Mutual Funds : MF Investors Can Now Use Aadhaar Number for Identity Proof
To make it easier for investors to buy or sell mutual fund (MF)  products, fund houses are offering the facility of investing by using the Aadhaar number. Investors can invest online in mutual fund products even if they are not know your client (KYC) compliant. The amount invested by the client should not exceed Rs50,000 per financial year.  
 
The move comes after the Securities and Exchange Board of India (SEBI) issued guidelines to change the existing norms for investing in mutual funds. SEBI had said that fund houses and market intermediaries could verify the credentials of their clients with the Unique Identification Authority of India (UIDAI). However, it would be on voluntary basis. 
 
Quantum MF is already off the block. Others are likely to follow suit.

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Tax : Scamsters Could Take You for a Ride, Warns I-T Department

The income-tax department cautioned taxpayers not to share their PIN or password of emails, saying that it never asks for such details. In a statement, the department said that it wants to ensure that taxpayers are aware that the department does not seek confidential or financial information of the taxpayer over email. “The Income Tax Department never asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail… The I-T Department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank etc,” it said.

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Tax : CBDT Lays Down Norms for Quicker Tax Refunds

The CBDT (Central Board of Direct Taxes) issued guidelines for quicker income-tax refund of up to Rs5,000 in cases where the department wants to adjust the refund with a pending demand which has been contested by the assessee. The guidelines would help in the streamlining of the process of tax refunds. “Where the taxpayer has contested the demand, Central Processing Centre (CPC) would issue a reminder to the Assessing Officers about the contention of the taxpayer, asking them to either confirm or make appropriate changes, to the demand within 30 days,” the CBDT said in an office memorandum.

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