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, […]
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 […]
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 […]
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 […]
NEW DELHI: Traders body CAIT Monday asked the government to extend the purview of the new scheme, which assures minimum monthly pension of Rs 3,000 to all shopkeepers, retailers and self employed persons after attaining the age of 60 years. Under the scheme, approved by the cabinet last month, all shopkeepers and self employed persons […]
NEW DELHI: The US pulling the plug on duty concessions on $5.6 billion of Indian exports may not mean the end of benefits under the Generalized System of Preferences (GSP), officials said, citing instances when the benefits were reinstated. “This is not the end of GSP (benefits), possibly because the US has restored the benefits […]
The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts. “Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose,” the central bank said […]
NEW DELHI: The Union government is looking at replacing fee subsidy across top educational institutes, like IITs, with direct transfers to students and is planning a national crowd-funding platform to assist students and institutions. A key proposal being considered is a nationwide movement—Each One, Teach One—exhorting each family to support at least one student. This […]
KOLKATA: The US government has removed India from its monitoring list for currency manipulation, clearing doubts over India’s foreign exchange policies including undervaluation of currencies to gain export advantages. While experts welcome the US decision, they doubted whether this move would set the tone for further trade negotiations between the two countries including the US […]
Fulfilling its poll promise, the Modi 2.0 government approved a proposal to extend the benefit of Rs 6,000 per year under the PM-KISAN scheme to all farmers in the country. The decision was taken in the first Cabinet meeting of the new NDA government, which came back to power, winning over 350 seats. In its […]
WASHINGTON: Two influential US lawmakers have introduced a legislation in the House of Representatives to protect work authorisation of H-4 visa workers, mostly spouses of Indian professionals having H-1B visas. The introduction of such a legislation by the two lawmakers from California comes days after the Department of Homeland Security (DHS) said that it would […]