Here are the top stories this afternoon:
Debt mutual funds may lose long-term capital gains taxation benefit
In a major blow to debt fund investors, a proposed amendment to the Finance Bill, 2023, is said to likely take away the benefit of 20 percent tax with indexation benefit that debt mutual funds currently enjoy. This is based on a copy of the proposed amendments to the Finance Bill, 2023, that has been circulating on social media and WhatsApp groups. Details here
Accenture layoffs: How much will it impact Indian ops and employees?
Spate of layoffs in technology firms continues as Accenture prepares for another round of pink slips. In the next 18 months, the IT behemoth is planning to fire 19,000 employees (about 2.5% of its global headcount). The impact on its Indian operations, however, is unclear. Accenture has over 3 lakh employees in India. More here
Jack Dorsey’s wealth tumbles $526 million after Hindenburg short
Block Inc. co-founder Jack Dorsey’s net worth was hammered after Hindenburg Research’s latest report, which alleged the payments company ignored widespread fraud. Dorsey’s fortune plunged by $526 million, his worst single-day decline since May. He’s now worth $4.4 billion after the 11% drop, according to the Bloomberg Billionaires Index. Read more here
Why credit cards on UPI is a game changer
The growth of Unified Payments Interface (UPI) transactions in number and value can be explained by the ubiquitous presence, offline and online, of its acceptance infrastructure, and its ease of use. The spectacular growth of UPI has been seen to compete with credit card spends, as customers end up using UPI given its omnipresence and ease of use, even if they hold a credit card. More here
Asian Energy doubles in a month despite rating downgrade over deterioration financial performance and credit metrics
Shares of Asian Energy Services Ltd surged over 100 percent in the last one month on the back of higher volumes. The scrip is trading at Rs 110 This gain was despite the weak earnings for the first half of FY23. On Friday, the stock gained as much as 5 percent after its promoter increased its stake in the company. The stock was up five out of six sessions and jumped 37.7 percent during this period. Details here
Income tax department launches AIS mobile app for taxpayers. Here’s what you should know
The Income Tax Department on March 22 unveiled a mobile app to help taxpayers view their tax related information in the Annual Information Statement (AIS) or Taxpayer Information Summary (TIS). The new ‘AIS for Taxpayer’ app becomes important because starting from the upcoming new financial year on April 1, Form 26AS will only display data related to tax deducted at source (TDS) and tax collection at source (TCS). More here
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