Don’t link Aadhaar with voter ID: Ravi Shankar Prasad

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BENGALURU: Union IT minister Ravi Shankar Prasad said on Sunday that he was personally not in favour of linking Aadhaar cards with electoral photo-identity cards (EPIC) of voters as the two serve different purposes.

“I am not saying this as an IT minister… My personal opinion is Aadhaar should not be linked with the voter ID card,” Prasad said at an event here.

He said the government was not willing to face accusations of spying on people. “If we do this, our detractors will say, ‘PM Narendra Modi is snooping on us to know what we eat, which movie we are watching’ and so on. I don’t want that to happen,” the minister said.

The EPIC card has been linked with the web portal of the Election Commission of India and you will get election-related information such as your polling booth and its address. Aadhaar is not related to this,” he said

The minister, however, strongly defended the linking of Aadhaar with bank accounts, saying it would bring in transparency in reaching the benefits of welfare schemes through direct benefit transfer (DBT). “There is a clear difference between the Aadhaar of Modi and the Aadhaar of Manmohan Singh. While Singh’s Aadhaar had no support of law, Modi’s Aadhaar is backed by law, and security and privacy are completely ensured,” he said.

He sought to highlight that over 80 crore mobile phones had been linked to bank accounts as part of the Centre’s JAM (Jan Dhan, Aadhaar and mobile numbers) trinity. He said over 31 crore Jan Dhan accounts had been opened and over 120 crore mobiles had been linked to Aadhar.

 “Once former PM Rajiv Gandhi had said that of the one rupee spent by the government for welfare of the downtrodden, only 15 paise reach the needy. Now, if the government sends Rs 1,000, it directly gets deposited in the bank account of the beneficiary,” he added.

Defending the need of the unique identification number, he said Aadhaar is the digital identity that supplements the physical identity of people. “If you want to travel by train, you have to buy ticket online for which you have to give data. If you don’t want to give data, then take a bicycle. If you want to eat at a restaurant, you will get an electronically-generated invoice and people will know what you have eaten. But the government respects privacy and the data is perfectly secure,” he said. The minister said the government would not tolerate any unauthorised use of data for abuse.

Source by:- timesofindia

How To Buy Government Bonds In India?

How To Buy Government Bonds In India?

Are you a player in the stock market? Or are you someone who plays it safe and invests in mutual funds or fixed deposits? Though agree that it is better to be safe than sorry, but risk-taking is essential in today’s era.

How To Buy Government Bonds In India?

Let’s take a sneak peek into the government bonds or securities.

Sounds exciting and confusing. Yes, not only industrialist or banks can invest in government securities, but as small term investors, every individual can also make an investment. Exciting… Let us see how?

Before we get into the details, ask yourself as to what you are looking out for either short or long-term investment?

It is necessary to have a Demat account if you want to invest in shares. Demat accounts are accounts whereby all trading stocks and mutual funds take place.

Hearing stock market might scare you, but don’t worry, government stocks or bonds are generally not available at the stock market. They are purely available with all the leading banks and post offices.

For making an investment, you simply would have to visit the nearby branch with all the necessary documents for filling up the application form. To process your request, a minimum time period would be required, after which you will receive a bond certificate in your name.

Sounds simple right. Let’s get into the details as to who is registered and how the process works?

As said earlier, small-time investors like us were not allowed to deal in government securities, but all thanks to the RBI. RBI has introduced a scheme known as a Negotiated dealing system – order matching (NDS-OM)platform.

All banks and primary dealers (PD) of government securities are existing members of the RBI Scheme NDS-OM, and we as individual investors too can buy and sell bonds through them.

Please Note: The government securities are held in terms of subsidiary general ledger (SGL) accounts. Once the banks or PDs execute the order, the government would clear the order and will convert the SGL to the accounts demat form and transfers the funds to the demat account itself.

The advantage of buying this scheme is that since other dealers are not registered under NDS-OM, they cannot trade on your behalf.

Another advantage is for long-term investors and specifically for retired people. Senior Citizens who invest for long-term say for 20 to 30 years get a direct 8% interest on their invested money, which is way higher than most debt instruments.

Apart from saving, one can also get tax benefits by investing in government securities.

Since the market is volatile, people looking for a safe form of a transaction can start investing in mutual funds.

Before investing research and read every minute details about G-Securities.

Source by:-goodreturns

Here’s another security warning for Aadhaar

While Unique Identification Authority of India (UIDAI) has maintained its database is secure and there are no breaches of Aadhaar data from its system, security researchers warn that leaks are happening in third-party sites and it is important for the agency to ensure that its ecosystem adopts measures to keep data safe.

“Securing an entire ecosystem is more important than secure individual databases,” said security researcher Srinivas Kodali.

