Friday, July 26TRUSTED FEARLESS,FAIR,FRESH,FIRST NATIONAL INTERNATIONAL NEWS PORTAL

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Bank credit continues to outpace deposit growth – Times of India

MUMBAI: The annual increase in bank credit continues to outpace deposit growth by a high margin even after the base effect created by the merger of HDFC with HDFC Bank dissipated post-merger. According to data released by RBI, bank credit grew by 14% year on year as of July 12 while deposit growth for the same period was 11.3%.RBI data shows that customers moved Rs 2.1 lakh crore out of savings and current accounts during the fortnight ended July 12, 2024.During the same period, they invested an additional Rs 1 lakh crore in fixed deposits.With outstanding deposits falling by Rs 1 lakh crore during the fortnight to Rs 211.7 lakh crore and bank credit declining by Rs 69,755 crore to Rs 168.1 lakh crore, the wedge between deposit and credit growth widened. As of July 12, the ratio of cred...
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‘7 in 10 equity traders made losses in FY23’ – Times of India

MUMBAI: There is growing evidence that Indian retail investors are fast turning into speculators with a majority losing money in the stock market. A new study by Sebi's research division in the cash section of the stock market for FY23 showed that one in three investors in the segment indulged in intra-day trading. And of those who traded, seven out of 10 lost money in the market.It also showed that the percentage of young traders (those below 30 years) increased from 18% in FY19 to 48% in FY23."The study finds that the number of individuals trading intra-day in the equity cash segment has increased from around 15 lakh in FY19 to 69 lakh in FY23 (4.6 times). This surge in participation has been associated with a rise in traders with low turnover, traders who trade less frequently, young...
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PM Modi: Budget brings new scale to education, skill development – Times of India

PM Narendra Modi on Tuesday said the Budget seeks to build upon the success of production-linked incentive (PLI) schemes for promotion of industries to launch employment-linked initiatives (ELI), a move that is aimed at creating jobs through sops to employers and employees.The PM praised the Budget, emphasising its potential for job generation by incentivising the top 500 companies to recruit more youth and also induct interns.Under the scheme, the first salary of the first job of a youth will be borne by the govt, Modi said while mentioning higher education and the scheme for internships for 1 crore youth. "Working in top companies under the scheme, young interns will find new avenues of possibilities," he added.The PM said the Budget would help India achieve the objective of becoming ...
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Indexation gone. How about selling old house and buying a new one? – Times of India

Inflation is no longer your best friend if you plan to sell a property. For years, Indians had the option of reducing tax on profit made from selling a house by making use of what is called 'indexation benefit'. It allowed the difference between purchase and sale price of a house (profit) to be reduced by the inflation rate that prevailed during the time property was owned.This provision allowed substantial reduction in tax payment, depending on how long the property was in possession.When inflation was higher than increase in property price--or property lost value--taxpayers could claim capital loss, which would allow them to save taxes on other capital gains during a year.After July 23, sale of houses bought after 2001 will attract 12.5% (long-term capital gain) tax. Depending on the ...
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Budget 2024: How will 3 new schemes via EPFO benefit first-time employees and employers – Times of India

Union finance minister Nirmala Sitharaman on Tuesday announced 3 new schemes to boost employment through the employees' provident fund organisation (EFPO), focusing on recognition of first-time employees, and support to employees and employers. Giving details about the schemes, Sitharaman said, "Our government will implement 3 schemes for 'Employment Linked Incentive', as part of the Prime Minister's package."She said that for the first timers the House that Scheme-A will provide one-month wage to all persons newly entering the workforce in all formal sectors and direct benefit transfer of one -month salary in 3 instalments to first-time employees will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme is expected to benefit 210 lakh youth.The ...
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Budget 2024 Income Tax changes EXPLAINED: Salaried taxpayers to save Rs 17,500! How standard deduction hike, income tax slab changes in new tax regime will benefit you – Times of India

