Appeal for Employer's Assumption of Tax Burden on Perquisites under Section 17(2) of the Income Tax Act, 1961
We all are well aware that the recent judgment by the Hon’ble Supreme Court in Civil Appeal No. 7708 of 2014 & Ors. has reaffirmed the classification of certain employee benefits, such as interest-free or concessional loans, as taxable perquisites under Section 17(2) (viii) of the Income Tax Act, 1961, read with Rule 3(7) (i) of the Income Tax Rules, 1962. This judicial directive has profound implications for employees across the banking industry, including our Bank, where similar benefits are extended

Since the introduction of Finacle 10 (migration from Finacle 7) our employees are experiencing innumerable problems while rendering customer service sitting in the front counter. They are facing inordinate delay and facing some chronic issues while working on a system which is grossly affecting instant customer services. This at large is affecting Bank business and growth. The problems started to pour in and everyday throughout India all our Union whats app groups were full with narratives of such finacle related problems from our members.

Since the introduction of Finacle 10(migration from Finacle 7) our employees are experiencing innumerable problems while rendering customer service sitting in front counter. They are facing inordinate delay and some chronic issues while working in system which are grossly affecting instant customer services which is the need of the hour in context of competitive banking scenario.