceous earth

010245 diazo paper

010240 disincrustants

010605 dispersions of plastics

010582 preparations of the distillation of wood alcohol

010247 distilled water

010248 dolomite for industrial purposes

010136 drilling muds

010333 dry ice [carbon dioxide]

010250 dysprosium

010650 electrophoresis gels

010609 emollients for industrial purposes

010268 emulsifiers

010265 enamel-staining chemicals

010089 engine-decarbonising chemicals / chemical preparations for decarbonising engines

010272 enzyme preparations for industrial purposes

010660 enzyme preparations for the food industry

010273 enzymes for industrial purposes

010661 enzymes for the food industry

010274 epoxy resins, unprocessed

010276 erbium

010279 esters*

010280 ethane

010281 ethers*

010041 ethyl alcohol

010282 ethyl ether

010287 europium

010652 expanded clay for hydroponic plant growing [substrate]

010339 fat-bleaching chemicals

010340 fatty acids

010291 ferments for chemical purposes

010159 fermium

010229 ferrocyanides

010292 ferrotype plates [photography]

010271 fertilizers / fertilisers

010293 fertilizing preparations / fertilising preparations

010296 filtering preparations for the beverages industry

010610 filtering materials [unprocessed plastics]

010611 filtering materials [chemical preparations]

010612 filtering materials [mineral substances]

010613 filtering materials [vegetable substances]

010017 finishing preparations for use in the manufacture of steel

010288 fire extinguishing compositions

010294 fireproofing preparations

010659 fish meal fertilizers / fish meal fertilisers

010180 fissionable chemical elements

010297 fissionable material for nuclear energy

010097 fixing baths [photography]

010298 fixing solutions [photography]

010256 flashlight preparations

010703 flavonoids for industrial purposes [phenolic compounds]

010587 flocculants

010289 flour for industrial purposes

010209 flower preservatives

010299 flowers of sulfur for chemical purposes

010197 fluids for hydraulic circuits / liquids for hydraulic circuits

010302 fluorine

010303 fluorspar compounds

010310 formic acid

010311 formic aldehyde for chemical purposes

010306 foundry binding substances

010307 foundry molding [moulding] preparations / foundry molding preparations / foundry moulding

preparations

010467 foundry sand

010314 francium

010087 fuel for atomic piles

010257 fuel-saving preparations

010525 fuller's earth for use in the textile industry

010312 fulling preparations for use in the textile industry

010313 fulling preparations

010318 gadolinium

010320 gallic acid for the manufacture of ink

010321 gallium

010319 gallnuts

010323 gallotannic acid

010098 galvanizing baths / baths for galvanizing

010324 galvanizing preparations

010325 gambier

010275 gas purifying preparations / preparations for the purification of gas

010329 gelatine for photographic purposes

010330 gelatine for industrial purposes

010656 genes of seeds for agricultural production

010332 getters [chemically active substances]

010386 glass-frosting chemicals