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How To Use Paytm Postpaid Money To Wallet (In Hindi) – Paytm Postpaid Services has been initially launched on 4th January 2019. According to Paytm Terms and Conditions, only very few Paytm Users will be able to use this service or eligible for it.

Later, a credit limit of Rs. 60,000 can be paid next month. Using Paytm Postpaid money is extremely simple. But, first of all, you will have to confirm that either you’re eligible for this or not? Initially, you will have to set your passcode to start using Paytm Postpaid.

Step 1: Login to Paytm App.

Step 2: Go to Security and Settings under profile.

Step 3: Click on Set Passcode/ Change Passcode

Step 4: Set Your Passcode.

Next, it is super important for you to learn how does the Paytm Postpaid Works?

1. Check Paytm Postpaid: Go to Profile, Click onPaytm Postpaid.

2. Two Step Application Process: Provide Aadhar & PAN Details.

3. Get your Spends Limit: Based on your Paytm Purchases.

4. Shop Anytime Anywhere: Choose Paytm Postpaid as Payment Mode.

5. View Purchases in Passbook: All your Paytm Postpaid orders will be visible in Passbook.

6. Pay by 15th Next Month: Repay using Wallet, Debit Cards & Netbanking.

How To Use Paytm Postpaid Money To Wallet (In Hindi)

How To Use Paytm Postpaid Money To Wallet (In Hindi)
How To Use Paytm Postpaid Money To Wallet (In Hindi)
Paytm is indeed a Payment Gateway. And after learning about How To Use Paytm Postpaid Money To Wallet (In Hindi), you also need to take a look at – What is a payment gateway and how does it work?

A payment gateway is a software application that payment service providers use to process payments or online purchases.

Originating on a merchants website. It acts as an interface between the merchant’s website and a payment processing bank known as an acquirer.

Generally, a gateway can be used for many types of payment methods but for the purpose of this guide on media, we will solely focus on online credit card payment.

The gateway encrypts sensitive credit card details to ensure that information is passed securely between the customer, the merchant and the acquiring bank.

When a customer purchases a product or service on a website that is connected to a payment gateway, the gateway performs a variety of tasks to process the transaction.

Once the customer places their order on the merchant website they choose to check out or pay and are then redirected to a payment page to enter their credit card details.

If the merchant is fully compliant with the necessary security standards, the payment page can be generated on the merchant servers and the cart information collected and passed on to the payment application in a secure way.

The payment page can also be generated by the payment gateway application itself. And information can be collected there. Either way, the card and transaction details are gathered and stored on the secure surface of the payment gateway.

From there, the payment gateway processes the transaction and sends all information to the issuing bank for approval via the acquirer and the relevant card scheme.

Once the payment has been confirmed by the card schemes, the payment gateway sends the approved transaction bank to the merchant’s website and then the merchant informs the customer that the purchase has been successfully completed.

Of course, the payment performs a lot of other tasks as well, but when it comes to credit card payments, these are the main steps to processing a transaction. Cable ease of this entire process only takes around three seconds.

It took us about ten times the amount of time to explain it to you. Payment gateways add a whole lot of value throughout this process. Here are some of the key features.

A payment gateway is the most common way for a merchant to connect to the payment system. Only the largest merchants are able to connect to an acquiring bank directly. Gateway transaction fees are very small compare to the advantages they offer in helping a merchant connect to an acquirer, manage the business and control the risks associated with accepting online payments.

A good payment gateway will provide the merchant with many customizable reporting options which help the merchant to manage their business. A good payment gateway will be able to get connected and able to process many different payment methods that may not yet be offered by the merchant. A merchant pay has its own highly secured PCI DSS level 1 compliant gateway.

You need to stay update today to all the changes in the payments environment to grow sales in the right manner. There are three new technologies everyone is talking about – EMV Chip Card, Apply Pay and Nearfield Communication (NFC).

EMV stands for Euro Card, Master Card and Visa and this is the gold standard for payment transaction processing. Coming to the US in 2015, EMV chip cards of a small microchip embedded improving security by making a harder to use cards fraudulently.

