In the face of tax blow, brokerages remain sanguine about the prospects of asset management companies (AMCs). A sharp correction in the shares of AMCs over the past three months factors in most of the negatives and turned valuations attractive, observe analysts. In its latest report, Kotak Institutional Equities (KIE) has upgraded HDFC AMC to 'add' (from 'reduce') and reprised 'add' and 'buy' ratings on the rest of the listed AMCs - Nippon, UTI, and Aditya Birla Sun Life.
'Extensive thought has been put in, and we have pondered over each and every suggestions and demands received from our members.'
The Budget has levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
Indian bourses are likely to benefit from higher foreign fund flows as cracks appeared in the Chinese stock markets after the government tripled the tax on securities transactions to cool a rally.
Discussions are said to have been heating up over how long a tax indemnity clause, which is part of such deals, should run, according to multiple people familiar with the matter.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
Companies in China, South Korea and Indonesia pay 25 per cent tax, while those in Malaysia pay 24 per cent. Only Japan has a higher tax than India at 30.6 per cent. Hong Kong has the lowest corporate tax rate of 16.5 per cent while Singapore has 17 per cent rate and Thailand and Vietnam levy 20 per cent tax on companies.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
During the first quarter ended June, gross tax collections fell 31 per cent driven down by a massive 76 per cent plunge in advance tax mop-up, as the country was in a full lockdown due to the pandemic.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
Using credit or debit cards abroad can prove costly.
In a memorandum to the Finance Minister, the exchanges said that FM's proposal to impose the Commodities Transaction Tax (CTT) will ruin the budding commodity futures business in India. In its arguments, it said CDM is at a nascent stage. It is only 4 years old. Participation of banks, mutual funds, FIs, FIIs is still not allowed. Options contracts, index futures & futures based on intangibles are still to come. Cost increase in India will induce hedgers to global exchanges.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Experts believe that the government needs more innovative ways to secure the cyber space in the country and a cess is more like a punishment which would not help in the long run.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Chirag Gupta, who trades in futures & options, had made a profit of Rs 6 lakh, but...
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
With billionaire Gautam Adani charged in the United States with alleged bribery and fraud, the Congress on Thursday said it 'vindicates' its demand for a Joint Parliamentary Committee investigation into the various 'scams' involving his conglomerate.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Jaitley's fifth Budget has provided little relief to the middle class.
Five key capital market announcements from the previous Budget.
Principal economic advisor, Ila Patnaik, is coordinating the work on Economic Survey 2013-14.
Capital markets regulator Sebi on Wednesday asked all investors to link their PAN with Aadhaar number by March-end for continual and smooth transactions in the securities market. The non-compliance with this would be considered non-KYC compliant, and there could be restrictions on securities and other transactions until the Permanent Account Number (PAN) and Aadhaar are linked, Sebi said in a statement.
Government needs to rationalise taxation policies to promote investments through stock markets, says BSE chief.
If an equity share is purchased before January 31, 2018, at Rs 100 and the highest price quoted on January 31, 2018, in respect of this share is Rs 120, there will be no tax on the gain of Rs 20.
Promoter entity RRPR - owned by Prannoy and Radhika Roy - says allegations baseless; replies to queries by Sebi.
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
If the shares are purchased for investment, then it would be treated as a capital asset and taxed as capital gains.
But if the shares are bought and sold in a short duration repeatedly, then it would be taxed as business income, explains Amit Gupta.
Understanding InvITs properly will enable investors to make an informed decision, says V K Bansal.
Shares of brokerages and market infrastructure institutions (MIIs) witnessed heavy selling pressure following the Securities and Exchange Board of India's (Sebi's) pivot to a uniform fee structure, which analysts fear could dent revenues. Discount brokerages, which currently benefit from a spread between client charges and exchange fees, are expected to be most affected. Shares of Angel One, the third-largest brokerage by active clients, fell 8.7 per cent. Groww and Zerodha, the largest brokerages, are not publicly listed.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
FIIs fear short-term capital gains would give rise to tax uncertainty and make their operations difficult, reports Pavan Burugula from Mumbai.
The share of foreign loans in total Adani group debt portfolio dropped to 61 per cent by September 2023 from 63 per cent as of March 2023, as the group repaid part of its foreign loans and refinanced part of older loans. The share of Indian lenders, on the other hand, rose to 39 per cent in the total debt pie in September 2023 from 37 per cent in March after a report by US-based short seller Hindenburg Research in January last year, which led to volatility in the share prices of group companies. The group's total debt remained static at Rs 2.26 trillion in the same period.
The Reserve Bank will consider reducing the number of free ATM withdrawals, as recommended by Indian Banks' Association, in an effort to cut down on cash transactions in the economy.
