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9814915812

(Ashok Goyal – Retd Chief Manager PNB)

CIBIL Consultants 448 Dalima Vihar Near Lakshmi Narain Mandir Rajpura 140401 Punjab.

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Samadhan Kender, Patiala Road, Near Bikaner Mishtan Bhandar, Rajpura 140401 Punjab.

Friday, November 24, 2017

Points to Remember When Filing Your Income Tax Return

Points to Remember When Filing Your Income Tax Return

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If you are an earning member of the community, you are required to give back to the community a small portion of your income and this is the basis of Income Tax. However, not everyone willingly parts with their hard earned or ill-gotten gains, thus the need for legislation to determine how much tax an individual needs to pay, by which date these taxes are payable, what the penalties are in case taxes are evaded and so on. All of these laws are provided for in the Income Tax Act of 1961 and the penalties included in the Act can be quite severe in case an individual fails to comply. One of the lesser-known and often missed parts of the IT Act is the filing of your returns. In the following sections, we will discuss some of the key things to keep in mind when filing your ITR.

Don’t Miss the Due Date

This is of prime importance because missing the due date can cause small problems like delayed refunds or larger issues like having the IT Department initiate criminal proceedings. Additionally, in case your ITR is filed after the due date, you also lose out on the opportunity to make corrections later. For self-employed, carrying forward business losses can be a blessing in disguise which will also be missed in case of there is a delay in filing the return.

Use the Online Method of Filing Taxes

In case you are a salaried individual, filing your income tax returns has truly become a breeze with the introduction of the ITR-1 or Sahaj form. There is truly no easier way to do it as the entire system is almost completely automated with inbuilt calculators and automated cross-reference of TDS paid form 26AS and much more. These benefits cannot be avail in case you are still using the paper filing system so it is probably time to upgrade in case you haven’t already.

Compute Interest Income carefully

Interest income above a certain limit (currently Rs. 10,000 annually) features TDS at the rate of 10%. However, in case you belong to a higher tax bracket, such interest income will be treated as “income from other sources” and added to you’re to total income and taxed according to the applicable tax bracket. If you miss out on such interest income especially in case of savings account, where no TDS is chargeable you will definitely get an income tax notice.

Don’t Miss out any Tax Exemptions

An individual taxpayer is liable to take the benefit of various tax exemptions under key sections such as 80C, 80D, 24 and others. Just under 80C itself, an individual in the maximum tax bracket can save over Rs. 46,000 in taxes if they use the complete tax benefit offered by the section. Some of the other commonly missed benefits include personal loan taken for home renovations, rent paid, income from agricultural activities and so on. This time around, with the Sahaj form, it should be easier to correlate all of the applicable tax exemptions before filing your return.

Verify Your Income Tax Return

This might be the last step when filing your return but its importance cannot be overstated. The old school system of ITR verification was a paper form named ITR-V, which had to manually sent by post to the CPC Office located in Bangalore. Using currently available digital technology is much easier. Now the
verification can be completed online on the Income Tax e-filing website and in case you have already linked your Aadhaar Card with your PAN, an Aadhaar OTP can also be used to complete the process as long as your mobile number is registered with the UIDAI Database. Additionally, verification can also be completed through Net Banking of leading Indian public and private sector banks as long as your PAN is updated with them.


Friday, September 29, 2017

How to Open a Bank Account Using Aadhaar Card

How to Open a Bank Account Using Aadhaar Card?

Open Bank Account using Aadhaar
Aadhaar is a 12-digit unique identification number issued by the UIDAI (The Unique Identification Authority of India) by capturing a person's biometric details such as fingerprints, iris scan and demographic information such as date of birth and address.

The importance of Aadhaar card has been growing significantly in India. Not only is it useful in availing subsidies, filing ITR and getting a gas connection but the government also made the Aadhaar card mandatory for opening bank accounts. Axis Bank was the first to introduce the KYC (Know your customer) service that allows customers to open the bank account simply by providing his/her unique identification number. However, this service is now being used by many banks across India.

Under this facility, the fingerprints of the customer are captured and sent to UIDAI for validation of identity and address proof.  Upon successful verification from UIDAI, the e-KYC service will ask for demographic details like the name of the person, his/her date of birth, address, phone, email, and photograph. Based on this information, the e-KYC certificate will be issued to the customer stamped with Quick Response (QR) Code to avoid duplicity of the certificate by the third party. This certificate will be used to open an account subject to satisfying other account opening requirements.

Benefits of Using Aadhaar Based e-KYC
  1. Opening bank account using Aadhaar based e-KYC eliminates the need to submit the address and ID proof.
  2. Secondly, the process to open a bank account using Aadhaar card based e-KYC is more convenient and time-saving.
  3. Aadhaar based e-KYC is completely safe and paperless, thus reducing the chances of forgery and theft.
  4. With Aadhaar based e-KYC, you no longer have to visit a bank to open your account and can complete the bank opening process while being at home.
  5. It saves you from standing in long queues at the bank. Just an OTP that you receive on your registered mobile number is required.
Application Process for Aadhaar Card Based e-KYC

Opening a bank account using Aadhaar card based e-KYC is quite simple and easy. All you need to do is to:
  1. Get an Aadhar card and submit it to the bank as your identity & address proof.
  2. Next, you will have to allow your bank to access data from the UIDAIs Central Data Repository.
  3. Visit the official website of your bank, and fill in the online application form and upload the required documents along with the photograph.
  4. An OTP (one-time password) will be generated and sent to your mobile number mentioned on the Aadhaar card.
  5. OTP should be entered and the form should be submitted.
  6. The bank will contact the customer for physical verification through Electronic In-Person Verification. It is an immediate video verification process.
  7. During this verification, customers will have to show their Aadhaar card or PAN card along with their respective bank statement.
  8. Once their KYC is registered, you will receive confirmation of it through e-mail and this status can be verified online.
  9. Sometimes banks may also ask the customer to sign and send a physical KYC application form.
While you wait for their verification, their bank looks for the approval of UIDAI to facilitate the use of e-KYC service. Once all essential details are obtained by the bank, the customer’s account will be opened immediately. e-KYC is a fast, easy and convenient procedure to open a bank account using Aadhaar card. Note that this process can only be utilized by Aadhar card holding citizen of India. So by now if you have not applied for your Aadhar card, do it right away to avail this service.

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