Business
Nirmala Sitharaman Announces No Changes in Income Tax Rates or Slabs for 2024
Nirmala Sitharaman Announces No Changes in Income Tax Rates or Slabs for 2024
The finance minister, Nirmala Sitharaman, declared on Thursday that there will be no modifications to the current tax structure, either direct or indirect. The interim budget Nirmala Sitharaman announced before of the 2024 Lok Sabha election won’t help taxpayers because income tax rates and slabs remain unchanged. The finance minister declared, “I propose to retain the same tax rates for direct and indirect taxes, including import duties.”
The start-up tax incentive will last until March 31, 2025. This is an interim budget, as is customary in every election year, hence it refrained from making any significant adjustments.
What Sitharaman said on tax
“Direct tax receipts have more than tripled during the past 10 years, while the number of return filers has increased to 2.4 times. I want to reassure taxpayers that their money has been well-used for the wellbeing of the nation’s citizens and its progress. “Thank you to the taxpayers for your support,” Sitharaman remarked. “The government has rationalized and lowered tax rates.With the implementation of the new tax plan, taxpayers with incomes up to ₹ 7 lakh—up from ₹ 2.2 lakh in the 2013–14 fiscal year—no longer owe tax. The retail enterprises’ presumptive taxes threshold was raised from ₹ 2 crore to ₹ 3 crore. In a similar vein, ₹ 50 lakh to ₹ 75 lakh was the new threshold for professionals qualifying for presumed taxation. Additionally, Sitharaman noted that the corporation tax rate was lowered from 30% to 22% for domestic businesses already in operation and to 15% for some newly established industrial businesses.
“We have concentrated on enhancing tax payer services during the past five years. With the advent of Faceless evaluation and Appeal, the long-standing jurisdiction-based evaluation system underwent a transformation that brought about increased efficiency, transparency, and accountability. The filing of tax returns has been simpler and easier with the introduction of revised income tax returns, a new Form 26AS, and prefilling of tax forms. Refunds are being processed faster this year thanks to a reduction in the average return processing time from 93 days in 2013–14 to only 10 days,” she said.
Sitharaman’s tax proposals in interim Budget 2024
Regarding tax ideas, I offer to maintain the current tax rates for both direct and indirect taxes, including import duties, in accordance with the convention. I do not plan to make any changes to the current tax structure. Nonetheless, on March 31, 2024, some tax breaks for investments and start-ups established by sovereign wealth or pension funds, as well as a tax exemption on a portion of specific IFSC units’ income, would expire. The minister stated, “I propose to extend the date to 31.03.2025 to provide continuity in taxation.”
“Moreover, I would like to announce an improvement to taxpayer services in keeping with our government’s goal of making life easier and conducting business easier. Numerous small-scale, unverified, unreconciled, or contested direct tax claims, some of which date back to 1962, are still on file, worrying honest taxpayers and impeding their ability to receive their refunds in later years. I suggest waiving all unpaid direct tax requests up to twenty-five thousand rupees (₹25,000) for the 2009–10 fiscal year and up to ten thousand rupees (₹10,000) for the 2010–11 fiscal year through the 2014–15 fiscal year. About a crore tax payers are anticipated to gain from this, according to the minister.
Also Read: To lessen traffic, three significant economic railroad corridors will be established: Sitharaman
Final Thought
The statement made by Finance Minister Nirmala Sitharaman that the interim budget for 2024 will preserve the current tax structure without changing the rates of direct or indirect taxes is more indicative of continuity than change. The budget primarily focuses on extending current incentives, like the startup tax incentive, and addressing long-standing issues, like pending tax claims, while also highlighting the government’s commitment to taxpayer services and acknowledging the significant strides in tax administration efficiency.
In order to promote stability and economic progress, tax reductions for investments and startups have been extended until March 2025. Furthermore, the plan to waive small-scale direct tax claims aims to allay taxpayer worries and expedite the refund procedure. Sitharaman’s fiscal strategy adheres to the custom of interim budgets during election years by placing an emphasis on stability and practical solutions rather than radical shifts.
Business
Ola Cabs CEO Hemant Bakshi Resigns, Company Set to Lay Off 10% Staff: Report
Ola Cabs CEO Hemant Bakshi Resigns, Company Set to Lay Off 10% Staff: Report
Hemant Bakshi, the CEO of Ola Cabs, resigned from his role barely four months after joining the company, citing sources with knowledge of the reorganization process that may result in at least 10% of jobs being lost, according to the report. The ride-hailing company hired Hemant Bakshi in January, and according to a report, an unidentified insider stated, “With this restructuring, certain roles within the organization will be rendered redundant and could impact as much as 10% of the workforce.”
Another stated that Hemant Bakshi, the CEO of Ola Cabs, will be leaving the firm to seek opportunities and interests outside of Ola, according to the report. Aggarwal will be attended to, and a fresh appointment is scheduled for shortly.
What changes are happening at Ola Cabs?
This occurred just a few weeks after it was revealed that Ola Cabs had started the first conversations about an IPO with investment banks. Ola Cabs has appointed several new personnel in the last month, including Sidharth Shakdher as the CBO and Kartik Gupta as the CFO (formerly of P&G) (ex-Hotstar).
Ola Cabs shuts down international operations.
The business has discontinued operations abroad in a few nations. The statement from earlier stated, “We’ve reevaluated our objectives and have chosen to close down our international ride-hailing company in the UK, Australia, and New Zealand. We are still incredibly enthusiastic and committed to helping one billion Indians.
