Heena Sharma Blog

The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication. The department said refunds will be sent to bank accounts as it will issue "only e-refunds from March 1, 2019." Link your PAN (permanent account number) with your bank account toget your refund directly, swiftly and securely, the department said in a public advisory issued Wednesday. It added the bank account could be either savings, current, cash or overdraft. Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers. The communication added taxpayers can check if their bank account is linked with their PAN by logging onto the e-filing website of the department-- https://www.incometaxindiaefiling.gov.in It...

The I-T department alleged that the trio had not disclosed Rs 53.7 mn worth of property they jointly own in Cambridge and Rs 32.8 mn worth of properties in the USA Current Affairs News : A magistrate court in Chennai on Monday directed former Union finance minister P Chidambaram's family members to appear in court on August 20 without fail in connection with the black money case . Chief Metropolitan Magistrate S Malarvizhi ordered the personal appearance of Chidambaram's wife Nalini, son Karti and his wife Srinidhi on August 20 since they failed to do so on Monday. According to the Income Tax Department, Karti had not disclosed his bank account in Metro Bank, the UK, and investments he had made in Nano Holdings LLC, USA. Also, the department said Karti had failed to disclose investments made by Chess Global Advisory, a company co-owned by him, which is an offence under the Black Money Act. The department stated that the trio had not disclosed Rs 53.7 ...