Instead of a cashier swiping a credit or debit card, the customer will either dip the card into an EVM slot or top the card on the sales terminal. In 2014, credit card fraud losses topped 10 billion US dollars. In typically the card issuer was held responsible. But on October 1st, 2015, everything changes.

The risk and liability are going to shift to the merchants if they are not set up to accept EMV transactions. Fraudulent Chip Transactions on non-EMV compliant terminals will put merchants business and reputations at risk.

So, by embracing EMV Chip Card Technology, they will be protecting their business from this liability and their customers will feel more secure about doing business with them. To become compliant, the merchant will need to make hardware changes as most terminals used currently are not ready for EMV payments.

Apply Pay is Apple’s mobile wallet which combines the simplicity of mobile payments with the confidence of keeping your personal information secure. It allows consumers with certain iOS devices to store the credit card or debit card details securely in digital form.

And, then use these devices to make in-store in-app or e-commerce purchases effectively replacing plastic credit cards. Instead of physically taking your credit card out and handing it to a stranger in a store or restaurant, Apple Pay enables contactless payments by tapping a couple of times and hovering the phone to your designated register screen for one or two seconds.

To accept Apple Pay in a store, a merchant needs an NFC capable device and thanks to an encryption system that creates a designated code for each user’s credit card. Merchants actually never get the customer credit card number. Just the encryption code necessary to complete the transaction.

Those safeguards along with apple fingerprint identification make apply face safer and more secure than traditional payment methods. Near Field Communication or NFC is a set of standards for smartphones mobile devices to establish radio communication with each other by touching them together or bringing them no more than a few inches apart.

Here’s how it works in a retail store example. The customer wants to pay with their mobile wallet stored in their smartphone. Tapping the phone makes it the initiator device that uses a current to create a radio frequency in turn.

That powers a passive target such as the retailer’s NFC enabled terminal that will accept payment.

The smartphone in the terminal effectively talks to each other to exchange information securely about a transaction. This technology is widely embraced among millennials as it enables contactless payments from a mobile device.

That is significant because of the added convenience and security of payments. So, what does all this mean to the sales agent?

Where there are big changes there are always great opportunities. Most important thing is to start calling business owners and highlight the benefits of switching to EMV chip card.

Apple Pay and NFC ready terminals to prevent the shift of liability to them reduce counterfeit fraud, increase security, increase revenue through acceptance of international visitors cards and support the way customers want to pay. Better yet, a great way to start the dialogue with merchants about EMV and Apply Pay acceptance is a free terminal programme.

This will allow you to bring up the big talking points for 2015. If you don’t, someone else will. If having any questions regarding How To Use Paytm Postpaid Money To Wallet (In Hindi), do let us know in the comment box below.

Tokenisation has become one of the preferred methods of card payments in Western countries. Now, it comes to India.
The economy grew at a 7.2% rate, but RBI estimated a growth of 7.4%.

Indian Economy Is World’s Fastest Growing; Again Beats China In Annual Growth At 7.2%

Indian Economy Is World’s Fastest Growing - Debit/Credit Card Frauds Will Be Stopped Using ‘Tokens’
Indian Economy Is World’s Fastest Growing - Debit/Credit Card Frauds Will Be Stopped Using ‘Tokens’
India has reached new levels today in the economy field, and this is something to be very proud of! Indian economy has bagged the title of ‘Fastest Growing Economy’ and this is not the first time – although it is a tad bit lower than what RBI suggested.

RBI estimated growth in the current economy of about 7.4% in the current fiscal year that ends in March (2018-19), but the economy grew at a 7.2% which is also worth appreciation. 6.75% growth was recorded in last year, 2017-18.

Private Consumption and Indian Economy

S .C. Garg, the secretary of economic affairs praised the growth of the Indian economy, saying that it is a very advance GDP growth numbers for 2018-19. He also remarked that India remains the fastest growing major economy globally.

