#Income Tax for the financial year 2022-23

[charteredaccountantjanakpuri]

Don't want to pay Income Tax for the financial year 2022-23?

I hope the financial year (FY) 2022–2023 went well. It is about to end. But let me know one thing whether it was good in the case of your income-tax planning. NO? Most of us are thinking about our income-tax planning till the last date of the financial year and end up paying taxes on our hard-earned money, which we can save. Are you an employee? Have you submitted your investment proofs to your employer? You must know that your employer will deduct higher TDS on Salary income if you do not submit your investment proofs.

Although the deadline for such submissions varies, most companies require that you submit proof by March 15.

Even after investing under 80C and other savings, it is disheartening to continue paying high taxes. But when you file your income tax returns, the Income Tax Department will still refund you. Isn't that great? Let's look at the exemptions and deductions you can still use even though the deadline for submitting your taxes documentation to your employer has passed. Don't worry; the deductions and exemptions also apply to non-salaried people. Following is a list of tax laws that could legally lower your taxes for the current financial year:

1:  Eligible deductions under Section 80C, in which you can claim deductions upto Rs.150000-

·       Life Insurance

Securing your family with a term insurance plan is one way to ensure your family's financial future after you pass away. But did you know that the premiums you pay for these life insurance policies also help you save money on taxes? Yes, life insurance premiums are available as a deduction under section 80C.

·       Public Provident Fund (PPF)

Section 80C allows for tax deductions on yearly PPF contributions. PPF is a Government-backed scheme that provides you with adequate returns. Under this scheme, you can invest a minimum of ₹500 and a maximum of ₹1,50,000 every year. It has a lock-in period of 15 years.

·       Tax Saving Fixed Deposit

Bank fixed deposits have a 5-year lock-in period during which early withdrawal is not permitted, but they are still eligible for Section 80C deductions. The Interest on a five-year fixed deposit is taxable and not eligible for tax breaks. Section 80C allows for a tax deduction on investments of up to 1.5 lakhs. It can be opened by Indian residents who can benefit from interest rates ranging from 5.5% to 7.75%, depending on the bank. The minimum investment amount for FDs is ₹1,000, and all interest income from FD investments is subject to taxation.

·       Senior Citizens Savings Scheme (SCSS)

This programme is only intended for elderly adults, those at least 60 years old or who have chosen to retire at age 55.

A minimum deposit of Rs. 100 is required to purchase a National Savings Certificate (NSC). An NSC's investment tenure is five years. You might demand the entire sum be returned to their account upon maturity. If the money is unclaimed, it is all reinvested into the plan. You can earn 7.4% interest.

·       Sukanya  Samriddhi Yojana

Our sole objective of this tax-saving strategy is to promote the development of young girls. This savings programme is for a young girl who qualifies for tax benefits. The girl's parents or legal guardians are permitted to open an account under this scheme until ten. When there are twins, the programme is expanded to include a third child and is open to two girls' kids. The amount needs to be deposited over 15 years, and it matures in 21 years. The annual interest rate is 7.60%. A minimum investment of 250 rupees and a maximum investment of 15 lakhs are permitted. The plan has a 21-year maturation time.

2: Section 80D: Medical Insurance Premium

Section 80D allows claiming deductions from the gross Taxable Income for the payment of medical insurance premiums. You are permitted to deduct up to Rs. 25,000 annually if you pay for medical purposes for self, spouse or children. The maximum deduction for medical insurance premiums for senior citizens is Rs. 50,000. Also, if you spend the money on behalf of your parents, then you can get a maximum deduction of up to Rs. 25,000.

3: Section 80G: Charitable Donations

You can claim 50% to 100% of the total amount donated to the charitable trust. To avail deduction, you need to preserve the receipt from the organisation after the financial year. Ensure that whenever you donate money to charities or trusts, check if they are registered under Section 12A post, which they qualify for the 80G certificate. Any cash donations exceeding Rs 2,000 will not be allowed as a deduction, and donations over Rs.2000 should be made via any mode other than cash. A tax deduction of up to Rs. 1,50,000 may be claimed for contributions paid to the PF account under section 80C of the income tax act.

4: Section 80GG: Rent Contributed to Housing

Under section 80GG, people who are renting a home can make deductions. However, those who are not salaried and those employees who do not receive a House Rent Allowance from their employers are eligible for this tax deduction.

5: Health Insurance under Section 80D

Nowadays, with the cost of medical treatment growing, everyone must get health insurance. Because it helps you pay for your medical bills in an emergency, you can save up to Rs. 15,000–20,000 under section 80D if you pay premiums for your health insurance.

6: Education Loans under Section 80E.

The Interest paid on student loans for higher education is still tax-free for the borrower, the spouse, and the children under Section 80E. Not the principal amount, but the amount of Interest paid, may be deducted by an individual.

7: Home Loans under Section 80EE

Home loans are one of the best strategies to lower taxes in India. Under the current arrangement, home loans have assisted in reducing taxable income. First-time house buyers may deduct up to Rs. 50,000 off the Interest on a home loan throughout a fiscal year by using Section 80EE.

8: Section 80TTA: Interest on Saving Accounts.

Under Section 80TTA, Interest accrued on savings accounts is deductible. However, any interest earned on a savings account over Rs. 10,000 will be considered taxable income.

CONCLUSION:

So, in the end, persons who have invested, kindly submit your proofs timely and those who haven't, make your investments before the end of Feb for your convenience. Still, if you are an employee and missed your deadline to submit your proofs to your employer, then you can claim in your income tax return for FY 22-23 and take the refund.

Source:https://www.manishanilgupta.com/blog-details/dont-want-to-pay-income-tax-for-the-financial-year-2022-23

[eaglesnick]

THE BIG CON: VOTE REFORM, VOTE BIG BUSINESS

A vote for Nigel Farage’s Reform Party is essentially a vote for big business and the super-rich.

Reform promises to lift 7 million people from paying tax at the lower end of the pay scale to  “save every worker almost £1500 per year.” Although I am sure this saving for low earners would be very welcome, it is the rich who benefit most from Reform’s income tax proposals.

