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FM Nirmala Sitharaman asks banks, financial institutions to ensure customers nominate heirs Union Finance Minister Nirmala Sitharaman has asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money.  She said ‘I want banking system, the financial ecosystem (including) the mutual funds, stock markets... everybody to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that they (customers) nominate their heir, g...
FM Nirmala Sitharaman asks banks, financial institutions to ensure customers nominate heirs
FM Nirmala Sitharaman asks banks, financial institutions to ensure customers nominate heirs
Source: Accord Fintech
6/09/2023 11:26:43 AM
India cuts windfall tax on petroleum crude The Indian government will cut the windfall tax on petroleum crude to 6,700 rupees ($81.03) per metric ton from 7,100 rupees starting on Saturday, according to a government notification issued on Friday. The government will also raise the windfall tax on diesel to 6 rupees per litre from 5.50 rupees, the notification said. The windfall tax on aviation turbine fuel will increase to 4 rupees per litre from 2 rupees, while the levy on petrol will remain at zero, according to the notificati...
India cuts windfall tax on petroleum crude
India cuts windfall tax on petroleum crude
Source: Reuters
2/09/2023 10:45:43 AM
Government launches invoice incentive scheme to improve tax compliance Government on Friday launched the "Mera Bill Mera Adhikaar" invoice incentive scheme, under which consumers will be encouraged to demand a GST invoice to improve tax compliance. "After being introduced on 1st July 2017, Goods and Services Tax #GST has become a gamechanger in India’s indirect tax system. As part of the overall scheme of things in #GST, #Mera_Bill_Mera_Adhikaar Invoice Incentive Scheme has been launched from TODAY to encourage the customers to ...
Government launches invoice incentive scheme to improve tax compliance
Government launches invoice incentive scheme to improve tax compliance
Source: IANS
1/09/2023 1:54:33 PM
Garware Technical Fibres net profit before tax increases by 54% in Q1 FY24 Garvare Technical Fibres Ltd., a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter ended June 30, 2023 Consolidated: Q1 FY24 Highlights: Net Sales increased by 7% to Rs 325.7 Cr in Q1 FY24 as compared to Rs.304.5 Cr in Q1 FY23 Profit before tax increased by 54 % to 57.1 Cr in Q1 FY24  as compared to Rs.37.1 Cr in the same period last year Net profit after tax has increased by 52%...
Garware Technical Fibres net profit before tax increases by 54% in Q1 FY24
Garware Technical Fibres net profit before tax increases by 54% in Q1 FY24
Source: PR Agency
17/08/2023 10:58:16 AM
Centre hikes windfall tax on crude, diesel and jet fuel  The government on Monday raised the windfall tax on domestically-produced crude, diesel and aviation turbine fuel (ATF) or jet fuel. The windfall tax on crude oil will increase from Rs 4,250 to Rs 7,100 per tonne, according to a gazette notification issued on Monday. It has also increased the levy on diesel from Rs 1 to Rs 5.50 per litre and on jet fuel from nil to Rs 2 per litre. The new rates will be applicable from August 15 onwards, the notification said. India had first...
Centre hikes windfall tax on crude, diesel and jet fuel
Centre hikes windfall tax on crude, diesel and jet fuel
Source: IANS
15/08/2023 9:45:26 AM
Centre defers import curbs on laptops, PCs till Nov 1 The Central government has deferred its decision to restrict the import of certain category of laptops and computers until November 1, allowing companies three-months time to import these devices. In a notification, issued late Friday night , the Directorate General of Foreign Trade (DGFT) announced that the restriction on import of certain category of laptops and computers will come into effect from November 1 onwards. Post November 1, no entity will be allowed to import laptops, compu...
Centre defers import curbs on laptops, PCs till Nov 1
Centre defers import curbs on laptops, PCs till Nov 1
Source: IANS
5/08/2023 11:50:19 AM
Government may cut import duty on wheat to curb rising prices The government is likely to slash the import duty on wheat due to rising domestic prices of the staple commodity, official sources said.  Wheat prices have gone up to Rs 2,500 per quintal and with the festival season round the corner, if the government cuts duty now, then it will take imported wheat around 30 to 40 days to reach India, and the landing cost would then be equal to Rs 2,500 per quintal, sources said.  In June, the government had imposed stock limit on wheat to br...
