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...

It is quite common for people from India to go and settle abroad. Indian citizens who do so for employment or carrying out a business or vacation there or for any other purpose due to which their period of stay outside India is uncertain, would be considered Non-Resident Indians (NRIs). Nonetheless, many such NRIs prefer to retain the bank accounts they had held in India. This could be for easy repatriation of income made abroad to the home country. Or they might want to keep income earned in India in India itself. In such cases, one can either open a Non-Resident account or a Non Resident Ordinary rupee (NRO) account. Let's understand these two accounts and their characteristics a little more in detail. The need for an NRE and NRO account First and foremost, one needs to understand that once an individual moves out of India, he is not allowed to hold a resident savings account. It would be considered as a violation of the Foreign Exchange Management Act or FEMA reg...