 At the moment people earning over £50,000 pay a 40% tax rate on earnings above this figure. The Reform Party promise to raise the threshold to £70,000, a saving of £3,588 a year for the 15% richest people in the country.

Reform and the far-right favour business over individual workers.  It is therefore no surprise that Corporations are to receive the biggest tax breaks. Corporation tax will be reduced from 25% to 20% for the first 5 years, and then down to 15% after that.

For year ending 2022/23 corporation tax brought in £79.9billion. Under Reform, corporations would be in receipt of tax breaks worth £47.94billion. In November 2022, State of Tax Justice reported that

…”the world was losing over $483 billion a year in tax to multinational corporations and wealthy individuals using tax havens to underpay tax. That’s equivalent to losing a nurse’s yearly salary to a tax haven every second.” 

The only reason Reform would want to legitimise corporate tax avoidance is because Reform is essentially a political party for the already wealthy. They might throw a few crumbs to the ordinary worker but the real rewards are to go to the rich and powerful.

Many large corporations are foreign owned so  tax breaks for big business are just as likely to go to overseas shareholders as they are to UK owners. Does the British taxpayer really want to be subsidising foreign share ownership by cutting tax revenues?

Richard Tice, leader of Reform until replaced by Nigel Farage a few days ago, is a multi-millionaire who made his money in property development.  Both he and Farage have their own TV shows on GB News, which is bankrolled by the hedge-fund billionaire Paul Marshal and the Dubai based investment company Legartum, founded by New Zealand billionaire Christopher Chandler who made his fortune in Russian gas.

Reform's links to the super-rich goes further. Multi-millionaire Jeremy Hosking has given £2.578,000 to Reform coffers. Is it coincidence he is funding a party that campaigns to scrap UK emission targets when he is “the director of a company with tens of millions of pounds invested in oil and gas” ? (Open Democracy: 22/03/22). I think not.

Another major donor to Reform is the ex-Bullingdon Club member George Farmer. (Other members include David Cameron and George Osborne the architects of Tory Austerity and the liar Boris Johnson who brought us Party Gate). An “ardent supporter of Donald Trump”, Farmer was CEO of the far-right platform Parler, and is married to Candice Owens, a woman who “promotes far-right ideologies”, In 2023 he joined the board of GB News.

The biggest single donor to Reform according to Electoral Commission records is Chris Harborne, handing over £10 million to Brexit/Reform. Harborne owes his fortune to the sale of aviation fuel and technology investments. He gained notoriety when his name appeared multiple times in the Panama Papers. These documents revealed:

 “…off-shore holdings of world political leaders, links to global scandals, and details of  hidden financial dealings of fraudsters, drug traffickers, billionaires, celebrities, sports stars and more”. (International Consortium of Investigative Journalists: 03/03/2016)

These wealthy backers of Reform are not spending millions of pounds in order to benefit ordinary workingmen and women. They see these millions as an investment, an investment on which they expect a return for their money.

[beardedmrbean]

California is facing a record $68 billion budget deficit.

This is largely attributed to a “severe revenue decline,” according to the state's Legislative Analyst's Office (LAO).

While it’s not the largest deficit the state has ever faced as a percentage of overall spending, it’s the largest in terms of real dollars — and could have a big impact on California taxpayers in the coming years.

Here’s what has eaten into the Golden State’s coffers.

Unprecedented drop in revenue

California is dealing with a revenue shortfall partly due to a delay in 2022-2023 tax collection. The IRS postponed 2022 tax payment deadlines for individuals and businesses in 55 of the 58 California counties to provide relief after a series of natural weather disasters, including severe winter storms, flooding, landslides and mudslides.

Tax payments were originally postponed until Oct. 16, 2023, but hours before the deadline they were further postponed until Nov. 16, 2023. In line with the federal action, California also extended its due date for state tax returns to the same date.

These delays meant California had to adopt its 2023-24 budget before collections began, “without a clear picture of the impact of recent economic weakness on state revenues,” according to the LAO.

Total income tax collections were down 25% in 2022-23, according to the LAO — a decline compared to those seen during the Great Recession and dot-com bust.

“Federal delays in tax collection forced California to pass a budget based on projections instead of actual tax receipts," Erin Mellon, communications director for California Gov. Gavin Newsom, told Fox News. "Now that we have a clearer picture of the state’s finances, we must now solve what would have been last year’s problem in this year’s budget.”

The exodus

California has also lost residents and businesses — and therefore, tax revenue — in recent years.

The Golden State’s population declined for the first time in 2021, as it lost around 281,000 residents, according to the Public Policy Institute of California (PPIC). In 2022, the population dropped again by around 211,000 residents — with many moving to other states like Texas, Oregon, Nevada, and Arizona.

Read more: 'It's not taxed at all': Warren Buffett shares the 'best investment' you can make when battling inflation

“Housing costs loom large in this dynamic,” according to the PPIC, which found through a survey that 34% of Californians are considering moving out of the state due to housing costs.

Other factors such as the post-pandemic remote work trend — which has resulted in empty office towers in California’s downtown cores — have also played a role in migration out of the state.

Poor economic conditions

In an effort to tame inflation in the U.S., the Federal Reserve has hiked interest rates 11 times — from 0.25% to 5.5% — since March 2022. These actions have made borrowing more expensive and have reduced the amount of money available for investment.

This has cooled California’s economy in a number of ways. Home sales in the state are down by about 50%, according to the LAO, which it largely attributes to the surge in mortgage rates. The monthly mortgage to buy a typical California home has gone from $3,500 to $5,400 over the course of the Fed’s rate hikes the LAO says.

The Fed’s rate hikes have “hit segments of the economy that have an outsized importance to California,” according to the LAO, including startups and technology companies. Investment in the state’s tech economy has “dropped significantly” due to the financial conditions — evidenced by the number of California companies that went public in 2022 and 2023 being down by over 80% from 2021, the LAO says.

One result of this is that California businesses have had less funding to be able to expand their operations or hire new workers. The LAO pointed out that the number of unemployed workers in the Golden State has risen by nearly 200,000 people since the summer of 2022, lifting the percentage from 3.8% to 4.8%.