The chief economist at rating agency Crisil D.K. Joshi said that improvement in private consumption and a stable election outcome will play an important role in sustaining the upswing in overall investments. He also said, “Private consumption was a sore spot with its growth slipping a new to 6.4% from 6.6% as farm incomes and rural wage growth remained weak. The real agriculture GDP growth was strong at 3.8% from 4.5% suggesting farmers are realizing less from their produce.”

Reports in Detail

As per reports, the manufacturing sector is estimated to grow by 8.3% in 2018-19, which is more as compared to last year’s 5.7% while farm sector will grow by 3.8% as compared to last year’s 3.4%. Construction field is set to grow at 8.9% compared to last year’s 5.7%. Financial, real estate and insurance segment was at 6.6% and is expected to grow up to 6.8% this year.

As per D.K. Joshi, the service sectors, which contributed to a large part of India’s growth, have been giving poorer results since several quarters in the past, which is a cause of worry.

On the other hand, growth in government final expenditure is estimated to be at 9.2% compared to 10.9% of last year. “Pick-up in investment is largely government spending from outside the budgeted expenditure, likely from PSU’s and state governments. Private investment has to substitute for this investment for the run-up to be sustainable.”

Conclusively, economic growth of China is expected to be slower than usual and India will again be the fastest growing major economy globally.

Debit/Credit Card Frauds Will Be Stopped Using ‘Tokens’; RBI Allows ‘Tokenisation’ Of Card Payments

In a major innovation related to card payments, which includes both debit and credit cards, Reserve Bank of India has allowed ‘Tokenisation’ of card payments.

How will it stop frauds? And how does this work?

Keep reading to find out more!

‘Tokenisation’ of Card Payments: The Need

Generally, consumers save their debit or credit card details with any service provider,  to make payments smooth, and easy. Often, this is a mandatory requirement as well.

For instance, say Paytm, Amazon or Flipkart. Users save their cards details with these service providers for future payments, and the payment is often done with a PIN or password or sometimes just the CVV number.

However, in case any such service provider/website/app gets hacked, then users’ card details can be compromised, and data stolen.

To avoid this scenario, RBI has now allowed ‘Tokenisation’ of card payments, which will avoid such frauds/data theft.

‘Tokenisation’ Of Card Payments: How Does This Work?

‘Tokenisation’ works on the principle of a virtual card, which is also called tokens here.

In this system, instead of saving the actual card details: name, card numbers, expiry date etc, the user will be able to generate a unique ‘token’ or a virtual card for a specific service.

Whenever the consumer is required to make a payment, they can use the token, and an additional authentication PIN to finalize the payment.

Now, this unique token will have three aspects:

  • Card details
  • The token requester (for example Amazon, Flipkart, Paytm) and
  • Identified device (example being your mobile phone or tablet/laptop)
Each such tokens would be unique for a service, and the same token cannot be used elsewhere, which provides better security.

Risks Reduced In Card Payments

Such tokens mask the actual debit/credit card details and help the consumer to protect them. Such unique tokens can be applied to:
  • Contactless transactions (Near Field Communication/Magnetic Secure Transmission based transactions)
  • In-app payments
  • QR code-based payments and more.
Moreover, the end user can also limit the amount of money transacted in every token, specific to that service.

However, the only drawback is that the card issuer and the service provider will be required to appoint a third party to implement this tokenisation system. Having said that, the card issuing company will have the responsibility to ensure safety and security of this whole process.

RBI is expected to issue more guidelines and regulations for this new concept of card payments, which has become quite popular in Western countries.

We will keep you updated, as more details come in.

It is likely to be a strong start to the market on Monday morning, tracking good moves in Asian markets as well as on the SGX Nifty.

After a volatile session, the Nifty 50 managed to close above the 10,700 levels on January 4, tracking positive sentiment in global peers ahead of trade talks between the US and China next week.

The 30-share BSE Sensex rose 181.39 points to 35,695.10 while the Nifty 50 climbed 55.10 points to close at 10,727.40. For the week, indices fell 1 percent and 1.2 percent, respectively, and formed 'Bearish Engulfing' pattern on the weekly charts.

