Experts Financial News

Question: As the new financial year has commenced, kindly guide us on the requirement for submission of Forms 15G & 15H by the taxpayers to banks. Who are the eligible taxpayers to submit the said forms? Further, what are the applicable deadlines for submitting these forms?

Breakout stocks today: The frontline indices of the Indian stock market extended their early morning gains as bulls are betting high after the US Fed chairman downplayed the US Fed rate hike buzz in the US Fed meeting on Wednesday. Buying in mid-cap and small-cap indices was also witnessed during early morning deals on Thursday. However, these gains are limited as frontline indices are still below their resistance level.

₹1,552.55 apiece on the BSE. KVS Manian was recently promoted to the role of Joint MD of Kotak Mahindra Bank and has resigned after 29 years of service. Analysts believe losing a long standing key managerial personal (KMP) is a negative amid many exits in the last one year and on the back of RBI’s recent ban on Kotak Bank.

In a post on X, Sharma wrote, "My satta prediction: A. If BJP/NDA comes with expected numbers, no major market move/ slightly down B. If INDIA comes, huge fall, then mind-boggling rally, because first thing, they will cut LTCG to zero, as they did in earlier reign." Sharma's post comes as Prime Minister Narendra Modi is vying for a consecutive third term.

My mother is a senior citizen. She has some fixed deposits with a bank and had earned interest of ₹3.30 lakh, which crossed the income tax exemption limit of ₹3 lakh. So she deposited Rs.45,000 in the Senior Citizen Saving Scheme (SCSS) to avail of benefits under Section 80C. She had furnished a 15G form to the bank for no tax deduction at source. But the bank has deducted tax @ 20% on interest as she does not have PAN. The bank has advised us to file her ITR to claim the refund. Can the bank not accept 80C proof and not deduct tax? What should we do to get the amount back? She does not have a PAN card. Can she file the return without a PAN card?

Stock market today: Following strong global market sentiments after the conclusion of the US Fed meeting on Wednesday, the Indian stock market is expected to react to this overnight trigger. US Fed chairman Jerome Powell's downplaying the US Fed rate hike buzz is expected to offer some relief to the global markets including Asian and Indian stock markets today. During Wednesday's dealing, US dollar rates came under sell-off pressure and the US dollar index slipped below the 106 mark.

India's goods and services tax (GST) collection hit an all-time high of ₹2.1 lakh crore in April, underlining the robust economy and kicking off the new fiscal year on a strong note. This also creates room for the much-anticipated reform of the GST regime when the new government takes charge after general elections. «GST collection crosses ₹2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections,» finance minister Nirmala Sitharaman posted on X, formerly Twitter. GST collection rose 12.4% in April from ₹1.87 lakh crore a year earlier on the back of a 13% rise in domestic transactions that point to healthy local demand. The previous monthly record was ₹1.87 lakh crore in April 2023. India's economy is estimated to have grown 7.6% in FY24. The IMF expects India's GDP to expand 6.8% in FY25, retaining its status as the world's fastest-growing major economy. Total GST collection was ₹1.78 lakh crore in March while the monthly average for FY24 was ₹1.68 lakh crore.

Canada’s February gross domestic product numbers were disappointing in more ways than one.

IAS Coaching in Delhi & Gurgaon makes the arduous exam journey streamlined for students while also helping them in maximum utilization of time. Looking for a coaching center for IAS in Gurgaon that prioritizes building a strong foundation by teaching subjects from the basics? Then, Vajirao IAS Academy should be your preferred destination. This coaching facility adopts a systematic approach to helping students with their IAS preparation.

Chinese smartphone brands are roping in services of Reliance Retail’s distribution arm to reach retail stores in the hinterlands. Xiaomi sub-brand Poco recently roped in Jio Mart Digital (JMD), through a strategic partnership to distribute Poco devices to over 80,000 retail stores across the country, according to industry executives and retailers. The move comes amidst the offline retail channels claiming over 61% of sales in Q1 2024, according to preliminary estimates from Counterpoint Research, up from 56% the previous quarter. Samsung and Vivo have the strongest hold over offline retail, the research firm said, adding that Xiaomi and Transsion were the fastest growing in Q1 2024.