Fixing the budget crunch

The LAO suggests that California has various options to address its $68 billion budget deficit — including declaring a budget emergency and then withdrawing around $24 billion in cash reserves.

California also has the option to lower school spending to the constitutional minimum — a move that could save around $16.7 billion over three years. It could also cut back on at least $8 billion of temporary or one-time spending in 2024-25.

However, these are just short-term solutions and may not address the state’s longer term budget issues. In the past, the state has cut back on business tax credits and deductions and increased broad-based taxes to generate more revenue.

Mellon did not reveal any specifics behind the state’s recovery plan in her comments to Fox News. She simply said: “In January, the Governor will introduce a balanced budget proposal that addresses our challenges, protects vital services and public safety and brings increased focus on how the state’s investments are being implemented, while ensuring accountability and judicious use of taxpayer money.”

[babatax]

Crorepati income tax return filers soar 5 times in 10 years; check who has to file ITR

Income tax return: According to data from the Income Tax Department, throughout the decade, the number of people filing income tax returns with taxable incomes over Rs 1 crore has increased five times. This number soared to about 2.3 lakh in AY 2023-24 (FY 2022-23) from a mere 44,078 in the assessment year (AY) 2013-14 (equivalent to the financial year 2012-13). This astounding rise points to…

[dailylogistics]

A Tough Life With Little Earnings, India's Gig Delivery Workers Lack Financial Literacy: Report

 Borzo, a global delivery company, conducted a study to delve into the financial literacy of gig delivery workers by understanding their awareness and comprehension of savings tools, taxation and slabs, income, etc.

It highlighted that India’s Income tax data presented in parliament during the fiscal year 2022-23 shows that 7.4 crore individuals filed income tax returns. Of these, approximately 70% (5.16 crore) of individuals reported zero tax incidence.

This means that approximately only 1.6 % of the total population paid income tax during the same period. While there has been a rise in income tax compliance from 2019-20 to 2022-23, the surge in individuals with zero tax incidence has outpaced this growth.

Borzo (formerly WeFast) has released a survey report titled, “Understanding the Financial Literacy of gig delivery partners,” to present in-depth insights into the financial literacy and acumen of gig delivery partners.

According to NITI Aayog, in India, there were seven million gig workers, and this number is expected to rise to 25 million by 2030, with a compound annual growth rate of almost 12%.

The sample size of the survey is over 2000 gig delivery workers across 40 cities in India.

Gig Worker Economy

Gig workers are individuals who engage in flexible work arrangements outside traditional employment. This includes platform-based workers like ride-hailing drivers and food delivery agents, as well as freelancers such as writers, designers, and developers.

Other gig workers encompass home tutors, event staff, part-time retail employees, and online sellers characterised by project-based work, no fixed employer-employee relationship, and variable income, the gig economy is a growing trend in India, offering flexible opportunities but also raising questions about worker rights and social security.

Here are the key insights from the report:

Survey Findings:

Income Range: A significant majority (77.6%) of gig delivery workers reported annual incomes less than Rs 2,50,000. Approximately 20% of gig delivery workers earn in the range of Rs 2,50,000 to Rs 5,00,000. 2.6% of gig delivery workers reported income in the range of Rs 5,00,000 – Rs 7,50,000. The data is collected from gig delivery workers simultaneously working on various platforms

Tax Awareness: The majority of Gig Delivery workers, almost 61%, claimed that they are not aware of income tax brackets, while 39% claimed to be aware of income tax brackets.

Tax Compliance: In fact, 33.5% claimed to have filed income tax returns whereas a substantial 66.5% have never filed ITR.

ITR Filing: Of those Gig workers who file ITR, 66% file Zero (Nil) Returns and nearly 34% file Self-Assessment Returns.

Tax Payment: 47% of gig delivery workers that file ITR pay Advanced Tax amounts in regular instalments, while 53% pay One-time Tax.

Willingness to Pay Tax: Interestingly, a considerable segment (42%) of non-ITR-filing respondents expressed willingness to pay taxes if they fall into a tax bracket, however, 58% are not willing to pay taxes despite falling into the bracket.

Tax Amount: Nearly, 75% of gig delivery workers mentioned that they have not paid any tax whereas nearly 20% have paid taxes in the range of Rs 12,500 to Rs 25,000. 4.6% of gig delivery workers pay taxes in the range of Rs 50,000 to Rs 75,000.

Investment Habits:

-Mutual Funds: A substantial 77% of gig delivery workers do not invest in Mutual Funds. Only 23% of gig delivery workers invest in mutual funds out of which 71% make a monthly SIP in the range of Rs 500 to Rs 1000.

-10% invest in the range of Rs 1000 to Rs 2000 and nearly 12% invest in the range of Rs 2000 to Rs 3000 in SIP monthly. Only a handful 4% invest in the range of Rs 3000 to Rs 5000 and only 3% have surplus funds to invest above Rs 5000 in Mutual Funds.

-Stock: A staggering 74% of gig delivery workers said that they do not engage in stock market investments. Approximately, only 26% of gig delivery workers invest in stocks. Out of those who invest in stocks, nearly 48% prefer investing in blue-chip stocks. Approximately, 29% invest in IPO and 23% in penny stocks.

Long-term Savings: Despite the potential for long-term financial stability, only 24% of gig delivery workers save through Public Provident Fund (PPF) accounts, signalling a gap in long-term savings strategies. The majority of those who invest in PPF, invest Rs 1000 to Rs 3000 per month, indicating a manageable contribution.

Life Insurance: 65% of Gig Delivery workers do not possess a life insurance policy, indicating a lack of financial foresight for families during unexpected events.

The Gig Delivery workers surveyed work and delivered simultaneously for multiple delivery companies. Some of the companies mentioned by them include Porter, Zomato, Swiggy, Uber, Delhivery, Ola, Shadowfax, Rapido, Zepto, Shiprocket, Amazon, Flipkart, Dunzo, Ecom Express, Ekart, Domino’s, Jio Mart, Urban Company, DTDC, Country Delight, inDrive, Licious, XpressBees, etc.

