ITR filing: Online ITR2 form for FY2022-23 (AY 2023-24) available on income tax department’s e-filing portal

Unlike in online, the Excel utility (offline) requires the taxpayer to download the form, fill it out with the necessary information, and then upload it to the website for electronic filing.

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ITR filing for FY 2022-23: Which income tax return form applies to you

Contrary to the norms, the Central Board of Direct Taxes (CBDT) notified the income tax return forms for FY 2022-23 (AY 2023-24) in February 2023, instead of April usually. While filing ITR for AY 2023-24, one needs to ensure that they have picked the correct ITR forms depending on the sources of their income. Else their ITR will be termed as defective.

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TDS on online games winnings: How companies will deduct tax as per CBDT guidelines

The Central Board of Direct Taxes (CBDT) has issued guidelines on how online gaming companies will deduct tax from winnings they have earned. The guidelines have come after government removed the threshold of Rs 10,000 for deducting tax from the winnings in Budget 2023. The new rules have come into effect from April 1, 2023.

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Tax exemption limit on leave encashment increased to Rs 25 lakh for non-government salaried employees

The finance ministry announced the maximum limit for encashment of earned leave that is exempt from income tax in accordance with the budget 2023 proposal.

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If you don't reply to income tax dept's queries, ITR likely to be picked for full scrutiny: CBDT

The Central Board of Direct Taxes (CBDT) has issued guidelines of the income tax officials regarding parameters to be followed to pick up tax returns for complete scrutiny. The guidelines have been issued via order dated May 24, 2023.

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Debt mutual funds still have tax benefits over bank FDs despite no LTCG indexation benefit

The government has changed the taxation of debt mutual funds from April 1, 2023. The government has taken away the indexation benefit available on the debt mutual funds. The indexation benefit was available in case of long-term capital gains. However, the debt mutual funds are still offering certain tax benefits over bank fixed deposits. Read on to know more.

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Muthoot Finance likely to grow its loan book by 10-15% in FY24

The consolidated loan AUM stood at Rs. 71,497 crores, up by 10% Q-o-Q and the consolidated Profit after Tax (PAT) stood at Rs. 1,009 crores for Q4FY23, up by 8% Q-o-Q. The standalone loan AUM stood at Rs. 63,210 crores, up by 9% Q-o-Q and the standalone PAT stood at Rs. 903 crores for Q4FY23.

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CEA asks finance industry to observe self-restraint, not to indulge in predatory practices

Chief Economic Advisor V Anantha Nageswaran on Wednesday asked the finance industry to observe self-restraint and stop predatory practices, misselling of products and data misuse. The academic-turned-advisor said regulations can only work to an extent to stop robberies, but crime can be curtailed only when the robber chooses to reform.

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AIC to launch insurance products for livestock, aquaculture and sericulture: CMD

Agriculture Insurance Company of India (AIC) has obtained a licence from IRDAI and will introduce products for the sericulture, aquaculture and livestock sectors, according to company officials. AIC already holds 50% share of the crop insurance market under the PMFBY scheme, run by Centre and state authorities.

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Irdai to hold open house for insurtech, fintech on 15th of every month

The open house would be held at the Head Office of Irdai in Hyderabad from 11.00 AM to 1.00 PM on 15th of every month, it said, adding that if 15th happens to be a holiday, the open house will be held on the next working day. Further, the regulator said Irdai's Chairperson (in his/her absence, the senior most Whole-time Member) along with senior officials will be present at the open house.

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Withdrawal of Rs 2000 to have favourable impact on deposits, interest rates: SBI study

The 131-day window to exchange junked 2000 rupee currency notes opened on Tuesday with a mixed bag of small queues and confusion at some banks over the requirement of officially valid identity cards like PAN or Aadhaar, and official forms. Unlike November 2016, when old 500 and 1000 rupee notes - constituting some 86 per cent of the currency in circulation - were banned overnight, resulting in sarpantine ques outside bank branches across the country, this time no crowding is being witnessed.

