Citibank India Guide to Secure Online Banking

via : Citibank Email

Protecting our customers and providing a secure online banking experience is a top priority at Citibank. To ensure you have complete peace of mind on your transactions with sensitive information, we bring you tips and easy steps to practice secure online banking.

Always type https://www.citibank.co.in or www.citibank.com/india to visit our site. Don’t enter your IPIN on any other site.Keep your IPIN confidential. Ensure that no one is watching you when you enter your IPIN to prevent unauthorized access to your account. Do not share your IPIN with anyone, including Citi staff.Citibank will never send emails that ask you to enter your account or card information, personal details or your password or IPIN.Beware of phishing scams. Don’t click on any links on email or provide any information on a bogus website.Do not use a shared computer or device that cannot be trusted for online banking for e.g. an Internet Cafe computer.Ensure that your computer is free from any electronic, mechanical, data failure, spyware, malware, viruses or bugs. Keep your Antivirus, Firewall and other software up to date.Spyware may maliciously gain access to your passwords, IPIN and all Personal identifiable data. Some malicious websites, emails may infect your computer with spyware that is not readily visible to you. Be careful on how you use your computer. If you have installed any software that claims to speed up your internet connection, or have additional third-party toolbars on your browsers, you may be using malware that may be able to spy on you. We recommend that you use software you trust.Do not leave your computer unattended while you are still engaged in an online banking session.If you receive an OAC (Online Authorization Code) or an alert about changes to your account that you did not request, please contact us ‘URGENTLY’. It may be an indication that someone is trying to access your account maliciously.If you believe that your Card number and/or ATM/Credit Card IPIN may have been lost or stolen or if you notice suspicious transactions on your account, notify Citibank immediately by calling 24/7 CitiPhone or the nearest Citibank Branch.Read and follow Citibank’s recommended online security tips to ensure safe online banking experience. Visit www.citibank.com/india for the latest online banking tips.

We constantly update our security technology to ensure secure transactions at Citibank Online and it is imperative that you take necessary steps to safeguard yourself as well. Do update your mobile number by logging into your account online. It will help us inform you at the earliest in case your Card or Account is misused.

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How to Calculate Long-term Capital Gain Taxes

Long – term capital gain on sale or transfer for foreign exchange assets shall be calculated subject to the following points:
1. The benefit of indexation under second proviso to section 48 is not available in respect of sale or transfer of foreign exchange assets
2. No deduction is permissible in respect of Long – term capital gain under sections 80C to 80U.
3. By investing sale consideration in another asset, the non- resident Indian can claim exemption under section 115F

Tax on investment income and long-term capital gain – Non-resident Indian can chargeable to tax on investment income at the rate of 20 per cent* and long-term capital gain (as computed above) at the rate of 10 per cent.

Return of income not to be filed in certain cases – In cases where a non- resident Indian has income only from a foreign exchange asset or income by way of long-term capital gains arising on transfer of a foreign exchange asset, or both, and tax deductible at source from such income has been deducted, he is not required to file the return of income under section 139(1).
The income from foreign exchange assets and long-term capital gains arising on transfer of such assets would be treated as a separate block and charged to tax at a flat rate as explained above. If the non- resident Indian has other income in india, such other income is treated as an altogether separate block and charged to tax in accordance with the other provisions of the Act.

Benefit available even after the assessee becomes resident – Where a person, who is a non- resident Indian
in any previous year, becomes assessable as resident in India in any subsequent year, he may furnish to the Assessing officer a declaration in writing (along with his return of income under section 139 for the assessment year for which he is no assessable) to the effect that the special provisions shall continue to apply to him in relation to the investment income derived from any foreign exchange asset being debentures of and deposits with, an Indian public limited company and Central Government securities. If he does so, the special provisions shall continue to apply to him in relation to such income for that assessment year(and for every subsequent assessment year) until the transfer or conversion (othervise than by transfer ) into money of such assets.

Special provisions not to apply if the assessee so chooses – A non- resident Indian may opt that the special provisions relating to taxation of the investment income and long- term capital gains at a flat rate should not apply to him. This option is exercisable by a taxpayer by making a declaration to that effect in his return of income for the relevant assessment year. In cases where such an option is exercised by a non- resident Indian, the whole of his total income (including income from foreign exchange assets and long- term capital gains arising on transfer of a foreign exchange asset ) is charged to tax under the general provisions of the Income-tax Act.

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