When and for how long will HDFC Bank services remain closed?

According to HDFC Bank, system maintenance will be done for four hours on June 8 from 2:30 am to 6:30 am Indian time. During this time, customers will neither be able to use UPI nor will the services related to net banking or mobile banking work.

Which services will not be available?

• You will not be able to do UPI transactions, send or receive money, i.e. transfer money.
• Net Banking and Mobile Banking App.
• Fund transfer services like IMPS, NEFT and RTGS.
• Viewing account details or managing fixed deposits.
• Merchant payments (linked to HDFC bank account)
• Instant account opening process.
• The bank has advised customers to use PayZapp wallet during the maintenance period.

What is PayZapp?

PayZapp is a digital wallet and virtual card service of HDFC Bank. With this, you can do things like bill payment, shopping, recharge and money transfer without the help of a bank account or card.

Non-KYC customers – Transactions up to Rs 10,000 per month

Customers with KYC – can transact up to Rs 2 lakh per month.

What problems can arise due to UPI being shut down?

In today’s time, UPI has become an important part of our daily life. Many problems can arise during maintenance. In this, messages like transaction failure or bank server not responding can be seen. Refund of the deducted money will be delayed. Problem in sending or receiving money, due to which small traders may face some problems.

Axis Bank credit card also affected

Axis Bank has also sent a message to its customers informing them that there may be problems in transacting with credit cards from 2:00 to 2:45 am on the morning of 6 June 2025 i.e. tonight.

If you are a HDFC or Axis Bank customer, avoid digital transactions during the morning hours on June 6 and 8. Complete important transactions in advance or use options like PayZapp to avoid any hassle.

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Most digital frauds through UPI are done through pull transactions. Now NPCI is trying to reduce fraud by removing this feature.

That is, if this change is implemented, then online fraud can be curbed and transactions will become more secure than before. What is Pull Transaction and how will it affect common users? Let’s know the full news…

What is a pull transaction?

Many people may not know what a pull transaction is… So let us tell you that when a request for payment is sent by the merchant to the customer, it is called a ‘pull transaction’. Whereas, when the customer makes a transaction through QR or any other medium, it is called a ‘push transaction’.

What will be the impact of removing pull transactions?

NDTV Profit reported that removing ‘pull transactions’ could reduce the number of fraud cases. But some bankers say that this will also affect genuine transactions and will impact efficiency.

However, no statement has been made on this by NPCI, the government company that operates the retail payment and settlement system in India. The report said that the talks are still in the initial stage and a final decision on its implementation is yet to be taken.

Number of UPI transactions crossed 16 billion in February

This development has come at a time when UPI is becoming increasingly popular for payment in the country. In February alone, the number of UPI transactions crossed 16 billion, with a total transaction value of more than Rs 21 lakh crore. The number of UPI transactions is expected to increase by 46 percent year-on-year to 172.2 billion in 2024, from 117.7 billion in 2023.

There is a flood of complaints related to digital payments and loans

The Reserve Bank of India (RBI) recently stressed the importance of an awareness initiative to make people aware of these frauds. RBI data shows that complaints related to digital payments and loans remain a major concern. Between April and June of the current financial year, the RBI Ombudsman received 14,401 complaints. At the same time, 12,744 complaints have been registered in the next quarter of July to September.

The December 2024 Financial Stability Report states that issues related to loans and digital payments accounted for more than 70 per cent of the total complaints in the first half of the financial year 2024-25.

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RBI revised KYC standards

In view of this problem, RBI has revised the KYC standards for politically connected people. Under the revised KYC instructions, PEPs are persons who have been entrusted with the responsibility of major public functions by any other country. These also include heads of states/governments, senior politicians, senior government or judicial or military officials, senior officials of government-owned companies and officials of important political parties.

The new rules also include a person to whom any other country has entrusted the responsibility of a public function. Bank accounts of PEPs have additional KYC norms under the existing provisions and special due diligence is required by a senior bank official. The central bank has asked chairmen and chief executive officers of banks and other financial services to implement these changes immediately.