Government may cut import duty on wheat to curb rising prices
Government may cut import duty on wheat to curb rising prices
Source: IANS
5/08/2023 9:00:42 AM
Taxing GST on deposits will wipe out 80% of online gaming industry As the 51st GST Council meeting stayed firm on taxing online gaming at 28 per cent on gross value collected, industry players on Thursday once again criticised the decision, saying that taxing GST on deposits rather than the technology platform commission charged by the companies will make the unit economics unviable, wiping out 80 per cent of the industry. Most of the fatalities will be concentrated in MSMEs and startups that house new age business models, according to them. “Thi...
Taxing GST on deposits will wipe out 80% of online gaming industry
Taxing GST on deposits will wipe out 80% of online gaming industry
Source: IANS
3/08/2023 11:46:01 AM
Government hikes windfall tax on crude petroleum, diesel; applicable from August 1 Government has hiked the Special Additional Excise Duty (SAED) or windfall tax on crude petroleum from Rs 1,600 per tonne to Rs 4,250 per tonne. It has also increased the windfall tax on diesel to Re.1 per litre from zero. According to a gazette notification, these changes will come into effect from August 1 onwards. The windfall tax on petrol however will continue to be at ‘nil’, the notification said. Similarly, SAED on jet fuel or aviation turbine fuel (ATF) will al...
Government hikes windfall tax on crude petroleum, diesel; applicable from August 1
Government hikes windfall tax on crude petroleum, diesel; applicable from August 1
Source: IANS
1/08/2023 10:10:30 AM
India raises windfall tax on petroleum crude The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from Aug. 1. A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday. The windfall tax on petrol and aviation turbine fuel has been left unchanged. Earlier this month, the government raised the windfall tax on petroleum crude to 1,600 Indian rupees per tonne from zero....
India raises windfall tax on petroleum crude
India raises windfall tax on petroleum crude
Source: Reuters
1/08/2023 9:21:03 AM
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman on Friday said the Goods and Services Tax (GST) collection and devolution in the northeastern states has been a success, Addressing the Investiture Ceremony of the Central Board of Indirect Taxes and Customs (CBIC), she said that the eight states in the region have seen a compounded yearly GST increase of 27.5 per cent, according to the 2023 RBI assessment on state budgets. “Four days after it passed, Assam became the first state to ratify...
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman
Source: IANS
21/07/2023 2:02:03 PM
LIC MF declares IDCW under Tax Plan LIC Mutual Fund (MF) has informed that LIC Mutual Fund Trustee, the Trustee to LIC Mutual Fund, approved distribution under Income Distribution cum Capital Withdrawal (IDCW) under LIC MF Tax Plan (the scheme). The record date for the same is July 24, 2023 or the immediate next Business Day if that day is not a Business Day. The quantum of IDCW on the face value of Rs 10.00 per unit will be Rs 0.25 under Direct Plan IDCW Option and Regular Plan IDCW Option .
LIC MF declares IDCW under Tax Plan
LIC MF declares IDCW under Tax Plan
Source: Accord Fintech
21/07/2023 12:41:49 PM
India revenue secretary says no need to consult gaming industry on tax India's decision to impose a 28% tax on funds that online gaming companies collect from their customers, will not need further consultation and an early review is unlikely, the country's revenue secretary told local television channels on Wednesday. The government's decision, announced late on Tuesday, created an uproar in the $1.5 billion industry, with shares of casino operator Delta Corp and other online gaming firms plunging in Wednesday trade. Revenue Secretary Sanjay M...
India revenue secretary says no need to consult gaming industry on tax
India revenue secretary says no need to consult gaming industry on tax
Source: Reuters
12/07/2023 6:06:12 PM
India to impose 28% tax on turnover of online gaming firms India on Tuesday decided to impose a 28% indirect tax on the turnover of online gaming companies, a state minister said, in a major setback to the country's $1.5 billion industry. Foreign investors such as Tiger Global and Sequoia Capital have backed Indian gaming startups like Dream11 and Mobile Premier League, hugely popular for fantasy cricket. The GST Council, comprised of state finance ministers and chaired by the federal finance minister, had earlier formed a panel to look int...
India to impose 28% tax on turnover of online gaming firms
India to impose 28% tax on turnover of online gaming firms
Source: Reuters
11/07/2023 8:06:26 PM
Direct tax collection rises 11% to Rs 3,79,760 crore Direct tax collections for 2023-24, as on June 17, stood at Rs 3,79,760 crore, compared to Rs 3,41,568 crore in the corresponding period of the last fiscal, representing an increase of 11.18 per cent. The net direct tax collection of Rs 3,79,760 crore included corporation tax (CIT) at Rs 1,56,949 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs 2,22,196 crore (net of refund). The gross collection of direct taxes (before adjusting for r...