Budget 2024 income tax changes explained: Salaried taxpayers have reason to cheer! Finance Minister Nirmala Sitharaman announced major changes in the new income tax regime during her Union Budget 2024 speech. These changes will give many salaried taxpayers a benefit of Rs 17,500 - provided that they are opting for the new income tax regime!“Coming to Personal Income Tax Rates, I have two announcements to make for those opting for the new tax regime…as a result of these changes, a salaried employee in the new tax regime stands to save up to Rs 17,500/- in income tax,” Sitharaman said.The standard deduction under the new income tax regime has been hiked from Rs 50,000 to Rs 75,000. Also the income tax slabs have been adjusted for FY 2024-25 so that the 5% tax rate is now applicable for in...
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Defence Budget 2024: Govt reduces allocation to Rs 4.54 lakh crore – Times of India

NEW DELHI: In her seventh Union Budget presentation, Finance minister Nirmala Sitharaman announced a significant reduction in the defence budget, allocating Rs 4.54 lakh crore for FY25. This is a steep decrease from the Rs 6.21 lakh crore announced in the Interim Budget just five months earlier.Sitharaman began her address by highlighting the government's continued support from the public, stating, "The people of India have reposed their faith in the government led by PM Modi and re-elected it for a historic third term." She emphasized India's strong economic growth and stable inflation, which is moving towards the 4% target.The budget's key focus areas are employment and the middle class, with a significant allocation of Rs 2 trillion ($24 billion) for job creation over the next five y...
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Education budget 2024: Government allocates Rs 1.48 Lakh Crore for education, employment, and skilling – Times of India

NEW DELHI: The Union Budget for 2024-25 allocates Rs 1.48 lakh crore for education, employment, and skilling across the country. Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman emphasized its focus on employment, skilling, MSMEs, and the middle class.Sitharaman announced that the PM Garib Kalyan Anna Yojana has been extended for five years, benefiting 80 crore people nationwide.As highlighted in the interim budget, there is a need to prioritize the poor, women, youth, and farmers, the minister said.She added, "People have given a unique opportunity to the Modi government to take India on the path of strong development and all-round prosperity." var _mfq = window._mfq || []; _mfq.push(["setVariable", "toi_titan", window.location.href]); !(function(f, b, e, v,...
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Doting Gen Z ‘parents’ drive pet care market – Times of India

CHENNAI: Powered by millennial and Gen Z pet owners' search for out-of-the-box products and services for their pets, India's pet care market is all set to jump from $1 billion in 2022 to $2.5 billion by 2025 - a CAGR of more than 15%. Pet care marketers say the focus is moving away from the conventional pet food segment to a more varied bouquet of offerings.Shashank Sinha, CEO, Drools Pet Food said, "While pet food is still 65% of the market, the categories of supplements, treats, toys, accessories and bowls are increasing which aligns with the trend observed in mature pet care markets like the US and Europe."What has changed over time is the profile of pet owners in India.Today's 'pet parents' - many of whom adopted their furry friend during the pandemic - are younger, tech-savvier, an...
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Railway Budget 2024: Indian Railways to journey beyond Vande Bharat? Experts suggest focus on non-AC trains, safety – Times of India

Railway Budget 2024: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23, 2024 and the government is expected to continue with its capital expenditure push for infrastructure, with Indian Railways and the roadways being major beneficiaries. Since 2017, no separate Railway Budget has been presented and FM Sitharaman’s Budget 2024 speech will be looked at for the future plans for Indian Railways.In the Interim Budget 2024, the Modi government had allocated a record Rs 2,52,000 crore for capital expenditure for Indian Railways in FY 2024-25.Experts believe that a record capex push for railways is a foregone conclusion, but what’s of paramount importance is the projects on which this capital expenditure is made.Also Check | Budget 2024 Expectations Live Updates...
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Hit by curbs on export of Indian commodities, Malaysia refers to friendly ties to urge India to ensure supplies – Times of India

