English हिन्दी
Connect with us

Latest business news

Budget 2019-20: Diesel, petrol, gold costlier, plus other aspects for common man

Published

on

Indian-Money

[vc_row][vc_column][vc_column_text]The Budget 2019-20 has not made any change in the income tax slabs for the middle class, Finance Minister (FM) Nirmala Sitharaman noting that the interim budget had alleviated the tax burden on small and medium income-earners.

“Those having annual income up to Rs 5 lakh are not required to pay any income-tax. We are thankful to the taxpayers who play a major role in nation building by paying their taxes,” she said.

But she did make it simpler for people to file their tax returns, even those who do not have a permanent account number card, or PAN card. Such people can simply quote their Aadhaar number when they have to file their returns or elsewhere, the finance minister said.

Tax payers would also get pre-filled tax returns which will contain details of salary income, capital gains from securities, bank interests, and dividends etc. and tax deductions. “This will not only significantly reduce the time taken to file a tax return, but will also ensure accuracy of reporting of income and taxes,” she said.

She said faceless assessment of tax returns in electronic mode is being launched this year in a phased manner.

Sitharaman proposed to hike the tax for the super rich. She said people in the highest income brackets need to contribute more to the nation’s development in view of rising income levels. 

“I, therefore, propose to enhance surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above so that effective tax rates for these two categories will increase by around 3 % and 7 % (percentage points) respectively,” she told the Lok Sabha in her 129-minute speech.

Among other things of concern to the common man, the FM raised cess on petrol and diesel by Re 1 per litre, while customs duty on gold was also increased to 12.5 per cent from existing 10 per cent.

The minister also announced that people who take a loan to buy an electric vehicle will get additional income tax deduction of Rs 1.5 lakh on the interest repaid on the loans. The Government has already moved GST council to lower the GST rate on electric vehicles (EV) from 12% to 5%.

Sitharaman also raised the tax deduction on interest paid on housing loans from Rs 2 lakh for properties occupied by the tax payer to Rs 3.5 lakh – an increase of Rs 1.5 lakh. The increase in deduction, however, is conditioned on the tax payer taking the loan before March next year. Also, the house should not cost more than Rs 45 lakh.

“This will translate into a benefit of around Rs 7 lakh to the middle class home-buyers over their loan period of 15 years,” she said.

She also said there will be no merchant discount rate (MDR) charges on digital transaction made at big establishments having annual turnover of more than Rs 50 crore.

The finance minister also announced TDS (tax deducted at source) of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account.

She noted that tax collections of the government had grown 78 per cent over the last five years to Rs 11.37 lakh crore last year.

She said that the fiscal deficit in 2019 is 3.3%, brought down from 3.4%.

All companies having annual turnover of 400 crores, will now be under the bracket of 25% corporate tax rate . This will cover 99.3% of all the companies.[/vc_column_text][/vc_column][/vc_row]

Latest business news

Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

Published

on

The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

Continue Reading

India News

PayTm share price slips 2 per cent over SEBI warning

Published

on

Paytm

The share price of PayTm fell by nearly 2 per cent on Tuesday following a warning from the the Securities and Exchange Board of India (SEBI).

PayTm’s parent One 97 Communication had got SEBI’s administrative warning letter on some transactions involving the PayTm Payments Bank during fiscal year 2021-2022. The bourses reacted strongly leading to PayTm shares falling by 1.88% to Rs 460.80 per share on the Bombay Stock Exchange.

SEBI said it had noted the violation with concern and said these matters are being viewed very seriously. The regulator warned the company to exercise caution going forward and improve compliance to rules to prevent similar incidents in the future.

The markets regulator added that failure to comply with rules may force it to invoke enforcement actions as per the law.

In its response to SEBI, PayTm said in a media release that it has always followed listing regulations, as well as any change to these rules over time. The company said it would keep up its commitment to maintain and follow high standards of compliance. Paytm said it intends to provide an adequate response to SEBI on this matter.

PayTm said it has always followed Regulation 23 along with Regulation 4(1)(h) of the SEBI Listing Regulations, without including any change made to these rules over time. Paytm added that the letter from  SEBI has no influence on its finances, operations or other activities in any way.

Continue Reading

Latest business news

Zomato, Swiggy hike platform fee by 6% 

After the hike, the platform fee would be Rs 6 per order from an earlier Rs 5 per order.

Published

on

The food delivery majors, Zomato and Swiggy, have recently increased their platform fee by 6 per cent for food orders initially in Delhi and Bengaluru.

The food giant is currently charging in the national capital and IT hub, Bengaluru, the platform fee is distinct from delivery fee, goods and services GST, handling charge and restaurant charges.

After the hike, the platform fee would be Rs 6 per order from an earlier Rs 5 per order. Gradually, the higher platform fee is expected to roll out to other cities as well.

Notably, this fee is applicable universally to all food orders, irrespective of customer enrollment in loyalty programmes offered by both food giants. The charges directly contribute to the companies’ revenue streams and cost management efforts. The platform fee goes to the food aggregators to apparently control costs and increase revenues.

In April, they charged Rs 5 per order, but now it’s been increased by Rs 6 per order. That’s a 20% increase in fees for food delivery. This change in their strategy to adjust the price in a market as they expand their services.

Increase in platform fees, impacting how much customers pay for their food deliveries across the board. When customers order food using the app, they will notice different charges, besides the platform fees. These include delivery fees, handling fees, GST (Goods and Services Tax), and charges from the restaurant.

The charges earned by the platform, directly go to the food delivery app, helping to manage all expenses and boost their wages. The food delivery platform aimed to make between Rs 1.25 to Rs 1.5 crore per day through the fee, the app charges.

In August last year, Zomato introduced platform fees of Rs 2 per order for the first time. In October, they raised their platform fees from Rs 2 to Rs 3 in most and in major cities. Additionally,  Zomato is a quick commerce platform.

According to reports, Zomato stock reached its highest price of Rs 232 on the Bombay Stock Exchange. This achievement has made Zomato founder and CEO, Deepinder Goyal, a billionaire. The company has experienced a strong upward trend over the past years, driven largely by the expansion and success of its quick commerce subsidiary in Blinkit.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com