Eugene Panfilov, MD, Borzo India and Regional Director, Borzo Brazil, said, “As we navigate the nuances of this dynamic gig economy, it’s imperative to equip gig delivery workers with the knowledge and tools for effective financial planning.

“The debate surrounding minimum income for gig delivery workers, given the complexities of this sector, further emphasises the need for targeted education and support. Addressing these identified financial literacy gaps is paramount, not only for the well-being of gig workers but also for their financial resilience.”

“The data emphasises the importance of guiding millions of gig delivery workers in India about investment tools like mutual funds, stocks, PPF, and the necessity of safeguarding their families financially.”

“When applying for a loan in India, submitting Income Tax Returns is crucial, as banks and financial institutions routinely require them. The fact that gig workers are aware of this requirement and are increasingly filing zero returns is a positive indicator of their financial responsibility.”

The survey was conducted in cities including Tier I and II cities like Mumbai, Delhi, Bengaluru, Hyderabad, Jaipur, Ahmedabad, Kolkata, Chennai, Pune, Gurgaon, Noida, Lucknow, Indore, Chandigarh, Surat, Udaipur, Amritsar, Vadodara, Thane, Kanpur, Bhopal, Haridwar, Guwahati, Ghaziabad, Faridabad, Kanchipuram, Ludhiana and Tier 3 towns such as Pimpri Chinchwad, Raebareli, Kalyan, Chapra, Palghar, Kashipur, Nashik, Jalandhar, Baghpat, Saharanpur, Mohali, Nadiad, Rohtak.

Source Link: https://www.news18.com/business/savings-and-investments/gig-delivery-jobs-borzo-report-freelancer-cab-driver-8990685.html

Website Link: https://borzodelivery.com/

[gloriouswastelandpeanut]

Supreme engineering share price target 2027

Supreme Engineering Limited (SupREMEENG) is an Indian company that manufactures alloy and wire products. The company is listed on the NSE. The share price of Supreme Engineering has been on a declining trend in the overall market. The share prices of Supreme Engineering are expected to cross its initial share price level of Rs 3,00 per share in the near future. In this article, we will discuss the Supreme Engineering Share price Target 2025 and then. We will also take into account other factors related to Supreme Engineering Limited, such as its Annual Financial Reports and Competition in the market.

Supreme Engineering Latest News

Supreme Engineering Share Price Today witnessed a slight increase to Rs 1.20 per share against its previous close at Rs 1.15 per share on Thursday.

Supreme Engineering Share Price Target 2021-23

Year Maximum Target MinimumTarget 2021 Rs 4.11 Rs 1.90 2022 Rs 3.40 Rs 1.10 2023 Rs 1.30 Rs 0.50 (This prediction is based upon our understanding seeing the history of the above stock, expert advice is critical before making any investment-related commitment)

Supreme Engineering Share Price Target 2024

Month (2024) Maximum Target MinimumTarget January

February

March

April

May Rs 2.12 Rs 1.00 June Rs 2.10 Rs 1.04 July Rs 2.18 Rs 1.11 August Rs 3.13 Rs 1.15 September Rs 3.17 Rs 1.18 October Rs 3.20 Rs 1.23 November Rs 3.28 Rs 1.31 December Rs 4.21 Rs 1.43 (Expert Advice is recommended before making any investment-related commitment)

Supreme Engineering Share Price Target 2025

Month (2025) Maximum Target MinimumTarget January Rs 5.13 Rs 1.44 February Rs 5.21 Rs 1.52 March Rs 5.25 Rs 1.56 April Rs 5.33 Rs 1.64 May Rs 5.35 Rs 1.70 June Rs 6.40 Rs 1.74 July Rs 6.49 Rs 1.81 August Rs 6.51 Rs 1.88 September Rs 6.57 Rs 1.92 October Rs 7.65 Rs 1.95 November Rs 7.23 Rs 1.98 December Rs 7.20 Rs 2.08 (Expert Advice is recommended before making any investment-related commitment)

Supreme Engineering Share Price Target 2026 to 2030

Year Maximum Target Minimum Target 2026 Rs 7.90 Rs 2.05 2027 Rs 8.07 Rs 2.28 2028 Rs 9.89 Rs 2.60 2029 Rs 10.35 Rs 3.45 2030 Rs 11.00 Rs 3.60 (This prediction is based upon our understanding seeing the history of the above stock, expert advice is critical before making any investment-related commitment

L&TFH: NSE Financials 2023

Supreme Engineering Market Capitalisation:  Rs 29.99 cr INR

Supreme Engineering Reserves and Borrowings:  Rs -91.22 cr INR and Rs 14.32 cr INR (March 2023) respectively.

Supreme Engineering 52 Week High-Low:  Rs 1.40 - Rs 0.50

Supreme Engineering Ltd Financials 2023

Revenue 184.00M INR ⬇-74.72% YOY Operating expense 191.10M INR ⬆ 53.37% YOY Net Income -1.05B INR ⬇-1,049.40% YOY Net Profit Margin -571.58 ⬇-4,447.18% YOY Earnings Per Share

EBITDA -1.07B ⬇-1,544.26% YOY Effective Tax Rate 3.14%

Total Assets 561.70M INR ⬇-65.83% YOY Total Liabilities 1.22B INR ⬇-2.60% YOY Total Equity -662.20M INR

Return on assets -61.08% Return on Capital -75.35% P/E Ratio

Dividend Yield

Supreme Engineering LTD Competitors (Market Cap:  29.99 crores INR)

JSW Steel  Market Cap:  222,157.27 cr INR

Tata Steel Market Cap:  209,161.57 cr INR

Hindalco  Market Cap:  147,102.79 cr INR

Jindal Steel  Market Cap:  104,589.63 cr INR

Points to consider before investing in Supreme Engineering NSE Stock

The steel sector company of Supreme Engineering faces more competition than most other sectors as it has to deal with the most well-known and well-established steel industry brands of India. JSW steel, Tata steel, Hindalco steel are the largest companies in India, irrespective of their industry, and their market dominance in manufacturing and selling of steel products across India is quite comprehensive. The share prices of Supreme Engineering are highly dependent on factors like its financials, and the company's ability to find a way out from the heavy competition in the steel industry, as well as in the alloys and wire manufacturing across the market. Therefore, investors will be looking for an opportunity to improve their return on investments quickly through penny stock investment opportunities like Supreme engineering Stock. This brings us to the part where we advise you to be extremely cautious as penny stocks can be a very risky bet to make.