Rules for issuing CP and NCD have been tightened

RBI has tightened the norms for issuance of short-term commercial papers (CPs) and non-convertible debentures (NCDs) with initial maturity up to one year. The new norms, which will come into effect from April 1, include six major changes. The central bank has said that the tenure of such short-term commercial paper cannot be less than seven days or more than one year.

Similarly, the tenure of NCD cannot be less than 90 days or more than one year. The minimum value of CPs and NCDs to be issued from April 1 will be Rs 5 lakh and in multiples of Rs 5 lakh thereafter. Both these debt instruments cannot be issued with options.

These are required to be settled within a period not exceeding T+4 working days. CPs and NCDs will be issued only in demat form and can be held with SEBI registered depositories only. One special thing is that the Central Bank has made it mandatory to give information about the money raised through these instruments.

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The bank has told that if the KYC update of your bank account is due from September 30, 2023, then you can easily update the KYC by visiting any branch of the bank till December 18, 2023. Apart from this, KYC is being updated in the bank account through PNB One App, IBS, email and post.

KYC mandatory

The bank posted on its official social media handle that as per RBI guidelines, it is mandatory for all customers to update KYC. If any customer is due to update the KYC of your account from September 30, 2023, then before December 18, you can update your KYC through any branch or mobile app PNB One, IBS, post and registered e-mail etc. It was also told that if KYC is not updated then the transactions in the account may be affected.

Documents to get KYC done

According to the PNB website, you can use the government documents given below to get the KYC of an individual account done.

• Passport
• PAN card
• Voter ID
• driving license
• NREGA job card
• Aadhar card

Apart from this, electricity bill, telephone bill, water bill, postpaid mobile bill, water bill and gas bill can be used.

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This is the new rule

The central bank said in the regulation that keeping in mind the development in cross-border payments, all entities facilitating cross-border payment transactions for import and export of products and services will be required to comply with the RBI regulations. A decision has been taken to bring it under regulation (New Rules). Entities involved in international payment transactions or settlements for import and export of products and services must comply with these instructions. These also include Authorized Dealer (AD) Bank, PA and PA-CB.

Payment Aggregators

According to the payment gateway, it is very difficult to obtain a payment aggregator license. Payment gateways are companies that provide technology infrastructure for online monetary transactions. Although the Reserve Bank of India has given principal approval to many applicants, the final approval is pending for more than a year. RBI has also stopped some big companies, which have received principal approval for payment aggregator (PA) license, from adding new customers.

PAs are entities that enable e-commerce sites and merchants to accept payments from customers to fulfill their payment obligations. Merchants do not need to create their own system to take payments from customers. PAs take payments from customers, and then transfer them to merchants.

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The Reserve Bank of India has increased the offline UPI Lite transaction limit from Rs 200 to Rs 500. There is no need to enter the PIN for such transactions. Reserve Bank Governor Shaktikanta Das told that this decision has been taken in the meeting of the Monetary Policy Committee.

Explain that the facility of UPI Lite was started to promote digital payments. Under this, you can make payment using wallet only without going through bank. However, it is necessary that money is added to the wallet. Platforms like PhonePe and Paytm have started this service. Under this, you can do transactions up to Rs 2000 in a day.

No change in repo rate: Explain that the Reserve Bank has retained the repo rate at 6.5 percent for the third time in a row. Along with this, the central bank has also retained its economic growth forecast for the current financial year at 6.5 percent. At the same time, the inflation forecast for the current financial year 2023-24 has been increased to 5.4 percent.

RBI did not change the repo rate in the previous monetary policy review meetings of June and April. Earlier, the repo rate was increased by 2.50 per cent six times since May last year mainly to bring inflation under control.

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We are going to tell you whether the Rs 100 note lying in your pocket is real or fake. Actually, people should know how to identify real notes and fake notes. Let us know how you can know whether the note you have is real or fake…

Inspect thread

The security thread is a vertical thread embedded in the currency note. When the note is tilted, it changes color and the denomination of the note is printed on it. Check the color of the thread and make sure it changes color when bent. If the thread does not change color or is missing, it is likely to be a fake note.

