Month: February 2021

How To Track Contributions Made Towards Atal Pension Yojana?

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Investment

oi-Vipul Das

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Atal Pension Yojana (APY) is a pension mechanism initiated in 2015 by the government. Even though it was introduced with an emphasis on citizens employed in the unorganized sector, any Indian resident with a bank or post office savings account between the ages of 18 and 40 can make contributions towards APY. In comparison to the National Pension System (NPS), where the pension amount is calculated by the cumulative corpus accrued at the age of 60, the pension benefit is specified in the APY, varying from Rs 1,000 to Rs 5,000 per month, based on the subscriber’s contributions. Under section 80CCD(1) of the Income-tax Act, 1961, you can use the contributions rendered by you towards APY to seek tax benefits for which you will need to disclose the transaction statements as verification.

To check if they are credited to your APY account on schedule, you will also need to check your contributions as there is a liability in the event of delay or failure. Make sure that you have issued the Permanent Retirement Account Number, popularly called as PRAN, before you track for the contributions made by you. Although PRAN is the only you need to log into the app, you will have to specify your bank account number on the NSDL portal. There are two options to electronically validate your contributions: by accessing the NSDL website, or by installing the APY and NPS Lite applications from the app store of your mobile.

Via NSDL

Via NSDL

  • Visit https://www.npscra.nsdl.co.in/scheme-details.php and click on ‘APY e-PRAN/Transaction Statement View’
  • You will be redirected to a new page where you need to select from ‘With PRAN or Without PRAN’
  • You will be required to enter your PRAN and bank account number if you have selected the ‘With PRAN’ method. If you do not have a PRAN, you will be asked to enter the name of the subscriber, bank account number and date of birth.
  • Now select the ‘APY e-PRAN View or Statement of Transaction View’ option and enter the CAPTCHA code correctly.
  • Click on ‘Submit’
  • APY e-PRAN will support you with your APY e-card specifics, along with details such as the launch date of the pension, the amount of pension you have specified, the APY service operator/provider and so on.
  • The transaction statement will allow you to validate the contributions you rendered on a monthly, quarterly or semi-annual basis. Details of the cumulative contributions rendered to the fund up to date and others, such as the name of the nominee, the amount of pension chosen, and so on. In a given financial year, you can even check for every successful transaction.

Via Mobile app

Via Mobile app

  • Download the ‘APY and NPS Lite’ mobile app from the default app store of your mobile.
  • Enter your PRAN and tap on ‘Login’
  • An OTP will be sent to your registered mobile number, enter the OTP on the required space and tap on ‘Submit’
  • In which scheme either NPS or APY your money is contributed, the homepage will reveal to you about the specifics of the same. Using the app, you can also download the transaction statement. Select the alternative to access specifics of your account.

Via offline

Via offline

According to the NPS official site, to know the status of the contributions, an SMS is sent to the subscriber’s registered mobile number. The portal also states that periodic statements will be issued to the holder of the APY account by the Central Recordkeeping Agency, but the time is not specified. To get these specifics, one can also visit his or her nearest bank branch.

APY Contribution Chart

APY Contribution Chart

The following table indicates the monthly, quarterly and half-yearly contribution amount, depending on the age of entry into the fund and the estimated monthly pension amount available after retirement. The calculation of this Atal Pension Yojana is representative and the exact amount you required to contribute may alter at a subsequent time. Your monthly, quarterly, and semi-annual contribution criteria for this pension scheme are summarized in the following table:

