Two years of GST: Road ahead for one nation, one tax

The landmark goods and services tax (GST), launched on July 1, 2017, has completed two years. The one-nation, one-tax revolution has seen a few hiccups, but it’s settling down and benefits should start to flow sooner rather than later. ET looks at what lies ahead 1.Revenues rising despite rate cuts graph 2.Successful template for centre-state […]

I filed my ITR for AY 2019-20 but made a mistake. How can I rectify it?

I am a senior citizen and have saving bank accounts in two banks. Recently, I filed my income tax return for AY 2019-20 but forgot to mention the interest income from one of these accounts. I have to pay tax on this income. How can I rectify this mistake? Amit Maheshwari Partner, Ashok Maheshwary and […]

9 signs you are being financially bullied by your spouse and what you should do

Emotional abuse by a partner can take many forms, one of them being financial manipulation. If you identify with any of these behaviour patterns, you are clearly being financially bullied and need to take remedial steps immediately. 1. Doesn’t let you keep your salary If your partner demands your salary the minute you get it […]

RBI launches CMS for filing online complaints against banks, NBFCs

Mumbai: The Reserve Bank of India Monday launched an application on its website for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI’s grievance redressal process. Customers can lodge complaints against any regulated entity […]

Advantages of limited premium payment term insurance plans

Term life insurance plans are an important addition to your financial portfolio. They have low premium rates as compared to other types of life insurance plans enabling you to afford considerable coverage. When you buy a term life insurance plan, you invest in the financial security for your family in your absence. A term insurance […]

Mobile wallets search for new ways to ease KYC pain

Bengaluru: Mobile wallet firms are trying to put in place customer identification processes to adhere to the August 31 deadline when the full Know Your Customer (KYC) mandate kicks in. This is the last date that the Reserve Bank of India has set to capture the complete details of wallet customers. The problem is, as […]

GST on electric vehicles may be reduced to 5%

NEW DELHI: India may cut the goods and services tax (GST) on electric vehicles to 5% from 12% to provide a stimulus to the sector that’s a high priority for the Narendra Modi government. The GST Council is set to take up the proposal at its June 20 meeting, said a senior government official aware […]

H-1B premium processing has few takers among Indian IT

BENGALURU: Indian IT services companies are not too keen to use a premium processing option for H-1B visas due to a changing business model and higher rejection rates, two people aware of the developments at industry lobby group Nasscom said. These companies, long dependent on H-1B visas to deploy software engineers close to their clients […]

Fingerprint messages to ensure traceability: Government to WhatsApp

BENGALURU: India has asked WhatsApp to digitally fingerprint every message sent on its platform without breaking the encryption, according to two senior government officials, in a move aimed at ensuring traceability of all content shared on the Facebook-owned messaging app. WhatsApp should be able to identify where a message originated and how many people have […]

For Aadhaar without restrictions on use

The RBI should extend the deadline for enforcing detailed know-your-customer norms for payment wallets, and the government should expedite fresh legislation that would allow use of Aadhaar for purposes other than transfer of funds from the government. Alongside, the government should pass a rigorous data protection law that would strengthen India’s hands in the ongoing […]

New GST return system for taxpayers: Here are all the details

The government has unveiled a transition plan for taxpayers under the goods and services tax to switch to new simpler return forms. In order to ease the transition process, between July-September the new form would be available on trial basis for familiarisation. The GST Council in its 31st meeting had decided that a new GST […]

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