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economy
Indian economic growth | Red hot India economy | GDP growth | Purchasing Power Parity
Rent Receipts Without Evidence No Longer Valid To Save Tax Under HRA; Salaried Employees In A Fix?
Since ages, salaried employees have been using one time-tested and reliable method to save tax: House rent paid under House Rent Allowance. But no longer now.
In a crackdown on this ‘formula’ to save tax, Income Tax dept. Will now no…
Debit and Credit Cards Will Completely Disappear in India: NITI Aayog CEO
While India is approaching more flexible methods for online payments to counter the challenges faced after demonetization, NITI Aayog CEO Amitabh Kant has said that digital transactions will be done via mobile wallets and biometric…
GST Regime: 4 Crucial Bills Passed in Lok Sabha; FM Says Some Commodities May Become Cheaper!
After 7 hours of intense debate, Lok Sabha finally passed 4 crucial GST bills, which means that July 1st rollout of GST regime across India is now almost confirmed. The GST Bills approved by the Lok Sabha now needs state level…
Debit Card Usage Rises to 60% Post Demonetization; Wallets Usage Falls by 50% in 2017!
When the ban on currency notes was announced in India, the Government of India decided to promote a digital economy through the usage of debit and credit cards, e-wallets or online banking. However, now that remonetization has started,…
8 Major Income Tax Changes That Would Be Live From April 1st!
Last week, Lok Sabha finally passed the Finance Bill 2017, which incorporates provisions declared under the Union Budget. One of the most important changes mentioned under this new Bill is making Aadhaar as a mandatory requirement for…
Cosmos Bank’s Website Compromised With RIG Exploit Kit; Cerber Ransomware Infects Website Visitors!
Quick Heal has detected a serious security breach at Cosmos Bank’s website. As per the findings, their website has been compromised by RIG Exploit Kit, and as a result, all visitors to their website are being automatically infected by…
ICICI Bank Launches ‘Mera iMobile’ App For Rural Customers Offering 135 Services; Becomes 1st App To…
ICICI Bank has decided to jump into the agriculture sector with a new enthusiasm and outlook. They have just launched a new app, called ‘Mera iMobile’, targeted at rural customers, which is offering 135 agri-services, across 11 Indian…
Govt Admits 29 Lakh Debit Cards Being Malware Infected; UPI, BHIM Data Compromised, But Are Banks…
When it comes to the security of financial data and privacy, it seems that India has hit a new low. While Govt. of India has admitted that close to 30 lakh debit cards were infected by malware, which threatened financial privacy and…
Rs 10 Plastic Currency Notes Coming Soon; Trial To Begin Across 5 Locations!
It seems that Govt. of India is now determined to start printing and circulating plastic currency notes, pan-India. A recent statement from Finance Ministry has confirmed that trial for Rs 10 currency notes, printed on plastic would be…
ICICI, SBI Witnessed Most Frauds In 2016; Bank Of Maharashtra Detects Rs 6 Cr UPI Fraud, Files FIR…
As per latest Reserve Bank of India (RBI) data, ICICI Bank and SBI has emerged as the banks which witnessed most number of frauds between April-December 2016 period.
Incidentally, ICICI Bank is the largest private sector bank, while…
Now, Rs.150 Charge After Every 4 ‘Cash’ Transactions; Govt Orders Activation Of Internet &…
In continuation with Govt. of India’s cashless push, several new developments have taken place in the last 24 hours. While all banks have been ordered to activate Internet & mobile banking for all customers by March 31, several…
GST Roll Out By July 1st Confirmed; FDI Rules Would Be Eased For Multi-brand Retail
Goods and Services Tax (GST), which has been hailed as the biggest and most influential tax reform since 1947, is all set to be implemented by July 1st, 2017. This has been confirmed by Shaktikanta Das, who is the Economics Affair…
Aadhaar Based Transactions By Axis Bank Have Been Banned By UIDAI For Misusing Biometric Data
Axis Bank, which is India’s 3rd largest private bank, has received a major set-back and a big blow to its reputation because UIDAI has banned all Aadhaar based transactions on their platform. This is a temporary ban, executed because of…
Customers, Petrol Pump Owners Need Not Pay MDR As Oil Companies Agree To Bear MDR Fee For Debit…
In a major development which can set a standard for cashless transactions in India, oil marketing companies have agreed to bear and absorb MDR or Merchant Discount Rate fees applicable on cashless transactions at petrol pumps.…
Airtel Will Sell Mutual Funds, Insurance Via Payments Bank; Gov. Drafting Rules To Make E-Wallets…
Airtel Payments Bank has decided to jump into the lucrative financial products niche and will be soon selling mutual funds and insurance policies.
As of now, Airtel Payments Bank has 2,50,000 banking points across India and…
7 Facts About Bharat QR Code Which Every Consumer & Merchant Should Be Aware Of!
In a major push for seamless cashless transactions, Govt. of India has launched Bharat QR Code, which is world’s first interoperable payment platform.
National Payments Corporation of India (NPCI), which is the umbrella organisation…
Baba Ramdev’s Patanjali Yogpeeth Wins Tax Battle, Exempted From Paying Income Tax; But Patanjali…
In an interesting judgement by a Govt. designated tribunal, it has been declared that Baba Ramdev’s Patanjali Yogpeeth will not pay any income tax because it is a public charitable trust related with the education of Yoga.
However, a…
Debit Card Charges To Get Cheaper; MDR Would Be Linked to Transaction Purpose & Volume!
There has been a growing demand from business community and consumers to bring down the additional expenses related to cashless transactions. Right now, there is an additional surcharge, called MDR or Merchant Discount Rate of 0.75% if…
Income Tax Revolution: New PAN Card In 5 Mins Using Aadhaar e-KYC; Unified App For Paying Taxes!
Govt of India is eager to bring down the time required for registering within tax regime - be it PAN Card or the very process of filing taxes.
As per new reports coming in, Central Board of Direct Taxes, which oversees and controls…
9 Lakh Firms Identified Which Never Paid Any Tax; Officials Asked To Treat ‘Honest’ Taxpayers With…
Demonetization drive initiated in the month of November was way more than just flushing out old currencies - It was mainly to nail down those individuals and businesses which are resorting to tax evasion. And the action against this…