Income Tax Returns News Live: What you need to know about December 31st deadline

• Missing the final deadline of December 31, 2023, for filing Income Tax Returns (ITR) can result in significant financial penalties under Section 234F of the Income Tax Act.
• Penalty structure: Rs 5,000 if the return is filed on or before December 31 of the assessment year.
• Rs 10,000 if the return is filed after December 31 but before March 31 (end of the assessment year).
• For individuals with a total income of up to Rs 5 lakhs, the penalty is reduced to Rs 1,000.

Capital market regulator SEBI has approved the IPO of DAM Capital Advisors, headed by veteran banker Dharmesh Mehta, for an issue comprising solely of an offer-for-sale. Nuvama Wealth Management is the sole merchant banker for the public issue, and Link Intime India is acting as the registrar. The issue is fully an offer-for-sale and the entire IPO proceed will go to selling shareholders. (Read More)

• If you miss the initial deadline, the Income Tax Department allows you to file a belated ITR. However, as per Section 234F of the Income Tax Act, filing your return after the normal due date attracts a late filing fee of Rs 5,000. For taxpayers with a total income below Rs 5 lakhs, this fee is reduced to Rs 1,000. It’s important to file on time to avoid these additional costs.
• The Income Tax Department states, “Any person who has not furnished a return of income within the time allowed under Section 139(1) or a notice issued under Section 142(1) may file a return for any previous year—at any time up to three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. However, a belated return attracts late filing fees under Section 234F."

The deadline for filing belated Income Tax Returns (ITR) for the financial year 2023-24 is quickly approaching. With the year coming to a close, it’s crucial to complete this obligation promptly. If you haven’t yet filed your ITR, remember that December 31, 2024, is the final date to do so. Missing this deadline could lead to penalties and interest charges for late filing.

• The Reserve Bank of India (RBI) approved billionaire Burman family's plan to buy more shares in financial services provider Religare Enterprises, the company said on Tuesday.
• The Burmans, who founded and control consumer goods conglomerate Dabur India, raised their stake in Religare to nearly 25% in September last year, triggering a so-called open offer to buy more shares.
• The Burmans planned to buy around 26% more of Religare to bolster their presence in the rapidly growing financial services sector, but Religare refused to apply for regulatory approvals for the open offer. (Reuters)

The book-built issue is set to be listed on both the BSE and NSE, with the Mobikwik IPO likely to debut on December 18, 2024.

The Mobikwik IPO has a market capitalisation of Rs 2,295.45 crore. In FY24, the fintech company achieved approximately 59% year-on-year (YoY) revenue growth, while its Profit After Tax (PAT) surged by nearly 117%.

S&P Global Ratings on Tuesday said the Indian economy is set for "resilient growth" in 2025 and projected inflation pressure to recede which will lead to "modest" easing of the monetary policy by the RBI. In its India outlook for 2025, S&P also retained India's growth forecast for current fiscal at 6.8 per cent, followed by 6.9 per cent growth in 2025-26. (PTI)

Link Intime India Private Limited has been appointed as the official registrar for this public offer. SBI Capital Markets and DAM Capital Advisors are serving as the lead managers for the issue.

Bidders can apply for the Mobikwik IPO in lots, with each lot consisting of 53 company shares. Mobikwik shares have been trading in the grey market well before the IPO opening date. According to stock market observers, the company's shares are currently available at a premium of Rs 132 in the grey market.

One Mobikwik Systems Limited is launching its initial public offering (IPO) in the Indian primary market tomorrow, December 11, 2024. The fintech company has set the IPO price band at Rs 265 to Rs 279 per share. The subscription window for the Mobikwik IPO will be open from Wednesday, December 11, to Friday, December 13, 2024.

• GST-registered persons responsible for deducting TDS under GST.
• TDS deduction applies when the value of taxable supply exceeds ₹2.5 lakh.
• Taxpayers who registered for TDS under GST in November 2024 are exempt from filing GSTR-7 for October 2024.
• Taxpayers should verify deduction records for accuracy before submission to meet filing requirements.