Direct tax collection rises 11% to Rs 3,79,760 crore
Direct tax collection rises 11% to Rs 3,79,760 crore
Source: IANS
19/06/2023 11:37:01 AM
India`s goods and services tax receipts rise 12% y/y in May India's goods and services tax (GST) collections rose 12% year-on-year to 1.57 trillion rupees ($19.06 billion) in May, a government statement showed on Thursday. The government collected 1.41 trillion rupees as GST in May 2022 and a record 1.87 trillion rupees in April. It expects to garner 9.56 trillion rupees through GST in the current fiscal year that ends in March 2024. The western state of Maharashtra clocked a 16% year-on-year growth in tax receipts to 235.36 billion rupee...
India`s goods and services tax receipts rise 12% y/y in May
India`s goods and services tax receipts rise 12% y/y in May
Source: Reuters
1/06/2023 6:28:16 PM
Egypt introduces tax, fee hikes to boost government revenues  The Egyptian Parliament has approved new tax and fee hikes on a number of imported goods and entertainment activities to boost government revenues amid strained public finance. On Sunday, Parliament approved amendments to three laws that will impose an additional 1 per cent stamp tax on life insurance premiums, 2 per cent on physical injury insurance premiums, and 11 per cent on land, river, maritime, and air transport insurance premiums, Xinhua news agency quoted state-run Ahram Onl...
Egypt introduces tax, fee hikes to boost government revenues
Egypt introduces tax, fee hikes to boost government revenues
Source: IANS
29/05/2023 11:27:17 AM
India proposes changes to tax on angel investors in unlisted firms The Indian government on Friday proposed changes to the tax imposed on angel investors in unlisted entities, exempting a number of categories of foreign investors from such levies. Investments in Indian unlisted firms by central banks, sovereign wealth funds, entities controlled by the government with direct or indirect ownership of 75% or more, among others, would be exempt from so called "angel tax" provisions, the federal finance ministry said in a statement. Angel tax is a...
India proposes changes to tax on angel investors in unlisted firms
India proposes changes to tax on angel investors in unlisted firms
Source: Reuters
20/05/2023 3:06:56 PM
India cuts windfall tax on petroleum crude India has cut windfall tax on petroleum crude to zero from 4,100 rupees ($50.13) per tonne, effective May 16, according to a government notification. It left the windfall tax on petrol, diesel and aviation turbine fuel (ATF) unchanged at zero. On May 1, the levy on petroleum crude was lowered to 4,100 rupees per tonne from 6,400 rupees per tonne. India last July had imposed the windfall tax on crude oil producers and extended the levy on exports of gasoline, diesel and ATF after priv...
India cuts windfall tax on petroleum crude
India cuts windfall tax on petroleum crude
Source: Reuters
16/05/2023 9:00:20 AM
Cancel licences of tax evading insurers: GIEAIA With about goods and services tax (GST) evasion amounting to about Rs 2,250 crore by some players in the general insurance industry, a major union in the sector has urged the government and the regulator to cancel licences of such entities. "We demand the IRDAI (Insurance Regulatory and Development Authority of India) take a proactive action in this regard," Trilok Singh, General Secretary, General Insurance Employees' All India Association (GIEAIA) told IANS. "The ev...
Cancel licences of tax evading insurers: GIEAIA
Cancel licences of tax evading insurers: GIEAIA
Source: IANS
10/05/2023 9:24:53 AM
Himachal GST collection sees 19% increase in April The GST collection in April has recorded an increase of 19 per cent in Himachal Pradesh with a collection of Rs 593 crore, Commissioner of State Taxes and Excise Yunus said on Tuesday. The department had collected Rs 500 crore this month last year. He said the department continued to focus on return monitoring, speedy scrutiny of returns, and timely completion of GST audits and capacity building of the tax officers in order to improve upon. The department targeted verifications of 13 la...