Entry age Total Contributions Years Monthly Contribution Amount
Monthly Pension of Rs 1000 Monthly Pension of Rs 2000 Monthly Pension of Rs 3000 Monthly Pension of Rs 4000 Monthly Pension of Rs 5000
18 42 42 84 126 168 210
19 41 46 92 138 183 228
29 40 50 100 150 198 248
21 39 54 108 162 215 269
22 38 59 117 177 234 292
23 37 64 127 192 254 318
24 36 70 139 208 277 346
25 35 76 151 226 301 376
26 34 82 164 246 327 409
27 33 90 178 268 356 446
28 32 97 194 292 388 485
29 31 106 212 318 423 529
30 30 116 231 347 462 577
31 29 126 252 379 504 630
32 28 138 276 414 551 689
33 27 151 302 453 602 752
34 26 165 330 495 659 824
35 26 181 362 543 722 902
36 24 198 396 594 792 990
37 23 218 436 654 870 1087
38 22 240 480 720 957 1196
39 21 264 528 792 1054 1318
40 20 291 582 873 1164 1454
Entry age Total Contributions Years Quarterly Contribution Amount
Monthly Pension of Rs 1000 Monthly Pension of Rs 2000 Monthly Pension of Rs 3000 Monthly Pension of Rs 4000 Monthly Pension of Rs 5000
18 42 125 250 376 501 626
19 41 137 274 411 545 679
29 40 149 298 447 590 739
21 39 161 322 483 641 802
22 38 176 349 527 697 870
23 37 191 378 572 757 948
24 36 209 414 620 826 1031
25 35 226 450 674 897 1121
26 34 244 489 733 975 1219
27 33 268 530 799 1061 1329
28 32 289 578 870 1156 1445
29 31 316 632 948 1261 1577
30 30 346 688 1034 1377 1720
31 29 376 751 1129 1502 1878
32 28 411 823 1234 1642 2053
33 27 450 900 1350 1794 2241
34 26 492 983 1475 1964 2456
35 26 539 1079 1618 2152 2688
36 24 590 1180 1770 2360 2950
37 23 650 1299 1949 2593 3239
38 22 715 1430 2146 2852 3564
39 21 787 1574 2360 3141 3928
40 20 867 1734 2602 3469 4333
Entry age Total Contributions Years Half-yearly Contribution Amount
Monthly Pension of Rs 1000 Monthly Pension of Rs 2000 Monthly Pension of Rs 3000 Monthly Pension of Rs 4000 Monthly Pension of Rs 5000
18 42 248 496 744 991 1239
19 41 271 543 814 1080 1346
29 40 295 590 885 1169 1464
21 39 319 637 956 1269 1588
22 38 348 690 1045 1381 1723
23 37 378 749 1133 1499 1877
24 36 413 820 1228 1635 2042
25 35 449 891 1334 1776 2219
26 34 484 968 1452 1930 2414
27 33 531 1050 1582 2101 2632
28 32 572 1145 1723 2290 2862
29 31 626 1251 1877 2496 3122
30 30 685 1363 2048 2727 3405
31 29 744 1487 2237 2974 3718
32 28 814 1629 2443 3252 4066
33 27 891 1782 2673 3553 4438
34 26 974 1948 2921 3889 4863
35 26 1068 2136 3205 4261 5323
36 24 1169 2337 3506 4674 5843
37 23 1287 2573 3860 5134 6415
38 22 1416 2833 4249 5648 7058
39 21 1558 3116 4674 6220 7778
40 20 1717 3435 5152 6869 8581



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Why Should Senior Citizens Aged 75 And Above File ITR Despite Exemption?

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Taxes

oi-Roshni Agarwal

|

To relax the compliance burden on senior citizens, the FM in her budget speech announced that pensioners and other senior citizens aged 75 years and above with just interest income shall be exempted from ITR filing provided the paying bank makes the necessary deduction after considering the aggregate of pension and interest income as the case may be. So, here the onus is on the bank to compute the tax and make the necessary deductions for such tax payers.

Know more about the announcement here and how senior citizens can avail the exemption.

Why Should Senior Citizens Aged 75 And Above File ITR Despite Exemption?

Now as is things are easier said than done, to first make the provision clear which had been at first misunderstood by most taxpayers following in the category, it is the relaxation from filing ITR and not filing taxes.

Other points attached to the relaxation that one must know

  • Only senior citizens aged 75 years and above and having just pension and interest income shall be allowed this exemption from ITR filing.
  • Also, there was later put forward another clause that the pension account and FD shall be with the same bank, such that considering the aggregate of the income, paying bank deducts the applicable tax on both the income sources, eliminating the need to do so separately.
  • Now in case the person is having interest income from FDs which are with 2 or more banks or is earning income from other fixed income sources, he or she shall not be entitled for the exemption.
  • Similarly such pensioners with income from mutual funds, insurance, debt securities and the like shall also not be able to avail of the exemption.
  • And also in a case when excess tax has been paid to the government, they will need to claim it by filing the ITR.

As of now more clarity is sought from the CBDT on the provision and Archit Gupta Founder and CEO, ClearTax said “So far it appears that the bank account, bank deposits and pension income must all be in the same ‘specified bank.’ For senior citizens having accounts in different specified banks and seeking exemption from filing income-tax returns will require these banks to be connected with each other to seek information such as total income and corresponding tax liability and TDS thereon”.

the announcement here and how senior citizens can avail the exemption.

And on the Chapter VI deductions, Archit Gupta said, “One way that this can happen is that the senior citizen will intimate the bank about any tax deductions she wants to claim as eligible under chapter VI-A, so that TDS can be adjusted by the ‘specified bank’. All chapter VI-A deductions should be allowed to be claimed. The presumption is not that the senior citizen does not have taxable income, rather all TDS is taken care of and only two types of incomes are earned – interest and pension – and therefore adjustment of TDS towards deductions claimed will be allowed by the specified bank,” Gupta opined.