Also Read: Deepinder Goyal’s ₹79 Crore Purchase Tops Delhi’s FY2024 Land Deals; 29 Deals Closed in NCR
How are Ola Cab’s finances?
Ola’s Mobility division brought around ₹2,135 crore in revenue in FY23, a roughly 58% increase. After revealing an EBITDA loss of ₹66 crore in FY22, the company recorded positive EBITDA for the first time, totaling ₹250 crore.
Business
Deepinder Goyal’s ₹79 Crore Purchase Tops Delhi’s FY2024 Land Deals; 29 Deals Closed in NCR
Deepinder Goyal’s ₹79 Crore Purchase Tops Delhi’s FY2024 Land Deals; 29 Deals Closed in NCR
In FY2024, 29 land deals totaling 314 acres were closed. Deepinder Goyal, co-founder and CEO of Zomato, purchased a 5 acre parcel in Dera Mandi for ₹79 crore, according to Anarock data. According to Anarock data, other purchasers in Delhi-NCR included real estate developers such as Mumbai-based Godrej Properties, Experion Developers, DLF Homes Developers, and the Prestige Group. According to Anarock statistics, 29 land sales spanning 314 acres were finalized in Delhi-NCR in FY 2024, compared to 23 land deals covering around 273.9 acres in FY 2023.
In Gurugram, 22 transactions totaling 208.22 acres were concluded. These comprised one agreement for educational, residential, and retail purposes, with the remaining 20 acquisitions solely for residential construction in the fiscal year ending March 2024. In Faridabad, a 15-acre residential land purchase was consummated.
Ganga Realty purchased an 8.35-acre property tract in Gurugram’s Sector 84 for ₹132 crore. Experion Developers purchased a 4-acre land parcel on Golf Course Road for ₹400 crore, a 5-acre land parcel in Sector 145 in Noida for ₹250 crore, a 5.5-acre land parcel in Sector 48, Gurugram for ₹550 crore, a 4.5-acre land parcel on Golf Course Road for ₹450 crore, and another land parcel in Sector 53, Gurugram for ₹400 crore, according to data shared by Anarock.
Godrej Properties, a Mumbai-based listed real estate business, purchased a 7.91 acre land parcel on Golf Course Extension Road for ₹900 crore, a 14.8 acre land parcel in Sector 103 Gurugram for ₹403 crore, and a 6.46 acre land parcel in Noida Sector 44 for around ₹500 crore, according to statistics. DLF Homes Developers purchased 29 acres on Golf Course Extension Road in Gurugram for ₹825 crore, while Prestige Group purchased 62.5 acres in Ghaziabad for over ₹400 crore, according to statistics.
Land deals aimed at meeting Delhi-NCR’s demand for housing
“About 26 separate land deals, totaling approximately 298 acres, were proposed for residential and township projects to meet the region’s growing demand for housing and urban development,” said Santhosh Kumar, Vice Chairman of the Anarock Group. “At least two property purchases totaling more than 7 acres each were planned exclusively for commercial real estate projects. A second transaction comprising roughly 8.61 acres was allocated to an education-related project,” he explained.
Also Read: Goldman Sachs Says Blinkit Is More Valuable Than Zomato’s Food Delivery Business
101 separate land deals sealed in 2023-24 across the country
According to Anarock statistics, real estate developers and companies closed on around 101 unique land deals in fiscal year 2023-24, totaling nearly 2,989 acres across the country.In FY-24, over 83 land sales for over 1,135 acres were finalized in the top seven cities alone, with the remaining 18 deals totaling 1,853 acres closing in tier 2 and 3 cities like as Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat.
Business
Goldman Sachs Says Blinkit Is More Valuable Than Zomato’s Food Delivery Business
Goldman Sachs Says Blinkit Is More Valuable Than Zomato’s Food Delivery Business
The meal delivery business of Zomato is no longer worth as much as the implied value of Blinkit, the problematic rapid commerce startup that Zomato purchased in a fire sale in 2022, according to a note released on April 25 by Goldman Sachs analysts.
Everything is looking bright for Blinkit; it went from being an albatross around Zomato’s neck to becoming its largest division. Zomato’s shares fell 20 percent in 2022 after the company revealed its intention to buy Blinkit (formerly Grofers), as investors perceived the move as a rescue. All the same, the corporation remained upbeat and seems to have fulfilled its commitments.
Goldman Sachs analysts state that although Blinkit was purchased by Zomato for $568 million in 2022, its estimated valuation has subsequently increased to an astounding $13 billion due to greater performance. Furthermore, the valuation has increased by more than 6X year over year (YoY).
“We have observed that Blinkit’s implied valuation in our Zomato sum of the parts (SOTP) is approximately $13 billion at present, as opposed to $2 billion in March 2023. Additionally, the note notes that the implied value per share is Rs 119 higher than food delivery, at Rs 98, for the first time.”
Also Read: JioCinema Set to Unveil New Subscription Plan on April 25, Potential Introduction of Charges for IPL
According to a story on April 4, Goldman Sachs’ initial estimate of $8 billion was downgraded to $13 billion for the fast e-commerce delivery player. Goldman Sachs stated that the upgrades were a result of increased gross order value (GOV) forecasts for Blinkit, which are projected to be roughly 50% higher than those from a year ago.
Goldman Sachs predicts that between the fiscal years 2024 and 2027, the fast delivery company’s GOV will likely rise at a compound annual growth rate (CAGR) of 53%. According to the statement, this will also propel Zomato’s adjusted revenue CAGR to 32% on a consolidated basis.
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