•  In an advisory dated December 4, 2024, the GSTN announced that sequential filing of GSTR-7 is now mandatory, effective for tax periods beginning from October 2024.
• Sequential filing requires that returns be submitted in chronological order, starting with the October 2024 period. Taxpayers who have not deducted TDS for a given period must still file a Nil return for that month to maintain compliance.

The Goods and Services Tax Network (GSTN) has reminded GST-registered taxpayers to file their GSTR-7 returns by December 10, 2024. This applies to all GST registrants required to deduct Tax Deducted at Source (TDS) under GST regulations.

• Open-ended equity mutual fund inflows dropped to Rs 35,943.49 crore in November, down 14.2 percent from the previous month, as investments into large-cap and thematic/sectoral funds cooled, data released by the Association of Mutual Funds of India (AMFI) on December 10 showed.
• Inflows into open-ended equity funds stayed in the positive zone for the 45th month in a row. (Read More)

Our effort has been to make monetary policy as appropriate as possible given prevailing economic conditions and outlook: Outgoing RBI Guv Das.

• RBI Das: Every challenge we faced was learning for us and it deepened our supervision. It has improved our supervision. Today, RBI supervision is much sharper than it was earlier, says Das
• RBI governors keep in mind requirements of wider economy; it is a judgement call that every governor takes: Outgoing Guv Das

• RBI Das: In life of any organisation, and central bank, there is always an unfinished task. I don't like to call it as unfinished task, but it will be work in progress, says Das
• Growth is impacted by multiplicity for factors not just repo rate. Should not be looked at simplistically, says Das
• RBI Das: Our efforts was that taxpayers money are not burdened
• Restoring inflation-growth balance is the most important task ahead of RBI: Outgoing RBI Guv Shaktikanta Das

• RBI Das: The coordination and relationship between the finance ministry and RBI, they have been at their best.
• RBI Das: The same level of coordination will continue as I am speaking to you
• Perception of central bank and govt tends to be different at some times. It happens world wide
• Governors of central bank keep in mind the mandate of wider economy, says Das

• We have given lot to attention to cyber security. That is a continuing task. It will be a continuing challenge for every central bank including RBI
• RBI Das: Our focus was to capitalise the harnessing the new technology.
• Focus has been in harnessing the benefit of new technology. Set up RBIIH and sandbox. CBDC is another area where RBI is a pioneer, says Das
• CBDC has huge potential and is the future of currency, says Das
• Financial inclusion is continuing responsibility and task. This has to continue, says Das
• Have launched many innovative products under UPI which has emerged as a pioneer in the global payments system, says Das
• I would look forward for a nation wide roll out of unified lending interface, says Das

'All my best wishes to my successor,' says Shaktikanta Das for Sanjay Malhotra. When asked about what 'mantra' he will give to his successor, Das said, " What I will tell Sanjay should remain between him and I."

• A consultative approach behind all decisions in the last six years, says Das
• We hold meetings with stakeholders, and float discussion papers, says Das

• My approach was to work as a team at RBI, says Das
• Resorting inflation growth balance is task ahead for RBI. The new governor will take it forward, says Das
• The world order is changing. It is necessary to remain alert in this situation, says Das.
• Geo economic dynamics is fast changing and it’s important to remain agile. I’m sure RBI will be ahead of it, says Das

RBI Governor News Live: Outgoing Central Bank Governor Shaktikanta Das has begun his farewell addresses.

'Joined RBI at 4pm on Dec 12. Not presenting report card or making statements. Just sharing a memories,' says Das

With rural consumption, government spending, and private sector investments identified as key drivers, the Mahindra Group has drawn up expansive capex plans, around Rs 30,000 crore over three years, spanning electric vehicles, solar energy, and farm machinery, Anish Shah, managing director and CEO of the Mahindra Group, told Moneycontrol in an exclusive interview. (Read More)

New RBI Governor Sanjay Malhotra spoke with reporters outside the Finance Ministry in morning a while back. In his brief interaction, Malhotra said that "One has to understand the turf, all perspectives and do what's best for the economy." He also said that "will continue to work based on requirement of the economy."

