India had entered into an agreement with the United States for implementation of the Foreign Accounts Tax Compliance Act (FATCA) with effect from August 31, 2015. Bank accounts that were opened between July 1, 2014 and August 31, 2015 and are not in compliance with FATCA (Foreign Account Tax Compliance Act) provisions will be blocked. The Income Tax Department had set a deadline of April 30 for FATCA compliance for these accounts.
Although Aadhaar is gradually gaining more importance than PAN – a ten-digit unique alphanumeric number issued by the Income Tax Department – however, PAN is still important, especially for financial transactions. According to experts, PAN is a way for the Income Tax Department to keep tabs on your financial dealings whereas Aadhaar’s main purpose is to create a centralized database of each citizen residing in India. PAN, in fact, is a very useful tool to estimate the total tax revenue being generated in the country and to be used as an identification document is not its primary job.
Goodbyes are the hardest when they are final. It’s worse if it involves one of your parents. The heartbreak is probably lesser in intensity only to that of your surviving parent, the spouse who is left grappling with a crippling emotional void at the fag end of life. Yet, it is critical to take a financial reality check and you, as progeny, are the best suited to do it. Taking stock of the finances is an overwhelming task and it’s easy to be stumped by the maze of formalities.
Aadhaar number has been made mandatory for senior citizens to avail concessions in train tickets from April 1. A three-month trial run for this is going on. The Railways will soon move towards Aadhaar-based online ticketing system to prevent touts from blocking a bulk of tickets, end fraudulent bookings and curb cases of impersonation. Aadhaar number has been made mandatory for senior citizens to avail concessions in train tickets from April 1.
86 post offices have already started work so that people can apply for passports there, Shashi Tharoor said. Congress leader Shashi Tharoor, who led a 15-member delegation of the Parliamentary Standing Committee on External Affairs here, today stated that passports could be applied from post offices shortly. During their stay in the city, the parliamentary committee members visited the Amritsar Passport office, where Tharoor interacted with passport seekers besides holding discussions with the officials at the passport office.
The government has made it mandatory to link the existing Aadhaar numbers with the PAN cards of taxpayers with effect from July 1, 2017. In fact, Section 139AA of the Income-tax Act, 1961, as introduced by the Finance Act, 2017, provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.
Accumulating a corpus of Rs. 1 crore is a dream for many. But many individuals who are in their early twenties don’t follow a systematic investment habit, thinking that they will start when they earn more. But you will be surprised to know that you don’t need to save a lot of money every month to accumulate Rs. 1 crore, provided you start early. Time 6% 8% 10% 12% 20 Years Rs.
Just a month after the announcement of new Rs. 20 notes in the Mahatma Gandhi Series-2005, Reserve Bank of India (RBI) on Friday said that it will also bring new Rs. 50 banknotes shortly in circulation. The new Rs. 50 notes will be in the Mahatma Gandhi (New) Series, bearing signatures of RBI governor Urjit R Patel, the central bank said in a press release. With “Fluorescent Blue” as the base colour, the new note “has motif of Hampi with Chariot on the reverse,” it added.
Airtel has come up with a new Rs 399 offer for its customers. This offer is valid only for prepaid users. According to the new tariff, prepaid users can avail 1GB data per day for a period of 84 days at Rs 399. Apart from the data offers, Airtel will also provide unlimited calls (both local and STD) on all networks under this Rs 399 plan. This offer appears to be a direct effort by Airtel to take on rival Jio, as the latter has an almost similar plan.
The government has extended till March a cashback scheme that offers incentives of up to Rs. 1,000 to merchants for accepting payments through mobile application BHIM (Bharat Interface for Money). “The BHIM cashback scheme for merchants will be operational till March 31, 2018,” a note by Ministry of Electronics and IT said. The scheme was launched by Prime Minister Narendra Modi on April 14 for a period of six months for promoting cashless payments through the BHIM app.