The Reserve Bank of India (RBI) on Wednesday extended the timeline for the processing of recurring online transactions till September 30, 2021.
SBI Cards and Payment Services (SBI Card) on Wednesday said it is available on the Jio Pay service, allowing customers to do their transactions on the platform through credit.
The Income Tax Department has detected unaccounted transactions of about Rs 1,500 crore and assets in a tax-haven country after raiding a Mumbai-based group involved in hospitality business and manufacturing of gutka and pan masala, the CBDT said on Monday.
All the accused persons have worked as data entry operators in the VAT and GST departments on a contract basis and were well conversant with the vulnerabilities of the taxation system and the ways to take advantage of the existing GST slabs to claim a fake refund.
Describing the alleged tax evasion modus operandi deployed by one of the raided entity, a developer and coloniser in Rajasthan's capital Jaipur, the CBDT said "complete details" of unaccounted transactions of this group for the last 6-7 years were "hidden" in the basement of the main business premise.
The orders follow two others Trump signed in August banning dealings with the popular video app TikTok as well as the main WeChat app.
Amid rising consumer complaints regarding delay in reverse or refund of money deducted on account of failed or cancelled banking transactions, newly set up consumer protection regulator CCPA has flagged this issue to the RBI seeking its intervention to ensure banks reverse such money on time.
The Income Tax department raided a number of hawala operators in Delhi and detected suspect transactions worth Rs 300 crore, the CBDT said on Tuesday.
With FASTag being mandatory for vehicles from January 1, 2021, the NHAI has made all necessary arrangements to provide seamless movement of vehicles at toll plazas.
The Real Time Gross Settlement System (RTGS) for high-value transactions will be available 24x7 on all days from December 14. This would make India one of the few countries to operate the system round-the-clock. "RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14, 2020," the Reserve Bank of India (RBI) said in a statement.
Get to know about your daily horoscope from Acharya Indu Prakash.
Bank of Baroda had made certain changes with effect from November 1, 2020, with regard to the number of free cash deposits and withdrawals per month. Opposition political parties had also protested against the move.
Flipkart-owned fintech platform PhonePe on Monday said it has crossed the 250 million registered user milestone. The company reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October, a statement said.
Thanks to the pandemic, the country has become the global leader in real-time financial transactions with 41 million transactions per day, which is more than double that of the last year, says an international report.
Providing clarification on the 1 per cent tax deducted at source (TDS) on e-commerce transactions, the CBDT on Tuesday said that that the payment gateway will not be required to deduct the tax under section 194-0 of the Income-Tax Act on a transaction, if the tax has been deducted by the ecommerce operator under the section concerned of the Act, on the same transaction.
No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with an annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.
According to the CBDT, it received some representations which revealed that a few banks are imposing and collecting charges on transactions carried out through UPI. A certain number of transactions were allowed free by these banks beyond which every transaction bears a charge, the CBDT noted.
Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers.
Actor Sushant Singh Rajput’s sister Meetu Singh reached the Enforcement Directorate’s office on Tuesday afternoon in connection with probe related to alleged money laundering in the case involving her brother’s death.
US President Donald Trump has signed executive order for banning transactions with TikTok parent company ByteDance after 45 days.
Top News
Latest News
