Direct transfer for all I-T refunds

In a move aimed at simplifying the income tax refund process and reducing errors, the Income Tax Department has decided to begin a process to transfer directly all I-T refunds to a bank account of the individual’s choice as soon as the sum is processed.
The department is also looking to adopt banking services as an alternative to the current one where refunds of over Rs. 50,000 are sent via cheques through post.

Comments

Post a Comment

Popular posts from this blog

Cheque & Types

Image
Cheque:  Section 6 of the Negotiable Instruments Acts, 1881, states "A cheque is a bill of exchange drawn on a specified banker, and not expressed to be payable otherwise than on demand." So, a cheque is a written instruction to a bank (also called the drawee bank) asking it to pay a specific sum of money to the person/company whose name is written on it. The person issuing the cheque is called the drawer and the one to whom it is issued is called the payee. Types of cheques  cheques are of basically four types Open cheque: A person holding an open cheque can  i. Receive payment over the counter at the bank ii. Deposit the cheque into his account iii. Pass it to another person by endorsing the cheque on the reverse side Crossed Cheque: Payment of a crossed cheque cannot be made over the counter at a bank; it can only be credited into the payee's account. Cheques can be crossed by drawing two parallel lines across the top left corner. Bearer Cheque: A be...
Read more

Government introduces “Place of effective management” (POEM) in IT Act

Image
Shell companies are the companies located abroad but controlled from India, to evade taxes. Government aims to curb them by introducing “Place of effective management” (POEM) in IT Act. Thereby, such offshore companies will be taxable in India, if key Management decisions are taken from India. Shell companies based abroad would have to pay taxes on their global income for a year if their  place of effective management (POEM)  is India. According to the Union Budget 2015-16, shell companies would be considered tax resident of India if their POEM is India, even for one day in a financial year. The key companies likely to be impacted are the Indian groups that have overseas subsidiaries that lack substance. Many Indian companies have subsidiaries in tax havens abroad which, in turn, do businesses in other countries. With this amendment — proposed to be made effective from the next financial year — all these companies will be bought under the Local tax jurisdictio...
Read more

Republic day 2015

Image
Republic Day in India Republic day in India is celebrated every year with great honour on 26th of January to honour the Constitution of India as it came into force on the same day in the year 1950. It had replaced the Government of India Act, 1935 into the governing document of the India. At this day, a national holiday is declared by the Indian Government. The new Indian constitution was sketched and approved by the Indian Constituent Assembly and decided to celebrate it on 26th of January every year as India became a republic country. What was Special on 66th Republic Day Women armed forces of India took part for the first time in the Republic day Parade 2015 as Prime Minister, Narendra Modi were keen to Women Empowerment and Nari Shakti. Women Empowerment, Nari Shakti, Make in India Jhaki, Swachh Bharat Abhiyan Jhaki by kids and Jan Dhan Yojana Jhaki were the main themes of Republic Day Parade 2015. US President, Barack Obama was the chief guest of Republic Day celebrati...
Read more