Under-reporting or misreporting your income to I-T Department? Here’s how taxmen can penalise you now

April 27, 2018

As a taxpayer, it is very important for you to know that while filing the income tax return, if a person under-reports his income or inflates his deduction/exemption, then the Income Tax Department can impose a penalty on him under Section 270A of the Income Tax Act, 1961. You must be wondering that the Section 270A of the I-T Act is not a new section as it was introduced two…

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Viral test: The truth behind ATM dispensing fakes

April 27, 2018

You’d surely be left bewildered if your ATM dispensed notes marked “Children’s Bank of India”. That’s precisely what a cash machine did in Bareilly on Sunday last week when three men swiped in their cards. Local journalist Praveen Uttam was in for a rude shock first when he took out Rs 1,200 from an ATM of United Bank of India in Bareilly’s Subhash Nagar neighbourhood. A 500 bill had “Children’s…

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Chocoholics, rejoice! Eating dark chocolates can reduce stress, boost immunity

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April 26, 2018

Chocoholics, rejoice! Eating dark chocolates can reduce stress levels, as well as boost mood, memory and immunity, scientists say. While it is well known that cacao is a major source of flavonoids, this is the first time the effect has been studied in human subjects to determine how it can support cognitive, endocrine and cardiovascular health. “For years, we have looked at the influence of dark chocolate on neurological functions…

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ICC World Cup 2019: Schedule, Fixtures, Time Table & Venue Details

April 26, 2018

The schedule for the ICC World Cup 2019 has been released. The tournament will be held in England from May 30 to July 15, with a reserve day for the semi-finals and finals. The format is such that each team will take on each other in a round-robin stage before the knockouts, with the top four teams qualifying for the semi-finals. The final will take place at Lords, while the…

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Students alert! UGC releases list of 24 fake universities;

April 26, 2018

The University Grants Commission or UGC has released a list of 24 fake Universities, warning the students to protect themselves from getting fleeced. UGC said that these 24 self-styled institutions are functioning in contravention of the UGC Act and have been declared as fake. This means that none of these universities is entitled to confer any degrees.The list which is now also available on the UGC website www.ugc.ac.in, includes seven…

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Dhoni breaks personal six-hitting record in IPL

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April 26, 2018

  Exactly 10 days ago, MS Dhoni had a similar task at hand. Chennai Super Kings needed 17 off the final over against Kings XI Punjab, but Dhoni failed to finish the game. He was unbeaten on 79 that evening, but walked off unhappy – unable to seal the win in Mohali. On Wednesday night, there was no way Dhoni was allowing another chase to get out of hand. Especially…

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Income tax dept warns against tax evasion by salaried employees

April 26, 2018

New Delhi: The income tax (I-T) department has cautioned salaried taxpayers against under-reporting their income or inflating their deductions in assessment year 2018-19. It has also warned intermediaries like chartered accountants against abetting such tax evasion. Any infractions will invite action under various penal and prosecution provisions of the Income Tax Act. The advisory, issued by the central processing centre based in Bengaluru, comes days after the tax department notified…

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SBI Accounts Under Jan Dhan Yojana: Interest Rates, Charges

April 25, 2018

Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts in State Bank of India (SBI) is more than 26 per cent of the total deposits made under the scheme in Public Sector Banks, said country’s largest lender on its official twitter handle – @TheOfficialSBI. According to SBI’s portal, Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a national mission for financial inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit,…

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Investment declaration for FY2018-19: Submitting form? Keep these 10 things in mind

April 25, 2018

The best time to plan your taxes is the beginning of the financial year. The new FY 2018-19 has just begun, and soon your employer will ask you to submit Form 12BB to provide information on the tax-saving expenses and investments you are going to make throughout the year. If you carefully plan your investments, you can make optimum utilisation of all tax-saving opportunities available to you. However, when you…

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RBI makes Aadhaar, PAN mandatory for bank accounts

April 25, 2018

Though the Supreme Court is still hearing a clutch of petitions challenging the constitutional validity of the Aadhaar Act, the Reserve Bank of India updated its master circular on know-your-customer (KYC) norms on Friday making Aadhaar and PAN cards mandatory for bank accounts, new as well as existing ones. The timing of the exercise is questionable since the apex bank significantly added that “The revised Master Direction is in accordance…

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Blow To Indians, US Plans End To Work Permits For H-1B Holders’ Spouses

April 25, 2018

The Trump administration is planning to end allowing spouses of H-1B visa holders to work legally in the United States, a top federal agency official has told lawmakers, a move that could have a devastating impact on tens of thousands of Indians. The move to end the Obama-era rule could have an impact on more than 70,000 H-4 visas holders, who have work permits. H-4 is issued to the spouse…

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Bareilly Man Gets Fake Rs. 500 Note From ATM, Issued By ‘Children Bank Of India’

April 25, 2018

New Delhi:  Bareilly resident Ashok Pathak was in for a rude shock when the cash he withdrew from an ATM happened to include a fake Rs. 500 note. Yes, the infamous ‘Children Bank of India’ one. On Sunday evening, the man claimed he withdrew Rs. 4,500 from a United Bank of India ATM in the city’s Subhash Nagar area, only to find a fake Rs. 500 note among the dispensed…

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