Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Finance Minister Nirmala Sitharaman on Thursday proposed to borrow Rs 14.13 lakh crore by issuing dated securities to meet revenue shortfall in the next financial year starting on April 1.
A portfolio can be rebalanced by either selling a portion of the outperforming asset class or by buying more of the underperforming asset class.
Ahead of the upcoming budget, eminent economists during a meeting with Prime Minister Narendra Modi on Thursday urged the government to take steps to accelerate economic growth and improve infrastructure, sources said. The meeting was organised by the NITI Aayog on Thursday to elicit views and suggestions of economists for the first budget of the Modi 3.0 government. "Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth," Modi said in a post on X.
Adequate tax planning in the first week of the financial year can help you reap rich rewards. Investors can consider the following investments for 2008-09. Public provident fund - a 15-year scheme, where you can invest up to Rs 70,000 each year, for deduction under section 80C. Equity linked saving schemes is also exempted under section 80C. Five year fixed deposits too are profitable options. A shortfall in the number of installments would lead to increase in tax liability.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'The consensus was that the debate was between looking backward and looking forward.' 'Trump, with his great enamourment of his own 'achievements,' was obviously looking backward, while Harris, nearly 20 years his junior, was focussing on the future, with hope,' notes Shreekant Sambrani.
Upstream majors ONGC and Oil India (OIL) results for the January-March quarter (Q4) of FY24 suggest better production in future. But OIL missed its own production targets although it delivered higher volumes and it disappointed the market in terms of Ebitda. ONGC reported standalone Ebitda of Rs 17,400 crore (up 7 per cent year-on-year or Y-o-Y) in Q4FY24, slightly below estimates due to other higher expenses.
'I am very happy to see that the work is starting to bear some fruit now.'
A retirement fund can be helpful for all age groups, but ideally one should start investing early to beat market swings and gain from compounding.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
India's leading steel companies hope the Modi 3.0 Budget will continue the massive capital expenditure currently underway, focusing on infrastructure development, manufacturing, and fair trade. The infrastructure segment is the largest steel user, and the government's focus has fuelled steel consumption even as international markets have underperformed. According to provisional statistics, steel consumption grew 13.6 per cent in FY24, reaching 136 million tonnes (mt), according to a CRISIL report.
'Banks make money because they take the right credit calls. So they need to focus on risk mitigation rather than risk avoidance.'
Private credit is fast emerging as a major source of finance for projects in India as several entrepreneurs are looking for short-term debt to bridge the funding gap due to difference in pricing for equity dilution, top officials at PwC India said. They said while new private equity (PE) investments during the past two years have declined, several public market exits by PEs were observed during that period. Several companies are likely to approach capital markets in the near future to provide liquidity to PE fund investors.
'The world is yet to watch him, show his prowess as a batter, but given the chance he will do a great job.'
Finding the right way to save taxes requires a great deal of planning. Here's a helping hand.
Experts say you should be certain of living in a city and locality for a long time before purchasing a home.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
'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.'
'A policy that covers a wider range of diseases will offer greater peace of mind.'
Continuing our series on how to achieve Financial Independence and Retire Rarly (FIRE), Vatsal Ramaiya emphasises the importance of planning for retirement.
Mahindra & Mahindra on Wednesday posted a 20 per cent increase in its consolidated net profit at Rs 3,283 crore for the first quarter ended June 30, 2024. The Mumbai-based company had reported a profit after tax of Rs 2,745 crore in the year-ago period. Revenue rose 10 per cent year-on-year to Rs 37,218 crore as compared to Rs 33,892 crore in the June quarter of last fiscal, the company said.
Several BJP-backed state governments have unveiled schemes targeting the poor, women, farmers and students, following the party's setback in the Lok Sabha polls.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy six-figure salary.
The Centre is planning to establish a Taxation Information Exchange System to track inter-state trade of all commodities after the phase-out of Central Sales Tax.
Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Buy from an established agent rather than a novice who may not be around when you need his assistance.
ELSS, or tax savings funds, are diversified equity funds that offer a benefit under Section 80C. Here's how to make sure you invest smartly.
'Sebi had no problem with derivatives until trading exploded after Covid.' 'But now, having built a dangerous road, from which different entities, mainly governments, are extracting a heavy toll, Sebi is concerned that people are driving on it in much greater numbers,' explains Debashis Basu.
Voltas saw strong growth in both UCP (Unitary Cooling product) and EMPS (electro mechanical projects) segments.
Tax deductions and prioritising their sequence will help you streamline your investments for efficient tax saving.
All the four listed private life insurance companies recorded a drop in value of new business (VNB) margin in the financial year 2023-24 (FY24) as compared to FY23. This is because of a higher share of unit-linked insurance plans (Ulips) in the product mix. VNB is a measure of the economic value of profits expected to emerge from a new business.
Adani group plans to invest about Rs 1.3 lakh crore across its portfolio companies this fiscal as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, group CFO said on Tuesday. The investment across portfolio companies that range from ports to energy, airports, commodities, cement and media will be 70 per cent met through internal cash generation and the remaining through debt, Group CFO Jugeshinder 'Robbie' Singh told reporters in Ahmedabad.
In the event of the BJP's poor performance in the assembly polls this year and in early 2025, Modi's hold will get further weakened because he will no longer remain the invincible electoral persona tightly controlling the machine at his disposal, asserts Nilanjan Mukhopadhyay.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
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