Savings Account

Tax Department Identifies 18 Lakh People With Suspicious Deposits

These people will have to reply within 10 days to avoid any notice from the tax department or further enforcement action. The Income Tax department has identified 18 lakh people who have made ‘suspicious’ cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds. These people will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.

'Pay Arrears Immediately': Income Tax Department Names Five Defaulters

The taxman has begun this exercise of naming and shaming tax defaulters for the last few years and had named at least 96 such entities which have huge tax liabilities on them and have either gone non-traceable or have shown no assets for recovery. The Income Tax Department on Thursday published names of five entities owing over Rs 10 crore in taxes, as part of its strategy to name and shame big defaulters.

ICICI, Axis, SBI Gain, RBI To Get Power To Act Against Loan Defaulters

The Union Cabinet cleared an ordinance empowering the Reserve Bank of India (RBI) to act against wilful defaulters. The ordinance has been sent to the president for approval. The ordinance is aimed at empowering RBI to deal more effectively with stressed assets than earlier. A senior finance ministry official said “It is part of a broader plan to resolve bad loans with banks’ issue that has been a major hurdle in the economy from achieving its full potential.

India's Call Drop Problem: No More Tricks, Telecom Minister Warns Operators

Telecom Minister Manoj Sinha today said his ministry is keeping a watchful eye on all factors of call drop measurement Refusing to lower his guard on the issue of call drops, Telecom Minister Manoj Sinha today said his ministry is keeping a watchful eye on all factors of call drop measurement, which leaves no room for any manipulation. “We are looking at every aspect of call drop. No trick will work in this case,” Sinha told Press Trust of India in an interview.

119 banks connected with Aadhaar-enabled payment system: Minister

The government on Friday said 119 banks are connected with the Aadhaar-enabled payment system and 33.87 crore transactions have taken place through Aadhaar-enabled payment systems. “There are 111 crore Aadhaar enrolments done so far out of the total population of 125 crore in India. Aadhaar is becoming a powerful instrument to bridge the digital divide,” Ravi Shankar Prasad, Minister of Information Technology, said here. He said ₹36,000 crore has been saved in the last two years due to the linking of Aadhaar with the public distribution system including household LPG supply and MGNREGA.

How To Check If Your Employer Has Deposited Your Income Tax

In case there is a mismatch in TDS figures in Form 16 and Form 26AS, one should approach his/her employer or respective entity. The tax return filing season has started from April 1. Usually, for many salaried employees, the first thing that comes to mind is Form 16 that is issued by employers. But another document - Form 26AS - is also a crucial document that a salaried individual should access before filing tax returns.

Aadhaar essential for getting fellowships, scholarships from UGC, AICTE

According to an order issued by the Human Resource Development (HRD) ministry on Wednesday, students seeking government scholarships and fellowships will need to declare Aadhaar numbers by the end of June, putting yet another of its benefits programme behind the Unique Identity project wall. The order covers fellowship schemes implemented by the University Grants Commission and the All India Council for Technical Education. “The use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless manner and Aadhaar obviates the need for producing multiple documents to prove one’s identity,” the government stated in its notification.

NITI's vision: Houses, vehicles, ACs for all by 2032

Government think tank NITI Aayog has envisaged a new India in which all citizens in 15 years will have houses with toilets, two-wheelers or cars, power, air conditioners and digital connectivity. This is a glimpse of Vision 2031-32 presented by the NITI Aayog Vice-Chairman Arvind Panagariya to the body’s Governing Council, chaired by Prime Minister Narendra Modi, at a meeting held yesterday in the presence of chief ministers. The India 2031-32: Vision, Strategy and Action Agenda also visualises a fully literate society with universal access to health care.

PF Withdrawal Easier For Education, Hospital Bills: 10 Facts

EFPO subscribers can seek withdrawal from their employee provident fund (EPF) account on various grounds by using a composite form along with a self-declaration. EPFO or Employees’ Provident Fund Organisation has made partial withdrawal easier from provident fund for medical and other purposes like purchase of house, education and marriage of children. The subscriber is no longer required to submit various certificates or documents. EFPO subscribers can seek withdrawal from their employee provident fund (EPF) account on various grounds by using a composite form along with a self-declaration.

how your petrol pump might be cheating you right in front of your eyes

A series of raids by Uttar Pradesh Special Task Force (STF) in Lucknow yesterday have revealed how petrol pumps are cheating consumers. Most consumers only check the display of the fuel dispensing machine for the amount and the quantity of the fuel filled but the raids show that the pumps were using a remote-controlled electronic chip to dupe consumers. This is how petrol pumps are cheating you: Petrol pumps install a chip inside the fuel dispensing machine, which is designed to reduce the fuel output by nearly five to ten per cent.