Many car shoppers simply want a vehicle that’s practical, easy to drive and relatively inexpensive

Canada (IRCC) has announced that from April 30, it will cap the number of permanent residence applications accepted each year to those associated with no more than 10 start-ups per designated organization. “Fast processing is critical to the success of entrepreneurs who come to Canada through our federal business programs. These necessary changes will set the Start­up Visa Program and Self-Employed Persons Program on the path to faster processing times while we look ahead to further reforms to make these programs more sustainable and effective over the long term,” Marc Miller, Minister of Immigration, Refugees and Citizenship, said. Are you immigration ready? Find out This move is aimed at reducing the backlog and improving processing times for applications, which have grown significantly. With approximately 82 designated organizations comprising venture capital funds (VCFs), angel investors, and business incubators, the new cap translates to a maximum of 820 applications per year, assuming the number of designated organizations remains unchanged.

renewable energy experts and industry players say. Collaborative efforts among policymakers, industry stakeholders, and civil society can accelerate the transition to net-zero emissions, paving the way for a cleaner and greener future. India's ambitious 'India Battery Manufacturing Vision' aims to achieve over 500 GWh capacity by 2035, attracting $35 billion in investments, they said. A report by the Center for Study of Science, Technology and Policy (CSTEP) highlighted that the southern states, namely Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, and Telangana, boast significant solar and wind energy potentials, collectively totaling 1,526 GW of solar energy potential and 1,124 GW of wind energy potential. However, achieving this potential requires substantial investments in strengthening the intra-region transmission infrastructure. The report suggests an investment of approximately Rs 9,245 crore by 2030, in addition to the ongoing transmission network strengthening initiatives by the Central Electricity Authority (CEA).

exports through online medium are expected to figure in the commerce ministry's 100-day agenda roadmap for the new government, an official said. The commerce ministry's arm DGFT is already working with the RBI and concerned ministries, including the finance ministry, on several steps to promote exports through e-commerce medium as huge export opportunities are there in the sector. The exercise assumes significance as ministries have been asked to prepare a 100-day plan for the new government. The seven-phase Lok Sabha polls, the world's biggest election exercise, kicked off on April 19 with the counting of votes set to take place on June 4.

Also read: US Fed meet begins today: What to expect amid sticky inflation? Top experts share their views According to data released by the Labor Department's Bureau of Labor Statistics on April 10th, the US consumer price index (CPI) increased by 0.4 percent month-on-month (MoM) and 3.5 percent year-on-year (YoY), surpassing Street expectations of 0.3 percent MoM and 3.4 percent YoY. Indian investors also will be closely watching how the Fed addresses the dilemma of balancing growth and inflation.

₹2.10 trillion in April, according to the finance ministry data on Wednesday. The GST collection breached the ₹2 trillion mark for the first time, reflecting robust economic growth and administrative efficiency in tax mop-up. The revenue collected by the Centre and states on goods and services consumed in the country in April was 12.4% higher year-on-year, as per data from the finance ministry.

Novo Nordisk, said on Wednesday it plans to invest around $200 million in quantum computing startups. The company, the investment arm of the Novo Nordisk Foundation, has 77% of voting shares in Novo Nordisk, which is known for producing blockbuster obesity drug Wegovy and diabetes treatment Ozempic.

Gold rate today: Ahead of the US Fed meeting outcome, gold prices across work have come under pressure. On the Multi Commodity Exchange (MCX), gold rates for the June 2024 expiry ended yesterday at ₹70,466 per 10 gm level, around ₹3,500 below its lifetime high of ₹73,958 level, which it had climbed on 12th April 2024.

RECord high of 75,124.28 on April 9 and the Nifty 50 scaled its fresh peak of 22,783.35 on April 30. The overall market capitalisation of firms listed on BSE rose to nearly ₹406.56 lakh crore on April 30 from nearly ₹386.97 lakh crore on March 28, making investors richer by nearly ₹20 lakh crore in a month. The undercurrent of the Indian stock market remains positive due to the bright outlook of the nation's economy, the prospects of political stability after the Lok Sabha election and the strong influx of domestic investors.

Delhi NCR on Wednesday morning as bomb threats, conveyed via email, prompted evacuations and heightened security measures. Among the institutions targeted were Delhi Public School, Dwarka; Mother Mary School, Mayur Vihar; Sanskriti School; and Amity International School branches in Saket and Noida.

correction in Gold prices, where the yellow metal has corrected by nearly Rs 3000 per 10 gram or 4% from the lifetime high is its biggest fall in nearly two years. Can we expect the trends to reverse or a top has been made? This is what multiple experts tell ETMakets as they spell out their trading strategy. Notwithstanding the fall seen in yellow metal over the last two weeks, the rally in gold this year so far has been nothing short of spectacular. Gold futures on the MCX have climbed nearly 13% or Rs 8,000 per 10 gram on the year-to-date basis. The gains had been primarily on geopolitical tensions increasing the safe haven appeal of gold along with hopes of an early rate cut that triggered movement in the first fortnight of April. The month-to-date price rise still stands at 6%.