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 […]

Mobile number portability now easier with eSIM

Mobile phone users may soon be able to change operators on a whim, thanks to embedded SIM, or eSIM cards. Telecom providers will be able to raise their game to retain users, say company executives and experts. What is an eSIM? eSIM is a digital SIM card. Its uses… Subscribers can use the eSIM to […]

ITR filing: Don’t make these mistakes to avoid getting tax notice

When Parbhod Anand sold his flat, he kept in mind the tax implications of the transaction. The buyer was asked to deduct 1% TDS and deposit it under Anand’s and his wife’s names as they were joint owners. Anand also reinvested the sale proceeds in another flat to save tax on the capital gains. So, […]

UPI transactions fall 6% in May

BENGALURU: Payments made through the Unified Payments Interface, an interbank fund transfer system, have fallen 6% month-on-month in May against April, the second consecutive decline in terms of number of transactions. As per the data shared by the National Payments Corporation of India (NPCI), UPI transactions reached 733 million in May, as against 781 million […]

Filing ITR-1 this year? You must know about these changes

If you are filing ITR-1 this year, then there are several procedural changes you must know about. Being aware of these changes will make it easier for you to file your income tax return. Here are the changes that you must know. Addition of new tab for section 80GGA This year in the online form […]

Govt probes I-T and GST mismatch in crackdown against evaders

NEW DELHI: Back in office, the Modi government is set to take up the next stage of action against tax evasion and money laundering with data analysis helping detect thousands of overstated goods and services tax (GST) claims that don’t match up with income tax returns. Action against these entities, which might be the first […]

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