Provident Financial News

The Directorate General of Goods and Services Tax Intelligence (DGGI) has sent show-cause notices to a number of mutual fund (MF) companies in recent weeks, seeking to recover a tidy sum from them as goods and service tax (GST) on exit-load charges. According to an official source, the amount being sought to be recovered from the MF firms could be over Rs 150 crore.

The CBDT has permitted income tax authorities to file appeals irrespective of monetary threshold in cases relating to TDS/TCS, undisclosed foreign income, or information received from investigating agencies like ED and GST Intelligence. Currently, tax authorities can file appeals before the ITAT, High Court and Supreme Court, if the disputed tax demand exceeds Rs 50 lakh, Rs 1 crore and Rs 2 crore respectively — a threshold fixed in 2019.

In this world nothing can be said to be certain, except death and taxes.

With a demographic shift, rising disposable incomes, and a government actively pushing financial inclusion, the Indian insurance sector stands on the cusp of another promising year in 2024. Life, health and motor will witness more growth with evolving consumer needs. Statistics reveal a burgeoning middle class, which with its increasing purchasing power, is expected to comprise 47% of the population by 2030. Rising income will invariably lead to more awareness and affordability towards insurance in the times to come.

Fixderma, a dermaceutical brand, has announced its partnership with Delhi Capitals as associate sponsor for the upcoming season of the Indian Premier League (IPL), commencing March 22, 2024.

1. LG 7 Kg 5 Star Wind Jet Dry Semi-Automatic Top Loading Washing Machine The LG 7 Kg 5 Star Wind Jet Dry Semi-Automatic Top Loading Washing Machine offers efficient washing and drying functions, ideal for 3-4 member households. Its 5-star energy rating ensures low energy consumption.

Flipkart has made a one-time change to its increment policy this year, giving merit-linked payouts to all eligible employees in Grade 12 (mid-management) and below, instead of the usual pay hikes. In effect, employees will get two lump sum payments in April and October this year, equivalent in value to the salary increase that would have otherwise been paid out throughout the year. About 19,000-20,000 employees would benefit from this, a Flipkart executive told ET. The company will also roll out 100% bonuses to all its employees this year. Employees who are promoted will receive increments as usual, across grades. For the rest of the grades, the company has enabled wider spread of ESOP allocation to drive wealth creation.

districts affected by Left Wing Extremism (LWE) across 10 states after their number came down by almost half in the past nine years, officials said on Thursday. Sharing the list with the director generals of police concerned, the officials said a total of 38 districts across these 10 states are categorised as LWE-affected with effect from April 1, 2024 compared to 75 in 2015. The categorisation of the LWE-affected districts in Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Odisha, Telangana and West Bengal provide the basis for deployment of resources under the National Policy and Action Plan, approved in 2015, to combat LWE holistically. The Centre and the state governments have been working closely to tackle this problem. A number of interventions are being made, both security and development related, as a result of which there has been a marked improvement in the LWE scenario, the officials said.

The Financial Conduct Authority has approved the strategy, making Waystone the first independent authorised corporate director (ACD) to get the green light for an LTAF. Schroders lines up launch of UK venture and growth capital LTAF The WS Fulcrum Diversified Private Markets (H) LTAF will invest in a blend of private market asset classes, the ACD explained, including private equity, private credit, infrastructure and real estate, for a single defined contribution pension scheme. The LTAF will be a sub-fund of the WS Fulcrum LTAF, with Northern Trust providing depositary and fund ad...

By David Morgan and Makini Brice

MUMBAI : E-commerce platform Flipkart has rejigged its increment policy, splitting annual salary increases into two tranches rather than have those reflecting in an employee’s pay structure. In an effort to plug attrition, especially at the senior levels, the company will also roll out 100% bonuses to all its employees. According to a senior Flipkart executive, the Bengaluru-based e-commerce firm has detailed out the new compensation structure to its employees in a letter, which Mint has reviewed.

₹1,655.00 apiece on the BSE. Emkay Global initiated coverage on Motilal Oswal Financial Services (MOFSL) with a ‘Buy’ rating and a March 2025 target price of ₹2,000 per share, implying an upside of 26.5% from Wednesday’s closing price.

Calcutta High Court on Thursday directed the Centre to file an affidavit on a PIL alleging deactivation of Aadhaar cards of people by the authorities concerned. Additional Solicitor General (ASG) Ashoke Chakrabarti questioned the maintainability of the PIL, stating that no individual case of any person affected by such a deactivation has been cited in the petition. A division bench headed by Chief Justice T S Sivagnanam directed the Centre to file the affidavit within three weeks stating its position on the allegation made in the PIL, which claimed that Aadhaar cards of people were being deactivated in an arbitrary manner using provisions under Section 28A of the Aadhaar Act. Directing the petitioner to file their affidavit a week after that, the bench, also comprising Justice Hiranmay Bhattacharyya, said that the matter will be taken up for hearing again on April 25.

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Bombay High Court has said banks and financial institutions should pass reasoned orders before declaring an entity or person a wilful defaulter under the Reserve Bank of India's Master Circular. A division bench of Justices B P Colabawalla and Somasekhar Sundaresan, in its order on March 4, noted that wilful defaulters are ostracized from access to the financial sector and hence, the discretion given to banks under the circular should be exercised with caution as mandated by the RBI. «Banks and financial institutions that seek to invoke the Master Circular to declare occurrence of wilful default, must share the reasoned orders passed by its Identification Committee and Review Committee,» the HC said. The bench was hearing a petition filed by Milind Patel, former joint managing director of IL&FS Financial Services Limited (IFIN), challenging an order passed by the Union Bank of India in February 2023 declaring the firm and its promoters wilful defaulters under the 2015 Master Circular issued by the RBI.

Read here: Bull run ends here! Phillip Capital sees Nifty 50 falling 15% to 18,550 Amid widespread concerns over froth formation in the Indian equity market, the brokerage stands out with a contrarian perspective. While many voices express apprehension, the brokerage contends that the Nifty 50 and Nifty Largecap 100 are presently fairly valued. In contrast, it sees substantial upside potential in the Nifty Smallcap 250 index.

Bank of India cuts home loan rates: Bank of India (BOI),  a leading public sector bank, has lowered its new home loan rates to 8.3% from 8.45% and removed processing fees until the end of this month. They boast the lowest rate among competitors. SBI and HDFC Bank, leading the industry, offer rates starting at 8.4%. The offer is valid until March 31.

NEW DELHI : The Centre is considering a proposal from Nagaland to add foxtail millet to its state-level Price Stabilization Fund (PSF), in a move to bolster agricultural diversity and protect the indigenous crop. This initiative, a senior government official to Mint, aims to safeguard this staple yet endangered crop by ensuring its continued cultivation and economic viability. The PSF functions to build-up India's buffer stock of crucial food commodities, releasing them into the market strategically to control price spikes.

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Hong Kong’s central bank cautioned the public Wednesday about schemes falsely claiming association with its e-HKD pilot projects. The warning comes as Hong Kong explores the potential of a central bank digital currency through various trial projects.

Does this mean that all bank branches will be open on Sunday, March 31?