SALARY FINANCING
Budget 2024: Tax relief for middle-class, salaried will help increase consumption patterns, says Marico MD
Saugata Gupta, MD & CEO of Marico Ltd, highlighted expectations for the upcoming Union Budget 2024-25, emphasizing the potential impact of tax relief for the middle-class and salaried sectors in boosting purchasing power and stimulating consumption. He expressed anticipation for policies supporting inclusive and sustainable development, including continued investments in rural infrastructure and employment to bolster agricultural activities and rural incomes.
Your take-home salary may increase after Budget 2024: Here is why
Will the changes to the income tax slabs in Budget 2024 take effect on April 1, 2024 or another date? Also, will employers be able to offer the option to choose the tax regime again after the changes are announced? Read on to find out.
Relief for stock market investors? Why double taxation of dividends should be removed in Budget 2024
Budget 2024 expectations: The abolition of dividend distribution tax has affected taxpayers in India. Resident shareholders are now taxed on dividends at their income tax slab rates, leading to a higher effective tax burden compared to the previous system. Such dual taxation distorts investment decisions as it incentivises companies to retain earnings rather than distribute them as dividends. To address this challenges, rationalisation of the tax treatment of dividends is crucial. Here's how Budget 2024 should address it.
On this season of corporate earnings, Nifty50 companies likely to give solid show
Nifty 50 cos expect double-digit June revenue, profit growth, with net profit up 26.4% and 20.6% operating margins. Noted sectors' improvements, geopolitical concerns, Maruti Suzuki's volume growth, credit growth issues, moderate inflation effects, and rural consumption. Analysts predict 13% and 17% EPS growth in FY25 and FY26.
Pakistan will continue to seek IMF bailouts if it fails to boost tax revenue: Finance minister
Last month, the federal government passed the tax-laden Rs 18,877 billion budget for the fiscal year 2024-25, amidst protests from the Opposition which labelled it as an International Monetary Fund-driven document that was harmful to the public.
How would-be brides can manage finances after marriage
Monisha Choudhary is set to be married soon. There are two critical financial decisions Choudhary needs to make. She should consider her existing assets and investments, which can remain in her name, to be disclosed to her new family at her discretion. She can continue building these assets based on her income allocation. Read here to find what are the other ways to secure finance after marriage.
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ITR-1 (Sahaj) can be filed if your income is below Rs 50 lakh; Check if you are eligible or not
ITR filing: As per CA Shreya Jaiswal you can file ITR-1 only if your total income does not exceed Rs 50 lakh during FY 2023-24 (AY 2024-25) and provided you have satisfied certain other conditions as prescribed. However if you even have Re 1 of capital gains or loss you won't be able to file ITR-1
Latest on DA hike 2024: 13 allowances of central government employees to increase by 25% as dearness allowance touches 50%
Latest on DA hike: Now that the Dearness Allowance (DA) has reached the 50% mark, several other allowances will also see an increase. As a result, certain allowances are expected to experience a 25% boost.
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
Bajaj Housing Finance launches Sambhav Home Loans for first-time home buyers
Borrowers will have attractive interest rates with affordable EMIs and the option to choose a repayment tenor of up to 20 years. With this, Bajaj Housing Finance will offer a full suit of offerings in the housing finance sector covering all customer categories.
Salary structure in more than 40% of Indian companies is tax inefficient: Study
The study, based on an email survey sent to more than 16,000 executives working across the departments of human resources, finance and administration, elicited responses from 97 companies across sectors.
Axis Bank and Piramal Finance join hands under co-lending business
The partnership is expected to leverage the loan processing technology of Piramal Finance and financial expertise of Axis Bank.
Bank Unions write to Finance Minister for merger of RRBs with Sponsor Banks
The merger of Regional Rural Banks with Sponsor Banks, as demanded by bank unions, aims to enhance efficiency, viability, and sustainability in the banking sector. This strategic move will not only improve employee skills and governance but also mobilize deposits, streamline credit delivery, and benefit the rural population significantly.
Stocks in news: MapmyIndia, YES Bank, Sanghi Industries, ZEE, Mahindra Finance
State-owned Punjab & Sind Bank has signed an initial agreement with the Indian Army on defence salary package which will come with a host of facilities, including free insurance cover.
Punjab & Sind Bank signs pact with Indian Army for salary account
"PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirement of serving and retired personnels. The product is also strategically aimed to tap Agniveers enrolled in the Agnipath scheme, ensuring a comprehensive financial solution that aligns with distinctive needs of the segment," Punjab & Sind bank MD and CEO Swarup Kumar Saha told PTI.