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PAN is mandatory to deposit Rs 2000 notes above this amount in bank account

The income tax rules have made quoting of PAN number mandatory. These include opening of bank account, demat account, FD deposit, depositing cash above the specified threshold.

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Paytm launches UPI SDK to enable customers pay directly within the merchant app

Paytm's UPI SDK is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement.

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Google Pay launches RuPay credit cards support on UPI in India

The users can now link their RuPay credit cards with Google Pay to pay at all online and offline merchants where RuPay credit cards are accepted. The feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India, the company aid in a statement.

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Aadhar or ID cards are not required for exchanging Rs 2,000 notes

The Reserve Bank of India (RBI) had announced on May 19 the withdrawal of Rs 2,000 currency notes but gave the public until September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.

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Income tax return filing: Online ITR 1, 4 forms for FY 2022-23 (AY 2023-24) available on e-filing website

The income tax department has enabled ITR forms 1 and 4 on the e-filing website. The forms have been enabled almost one month after the tax department released the excel utility of the forms. The last date for filing income tax return for FY 2022-23 (AY 2023-24) is July 31, 2023 unless the date is extended by the government.

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RBI governor Shaktikanta Das answers questions on Rs 2,000 note withdrawal

The Rs 2,000 was introduced with the primary purpose of quickly replenishing the value of money that was being taken out of the system, Das said.

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NPCI leans on bank partnerships to push RuPay credit cards

With UPI being allowed on RuPay credit cards, NPCI is hoping to attract more lenders as it could be a major source of attraction for consumers.

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Why you should invest in NPS for big tax savings

Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.

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We are in for a bit of a long pause on rate hike front: Axis Bank MD

Axis Bank features on the buy lists of most investors seeking a slice of Indian top-draw private banking. Since Amitabh Chaudhry stepped into the corner office in 2019, the stock is up nearly 50%, although it still trails peers. In an interview with Saloni Shukla and MC Govardhana Rangan, Chaudhry says that growth triggers are in place that could make it as good as the leader. Edited excerpts:

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No extra cost to reconfigure ATMs

The Reserve Bank of India (RBI) Friday said ₹2,000 denomination notes can't be used for transactions after September 30 and asked banks to stop issuing this denomination to customers. "We don't see any major impact on the ATM front, already, as per RBI directions, stakeholders have submitted the plan for implementation of lockable cassettes in 30 cities for both white label and bank-run ATMs," said a senior bank executive.

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SBI slow in procurement from GeM portal; lags behind smaller counterparts in 2022-23

State Bank of India (SBI) was slow in procuring goods and services from the government-owned GeM portal in 2022-23, while Canara Bank became the largest buyer, followed by Punjab National Bank and Indian Overseas Bank, according to government data. SBI was fourth on the list and purchased Rs 158.22 crore from the portal. The GeM portal was launched in 2016 for online purchasing of goods and services by central government ministries and departments, and currently has over 63,000 government buyer organisations and six crore sellers and service providers.

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Rush to change Rs 2,000 notes spills on to many routes

People reacted differently on Saturday following the announcement of Rs 2,000 note withdrwal. Some hoarders tried to buy gold at a premium, others tried target forex and donations but most avoided bank deposits.

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Several uncertainties have hit investor confidence in startups: Study

According to GlobalData, the volume of funding deals in India declined by 62.5 percent (year-on-year) in January 2023, while the value of deals fell by 80.3 percent. The impact of this uncertainty on investor confidence in startups has been felt across the board, with venture capitalists becoming more cautious in their investments.

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CCI now wants global M&A deals to come into its ambit

While the "global turnover" rule doesn't specifically apply to any particular section of firms, big tech companies are likely to be hit by it, given the nature of their business that cuts across jurisdictions. Usually, their revenues from India operations are only a fraction of their earnings in other key economies like the US and the EU.

