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IT dept launches facility to correct PAN or Aadhaar details

Last updated : 14th May, 2017 The government, under the Finance Act 2017, has made it mandatory for taxpayers to quote Aadhaar or enrollment ID of Aadhaar application form for filing of income tax returns (ITR).Also, Aadhaar has been made mandatory for applying for permanent account number with effect from July 1, 2017. To link PAN with Aadhar, IT dept has launched online facility, but the details in PAN and Aadhaar needs to be same. Read my post on – How to link PAN with Aadhaar online with/without login. If for some reasons, your details in PAN and Aadhaar are ... Read More »

IT dept launches new simple facility to link PAN with Aadhaar

Last updated : 14th May, 2017 The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. Responding to grievances of taxpayers regarding difficulties in linking PAN with Aadhaar their names did not match in both systems (Eg. Names with initials in one and expanded initials in another). the Department has come out with a simple solution now. There is no need to login or be registered on E-filing website. This facility can be used by anyone to link their Aadhaar with PAN. Taxpayers can go to www.incometaxindiaefiling.gov.in and click on the link on the ... Read More »

How to link Aadhar card to PAN online?

Last updated : 14th May, 2017 Government has made it mandatory to link Aadhaar card to your PAN before 30 July otherwise, PAN card may be rendered invalid.  However, a case is pending in Supreme court to challenge its constitutional validity. To be on safer side, you may want to link Aadhaar card to PAN online – the process is quite simple. Login to Income Tax efiling website – https://incometaxindiaefiling.gov.in/ Under Profile Settings tab – there is an option “Link Aadhaar”. You need to enter your Aadhaar number & Name as per Aadhaar The Aadhaar will be now linked to ... Read More »

Now you can invest in Mutual funds via digital e-wallets

Last updated : 26th April, 2017SEBI has issued guidelines for using e-wallets in Mutual funds investment. After demonetisation many people are using e-wallets and it will make it easier for them if mutual funds investment is allowed via e-wallet.  Following are the guidelines: Investment upto Rs 50000 per mutual fund per financial year can be made using e-wallet. Further, this limit of Rs 50,000 would be an umbrella limit for investment by an investor through e-wallet and/or cash, per mutual fund per financial year. E-wallet’s balance loaded through cash or debit card or net banking, can only be used for ... Read More »

30th April deadline for self-certification for your bank account (FATCA)

Last updated : 25th April, 2017CBDT has issued statement that all bank accounts that were opened between July 1 2014 and August 31 2015 require submission of self-certification forms by 30th April 2017. If you do not submit it within time then the accounts will be blocked. This self-certification is related to compliance with Foreign Account Tax Compliance Act (FATCA) provisions. The transactions by the account holder in such blocked accounts may, thereafter, be permitted once the self-certification is obtained and due diligence completed. Submitting the self-certification under FATCA is not complex. It does not require one to submit the ... Read More »

Deadline extended to 30th June for providing PAN for savings account holders

Last updated : 7th April, 2017 In Jan 2017, CBDT has amended the Income Tax rules and asked all banks to link PAN or Form 60 to all existing bank accounts by 28-Feb-2017. However, now the deadline is extended to 30th June 2017.  If you have not yet provided PAN or Form No. 60 for your bank account, do so at the earliest to avoid unnecessary hassles later. Background for this rule Post-demonetization, several changes were made to track black money and the know-your-customer (KYC) norms were made stringent. In a circular dated 15 December 2016, the RBI put restrictions ... Read More »

How NRIs can exchange old Rs 500 / 1000 notes or convert / deposit them?

Last updated : 17th January, 2017   Latest Update: RBI has extended the facility for NRI to deposit old notes at designated RBI offices by June 30 2017. Under new facility, NRI can carry upto Rs 25000 (as per relevant FEMA regulation) via declaring them to customs and deposit it into RBI offices at in Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. NRI travelling to India should go through the “red channel” at the airport, fill one page declaration form. A stamped document will be issued by Customs detailing the number of notes, date etc. Documents required to be submitted at ... Read More »

How to open Airtel Payment Bank Account- 7.25% Savings Account Interest

Last updated : 17th January, 2017 Jan 2017 Airtel has now rolled out its payment bank across India.  If you want to earn its attractive 7.25% interest, you can open an account.  You donot need to submit any kind of documents as it is a paperless approach, using Aadhaar-based e-KYC.  Anybody who is an Airtel user, having an Aadhaar card, PAN card and carrying a smartphone with Internet connectivity can become a member of Airtel’s Payments Bank and earn an interest of 7.25% p.a by depositing a maximum of Rs.1 lakh. Here are the steps for you to open an ... Read More »

Demonetisation- Latest rules on withdrawal and exchange of old notes

Last updated : 23rd November, 2016 Over the past few days, government has been changing the rules for withdrawal and exchange mostly every day.  In this post, I am trying to capture the latest rules: Updated 23-Nov-2016 1) Now you can withdraw upto Rs 2000 from Big Bazaar stores –  From Nov 24, You can get Rs 2000 by using your debit / ATM card. The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country. Big Bazaar has tied up with State Bank of India and enabled mini ATMs across all 260 ... Read More »

GST slab rates fixed – Check the impact

Last updated : 20th November, 2016 GST Council has fixed four-tier GST structure in Nov 2016 and it is expected to be rolled out from April 2017. The rate structure is 5%, 12%, 18% and 28% with lower rates for essential items and highest for luxury items. GST 0% Tax –  Some essential items including food grains, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate. GST 5% Tax –  mass consumption items such as edible spices, tea, coffee, mustard oil will fall under this tax slab. GST 12% Tax – Process food ... Read More »

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