NEW DELHI: Feeling the pinch of curbs on exports of Indian rice, sugar and onions, Malaysian minister for plantation and commodities Datuk Seri Johari Abdul Ghani on Thursday invoked “friendly ties” to say that they would like New Delhi to have some “arrangement” to ensure their supply.Ghani said India’s restrictions on exports of agri commodities are bad for Malaysia.“We need sugar, onions and basmati rice. Our domestic rice production meets just 65% of our requirement and demand for basmati rice is rising. Around 25% of our people prefer basmati rice. We believe that India can allocate some quantities of these essential commodities for Malaysia even if there is an overall ban,” he told reporters.India, the world’s biggest exporter of rice and onions and the second biggest exporter of ...
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G20 taskforce suggests financial plan, entity for DPI – Times of India

NEW DELHI: A report by India's G20 taskforce has suggested the creation of a viable financial plan to support the development and ongoing maintenance of digital public infrastructure (DPI) components, ensuring the availability of resources for implementing DPI."This may include interested countries, organisations managing DPIs, multilateral development banks, DPI-specific funds, project financing mechanisms, investment promotion incentives," the report by the taskforce headed by India's G20 sherpa Amitabh Kant and Nandan Nilekani, co-founder and chairman of Infosys, has recommended.Calling for setting up an institution to deal with the issue, the taskforce has also suggested an existing body may be identified to foster and harness DPI ecosystems across various regions and countries, esp...
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Budget 2024 income tax expectations: Top 5 things FM Sitharaman should do for taxpayers – from tax slab changes to hiking standard deduction – Times of India

By Parizad SirwallaBudget 2024 income tax expectations: The Finance Minister (FM) will present the full Union Budget for Financial Year (FY) 2024-25 in Parliament on July 23rd. The Budget is of significant interest to individual taxpayers as they have a long wish list of the desired announcements on the personal tax front from the newly formed government.Some of the heightened expectations are as under:1. Enhancing the Tax Slabs:It is anticipated that the government may raise the income tax exemption limit to Rs 5 lakh from the current Rs 3 lakh limit under the new tax regime in the upcoming Budget. The new tax regime is the default tax regime now. However, there are taxpayers still opting for the old tax regime to avail of HRA exemption, 80C deduction, etc. Hence, this increase in the ...
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Increasing TDS/TCS entries irk taxpayers – Times of India

It’s something that the taxman loves but businesses and individuals often find cumbersome. With finance ministers routinely adding transactions requiring tax deduction at source (TDS) or tax collected at source (TCS), the number of entries requiring TDS or TCS is now close to the half century mark.While there is a compliance burden — as it requires depositing the money after filling up a challan — there is also a cost involved as businesses and individuals have to set aside funds, often from the start of the financial year (if the transaction is in April) to the next financial year (till the department completes the assessment of returns).Often the rate can be as high as 20% as is the case with overseas tour packages and certain overseas remittances or even 30% for income from securitis...
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Direct tax collection till July 11 surges 23% to Rs 6.5 lakh crore – Times of India

NEW DELHI: Direct tax collections have increased over 23% to Rs 6,45,239 crore during this financial year up to July 11, driven by a faster rise in personal income tax, the Central Board of Direct Taxes (CBDT) said on Saturday.Net collections were 19.5% higher at over Rs 5.7 lakh crore as refunds soared almost 65% to Rs 70,902 crore during the period.On a gross basis, corporate tax collections were 20.4% higher at Rs 2,65,336 crore, while personal income, including securities transaction tax, rose 25.3% to a little under Rs 3.8 lakh crore."Corporate profits continue to surge significantly, and these are clearly reflected in the first quarter advance tax collections. A booming stock market has also contributed to higher STT [securities transaction tax] collections. Strong collections bei...
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Efficiency booster: DGCA approves electronics flight folder for IndiGo – Times of India