Himachal GST collection sees 19% increase in April
Himachal GST collection sees 19% increase in April
Source: IANS
2/05/2023 7:54:34 PM
GST collections for April rose 16.8% to stand at Rs 1,87,035cr  The gross GST revenue for April 2023 stood at Rs 1,87,035 crore, which was 16.8 per cent more than Rs 1,60,122 crore of gross GST collected for March 2023. The gross GST collection in April 2023 is also an all-time high and is Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore, which was recorded in April 2022. Also for the first time, gross GST collections have crossed Rs 1.75 lakh crore mark, official sources said. According to the data releas...
GST collections for April rose 16.8% to stand at Rs 1,87,035cr
GST collections for April rose 16.8% to stand at Rs 1,87,035cr
Source: IANS
1/05/2023 7:27:42 PM
ICICI Lombard FY2023 Results: Profit After Tax (PAT) grows at 36% to Rs. 17.29 billion Gross Direct PremiumIncome (GDPI)of the Company stood at ?210.25 billion in FY2023 compared to ? 179.77 billion in FY2022, a growth of 17.0% which washigher than the industry growth of 16.4%. GDPI of the Company was at ?49.77 billion in Q4FY2023 as against ?46.66 billion in Q4FY2022, a growth of 6.7% as against the industry growth of 16.9%. Combined ratio stood at 104.5% in FY2023 compared to 108.8% in FY2022 Combined ratio stood at 104.2% in Q4 FY2023 compared to103.2% in Q4 FY2022....
ICICI Lombard FY2023 Results: Profit After Tax (PAT) grows at 36% to Rs. 17.29 billion
ICICI Lombard FY2023 Results: Profit After Tax (PAT) grows at 36% to Rs. 17.29 billion
Source: PR Agency
19/04/2023 12:43:07 PM
Hyundai to invest $18.2 bn in EV production by 2030 Hyundai Motor Group said on Tuesday it will invest 24 trillion won ($18.2 billion) in its domestic electric vehicle (EV) production facilities and other EV projects by 2030. Hyundai Motor, its smaller affiliate Kia and auto parts maker Hyundai Mobis will collectively make the investment to become the world's No. 3 EV maker in terms of sales by 2030, the group said in a statement. The move is in line with global carmakers' plans to fill their lineups with zero-emission vehicles t...
Hyundai to invest $18.2 bn in EV production by 2030
Hyundai to invest $18.2 bn in EV production by 2030
Source: IANS
11/04/2023 5:12:02 PM
Gross direct tax collections for 2022-23 rise 20% to Rs 19.68L cr Gross direct tax collections (provisional) for 2022-23 stand at Rs 19.68 lakh crore, registering a growth of 20.33 per cent, according to figures released by the Finance Ministry on Monday. Direct tax collections (provisional) for 2022-23 have exceeded the revised estimates by 0.69 per cent. The budget estimates (BE) for direct tax revenue in the Union Budget for 2022-23 were fixed at Rs 14.20 lakh crore, which were revised to Rs 16.50 lakh crore. The provisional direct tax collections ...
Gross direct tax collections for 2022-23 rise 20% to Rs 19.68L cr
Gross direct tax collections for 2022-23 rise 20% to Rs 19.68L cr
Source: IANS
4/04/2023 9:10:24 AM
Finance ministry clarifies on hike in STT on options trading The Finance Ministry on Friday evening clarified that the securities transaction tax (STT) on options trading has been hiked by 25 per cent from 0.05 per cent to 0.0625 per cent, and not from 0.017 per cent to 0.021 per cent, saying that it was a typographical error and the rectification will be done in accordance with the extent procedure of the government. The STT for futures trading remains the same, as was announced in the amendments to the Finance Bill 2023, i.e., it has been raised t...
Finance ministry clarifies on hike in STT on options trading
Finance ministry clarifies on hike in STT on options trading
Source: IANS
25/03/2023 9:45:56 AM
Parliamentary panel urges government to frame comprehensive policy on electric vehicles  A parliamentary panel has urged the government to frame a comprehensive national policy on electric vehicles (EV) by incorporating the elements of successful state models and international best practices. These best practices should be based on charging infrastructure, battery swapping, battery waste management and recycling, public awareness in addition to the demand and supply side incentives such as lower GST, waiving road tax, registration fee, hire-purchase scheme at discounted ...
