Are you a young salaried professional, whose investment and tax-saving strategy is the result of a mix of impulse and instinct, without adequate time and thought invested in much-needed planning for his taxes? While tracking the latest developments in the Indian tax landscape, we demystify the overarching differences between the old and the new tax regime to help you choose the best option.
Delinquencies of advances overdue for over 90 days by value declined 1.7 per cent while as a percentage of overall advances, it was at 2 per cent at the end of December 2022 as against 2.7 per cent in the year-ago period. The coronavirus pandemic had impacted the microfinance sector as field agents were unable to visit borrowers to extend loans and also ensure timely repayments.
The bank will set off accumulated losses worth 453.96 billion rupees ($5.52 billion) while reducing its share capital. The plan to do the same had been disclosed by the bank in February 2021 and has now been approved by the NCLT, the bank said in a statement to stock exchanges.
IFFCO-Tokio General Insurance Company was incorporated on in December 2000. It offers retail products like motor, health, travel, home and personal accident insurance and corporate products, including, property, marine and liability insurance.
Budget 2023 has made many changes under the Income Tax Act, 1961. Some of these changes will come into effect from the start of new financial year 2023-24 i.e., from April 1, 2023. Here are 15 incomes tax changes that will come into effect from tomorrow that will impact your taxes and money.
Under this mechanism, both the fund and the target company agree on the final purchase price using the target’s most recent audited financial statements, and there are no post-completion adjustments.
According to an executive aware of the developments, a new company will be set up towards this end, where general insurance companies through the GI Council will hold up to 46% stake. "No insurance firm will hold more than 6% stake while the developer company may be offered around 24% stake in the new firm," he said, adding that the process is on to identify all key stakeholders.
HDFC Bank opened its first branch in the state in 1995, at Anna Salai here. "It is a privilege to be touching this landmark (500 branches) in the state. We are committed to helping the people of Tamil Nadu progress further through our world class products and services backed by a strong culture of service," Kumar said.
This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a secured loan book, it said, adding, the collaboration will leverage the tech platform, Yubi to process loans seamlessly as per the co-lending guidelines.
The government set a limit of Rs 10 crore for the long-term capital gain tax deduction for reinvestment in residential properties in Budget 2023.
Investment decisions vary at different stages of life. In the 20s, people show more inclination towards risks and explorations, while making short-to mid-term goals like gadgets or vacations. But people should make achievable goals to invest wisely. In the 30s, people's income rises, and they consider long-term goals like a house, retirement, etc.
National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments.
NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface (UPI) transactions above Rs 2,000 while using PPI.
In the 12-pack index of all state-run banks, India's largest lender the State Bank of India (SBI) is the worst performer with a minor return of just around 3%. All other stocks in the index have given double-digit returns.
Former US treasury secretary Larry Summers and the chairman of India's 15th Finance Commission NK Singh will co-chair the group's deliberations, according to a finance ministry statement. The group, set up during India's G20 presidency, will firm up a roadmap for an "updated" MDB ecosystem for the 21st century, according to the statement.
Piramal and TPG are jointly working with an adviser on divesting a combined 30% stake in the holding company of Shriram General Insurance Ltd. Shriram General Insurance Holdings could be valued at more than $2 billion in a transaction. Considerations are at an early stage and details may still change
The money raised will be deployed in equity, debt capital and hybrid instruments across sectors, a statement from Kotak Investment Advisors (KIA), the arm of the private sector lender, under which the fund comes, said. The overall targeted amount for the second fund, which will be domiciled in the GIFT City, is USD 1.6 billion.
Besides, in the recent meeting with Finance Minister Nirmala Sitharaman, PSB chiefs were asked to manage overall exposure to corporate, including pledged shares.
The department under the finance ministry did not conduct assessment of the capital requirement as per its own standard practice before recapitalisation, as per the Compliance Audit Report No. 1 of 2023 of the Comptroller and Auditor General of India on Union Government (Economic and Service Ministries - Civil) for the year ended March 2021.
Banks have been raising deposit rates to make them more attractive to customers. But an anticipated shift in deposits from debt mutual funds after tax change could see lenders raising rates at a slower place, say analysts
The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefits to end users. "Signing an agreement and adding IDFC FIRST Bank to the RBI pilot project is very satisfying, as it together with HDFC Bank enables to showcase offline payment interoperability.
Rejecting the stand of both RBI and the consortium of lenders led by SBI, a Bench led by the Chief Justice said that a decision classifying a borrower's account as fraudulent must be with reasoned order. The classification of accounts as 'fraud' results in civil consequences for borrowers and amounts to blacklisting of borrowers, hence opportunity of hearing must be granted for the borrowers, it said.
The Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must follow if such an action is taken. The decision classifying the borrower account as fraudulent must be followed by a reasoned order, it said. The verdict came on a plea of the State Bank of India.
Public sector banks (PSBs) assured finance minister Nirmala Sitharaman at a review meeting on Saturday that the Indian banking system remains robust and there is no cause for worry.
After 1 April, gains from debt funds, gold funds and global schemes will be taxed at the slab rate of the individual.