The Hammer candle on a daily scale followed by Bearish Engulfing Body on the weekly scale indicates both the bulls and bears are having a tug of war. Formation of Hammer in daily charts suggests a bounce back move while the formation of a Bearish candle on the weekly scale suggests multiple barriers at higher zones.

A Bearish Engulfing pattern consists of two candles. One candle is usually a small candle which is followed by a large black or red candlestick pattern that engulfs the short one or the previous candle.

India VIX fell by 3.74 percent at 16.16 levels. VIX needs to hold below 16 zones to again get a bounce back move in the market.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a gist of important stories from across news agencies.

What changed for the market while you were sleeping? 10 things you must know

What changed for the market while you were sleeping? 10 things you must know
What changed for the market while you were sleeping? 10 things you must know

Asian markets

Asian shares got off to a rousing start on Monday as a dovish turn by the Federal Reserve and startlingly strong U.S. jobs data soothed some of the market’s worst fears about the global outlook, Reuters reported.

Investors are keen to see how Chinese markets react to the central bank’s policy easing announced late on Friday, which frees up around $116 billion for new lending.

Chinese officials also meet their U.S. counterparts for trade negotiations starting later Monday, the first face-to-face talks of the year.

US Markets

The Dow Jones Industrial Average closed 746.94 points higher at 23,433.16, or 3.3 percent, and briefly rose more than 800 points, CNBC reported. The S&P 500 rallied 3.4 percent to 2,531.94, with the tech sector gaining more than 4 percent. The Nasdaq Composite climbed 4.26 percent to 6,738.86. This was a rebound from Thursday's plunge, which was triggered by a massive drop in Apple's stock.

Stocks took off after Powell hinted the central bank could pause its rate hikes, something this beaten-down market was waiting for. "As always, there is no preset path for policy," Powell said. "And particularly with muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves."

SGX Nifty

A gap-up opening is likely as Nifty Futures on Singaporean Exchange were trading over 100 points higher. The futures traded around 10,890-odd levels.


The Indian rupee Friday rebounded by 48 paise to settle at 69.72 against the US dollar in line with smart gains in domestic equities and uptrend in other emerging market currencies, PTI reported.

Also, sustained selling of the American currency by exporters and banks propped up the rupee after two successive sessions of fall, traders said.

Oil prices rise on trade talks and supply cuts, but global economy concerns linger

Oil prices rose by around 1 percent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market, Reuters reported.

Brent crude futures LCOc1 were at $57.61 per barrel at 0111 GMT, up 55 cents, or 1 percent, from their last close.

US West Texas Intermediate (WTI) crude oil futures CLc1 were at $48.49 per barrel, up 53 cents, or 1.1 percent.

Financial markets were being lifted early on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, due to start on Monday, would lead to an easing in tensions between the two biggest economies in the world.

FPI outflow at Rs 83,000 crore in 2018 on crude price rise, rupee depreciation

Overseas investors pulled out over Rs 83,000 crore from the capital markets in 2018, after pouring in a record Rs 2 lakh crore in the preceding year, on the back of rate hikes in the US, rise in global crude prices and rupee depreciation, according to a PTI report.

Moreover, the flows are expected to be range-bound in 2019 as FPIs may continue with a cautious stance until there are concrete signs of economic recovery and certainty over the formation of a stable government after the general elections, said Himanshu Srivastava, a senior analyst at Morningstar Investment Adviser.

Foreign portfolio investors (FPIs) made a net withdrawal of about Rs 83,146 crore from the Indian markets in 2018. This comprises Rs 33,553 crore from equities and Rs 49,593 crore from the debt market, according to data available with depositories.

6 of top-10 companies lose Rs 38,153 crore in m-cap

The combined market valuation of six of the 10 most valued companies slumped by Rs 38,152.86 crore last week, with Reliance Industries Ltd (RIL) taking the steepest hit, PTI reported.

While Tata Consultancy Services (TCS), RIL, HDFC Bank, HUL, ITC and HDFC suffered losses in their market capitalisation (m-cap) for the week ended Friday, Infosys, State Bank of India (SBI), Kotak Mahindra Bank and ICICI Bank made gains.

RIL's market valuation tumbled by Rs 16,955.65 crore to Rs 6,96,639.64 crore.

