COST ACCOUNTANTS
Delhi man pays half a lakh to CA for 1 rupee income tax dispute
Delhi's Apoorva Jain paid Rs 50,000 to a CA due to an Income Tax notice for Re 1. Sharing on social media platform X sparked reactions on the fee and absurdity. The initial dispute involved lakhs, stressing taxpayer challenges, need for transparency, clarity, fairness, and managing additional documentation in complex tax procedures.
This new RBI rule can lower loan costs for you; comparison of home loan charges of SBI, HDFC Bank, ICICI Bank, PNB, Kotak Mahindra Bank
Here are some processing fee and part payment charges of home loan of top banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Punjab National Bank (PNB).
A giant carbon dump gives glimpse into net-zero future
In theory, carbon capture and storage, or CCS, offers the ultimate climate hedge for fossil fuel producers, albeit at a cost of perhaps $10 trillion through 2050.
Projects delayed? Ministries likely to face question hour
The proposed norms being discussed are aimed at making ministries and departments more accountable by introducing rigorous cost analysis while ensuring that projects are executed efficiently without unnecessary escalation in cost, they said.
Delhi HC empowers ICAI to hold CA firms accountable for misconduct
The Delhi High Court has declared that the Institute of Chartered Accountants of India's disciplinary body has the authority to take action for misconduct against both chartered accountant firms and individual chartered accountants. This decision is aimed at enhancing accountability and transparency within the profession. The court emphasized the necessity of strengthening disciplinary mechanisms and urged the swift notification of amendments to relevant acts.
JM Financial cuts Zomato's target price by 8% on ESOP costs
JM Financial has lowered Zomato's target price to Rs 230 from Rs 250, noting that ESOP costs are no longer considered one-off expenses following the approval of a new policy. The formulation of this policy indicates that ESOP costs will be treated as regular business expenses, expected to recur.
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Increasing annual leave to five weeks would cost employers less than you might think
The idea of expanding annual leave to five weeks appears to be gaining traction, spurred by recent advocacy from groups like the Shop Distributive and Allied Employees Association. While certain industries already offer extended leave, such as for continuous shift workers, most employees typically receive four weeks. Australia's annual leave entitlement has remained unchanged since 1974, prompting calls for review amid international comparisons where some countries offer more statutory days.
Latest Sukanya Samriddhi Yojana interest rate: What is the SSY interest rate for July- September 2024 quarter?
Latest Sukanya Samriddhi Yojana interest rate: The SSY is a government-backed small deposit savings scheme to benefit a girl child.
Sebi tweaks rules for Basic Service Demat Account. Check eligibility, charges
Sebi has introduced new rules for Basic Service Demat Accounts (BSDA). To be eligible, individuals must have only one demat account where they are the primary holder and only one BSDA across all depositories.
Hunt on for mule bank accounts; Tata Digital pause on funding
The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.
Counter-questions for the asking
India's growing population, coupled with higher disposable incomes and consumption, has already begun to devastate our carefully constructed cocoons without our realising it. Competitive manufacturing (leveraging economies of scale, procurement, branding and digitalisation) may be enticing more people to consume more (double effect), accelerating planet-stripping.
Anurag Kashyap exposes lavish spending habits of Bollywood celebs: From Rs 2 lakh chef to luxury burger demands
Anurag Kashyap has spoken out about the extravagant expenses in Bollywood, revealing shocking demands from celebrities. In an interview, he highlighted incidents such as an actor's chef charging Rs 2 lakh per day and another actor sending a driver on a three-hour trip to fetch a specific burger from a five-star hotel. Kashyap criticized producers for allowing such excessive spending on entourage costs, which he believes detracts from the core filmmaking process.
Banking return on assets to dip 10-20 bps: Crisil
Return on assets (RoA) of banks, after hitting a 20-year high in the previous year, is forecasted to ease to 1.1-1.2% in the current fiscal year, according to Crisil Ratings. The moderation is attributed to higher deposit costs impacting net interest margins. Credit costs are expected to stabilize, supporting overall profitability as non-performing assets decrease.
What is Cost Inflation Index (CII) for FY 2024-25, FY 2023-24 for income tax purposes?
