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The Reserve Bank of India (RBI) has conceptualised a lightweight payment and settlement system (LPSS) that can be operated from anywhere by a bare minimum staff in the event of natural calamities and war. This new payment system will be independent of conventional technologies used for existing payment systems such as RTGS, NEFT, and UPI….

GSTN, the company responsible for processing goods and services tax returns, has advised businesses without cash tax outgo to file their returns via text messages. These businesses either report nil tax returns or utilize their input tax credits to offset their liability. GSTN’s advice comes in the context of close to a million GST-registered businesses…

The Union Budget 2024 has proposed simplifying the holding periods for capital gains by introducing only two durations: 12 months and 24 months, to determine short-term and long-term capital gains, respectively. Additionally, the tax rates have been streamlined and made uniform for most assets. The indexation benefit has been removed in Budget 2024, while the…

The PAN card is vital and is used for tax administration, identity verification, etc,. For the purpose of filing your income tax returns, the distinctive ten-digit alphanumeric character is very important. On our documents, names are frequently spelt somewhat differently or due to spelling errors, mismatch with the name in our Aadhaar. Additionally, people occasionally…

WhatsApp introduced a feature allowing users to send photos and videos in high-definition (HD). With this update, the messaging app was able to address a longstanding issue for many who struggled to maintain quality while sharing media files. Previously, users resorted to workarounds like sending files as documents, which could be cumbersome and not user-friendly….

The deadline for depositing/exchanging ₹2,000 banknote notes is just four days away. The Reserve Bank of India (RBI) ordered the withdrawal of the 2,000-rupee note on May 19, giving people time till September 30 to exchange or deposit them with banks ₹2000 banknotes deadline: About ₹24,000 crore notes are still in circulation There are still…

When filing your Income Tax Return (ITR) for the financial year 2022-2023, it is essential to report your income under the following five heads, as per Section 14 of the Income Tax Act:1) Income from salary 2) Income from house property 3) Income from profits and gain of business or profession 4) Income from capital…

The Indian government introduced the new tax regime in 2020, offering taxpayers a choice between the old and new tax structure. This move sparked a debate amongst taxpayers about which regime is more beneficial for them. With the new financial year 2023-24 around the corner, it is essential to understand the key differences between the…

Section 80G of the Income-tax Act, 1961 allows taxpayers to claim deductions for their monetary donations to eligible charitable institutions. However, claiming this deduction while filing income tax return (ITR) can be tricky. Therefore, it is essential for taxpayers to keep some key points in mind while claiming this deduction at the time of filing…