The m-cap of Hindustan Unilever Ltd (HUL) dropped Rs 8,626.12 crore to Rs 3,85,361.63 crore and that of TCS dived Rs 8,198.96 crore to Rs 7,03,178.13 crore.

Ministerial panel approves Kerala's request for additional disaster cess under GST

A ministerial panel on January 6 allowed Kerala to levy an additional calamity cess of 1 percent under the Goods and Services Tax (GST) regime.

"Kerala will be permitted to have 1 percent cess on the value of goods and services across all or select items for two years," said Thomas Isaac, the state's Finance Minister, after meeting a group of ministers in the national capital.

According to BloombergQuint report, the items that will bear the additional tax will be decided by the

Govt to launch delayed second round of oil block auction on January 7

After months of delay, India will on January 7 launch the second auction of 14 blocks for prospecting of oil and gas in an attempt to raise domestic output to cut imports, according to a PTI report.

Officials said the Open Acreage Licensing Policy (OALP) bid round-II, with 14 blocks measuring 29,333 square kilometres in aggregrate area on offer, will be launched by Oil Minister Dharmendra Pradhan on January 7.

India had in July 2017 allowed companies to carve out blocks of their choice with a view to bringing about 2.8 million sq km of unexplored area in the country under exploration.

MFs add Rs 1.24 lakh crore to asset base in 2018 on SIP flows

Mutual funds have added a staggering Rs 1.24 lakh crore to their asset base in 2018 assisted by consistent increase in SIP flows and a robust participation of retail investors despite volatile markets, PTI reported.

The asset under management (AUM) of the industry grew by 5.54 per cent or Rs 1.24 lakh crore to Rs 23.61 lakh crore at the end of December 2018, up from Rs 22.37 lakh crore at the end of December 2017, latest data available with the Association of Mutual Funds in India (Amfi) showed.

The year 2018 also marked the sixth consecutive yearly rise in the industry's AUM after a drop in the two preceding years.

The pace of growth, however, declined for the asset size in 2018 as compared to the previous year. The industry saw a surge of 32 per cent in the AUM or an addition of over Rs 5.4 lakh crore in 2017.

What do job seekers look for in a company the most? They look for companies that can offer them growth, better pay, benefits among other things. In other words, companies that are good places to work for. The Economic Times does an annual report on "India's Best Companies To Work For", which has 100 firms on the list. As the year comes to an end, we revisit the report. Here are best 25 tech companies to work for in India as per the list:

2018’s 25 best technology companies to work in India

2018’s 25 best technology companies to work in India
2018’s 25 best technology companies to work in India

​SAP Labs: Ranked 1

SAP Labs was ranked the number one company on the list. The company has one of the better empowerment programs and policies.

​Intuit India: Ranked 2

At Intuit India, employees are known to get flexible work options, wellness benefits, parental along with great facilities.

​Adobe Systems: Ranked 4

Adobe claims to take a lot of pride in employee diversity. It also holds training exercises and events for its woman employees. It is also known to offer significant health and education benefits.

​Indus Towers: Ranked 11

The company which has installed more than 1.2 lakh telecom towers across the country is placed at number 11 on the list of top 100 companies.

​Vodafone India: Ranked 13

Vodafone, according to the report, has several initiatives running to reward employees.

​Pitney Bowes Software India: Ranked 20

Based out of Noida, this software firm has supportive work culture. It also offers higher education benefits to its employees.

​Kantar’s Global Delivery Centre: Ranked 22

Growth prospects and innovative training programmes are among the key reasons why this company finds a place on the list.

​PayPal India: Ranked 24

Considered to be an employee friendly place, Paypal also offers better growth opportunities.

​John Deere Technology Centre: Ranked 27

Based out of Pune, this technology centre provides a global working environment and offers people-friendly policies.

​Cadence Designs Systems: Ranked 28

Known to offer innovative HR policies that are designed according to the diverse needs of the employees.

​BMC Software: Ranked 31

A company that makes employees its ‘ambassadors through its Extended Employee Referral programme. Known to get regular feedback in improving work environment for the employees.

