Vijay C Roy

As we move into 2022, it is time for awareness and money related resolutions that new guidelines become operational.

If you are a frequent user of ATMs, it is advisable to limit your transactions to one month. Each customer is entitled to five free transactions – including cash withdrawal, balance request, ATM PIN change, and mini statement request – at the same ATM. The limit is three free transactions at other ATMs in metropolitan cities and five in non-metropolitan cities.

The Reserve Bank of India (RBI) has allowed banks to increase fees for each cash and non-cash transaction above the free acceptable monthly limit from January 1. Although the increase in Rs1 is nominal, from Rs20 previously to Rs21 now, many customers are not even aware that using ATMs above the limit is not free.

Fees payable by customers were last revised in August 2014. The RBI notified the changes citing the increasing cost of ATM deployment and maintenance.

Bank lockers become more secure

As of January 1, bank records can be considered more secure because the RBI issued new rules, according to which banks cannot disclaim liability if a customer’s record is compromised due to the bank’s negligence.

In the event of fraud committed by a bank employee, building collapse, fire or theft, the bank will owe the customer up to 100 times the annual rent in force for the locker. This rule applies to both existing and new vault holders.

However, this rule does not extend to damage caused by acts of God, such as earthquake, flood, lightning and thunderstorm, or by the negligence of the customer. The bank is also required to adequately warn customers that it is not responsible for insuring the contents of the locker. The notification mentions that it is the duty of the bank to provide deposit services and to inform customers about insurance services. However, the two services (locker and insurance) cannot be provided by the same bank.

Revised IPPB fees

Customers of India Post Payments Bank (IPPB), a subsidiary of Indian Post, will have to pay more for cash deposits and cash withdrawals at branches if they exceed the prescribed limit.

As of January 1, for a basic savings account, cash withdrawals, which are free for up to four transactions per month, will be charged at 0.50% of the value subject to a minimum of Rs25 per transaction, once the free limit is exceeded. . The charges would exclude GST and be levied at the applicable rates. Cash deposits are free. However, in savings accounts (other than the basic savings account) and current accounts these will be free up to Rs 10,000 per month and thereafter a fee of 0.50% of the value subject to a minimum of Rs 25 per transaction will be charged. .

Pay more for food online

For online orders, 5% GST is now applicable on food purchased on app-based platforms such as Zomato and Swiggy.

The 5% GST requirement is on top of the current 18% GST that platforms must pay to offer delivery services. The tax will mainly be applied to the price of food products listed on the apps. The move comes after the GST Council, at its September meeting, recommended that food delivery platforms pay GST on behalf of onboard restaurants.

Delay ITR to cost less

Until last year, the maximum penalty a taxpayer could incur for missing the RTI filing date was 10,000 rupees. However, as of fiscal year 2020-21 (tax year 2021-22), it has been reduced by half, i.e. a person filing a delayed ITR will have to pay a penalty of up to ‘to Rs 5,000. Also, if your income is below the taxable limit, you will not have to pay the penalty amount if you file your ITR after the deadline, subject to certain exceptions.

Delayed return will incur a late deposit fee of 5,000 rupees under section 234F. If your income is less than Rs5 lakh, the penalty is limited to Rs1,000 if the RTI is filed after December 31, 2021, but before March 31, 2022.