Over the weekend, technology publication ZDNet citing an Indian security researcher said that it identified Aadhaar data leaks on a system run by a state-owned utility company Indane that allowed anyone to access sensitive information like a name, Aadhar number, bank details. The leak was plugged soon after the report appeared.

UIDAI came out with a strong statement denying the breach. “There is no truth in the story as there has been absolutely no breach of UIDAI’s Aadhaar database. Aadhaar remains safe and secure,” the government agency said.

There have been no reports of any breach in the core database so far. However, it is the third-parties that have acted as weak links.

“The simple parallel that can be drawn is, though Facebook’s core database of users information was secure, the data leak happened through third-party developers and organisation like Cambridge Analytica that have allegedly misused it,” Kodali said.
In case of Aadhaar too, the allegations of breaches have not been on ‘Aadhaar database’ but rather at insecure government websites and third-parties with API access to the database. “In this aspect, the issue in Facebook and Aadhaar is similar. In both the cases, there was no breach of database, but it was third parties that acted as the weakest link. In both cases, it was a legitimate means of access through API that was open for abuse,” said Sunil Abraham, executive director, Center for Internet and Society.
UIDAI could take a leaf from Indian Space Research Organisation while handling data breach reports. The state-run space agency put out a note appreciating security researchers for their efforts. An email ID to report flaws is more important than summoning people regarding data breaches.
“The fear of criminal prosecution hanging over the heads of ethical hackers would not help us develop a robust and strong security architecture,” said Karan Saini, a Delhi-based researcher who first highlighted the Aadhaar leak at Indane.

Source by:-gadgetsnow

Now Aadhar card is mandatory for cars after phone, bank accounts and other things

Aadhar card, which is constantly becoming mandatory for a various number of services in India including bank accounts, phones, PAN cards among many other things. According to the latest development, the ministry of home affairs (MHA) panel has been given the task of drafting a comprehensive policy to link car registration numbers to the Aadhar card. The linkage of both the things will supposedly secure the Indian highways.

The recommendation is among many other recommendations made by MHA’s Working Group on Highway Security, which was formed in July 2017 and headed by director general of Bureau of Police Research and Development (BPR&D).

The recommendation is aimed at reinforcing the security against incidents such as Maoist attacks and militant attacks on the highway. The database of country-wide vehicles will be liked to the Unique Identification Number (UID), which will help in tracing the owner of vehicles easier. The panel has not directly recommended linking of Aadhar number with the motor vehicles but has suggested the creation of a new body called Central Repository Body (CRB) at the government level.

The group of people who have suggested the change comprise of representatives from the ministry of road transport and highways, MHA and director generals of police from six different states – Punjab, Maharashtra, Uttar Pradesh, Bihar, Tamil Nadu and Assam.

The centre had also proposed linking of driving license with the Aadhar Card sometime back. This move was set to filter fake licenses from the real ones. Centre informed Supreme Court that a new software is being readied and it will be put in place soon. The software will cover all the states on the real-time basis, which will make it impossible for people to fake their driving license.

It is not known if the challans will be also linked to the same system in the future. Many states have started the point based challan system, which issues points against every challan and after gaining a certain number of points, the license is cancelled.

The ‘Thak Thak’ made headlines after a series of broad daylight scams in the areas of Delhi-NCR and other major cities of the country. Police have captured the 48-year co-founder of the gang who goes by the name ‘Guruji’. The accused was caught with stolen cash of Rs. 8 lakh, which belonged a businessman. The accused was nabbed on his journey back from Kolkata after a series heists.

According to the cops, Kanhaiyan is the real name ‘Guruji’ and he belongs from Madurai. The operations took place from Inderpuri, Delhi. Kanhaiyan sent his gang members to various potential states for frauds and scams and would fly there once a large amount of fraud money was collected by them.

The gang has been caught several times on the CCTV cameras and used various techniques to distract the drivers of the vehicle and steal things from the vehicle. The gang also had females that made it easier for them to blend in.

The ‘thak thak’ gang distracted the drivers by scattering money on the road or claiming they had a flat tyre. The gang members also used to spill black oil under the vehicle and used to signal to the driver about the faulty engine. Creative methods like intentionally hitting a car with a motorcycle were also used to distract the drivers. Once the driver was distracted, other gang members would make a move in and steal phones, cash and other valuables from the vehicle. The gang members even used to steal from parked vehicles by breaking the window.

DCP Bhisham Singh says that many teams were alerted after a tip-off was received that he would be coming to the New Delhi Railway Station. The accused was nabbed as soon as he deboarded the Howrah-Rajdhani train. A pistol was also seized from him. He is currently being interrogated about the heists and location of his gang members.

