The Income Tax Department is planning to focus on those tax evaders who earn huge interests from fixed deposits and do not mention it while filing their income tax returns. Unlike interests earned on savings account, where an individual or HUF can claim an exemption from taxes on interests up to Rs 10,000 under section […]
Soon, you may have to pay less tax if you pay your bills through the digital route. As per reports, the government is planning to offer 2% discount on the Goods and Services Tax (GST) to all customers who make payments through digital channels such as debit and credit cards, mobile wallets, UPI, internet banking, […]
As per an Economic Times article, to prevent the illegal trade of currency notes, the Reserve Bank of India is planning to launch soon banknotes of Rs 200 denomination. To remonetise the economy after the November 2016 banknote demonetisation, RBI had introduced currency notes of Rs. 2,000 denomination. However since reports of illegal hoarding and […]
RBI has introduced the new Rs 50 currency notes, third in the series of new banknotes after Rs 500 and Rs 2000. The new Rs 50 currency note is fluorescent blue in colour and has a motif of Hampi with chariot on its back side representing the cultural heritage of India. It has the signature […]
According to a recent report on retail banking report submitted by ET Wealth, Indians opt for net banking as their preferred payment mode over credit and debit cards. As per the report, 33% of urban internet users prefer net banking, 25% prefer to use debit card in order to make online transactions, 23% prefer credit […]
From next month, your PF account will be automatically transferred when you switch your job. According to a report in The Times of India, if you have a verified Aadhaar card, your PF account will be transferred without any application, if you change your job and even move to anywhere in the country. Premature […]
WhatsApp, the Facebook-owned mobile messaging platform, is working to provide the feature of instant money transfer to its users, based on the UPI platform. According to WABetaInfo, a blogging website, WhatsApp will include bank-to-bank money transfer in its new version “2.17.295”. Under the Google Play Beta Program, the app is mentioned as “WhatsApp Payments: […]
Employees’ Provident Fund Organisation (EPFO) is planning to slash the administrative charges (ACs) from the current rate of 0.65% to 0.40% of the basic pay of the employee. Four months ago, the organisation had reduced ACs from 0.85% to 0.65%. In January 2015, the AC was reduced to 0.85% prior to which the rate revision […]
In what came as great news for the Central government employees, the authorities, last month, gave a nod to the recommendations of the 7th Pay commission with 34 modifications. The Finance Ministry has now directed all state governments to ensure that allowances are paid at the revised rates from the current month. Changes are effected […]
Goods and Services Tax (GST) was implemented on July 1st, 2017 to ease the taxation structure and make it easy for people to do business. It will have an impact on each and every industry. The tourism, entertainment and recreational activities industry would also be affected under the GST regime. Let us have a look […]
