FINANCE BILL 2021
Budget 2024: Govt may tweak laws to push banking sector reforms in Budget session
The govt plans to introduce amendments to various banking laws during the Budget session to facilitate banking sector reforms, including privatisation of public sector banks. These amendments aim to decrease government holding in state-owned banks, enhance governance, and protect investors. The upcoming session, starting on July 22, will address these crucial changes.
HCLTech Q1 result; Nasscom on Karnataka gig workers’ bill
India’s third IT major HCLTech’s Q1 profit is up 20% to Rs 4,257 crore. This and more on today’s ETtech Top 5.
Neobank Jupiter's NBFC business raises Rs 20 crore from Peak XV, Matrix, others
Jupiter's NBFC business, Amica Finance, raised Rs 20 crore in equity funding from Peak XV Partners, Matrix Partners, and others. The funding round included issuance of Series A CCPS at Rs 20.43 per share. Jupiter obtained an NBFC license from RBI and a prepaid payments instrument license.
Melinda Gates explains why she left Gates Foundation. Set to launch charitable organization for gender equality
Melinda Gates will be starting her charitable organization focusing on gender equality. She had earlier decided to step down from the Bill Gates Foundation.
22KT, 18KT, 14KT gold price today from Indian Bullion and Jewellers Association (IBJA)
Gold prices on Akshaya Tritiya: If an individual is buying gold jewellery, then they should know the prevailing gold price of 22KT, 18KT or 14KT. This is because these are purity karats used for making gold jewellery. Usually, one cannot buy gold jewellery made of 24 Karat of gold. Read on to know the current gold prices.
Interim Budget 2024 wish list: 15 income tax, personal finance ideas for the Finance Minister
The Union Budget will be announced next month. ET Wealth reached out to experts to know what they want on February 1.
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Winter Session: Lok Sabha passes 18 bills
The Jammu and Kashmir Reorganisation (Second Amendment) Bill: The Bill amends the Jammu and Kashmir Reorganisation Act, 2019, and reserves, as nearly as possible, one-third of all elected seats in the J&K assembly for women. This reservation will also apply to the seats reserved for Scheduled Castes and Scheduled Tribes in the assembly. The Government of Union Territories (Amendment) Bill: It seeks to reserve 33 per cent of seats in the Puducherry assembly for women.
Lok Sabha passes bill to raise age limit of president, members of GSTAT
The Lok Sabha has passed a bill to increase the age limit for the president and members of the GST appellate tribunal. The Central Goods and Services Tax (Second Amendment) Bill, 2023, aims to cap the age for the president and GST appellate tribunal members at 70 and 67 years, respectively, higher than the previous 67 and 65 years.
Amit Shah to move Govt of UTs (Amendment) Bill, J-K Reorganization (Second Amendment) Bill in Rajya Sabha
The Government of Union Territories (Amendment) Bill, 2023 seeks to reserve 33 per cent of seats in the Jammu and Kashmir, and Puducherry Assemblies for women. The legislation has already been passed in Lok Sabha last week.
Banks leverage Bharat Billpay for loan and credit card repayments
For customers who have not adopted a mandate-based loan repayment system, banks are moving to using BBPS to send monthly EMI payment demands
India’s ambitious plan to cut oil import bill by $4 billion confronts vagaries of climate change
Low sugar cane yield, because of inadequate monsoon and shifts in weather patterns, is coming in the way of an effort to reduce dependence on fossil fuels — a step aimed at tackling climate change.
AU Small Finance Bank and Fincare Small Finance Bank merger: How it is likely to impact you
Individuals who have savings accounts, fixed deposits or have availed loans from AU Small Finance Bank and Fincare Small Finance Bank are likely to be impacted by the merger.
How SC's decision on Money Bill will impact LIC IPO, Aadhaar & ED's powers
The constitutionality of several controversial amendments passed by the Modi government, including the Aadhaar Act, Prevention of Money Laundering Act (PMLA), and amendments to the LIC Act, will be examined by a seven-judge bench. The bench will consider the scope of Article 110, which defines a money bill, and its impact on the status quo.
Fintech Slice to merge with North East Small Finance Bank
For Slice, which has been running as a non-banking finance company for the last four years, the option was to either convert itself into a bank by applying for a fresh licence or acquire one (after crossing the five-year mark as an NBFC).
