India Financial News

New financial changes are lined up to come into effect across the country from March 1, 2024. From Paytm Payments Bank to GST regulations, these changes will significantly impact tax implications and financial decisions for nearly all banking customers.

Fossil fuels have powered human progress for centuries, but their unimpeded use has left us with a ‘substantial possibility’ of the global temperature rise breaching the 2° Celsius threshold by mid-century, despite significant efforts to counter global warming. Notably, the Global North accounted for about 75% of the cumulative global emissions until the last century. But as the Global South – which includes India – moves along a similar growth curve, it is crucial to remember that it does not have the luxury of having vast reserves of fossil fuels at its disposal. Besides, India’s aspirations for a renewable energy-driven future face a challenging path. Despite significant progress, with around 43% of installed power capacity being renewable, coal-based thermal power still contributes to roughly 75% of India’s power generation due to the intermittent nature of solar and wind energy. India must balance decarbonization with industrialization to fuel economic growth and employment opportunities.

Exploring the upswing in luxury home sales in India reveals a compelling narrative with significant implications for personal finance. Several factors contribute to the growing demand for lavish residences, signaling a shift in societal dynamics, lifestyle preferences, and investment strategies.

Garena Free Fire Max, an enhanced version of the popular Free Fire battle royale game, has captured the attention of players across the country with its vibrant visuals and engaging gameplay. The inclusion of daily redemption codes has notably increased its appeal and popularity among gaming enthusiasts in India.

The government kick-started the process for additional stake sale in General Insurance Corporation (GIC Re), with roadshows in key global financial hubs including New York, Singapore, Hong Kong, Dubai and London.

Question: I have purchased a new house on a home loan for which I am paying Rs 2.5 lakh as interest on an annual basis. Further, I am also deriving rental income amounting to Rs 40,000 per month from a tenant. I have also paid municipal taxes of Rs 5,000 during the year. Considering the same, kindly guide me on tax implications of the above components and what would be the amount which would be subjected to tax?

By Vikas Madhukar and Vani Aggarwal

India is expected to see 50% growth in ultra-high networth individuals (UHNIs) in next five years, said a new report on Wednesday.

Your financial health mirrors your skills to manage your wealth and debt effectively. It is often seen as a reflection of your stability and your credibility to be eligible for financial products. In the journey towards financial stability, one of the critical aspects often overlooked is credit health.

The girl was playing outside her house on Friday evening when the dog attacked her and dragged her. However, the locals came to her rescue and managed to save her. The girl's mother rushed her to a nearby hospital, where her condition is now stable, according to the police officer. The police have taken a statement from the girl's mother and are reviewing CCTV footage from the area to determine the exact sequence of events. Shivanand Bhaskar, the owner of the dog, is facing charges under the Indian Penal Code sections 289 (negligent act with respect to animal) and 337 (causing hurt by act endangering life or personal safety of others). The police have initiated an investigation into the matter.

SME IPO segment, showcasing remarkable growth and investor enthusiasm. Within the first two months of the year (as of 29th February) a total of 30 SME IPOs have collectively raised an impressive sum of Rs. 1024 crore.

Nagaland assembly resolved to request the Government of India to reconsider its decision, and to abandon the plan of suspending the Free Movement Regime and fencing along the Indo-Myanmar border. The Centre has decided to do away with the FMR with Myanmar and erect fencing along the Indo-Myanmar border. The Free Movement Regime initially allowed travelling up to 40 kilometres without separate permission, which was later reduced to 16 kilometres. The 14th Nagaland Legislative Assembly passed a resolution on the Free Movement Regime (FMR) along the Indo-Myanmar Border.

Suven Pharmaceuticals on Saturday jumped another 5% to take the two-day gain to 15% on announcing a merger with Cohance Lifesciences, which will make the joint entity a leading integrated CDMO player in India and globally. After the merger becomes effective, all shareholders of Cohance will be issued shares of Suven at the ratio of 11 shares of Suven for every 295 shares of Cohance, based on the swap ratio. The new shares of Suven will be traded on the NSE and BSE.

Bill Gates has arrived in Jamnagar, Gujarat, to attend the three-day pre-wedding festivities of Reliance Industries Chairman Mukesh Ambani's youngest son, Anant Ambani, and the daughter of industrialist Viren Merchant, Radhika Merchant. In a conversation with the Times of India, the co-founder of Microsoft expressed that India's plentiful talent pool is evidence that the educational investments made in previous years are “really paying off". Gates said that it was his first Indian wedding.“I’m starting at the top (laughs).

Ramadan started on March 24 and finished on April 21. In countries like United Arab Emirates, Bahrain, Kuwait, Lebanon, Oman, Pakistan, Saudi Arabia, UK, US, Turkey, Maldives, Ramadan is likely to start on 11 March. In India, Bangladesh, Indonesia, Egypt, Ramadan is likely to start from 12 March, a report by Hindustan Times has states.

₹3.20 per kg of wheat or rice as subsidy The permanent peace will remain in force until a permanent solution is agreed upon. India, along with other G-33 members, successfully opposed linking public stockholding of grains to broader agricultural trade reforms, preserving their right to support their agricultural sectors without facing legal challenges in the WTO's dispute system.

PTI reported citing official sources, that images of the suspect's movement have been captured by the CCTV cameras at the Rameshwaram cafe in the Brookefield area and those nearby. “We are positive about the leads we are getting in nabbing the culprit," an official said. Moreover, “the Central Crime Branch (CCB) has taken up the investigation, and seven to eight teams have been formed," the sources told PTI, adding, “The suspect, carrying a bag, was wearing a cap and mask to hide his identity." As per the CCTV footage, the individual appears to be in a rush, walking briskly and glancing at his watch, exhibiting a pace faster than typical pedestrians on the sidewalk.

Exicom Tele-Systems IPO: Subscription for the initial public offering (IPO) of Exicom Tele-Systems Limited ended on 29th February 2024 i.e. on Thursday. Now, investors are eagerly waiting for the announcement of share allocation, which is expected soon.

₹1 lakh, and News18 India ₹50,000. These penalties were based on complaints from activist Indrajeet Ghorpade. The term "love jihad" must be used with "great introspection as religious stereotyping amounts to violation of the Code of Ethics and can corrode the secular fabric of the country", PTI quoted the NBDSA as stating.

Citizenship and residency status: Both have a direct impact on international investment options and tax liability in respective countries. Risk profile: Your risk-taking appetite will decide if at all you should venture to invest internationally and how much exposure you would be comfortable with. Retirement goals: What is the lifestyle you would like after you retire? Once you are clear about this, you can determine the monthly savings you will need to support that lifestyle.

₹5,200 apiece on BSE, and the stock touched an intraday low of ₹5,130 and high of ₹5,230. As Google took this action without providing the firm with enough warning, the company stated in its filing that it was surprised to see its mobile applications removed from the Google Play Store.