Before the year 2019 ends, there are two important personal finance tasks that need to be completed. If you are a taxpayer and have SBI savings account with debit card facility, these two things are to be done by December 31. Let us look at both of them and see the process to complete – ITR filing and SBI ATM card replacement.
1. ITR filing
For the assessment year 2019-20 ( financial year 2018-19), the last date to file ITR without any late filing fee was August 31. One may still file ITR till the end of the assessment year i.e. by March 31, 2020. However, filing ITR between September 1, 2019, and March 31, 2020, will levy a late filing fee depending on when you file it. For ITR filed after the due date but before December 31, the fee is Rs 5,000, while for filing by March 31, 2020, the late fee amount is Rs 10,000. For late filers there are two relaxations – The late filing fee will not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakh and no fine for those who file ITR voluntarily if they are not supposed to file ITR.
Watch: How To File ITR-1 for AY 2019-20 in less than 15 minutes; Explained on Income Tax Portal
2. SBI ATM card replacement
If you are an SBI Bank account holder using the debit card for ATM cash withdrawal etc, make sure you are holding an SBI EMV Chip & PIN card. RBI has made it compulsory for banks to convert all existing Magnetic Stripe cards to EMV Chip & PIN cards. The cards enabling international usage will have to be essentially EMV Chip & PIN enabled.
SBI has decided to replace all SBI debit cards (magnetic cards) with EMV and PIN-based SBI cards by 31st December 2019. Irrespective of the validity of the existing magnetic SBI debit cards that you are holding, they will be deactivated from January 2020 and if you have already blocked a Magnetic Stripe card, it will remain blocked. The bank sends the new card else one may get a new replacement of EMV Chip Cards, free of cost, through online SBI, or through their home branch.
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Source: Financial Express