​Aspire Systems: Ranked 35

A better work-life balance and a conducive work environment are among some of the benefits that the company offers.

​Atria Convergence Technologies: Ranked 38

Not only for its employees, Atria Convergence also has programmes for their children.

​ Ranked 39

For a healthy work environment, this company has something called Ohana culture. Under this, employees are responsible for each other and it promotes a motivational culture.

​Kronos Incorporated: Ranked 44

Benefits offered by this firm include assistance in child education and extended paternity leave.

​HERE Solutions: Ranked 45

People-friendly policies along with a lot of other benefits brings this company on this list.

​Shriram Value Services: Ranked 48

This company focuses on creating perfect work-life balance for its employees.

​YASH Technologies: Ranked 54

A company that is known for following people-centric culture and offering growth opportunities.

​Impetus Infotech: Ranked 63

Organic meals, concierge services, commuting facilites and wellness programmes are amongst the top benefits offered by the company.

Ericsson India: Ranked 74

Like many other companies on the list, creating work-life balance is a key reason that merits Ericsson India a place on the list.

Tata Communications Limited: Ranked 78

Tata Group is known to be one of the better places to work with. Tata Communications is one of the companies that is part of the group.

​HP: Ranked 88

HP India is also known to be one of the best companies that offers several benefits among other things to its employees.

​Hitachi Consulting Software Services: Ranked 90

Technology solutions and IoT aren’t the only thing this consultancy firm offers as it is considered one of the best companies to work in India.

​Infostretch Corporation: Ranked 98

Infostretch finds the 98th spot in the list.

​Intelenet Global Services: Ranked 99

Intelenet is a global business process outsourcing firm.

The battle of ecommerce in India has taken a new turn, as World’s largest Internet company: Google has officially launched their shopping website in India.

Powered with Artificial Intelligence, and Machine Learning, this new Shopping Website promises stunning deals and customized offer.

And, the best part? Hindi language is supported. Will this new initiative by Google challenge Amazon? Let’s see!

 Google Shopping Website Launched In India With AI-Powered Suggestions, Hindi Support

Google Shopping Website Launched In India With AI-Powered Suggestions, Hindi Support - Can Google's shopping website disrupt ecommerce in India?
Google Shopping Website Launched In India With AI-Powered Suggestions, Hindi Support - Can Google's shopping website disrupt ecommerce in India?

Google Shopping Website Is Now Live For India

Surojit Chatterjee, Vice President – Product Management, Google Shopping, announced the launch of Google Shopping website in India, as he said, “At Google, our mission is to organize the world’s information and make it universally accessible and useful to everyone. That’s why today we are bringing a new and exciting shopping search experience to India.”

Initially, the shopping website shall be available across 4 formats:
Web version of Google. Checkout this:
Google Lens via Style Search
Google App on mobile: A new tab of Shopping will be visible when you search for any product, say Nike shoes.
For entry level smartphones, Google Shopping will be available via Progressive Web App (PWA)

How It Will Work?

Google Shopping Website Launched In India With AI-Powered Suggestions, Hindi Support - Can Google's shopping website disrupt ecommerce in India?
Google Shopping Website Launched In India With AI-Powered Suggestions, Hindi Support - Can Google's shopping website disrupt ecommerce in India?
Google Shopping website is basically a platform to showcase one particular product’s reviews, price, offers across various online retailers.

Hence, say we search for OnePlus 6T on Google Shopping.

This is what we will see:

The products listed can be sorted via price, sellers, ratings and more.

When we searched OnePlus 6T, then the first 10 listings were from a site called ShopOnn, whose link failed to open in 5 minutes.

While searching Nike Shows, Amazon India listings opened up.

As per Google, their new shopping website has “made-to-browse destination for shoppers to search across multiple product categories and find products from thousands of retailers.”

Shopping Via Google Lens?

