The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3, the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime.
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
The Enforcement Directorate (ED) has arrested Aam Aadmi Party communication in-charge Vijay Nair and businessman Abhishek Boinpally in connection with its ongoing money laundering probe into the Delhi Excise policy that was scraped following corruption allegations, official sources said Monday.
A whopping Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. This money is almost half of Vivo's turnover of Rs 1,25,185 crore, it said without stating the time period of the transaction. The crackdown on the leading Chinese company came after the federal probe agency found that three Chinese nationals, all of whom "left" India during 2018-21, and one other person from that country incorporated as many as 23 companies in India in which they were also helped by a Chartered Accountant, Nitin Garg.
Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.
The economy could return to 8% growth by the end of 2017-2018, says Arvind Panagariya, vice-chairman NITI Aayog.
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
India's second largest IT services company Infosys on Wednesday said its consolidated net profit grew by 11.9 per cent to Rs 5,421 crore for the September 2021 quarter. Infosys had clocked a net profit of Rs 4,845 crore in the same period last fiscal, according to a regulatory filing. The Bengaluru-based company saw its revenues rising by 20.5 per cent to Rs 29,602 crore in the quarter under review (Q2FY22) from Rs 24,570 crore in the year-ago period.
After a group of young hackers beat companies that claim to spend a bomb on cyber security, Karan Choudhury reports on just how easy it is to exploit digital wallets.
The finance minister also hinted that not all of the Rs 15.44 lakh crore worth of currency junked will be remonetised through issuance of new notes as he said digital currency will fill the gap.
Auto-debit payment bounces have gone up for the second consecutive month in May, emphasising the stress building up due to a halt in economic activities as authorities lock down various parts of the country to stop the spread of the virus in the second wave. According to the National Automated Clearing House (NACH) data, in May, of the 85.7 million transactions initiated, 35.91 per cent, or 30.8 million transactions, failed.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
This makes it the most valued fintech company in the country after Paytm and Walmart-owned PhonePe.
The app's success has expanded the scope of content consumption.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
Exchanges will have to facilitate a more direct interface between clients and the clearing corporation, bypassing intermediaries such as brokers, under this new proposed framework.
Aadhaar architect Nandan Nilekani on Friday India is well-placed on the government and businesses fronts to leverage artificial intelligence (AI) in unique ways to solve challenges and tap into opportunities. Nilekani noted that over the last few years, the government has focussed on how to make transactions more efficient and effective, which has driven digitisation across the board. He added that as a byproduct of this, huge data now across systems has been generated and that the time is right to apply AI across the board to India's most challenging issues across areas like healthcare and education.
The average ticket size observed in jewellery retail dipped by 66 per cent to Rs 3,625 for Dhanteras and Diwali, while the same for apparel stores dipped 28 per cent to Rs 1,746.
Even as India's internet base continues to widen, with the country set to have over 900 internet users by 2025, a parallel rise in cyber threats has become a matter of huge concern. Experts say that the sudden surge in digital adoption left little time to develop a cybersecurity backbone for the country. This has put large amounts of data at risk.
The draft rules underline security parameters that digital wallet companies, such as Paytm, FreeCharge and Mobikwik, will have to follow
'67 per cent of our transactions happen digitally and about 93 per cent of transactions happen outside the branch.' 'Despite that, there is ample scope for promoting banking-related activities in branches.' 'So, for some time, we will have to, probably, live with the same structure.'
According to an Election Commission statement, the two have decided not to avail exemption from income tax on sumptuary allowance and to surrender two of the three Leave Travel Concessions (LTC) available each year.
Mandarin Oriental New York, the premium luxury hotel a subsidiary of Reliance Industries is acquiring, is known for its much-in-demand ballroom, five-star spa and eating and drinking venues, including MO Lounge. Liam Neeson and Lucy Liu are among regular guests. Set up in 2003, 248-rooms-and-suites hotel towering over Central Park is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle.
'If you are ready to stomach the loss, you may invest 3-5 per cent of your portfolio in crypto assets.' 'Of this, 80-90 per cent should be in Bitcoin.'
The PM asked people to pay school fees, buy medicines or items from fair price shops or purchase air and train tickets digitally.
Rajesh Bhayani highlights all that you need to know about the online currency.
Several exchanges are facing a cash crunch with committed investment not coming from venture capital funds and trading activity seeing a sharp decline, reports Rajesh Bhayani.
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
The department had launched searches against the 48-year-old actor and the Lucknow-based group of industries involved in infrastructure on September 15 and the CBDT said the action was continuing.
A day after the Reserve Bank of India (RBI) lifted its ban on HDFC Bank on issuing new credit cards, the country's largest private sector lender on Wednesday said it had resources and plans in place to "further reinforce pole position in the credit card segment" and that it would "come back with a bang". "We will aggressively go to the market, with not just our existing suite of credit cards but also new offerings in the form of co-brands and partnerships," Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, said in a letter to his employees. The bank's management had earlier indicated that the lender had been sourcing liability customers aggressively over the past few months.
PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that additional capital that Walmart will bring to the table will help it grow much faster
Chief Election Commissioner Nasim Zaidi also warned that if parties try to sidestep proposed changes in election and income tax laws by taking advantage of any loophole, they will be dealt with accordingly.
Amid an existential crisis confronting the company, Vodafone Idea CEO Ravinder Takkar has reached out to consumers reaffirming the telco's commitment to continue providing "superior services and best-in-class propositions". Thanking users for their continued support as the company approaches first anniversary of 'Vi' branding, Takkar noted that Vi came with a promise of a better tomorrow, bringing the best in technology, services and solutions for the Digital India and Digital Bharat. The company will continue to deliver on this promise to keep users ahead, Takkar said in the mailer to consumers.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
Unacademy on Monday said it has raised $440 million (about Rs 3,270.8 crore) in funding from a clutch of investors including Temasek, General Atlantic, and Softbank Vision Fund, valuing the edtech major at $3.44 billion. The investment is expected to help Unacademy expand its offerings, deepen its presence and compete more aggressively against rivals such as Byju's in the burgeoning ed-tech space in India that has been witnessing strong uptake amid the pandemic. The series H round was led by Temasek, with super pro-rata participation from General Atlantic, Tiger Global, and Softbank Vision Fund, a statement said.
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