NEW DELHI: The Directorate General of Civil Aviation (DGCA) has approved "Electronic Flight Folder" (EFF) for IndiGo, enabling "a significant leap forward in enhancing efficiency and sustainability within the aviation sector," said a senior regulatory official Friday. EFF "represents a pivotal shift away from traditional paper-based processes in flight planning and documentation.This innovative technology seamlessly digitizes and consolidates all essential flight plan documents and associated paperwork into a unified digital platform," he added.An Electronic Flight Folder is a visual collection of pre-flight briefing data that is updatable and forms the basis of the pilot’s digital briefing pack on their EFB device. It consists of data such as operational flight plans, weather & NOT...
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Budget 2024: PM Modi holds key meeting with FM Sitharaman, economists – Times of India

NEW DELHI: Ahead of the Union budget presentation on July 23, Prime Minister Narendra Modi on Thursday held a meeting with finance minister Nirmala Sitharaman and economists.The first budget of the BJP-led NDA government in its latest term carries significant weight, particularly as Prime Minister Narendra Modi aims to implement decisive measures during his third tenure.The first special parliamentary session following the formation of the 18th Lok Sabha was marked by intense debates and confrontations between the opposition and the ruling party. Key points of contention included the NEET-UG examination issue.Sitharaman's seventh Budget presentationIn February, Nirmala Sitharaman presented an interim budget, due to the general election year. Her forthcoming budget presentation will be h...
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NPCI to roll out credit line option on UPI – Times of India

MUMBAI: The National Payments Corporation of India, on the rails of the UPI, is set to introduce a new product which will function like a credit card.RBI has allowed banks to offer credit lines to customers through UPI. Several banks, including Axis, HDFC, ICICI, Indian Bank and PNB, are live on this product. The credit line to customer is a product where the customer gets a fixed credit line and pays interest to the bank only to the extent they use their credit limit.The new credit feature on UPI allows customers to make purchases without immediately seeing any funds outgo from their accounts.The payments take place at the end of a cycle and can only be made to shops, with the shopkeeper bearing the cost of credit in terms of fees. There is no charge for the customer. While this is a n...
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Income Tax Return Filing FY 2023-24: Top myths busted – what you should keep in mind when filing ITR – Times of India

By Parizad SirwallaIncome Tax Return Filing FY 2023-24: The process of Income Tax Return (ITR) filing in India has become technology oriented. This article provides a high-level understanding on personal income tax filing for Financial Year (FY) 2023-24, outlining the conditions and necessary documents.Who is required to file ITR?Individuals are required to file only if their total income in a financial year FY (April to March) exceeds the basic exemption limit viz.if opting for the old tax regime – Rs 2.50 Lacs (if age below 60 years or a Non-Resident), Rs 3 Lacs (if age is 60 years or more but below 80 years) or Rs 5 Lacs (if age is 80 years or more). In case you choose the default new tax regime, the basic exemption limit is Rs 3 Lacs.There are additional conditions which require an ...
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Former defence secretary raises Rs 250 crore venture capital fund – Times of India

NEW DELHI: From spearheading corridors of power and scripting the country's policy narrative to migrating to world of venture capital and finance, Ajay Kumar - former defence secretary - is all set to don the hat of a money-making finance professional.Kumar, who retired from the defence ministry in Oct 2022 and was previously additional secretary in the IT ministry, has company from other former defence honchos who come in as advisers, including retired Indian Air Force chief R K S Bhadauria, former Indian Navy vice chief S N Ghormade and retired electronics and mechanical engineers (EME) director-general Lt.Gen Anil Kapur.Kumar is chairman of the venture capital firm Mounttech Growth Fund, which in its first round called Kavach, has already raised in excess of Rs 250 crore to invest in...
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Senior advocate alleges ‘China angle’ in Hindenburg report against Adani Group – Times of India

NEW DELHI: Senior advocate Mahesh Jethmalani on Thursday citing Sebi's notice to Hindenburg Research alleged a 'China link' in the preparation of the Hindenburg report against the Adani group, which erased over $150 billion from the conglomerate's market value.Jethmalani, in a post of on X, alleged that American businessman Mark Kingdon contacted the US-based short seller to prepare a report on Adani group and later approached Kotak’s International Investment arm (KMIL) to create an offshore entity, named 'Kotak India Opportunity Fund (KIOF)' that later took large short positions in Adani shares.The senior advocate further said that around $43 million were provided by Kingdon through his Kingdon’s Master Fund, which is owned by the Kingdon family. His Chinese-American wife Anla Cheng is...
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Cheer for common man! Indian Railways to manufacture almost 10,000 non-AC coaches in 2 years to meet growing demand – Times of India

