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www.acquisory.com
6 June-2019
TAXATION
❖ CBDT EXTENDS DUE DATE FOR FILING
FORM 24Q AND ISSUANCE OF FORM
16.
CBDT vide their notification dated 4th
June 2019 has:
• Extended the last date of filing TDS
return in Form 24Q for FY 2018 – 19
from 31st May, 2019 to 30th June,
2019.
• Extended the last date of issuing TDS
certificate in Form 16 for FY 2018 – 19
from 15th June, 2019 to 10th July,
2019.
https://www.incometaxindia.gov.in/Lists/Pr
ess%20Releases/Attachments/766/Press-
Release-CBDT-extends-due-date-for-filing-of-
TDS-statement-in-Form-24Q-dated-04-06-
2019.pdf
RBI UPDATES
❖ RBI REDUCES RATES
RBI’s Monetary Policy Committee (MPC) in
its meeting held on 6th June, 2019 decided
to cut down the policy repo rate by 25
basis points to 5.75% with immediate
effect under Liquidity Adjustment Facility
(LAF).
Consequently, the reverse repo rate has
been adjusted to 5.50% under LAF and the
marginal standing facility (MSF) and Bank
rate to 6.00%.
The MPC also changed the policy stance
from neutral to accommodative. This move
has come in view to induce more liquidity
in the system and more focus towards the
growth of economy, without losing sight of
inflation.
https://rbi.org.in/Scripts/BS_PressReleaseDis
play.aspx?prid=47225
❖ REMOVAL OF LEVY ON NEFT AND
RTGS TRANSACTIONS
In the Statement of Developmental and
Regulatory Policies issued by the RBI on
6th June, 2019, the RBI has removed levy
on RTGS and NEFT transactions.
In the press release, RBI mentioned that
RBI levies minimum charges on Banks for
transactions routed through RTGS and
NEFT and Banks in turn, used to take
transactional charges from its customers.
In order to encourage digital payments
system, RBI has now decided to do away
with these charges. Instructions to banks
will be issued within a week.
https://rbi.org.in/Scripts/BS_PressReleaseDis
play.aspx?prid=47226
❖ COMMITTEE TO REVIEW ATM
INTERCHANGE FEE STRUCTURE
With the increasing use of ATMs across
the nation, there had been persistent
demand to re-consider the ATM fee and
charges. In order to address this issue, the
RBI announced in its press release that a
committee will be constituted under the
Chairmanship of CEO, Indian Banks’
Association, to review the entire system of
ATM charges and fees.
https://rbi.org.in/Scripts/BS_PressReleaseDis
play.aspx?prid=47226
For any query:
Contact – Akanksha Gupta
Email: akanksha.g@acquisory.com

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Acquisory news bytes 6th june 2019

  • 1. www.acquisory.com 6 June-2019 TAXATION ❖ CBDT EXTENDS DUE DATE FOR FILING FORM 24Q AND ISSUANCE OF FORM 16. CBDT vide their notification dated 4th June 2019 has: • Extended the last date of filing TDS return in Form 24Q for FY 2018 – 19 from 31st May, 2019 to 30th June, 2019. • Extended the last date of issuing TDS certificate in Form 16 for FY 2018 – 19 from 15th June, 2019 to 10th July, 2019. https://www.incometaxindia.gov.in/Lists/Pr ess%20Releases/Attachments/766/Press- Release-CBDT-extends-due-date-for-filing-of- TDS-statement-in-Form-24Q-dated-04-06- 2019.pdf RBI UPDATES ❖ RBI REDUCES RATES RBI’s Monetary Policy Committee (MPC) in its meeting held on 6th June, 2019 decided to cut down the policy repo rate by 25 basis points to 5.75% with immediate effect under Liquidity Adjustment Facility (LAF). Consequently, the reverse repo rate has been adjusted to 5.50% under LAF and the marginal standing facility (MSF) and Bank rate to 6.00%. The MPC also changed the policy stance from neutral to accommodative. This move has come in view to induce more liquidity in the system and more focus towards the growth of economy, without losing sight of inflation. https://rbi.org.in/Scripts/BS_PressReleaseDis play.aspx?prid=47225 ❖ REMOVAL OF LEVY ON NEFT AND RTGS TRANSACTIONS In the Statement of Developmental and Regulatory Policies issued by the RBI on 6th June, 2019, the RBI has removed levy on RTGS and NEFT transactions. In the press release, RBI mentioned that RBI levies minimum charges on Banks for transactions routed through RTGS and NEFT and Banks in turn, used to take transactional charges from its customers. In order to encourage digital payments system, RBI has now decided to do away with these charges. Instructions to banks will be issued within a week. https://rbi.org.in/Scripts/BS_PressReleaseDis play.aspx?prid=47226 ❖ COMMITTEE TO REVIEW ATM INTERCHANGE FEE STRUCTURE With the increasing use of ATMs across the nation, there had been persistent demand to re-consider the ATM fee and charges. In order to address this issue, the RBI announced in its press release that a committee will be constituted under the Chairmanship of CEO, Indian Banks’ Association, to review the entire system of ATM charges and fees. https://rbi.org.in/Scripts/BS_PressReleaseDis play.aspx?prid=47226 For any query: Contact – Akanksha Gupta Email: akanksha.g@acquisory.com