National Payments Corporation of India (NPCI) today rolled out Unified Payments Interface (UPI), a mobile payment solution which, experts say, has the potential to revolutionise the payment system in the country. It is part of the Reserve Bank's initiative to promote a cashless society. Currently, customers of 21 banks can use the new payment solution. More banks are expected to join the UPI platform later.
Urjit Patel will be the new governor of Reserve Bank of India, to replace popular central banker Raghuram Rajan when his term ends in September. The chief of RBI is typically chosen by the prime minister in consultation with the finance ministry, making Mr Patel the first governor to be chosen by Prime Minister Narendra Modi.
The Rajya Sabha backed a major tax reform on Wednesday that seeks to transform the country into a common market, though opposition benches urged Finance Minister Arun Jaitley not to overtax businesses and consumers. A government-appointed panel has suggested a standard goods and services tax (GST) rate of 17-18 per cent but states want a higher level.
Finally, the ambitious goods and services tax (GST) could be a reality. The GST Bill is set to be tabled in the Rajya Sabha today. Hailed as the biggest tax reform since independence, the one-nation-one-tax regime will convert 29 states into a single market. It will be beneficial for the Indian economy on multiple counts, say economists.
Banking operations across the country were hit today, with 8 to 10 lakh employees of 40 private and state-run banks striking work. Lenders, including State Bank of India, informed customers that banking services would be hit because of the strike today. However, private sector banks like ICICI Bank were working as usual.
Typically, the deadline for filing income tax return of the previous financial year is July 31. Though you have time in hand, it is always better to start preparing early to avoid the last minute scramble. You can use a checklist of documents that you need to keep in handy to avoid mistakes in filing your tax return.
More and more vehicle owners are opting for zero depreciation, commonly known as 'zero dep', covers, which offer full claim without deduction for depreciation on the value of parts replaced. In a regular cover, in a case of a claim you have to pay partly from your own pocket to account for the depreciation in the parts replaced. However, the zero depreciation cover comes at a higher cost than the standard auto insurance cover.
Indian stocks markets fell sharply today, tracking a selloff in global markets. Sensex fell over 400 points while Nifty slumped below the 8,100.
Sensex as much as 373 points while the broader Nifty tumbled below its crucial psychological level of 8,100 on the back of broad-based selling pressure amid weak global cues. However, the Sensex came off the intraday low levels and closed 239 points lower at 26,397 and Nifty declined 59 points to end at 8,111.
Your employer has deducted excess tax. You have failed to declare your investments on time. Don't worry you can claim the excess tax back from the income tax department.
RBI Governor Raghuram Rajan is likely to keep the benchmark repo interest rate unchanged at a five-year low of 6.50 per cent at a policy review today, most of the economists said.
At about 11 a.m. today, Reserve Bank Governor Raghuram Rajan will take a decision on cutting the benchmark repo rate, which at 6.5 per cent is the lowest in five years. But, the buzz this time is around whether Dr Rajan's tenure, which ends in September, will be extended. Another talking point is whether this will be the last monetary policy with Dr Rajan's stamp.
Taking a loan to buy a house comes with many tax benefits. Many of us know that deductions of up to Rs 2 lakh in interest component of EMI and Rs 1.5 lakh in principal are allowed under income tax rules. But there are other important tax rules a borrower should be aware of.
A number of goods and services cost more from today, with some Budget proposals kicking in. In a double whammy for the common man, the prices of several essentials are also up, following a sharp rebound in global commodity prices.
The Central Board of Direct Taxes (CBDT) has notified rules regarding equalisation levy, a tax which will be levied on income arising to companies like Google, Facebook, for providing services like online advertisements to professionals and businessmen of India.
Many employees forget to transfer the balance from their previous provident fund (PF) accounts when they change jobs. Some of them even withdraw the money from the PF account. Since PF is meant for one's retirement years, financial experts suggest that the accumulated savings should not be withdrawn during one's working years. To encourage employees consolidate multiple accounts, Employees' Provident Fund Organisation (EPFO) has launched a special drive called "One Employee-One EPF Account".
The government on Tuesday said it will amend a three-decade old treaty with Mauritius, which will enable India to impose capital gains tax on investments coming from the African island nation starting next year.
The government last week released 84 pages of income tax data, covering individuals as well as corporates, spanning a period of 16 years since 2001-02. The data covers (1) PAN allotment statistics in FY2014, (2) a time series data from FY2001-15 and (3) a deep-dive into FY2012 numbers. Kotak Equities carried out an analysis of FY12 data.
Parliament may soon clear a new law to deal with bankruptcy.
For the first time, the tax department has made public a solid amount of data on income tax for 16 years, including the earnings disclosed by different categories of people. "It's a big step for transparency," said Prime Minister Narendra Modi. A total of 84 page data has been released and put in the public domain for the first time, an official said.