NRIs need to file tax returns in India if their taxable income exceeds ₹2.5 lakh

February 18, 2020

If a non-resident Indian (NRI) has one house that is vacant and locked and has bank interest income of less than ₹2.50 lakh, is it necessary for him to file income tax return (ITR)? He was filing ITR in the previous years as he had taxable income. —Dolly Moga Under the income-tax law, the taxable rental income from a house property situated in India is considered as nil in case of up to…

Read More >>

17 crore PAN cards could soon turn useless

February 18, 2020

New Delhi: While the income tax department has extended the deadline to link PAN (Permanent Account Number) card with Aadhaar card to March 31, 2020, for the eighth time, still over a 17 crore PAN card holders are yet to link the two documents. After the amendment in the Finance Bill, 2019, the income tax department has the authority to make such PAN cards which are not linked to Aadhaar…

Read More >>

SBI customer? Here’s how you can retrieve username, reset login and profile passwords

February 18, 2020

New Delhi: With so many usernames and passwords to remember, people often get confused and forget their usernames as well as passwords. Note that without the correct username and password, you will not be able to ‘Log in’ on to your SBI internet banking account. If you have forgotten your SBI username, login password or profile password, you can easily retrieve them. SBIOnline account: If by any change you have…

Read More >>

Govt may impose export restrictions on 12 essential drugs in bid to thwart scarcity after China lockdown

February 18, 2020

New Delhi: The government is reportedly planning to put restrictions on the export of 12 medicines, including antibiotics, vitamins and hormones, as it wants to ensure that there is no scarcity of essential drugs in India in the wake of the coronavirus epidemic that has now killed over 1,700 people, mostly in China. An eight-member top-level expert panel set up by the government to review the availability of medicines in…

Read More >>

Your PAN card can become inoperative after March 31. Details inside

February 18, 2020

New Delhi: According to the latest Income Tax Department notification, your PAN card will become inoperative if you fail to link it with your Aadhaar card. The circular says that any taxpayer who was issued a permanent account number (PAN) as on the 1st day of July 2017 is required to link it with the Aadhaar, according to rule 114AA of the income tax. Income Tax Rule 114AAA: The notification…

Read More >>

India urged to extend renewal date of OCI card till December 31

February 18, 2020

WASHINGTON: In view of the inconvenience faced by the diaspora having OCI card in the US, an eminent Indian-American social activist has urged the government of India to extend the date of its renewal till December 31. The Overseas Citizen of India (OCI) card, among other benefits, allows multiple entry, multi-purpose life long visa to an Indian-origin foreign national to visit India. In December, the ministry of home affairs’ foreigners…

Read More >>