"Malhotra’s appointment is likely to increase market expectations of rate cuts in 2025, in terms of both quantity and timing. At the 6 December MPC meeting, two of six members voted in favour of a cut." - Standard Chartered

"The MPC will sport an almost-new look by the February MPC meeting – with five out of the six members being relatively new. This newness will likely bring uncertainty, but we believe that peak inflation is behind us and that monetary conditions should be eased to support growth." - Barclays

• "The appointment of Mr Malhotra could set a new direction for the RBI. Admittedly, at this very early stage, not much is known about his monetary policy views. But in comments last week, he did voice considerably more concern over the health of the economy than Mr Das did during Friday’s policy announcement.
• "Under Das's leadership, we had forecast that cuts to the repo rate would only begin in April. But given (the) announcement, we are now forecasting the first 25bp cut at Malhotra’s first meeting in charge in February." -  Capital Economics

• Log in to the bank account used for the IPO application.
• Review the transaction history for any debits or refunds related to the IPO.
• A successful allotment will show a debit corresponding to the application amount.

• Log in to your Demat or trading account.
• Verify if the allotted shares have been credited to your account.
• If the shares are visible, the allotment has been successful.

• Visit the BSE website.
• Select "Equity" under the Issue Type category.
• Choose "Emerald Tyre Manufacturers Limited" from the list.
• Enter either your application number or PAN.
• Complete the captcha and click "Submit" to view your allotment status.

• Go to the Link Intime website.
• Select "Emerald Tyre Manufacturers" from the dropdown menu.
• Choose your preferred identification method: PAN number, application number, or DP/Client ID.
• Enter the required details.
• Click the "Search" button to view your allotment status. (Read More)

Investors can easily check the allotment status of the Emerald Tyre Manufacturers IPO using two main methods: through the IPO registrar, Link Intime India Private Ltd, or the BSE website. Here’s a step-by-step guide for each method.

Retail investors applied for 955 million shares, oversubscribing their allocated 1.71 million shares by 558.11 times. Non-Institutional Investors (NIIs) bid for 668.8 million shares, surpassing their reserved 733,200 shares by a subscription rate of 912.18 times. Qualified Institutional Buyers (QIBs) applied for 191.4 million shares, oversubscribing their quota of 976,800 shares by 195.95 times.

• The share allotment for Emerald Tyre Manufacturers Limited’s initial public offering (IPO) is expected to be finalized on Tuesday, December 10, a day after the public offer closed for bidding. The IPO received strong demand, especially from non-institutional investors.
• It was oversubscribed by an impressive 530.59 times, with investors applying for 1.81 billion shares, compared to the 3.42 million shares on offer.

The company reported revenues of Rs 8,900 crore in FY24 and operates 645 stores across 414 cities in 30 states and union territories, with a total retail space of 11.5 million square feet.

Continuum Green Energy, which is backed by specialist sustainable investor Just Climate and Morgan Stanley Infrastructure Partners, has filed draft papers with the market regulator to raise Rs 3,650 crore via an initial public offer ( IPO), as per exchange filings reviewed by Moneycontrol. (Read More)

Vishal Mega Mart (VMM) is a prominent retail chain serving middle- and lower-middle-income consumers across India. It offers a diverse product range, including in-house and third-party brands, across three main categories: apparel, general merchandise, and fast-moving consumer goods (FMCG).

Vishal Mega Mart shares are witnessing strong demand in the grey market, with the current GMP at Rs 25, indicating a potential listing premium of approximately 32%. This reflects an increase from the Rs 17 GMP recorded over the weekend.

The Indian rupee weakened to a record low on December 10, pressured by heightened expectations of domestic rate cuts next year after the government named career bureaucrat Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI). The rupee hit a low of 84.80 in early trading, surpassing its previous all-time low of 84.7575 hit last week. (Read More)

The IPO will open for public subscription on December 11 and close on December 13. The allotment of shares is expected to be finalised by December 16, with the listing on the BSE and NSE scheduled for December 18.

