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THE DIGITAL PAYMENT METHODS   The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed role of Digital India. As part of promoting cashless transactions and converting India into less-cash society, various modes of digital payments are available. 1. BANKING CARDS: Banking cards offer consumers more security, convenience, and control than any other payment method. The wide variety of cards available – including credit, debit and prepaid – offers enormous flexibility, as well. These cards provide 2 factor authentication for secure payments e.g secure PIN and OTP. RuPay, Visa, MasterCard are some of the example of card payment systems. Payment cards give people the power to purchase items in stores, on the Internet, through mail-order catalogues and over the telephone. They save both customers an...

GOODS AND SERVICE TAX Constitution (122nd Amendment) Bill, 2014 received the assent of the President of India on 8th September, 2016 and became Constitution (101st Amendment) Act, 2016, which paved the way for introduction of GST in India.                                             Constitution (101st Amendment) Act, 2016 was enacted on 8th September, 2016, with following significant amendments:  (a) Concurrent powers on Parliament and State Legislatures to make laws governing goods and services. It means there will be dual control of State and Central authorities for all assessees.  (b) As per Article 246A, the power to levy GST has been given to the Parliament as well as to   Legislature of every State.      CGST – enacted by Central Government of India.      IGST – enacted by Central Government of ...

The government mandates that individuals who earn a specified amount of annual income must f ile income tax return (ITR)  within a pre-determined due date. For the assessment year 2018-19 (financial year 2017-18), August 31, 2018 is the  deadline for individuals  to file income tax return. Income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs. There are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age).  In the general category (below 60 years) ,  1. Individual with annual income up to Rs. 2.5 lakh is not liable to pay income tax 2. Individual with an income between Rs. 2.5  lakh and Rs. 5 lakh, the five per cent slab        is...

TIPS TO USE INTERNET BANKING SAFELY 1. Always use genuine anti-virus software To protect your computer from phishing, malware, and other security threats always use genuine anti-virus software. Anti-virus helps in detecting and removing spyware that can steal your sensitive information. 2. Avoid Using Public Wi-Fi or Use VPN software The biggest threat of an open Wi-Fi network is that the hacker can sit in between the end user and the hotspot and can trace all the data without any difficulty. Hackers see unsecured connection as an opportunity to introduce malware into your device. So, usage of public Wi-Fi hotspots for internet or mobile banking and making payments on ecommerce sites should be avoided. However if you are a regular public Wi-Fi user, consider setting up a VPN software on your computer. It creates a secure tunnel between the computer and the internet and prevents hackers from intercepting the traffic.  3. Check for latest updates...

Tax saving investment schemes: Starting April, 1, the tax saving season is on and both, salaried and non-salaried taxpayers would start comparing tax saving investment options for the financial year 2018-19. As an investor one should look for investment options that not only helps you save tax but also generate tax-free income. While choosing the right tax saver, among several other factors such as safety, liquidity and returns, make sure you understand how the returns would be taxed. IIf the income earned is taxable, the scope to make money over the long run gets constrained as taxes will eat into your returns. In tax-saving financial products like the National Savings certificate (NSC), Senior Citizens' Savings Scheme (SCSS), 5-year time deposits with banks and post offices, the interest amount gets added to your income and therefore is liable to be entirely taxed. So, even though they help you save tax for the current year, the interest income becomes a tax liability each y...

Goods and Services Tax (GST) is an indirect tax which has been implemented in India on 1 July 2017. The main objective behind the implementation of this tax is to make a uniform tax system in the country. Due to the implementation of the GST, incidence of tax evasion will come down in the country. So GST will increase the total tax collection of the government .  Some important facts are mentionme below:- 1. The Goods and Services Tax (GST) was first implemented in France. 2. India's GST is based on the Canadian model. 3. GST in India was made on the recommendation of Vijay Kelkar Committee. 4. GST in India was implemented on July 1, 2017 5. The first state which implemented the GST was Assam. 6. Amitabh Bachchan has been made the brand ambassador of GST. 7. GST has been implemented under Article 279 of the Indian constitution. 8. GST Council was formed by the President of India in September 2016. 9. At present Finance Minister Arun Jaitl...

India is moving towards a digital revolution. The transition while drastic has been in cards for a long time now. Post demonetization, there has been a frenzy in the minds of the general public with regards to the whole digitization process. We have witnessed a major chunk of our population embracing this digital change. To encourage the public to come onboard the digital transactions bandwagon, the government has come up with a slew of discounts, incentives, and freebies. But there still exist hoards of skeptics who still doubt the digital transactions and payments system. They still seem to be unaware of the numerous benefits that they can enjoy once they decide to go cashless. If you are one of them, then here are some reasons why you should go cashless right now: 1. No more bulky wallets Yes! If you decide to go cashless you can get rid of those bulky wallets. You need not have to face further discomfort while sitting with those heavy wads of paper bills in your back...