Piramal Finance clocks Rs 50,000 crore retail book, aims to double AUM in 4 years
Piramal Capital & Housing Finance announced that it has exceeded Rs 50,000 crore in retail assets under management. The company has set a target to double its retail loan book by the financial year 2028. The non-bank lender aims for retail lending to comprise 75% of its loan book. As of March 31, 2024, the total assets under management (AUM) amounted to Rs 68,845 crore, with the retail segment constituting 70%. Looking ahead, the company plans to expand its assets under management to Rs 1.5 lakh crore by FY28.
Time to revisit as regulatory tightening cleans up the sector: 5 housing finance stocks with upside potential of up to 25%
Housing finance as a sector, has been at the forefront of bearing the brunt of both regulatory changes and also different scams at different points of time. But then it has thrown winners like HDFC and losers like DHFL. So, this is a sector which is bound to grow given the fact that demand for housing is always going to rise. What matters is which stock one owns and also another factor is the time frame with which it has been bought. The reason for the time frame is that this sector has to deal with interest rate cycles and also regulatory changes which makes the stock prone to phases of under performance. In the last one year, since the time RBI has been overhauling the regulatory provision of every segment of financial services these stocks have underperformed , but now recently once again they are showing signs of life coming back.
Zepto’s mega financing; shareholder battle at Kenko Health
Happy Wednesday! Zepto is holding talks with investment fund DST Global and venture capital firm Lightspeed for funding. Details on this and more in today's ETtech Morning Dispatch.
Pakistan to unveil Rs 18 trillion budget on June 12: Minister
The Pakistan government is likely to present the budget with the outlay of around Rs 18 trillion for the financial year 2024-25 on June 12, a minister said on Wednesday. The government will table the budget in the National Assembly after approval from the Cabinet, The Express Tribune newspaper reported, quoting the Minister of State for Finance Ali Pervaiz Malik.
How to save Rs 1 crore with a monthly salary of Rs 25,000
Building a Rs 1 crore corpus with a Rs 25,000 salary requires discipline and time. Experts recommend consistent investment in equity mutual funds via SIPs for long-term wealth creation. Starting early and increasing SIP contributions can accelerate wealth creation significantly if you know the right tools. Further, you must consider factors like risk tolerance and investment tenure as well. ET Wealth Online explains how you can become a crorepati even with a salary of Rs 25,000 per month.
IIT Madras: More than 80% of BTech/dual degree students, 75% of master’s students placed
IIT Madras achieves over 80% placement for BTech and dual degree students, 75% for master’s students. 1,091 students placed in 256 companies during 2023-24 campus placements. Median salary Rs 19.6 lakh per annum, average salary Rs 22 lakh per annum. Institute encourages entrepreneurship to create more job opportunities.
FMS Delhi completes summer placement season with 289 students bagging offers
FMS Delhi wrapped up its summer placement process with 289 students receiving offers from 101 companies. The average stipend for the Class of 2025 is Rs 2.96 lakh, with top students earning up to Rs 4.22 lakh.
HDFC Bank home loan, car loan, personal loan borrowers, check HDFC Bank latest lending rates here
The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate that a financial institution needs to charge for a specific loan. Check latest MCLR, base rate, benchmark PLR offered by HDFC Bank.
How NPS benefit in salary can increase tax savings
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Salary hikes likely to be super healthy for BFSI employees
The average annual increment after the performance appraisals for fiscal 2024 is likely to be 10%, according to a study conducted for ET by Ciel HR Services. For high performers, it could be 12-20%.
Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
Salary TDS, income tax regime: For the financial year 2024-25, two budgets are presented due to Lok Sabha elections 2024 happening in the months of April to June 2024. Post the election results are announced and government is formed, full budget will be announced after that. Hence, it is important for salaried individuals to keep options open when choosing between old and new tax regime for the purpose of TDS on salary this financial year.
Nivara Home Finance raises USD 10 million from Baring Private Equity India
Founded in 2015, Nivara is focused on providing affordable housing finance to micro-entrepreneurs and salaried customers. The ticket size for these housing loans generally ranges between Rs 5 lakh to Rs 7.5 lakh, a relatively underserved segment.
Pool of ‘unemployed CXOs’ grows as old firms refuse to match startup salaries
Several CXOs laid off by startups are struggling to find new roles as traditional companies are unwilling to hire them at the inflated salary levels and fancy designations that attracted them to startups in the first place. This situation has led to a growing pool of 'unemployed CXOs' in the job market. Many of these executives are finding it challenging to secure new positions due to their above-market compensation packages and lofty titles. The influx of resumes from these individuals, who are seeking roles in large companies but are deemed overpriced, reflects this trend.
Bankers in India to get higher salary increases than Singapore, Hong Kong
India's finance professionals are set for significant salary hikes in 2024, outstripping Hong Kong and Singapore. Major firms like HSBC Holdings Plc are expanding operations in India, reflecting the nation's economic growth and wealth management potential.
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