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Federal Bank eyes up to $486 million fundraising

The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the bank’s Chief Executive Officer Shyam Srinivasan said in an interview. The capital will fund growth as Federal Bank pushes further into retail banking with plans to open about 100 branches this year, and seeks to buy a microfinance company, he added.

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IIFL partners Yobee to launch Tradebox for investors

As a part of the partnership, Yobee will allow IIFL Securities’ customers to access the Tradebox application within the IIFL app and web. Additionally, customers can also begin their trading journey from the Tradebox website using the "Login with IIFL Securities" feature.

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NCLT dismisses IDBI Bank's insolvency plea against Zee Entertainment

The National Company Law Tribunal on Friday dismissed IDBI Bank's insolvency plea against Subhash Chandra promoted Zee Entertainment Enterprises Ltd (ZEEL).

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Credit card spends in foreign currency to attract 20% TCS

The Finance Ministry has clarified that foreign currency payments such as digital subscriptions to publications or goods bought on foreign ecommerce sites through international credit cards will count towards an individual's Liberalized Remittance Scheme (LRS) account and attract 20% tax collected at source (TCS). However, if these purchases are made in Indian rupees, they will not be counted against LRS and face any TCS. This change is intended to bring parity between remittances and overseas spending using debit and credit

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Senior citizens go big on small savings scheme

The government's small savings scheme for senior citizens more than tripled in April, as those eligible scrambled to take advantage of the budget move that doubled the deposit limit. This fresh mop-up under the scheme breached ₹10,000 crore in April, the first month when the enhanced limit kicked in, compared with the usual deposit of about ₹3,000 crore for this month.

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NCLT approves Innova Captab's resolution plan for Sharon Bio

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ₹256.4 crore resolution plan of Innova Captab for Sharon Bio Medicine in its order on May 17. Innova Captab resolution plan was approved by 79.28% voting share of the members of the committee of creditors (CoC), according to the NCLT order. Innova Captab and Tirupati Medicare have submitted their resolution plans to the CoC in September 2022. Tirupati's resolution plan was 25% lower than Innova Captab.

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Infibeam looks to raise up to $50 million by listing UAE step-down arm

In 2018, Infibeam Avenues Ltd. acquired UAE-based Vavian International Ltd., an online digital payment processing company, for AED 4.32 million. And since 2020, Avenues World FZ LLC, based in the UAE, has operated as a subsidiary of Vavian International Ltd.

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CCI clears merger of Credit Suisse Group with UBS Group

The transaction entails UBS' proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity, according to CCI.

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Forex card spends by employees in overseas business trips to be outside LRS, TCS ambits

Given that such spending would be outside the LRS limit, it won’t be subject to a 20% tax collected at source from July 1, as stipulated in the Finance Bill 2023.

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Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network

One97 Communications Limited (OCL)-owned Paytm has partnered with NPCI and SBI Card to launch Paytm SBI Card on the RuPay network, the company said in a stock exchange filing on Thursday. ​Cardholders receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on Paytm App, and 1% cashback on spends elsewhere

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Vedanta Resources Ltd taps global banks for $500-600 million loan

VRL, headquartered in London, aims to borrow the money through its Zinc International unit. Following delays in securing funds from Farallon Capital Management, VRL has resumed discussions with banks to explore alternative financing options.

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Government tightens rules on global credit card transactions by Indian travellers abroad

The Indian government has ended a key relaxation on the use of international credit cards (ICCs) by residents touring abroad. Such transactions would now be included in the computation of the limit of $2,50,000 under the liberalized remittance scheme (LRS) per person per year, beyond which the central bank's approval would be required. This change comes into effect immediately.

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Credit card spend in forex to come under RBI's remittance scheme

Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit.

