SCI, NMDC Steel at advanced stages of strategic sale, await nod from PMO
The government's disinvestment agenda is very much on, if at an unsteady pace, according to a senior government official. Some public sector undertakings (PSUs) are at an advanced stage of strategic sale but are awaiting the nod from the top political levels, the official said. While the government has decided to not set divestment targets to chase in the budget, the Department of Investment and Public Asset Management (Dipam) under the finance ministry is hoping to push through strategic sales in companies like Shipping Corporation of India (SCI) and NMDC Steel Limited (NSL). Read more here
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Aavas Financiers: EQT, CVC Capital & Bain in the fray as promoters Kedaara, Partners Group explore full exit
Top global private equity firms EQT, CVC Capital and Bain Capital have independently expressed interest in the ongoing mega stake sale in the works at Aavas Financiers Ltd ( formerly known as AU Housing Finance Ltd), three persons in the know told Moneycontrol. Read here
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Hybrid Cars could see a budget boost with potential cess cut
The upcoming budget may propose reducing taxes on hybrid cars by eliminating the 15 percent cess on top of the 28 percent GST, aiming to boost sales and align tax rates with electric vehicles. Read more here
Mutual funds cashing in on strong demand with theme-based NFOs
With retail investors increasingly embracing the 'mutual fund sahi hai' mantra, asset management companies are capitalizing on this enthusiasm with unconventional offerings. From tourism to business ventures, mutual funds are introducing a variety of new fund offerings (NFOs), particularly in thematic and sectoral funds. According to the latest AMFI data for June 2024, inflows into NFO equity (active) surged by 54.1 percent month-on-month to reach Rs 151.4 billion. Read more here
Seven points to bear in mind before filing income tax returns
It is best to be prepared with fool-proof paperwork before you start the income tax returns filing exercise. Here are a few points you need to bear in mind while filing returns for 2023-24.
Raise senior citizens' basic exemption limit to Rs 10 lakh, say tax experts
Tax experts advocate raising the basic exemption limit for senior citizens from the current Rs 3 lakh to Rs 10 lakh under the new tax regime. They argue that many seniors earning interest income of Rs 5-6 lakh face challenges in filing returns, suggesting the move would significantly improve their quality of life. Despite an estimated revenue loss of Rs 500-1,000 crore, experts believe this adjustment would provide substantial relief to millions of senior citizens, potentially removing them from the tax bracket altogether. Read more here