Supreme Engineering Stock is on a declining trend overall and so are the yearly financial results of this special alloys & wire products manufacturer company. Founded in 1987, Supreme Engineering Revenue has decreased significantly over the last 5 years and registered a revenue of Rs 184.00 million in FY23 from Rs 1.74 billion in FY19. Supreme Engineering Net Income has also witnessed a massive downfall and registered a decrease of 1,049 percent over the year-on-year (YoY) to Rs-1.05 billion in FY23, as compared to Rs-91.50 million in FY22.

Conclusion

Supreme Engineering share price history shows that the initial investors of the company on the stock exchange have suffered a loss of -52% in return on their investment. Supreme Engineering NSE stock journey began on December 4th, 2020 at a price of Rs 3.00. As a penny stock, its investors must have hoped for some positive growth after a couple of months or even a couple of years. However, everything has been going in the wrong direction. Therefore, investors must be very cautious when investing in penny stocks.

Even though Supreme Engineering's share price has increased by 60% in the past 12 months, the stock is still trading at a low price of Rs 1.20. Therefore, as an investor, it could be a risky decision to invest huge amounts of money in a penny stock on NSE.

Investors are advised by the India Property Dekho to use their funds cautiously while investing.

[shreecom]

New Rules in the Banking Sector

Banking services must include accepting deposits, lending money, facilitating transactions, and offering various transaction products such as saving accounts, loans, and credit cards. Mainly bank is a type of financial institution that is permitted to accept customers' deposits and provide a loan. There are such types of banking sectors as Retail banks, Commercial banks, corporate banks, cooperative banks, Regional rural banks, central banks, and investment banks.

Why Banking sector is good?

Checking and saving accounts, loans, mortgage services, wealth management, providing credit and debit cards, and overdraft services, are the most important banking services in the banking sector.

How does the banking sector work?

The customers deposit their money in banks, and then banks lend the money in different loans like car loans, credit loans, business loans, home loans, etc. the loan recipients spend the money they borrow, then the banks earn the interest loans, and the process keeps money moving through the systems.

The rules of banking sectors:

Demat account holders' nomination declarations:

Demat account holders will have to provide nomination declarations or opt out of nominations by January 1, 2024. Account holders failing to do so will not be able to transact in stocks. Earlier, the deadline to furnish nomination details was September 30.

Aadhaar Card:

Aadhaar card holders wanting to change their details will be able to do so till December 31, 2024. However post this date, an amount of Rs 50 will be imposed on those wanting to change their personal details in the Aadhaar card.

KYC for SIM card:

All KYC-related work will be done in digital mode only. People applying for new SIM cards will not have to fill out paper forms for the Know-Your-Customer process.

 Bank locker agreement:

People holding lockers in banks will have to sign the revised agreement by December 31, 2023. If customers will fail to do so, their lockers will be frozen.

New rule to save users from online fraud:

As smartphone usage has unscaled in India, online fraud and scams have unscaled and have seen a parallel increase. The government has been taking a decisive stance to curb these issues.

Legal consequences for fake SIMs:

As per the new Telecommunication Bill, individuals who will be found purchasing fake SIM cards will be facing severe consequences and the offenders will further be subjected to a jail term of up to 3 years and a fine worth Rs. 50 lakh.

Mandatory biometric details for verification:

Telecom companies will now collect biometric data which will be mandated for every customer who is purchasing a SIM card. The inclusion of biometric details is a measure to safeguard fraudulent SIM card transactions and ensures strict action against the offenders.

Income Tax Return:

People will not be able to file Income Tax Returns (ITR) for financial year 2022-23 from January 1, 2024. Those who have not filed ITR for 2022-23 can file them with penalty fee till December 31.

Inactive UPI IDs:

The National Payments Corporation of India (NPCI) in a circular dated 7 November, has asked payment apps and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. Every bank and third-party app has to follow these till 31st December.

UPI transaction limit hiked for hospitals, schools.

Deactivation of inactive UPI IDs.

UPI Lite wallets transaction limit increased.

No authentication for UPI auto payments.

Interchange fee on UPI merchant payments.

Google Pay:

The Gpay limit per day for money transfers for users in India is ₹1, 00,000. Moreover, the maximum times you can send money in a day cannot exceed 10 in Gpay or any other UPI app.ShreeCom Infotech Pvt. Ltd. Pune offering different types of banking sectors software’s like Co-Operative credit society software, core banking software, Retail banking software, SMS banking software, Pat pedhi software, Employees co-op credit society software, salary earners society software or you can google search for banking software near me

[georgeshutcheson]

Offsetting Business Losses

New Post has been published on https://www.fastaccountant.co.uk/offsetting-business-losses/

Offsetting Business Losses

Whether you’re a Sole Trader, Business Partner, or Limited Company, this article breaks down the Options for Offsetting Business Losses and provides practical advice to help you navigate the complexities of tax law in this area. From general loss relief and offsetting against other income to special situations and considerations for Cash Accounting Basis, this comprehensive guide offers valuable insights to make informed financial decisions. Don’t let business losses hold you back — explore the options and find the best solution for your unique circumstances.

General Loss Relief

If your business experiences a loss, there are several options available for offsetting that loss. As a Sole Trader or Business Partner, you can choose to offset the loss against other income in the same year, against other income in the previous tax year, or carry it forward against the same business indefinitely. These options provide flexibility depending on your individual circumstances.

For example, if you have a part-time job in addition to your business, you can offset the loss against your job income in the same year. Alternatively, if this is your first tax year in business and you left a job part way through the year, you can offset the loss against your job income in the previous tax year. If you choose to carry the loss forward, you can offset it against future profits of your business. It’s important to note that if you choose to offset the loss against other income, tax law requires you to offset the entire loss up to your total income.