Check the Watermark

A watermark is an embedded image that is visible when held up to light. Check the watermark of the image of Mahatma Gandhi and the denomination of the note. If the watermark is missing or blurred, the note is likely to be fake.

Observe the Micro-Lettering

Micro-lettering is a feature only visible under a magnifying glass. The micro-lettering on the currency note should be sharp and clear. The letters should be in English and Hindi and should be legible. If the letters are not clear or legible, then the note is likely to be fake. Check print quality The print quality of the currency note should be sharp and clear. The lines should be crisp and the colors should be bright. If the print quality is poor, then the note is likely to be fake.

Quality of Paper

Check the quality of the paper, the paper used for printing currency notes is not ordinary as it is a cotton paper which is a blend of 75 per cent cotton and 25 per cent linen.

See Intaglio Printing

Intaglio printing is a printing process that produces an enhanced effect on a note. The enhanced effect can be felt by running your fingers over it. The intaglio printing on the currency note should be clear and sharp. If the printing is flat and there is no raised effect, then the note is likely to be fake.

Serial Number

Every currency note has a unique serial number. Check the serial number on the note and make sure it is not repeated or missing a number. If the serial number is missing or duplicated, the note is likely to be fake.

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The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

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The bank said in the email that we would like to inform you that the bank system will not be available on June 03, 2023 and June 10, 2023 from 01.00 AM to 04.30 AM due to maintenance activity. During this time the following services will be temporarily unavailable on your Kotak Bank Debit Card, Spendz Card and Gift Card.

1. Card Control – Modification of Transaction Amount Limit and Transaction Activation or Deactivation
2. Card Blocking – Unblocking
3. primary account change
4. Account Linking – Delinking
5. Application for New Debit Card / Image Card
6. card closure request
7. Register for tokenization and PIN re-generation
8. Card Inquiry and Verification

Know what is spendz?

Kotak Spendz is a prepaid offer for your small, everyday expenses. It is specially designed to help you track your roadmarra expenses separately, making it easy to manage the budget and avoid overspending.

How to use Spendz

1. Go to Kotak Mobile App.
2. Tap on Spendz Prepaid under the Banks section.
3. Tap on Add Money and load money as per your requirement.
4. Now you can pay conveniently through Spendz Card, Pay Your Contact, Scan & Pay or Billpay.

Customer can contact 24 hours customer call on 18602662666 to modify the limit to default limit. To increase the limit over and above the default limit, you can get the limit increased by visiting your nearest Kotak Mahindra Bank branch.

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The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

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Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

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According to the PNB website, if you do not have sufficient balance in your account and the ATM transaction does not go through, you will be charged Rs 10 + GST ​​for cash withdrawal transactions. PNB told its customer, “Dear Customer, w.e.f. 01.05.2023, a charge of Rs 10 + GST ​​will be levied on domestic ATM cash withdrawal transactions that fail due to insufficient balance.

Revision in Debit Card Charges

As informed by PNB, the bank is revising debit card and prepaid card issuance charges and annual maintenance charges. Apart from this, PoS and e-commerce transactions done through debit cards will be charged. However, this charge will be levied only if the customer’s bank account does not have sufficient funds and the transaction could not be done because of this. That is, when you buy goods from an e-commerce website like Amazon Flipkart and pay with POS and debit card, but for some reason there is not enough balance in your account and the transaction fails, even then the bank is planning to impose penalty.

Below are the guidelines for failed ATM transactions as per PNB’s website.

1. Complaint regarding failed ATM transaction is to be addressed within 7 working days.
2. If the transaction does not happen within 30 days from the date of failure, a compensation of Rs 100 per day will be given by the bank.
3. If there is any problem or complaint, you can contact on customer care number 0120-2490000 or 18001802222, 1800 103 2222.

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Although earlier the facility of UPI payment was available only through bank account. Now many banks have started the facility of UPI payment through credit card. In this episode, Kotak Mahindra Bank Rupay Credit Card users of private sector will also be able to take advantage of this facility.