Google Shopping Website Launched In India With AI-Powered Suggestions, Hindi Support - Can Google's shopping website disrupt ecommerce in India?
Google Shopping Website Launched In India With AI-Powered Suggestions, Hindi Support - Can Google's shopping website disrupt ecommerce in India?
Style Search via Google Lens has been linked with Google Shopping, and this means that whenever you see an interesting product, all you need to do is point the Google Lens and complete your shopping.

Here is a GIF of how this will work:

AI Powered Shopping?

Based on the Google searches done, Google Shopping website will point out products to the users, and recommend them.

Surojit said, “We are using machine learning to fine-tune the experience. As you use the service more and more, it will show the categories most relevant to you,”

It has a section called ‘Top Picks For You’, which is most probably AI-powered, and based on the users’ previous searches. Other sections which open by default are: Recently viewed, Popular on Google, Top Deals (under categories such as gadgets, healthcare, clothes, etc)

In the month of October, Google has launched this new Shopping Tab, in collaboration with Flipkart, Snapdeal and Paytm, which allowed users to directly pay via Google itself.

But now, a dedicated website has been launched, which makes their intentions more serious and focussed.

Will Google Shopping be able to lure online shoppers in India? Do let us know, by commenting right here!

18:57 , , ,
Buying New House? Your Wife Can No Longer Help You To Save Tax – This Is What Changed, Tax benefits waived off only if new property is in taxpayer's name.
Online Sale Of Medicines Banned Across India – A Big Blow To Ecommerce In India? As per Delhi HC, sale of online medicines is harmful for all Indians.

Buying New House Wife Can No Longer Help You To Save Tax (Online Sale Of Medicines Banned)

Buying a flat in the name of the woman in the house is a great idea, but only for a long-term investment. If the property is being bought with the purpose of trading, tax benefits will not be applicable: only because the flat is in the woman’s name.

A recent case in Mumbai was where this news was brought into the limelight. The Income Tax Appellate Tribune (ITAT)’s Mumbai bench denied a taxpayer income tax benefits available on a long-term capital gain (LTGC). The concerned person was looking to buy a new flat by selling the old one. But as the new flat was in the name of his wife, he was denied tax benefits.

Buying New House? Your Wife Can No Longer Help You To Save Tax – This Is What Changed

Buying New House? Your Wife Can No Longer Help You To Save Tax – This Is What Changed, Tax benefits waived off only if new property is in taxpayer's name. Online Sale Of Medicines Banned Across India – A Big Blow To Ecommerce In India? As per Delhi HC, sale of online medicines is harmful for all Indians.
Buying New House? Your Wife Can No Longer Help You To Save Tax – This Is What Changed, Tax benefits waived off only if new property is in taxpayer's name. Online Sale Of Medicines Banned Across India – A Big Blow To Ecommerce In India? As per Delhi HC, sale of online medicines is harmful for all Indians.

Here’s What Happened

R Gavankar had purchased a new, second flat jointly with his wife. He did not pay the tax applicable on the LTCG of the old house, on which Income Tax officials demanded 50% of the LTGC of Rs 17.5 lakh. Gavankar’s claim of deduction under Section 54 was denied. He was informed that to avail benefits of tax waive on LTCG under section 54 only if the owner of the second house was the taxpayer, i.e. Gavankar himself.

What does the Income Tax Act say?

According to section 54 of Income Tax Act, if you buy a new property within 2 years of selling an old property, the long-term capital gains tax is waived off the income you earn from selling the old property.

As per the Income Tax Act, if you buy and hold a residential property for a minimum of two years before selling it, the profit earned on that property is called long-term capital gain. After the adjustment for inflation (indexation Benefit), this gain is taxable at 20%. But, if this profit is used in a transaction to buy a new property, the tax is waived off. Clearly, the amount not used in buying the new property is taxable.

Expert’s Advice:

Puneet Gupta, Director at People Advisory Services said that the taxpayers who fall under the jurisdiction of Bombay High Court must be careful to avoid tax litigation. If a taxpayer is looking to buy a house in the name of their children or spouse, it would be good sense to include their own name in the registration as well. In simple words, if a property is bought under the joint names of the taxpayer and his spouse and/or children, then the tax will be waived off of one third the cost of the new property bought.