Indian Railways has approved a manufacturing plan for almost 10,000 non air-conditioned coaches in two years to meet the growing demand. Sources told TOI that Railway Minister Ashwini Vaishnaw-led Indian Railways has approved a plan to manufacture 9,929 non-AC coaches in 2024-25 and 2025-26. Of these, 4,485 non-AC coaches will be manufactured in the ongoing financial year 2024-25 and next year, that is in 2025-26, another 5,444 such coaches will be rolled out.General seating coaches will have more than one-third share of the total number of coaches to be manufactured.Recently, Indian Railways had introduced two new Amrit Bharat push pull trains with non-AC coaches for the common man. These new trains, with several passenger friendly features, were a faster travel option for budget trave...
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Budget 2024 income tax expectations: Top 10 things FM Sitharaman should do for salaried taxpayers – Times of India

Budget 2024 income tax expectations: Finance Minister Nirmala Sitharaman should increase the basic exemption limit under the new income tax regime and also raise the standard deduction threshold in the Union Budget 2024, says EY in its pre-Budget 2024 recommendations.Currently the basic exemption limit under the new income tax regime is Rs 3 lakh. Standard deduction of Rs 50,000 is available in both the old and the new income tax regime.The top Budget 2024 income tax expectations and recommendations by EY are as follows:Increase in the basic exemption limit from Rs 3 lakhs to Rs 5 lakhs in the new tax regime and reduction in tax rates, in order to provide more disposable income in the hands of taxpayers Overhaul of the capital gains tax structure – change in tax rates, method of computa...
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Stock market today: BSE Sensex opens in green; Nifty50 above 24,000 mark – Times of India

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Monday. While BSE Sensex was above the 79,000 mark, Nifty50 was over 24,000. At 9:16 AM, BSE Sensex was trading at 79,071.24, up 39 points or 0.049%. Nifty50 was at 24,034.65, up 24 points or 0.10%.Last week, equity markets continued their upward trend for the third straight week, with Nifty reaching new highs.However, the index faced some pressure at higher levels due to profit booking."We expect this positive momentum to continue at a steady pace with stock-specific action. However, the release of economic data points this week would keep a little volatility in the market. Sector like Auto is expected to be in the limelight as OEMs would release their monthly auto Sales number," said Si...
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UK plant strike: Tata Steel plans legal action – Times of India

MUMBAI: Tata Steel plans to challenge the validity of its UK unit's trade union's call for an indefinite strike from July 8 over its move to close certain parts of the operations on the Port Talbot site. The company wants to close two blast furnaces in Port Talbot and switch to lower carbon electric arc furnaces. The closure will lead to axing of 2,800 jobs and the switch to electric arc furnaces - a proposal backed by 500 million pounds of govt money - will help Tata Steel to turn around its loss-making UK operations. var _mfq = window._mfq || []; _mfq.push(["setVariable", "toi_titan", window.location.href]); !(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t, s) { ...
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AI doomerism has quietened down: Infosys chairman Nilekani – Times of India

BENGALURU: Infosys chairman Nandan Nilekani has dismissed the possibility of a single dominant GenAI model overshadowing others, even as a new generation of AI applications and services emerges. Speaking at the company's 43rd annual general meeting, held virtually on Wednesday, Nilekani said, "As we look at the larger business environment, we are now into the second year of the GenAI revolution, and the initial AI doomerism has quietened down.People have accepted that, like any other general-purpose technology - be it electricity, nuclear energy, the internet, or even a discovery like fire - GenAI has enormous potential for good when advanced within the guardrails of responsibility. It is also clear that there won't be a scenario where we'll have 'one model to rule them all'."According ...
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