Sunday, April 19, 2015

No need to send IT-Return acknowledgement by Post: Use Aadhar card to authenticate

Now Income Tax has  aimed at easing taxpayer Return Filing process. I-T returns online will no longer have to send the paper acknowledgement by post .
 Aadhaar-based electronic verification code has been launched to authenticate this document.
In the ITRs for 2015-16  e-filer can provide his Aadhaar number which will have to be authenticated on the official website of the department via a One Time Password (OTP).
 The person who file the return  no longer need to send the ITR-V paper document to the CPC in Bengaluru.Tax payer will require the e-filer to register his Aadhaar number in the ITR after which the UIDAI database will send an OTP to the registered mobile number of the taxpayer which subsequently will have to be authenticated on the e-filing website.
As per present rules, a person who files his or her tax return online has to send a copy of the ITR-V to CPC within 120 days for processing of the return.
Now with this process he/she just authticate then and there and no need to do paper work. This will again a step to fasten the Return filing proces
This will also reduce the post office work load reduced the problem of mis-placed or non delevery of achknowlgemnt at CPC ,Bangalore


Saturday, April 18, 2015

All that Glitter is Not Gold : Know about BIS Hallmark

Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal (gold or silver) articles. Hallmarks are thus official marks used in many countries as a guarantee of purity or fineness of precious metal (gold or silver) articles
Provide third party assurance and satisfaction that customer gets right purity of gold (or silver) for the given price (value for money)

Gold Hallmark consists of following
a) BIS mark
b) Purity grades/fineness
 958 Corresponds to 23 Carat
 916 Corresponds to 22 Carat
 875 Corresponds to 21 Carat
 750  Corresponds to 18 Carat
 708  Corresponds to 17 Carat
 585 Corresponds to 14 Carat
 375  Corresponds to 9 Carat 
c)Assaying/Hallmarking Centre’s Identification Mark (one of the logos as
displayed on BIS website)
d) Year of Marking – denoted by a code letter e.g.
‘A’ for year 2000 ‘B’ for year 2001
‘C’ for year 2002 ‘D’ for year 2003
‘E’ for year 2004 ‘F’ for year 2005
‘G’ for year 2006 ‘H’ for year 2007
‘J’ for year 2008
'P' for year 2012
'Q' for year 2013
'R' for year 2014
'S' for year 2015 and so on
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