Kotak Mahindra Bank’s RuPay Credit Card can be used through select UPI-enabled apps such as BHIM, Paytm, PhonePe, Freecharge, PayZapp. This means that now Kotak Mahindra Bank customers will be able to link their RuPay Credit Card with select UPI apps. You will be able to make UPI payments in exactly the same way as you do with a bank account. Just here the money will be deducted from your Rupay credit card.

The facility of Rupay Credit Card on UPI was started last year.

Let us tell you that Rupay Credit Card on UPI facility was started last year. Now you will be able to pay by credit card by scanning at the neighborhood shop. However, through RuPay Credit Card, you can pay only by scanning the Merchant UPI QR Code. Can’t make P2P payments.

Customers of 8 banks are getting the facility to make UPI payments through credit cards.
Rupay credit of 8 banks has gone live on selected UPI apps like Bhim, Paytm, PhonePe, PayZap, Freecharge. In future, you will be able to link your RuPay Credit Card with other UPI apps as well. Currently, Kotak Mahindra Bank, Axis Bank, Bank of Baroda, HDFC Bank, Punjab National Bank, Union Bank of India, Indian Bank and Canara Bank Rupay credit card holders can link their cards to select UPI apps.

How to link RuPay Credit Card with BHIM App

• First open the BHIM app.
• After this click on the linked bank account.
• Now on clicking on +, 2 options appear in Add Account – Bank Account and Credit Card.
• After clicking on the credit card, on clicking on the related card, the details of the credit card linked to your mobile number will come. (You can also do this process after clicking on the banner Rupay Credit Card on UPI appearing on the home page.)
• Now enter the last 6 digits and validity of the credit card.
• After this enter the OTP received on the mobile.
• Create UPI PIN. In this way the process of registration will be completed.

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The company said in a statement that PhonePe users will be able to make payments in foreign currency directly from their Indian bank. This payment will be done in the same way as it is done with an international debit card. The company providing digital payment facility has currently introduced this service for five new countries.

In which countries the service is offered

PhonePe has implemented international payment service in UAE, Singapore, Mauritius, Nepal and Bhutan. This service is the QR code of all international merchant outlets. PhonePe is the first fintech app to launch this feature in India. Please tell that the company has more than 435 million registered users.

Foreign currency will not be needed

If someone goes abroad from India, then he has to use the currency of that country to make payment, but now using PhonePe’s ‘UPI International’ service, he can pay in five countries. For this you will not need to convert Indian currency.

plans to expand to other countries

PhonePe CTO and co-founder Rahul Chari said that in the coming time this service will be extended to other countries as well. The company has plans to bring it to more countries. Also contacted traders in that area. He said that this facility will prove to be a game changer.

Foreign tourists will be helped

If you have gone on a tour in UAE, Singapore, Mauritius, Nepal and Bhutan, then you can easily buy things with the UPI international service of PhonePe. Even if you do not have foreign currency, you can buy things according to your convenience.

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Not only this, NRIs ie Overseas Indians from these ten countries can also use UPI service for transactions without depending on their phone number in India.

The countries where this initiative is being launched include Singapore, USA, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE and United Kingdom. According to National Payments Corporation of India, accounts like NRE/NRO having international mobile number can do transactions using UPI. Payments Corporation has issued instructions to partner banks and given them time till April 30 to comply.

NRI and NRO account holders will be able to do transactions

An NRI account helps NRIs to transfer foreign earnings to India. Whereas, an NRO account helps them manage the income earned in India. However, a condition has also been kept for this and that is that the banks have to ensure that such accounts have to be permitted as per the rules of Foreign Exchange Management Act.

Also, the guidelines issued by the Reserve Bank of India in this regard will have to be followed and security against money laundering or terrorist financing will have to be followed.

UPI transactions worth 12 lakh crores happened in December

Let us tell you that a cabinet committee headed by Prime Minister Narendra Modi on Wednesday approved a total scheme of Rs 2600 crores to promote RuPay debit cards and low-value BHIM-UPI transactions. . According to officials, the larger UPI will be of great help to international students, families living abroad and local businesses.