What may be the case if the senior citizen taxpayer has income from other savings schemes such as SCSS and other post office schemes?

If the SCSS is maintained with the same paying or specified bank, he or she may be able to club that income and get the tax deductions made by the paying bank and if there are other income sources such as from post office schemes than he or she may not be able to apply for ITR filing exemption.

  • And now why despite the relaxation given senior citizens with these 2 above specified income stream should file ITR
  • The ITR form applicable to such taxpayers with income from pension and interest is ITR Sahaj which is a simple form with pre-filled information.
  • And now for claiming exemption and for the bank to deduct the tax on the income source, you would need to provide the documentation for due validation which may turn out to be a cumbersome process, so in comparison e-filing could still be a better way out. And the process of ITR filing has even be made simpler because of the pre-filled ITR returns.

Moreover, the fine print on the provision is still awaited and as for many of such taxpayers it may not be necessary that both interest and pension is earned in the same bank. Also, it is at present how many banks will figure in the list released by the ministry for the purpose and what documentation banks ask from such taxpayers to validate that they are not hiding income elsewhere. So, without going into too much complexity that the scheme still has because of the details awaited, senior citizens with these 2 income sources shall be better of filing their income tax returns or ITRs.

GoodReturns.in



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Why Should Senior Citizens Aged 75 And Above File ITR Despite Exemption?

Personal Finance

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Read More/Less


Taxes

oi-Roshni Agarwal

|

To relax the compliance burden on senior citizens, the FM in her budget speech announced that pensioners and other senior citizens aged 75 years and above with just interest income shall be exempted from ITR filing provided the paying bank makes the necessary deduction after considering the aggregate of pension and interest income as the case may be. So, here the onus is on the bank to compute the tax and make the necessary deductions for such tax payers.

Know more about the announcement here and how senior citizens can avail the exemption.

Why Should Senior Citizens Aged 75 And Above File ITR Despite Exemption?

Now as is things are easier said than done, to first make the provision clear which had been at first misunderstood by most taxpayers following in the category, it is the relaxation from filing ITR and not filing taxes.

Other points attached to the relaxation that one must know

  • Only senior citizens aged 75 years and above and having just pension and interest income shall be allowed this exemption from ITR filing.
  • Also, there was later put forward another clause that the pension account and FD shall be with the same bank, such that considering the aggregate of the income, paying bank deducts the applicable tax on both the income sources, eliminating the need to do so separately.
  • Now in case the person is having interest income from FDs which are with 2 or more banks or is earning income from other fixed income sources, he or she shall not be entitled for the exemption.
  • Similarly such pensioners with income from mutual funds, insurance, debt securities and the like shall also not be able to avail of the exemption.
  • And also in a case when excess tax has been paid to the government, they will need to claim it by filing the ITR.

As of now more clarity is sought from the CBDT on the provision and Archit Gupta Founder and CEO, ClearTax said “So far it appears that the bank account, bank deposits and pension income must all be in the same ‘specified bank.’ For senior citizens having accounts in different specified banks and seeking exemption from filing income-tax returns will require these banks to be connected with each other to seek information such as total income and corresponding tax liability and TDS thereon”.

the announcement here and how senior citizens can avail the exemption.

And on the Chapter VI deductions, Archit Gupta said, “One way that this can happen is that the senior citizen will intimate the bank about any tax deductions she wants to claim as eligible under chapter VI-A, so that TDS can be adjusted by the ‘specified bank’. All chapter VI-A deductions should be allowed to be claimed. The presumption is not that the senior citizen does not have taxable income, rather all TDS is taken care of and only two types of incomes are earned – interest and pension – and therefore adjustment of TDS towards deductions claimed will be allowed by the specified bank,” Gupta opined.

What may be the case if the senior citizen taxpayer has income from other savings schemes such as SCSS and other post office schemes?

If the SCSS is maintained with the same paying or specified bank, he or she may be able to club that income and get the tax deductions made by the paying bank and if there are other income sources such as from post office schemes than he or she may not be able to apply for ITR filing exemption.

  • And now why despite the relaxation given senior citizens with these 2 above specified income stream should file ITR
  • The ITR form applicable to such taxpayers with income from pension and interest is ITR Sahaj which is a simple form with pre-filled information.
  • And now for claiming exemption and for the bank to deduct the tax on the income source, you would need to provide the documentation for due validation which may turn out to be a cumbersome process, so in comparison e-filing could still be a better way out. And the process of ITR filing has even be made simpler because of the pre-filled ITR returns.