Parliamentary panel urges government to frame comprehensive policy on electric vehicles
Parliamentary panel urges government to frame comprehensive policy on electric vehicles
Source: IANS
25/03/2023 9:13:58 AM
India likely to propose removing long-term tax benefits for debt mutual funds  India may propose that investments in debt mutual funds be taxed as short-term capital gains, according to a source with knowledge of the matter, a move that could strip investors of the long-term tax benefits that made such investments popular. Mutual funds with less than 35% invested in equity shares are proposed to be treated as short-term and indexation benefits available to such funds may be removed prospectively, the source said. This could translate to higher taxes for the fun...
India likely to propose removing long-term tax benefits for debt mutual funds
India likely to propose removing long-term tax benefits for debt mutual funds
Source: Reuters
24/03/2023 9:30:06 AM
New capital gains tax rules to come into effect from April 1 With financial year 2023-24 just round the corner, certain changes would be effected in the capital gains tax rules. From April 1, converting physical gold to electronic gold receipts won't be considered as a transfer and therefore will not attract any capital gains tax. Similarly converting electronic gold receipt to physical gold also will not attract any capital gains tax. Electronic gold receipts are depository gold receipts that can be traded on the stock exchanges. Also ...
New capital gains tax rules to come into effect from April 1
New capital gains tax rules to come into effect from April 1
Source: IANS
24/03/2023 9:00:31 AM
Vietnam plans to extend tax relief in 2023 Vietnam is planning to extend tax relief this year to tackle the problem of liquidity for households and businesses to accelerate the economic growth momentum, local media reported on Tuesday. Tax authorities are drafting a range of tax relief measures, including the extension of the deadline for tax payments and submission of annual rental fees on publicly-owned land, according to the Ministry of Finance. Vietnam may allow an extension of up to six months for the payment of value-added...
Vietnam plans to extend tax relief in 2023
Vietnam plans to extend tax relief in 2023
Source: IANS
14/03/2023 5:24:34 PM
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT The Central Board of Direct Taxes (CBDT) has said that net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year. The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT (Personal Income Tax) collections. On a gross basis, the collection grew 22.58 per cent to Rs 16.68 lakh crore. Refunds amounting to Rs 2.95 lakh crore have been issue...
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT
Source: Accord Fintech
13/03/2023 11:35:21 AM
Entire Rs 16,982 cr GST compensation cess to states to be cleared: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman said on Saturday that the entire GST compensation cess for June 2022 totalling Rs 16,982 crore will be cleared. She said this while addressing a press conference soon after the 49th meeting of the GST Council ended. She also informed that Rs 16,524 crore to six states which have submitted the accountant general's (AG) certificate will also be released. Delhi, Tamil Nadu and Telangana are among the six states which have submitted AG certificates...
Entire Rs 16,982 cr GST compensation cess to states to be cleared: FM Nirmala Sitharaman
Entire Rs 16,982 cr GST compensation cess to states to be cleared: FM Nirmala Sitharaman
Source: IANS
19/02/2023 9:38:26 AM
Bengal budget : State excise with projected 19% growth remains main tax earner  With a 19.41 per cent projected growth during financial year 2023-24, state excise will continue to be the principal component for generation of the state's own tax revenue of the West Bengal government. As per the budget estimates for financial year 2023-24, the state excise collection is slated to rise to Rs 17,921.56 crore, up by 19.41 per cent from Rs 15,001.39 crore as per the revised estimates for financial year 2022-23. The total state's own tax revenue, as per the ...
Bengal budget : State excise with projected 19% growth remains main tax earner
Bengal budget : State excise with projected 19% growth remains main tax earner
Source: IANS
16/02/2023 10:09:52 AM
FM Nirmala Sitharaman asks states to expedite formalities to seek GST compensation Finance Minister Nirmala Sitharaman on Monday came down heavily in Parliament on states complaining about delay in getting GST compensation, saying that rather than blaming the Centre for delay in facilitating the payment, they should ensure that the accountant general's (AG) statements, which is the prerequisite for seeking the amount, are sent on time. Replying to a series of questions on GST compensation raised by DMK's A Raja and RSP's N.K. Premachandran in Lok Sabha during...
FM Nirmala Sitharaman asks states to expedite formalities to seek GST compensation
FM Nirmala Sitharaman asks states to expedite formalities to seek GST compensation
Source: IANS
14/02/2023 11:18:04 AM
Income Tax Department likely to come out with modified valuation rules under the I-T Act The Income Tax Department is likely to come out with modified valuation rules under the I-T Act for ascertaining the fair market value (FMV) of shares of unlisted companies for the purpose of levying tax on non-resident investments. The Finance Bill, 2023 has proposed amending Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, excepting DPIIT-recognized startups, under the tax net. The amendments are needed as I-T Act and FEMA provide ...
