Business News

Mandatory Linking of Aadhaar and Exemptions from Income Tax Department

Mandatory Linking of Aadhaar
With Aadhaar being mandatory for filing ITR, there are several consequences for not linking the same. Below is in detail consequences. Most immediate impact will be on filing of ITR. As earlier notified by Government, no ITR shall be accepted within Adhaar being linked to the PAN. However, there are some exemptions discussed later on this article. Further, for those who don't care for filing of ITR, government has made clear that they need to link Aadhaar to their PAN or else the PAN allotted earlier shall be cancelled from the date as to be notified by Government. But cancellation
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Income Tax Rate for FY 2017-18 or AY 2018-19

Income Tax Rates FY 2017-18-min
There are many changes in Tax rate. One of the biggest change is that now tax rate for slab of ₹ 2,50,000 – 5,00,000 is @ 5%. Earlier it was 10%. There is also a major change. Now those earning income of over ₹ 50 lakhs and less than ₹ 1 Crore will have to pay Surcharge @ 10%. There is also a relief for small companies. They will now have to pay tax @ 25% instead of 30% if their income is below ₹ 50 lakhs. Tax rates are different for different individuals. Below are tax rates applicable for
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How to verify cash transaction post demonetisation with Income Tax Authorities

Income Tax Email Notices-min
After demonetisation people rushed to deposit their underlying cash. They deposited their scrapped currency notes in their Bank Accounts. Government Agencies haven't yet released data for quantum of deposits made. Estimates from different sources suggests that most of these scrapped currency notes found their way into Banks. Now, it's time for accounting those cash deposits. Earlier, Finance Minister Shri Arun Jaitley said that Income Tax Department is using Data Analytics. Income Tax Department has collected data for cash deposits made in Bank Accounts post demonetization. Tax Department has started sending emails to those Bank Accounts in which deposits of cash
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Government planning to levy penalty for old currency holders post December 30

RBI Pic1
As per fresh reports from PTI, Government is planning to penalize holders of old currency notes post December 30. As per the notification from RBI and declaration of old currency recall from Government, a period of 50 days was granted to deposit such scrapped notes into bank accounts. RBI has additionally allowed depositing of such old notes at selective branches post this period up to March 31st, 2017. As per the reports, government is planning to levy penalty of ₹50,000 at minimum for holders of more than 10 currency notes of such scrapped notes. While government is yet to officially
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RuPay Card Transactions are increasing but not yet that satisfactory

RuPay Cards at ATMs
RuPay Card Symbol at HDFC ATM Though under Jan Dhan Scheme of opening Bank Accounts and providing cheap plastic cards to masses, crores of RuPay cards were distributed, it is still not the leading medium of transaction. Nearly 80% of such cards are linked with Jan Dhan Accounts which see low volume of transaction, almost negligible percentage. Remaining 20% of cards are with other account holders. Its primary usage has been limited to usage at Bank ATMs and few e-commerce sites. Although NPCI says that it is accepted by more than 10000 websites, it is rarely supported by essential sites
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