Financial incentives will also be provided to banks under this scheme to promote transactions using RuPay and UPI. In this regard, Prime Minister Modi said in a tweet, India’s progress in digital payments will be further strengthened by the Cabinet’s decision to promote RuPay Debit Card and BHIM-UPI transactions.

There has been a huge jump in UPI transactions in just six years. UPI transactions worth over Rs 12 lakh crore happened in December last year.

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Most people have 3 to 4 savings accounts, while some people keep accounts in more banks than this. There is no limit to open a bank account in India. Reserve Bank of India is the central bank of India and it sets the rules for all other banks. The Reserve Bank has not fixed any limit on the number of bank accounts. You can open as many bank accounts as you want.

Manage multiple accounts like this

If you want to open your account in multiple banks, then you can manage it easily. For this, you have to keep the transactions going on from your accounts. If you are not active for a long time, the bank can close your account. That’s why you have to keep using all your accounts. However, there are several things you need to keep in mind while opening multiple bank accounts.

Minimum balance has to be maintained At present, it has been made mandatory in almost all the banks to maintain the minimum balance in the savings account except the salary account. This means that you always have to keep a minimum balance in your bank account.

If you do not do this then the charge will be deducted from your bank account. If you do not maintain the minimum account even after deducting the charge, then your bank account goes negative. In such a situation, you will need to be careful about the minimum balance. In this way you can manage bank account.

Banks get benefits from more accounts Banks get a lot of benefits from more accounts. Every bank charges an amount every month for sending messages. You also have to pay a cost for maintaining the bank account. At the same time, an annual fee has to be paid for the debit card of the bank. In such a situation, you should open as many bank accounts as you need.

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There has been a straight 85% increase in the number of transactions in one year. There has also been a significant increase in the value of transactions. With the increase in the acceptance of digital payments, you must also be making UPI payments. Do you know that your bank puts a limit on the transaction on you? You can pay with UPI only up to a limit. Let’s understand it.

Every bank keeps a daily limit for UPI transactions. That is, you can send or receive money only up to a certain amount in a day. Not only this, different banks keep their different charges on how much money can be UPI at a time.

Limit on UPI Transactions of SBI, ICICI, HDFC Bank

SBI UPI Transaction Limit

In SBI’s UPI transaction limit, a limit of Rs 5,000 has been kept for new users for 24 hours. In this, the UPI transaction limit is Rs 1 lakh. At the same time, the daily limit is also up to Rs 1 lakh.

ICICI Bank UPI Transaction Limit

ICICI Bank has kept the transaction limit of UPI for its users at Rs 10,000. Daily limit is also Rs 10,000 per user. However, if you are paying through the Google Pay app, then this limit will increase to Rs 25,000 for you.

HDFC Bank UPI Transaction Limit

HDFC customers can authorize transactions up to Rs 1 lakh or up to 10 transactions in a day. Note here that the limit of 10 transactions is only on fund transfer. If you make any bill payments or do merchant transactions, these will not be counted in it.

There is a limit of Rs 5 lakh per transaction on IPO application through UPI.

New customers or new UPI users who have changed their device/SIM card/mobile number can only transact up to Rs.5,000 in the first 24 hours. For iPhone users, this limit is 72 hours.

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According to RBI, the purpose of these new rules is to make payment through credit and debit cards more secure than before.

When the customer transacts online, at point of sale (POS) or on the app, all the details will be saved in the encrypted code.

What is this tokenization system

Under the new arrangement, the Reserve Bank has prohibited payment companies from storing the data of customers’ credit cards or debit cards.

Payment companies will now have to provide an alternate code in lieu of the card, which is named Token. These tokens will be unique and the same token will work for multiple cards. After this is implemented, instead of using the card directly for online payment, a unique token will have to be used.

According to this new rule of RBI, without taking approval from the customer, his credit limit cannot be increased. Also if no payment has been made then charges or taxes etc. cannot be capitalized while adding interest.

Token system will reduce fraud cases: RBI

RBI says that with the implementation of the system of payment with tokens in lieu of cards, the cases of fraud will be reduced. Right now, the risk of fraud with customers increases due to leaking of credit card or debit card information. The new system is expected to reduce such cases of fraud.