Income Tax Department likely to come out with modified valuation rules under the I-T Act
Income Tax Department likely to come out with modified valuation rules under the I-T Act
Source: Accord Fintech
13/02/2023 1:49:36 PM
Gross direct tax collections surge 24% to Rs 15.67 trillion so far this fiscal: CBDT Central Board of Direct Taxes (CBDT) has said that gross direct tax collections grew 24 per cent to Rs 15.67 trillion so far this fiscal. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 trillion, a growth of 18.40 per cent. The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimat...
Gross direct tax collections surge 24% to Rs 15.67 trillion so far this fiscal: CBDT
Gross direct tax collections surge 24% to Rs 15.67 trillion so far this fiscal: CBDT
Source: Accord Fintech
13/02/2023 10:06:17 AM
Direct Tax Collections (FY 2022-23) records growth at Rs 15.67 lakh cr The provisional figures of Direct Tax collections up to February 10, continue to register steady growth. Direct Tax collections up to February 10 showed that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year. According to the Ministry of Finance, Direct Tax collection, net of refunds, stands at Rs 12.98 lakh crore which is 18.40 per cent higher than the net collections for the corresponding pe...
Direct Tax Collections (FY 2022-23) records growth at Rs 15.67 lakh cr
Direct Tax Collections (FY 2022-23) records growth at Rs 15.67 lakh cr
Source: IANS
11/02/2023 3:00:45 PM
Higher capex, infra push, green initiatives to drive up demand for bank funds The Indian banking sector is happy with the Union Budget for 2023-24 presented by Finance Minister Nirmala Sitharaman. For the banking sector which is seeing an increased credit offtake in the recent times, is expecting more business due to increased allocation for capital investment and also inflow of cash with the increase in rebate for tax payers under the Income Tax Act which is expected to bring them some low cost funds. While that is for the bankers, Sitharaman too had announcemen...
Higher capex, infra push, green initiatives to drive up demand for bank funds
Higher capex, infra push, green initiatives to drive up demand for bank funds
Source: IANS
5/02/2023 10:45:05 AM
Finance Minister Nirmala Sitharaman did well to steer clear of poll-bound populism The Union Budget 2023-24 was presented on February 1 in the Parliament under very tough times, not only for India, but the entire world. Inflation, rising interest rates and cost hikes across the board have hit almost all economies in some form or the other. It may be said that India and its economy have been able to pull it off in a better manner than many other global economies and is one of the fastest growing economies. This Budget being the last full Budget before next year's gene...
Finance Minister Nirmala Sitharaman did well to steer clear of poll-bound populism
Finance Minister Nirmala Sitharaman did well to steer clear of poll-bound populism
Source: IANS
5/02/2023 10:36:26 AM
From savings to spending: What new IT rules tell us about Government intentions  The government is moving India away from a saving economy -- the old Income Tax (IT) regime loaded with tax deduction investments -- to a spending economy by luring people to a new IT regime that is sans any tax savings investments, said chartered accountants. It is also being said that Finance Minister Nirmala Sitharaman's budget 2023-24 proposal of taxing the maturity and surrender amount of non-ULIP policies (purchased after April 1, 2023, if the total premium paid by an indiv...
From savings to spending: What new IT rules tell us about Government intentions
From savings to spending: What new IT rules tell us about Government intentions
Source: IANS
5/02/2023 10:28:12 AM
Removal of tax benefits on high-ticket premiums will hit insurance sector The guaranteed return product was the only growing segment and removal of tax exemptions on high ticket premiums will significantly impact life insurance sector growth, Credit Suisse said in a report. After a slowdown in protection and ULIP, the guaranteed return products have become the largest growth drivers for large private insurers. The budget announcement of the removal of tax exemption on high ticket policies directly impacts this segment, Credit Suisse said. ATS of non single...
Removal of tax benefits on high-ticket premiums will hit insurance sector
Removal of tax benefits on high-ticket premiums will hit insurance sector
Source: IANS
4/02/2023 6:46:04 PM
Budget Effect: About 15% premium impact on some private life insurers  Finance Minister Nirmala Sitharaman's Budget proposals have dealt double whammy for the life insurers and it would affect the topline growth of some private players, said Emkay Global Financial Services. In a research report, Emkay Global's insurance sector analysts Avinash Singh and Mahek Shah said the Rs 5 lakh cap is likely to affect growth of about 10 per cent premium base for HDFC Life Insurance and Max Life and about 5 per cent premium base for SBI Life Insurance and IC...
