Monthly Archives: May 2019

Government likely to introduce electronic invoice system under GST

NEW DELHI:Top companies in the country may soon have to rely on a common goods and services tax portal to issue invoices to their customers. The government is looking to introduce an electronic invoice mechanism under GST, but could restrict it to large companies in the initial phase, said a government official privy to the […]

How to open a PPF account for your minor child

There is no age limit for opening a PPF account. In the case of a minor, the account is operated by a guardian until the account holder turns 18. 1. Who can open? A minor’s legal guardian or natural guardian (mother or father) who is a resident individual can open a PPF account on behalf […]

US starts process to ban work permits for spouses

The Trump administration has begun the process to ban work permits for spouses of H-1B visa holders, a move that would affect the families of thousands of Indian hi-tech workers in the US. The US government on May 22 issued a notice for the proposed rule-making that will kick in public consultations to ban the […]

BharatPe lines up loans for merchants

BENGALURU: Sequoia Capital-backed digital payments startup BharatPe has started extending small value, short duration loans to merchants by partnering with a few non-banking finance companies. It is also planning to apply for its own lending licence to lend to merchants who are accepting payments through BharatPe QR codes, showing consistent transactions on the platform for […]

Single authority for sanctioning, processing GST refunds likely by August

A single authority for sanctioning and processing GST refunds is in the offing as the Finance Ministry looks to speed up and simplify the process for exporters, an official said. The current mechanism entails a twin refund sanctioning authority of the central and state tax officers but that could well change by August when the […]

4 mistakes that can hurt your retirement planning

Retirement planning is not just about how much one needs to save for retirement and where it should be invested. Mistakes in dealing with other related areas can in fact derail otherwise careful retirement planning. Here are four mistakes that you should avoid while planning your retirement. Some of these relate to other financial goals […]

HRA Exemption Rules: How to save tax on House Rent Allowance

For most employees House Rent Allowance (HRA) is a part of their salary structure. Although it is a part of your salary, HRA, unlike basic salary, is not fully taxable. Subject to certain conditions, a part of HRA is exempted under Section 10 (13A) of the Income-tax Act, 1961. The amount of HRA exemption is […]

SBI offers doorstep services for seniors

MUMBAI: State Bank of India (SBI) has launched priced ‘doorstep banking’ for senior citizens over 70 years of age, as also for differently-abled and infirm customers, including those who are visually impaired. The facility will be available for those living within a 5-kilometre radius of select bank branches. These services are available against payment of […]

How to fill salary details in ITR-1 for FY 2018-19

ITR-1 is one of the most widely used forms by the salaried individuals to file their income tax return (ITR). The form is now available on the income tax department’s e-filing website. Therefore, you can easily file your ITR once your employer gives you Form-16 for FY 2018-19. Not only is ITR-1 different from last […]

RBI proposes mobile app to help visually impaired to identify currency notes

The Reserve Bank of India proposes to come out with a mobile application to aid visually impaired persons in identifying Indian currency notes. At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides Re 1 notes issued by the Government of India. Intaglio printing based […]