The Income Tax Department has launched an e-calculator for individuals to estimate their tax liability for income tax return filing as announced by Finance Minister Nirmala Sitharaman in the recent Union Budget 2020.
The Income Tax Department has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for income tax return filing as announced by Finance Minister Nirmala Sitharaman in the recent Union Budget 2020. [Business Today]
The calculator can be found on the income tax department's official e-filing website here.
Need for Speed
In a bid to accelerate the time taken to clear bank cheques, the Reserve Bank of India (RBI) today has said that it has decided to implement a cheque truncation system (CTS) across the country by September this year.
CTS, implemented in Delhi in 2008 is currently operational in some major cities across India. The system essentially removes the need to move cheques across bank branches, other than in exceptional circumstances for clearing purposes. Instead of movement of cheques across banks, an electronic image of the cheque is transmitted to the paying branch through the clearing house, along with relevant information like data on the MICR band, date of presentation, presenting bank, etc. This effectively reduces the time required for their collection and brings elegance to the entire activity of cheque processing. [Financial Express]
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