There are some restrictions for offsetting losses against other income. If you spend less than 10 hours a week on your business, the maximum offset is £25,000. In all other cases, the maximum offset is £50,000. It’s essential to consider these limits when deciding how to offset your losses.

Example: Let’s say your business makes a loss in the tax year 2023-24. You have the option to offset the loss to other income in the tax year 2024-25 or to other income, including your business’s profits, in the tax year 2022-23. This is possible as long as you are not using the Cash Accounting Scheme. Alternatively, you can carry the loss forward to offset it against profits from the same business in the tax year 2024-25 or any subsequent years.

When considering offsetting losses against current or previous year’s income, it’s important to be mindful of your Personal Allowance. Make sure that offsetting the losses doesn’t bring your taxable income below your Personal Allowance, especially if you anticipate making profits in the future. Wasting your Personal Allowance this year or last year could result in paying more tax in future years.

Planning ahead is crucial when it comes to offsetting losses. If you expect your business profits to increase significantly next year, pushing you into a higher tax bracket, it may be more advantageous to carry the loss forward and offset it against future higher-rate profits. Careful consideration of your individual circumstances and future projections is needed to make an informed decision.

Special Situations

There are specific situations where the rules for offsetting losses differ.

During the first four years of running your business, you have the option to go back three years, starting with the earliest year, and offset the losses against your total income. This is known as offsetting losses in the early years of a trade. This provision allows you to utilize losses from the earliest years of your business to reduce your overall taxable income.

If you decide to close your business, you can carry back losses up to three years. This means you can offset the losses against the income you earned in those previous tax years, providing some relief in the year of closure.

In some circumstances, a business loss can be offset against a capital gain made in the same tax year. This can be beneficial if you have other investments or assets that result in capital gains. Offsetting losses against capital gains can help to reduce your overall tax liability for the year.

Cash Accounting Basis

If you operate your business on a cash accounting basis, there are specific rules regarding offsetting losses. Businesses using the Cash Accounting Basis can only carry losses forward; offsetting sideways or carrying back is not allowed. However, it’s important to note that there is a potential trap for businesses operating on a cash basis.

Many small businesses, operate on a cash basis, meaning they receive income and pay expenses in real-time, rather than through accruals. These businesses do not benefit from the Cash Accounting Scheme as their transactions are already recorded on a cash basis. In this case, it may be advantageous to not select the “Cash Accounting” box on the Self-Assessment form. While this doesn’t change the Self-Assessment itself, it provides more flexibility when dealing with losses.

To understand the difference between Cash Accounting and Accruals Accounting, it’s important to note that Cash Accounting records transactions based on actual cash inflows and outflows, while Accruals Accounting records transactions based on revenue earned and costs incurred, regardless of when the cash is exchanged.

Limited Companies

If you operate your business as a limited company, the rules for offsetting losses are slightly different. As a limited company, you can carry losses forward to offset them against future profits. This allows you to utilize the losses from previous years to reduce your overall tax liability in profitable years.

Additionally, if your limited company was profitable in the previous tax year, you can carry the losses back one year and offset them against the profits you made in that previous year. This can provide immediate relief by reducing your corporation tax liability for the year in which the losses occurred.

If your limited company ceases to trade, you have the option to carry losses back three years. This means you can offset the losses against the profits of the company in the three years preceding the year in which the business ceased trading. This can be beneficial for winding down a business and mitigating tax liabilities.

It’s essential to note that these offsets apply to the profits of the limited company for corporation tax purposes and not against the personal income of the director or shareholder. Consultation with a tax advisor is recommended to fully understand the implications and options available for offsetting losses as a limited company.

In conclusion, understanding the options and rules for offsetting losses is crucial for managing the financial impact of business losses. Whether you are a sole trader, business partner, or operate as a limited company, there are various strategies available to utilize losses and mitigate tax liabilities. By considering factors such as personal allowances, future profits, tax rates, and the specific circumstances of your business, you can make informed decisions to offset losses effectively. Seeking professional advice from a qualified tax advisor can provide further guidance tailored to your individual needs.

[alishajoy059]

Discover India's income tax rates for FY 2022-23: Individuals under 60 face up to 30% tax, while seniors enjoy exemptions. Corporates are taxed at 25-30%. Explore deductions for lower taxable income.

[college-girl199328]

As the federal Parliament returned this week, there’s been a renewed debate about the Trudeau government’s economic record and the state of Canada’s economy relative to its peers. A comprehensive evaluation—including key metrics such as investment, income growth, and living standards—demonstrates an overall record of economic stagnation.

Recall that the Trudeau government was first elected in 2015 based in part on a new approach to government policy, which promised to boost Canada’s economy through a combination of temporary borrowing to finance a limited increase in government spending, lower taxes for most Canadians (except higher-income earners), and a more active approach to economic development. After eight years in office, the government has not only failed to live up to its promises to reduce taxes and limit borrowing, but its overall mix of policies has contributed to the country’s poor economic outcomes.

Start with program spending. Since taking office, the Trudeau government has greatly increased federal spending (excluding interest costs) from $256.3 billion in 2014-15 (the year before it took office) to $448.2 billion in 2022-23—an increase of 74.9 percent. After adjusting for inflation, the Trudeau government has recorded the five highest years of federal spending per person in Canadian history. Put differently, it has spent significantly more than past governments did during the Second World War, the 2008 financial crisis, or other emergencies in the country’s history. Post-COVID levels of spending have still not returned to pre-COVID levels.

Most of this spending growth has been deficit-financed. The government has recorded eight consecutive deficits and its latest fiscal projections anticipate more deficits for at least the next six years. This deficit spending has come with a big cost. Not only has it led to the accumulation of nearly $1 trillion in new federal debt, but it’s come with rising interest payments that are paid through tax dollars. Federal debt servicing payments currently stand at $46.5 billion in 2023-24 which amounts to more than one in every ten dollars of federal revenue. For perspective, federal interest payments now represent more than total spending on childcare benefits (Canada Child Benefit and $10-a-day daycare) and almost the same amount as Ottawa provides the provinces through the Canada Health Transfer (figure 1).

