Wednesday, May 22, 2013

No More Queue for TAX payment: PAY TAX by ATM :Union Bank of bank

Government has made tax payment a convenient way to pay your income taxes using  nearest ATM. You don't need to fill lengthy forms or stand in queues. It will be available 24x7 and is also saves paper. Currently the scheme has been launched to Union Bank of India customers but it will be extended to other banks soon.


How does it work?
 1) For a Union bank  debit card holder, you will register at the bank's website
2)This site is in turn linked to the National Securities Depositories Ltd which will help validate the permanent account number (PAN) of individuals and the Tax Deduction Account Number (TAN) provided to taxpayers.
3)On successful registration you can go to the ATM (currently Union Bank ATM only) and access Income Tax menu
4) It will display his PAN number and ask for the tax amount that is to be paid along with item-wise details of any other amount the assessee may want to include in the tax payment.
5)Select the relevant challan no. and amount of tax, interest amount (if any)
6)On confirmation, the tax amount will be debited from the customer's account and the ATM will generate a receipt with a special number. After 24 hours, customers can log on to the bank's website, submit the special number and print a challan.

Individuals can make payments related to income tax, advance tax, self-assessment tax. If all your taxes are being paid through TDS and you don’t have anymore to pay then you need not worry it. A lot of people have to pay self assessment and advance tax by the end of every quarter. Presently they go to banks before the deadline, stand in queue, fill up relevant form and pay up the taxes.
 More banks are expected to follow this method soon.
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Friday, May 17, 2013

Send and Receive money using GMAIL : Google Wallet


Till now E-mail attachment were used to send photos, videos and files but now you can  send money Google launched its e-mail service Gmail has plans to launch such a service. It is now being introduced in the U.S. When will it happen in India, will just have to wait for it. Earlier this service was mainly used on mobile device but now they have come to desktop version

Google has named this as  Google Wallet. This will act as your  vallet  which be will link with the user's bank account. If desired, users can link your account with a debit or credit card, but in that case 2.9 per cent on every transaction fee will be charged. The U.S. roll out this service for users above 18 years of age and have it be able to use it. If you want to receive the money in your account to activate this feature. However, before such a service had started some websites, but they did not become Popular. When will it happen in India, is not known yet. Meet it by RBI norms.

How to send money
For this, a user should have a e-mail account with Google . Click on on Compose button in your inbox
Currently this feature is only available on New version of composing email of gmail Here you will find dollar sign. Click on the account or card to determine the amount you can send and thall all your money will be get transferred. Refer the Video for more detail

What is Google Wallet
The feature is in your Google Wallet account. India currently visiting, you can put your credit card or debit card details. Before buying any products from the App Store or Google may pay.
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Wednesday, April 24, 2013

State Bank of India (SBI) launched a pre-paid card as "SBI Smart Payout Card"


 State Bank of India  (SBI) launched a pre-paid card  as "SBI Smart Payout Card" for students, employees, workers, and contract labourers. This card is focus to customers don't need to open any bank account to subscribe to these cards.

The exercise is aimed at financial inclusion. It will help garner low cost current and savings account (CASA) deposits. Using such cards customers can transfer money from one place to the other. Especially for contract labourers who work in urban areas, it is very useful
The KYC (Know Your customer) norms are also relaxed here. This will enable the product to reach its target audience. Customer needs a basic proof of identification. Any KYC compliant SBI customer can introduce a new customer. An employer too can endorse its employee's application. These cards can be used in all existing

Feature of SBI Smart Payout Card
1) SBI group ATMs and 65,000 points of sales (PoS) at free of cost.
2) The pre-paid card bears a charge of Rs 9-20 per transaction in case of other banks'
3) ATMs. The pre-paid card can be loaded with Rs 10,000 at a time with a monthly cap of Rs 25,000.
4)SBI will charge Rs 102 as fees for issuing the card with a validity of 10 years.

This card will help small scale companies (SMEs) to  give salaries via such cards.
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