Some more things to remember:

  • A social initiative to empower women enables them to buy a property under their own name at a 2 % lower transaction cost.
  • If the property is in the name of a close relative (son/daughter/wife) who is not earning, and if the property is let out or on rent, the rental income from this property will be treated as the husband’s income and will be applicable to tax at a normal rate.
  • If you purchase a house in the name of the wife but use your own funds, this means you are using her name as name lender and is considered illegal.
  • You can make this legal by gifting the money to your wife for her to be able to buy said property. But, this requires the property income to be added to your income and will be taxable.
  • A loophole in this is to loan your wife the money in exchange for her jewelry of the same amount. In such cases, the rent from the property will not be applicable to you.
  • The wife may not be given loan by housing finance companies if she is unemployed.
  • Loans are granted to the owner of the house and a co-applicant is not entitled to concessions of any sort.
If you are looking to invest in a property, make sure you take all these conditions into consideration.

Online Sale Of Medicines Banned Across India – A Big Blow To Ecommerce In India?

Buying New House? Your Wife Can No Longer Help You To Save Tax – This Is What Changed, Tax benefits waived off only if new property is in taxpayer's name. Online Sale Of Medicines Banned Across India – A Big Blow To Ecommerce In India? As per Delhi HC, sale of online medicines is harmful for all Indians.
Buying New House? Your Wife Can No Longer Help You To Save Tax – This Is What Changed, Tax benefits waived off only if new property is in taxpayer's name. Online Sale Of Medicines Banned Across India – A Big Blow To Ecommerce In India? As per Delhi HC, sale of online medicines is harmful for all Indians.
In a big blow to e-commerce in India, Delhi High Court has banned the sale of online medicines across India.

Why this extreme decision was taken? What will happen now to the sale of online medicines?

Delhi High Court: Immediate Ban On Online Sales Of Medicines

A bench of Chief Justice Rajendra Menon and Justice V K Rao gave their order on the ban of selling any type of medicines online.

The Bench has directed Centre and AAP Govt in Delhi to immediately implement the order, and stop ecommerce portals from selling online medicines.

This order will directly impact leading online portals for selling medicines such as Practo, 1MG, Netmeds, WeChemist and others.

The PIL Which Led To Online Medicine Ban

The bench of Delhi High Court announced this verdict after a PIL was filed by Delhi-based dermatologist Zaheer Ahmed, which was represented by advocate Nakul Mohta.

As per the PIL, these were the arguments which Delhi HC accepted, and placed a ban on online medicines:
  • Online sale of medicines is not allowed under the Drugs and Cosmetics Act, 1940 and Pharmacy Act, 1948
  • Online sale of medicines is unregulated, and harmful for all Indians
  • Drug Controller General of India in 2015 had ordered all State Drug Controllers to regulate online sales. But Govt. was not able to control it, and this can cause widespread harm to society.
  • Govt. has failed to implement Article 21, which states that it is Govt.’s responsibility to protect the health of all citizens
  • Uneducated users of the Internet from rural areas are ordering harmful medicines, which can be abused by addicts.
  • The PIL Stated: “Some drugs have psychotropic substances and can be easily ordered on the internet and misused for criminal activities or drug abuse.”

Online Sale Of Medicines In India: Controversies, Protests and More

The issue of online sales of medicines had been controversial since some time, but no one expected this extreme order by Delhi HC.

Entire pharma industry of India had declared an all-out war against e-commerce in 2015, as the protests picked up steam after that. In 2016, Drug Controller General of India had stopped all e-commerce portals from selling medicines online, but this didn’t make any change in the online business. In 2015, Snapdeal’s warehouses were raided by Food & Drug Administration (FDA) for selling drugs/medicines without a prescription.

Govt. had attempted to regulate the sale of online medicines by ordering that online portal will be allowed to sell online registered drugs, that too with a prescription.

In September, offline medicine sellers and chemists had announced a nation-wide strike wherein more than 8.5 lakh shop owners had shut down their business to protest against online sales.

Now, all eyes set on IAMAI, and online medicine portals, to take the next step. We will keep you updated.

Satish Kumar

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