The accused confessed that he taught his techniques to other people which then led to the formation of the gang. If any gang member was arrested, he would not name Kanhaiyan and in return, he would provide legal aid to the gang member.

Source by;-cartoq

ITR filing: Income Tax Department has a message for taxpayers

The Income Tax (I-T) Department today said it “trusted” the taxpayers and asked them to file their returns without “fear” by March 31, the deadline for all companies and those who deposited “large amounts of cash” post demonetisation. The department and the CBDT (its policy-making body), in a public advertisement, said “We trust you.” “So why fear? File your income tax return now,” it said. The tax department buttressed its statement by saying that it selects “less than one per cent returns for scrutiny or investigation” and that the system to select these cases is totally computer-based and devoid of any human interface.

The advertisement said it was the final call for taxpayers who have to file belated or revised ITRs for assessment years 2016-17 and 2017-18.
“If you have deposited large amounts of cash in your bank account/made high value transactions, please consider the same while filling your ITRs. “Non-filing or incorrect filing of return of income may result in penalty and prosecution,” the public advisory said. The government had declared the demonetisation of the existing Rs 1,000 and Rs 500 currency notes on November 8, 2016.

The advertisement also cautioned eligible trusts, political parties and associations to file their income tax returns by the final deadline. Individuals and Hindu Undivided Families having income of over Rs 2.5 lakh and senior citizens with income of over Rs 3 lakh (60-80 years of age) and Rs 5 lakh (over 80 years of age), too, need to file their returns for the mentioned assessment years by March 31, it said. It urged the taxpayers to file their returns “easily and securely” over the official e-filing web portal of the department.

Source by:- financialexpress

Flipkart, Paytm, Jobs Preferred Over Google Amazon In India

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Professionals in India prefer home-grown tech and mobile Internet companies like Directi, Flipkart and One97 Communications (Paytm) more than global giants like Google and Amazon as their workplace, revealed a new LinkedIn report on Wednesday. The report includes the ranking of 25 companies in the country that are most sought after by professionals, based on proprietary LinkedIn data and billions of actions by more than 546 million professionals on the platform.

“The Top Companies list is based on the billions of actions taken by LinkedIn members and looks at four main pillars: interest in the company, engagement with the company’s employees, job demand and employee retention,” LinkedIn revealed. LinkedIn and parent company Microsoft were excluded from the list.

Amazon, which held the second spot for the past two consecutive years in the list, is now ranked fourth in the list after the top three companies – Directi, Flipkart and One97 Communications – respectively.

Google’s parent company, Alphabet, is ranked seventh in the “Top Companies” list by the professional social network site.

“The ‘Top Companies’ list highlights the companies where professionals in India want to work now, from home grown companies to global giants,” said Adith Charlie, India Editor, LinkedIn.

“Data shows us that an opportunity to work at solving big problems, rewriting the rules of one’s industry or simply putting a big name on one’s résume could be powerful motivators,” Charlie said.

Ola has dropped 11 spots from fifth position in 2017 to 16th this year, and McKinsey & Company has made a significant jump from 24th position to sixth.

This year, more than 50 percent of the companies are new entrants to the list including Directi (first), Anheuser-Busch InBev (fifth), EY (ninth) and Daimler AG (11th) that have given stiff competition to the usual top runners, Adobe (12th), Reliance Industries (24th), and Ola (16th).

KPMG India, and OYO, a network of budget hotels in India are the other companies that feature among the top 10 most preferred companies by professionals.

Here are the top 25 companies where India wants to work, according to LinkedIn:

1. Directi
2. Flipkart
3. One97 Communications
4. Amazon
5. Anheuser-Busch InBev
6. McKinsey & Company
7. Alphabet
8. KPMG India
9. EY
10. OYO
11. Daimler AG
12. Adobe
13. Expedia
14. Morgan Stanley
15. DBS Bank
16. Ola
17. GE
18. MakeMyTrip
19. PwC
20. Goldman Sachs
21. Shell
22. JPMorgan Chase & Co.
23. Unilever
24. Reliance Industries
25. Deloitte India

Source by:- ndtv

Income tax on mind? 10 incomes you need not pay any tax on

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It is believed that death and taxes can’t be avoided in life. There is also a common perception that only income falling under the basic exemption limit (ie, Rs 2,50,000 for individuals of less than 60 years) is tax free. However, very few people know that apart from this basic exemption limit, taxpayers also get tax benefits on certain incomes. Yes, you heard it right! The incomes which are tax-free are governed by the Section 10 of the Income Tax Act — some of which are wholly exempt, while some are partly exempt.