The Reserve Bank says that at present, e-commerce websites, merchant stores and apps etc. store the card details after the customers make payment with debit card and credit card.

In many cases, merchants are left with no option but to store the card details before the customers. If these details are leaked, there is a possibility of loss to the customers. According to the Reserve Bank, these dangers will be reduced with the new rule.

Will not be able to give information to co-brands

In the new provisions of RBI, it has been said that the information related to the transactions done through the card cannot be given to the branding partner. These provisions may affect the business model of companies operating in the co-branded card segment, as these companies entice customers with various offers based on these transactions.

These companies did not get relief

Meanwhile, RBI has not given any relief in implementing the rules which are going to affect fintech companies. Apart from this, some of these provisions are for co-branded cards, including Slice, Uni, OneCard, LazyPay (Fi), PayU’s, Jupiter etc.

Deadline has been extended twice

The RBI had extended the deadline for storing card-on-file data from December 31, 2021 to June 30, 2022, taking into account the suggestions received from various stakeholders. Later it was again extended till 30 September.

Now the Reserve Bank is not considering to extend this deadline further. This means that now the payment companies will have to delete the credit card and debit card data of the people after 30 September 2022.

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After the start of the second quarter of the financial year 2022-23, three major changes in the income tax rules proposed in the Union Budget 2022 have come into effect from today. In which a rule has also been included for doubling the late fee on PAN-Aadhaar linking. From today, the late fee for PAN-Aadhaar seeding has been increased from Rs 500 to Rs 1,000.

In addition, one percent tax deduction at source (TDS) on all cryptocurrency transactions from Q2FY23 will be applicable from today. Meanwhile, from today 10 per cent TDS on monetary benefits received through sales promotion on social media influencers and doctors has also come into effect.

3 important changes in income tax rules will be implemented from today.

Double fee for PAN-Aadhaar linking

The last date for Aadhaar-PAN linking has ended on 30 June 20222. As per CBDT guidelines, if a person links his PAN with Aadhaar after 31 March 2022 to 30 June 2022, he will have to pay a late fee of ₹ 500. However, if a person fails to link PAN with Aadhaar by June 30, 2022, he will have to pay double the penalty of ₹ 1,000 for PAN-Aadhaar seeding from July 1, 2022. Now that we have reached the second quarter of FY 22-23, therefore, an individual has to pay Rs 1,000 for PAN-Aadhaar seeding.

TDS on cryptocurrency

After levying 30 per cent flat income tax on cryptocurrencies with effect from 1st April 2022, the Government of India in the Union Budget 2022 had proposed an additional TDS of 1 per cent on cryptocurrency transactions, irrespective of profit or loss to the investor. The budget proposal has become effective from today. However, an investor will be able to claim refund of TDS levied on loss transactions. Hence, cryptocurrency investors are advised to file ITR.

Changes in income tax rules for doctors

In the Union Budget 2022, the Government of India has added a new section 194R to the Income Tax Act 1961. This new section proposes 10 per cent TDS on doctors and social media influencers on profits received through sales promotion. This budget proposal has come into force from 1st July 2022 i.e. today. However, TDS will be applicable only if the cost of profit is ₹20,000 or more in a financial year.

Know what is section 194R

Tax to be deducted before grant of profit or perquisite to any person. There may be several stages in the grant of benefits/perks to the resident recipient. There cannot be a single rule to determine the stage at which tax will be deducted. It has to be understood with reference to the special benefit or perquisites to be provided to the recipient. Before reaching the point of ‘providing’ the benefit or perquisite, it has to be ensured that the tax has been deducted.

How does section 194 work?

If a private doctor is receiving samples from a pharmaceutical company and the cost of all such samples exceeds Rs 20,000 in a financial year, it will attract 10 per cent TDS. However, if the doctor is working in a private hospital, in that case 10 percent TDS will be levied on the hospital. It is important to know that section 194R does not apply to government entities. Therefore, if a doctor working in a government hospital is receiving free medical samples, he is not required to pay 10 per cent TDS.

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