As SC scraps Aadhaar-based KYC authentication, here’s how banks will now open your accounts

October 4, 2018

New Delhi: With the Supreme Court verdict disallowing third-parties including banks from authenticating customers with Aadhaar, the country’s financial organisation are expected to keep it as an optional OVD or official valid document for opening a bank account. It may be noted that over the past few years, banks had started authenticating customers with Aadhaar number but the top court’s judgement changes everything. While fintech companies have openly expressed dissatisfaction…

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Bad news for families using HUFs to save tax, this effective tool may be gone soon

October 4, 2018

India is a country known for its roots imbedded in the culture of its society. Thus, the Indian law had established and recognised the concept of Hindu Undivided Family (HUF) wherein the skills, effort and resources are pooled in by family members for common benefit. Under the Indian Income Tax Act, 1961 also, HUF has been identified distinctly from the family members as a ‘person’ and its income is taxed…

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Fees refund matter: Warning! From Modi govt to higher educational institutions – Strict action

October 4, 2018

The Ministry of Human Resource Development has warned higher educational institutions of strict action if they do not return the fees of those withdrawing admissions. Institutions are bound to return fees and original documents of students in case a candidate opts to withdraw the admission, according to the norms of the University Grants Commission (UGC) and the All India Council for Technical Education (AICTE). “Any institution not returning fees in…

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