Here we are taking a look at 10 incomes which are tax free, wholly or partly:

1. Income from Gratuity:

As per section 10(10) of the Income Tax Act, if an employee of the Central Government, State Government or local authority, on death or retirement, receives gratuity, then it is fully exempt from tax. However, in case of a private sector employee, gratuity received from one’s employer is exempt from tax up to a maximum of Rs 10 lakh, subject to conditions specified under the Income Tax Act. Good news is that the government is going to enhance the ceiling of tax-free gratuity to Rs 20 lakh from Rs 10 lakh soon, and Lok Sabha has already passed the related bill.

2. Amount received under Voluntary Retirement:

As per Section 10(10C) of the Income Tax Act, if a person receives any compensation at the time of voluntary retirement or termination of his service, then such amount shall be exempt from tax, but subject to the limit of Rs 5,00,000. The compensation amount, which is received under this scheme, is determined in accordance with guidelines prescribed under Rule 2BA of Income-Tax Rules, 1962.

“Unlike gratuity, which is exempt for government employees without any limit, the voluntary retirement scheme is taxable for the government employees over and above Rs 5,00,000. One thing to be kept in mind is that this exemption can be availed only once in a lifetime i.e. once allowed for any assessment year, then no exemption shall be allowed for any other assessment year,” says CA Abhishek Soni, Founder, tax2win.in.

Further, where any relief u/s 89 has been availed of in respect of the amount received under the voluntary retirement scheme, no exemption under Section 10(10C) shall be allowed in that relation. In other words, an individual can claim either exemption under Section 10(10C) or relief u/s 89, but not both together.

3. Allowance for foreign services:

As per Section 10(7) of the Income Tax Act, if an Indian resident renders services outside the country and receives any perquisites outside the country, then it is tax free. This section specifically exempts the allowances for government servants which they might receive when working outside India.

4. Dividend income from shares & equity-oriented mutual funds:

As per section 10 (34) of the Income Tax Act, any dividend received from investing in the shares of an Indian company is not liable to tax up to Rs 10 lakh. The reason for the same is that the I-T department has already received tax from the company on that income. Likewise, dividend income from an equity-oriented mutual fund is also exempt from tax.

5. Agricultural Income:

India is primarily an agrarian economy. So, as per Section 10 (1) of Income Tax Act, agriculture income in terms of rent or from any agriculture produce is exempt from tax. The objective of this move is to encourage the agricultural sector. However, “agricultural income exceeding Rs 5,000 will have to be added to one’s total income for the determination of the income-tax slab of the individual. Further, any capital gain on the sale of an agricultural land in a rural area is not chargeable to tax as per section 2(14) of the Income Tax Act. Additionally, as per section 10(37) of the Act, compulsory acquisition of agricultural land is exempt from tax,” says Soni.

6. Pension received by certain awardee:

As per section 10(18) of the I-T Act, income received by an individual or any member of his family by the way of pension or family pension is exempt from tax if such individual has been in service of the Central/state government and has been awarded Param Vir Chakra or Maha Vir Chakra or Vir Chakra or any such other gallantry award.

7. Share from a partnership firm:

As per Section 10(2A), for a partner in a partnership firm the share of his income from the total income of the firm is completely exempt from income tax. In simple words, you will not have to pay any tax on your share of profits from a partnership firm.

“For this purpose, the partner and the firm are separately assessed and tax is levied on the income of the firm as a whole keeping the partner out of the purview of tax in respect of his share only. However, interest income, remuneration etc are taxable for partners as per the provisions of the Income Tax Law,” says CA Vertika Kedia, Co-Founder, Tax2win.in.

8. Receipts from Hindu Undivided Family:

As per Section 10(2) of the Income Tax Act, if you are a member of a Hindu Undivided Family (HUF) and receive or inherit any money then it is exempted from income tax. The provisions state that if any amount is received out of family income or out of impartible estate by the member of such HUF, then it is exempt from tax.

9. Interest received from government notified bonds:

The government issues some specified bonds to raise money for infrastructure projects. As per section 10(15) of the Income Tax Act, the income that you earn from such bonds is exempt from tax. Further, unlike interest that you will receive on these bonds, the gains made by selling these bonds before maturity is taxable as capital gains.

10. Life insurance receipts on maturity:

If you receive any amount under a life insurance policy specified under section 10(10D) of the Act, then it is exempt from tax. However, the premium paid should not exceed the prescribed limits in respect of actual capital sum assured. The limit is as under:

“For policies issued until March 2012, the premium can’t exceed 20 per cent of the actual sum assured and for policies issued on or after April 1, 2012, the premium can’t exceed 10 per cent of the actual sum assured. If the amount received during the financial year is more than Rs 1 lakh and the premium exceeds the above limits, then tax deducted at source (TDS) at the rate of 1 per cent will also be applicable,” informs CA Kamal Murarka, Head-Tax Research Team, Tax2win.in.

Source by:- financialexpress

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