Zaakpay – P2P money transfer using an Email ID

Zaakpay, a digital payments startup has launched an ePayments service, which, at the moment, is more or less like an online money transfer, supporting only inter-bank payments. However, the company plans to extend it further and release an API, around June-end, so that e-commerce merchants can integrate it as a payment option. It also intends to launch a payment gateway product by the name of ‘Webpay’, by August, which will integrate credit and debit cards. In addition to this, it also plans to introduce payments by SMS and IVR.

The company has tied-up with around 90 Indian banks, to enable individuals and businesses to send and receive payments from various banks through the service. After registering for a Zaakpay account, users need to link their bank account with it. The service moves money from the sender’s bank account to the receiver’s Zaakpay account. It sets a 3 day default limit, for users to retain money in Zaakpay, after which it is automatically sent to their bank accounts.

Read more here >>

No filing of IT Return if salary and interest income up to Rs 5 lakh

In India, as many as 85 lakh salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lakh, are not required to file income-tax return from now onwards.

“No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest is up to Rs 5 lakh. We would shortly notify this,” a Central Board of Direct Taxes official said.

However, he said this would not cover income from other sources like house property, capital gains and gains from profession and business. Continue reading “No filing of IT Return if salary and interest income up to Rs 5 lakh” »

Changes to PayPal User Agreement for India — Goodbye?

Well — here comes the final blow — Indian users of PayPal will no longer be allowed to maintain any PayPal balance in their PayPal account for more than 7 days & cannot receive payments greater than $500 (freelancers are gonna feel the pinch).

Here’s what PayPal sent out in its latest email to users in India on Jan 29, 2011:

As part of our commitment to provide a high level of customer service, we would like to give you a 30-day advance notice on changes to our user agreement for India.

With effect from 1 March 2011, you are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by online payment gateways (“RBI Guidelines”).

In order to comply with the RBI Guidelines, our user agreement in India will be amended for the following services as follows:

Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services; and
Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.
We seek your understanding as we continue to employ our best efforts to comply with the RBI Guidelines in a timely manner.

We regret any inconvenience caused to you and hope the advance notice will enable you to plan your future use of our services accordingly.


The PayPal Team

And here are some Frequently Asked Questions from PayPal: Continue reading “Changes to PayPal User Agreement for India — Goodbye?” »

Due Date Of Filing of Income Tax Returns Extended To 4th August 2010

The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which is 31st July 2010. All paper returns or e-returns filed on or before 4th August 2010 will be considered as filed within the due date.

The decision was taken in view of some technical snags in the e-filing computer system, and inclement weather at various locations, due to which taxpayers have reported difficulties in filing or uploading income tax returns.

Paypal India Users Can Continue to Enjoy Electronic Withdrawals

Barely a few days ago, PayPal had announced that Indian users would not be able to withdraw electronically from July 29, 2010. However, PayPal has announced today that it will continue to offer electronic withdrawals.

Here’s the email PayPal has sent out:

We’ve received good news. You can continue to enjoy electronic withdrawals just as you did before.

While we have received your appreciation for the advanced notice and the refund of the cheque processing fee, we also have heard loud and clear that you highly value the ease-of-use of our electronic withdrawal service. Our customers are our number one priority and we are working tirelessly to improve our service.

Thank you for your patience and in appreciation for your continued support, we will still provide the $5 USD processing fee refund for any cheque withdrawals made from July 29, 2010 until further notice.

Password to open your ITR V/ ITR-Acknowledgement

After a lot of searching, have finally got the password logic for the ITR acknowledgement that’s made available to users who file their returns electronically through the website.The password is a combination of the pan (in lower case) and the date of birth in the format ddmmyyyy.

For example, 1) if the pan is AAAAA2222A and the date of birth is 07-Jan-1978, then the password will be aaaaa2222a07011978

Please note that you will need Adobe Acrobat reader to open the password protected PDF file.

Change In Withdrawal of Funds From PayPal Accounts for India Users

PayPal has announced another change in withdrawal of funds from PayPal Accounts for Indian Users.

In accordance with regulatory instructions, PayPal is bringing in a change in their withdrawal functionality in India starting on August 1, 2010. At present you can request for either an electronic or cheque withdrawal of funds from your PayPal account if you are an India user.

From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.

To request for a cheque withdrawal:

1. Log into your PayPal account, click on ‘Withdraw’.
2. Click on the ‘Request a cheque from PayPal‘ link.
3. Enter the withdrawal amount and select your mailing address, then click ‘Continue‘.
4. Click ‘Submit’ to confirm your request.

Checkout screenshots here for the above points.

In order to help users with this change and until further notice, PayPal will refund the $5 USD cheque withdrawal fee to you cheque withdrawals made on July 29, 2010 onwards.

Home Improvements with the Best Rate of Return: How to Improve Your Home and Make It Worth It

This is a guest post by Marcy Tate. Marcy is a home improvement blogger at Networx. For over a decade, she’s been working with landscape maintenance service providers on ways to increase curb appeal.

If you’re considering doing some home improvements this spring or summer, pick renovations that will pay off. There are several home improvement renovations or projects that will give you a great return on investment. There are a few important considerations:

1. Consider Local Trends

For example, if all the roofs in your neighborhood are asphalt shingled roofs, then replacing your roof with a metal roof may not pay off in the local market.

2. Go with Mass Appeal

Mass appeal is related to local trends but deals more with what most home buyers are looking for. For example, if you can afford them, high-end appliances may be a nice addition to your kitchen, but they don’t always wow a potential buyer. Continue reading “Home Improvements with the Best Rate of Return: How to Improve Your Home and Make It Worth It” »