Tax : I-T To Tap over 0.5 million Taxpayers Who Didn’t File Returns
As part of efforts to boost revenue collection, CBDT (Central Board of Direct Taxes) has asked the income tax department to monitor cases of over 500,000 taxpayers who have not filed their latest tax returns.
 
The electronic database and systems unit of CBDT has issued an official communication in this regard to all chief commissioners of the department to initiate action. The department is looking at measures to bolster the revenue collection work. 

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Retirement : EPFO To Seek Clarity on Transaction Limit
Employees’ Provident Fund Organisation (EPFO) will soon approach the finance ministry on the transaction limit of Rs1 lakh for accounts opened under Pradhan Mantri Jan-Dhan Yojana as it cannot credit PF claims of higher amounts in such accounts.
 
Since a maximum of Rs1 lakh can be deposited in such bank accounts in a financial year, any PF withdrawals of more than Rs1 lakh which is to be credited to bank accounts opened under Jan-Dhan Yojana could lead to a problem for the individual.

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Banking : Banks Yet To Cap Free ATM Use
Even as RBI allowed banks to charge for more than five ATM transactions in metros, banks are yet to restrict the number of free withdrawals for their own customers at home ATMs. Leading banks, like SBI, ICICI Bank, HDFC Bank and Axis Bank, have not yet announced any cap on free transactions.
 
Banks are refraining from putting a cap as restricting free ATM usage would increase footfalls in branches, a senior official of a public sector bank said. Rise in customer visit to bank branches for withdrawals or other non-financial purposes will increase cost which is much higher than Rs20, the official added.

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