Navigating the maze of personal finance
Section 139AA of the Income-tax Act, 1961 which was introduced by the Finance Act, 2017 makes it mandatory to quote your Aadhaar number in order to file your income tax returns (ITR). In other words you need to link you Aadhaar card to your PAN card if you want to file returns from now on. … Read more
What is DigiLocker?DigiLocker stands for digital locker, a key initiative under the Digital India program of the Indian government. It allows Indian citizens to store all their important documents like property papers, insurance certificates, PAN card, passport, tax papers, birth and/or marriage certificates, etc. in digital format. Currently DigiLocker gives 1 GB of free space … Read more
eKYC stands for electronic know your customer (KYC). It is a paperless Aadhaar-based process for fulfilling your KYC requirements. What is KYC?As per RBI guidelines, banks and other financial institutions must obtain the information about their customers’ identity and address. The process for obtaining and verifying this information is called ‘Know Your Customer’ or KYC. … Read more
You need to link your Aadhaar number with your bank account in order to receive benefits from schemes such as the Direct Benefits Transfer (DBTL) in which the LPG cylinder subsidy amount is directly credited in the Aadhaar linked bank account. So how can you check your Aadhaar & bank account linking status? There are … Read more
I have already talked about the growing importance of your Aadhaar number in the financial space. Recently the Labour ministry made Adhaar mandatory for all Employee’s Provident Fund Organization (EPFO) account holders. According to this order if you have an EPFO account, you will have to share your Aadhaar details with EPFO. In case you … Read more
What is Aadhar enabled payment system (AEPS)? It is an Aadhaar based banking solution enabling you to operate Aadhaar linked bank accounts and carry out transactions using nothing but Aadhaar number and authentication through fingerprints. It provides interoperability between customers and bank at point of sale (PoS) – for example a grocery shop- and ensures … Read more
Aadhaar is a proof of identity provided by the Government of India. It is not a proof of citizenship. After due information provided at specified centers a Unique number (UID) is provided to the person (basic demographic and biometric information). How and where should you enroll for an Aadhaar card?One desirous of enrolling should visit … Read more