Retail investors can bid for a minimum lot size of 190 shares, requiring an investment of Rs 14,820. Small non-institutional investors must bid for at least 14 lots, totaling 2,660 shares at Rs 2.07 lakh. Meanwhile, large non-institutional investors are required to bid for a minimum of 68 lots, equivalent to 12,920 shares, amounting to Rs 10.07 lakh.

Vishal Mega Mart, backed by Kedaara Capital, has announced a price band of Rs 74-78 per equity share for its Rs 8,000 crore IPO. The offering will close on December 13, with the bidding window for anchor investors opening on December 10 for a single day.

Vishal Mega Mart, a leading supermarket chain, will open its initial public offering (IPO) on December 11, targeting Rs 8,000 crore through an offer for sale (OFS). The company’s shares are currently trading at a 31% premium in the grey market, with the latest grey market premium (GMP) recorded at Rs 24.

• India retail inflation likely fell to 5.53% in November after breaching the central bank's 6% upper tolerance band as the arrival of fresh produce to markets moderated soaring vegetable prices, a Reuters poll of economists found.
• The Reserve Bank of India held interest rates steady last week, as predicted in a separate Reuters poll, citing price pressures, despite news of a surprise sharp slowdown in economic growth last quarter.
• Inflation unexpectedly rose to a 14-month high of 6.21% in October, driven by the fastest vegetable price rises in nearly four years. An additional import duty imposed on edible oils in September has also increased price pressures significantly. (Reuters)

• The Indian rupee is likely to weaken to its lifetime low on Tuesday after the government named career civil servant Sanjay Malhotra to replace outgoing Reserve Bank of India Governor Shaktikanta Das, prompting heightened expectations of rate cuts next year.
• The 1-month non-deliverable forward indicated that the rupee will open at around 84.80-84.82 to the U.S. dollar, eclipsing its previous all-time low of 84.7575 and lower from its close of 84.73 in the previous session. (Reuters)

• Gold prices extended gains on Tuesday, buoyed by top consumer China's pledge to ramp up policy stimulus to help spur economic growth, with investors awaiting U.S. inflation data for further insights into the Federal Reserve's interest rate outlook.
• Spot gold had gained 0.4% to $2,669.84 per ounce, as of 0248 GMT. U.S. gold futures rose 0.3% at $2,692.50.
• Gold hit a two-week high on Monday, supported by China's central bank resuming purchases after a six-month hiatus. (Reuters)

• On 9 December, the Government’s unexpected announcement naming revenue secretary Sanjay Malhotra as the next RBI Governor came amid strong speculation that current RBI governor Shaktikanta Das was due for a third term in office.
• With this, Das’s six-year long era is ending at Mint Road. Das, who is already one of the longest serving governors in the central bank’s history, took over at a time when the economy was on a roller coaster ride. (Read More)

The policy stance of the incoming Reserve Bank of India (RBI) Governor, Sanjay Malhotra, remains largely unknown. However, there is broad consensus that the current Revenue Secretary is assuming the role at a time of heightened volatility and global uncertainty. As Governor, he will face the critical challenge of striking a delicate balance between managing inflation and supporting economic growth during this turbulent period. (Read More)

RBI Governor News Live: Immensely grateful to PM for giving me this opportunity, says Shaktikanta Das in his farewell note

Asian equities advanced after China’s top leaders signaled bolder stimulus next year as they seek to revive the world’s second-largest economy.

Benchmark stock indexes in China and Hong Kong both jumped from the open, while those in Japan and South Korea also climbed. Iron ore gained thanks to Beijing’s announcement, as the country is a major importer of commodities.

China’s Politburo vowed to embrace a “moderately loose” strategy for monetary policy in 2025, marking its first major shift in stance since 2011. The top leaders pledged to take a “more proactive” approach on fiscal policies, stabilizing property and stock markets, while promising to “forcefully lift consumption.” Investors will now shift focus to China’s annual closed-door Central Economic Work Conference, due later this week.