Moreover, the fine print on the provision is still awaited and as for many of such taxpayers it may not be necessary that both interest and pension is earned in the same bank. Also, it is at present how many banks will figure in the list released by the ministry for the purpose and what documentation banks ask from such taxpayers to validate that they are not hiding income elsewhere. So, without going into too much complexity that the scheme still has because of the details awaited, senior citizens with these 2 income sources shall be better of filing their income tax returns or ITRs.

GoodReturns.in



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bitcoin: Canadian regulator clears launch of world’s first bitcoin ETF

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By Fergal Smith and David Randall

TORONTO – Canada’s main securities regulator has cleared the launch of the world’s first bitcoin exchange traded fund, an investment manager said on Friday, providing investors greater access to the cryptocurrency that has sparked an explosion in trading interest.

The Ontario Securities Commission has approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc. said in a statement. The OSC confirmed the approval in a separate statement to Reuters.

“The ETF will be the first in the world to invest directly in physically settled Bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency,” Purpose Investments said.

Investors have been able to trade bitcoin using futures contracts on the CME derivatives exchange. They can also buy closed-end investment funds, such as the Bitcoin Fund on the Toronto Stock Exchange.

An ETF could offer some advantages to investors, such as buying at net asset value rather than at a premium, said Arthur Salzer, chief executive officer of Northland Wealth Management

“I think the OSC is doing the right thing allowing for an ETF,” Salzer said. “It gets rid of some of the negatives of the current funds.”

Bitcoin notched a record high of $48,975 on Friday. It has gained about 63% so far this year and soared roughly 1,130% since mid-March 2020.

Elon Musk’s Tesla revealed on Monday it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars, while the cryptocurrency has been gaining acceptance among mainstream financial firms.

In the United States, eight firms have tried without success since 2013 to create a bitcoin ETF, according to Todd Rosenbluth, director of ETF and mutual fund research at New York based CFRA.

Among issues the Securities and Exchange Commission appears to be focused on are the potential for market manipulation and the process of custody audits that verify that a fund holds its purported assets.

“While some expect that a Canadian ETF approval sets the stage for a near-term U.S. one, we expect the SEC under new leadership to take their time to review some of the new filings from VanEck and others,” Rosenbluth said.

VanEck is a New York-based investment management firm.

Gary Gensler, former chair of the Commodity Futures Trading Commission, was named chair of the SEC last month by U.S. President Joe Biden.



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Reserve Bank of India – Tenders

Tenders

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NIT – RBI/Bhubaneswar/Estate/288/20-21/ET/399

Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on January 08, 2021 inviting applications from eligible vendors for Annual Maintenance Contract for Electrical Work in 3 residential colonies at Bhubaneswar, Odisha through e-tender route on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/).

In this regard, the following clauses have been amended:

i. The close bid date for the captioned tender has been extended.

Extended dates for submission of bids are as under:

1. Date of closing of online e-Tender for submission of Techno-commercial Bid and Financial Bid : February 22, 2021 by 2:00 PM
2. Date & Time of opening of Part-I (i.e. Techno-Commercial Bid) : February 22, 2021 at 3:30 PM

ii.

Clause Given Amended
Clause 12 of Section I of Part I of the tender Lot 2: SQBM Header: 1, 2 Lot 2: SQBM Header: p, s
Schedule of Quantity / Price bid of Part II of the tender Lot 2: Staff Quarters at Baramunda
Header 1 – Labour component
Header 2 – Non-Labour component		 Lot 2: Staff Quarters at Baramunda
Header p – Labour component
Header s – Non-Labour component

All other terms and conditions mentioned in the tender remains unchanged.

Regional Director
RBI, Bhubaneswar
February 12, 2021

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Reserve Bank of India – Tenders

Tenders

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NIT – RBI/Bhubaneswar/Estate/313/20-21/ET/438

Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on January 15, 2021 inviting applications from empaneled contractors for the captioned work through e-tender route on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/).

Please note the below changes in the tender documents:

Clause As mentioned Amended
Clause 12 of Section I of Part I of the tender Lot 2: OQNP Header: 1, 2 Lot 2: OQNP Header: p, s
Schedule of Quantity / Price bid of Part II of the tender Lot 2: Officers’ Quarters at Nayapalli
Header 1 – Labour component
Header 2 – Non-Labour component		 Lot 2: Officers’ Quarters at Nayapalli
Header p – Labour component
Header s – Non-Labour component

All other terms and conditions mentioned in the tender remains unchanged.