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Bank of Baroda 'well protected' for switch to RBI's new loan-loss proposal, says CEO Chadha

Bank of Baroda is confident that it can adhere to the central bank's proposed loan-loss mechanism, which would see lenders assess the probability of default upfront and provision accordingly. The lender's credit cost, the projected quantum of potential losses on total loans, was at 0.14% in the January-March quarter, down from 0.37% the previous quarter and 2.69% a year ago. Its gross non-performing assets (NPA) ratio fell to 3.

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TDS is applicable on interest earned from Mahila Samman Savings Scheme: CBDT

The Central Board of Direct Taxes (CBDT) has clarified by a way of notification that TDS under Section 194A will be applicable on the interest earned from Mahila Samman Savings Scheme. However, the TDS will be applicable only if the interest earned from the scheme exceeds the specified threshold. Read on to know this threshold.

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Banks flag high overnight rates, liquidity terms

Indian banks have urged the Reserve Bank of India (RBI) to find a more even-handed way to distribute liquidity and narrow the gap between overnight rates and the benchmark policy rate. Due to 24/7 banking, banks have held on to cash at the RBI's Standing Deposit Facility (SDF), increasing the call rate in the call money market, where banks can make overnight financing arrangements. For around a month, the weighted average call rate (WACR) has been around 25 basis points higher than the benchmark policy repo rate, which is currently at 6.50%. The WACR peaked at 6.78% on 15 June.

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Bank of Baroda now has a business model as competitive as any private bank: Sanjiv Chadha, CEO

Today, we are growing our retail loans organically at 27%, which is faster than probably any private sector bank. We have also been able to attract talent from almost every bank, retain it, and also use it in terms of key functions to upgrade ourselves, says Sanjiv Chadha.

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Proposal to blacklist ICICI Lombard sent to Maharashtra government over crop insurance delay, says Akola collector

​​The company said it was in talks with government officials and will extend full cooperation for quick settlement of all claims. ICICI Lombard has been appointed to insure crops in the district but there were delays in processing farmers' compensation claims following natural calamities, said district collector Nima Arora.

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Banks request RBI for more time for new loan provisioning system

"We have requested the regulator to allow us little more time to prepare ourselves for this," industry lobby grouping IBA's chief executive Sunil Mehta told reporters on the sidelines of a Fintech event in Mumbai on Tuesday.

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Bank borrowing via CDs surges 50% in a year

In the last 12 months, weighted average lending rate on fresh loans sanctioned has increased by around 181 bps while weighted average domestic term deposit has increased by around 113 bps.

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Panel may ready new list of public sector banks for privatisation

India may set up a panel to identify public sector banks that can be privatized, including mid- and small-sized ones. The move comes after state-owned lenders turned profitable and several rounds of consolidation reduced the number of banks. The committee, which may include officials from the Department of Investment and Public Asset Management, the RBI and Niti Aayog, will determine quantum of stake sale.

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Alpha Alternatives raises Rs 2,100 cr in first close of its maiden structured credit fund

Alternative assets investor Alpha Alternatives Group has raised ₹2,100 crore in the first close of its maiden structured credit fund, which will invest in an array of high-yield opportunities, including special situations, collateralised growth funding, and operating equity.

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Leading consumer goods companies to continue capex, expansion this fiscal

Much of the capex is ear-marked for new factories, expansion of capacities in existing factories or expansion of their business such as retail stores. Last fiscal, most companies had expanded their capex by record numbers after two years of the pandemic.

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E-filing of income tax return form 2 for FY2022-23 (AY 2023-24) available via offline method

If you want to file your ITR now, you must first download the tool from the income tax e-filing website. After filling out the utility form with income and deduction information, it must be uploaded to the income tax e-filing portal.

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NPCC introduces CVV-less payments for tokenised cards

RuPay, the Indian payment network developed by NPCI, has rolled out a new feature that enables its cardholders to make Card Verification Value (CVV)-less payments if they have tokenized their debit, credit or prepaid cards on the merchant application or webpage. Tokenization is a technology that improves card transaction security without sharing real card details with merchants.

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