'Get ready to file your income tax returns'

Well, the very first impression that comes after reading this line is that it has been picked straight out from an IT-dept advertisement. Quite rightly so, after all, Indian government has been instrumental in driving revenue levels to great heights with its focussed efforts. thanks to people. Time and again, IT department have come up with innovations that have made Income tax return filing, an extremely easy task. Be it establishing an army of income tax preparers or making filing tax via Online mandatory for corporate players, IT department has done it all for the sake of convenience of tax filers. That's not all, from time to time, it issues warnings and floats reminder on every possible media channel for people whose income feature under taxable head.

Recently, IT department issued an alert message to all tax-payers against sharing any personal detail on Internet, intended to be kept confidential. The department warned people not to spill beans about PAN and credit cards on Internet. The warning was issued in the wake of false emails being sent to people in the name of IT department. According to IT dept., such emails are absolutely fake and people coming with a request to address their queries citing such mails, will not be entertained at all. The matter got out-of-hand, when it was observed that several people have complained of receiving emails titled, 'tax refund', 'seeking refunds' and promising excellent Etax packages.

It is to be mentioned that IT department never asks for credit card details from tax payers unless it is required. In fact, it is in favour of such people that they don't react to such emails and develop false expectations. Moreover, it is in interest of taxpayers if they keep confidential information like ATM PIN, user name, password, bank account details etc. to themselves.

A word of advice to taxpayers: It would be extremely wise of taxpayers if they continue changing their passwords and usernames from time to time.

Interestingly, this issue has came into light at the time when more and more taxpayers are ditching the laborious method of standing in queues and preferring to file their returns Online. What more with emergence of several portals that facilitate Online filing or offering attractive Etax packages , this trend is fast catching pace.

A few tips for tax payers to know -

> If tax refund has got delayed, taxpayers can exercise their fundamental right of RTI (Right To Information) to know the reason of the same.

> Most people (who aren't aware of the Income Tax basics) often don't comprehend the basis of taxability. For their knowledge, taxability of income depends on residential status of the particular person.

> This one is for employers. Any contribution from employers in the direction of foreign social security will not be taxed.
> If a foreigner earns any income within the boundaries of Indian democracy, it will be taxable under rules established under Income Tax Act. However, he/she can claim relief as per Double Tax Avoidance Treaty. But that is subjected to a condition that states that both nations have signed it.

At last, a golden mantra to reiterate – Pay income tax and be the honest citizen of this country.

SBI Credit Cards join hands with Aditya Birla Group

Just last year in December 2009 SBI Card and the Aditya Birla Group have joined hands to bring on offer in the market a co branded card to all the customers of the Aditya Birla Group companies customers. The news was announced by the chief Executive of the Financial services of the Aditya Birla Group, Ajay Srinivasan and with him was the CEO if SBI Card Diwakar Gupta as well.

The Aditya Birla Group and SBI Card's Co-Branded credit cards will be on offer to 8-million customers of Aditya Birla Group companies which will include the customers from Aditya Birla Retail, Aditya Birla Financial Services Group (which includes Birla Sun Life Insurance and Birla Sun Life Mutual Funds), IDEA and Madura Garments.

The Economic Times has written a statement over one of Srinivasan's comments about the card, “The Aditya Birla Group has already established a presence in the financial services business market, through being a significant player in the non-banking space of the market. And we are committed to meet all the financial needs of our target customer whether they require it now or will need those needs to be fulfilled in the near future. Today, SBI Cards and Aditya Birla Group have taken yet another step in that direction, with the signing of a MoU between the two companies which will enable the two companies to put on offer a co-branded credit card to the customers of the Aditya Birla Group.”

The CEO of the SBI Credit Card business, Mr Diwakar Gupta had also mentioned that “We are pleased to partner with the Aditya Birla Group…bringing new products that offer greater value to our customers has been an ongoing endeavor for us at SBI Card.”

The Co-Branded credit cards of SBI Card and the Aditya Birla Group will be made available across more than 2000 retail outlets all of which would be of the Aditya Birla Group companies. The news has made some serious waves in the credit cards business with many other players in the market eying the move by both the companies with apprehension and timidity.

The interesting part of this new development in the market is that this is not the first co-branded card of SBI but the bank already has launched many co-branded credit cards before. In spite of that the new co-branded credit cards with Aditya Birla Group will surely and expected to increase the financial strength of State Bank of India's credit card division.