HENCY R SHAH AND ASSOCIATES

  💳 𝐅𝐞𝐰𝐞𝐫 𝐀𝐓𝐌𝐬, 𝐌𝐨𝐫𝐞 𝐔𝐏𝐈: 𝐈𝐧𝐝𝐢𝐚’𝐬 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐒𝐞𝐜𝐭𝐨𝐫 𝐆𝐨𝐞𝐬 𝐃𝐢𝐠𝐢𝐭𝐚𝐥! 💡 📢 As cash circulation hits new highs, India is witnessing a shift towards digital banking that’s transforming the way people access financial services. Banks are now reducing Automated Teller Machines (ATMs) in favor of digital payment methods like UPI, marking a strategic shift in the Indian banking landscape. 📜 𝐀 𝐁𝐫𝐢𝐞𝐟 𝐇𝐢𝐬𝐭𝐨𝐫𝐲 𝐨𝐟 𝐀𝐓𝐌𝐬 𝐢𝐧 𝐈𝐧𝐝𝐢𝐚  ATMs have been at the core of India’s banking evolution since the first machine was installed in 1987 by HSBC in Mumbai. This milestone made it easier for Indians to access cash, sparking a revolution in financial accessibility. Inspired by chocolate vending machines, John Shepherd-Barron created the first-ever ATM in London in 1967. By 1999, India had over 1,500 ATMs, which grew rapidly in the following years. 🕰️🇮🇳 💡 𝐀𝐓𝐌 𝐍𝐮𝐦𝐛𝐞𝐫𝐬 𝐢𝐧 𝐃𝐞𝐜𝐥𝐢𝐧𝐞 Recent data from the Reserve Bank of India

🎆 𝑫𝒊𝒘𝒂𝒍𝒊 𝑮𝒊𝒇𝒕𝒔 & 𝑻𝒂𝒙𝒆𝒔: 𝑴𝒂𝒙𝒊𝒎𝒊𝒛𝒆 𝒀𝒐𝒖𝒓 𝑭𝒆𝒔𝒕𝒊𝒗𝒆 𝑩𝒐𝒏𝒖𝒔! 🎆 Diwali is a time for celebrations, joy, and, of course, gifts! 🎁 But did you know that your Diwali gifts and bonuses might come with tax implications? Whether you've received a cash bonus, gift hamper, or even a gift card, here’s a quick guide to help you understand the tax treatment and make the most of your Diwali rewards. 📜💡 🪔 𝐂𝐚𝐬𝐡 𝐁𝐨𝐧𝐮𝐬𝐞𝐬 𝑇𝑎𝑥𝑎𝑏𝑖𝑙𝑖𝑡𝑦: Cash or festival bonuses received from employers are fully taxable. 𝑇𝑎𝑥 𝑇𝑟𝑒𝑎𝑡𝑚𝑒𝑛𝑡: These bonuses fall under Income from Salary and are taxed based on your income tax slab rate. 💸 🪔 𝐍𝐨𝐧-𝐂𝐚𝐬𝐡 𝐆𝐢𝐟𝐭𝐬: 𝐆𝐢𝐟𝐭 𝐇𝐚𝐦𝐩𝐞𝐫𝐬 𝐨𝐫 𝐈𝐭𝐞𝐦𝐬 𝐸𝑥𝑒𝑚𝑝𝑡𝑖𝑜𝑛 𝐿𝑖𝑚𝑖𝑡: Gifts in non-cash form up to ₹5,000 are tax-free. 𝐵𝑒𝑦𝑜𝑛𝑑 ₹5,000: If the value exceeds ₹5,000, the excess amount is considered a taxable perquisite and added to your salary income. 🎂🎈 🪔 𝐆𝐢𝐟𝐭 𝐕𝐨