CII number for FY 2023-24, FY 2024-25: The income tax department notifies cost inflation index number for every financial year. This CII number helps to calculate inflation adjusted cost or inflation indexed cost on specified capital costs. Read on to know the CII number from 2001-02 for different financial years.
Domestic open access solar capacity addition doubles to 1.8 GW in Jan-Mar: Mercom
India added over 1.8 gigawatts (GW) of solar open access capacity in the first quarter of the calendar year of 2024, posting a two-fold increase from 909.3 megawatts (MW) in Q4 2023, the report titled 'Mercom India Solar Open Access Market' said.
NBFCs' funding costs to rise as banks cut back
The cost of funds for non-banks in Mumbai may rise by 200 to 300 basis points as banks reduce funding. Recent data shows a drop in bank funds to non-banks. RBI's actions have impacted bank loans to non-banking financial companies, leading to potential margin squeezes.
New threshold for basic demat accounts
Sebi proposes raising the threshold for basic service demat accounts to ₹10 lakh from ₹2 lakh, aiming to ease the financial burden on retail investors by reducing the cost of maintaining securities in demat accounts.
NHAI's revised toll rates come to effect across highways
NHAI has hiked toll charges by 5% on national highways. The revised user fee has been implemented from Monday, affecting motorists across the country.
G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years
India has made significant strides in digital transformation over the past nine years, with a 96% reduction in data costs and a 1.4 billion people now having a unique digital identity (Aadhar). This has led to greater access and usage of digital services across the country. India's Unified Payments Interface (UPI) has seen exponential growth, contributing 46% of the global share in real-time digital payments.
Here’s how this Gujarati chartered accountant bagged free stay for his kids & cut transport expenses in Dubai
Shah disclosed his accommodation at a hotel charging Rs 12,000 per day. The entrepreneur emphasized his preference for hotels where additional charges for his children were not incurred. "It's always a challenge with growing kids, but fortunately, I consistently find deals where the 'Free Kids' allowance aligns with my children's ages. Moreover, these hotels offer access to Kids Clubs with babysitting services and various activities for children," he wrote.
Cryptoverse: Miners trudge through post-halving world
Bitcoin miners face challenges with halved mining rewards, increased difficulty, and competition from ETFs. Marathon Digital and Riot Platforms have seen stock drops amid bitcoin's price surge.
Cost overruns in central government projects rise to a 12-month high in April
The Indian government's cost overruns in central government projects reached a 12-month high of 20.09% in April, with 1,838 projects with a value of Rs 150 crore and above costing Rs 33.2 lakh crore. The average time for project completion dipped to 35.4 months from 36.04 in March, with 48% of projects delayed for over two years. The government's focus on infrastructure is expected to continue as a growth driver in the coming year.
Ashok Leyland shifts focus on margin improvement through price discipline
Analysts expect 12-12.5% EBITDA margin over the next two fiscal years allowing room for upgrades if the company is able to achieve its guidance of mid-teen margin in the medium to long term.
Credit costs expected to increase if RBI’s proposed norms for projects under construction implemented
There is a possibility that the implementation of this framework will overlap with the expected credit loss (ECL) framework that is required by RBI. The ECL framework requires banks to recognise losses on loans as soon as they are expected to occur, even if the borrower hasn’t actually defaulted.
Dhanalaxmi Bank FY24 net profit up 8.4%
The share of low-cost deposits (current and savings accounts) was 30.6%. Net interest income stood at ₹458 crore and non-interest income at ₹152 crore for FY24.
Cash flow struggles, access to finance continue to be major barriers for India’s small businesses: CPA Australia survey
On access to finance, the survey revealed that 42% of respondents said it was easy to seek funds in 2023, a sharp decline from 69% in 2022.
NPS is a long-term investment with very low costs, low risk profile: Rahul Bhagat, CEO, DSP Pension Fund
Annuity should not be a sore point, because it offers a fixed and assured income for life. It is like a fixed deposit for the rest of your life. An annuity does away with the reinvestment risk and the risk of longevity. At least some part of the retirement portfolio should generate a fixed and assured income, Rahul Bhagat tells Babar Zaidi
BNP Paribas Q1 Results: Co beats estimates as lower costs offset trading slump
BNP Paribas beat first-quarter profit forecasts on Thursday as lower costs and a robust performance in global banking helped to offset a steep fall in its fixed income trading.
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