Regional Director
RBI, Bhubaneswar
February 12, 2021

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Reserve Bank of India – Tenders

Tenders

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NIT – RBI/Bhubaneswar/Estate/314/20-21/ET/445

Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on January 19, 2021 inviting applications from empaneled contractors for the captioned work through e-tender route on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/).

Please note the below changes in the tender documents:

Clause As mentioned Amended
Clause 12 of Section I of Part I of the tender Lot 2: OQNP Header: 1, 2 Lot 2: OQNP Header: p, s
Schedule of Quantity / Price bid of Part II of the tender Lot 2: Officers’ Quarters at Nayapalli
Header 1 – Labour component
Header 2 – Non-Labour component		 Lot 2: Officers’ Quarters at Nayapalli
Header p – Labour component
Header s – Non-Labour component

All other terms and conditions mentioned in the tender remains unchanged.

Regional Director
RBI, Bhubaneswar
February 12, 2021

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Indiabulls Housing Finance net at Rs 329 cr, aims to raise disbursements via co-lending

Banking & Finance

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The company’s finance cost is down 17% y-o-y and 5% q-o-q to Rs 1,706 crore.

Indiabulls Housing Finance (IBH) on Friday reported a sequential increase of 2% in its net profit at Rs 329 crore despite higher provisions. However, the net profit fell 40% on a year-on-year (y-o-y) basis. The expected credit loss provisions jumped 79% quarter-on-quarter (q-o-q) and 61% y-o-y to Rs 846 crore. Its net interest income (NII) improved 8% sequentially to Rs 809 crore, but declined 18% on a y-o-y basis. The company aims to increase disbursements through co-lending partnerships.

Ashwini Kumar Hooda, deputy managing director (DMD), Indiabulls Housing Finance, said that retail disbursements have crossed Rs 2,500 crore this quarter. “We are in process of finalising three more co-origination partners and increase our disbursements further,” he said. The lender’s asset quality showed an improvement during the December quarter. Gross non-performing assets (NPAs) ratio improved 23 basis points (bps) to 1.75%, compared to 1.98% in the previous quarter. IBH has not classified any NPAs since August 31, 2020, due to the interim order of the Supreme Court. “On a proforma basis, gross NPAs stood at 2.44%” the lender said.

The company’s finance cost is down 17% y-o-y and 5% q-o-q to Rs 1,706 crore. Similarly, total expenses came down 25% y-o-y and 4% sequentially to Rs 2,077 crore. The lender said that access to funding has normalised. Since April 2020, IBH has raised total funding of Rs 28,119 crore. “The company’s liquidity buffer, including undrawn available sanctions, stood at Rs 17,105 crore at the end of Q3FY21, representing 24% of its balance sheet loan book,” the lender said.

The mortgage lender also said that it is fully matched for all granular buckets for 10 years and beyond. The company has a positive balance across all buckets, and will have a positive net cash of Rs 13,965 crore one year, hence, at the end of December, 2021. The capital adequacy ratio of the lender remained at 30.5%, maintaining the same levels of September quarter.

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Reserve Bank of India – Tenders

Tenders

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NIT – RBI/Bhubaneswar/Estate/322/20-21/ET/462

Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on February 03, 2021 inviting applications from empaneled contractors for the captioned work through e-tender route on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/).

Please note the below changes in the tender documents:

Clause As mentioned Amended
Clause 12 of Section I of Part I of the tender Lot 2: OQNP Header: 1, 2 Lot 2: OQNP Header: p, s
Schedule of Quantity / Price bid of Part II of the tender Lot 2: Officers’ Quarters at Nayapalli
Header 1 – Labour component
Header 2 – Non-Labour component		 Lot 2: Officers’ Quarters at Nayapalli
Header p – Labour component
Header s – Non-Labour component

All other terms and conditions mentioned in the tender remains unchanged.

Regional Director
RBI, Bhubaneswar
February 12, 2021

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Reserve Bank of India – Tenders

Tenders

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Please refer to the captioned RFP issued through MSTC e-commerce portal on February 03, 2021 (Event No. RBI/Central Office/DIT/13/20-21/ET/503) and notification published on the Bank’s website www.rbi.org.in on February 03, 2021 inviting application from eligible vendors for Supply and Installation of Computer Systems at Reserve Bank of India under Rate Contract 2021-22 through e-tender route. The Pre-Bid meeting was held over Webex on February 10, 2021.

2. In this regard, a corrigendum and the response to the Pre-Bid Queries raised by participants in the Pre-Bid Meeting are issued. The same have been uploaded on MSTC e-commerce web portal.

Chief General Manager
Department of Information Technology
Date: February 12, 2021

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