How do you cancel a demand draft at SBI?

• Write an application to the branch manager stating the reason for cancellation and the mode of refund i.e. cash or account transfer. I opted for cash.

• Affix a revenue stamp on the back of DD to be cancelled.

• Put your signature partly on the stamp and partly on the demand draft. You will have to put another signature on the DD just below it.

• Submit the cancellation application along with the DD to the branch manager and get the application stamped.

• Now submit the stamped application along with the DD to the cash counter to get the refund.

• There is a cancellation charge of Rs.100/- that will be deducted from the DD amount and the rest will be returned back to you. This cancellation charge is fixed irrespective of the DD amount.

Don't Be Fooled ! GST To Be Included In MRP

Maximum retail price of goods must include the GST component to effectively address consumer complaints that some retailers charge the new indirect tax on MRP of products, a high-level panel of state finance ministers has recommended.

The group of ministers, headed by Assam Finance Minister Himanta Biswa Sarma, has in its recommendation to the GST Council on easing compliance burden on small and medium enterprises suggested that the government make it amply clear in the present law that MRP is the maximum price of a product to be sold in retail and charging anything above this is an offence.

This rule, sources said, must be applicable to establishments like restaurants, eateries and malls that sell packaged goods such as bottled beverages which already carry an MRP, but at some places, a GST is charged over and above that MRP.

However, businesses while uploading the invoice to the government in filing returns and paying taxes can separately show the GST component and the selling price of the product.

"We have suggested that when businesses issue invoice to consumers, the MRP should be inclusive of GST. The bifurcation in tax collection and sale price can be shown in the invoice while paying taxes to the government," s

In Guwahati on November 10, the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising his state counterparts, is likely to take up the recommendations of the GoM, which was set up earlier this month.

Over half a dozen MSMEs yesterday made a presentation before the GoM yesterday, sources added.

Among other things, the GoM also suggested lowering the fees for delayed filing of returns to Rs 50 a day from Rs 100.

CBDT Order on extension of due date of ITR / TAR to 7th Nov 2017

F.No. 225/270/2017/ITA.II                                                    North-Block, ITA.II Division

New Delhi, the 31st of October, 2017

Order under Section 119 of the Income-tax Act, 1961

On consideration of representations from various stakeholders for further extension of ‘due-date’, being 30th September, 2017 for assessees covered under clause (a) of Explanation 2 of section 139(1) of the Income-tax Act, 1961 pertaining to Assessment Year 2017-2018, the CBDT in modification of its order dated 31.08 2017 in file of even number, hereby further extends the ‘due-date‘ for filing income-tax returns and reports of audit pertaining to Assessment Year 2017-2018 from 31st October, 2017 to 7thNovember, 2017.

(Rohit Garg)

Director- ITA.II, CBDT

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

Mutual Fund sahi hai! Invest in these 6 schemes which have returned up to 28% in 1 year

As mutual fund investments are considered relatively less risky than direct stock investment we bring you six mutual fund schemes which have returned up to 28% in one year.

Indian stock markets have seen a number of splendid moments in 2017 with the benchmark Sensex breaching 33,000 from a level of around 26,600 in the beginning of this year. Stock market investment is equally referred to gambling, but even so, over the years the penetration of Indian stock market has been rising among the retail investors. However, another avenue for retail investors who find it difficult to keep a track of investments and to keep on analysing latest trends driving the markets, are mutual funds which may be a better option.

Ads by ZINC

A mutual fund is nothing but a well-diversified portfolio or mixture of various asset classes — which varies scheme to scheme. Mutual fund investments are considered relatively less risky than direct stock investment, reason being — time to time rebalancing, managed by professionals, have an adequate mix of various asset classes, have easier option to enter and exit, and most important of all, an investor doesn’t need to be regularly involved in maintaining it. We bring you six mutual fund schemes recommended by IIFL which have returned up to 28% in one year.