"This is the largest M&A deal so far in the TPA space. In fact, Raksha will add almost 35% or more to our existing retail premiums. They will give us significant access to deeper parts of north, central and some deeper parts of western regions, making it truly a pan-Indian company," he said.
Lenders of bankrupt Reliance Capital fear their loan recovery could fall below the liquidation value of `12,500-13,000 crore for the financial services company since both bidders, Hinduja Group and Torrent Investments, are reluctant to improve their offers, bankers dealing with the matter said.
The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process. The apex court has listed the matter regarding the second auction for a hearing in the month of August.
Finance Minister Nirmala Sitharaman has urged state-run banks to remain vigilant, stating that they should review their business models closely to identify stress points. Sitharaman has asked banks to be cautious regarding interest rates, concentration risks, and adverse exposures, and to regularly undertake stress tests.
VRL is seeking funds to meet its upcoming debt obligations and has been engaged in talks with banks as well as private funds. VRL has $400 million of dollar bonds due in April and $500 million dollar bonds in May. It has another $1 billion bond maturing in January 2024.
The lenders, however, are unlikely to hold a Swiss auction since this would not lead to value maximisation, people in the know said. A closed envelope bid – wherein both parties submit a proposal in a closed envelop – is an alternative option given by the administrator.
"The Scheme remains subject to various other statutory and regulatory approvals including inter alia approvals from the National Company Law Tribunal, other applicable authorities and the respective shareholders and creditors of the companies involved in the Scheme, as may be required," it said.
Currently, income tax laws allow taxation of these debt mutual fund schemes on the basis of a holding period. Short-term capital gains are taxed at tax rates applicable to your income. However, if the holding period exceeds 36 months, then gains are called long-term capital gains (LTCG). These long-term capital gains are taxed at 20% with an indexation benefit.
Sources said some promoters had reached out to government authorities, expressing concerns over misuse of their Aadhaar details as these offer documents were publicly available on Sebi and exchange's sites.
"As per our analysis, if the losses are fully realised which is unlikely in our view on the held-to-maturity book, the range of impact on net worth could be 2-10% for Indian banks," said Suresh Ganapathy, associate director, Macquarie Capital. "However, this remains a theoretical exercise and unlikely to crystallise."
The proposed transaction relates to the proposed investment by Qatar Investment Authority in BTS1, which is raising capital from various investors for its investment in Viacom18, CCI said. Last year in February, Murdoch and Shankar announced the formation of the firm, Bodhi Tree Systems (BTS) raising up to USD 1.5 billion from QIA.
Canara Bank, in a regulatory filing, said it has received the entire consideration amount equivalent to Rs 121.29 crore on Thursday for the sale of its stake.
The Financial Services Institutions Bureau (FSIB) on Thursday recommended the name of Siddhartha Mohanty as the chairman of Life Insurance Corporation of India (LIC).
The Income Tax Department has released a mobile app named "AIS for Taxpayer" to make it easier for taxpayers to obtain their information as it is available in the Annual Information Statement (AIS)/Taxpayer Information Summary (TIS).
Banks want that a restructured MSME account under the Covid package be considered NPA from the latest date and not from the date prior to restructuring. This will give some relief to banks as it would lessen their provisioning burden. This comes after, in certain cases, banks were told to treat such accounts as bad loans starting from when they were restructured and accordingly make provisions.
After allegations of manipulation and collusion by big global banks, the end of Libor began in 2017, with 2023 decided as the last year in the transition road. By end-2021 many banks had stopped drawing contracts using Libor and June 2023 was set as the deadline for replacing the guiding rate.
Home loan borrowers should note all income tax breaks offered on home loans because doing so can help you significantly lower your tax liabilities.
"I think we will have significantly more banks that don't exist in 12-24 months," he said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk.
ACRE, an ARC, has given a revised offer of ₹243 crore as against its previous offer of ₹230 crore, the people said. ACRE was the sole bidder at an auction held by SBI on February 10 for ₹697.2 crore Visa Steel loans, as reported by ET on February 24. The binding offer by ACRE at that auction would have triggered a Swiss challenge auction, as per the sale document issued by SBI.
Banks have been increasing fixed deposit or FD rates after a series of rate hikes by the RBI. Now, the central bank has signalled that deposit rates could go up further amid competition between banks for share of deposits.
Key for the investors is to align their investment criteria to fixed income portfolio characteristics while choosing fixed income funds to invest into
"Strong funding profiles, a high savings rate, and government support are among the factors that bolster the financial institutions we rate," the rating agency said.
India is seen to be relatively sheltered from the shocks of the crisis. It is unlikely to impact India's banking system or its broader macroeconomic stability, unless more banks in the US or Europe fail and the crisis gets pronounced. Yet, analysts and some economists believe indirect impact of the banking crisis might ripple through India's economy and manifest in India's tech sector, markets and startups.
Credit Suisse Group AG is likely to make wealthy Indians nervous, as they recall past uncertainty in terms of their business strategies. This year, Citigroup Inc. exited its retail operations in India, transferring all its wealth management business to Axis Bank while in the past decade, Credit Suisse’s new buyer — UBS AG, Morgan Stanley and Macquarie Group Ltd. have exited the country’s private-wealth busines