TAX TECHNOLOGY
EV Industry seeks incentives, funds for infrastructure, tax rationalisation from Budget
Finance Minister Sitharaman's budget preparation raises EV sector optimism. Expected measures include FAME-3, charging infrastructure funds, localization incentives, renewables integration, priority lending, reduced GST. Tandon stresses 2030 goals need government support. Calls for STU inclusion, lower customs duties, R&D funding, and FAME-II impacts. Taneja and Rao emphasize tax rationalisation and E2W (Emobi) prioritization.
Budget 2024 needs to decide if faceless assessment is revolutionising tax landscape or creating hurdles?
Union Budget 2024 Tax: The eagerly awaited Union Budget 2024 in India brings focus to refining the faceless assessment scheme, crucial for taxpayers and corporates. Despite challenges faced in implementation, such as unwarranted additions and arbitrary disallowances, the scheme aims to streamline tax assessments. Reforms and corrective actions are needed for a more effective and fair tax system, fostering business growth and economic development.
Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system
On the face of it, a robot tax sounds appealing. This perspective suggests that as robots take over human jobs, a tax could mitigate job losses, provide funding for retraining programmes and support social safety nets, thus preventing the widening of the wealth gap and inequalities. But won't job loss due to AI be a transitory phenomenon in the long run?
Budget 2024 Expectations: US-India forum seeks tax parity, duty relaxation on exports
Budget Expectations: The US-India Tax Forum urges tax parity, corporate tax reform, and customs duty adjustments for Budget 2024-25. Essential proposals include capital gains tax changes, infrastructure investment, and sustainable development. The 350-member Forum stresses TDS/TCS tech use and ease of business. FM Nirmala Sitharaman will present her sixth Budget on July 23, during the Parliament session from July 22 to August 12.
Indkal Technologies inks licensing pact with Acer to design, produce smartphones
The consumer electronics startup will begin by manufacturing a million smartphones under the Acer brand, which will later be scaled up. Currently, the firm designs, manufactures, sells, and services ACs, refrigerators, and washing machines for Acer and Black & Decker.
The impact of India's 1% TDS on Virtual Digital Assets: A call for reform
India's 1% TDS and 30% tax on VDAs led to a 97% trading volume drop, 81% user decline, and migration to offshore exchanges. NALSAR and Meyappan Nagappan report tax losses and suggest reducing TDS to 0.01%, allowing loss offset, and revising the 30% tax rate. Current tax policy hampers India's digital economy and causes brain drain.
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UP tax sops recognise hybrid vehicles importance in cutting emissions, says Maruti
Maruti Suzuki India Chairman RC Bhargava on Tuesday highlighted the Uttar Pradesh government's new policy offering a 100 per cent registration tax waiver on hybrid vehicles. This initiative is designed to reduce carbon emissions and decrease oil imports. Reports indicate that this waiver will lower the prices of hybrid vehicle models by up to Rs 3.5 lakh.
Commendable move by UP govt; will lead country faster towards clean energy and transportation: RC Bhargava, Maruti Suzuki
And Maruti has always been saying that the government must encourage all these technologies, adopt alternative routes in addition to electric cars to get to our goals in the area of emission and substitution of imported oil.
Are businesses ready for stricter tax compliance and transformation? PwC India study raises questions
PwC India highlights tax challenges and AI's transformative role. Enhanced transparency and detailed disclosures build trust, notes Sanjay Tolia. Gautam Mehra urges future-fit tax functions. Jitendra Verma suggests better integration with tax departments for efficiency. These transformations ensure fair tax payment as authorities leverage tech to combat evasion.
Buy Nazara Technologies, target price Rs 1080: ICICI Securities
Nazara Technologies Ltd., incorporated in the year 1999, is a Small Cap company (having a market cap of Rs 7061.35 Crore) operating in Services sector.
Buy RateGain Travel Technologies, target price Rs 900: Prabhudas Lilladher
RateGain Travel Technologies Ltd., incorporated in the year 2012, is a Large Cap company (having a market cap of Rs 9477.98 Crore) operating in General sector.
Revenue growth to be quite significant for next 2 financial years: Saurabh Gupta, Dixon Technologies
I do not want to give you guidance on any number, but clearly the order book looks extremely healthy, not only across mobile vertical which is the largest trigger for our growth, I think so even IT hardware opportunities looking very promising.
Buy HCL Technologies, target price Rs 1750: BNP Paribas Securities
HCL Technologies Ltd., incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 401839.53 Crore) operating in IT Software sector.