Tax increases have also been used to finance growing federal spending. In 2016, the federal government increased the top personal income tax from 29 percent to 33 percent which now means that the combined top personal income tax rate (federal and provincial) exceeds 50 percent in eight provinces (with the remaining provinces only slightly below 50 percent). In 2022, Canada had the fifth highest top tax rate out of 38 OECD countries. And while the Trudeau government reduced the second lowest personal income tax rate, it has also eliminated several tax credits that have offset the tax savings. According to our estimates, the net effect is that 86 percent of middle-income families are paying higher personal income taxes than they did before.

Lower-income families have also seen an increase in their tax bills. Specifically, 60 percent of families who are in the bottom 20 percent of earners are paying more in personal income taxes following the changes made by the current government.

The political debate cited earlier is fundamentally at its core about whether the Trudeau government’s policy agenda has produced positive or negative outcomes. The evidence is pretty clear: it has led to stagnation rather than greater prosperity for Canadians. The broadest measure of living standards is GDP per person (adjusted for inflation over time), which calculates the total value of all goods and services produced in the economy in a given year on a per-person basis. In the pre-pandemic period between 2016 and 2019, growth in per-person GDP (inflation-adjusted) was an anemic 0.9 percent. One study in fact found that Canada’s per-person GDP growth from 2013 to 2022 (0.8 percent) was the weakest on record since the 1930s (figure 2).

Since the Trudeau government was first elected there’s been 32 quarters with data on per-person GDP growth (up to the third quarter of 2023). For thirteen of those quarters, Canada experienced negative per-person GDP growth adjusted for inflation, including before and after the pandemic. Moreover, the latest numbers show that we haven’t recovered to peak pre-pandemic levels—inflation-adjusted per person GDP in 2023 was still 2.2 percent below the levels in the second quarter of 2019. Overall, inflation-adjusted GDP per person has only grown by 1.9 percent since 2015. The United States, by contrast, grew by 14.7 percent during the same timeframe.

Prospects for the future, given current policies, are not encouraging. Not only are we falling behind our most important trading partner, but the Organization for Economic Cooperation and Development (OECD) projects that Canada will record the lowest rate of per-person GDP growth among 32 advanced economies from 2020 to 2030 and from 2030 to 2060. Countries such as Estonia, South Korea, and New Zealand are expected to vault past Canada and achieve higher living standards by 2060. A key source of this disappointing performance on living standards is our declining business investment. Business investment (inflation-adjusted), excluding residential construction, declined by 16.3 percent between 2014 and 2022, or by 1.9 percent on average annually.

One way to think about the consequences of declining business investment is to compare investment per worker between Canada and the U.S. According to a 2023 study, between 2014 and 2021, business investment per worker (inflation-adjusted, excluding residential construction) decreased by $3,676 (to $14,687) in Canada compared to growth of $3,418 (to $26,751) in the U.S. (Figure 3). To put it differently, in 2014, Canadian businesses invested 79 cents per worker for every dollar invested in the United States. By 2021, that level of investment had declined to just 55 cents per worker.

The flow of funds into Canada by foreigners compared to the outflow of investment by Canadians to other countries tells a similar story. In 2008, the two levels were roughly comparable—$65.7 billion in foreign direct investment in Canada versus $84.6 billion in investment by Canadians outside of the country. A big shift started in 2015 (Figure 4), and by 2022, foreign direct investment in Canada ($64.6 billion) was significantly lower than Canadian investment abroad ($102.3 billion).

There are various explanations for the decline in business investment. Some may reflect broader global developments, but many stem from government policy itself. Since 2015, the federal government has implemented a series of policies that have cumulatively harmed the country’s investment environment, particularly in the energy sector. Bill C-69, which instituted a complex and burdensome assessment process for major infrastructure projects, and Bill C-48, which prohibits producers from shipping oil or natural gas from British Columbia’s northern coast, are two examples. 

These policy choices have had tangible negative effects on projects such as the Northern Gateway pipeline, the Energy East pipeline, the Mackenzie Valley pipeline, Teck Resources’ proposed Frontier oilsands mine in Alberta, and Kinder Morgan’s Trans Mountain pipeline. It’s no surprise, therefore, that investment in the Canadian oil and gas sector fell from $95.5 billion in 2014 to $35.1 billion in 2023 (adjusted for inflation)—a drop of 63.2 percent. More recent policy proposals, including forthcoming regulations on electricity production, clean-fuel standards, single-use plastics, and a hard cap on GHG emissions in the oil and gas sector, will only further weaken investment in Canada. While there are many contributing factors behind energy investment, Canada’s unattractive policy environment must be understood as a major deterrent.

In the “Canada-US Energy Sector Competitiveness Survey 2023,” senior executives in Canada’s petroleum industry pointed to uncertainty regarding environmental regulations, as well as duplicative and inconsistent regulations, as deterrents to investment. Indeed, 68 percent of respondents in Canada are deterred by the uncertainty concerning environmental regulations, and 54 percent of respondents are discouraged by regulatory duplication and inconsistencies. Less than half of American respondents were deterred by those same factors in their jurisdictions. As for Canada’s labor market, the top-line numbers hide some concerning trends. For example, between February 2020 (when the pandemic began) and June 2023, private-sector job creation (net) was fairly weak at 3.3 percent compared to 11.8 percent job growth in the government sector (Figure 5). 

Another concern is that the labor force participation rate is declining because of the country’s aging population. Since 2014, Canada’s labor force participation rate has decreased from 66.3 percent to 65.6 percent. As the population ages, Canada’s labor force will continue to shrink, causing the unemployment rate to be lower than it otherwise would be with stable participation rates. For perspective, there are 3.0 million Canadians aged 15 to 24 in the labor force compared to 3.5 million Canadians aged 55 to 64, which represents a ratio of 0.87—down from 0.97 in 2014. Declining participation rates, rising government sector employment, and weak private sector job growth do not equate to strong labor market performance, including the conditions for sustainable, market-driven income gains.

As an example, median total income (inflation-adjusted) for couples with children grew at a compound annual rate of 1.3 percent between 2015 and 2021 (the latest year of available data). But if one backs out transfers from the government, income gains in the form of employment-based wages and salaries are much weaker. In 2014, government transfers accounted for 6.7 percent of total income for couples with children. In 2021, they represented 11.8 percent of their total income (Figure 6).

