The use of ATMs and debit cards from these banks can be expensive, reason to know

The use of ATMs and debit cards from these banks can be expensive, reason to know
 
New Delhi (April 30): The Income Tax department has asked the legendary banks to send a notice to make a tax payment. These banks include State Bank of India, HDFC, ICICI Bank, Axis Bank and Kotak Mahindra Bank. The Department has sought the tax on the basis of free services offered on the basis of keeping the minimum balance of accounts from the customers.

Income Tax Department has appointed State Bank of India, HDFC, ICICI Banks, Axis Bank and Kotak Mahindra Bank have demanded tax in lieu of the Free Services to be given on the basis of keeping the Minimum Account Balance on behalf of the customers. This tax has been sought from the previous date which will be in thousands of crores. The Directorate General of Goods and Services Tax Intelligence (DGGST) has issued a show-cause notice to these banks in this case. This notice can also be sent to other banks.


Tax accounts are demanded on the basis of which the Minimum Balance Management is being done in the accounts, on the basis of which the banks charge from the Minimum Balance Maintenance customers. I.e., the minimum account balance is not treated by the bank, the amount of the amount of the penalty is charged by the bank, the same amount will be calculated by adding the same amount on every account of Minimum Balance Maintenance.


Banks have been demanding tax for the last 5 years but the banks are worried that they can not demand tax from customers from the previous date. If this tax is reinstated, then the customer will have to bear the burden on it. Due to the provision of average minimum balance in the account, you get many free services, but if the banks have to pay tax, then the services of ATM transaction, fuel surcharge refund, check book, debit card etc. will not be available free of cost.


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