Power companies plug into smart meters for sustainable solutions
Over the past few months, nearly a dozen companies have announced plans and won orders to implement the smart metering project across locations. Why? Consumption data from these smart meters will help power distributors make distribution more sustainable, curb losses, arrest power thefts and leakages, and balance the grid, directly addressing the climate emergency.
S Krishnan appointed as new MeitY secretary
Krishnan takes charge from Alkesh Kumar Sharma, who retired on August 31 this year.
Privacy-focused AI firm DynamoFL raises $15 million from Nexus, Canapi Ventures
The company said it will use the fresh raise to double down on its team strength, while bolstering its engineering capabilities across the machine learning domain, and strengthening its devops function. With the current infusion, DynamoFL has raised $19.3 million till date.
Changes in FEMA rules: Debit, credit cards to have parity; business visits of employees exempted from LRS
The ministry said since credit card spending overseas has now been brought under LRS, such remittances would be liable to tax collected at source (TCS) at applicable rates. If the TCS payee is a taxpayer, he or she can claim credit and adjust it against his/her I-T or advance tax liability.
Discom debt surges 24% to Rs 6.2 lakh crore in 2021-22
The sector's debt rose ₹33,800 crore in 2021-22, 60% less than the ₹85,500-crore increase in the previous financial year, the report said. The sector's financial deficit nearly halved in 2021-22 from 2019-20, following tariff increases, loan takeover by state governments, and improvement in subsidy disbursement and bill collections.
Finance Ministry clarifies on confusion over STT hike on selling options
Under the new rules, option traders will have to pay Rs 6,200 for every Rs 1 crore worth of turnover as against Rs 5,000 that is being paid currently. This translates into a hike of around 25%.
Niti Aayog objects to certain provisions in proposed DESH bill
Niti Aayog has raised objections to certain provisions pertaining to the proposed DESH bill, which seeks to replace the existing law for special economic zones, sources said.
India unlikely to take a tough stance on cryptocurrencies
A high-level government panel had in July 2s019 mooted an outright ban on all forms of private cryptocurrencies. It had suggested a fine of up to Rs 25 crore and imprisonment of as much as 10 years for anyone dealing in them.
Bank depositors to get up to Rs 5 lakh refund within 90 days under DICGC insurance
This move is expected to cover around 98.3% of total number of accounts and 50.9% of the value of total deposits held with the banks
Corporates, individuals challenge taxman’s move to dig out past assessments under old law
Under the new law which came into effect from April 1, 2021, the revenue department, while reopening old accounts of a taxpayer, can go back up to three years if the tax assessing officer estimates escaped income is less than Rs 50 lakh; however, the law empowers the department to reopen up to 10-year old accounts if the alleged untaxed income is Rs 50 lakh or more.
Cabinet gives ex-post facto approval for amendments to Finance Bill, 2021
The Finance Bill became the Finance Act, 2021 on March 28, 2021 after receiving the President's nod. An official release said that the government's amendments to the Finance Bill, 2021 tried to address the concerns of the stakeholders with regard to the tax proposals for the fiscal.
Rajya Sabha returns Finance Bill 2021, completing Parliamentary approval for Budget
It returned the bill after Finance Minister Nirmala Sitharaman had to curtail her reply to the discussion on the legislation after a verbal spat with TMC members over implementation of central schemes such as PM Kisan Yojana and Ayushman Bharat in West Bengal.
Government introduces insurance amendment bill in Rajya Sabha
The Insurance Amendment Bill, 2021 was introduced by Finance minister Nirmala Sitharaman. Last week, the Cabinet had given its nod for the same. In her FY22 budget, Sitharaman had proposed increasing the permissible FDI limit in insurance companies to 74% and allowing foreign ownership and control with safeguards.
Experts raise concerns over Budget proposal to scrap Income-Tax Settlement Commission
While the government expects the move will simplify tax administration, ease compliance and reduce litigation, tax experts claim any non-compliance would have severe cost and penalty implications.
FIEO asks finance ministry to take a look at 'harsh' provision in Budget for exporters
A sub-section is proposed to be inserted in Section 113, which states that goods would be liable for confiscation if products entered for exportation under claim of remission or refund of any duty or tax or levy make a 'wrongful claim' in contravention of the provisions of this Act.
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