PAN and Aadhaar link

All those who are yet to link their Permanent Account Number (PAN) with Aadhaar have got a reprieve.

The Central Board of Direct Taxes has now allowed them time till the end of this year, or December 31, 2017, to do the needful.

The deadline was previously the end of July. The objective behind the Centre’s move to link the two is to restrain money laundering and other illegal activities.

This leeway is, however, immaterial if you have filed returns this year.

Those who have filed returns have to link their PAN with Aadhaar by August 31, 2017.

Failing to do so will result in tax returns not getting processed. Similarly, claims for income tax refund will also not be taken up for processing if the linking is not done.

The due date for filing income tax returns and audit reports have also been extended to October 31, 2017.

P-O-S insurance

Canara HSBC OBC Life Insurance has introduced a point-of-sale (POS) product — Easy Bima plan.

It is a term insurance policy with return of premium if the insured survives till the maturity of the plan.

On accidental death, the benefit amount doubles. The policy is available for a minimum sum assured of ₹50,000 and a maximum of ₹15 lakh.

One can choose a premium term of five years for policy tenure of 10 years or a premium term of 10 years for 15/20 year term. For a 20-year policy, for sum assured of ₹3 lakh, for a male of 40 years, the annual premium is ₹9,423 (excluding GST).

Point-of-sale products are those where all benefits in the policy are predefined and disclosed to the customer at the time of sale itself.

It adheres to the guidelines of IRDAI on policy term, age at maturity, maximum sum assured, etc and are designed to understand the product.

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