Buy KPIT Technologies, target price Rs 2030: JM Financial
KPIT Technologies Ltd. key Products/Revenue Segments include Software Services and Software Products for the year ending 31-Mar-2023.
Buy Coforge, target price Rs 5570: JM Financial
Coforge Ltd. key Products/Revenue Segments include Sale of services and Software Products for the year ending 31-Mar-2023.
Buy Avalon Technologies, target price Rs 700: Prabhudas Lilladher
Avalon Technologies Ltd., incorporated in the year 1999, is a Small Cap company (having a market cap of Rs 3650.67 Crore) operating in General sector.
Equity taxation tweaks, PSU disinvestment among 6 factors that could break markets: Kotak Equities
Indian benchmark index Nifty 50 has surged by 1,682 points or 7.6% since the June 4 debacle, driven by non-institutional investors and select institutional investors, as noted by Kotak Institutional Equities. The market's sentiment remains positive despite potential risks, with a focus on upcoming state elections and regulatory oversight.
Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.
View: Gotta get ready for the AI-ternative
The integration of AI, nano robotics, space tech, and battery tech is transforming industries and reshaping economic models. As digital workers replace human roles in areas like call centers and logistics, governments must address potential job losses. Suggested measures include reskilling programs, focusing on labor-intensive industries, and implementing universal basic income (UBI) to support displaced workers. This proactive approach will help manage the transition and harness the benefits of these groundbreaking technologies.
Nazara Technologies reports 43% increase in profit after tax at Rs 17 crore in Q4
Nazara Technologies reported a 43% increase in profit after tax to Rs 17 crore for Q4 FY24. Operating revenue for March fell 8% to Rs 266 crore. FY24 PAT from operations grew to Rs 89 crore. Founder Nitish Mittersain is optimistic about accelerated growth in revenue and EBITDA in FY25.
Elon Musk: I'm against tax incentives for EVs
"Neither Tesla nor I asked for these tariffs, in fact I was surprised when they were announced", Musk said, referring to such policies recently announced by the United States.
Apple fights €1.8 billion EU antitrust fine for curbs on Spotify
The iPhone maker has filed a suit at the EU’s General Court in Luxembourg to topple the March decision, according to people familiar with the matter who spoke on condition of anonymity.
Tax incentives can help enhance adoption of sustainability manufacturing: Experts
Financial incentives like tax breaks and subsidies can boost the adoption of green manufacturing practices. Experts emphasize the need for sustainable supply chains and investments in energy-efficient technologies. Companies are increasingly focusing on sustainability, with Indian firms leveraging sustainable loans and investing in recycling.
2024 Lok Sabha polls more tech-driven than 2019 elections: Delhi poll panel chief
Delhi's 2024 Lok Sabha polls emphasize technology, with mobile app reliance noted by CEO P Krishnamurthy. Election Commission app ensures transparent data flow, aiding in seizure notifications. Online voter registration reduces physical visits while CVigil app manages complaints and ESMS handles election expenditure.
Consumers bend the road: No straight drive from ICE to electric
The transition from internal combustion engine (ICE) vehicles to electric vehicles faces challenges as consumers show a preference for hybrids and CNG vehicles over pure EVs. Maruti Suzuki expects significant growth in CNG car sales, signaling a shift towards alternative fuel technologies alongside traditional options.
Online PAN verification: You may not be able to invest in post office schemes if there is a mismatch in PAN details
Do note that from April 1, 2023, it is mandatory to provide PAN and Aadhaar details to invest in post office schemes. In case of any discrepancy, you may not be able to invest in these schemes.
Outcome of tax disputes holds key to Xiaomi’s ops
Xiaomi Technology India's ability to continue as a going concern depends on the outcome of multiple regulatory and tax disputes and additional funds from the Chinese parent. However, the company doesn't see a threat "for the foreseeable future" based on legal opinions obtained and cash flow projections. Xiaomi has faced multiple investigations and legal proceedings launched by income tax authorities, the Directorate of Enforcement, and the customs department on matters such as alleged evasion of custom duty and irregularities in royalty payments.
Shashi Tharoor’s mutual fund portfolio worth Rs 1.72 crore has these 23 schemes
Shashi Tharoor, Chairman of the Parliamentary Standing Committee on Information Technology and former Minister of State for HRD and External Affairs, filed his nomination papers for Thiruvananthapuram Lok Sabha seat in 2024 general elections. He has declared that his total investments in mutual funds was at Rs 1.72 crore.
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