Budget Effect: About 15% premium impact on some private life insurers
Budget Effect: About 15% premium impact on some private life insurers
Source: IANS
2/02/2023 2:08:39 PM
Tax rate revision will increase purchasing power of middle class: Bandhan Bank CEO The revision in income tax rates will increase the purchasing power of the middle class sections of the society and thus, push the economic growth of the country in the long run, Kolkata-headquartered Bandhan Bank's founder, Managing Director and Chief Executive Chandra Sekhar Ghosh said. According to him, the increase in the purchasing capability of the middle class will push the demands of the products and this will positively impact the economy of the nation. "Of course ther...
Tax rate revision will increase purchasing power of middle class: Bandhan Bank CEO
Tax rate revision will increase purchasing power of middle class: Bandhan Bank CEO
Source: IANS
1/02/2023 2:38:21 PM
Budget Relief: No tax for income up to Rs 7L in new tax regime The income in personal income tax is expected to raise disposable incomes and transition the taxpayers to the new tax regime. Suman Chowdhury, Executive Director & Chief Analytical Officer, Acuite Ratings & Research said, "The rationalization of the personal income tax structure is expected to lead to two things (i) raise disposable incomes for the middle class and particularly younger taxpayers (ii) transition the taxpayers to the new tax regime with minimal exemptions and lo...
Budget Relief: No tax for income up to Rs 7L in new tax regime
Budget Relief: No tax for income up to Rs 7L in new tax regime
Source: IANS
1/02/2023 1:07:16 PM
People's Wishlist: Dividend linked to share price, IT exemption hike on top From allowing company dividends to be linked to the market price of shares, scrapping of income tax (IT), goods and services tax (GST) on insurance policies to increasing the IT exemption limit to Rs 5 lakh are the expectations from the upcoming budget. "There is no wish list. Just one wish. Zero tax," quipped a Tamil Nadu government employee. While that may be possible in utopia another interesting wish expressed by a chartered accountant is the linking of dividends declared ...
People's Wishlist: Dividend linked to share price, IT exemption hike on top
People's Wishlist: Dividend linked to share price, IT exemption hike on top
Source: IANS
22/01/2023 1:51:09 PM
Realty sector seeks boost to affordable housing, tax and policy relief To sustain the demand in the housing segment, the realty sector wants tax- and policy-related relaxations in the Union Budget 2023. Realtors said that with interest rates rising, a lot depends on the upcoming budget to support and sustain the housing demand. Manoj Gaur, President, CREDAI NCR and CMD Gaurs Group, said that real estate contributes 6-8 per cent to the GDP and employs more than 5 crore people. "It (real estate sector) has high hopes from the forthcoming budget. To...
Realty sector seeks boost to affordable housing, tax and policy relief
Realty sector seeks boost to affordable housing, tax and policy relief
Source: IANS
22/01/2023 12:25:59 PM
Insurers hope for tax concessions to underwrite industry's growth With 2024 being the Lok Sabha election year, Indian insurers are expecting more tax concessions for their policyholders from Finance Minister Nirmala Sitharaman, so that industry can also prosper. Scrapping or slashing of Goods and Services Tax (GST) on insurance premiums, making pension/annuity proceeds tax-free, and creating a separate category for tax deduction for premium paid are some of the budget wishlist of Indian insurers. The industry players are also expecting the Indian gove...
Insurers hope for tax concessions to underwrite industry's growth
Insurers hope for tax concessions to underwrite industry's growth
Source: IANS
22/01/2023 12:20:18 PM
India's direct tax growth momentum may be tough to sustain in FY24- Government source  The Indian government may find it difficult to maintain its current growth momentum in direct taxes in the next fiscal year as economic growth is expected to slow, a government official said on Friday. Finance Minister Nirmala Sitharaman will present the Union Budget on Feb. 1, which will include projections for next year's tax collection. Net direct tax collection was currently growing at 19.5% year on year, totaling 12.31 trillion rupees ($151.70 billion) in A...
India's direct tax growth momentum may be tough to sustain in FY24- Government source
India's direct tax growth momentum may be tough to sustain in FY24- Government source
Source: IANS
20/01/2023 2:03:44 PM