Income tax returun filing extended 5th aug-SB interest rate cut


The income tax (I-T) department extended the last date for filing tax returns by 5 August due to the last-minute rush that slowed down the e-filing portal, bringing relief to many a statement that the deadline was extended in view of the difficulties faced by taxpayers.Taxpayers now have time till 31 August to link their Aadhaar number with PAN. For the time being, it would be sufficient to quote Aadhaar or the acknowledgement number received while applying for it on the income tax e-filing website.

State Bank of India (SBI) cut the interest rate on SB accounts with balance of up to Rs1 crore by 50 basis points to 3.5 percent – the first time the key rate has been cut since being deregulated in 2011. Coming two days ahead of the monetary policy review by the Reserve Bank of India (RBI), the cut, likely to be emulated by other banks, may eventually lead to lower lending rates as well.Deposits above Rs 1 crore will continue to earn an annual interest of 4 percent.One basis point is one-hundredth of a percentage point.