Budget 2018-19

  This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1 The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1 This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement. “To provide relief to the taxpayers who were eligible to file application as on January 31, but could not file the same due to cessation of ITSC vide Finance Act, 2021, it has been decided that applications for settlement can be filed by the taxpayers by September 30 before the Interim Board …,” CBDT said in a release on Tuesday. This applies to on...

  UPI, India’s flagship payments platform, recorded 2.29 billion transactions worth Rs 4.25 trillion in February. PhonePe  processed the most transactions in the last three months to continue as India’s top Unified Payments Interface (UPI) app and WhatsApp, the messaging platform used by millions in India, failed to live up to expectations that it will grow rapidly, data showed. In February, WhatsApp processed 0.55 million transactions amounting to Rs 32.41 crore. Transactions have gone down since December when it processed 0.81 million transactions amounting to Rs 29.72 crore. Since its limited launch in November last year, WhatsApp, which is owned by Facebook, has processed 2.23 million transactions of 9.04 billion transactions on the UPI platform. Reports had suggested that it is a conscious effort on the part of WhatsApp to go slow because they want to enhance customer experience before going for scale. PhonePe, which is backed by Walmart, processed 975.53 million transact...

The companies are part of four consortia preparing to apply for licenses to operate retail payments and settlement systems in the country Technology giants Facebook Inc., Amazon.com Inc. and Google and credit-card providers Visa Inc. and Mastercard Inc. are among those vying for unprecedented access to India’s burgeoning digital retail payments market. The companies are part of four consortia preparing to apply for licenses to operate retail payments and settlement systems in the country, people familiar with the matter said. More companies could band together before a March 31 application deadline. In a market where cash is still king, digital payments are quickly gaining ground as India’s 1.3 billion people are starting to embrace online shopping and services such as online gaming and streaming. With Credit Suisse Group AG predicting $1 trillion in online payments in India in 2023, the companies chosen to enable such transactions stand to reap lucrative commissions. “India’s mobile d...