BUSINESS
RBI paper calls for cautious monetary approach as food inflation bites
If high food inflation persists, a more cautious monetary policy approach is warranted to squelch the propagation of food inflation pressures in a more generalised inflation
BUSINESS
MCA probing Snapdeal, part of a wider investigation into past Chinese investments in 700 companies
The company says it has responded to the ministry's queries and has no Chinese investor now
ECONOMY
Access to loan made easy: Public sector banks to develop internal credit rating systems for MSMEs by Oct
The finance ministry supports small businesses to get loans at a more affordable rate amid bid to reduce their dependence on external credit ratings while borrowing funds.
BUSINESS
Need tax revenue to fund innovation in India’s push for green power: FM Sitharaman
Till the time India gets a lead in battery storage, the country will still depend on fossil fuels like coal, crude oil, she said.
BUSINESS
Net direct tax collection jumps over 22% till Aug 11
The Central Board of Direct Taxes (CBDT) said net direct tax collection of Rs 6.92 lakh crore includes Corporation Tax (CIT) of Rs 2.2 lakh crore
BUSINESS
More institutions likely to be asked to share info with I-T dept on specified financial transactions below Rs 10 lakh/annum
The threshold could be lowered to Rs 5 lakh, said an official. Currently, banks, post offices, NBFCs, stock exchanges and a host of other institutions share the data with the I-T dept.
BUSINESS
Evasion of duties and cess will now attract up to 100% penalty plus interest
The amendments to the Finance Bill that now allows for this come after a 2022 Bombay High Court ruling against the tax department saying no interest and penalty can be imposed on demand of additional customs duty.
BUSINESS
Yielded to the voice of the people on real estate LTCG, says Finance Minister Sitharaman
Nirmala Sitharaman reiterated the government’s commitment to middle class with the measures taken in the last few years, adding that the discussions on the long term capital gains tax have been twisted and turned.
BUSINESS
MC Exclusive | IBA to take up banks' concerns over LCR guidelines with RBI
The major recommendation by the banks is to incrementally increase the run-off rate instead of 5 percent in one go and also extend the deadline
BUSINESS
Fintechs need to balance innovation and regulatory compliance: Fin services secretary
The RBI has started having monthly discussions with fintech ecosystem on technological requirements to allay their apprehensions
BUSINESS
MCA explores disciplinary action against CAs, company secretaries in 500 Chinese companies
The ministry has found that many of these companies are non-existent at their registered addresses. In some cases, they had received investment but were now into businesses other than what they were registered for. These are incorporation-related frauds.
BUSINESS
MCA’s Byju’s investigation likely to focus on use of SPV funds: Official
The ROC, which operates under the ministry of corporate affairs, has completed an initial probe into Byju’s and has recommended a further investigation.
BUSINESS
Excl: MCA likely to strike off upto 400 Chinese companies over next 3 months
These companies are found to have incorporation related fraud or financial frauds. Some companies have an Indian director, but the bank account is operated from China.
BUSINESS
Government may decriminalise delay in TCS filing in Finance Bill, says CBDT chairman
The proposed relief is being considered on the similar lines as announced for TDS in the Union Budget.
BUSINESS
Finance Ministry denies report on short-term capital gains tax hike
The 2024 Budget raised STCG tax on specific financial assets to 20 percent from 15 percent.
ECONOMY
Nitin Gadkari writes to FM, seeks withdrawal of 18% GST on life, medical insurance premiums
GST on medical insurance premium is proving to be a deterrent for the growth of this segment of business which is socially necessary, the minister has said.
BUSINESS
Sovereign gold bonds will get at least 12% total return: Revenue Secy
Investors who participated in the SGB scheme 2016-17 -series 1, issued in August 2016, are nearing their final redemption, which is set for the first week of August 2024.
BUSINESS
No further change in LTCG rates in medium term: Revenue Secretary
The Union Budget for 2024-25 announced a 12.5 percent long-term capital gains tax (LTCG) on all financial and non-financial assets, in effect from July 23.
BUSINESS
India’s growth likely to be closer to 7.5% in FY25: NCAER DG Poonam Gupta
Budget guidance on fiscal restraint is likely to keep the economy in good stead.
BUSINESS
Salary payments, PF contributions could determine credit line for MSMEs
Banks are working on a new credit model for MSMEs and home loans which is based on parameters like payment of salaries, bill payments, PF contribution, etc. This is likely to come into effect in October 2024.
BUSINESS
Bank of Maharashtra may meet 25% MPS norm in FY25: DFS Secy
"It is unlikely that all banks will meet the MPS requirements in the current year as the gap in MPS among public sector banks (PSBs) is substantial, with figures as high as 97-98 percent for some."
ECONOMY
Finmin has asked RBI to nudge pvt lenders to increase corporate lending: DFS Secy
"Cost of employee to bank is very high in PSBs. The public sector banks must enhance their operational efficiency and reduce costs by leveraging AI and technology," the official added.
BUSINESS
Govt asks public insurers to move out of motor, health insurance to reduce losses: DFS Secy
The performance of these public sector insurers will be reviewed in FY25 to plan any further capital infusion, he said.
BUSINESS
CBDT consolidates review process with single order covering six assessment years
"The searches conducted from September 1, 2024 onwards will follow this new amendment in the Income Tax Act."
