Latest news with #Rs522
Express Tribune
19 hours ago
- Business
- Express Tribune
Govt starts taxing all bank transactions
At high tax rates, profit margins for sellers decrease, leaving them with options to pass on the burden to consumers, compromise on the quality of products, evade taxes or find cheaper illicit goods. photo: file Listen to article The federal government has started collecting taxes on all types of bank transactions for both filers and non-filers from July 1. The government has increased the tax rate for non-filers on cash withdrawals from banks, while filers are also subject to withholding tax for withdrawals exceeding Rs50,000 per day. According to the new tax regime, filers will be charged 0.3% tax on withdrawals exceeding Rs50,000 per day, while non-filers will be charged 0.6%. Furthermore, banks have increased their charges, including ATM card fees, SMS alert fees, and fees for using other banks' ATMs. These additional charges have led to disputes between bank customers and staff, with many expressing frustration over the increased costs. As the banks revised their schedule of charges effective July 1, customers are facing double the burden in respect to increased costs. The ATM usage fee for other banks' customers has been revised from Rs18 to Rs34 per transaction. Additionally, the ATM card fee has been increased by Rs700, and the SMS alert service fee has been hiked from Rs1,200 to Rs2,000, a rise of Rs800. Non-filers will also face a deduction of Rs522 for cash withdrawals of Rs20,000 or more through a cheque. Furthermore, banks have set daily withdrawal limits for ATM users, with standard debit card holders able to withdraw up to Rs25,000 to Rs50,000 per day, premium card holders up to Rs500,000 per day, and foreign debit card holders the equivalent of $200 to $500 per day. The tax deduction will be automatic for transactions exceeding Rs50,000 per day. In addition to the existing charges, banks will now deduct fees for international ATM transactions based on either the exchange rate or a fixed fee set by the bank. The disputes have prompted banks to approach 1Link for revising the schedule of charges. Banks claim that these changes will impact banking transactions and promote a cash economy. The increased charges and tax rates have sparked frustration among bank customers, leading to a rise in conflicts with bank staff.
Time of India
3 days ago
- Business
- Time of India
PCMC's property tax collection in first quarter stands at Rs522cr
1 2 3 Pune: The Pimpri Chinchwad Municipal Corporation (PCMC) has achieved record-breaking property tax collection in the first quarter of the 2025-26 financial year. This is largely due to the effective use of data from its "City Hub for Data Communication" (CHDC) project. In the first 90 days, the PCMC has collected Rs522 crore towards property tax, which is over 50% of the total tax revenue earned in the last fiscal year. Last year, the civic body reached the Rs500-crore-mark only by Oct. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune This strong start has the PCMC aiming for an unprecedented annual collection. In the 2024-25 financial year, the PCMC had collected Rs965.71 crore in property tax, compared to the record-setting Rs977 crore in 2023-24. Launched earlier this year in Feb, the CHDC project is touted as the first-of-its-kind in India. It empowers the municipal corporation to analyze data and implement data-driven solutions. Civic officials claim that only New York (United States of America) and Tel Aviv (Israel) have similar projects effectively implemented so far. The CHDC has enabled data-driven planning, real-time analysis of defaulters, and the identification of area-specific tax response patterns. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Avinash Shinde, assistant municipal commissioner and head of the PCMC's property tax department, said the civic body used data to segregate taxpayers who historically preferred to pay their dues at the end of the financial year instead of paying it every quarter. "The frequency of reminder messages to these property owners was increased from April with information about additional discounts like 10% concession on general tax for online payment and 2% more for paying their dues in time for three consecutive years. This helped us push them to pay their dues quarterly," he said. "Strategic planning by the tax department, use of data through the CHDC, door-to-door delivery of bills via self-help groups, and effective public communication have all contributed to crossing the Rs522 crore mark in record time," municipal commissioner Shekhar Singh said. Pune: The Pimpri Chinchwad Municipal Corporation (PCMC) has achieved record-breaking property tax collection in the first quarter of the 2025-26 financial year. This is largely due to the effective use of data from its "City Hub for Data Communication" (CHDC) project. In the first 90 days, the PCMC has collected Rs522 crore towards property tax, which is over 50% of the total tax revenue earned in the last fiscal year. Last year, the civic body reached the Rs500-crore-mark only by Oct. This strong start has the PCMC aiming for an unprecedented annual collection. In the 2024-25 financial year, the PCMC had collected Rs965.71 crore in property tax, compared to the record-setting Rs977 crore in 2023-24. Launched earlier this year in Feb, the CHDC project is touted as the first-of-its-kind in India. It empowers the municipal corporation to analyze data and implement data-driven solutions. Civic officials claim that only New York (United States of America) and Tel Aviv (Israel) have similar projects effectively implemented so far. The CHDC has enabled data-driven planning, real-time analysis of defaulters, and the identification of area-specific tax response patterns. Avinash Shinde, assistant municipal commissioner and head of the PCMC's property tax department, said the civic body used data to segregate taxpayers who historically preferred to pay their dues at the end of the financial year instead of paying it every quarter. "The frequency of reminder messages to these property owners was increased from April with information about additional discounts like 10% concession on general tax for online payment and 2% more for paying their dues in time for three consecutive years. This helped us push them to pay their dues quarterly," he said. "Strategic planning by the tax department, use of data through the CHDC, door-to-door delivery of bills via self-help groups, and effective public communication have all contributed to crossing the Rs522 crore mark in record time," municipal commissioner Shekhar Singh said. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!