It must be remembered that an increase in government transfers has been financed by government debt. It leads to basic questions about its sustainability since, presumably, the resulting public debt increases will need to be paid for through future tax increases or spending reductions at a later date.

A better measure of income growth for Canadian families is therefore to look at the income of households before taxes and government transfers, referred to as market income. As shown in the table below, the median market income for couples with children has grown by a meager compound annual rate of 0.6 percent between 2015 and 2021. For perspective, the growth rate in median market income from 2005 to 2014 was almost triple (1.7 percent). As another point of comparison, government transfers for couples with children have grown at a compound annual rate of 13.6 percent during the Trudeau government’s time in office.

Median employment incomes for individuals in Canada trail our American counterparts by a significant margin. In an analysis that compares 141 metropolitan areas in Canada and the U.S., the authors found only two Canadian cities in the top half of the overall rankings. The performance of Toronto is particularly concerning, as the median employment income in Canada’s most populous metropolitan area ranked 127th among the 141 jurisdictions analyzed. Vancouver and Montreal ranked 131st and 134th, respectively.

Median employment income for Torontonians and Montrealers is nearly $20,000 below that of individuals in the New York/New Jersey metropolitan area, whereas Vancouverites trail Seattle residents by nearly $24,000. The upshot of all of these facts and figures is that Canada’s economy across a wide range of metrics—including GDP growth, business investment, and incomes—is stagnant or even declining and that government policy has played a key role in these disappointing outcomes.

The first step in solving any problem is to admit that there is a problem. The evidence is clear: it’s time for federal policymakers to quit pretending we’re on the right track.

[tarun123]

Belated Return

A belated return is a return filed after the initial deadline (31st July) but before the extended deadline (31st December of the assessment year). While late filing has consequences, it's still better than facing potential penalties for non-compliance.

The due date to file income tax return for the Financial Year 2022-23 ended on 31st July 2023. If you missed filing your ITR within the original deadline, then you can file a late return, known as Belated Return.

contact us :9844000399

tax #taxes #accounting #business #taxseason #incometax #accountant #finance #smallbusiness

[bagavathi]

Belated Return:

A belated return is a return filed after the initial deadline (31st July) but before the extended deadline (31st December of the assessment year). While late filing has consequences, it's still better than facing potential penalties for non-compliance.

The due date to file income tax return for the Financial Year 2022-23 ended on 31st July 2023. If you missed filing your ITR within the original deadline, then you can file a late return, known as Belated Return.

contact us :9844000399

tax #taxes #accounting #business #taxseason #incometax #accountant #finance #smallbusiness

[ebizfiling01]

Section 35-D of Income Tax Act

Introduction

Taxes can be quite complex, and they're a big part of how our government operates and provides services. In India, there's a law called the Income Tax Act that helps regulate how taxes work. One important but often misunderstood part of this law is Section 35-D. In this blog, we'll break down Section 35-D in simple terms, so you can understand why it matters and how it can benefit you.

What is Section 35-D? 

Section 35-D is a special rule in the Income Tax Act. It's all about making life easier for people who are starting a new business. This rule helps you deal with the initial costs of starting a business by letting you spread those costs over a few years. These costs might include things like fees for lawyers and professionals, paperwork fees, and money spent on figuring out if your business idea will work.

Why Does Section 35-D Matter?

Section 35-D is there to support new businesses and help them get off the ground. Here's why it's important:

Less Tax to Pay: This rule can lower the amount of tax you have to pay because it lets you divide up your business startup costs over time. This makes it easier on your wallet in the beginning.

Startup Help: If you're thinking about starting a new business, Section 35-D can give you a financial boost. You won't have to pay all your business setup costs at once.

Attracting Investors: When you want people to invest in your business, showing them that you're managing your money smartly is a big plus. Section 35-D helps you do just that.

Less Red Tape: Managing your taxes can be complicated, but this rule simplifies things. You won't have to worry about a lot of complicated accounting. 

How Does Section 35-D Work?

Okay, so how does it all work? Let's break it down:

Tax Break Over Time: Section 35-D lets you deduct a part of your initial expenses over five years. You start claiming these deductions from the year your business begins.

What Expenses Count: The expenses you can split up include things like lawyer and professional fees, paperwork costs, and money spent on figuring out if your business will work.

Five-Year Plan: Each year, you get to deduct one-fifth (1/5) of your total initial expenses. This continues for five years.

Business Stops: If your business stops before five years, you can claim any remaining expenses in the year you close it.

Limits Apply: You can't claim more than the total amount of your initial expenses. And not all types of businesses qualify for this rule.

Let's look at a simple example to understand how Section 35-D works

Imagine you're starting a small software company, XYZ Tech. You spend Rs. 1,00,000 on lawyer and professional fees, Rs. 25,000 on paperwork, and Rs. 50,000 on figuring out if your software idea will work. That's a total of Rs. 1,75,000 in initial expenses.

You strike off your business in the year 2022-23. So, you can use Section 35-D to split your deductions over five years like this:

Year 2022-23: You can claim Rs. 35,000 (1/5th of Rs. 1,75,000)

Year 2023-24: Rs. 35,000

Year 2024-25: Rs. 35,000

Year 2025-26: Rs. 35,000

Year 2026-27: Rs. 35,000

Conclusion

In simple terms, Section 35-D of the Income Tax Act helps you start and grow your business without overwhelming you with immediate tax bills. It's like a helping hand for entrepreneurs, especially if you're just getting started. By spreading your startup expenses over five years, you can plan your finances better and make your business more appealing to investors. So, if you're thinking about starting a business in India, understanding Section 35-D can be a valuable tool for your financial success.

[thxnews]

Marriage Allowance: Boost Your Personal Finances

  In a push to boost the finances of married and civil partnership couples, HM Revenue and Customs (HMRC) is urging them to take just 30 seconds to check if they can claim Marriage Allowance, potentially unlocking up to £252 annually.  

Eligibility Check During Talk Money Week

As part of Talk Money Week, HMRC introduces a quick and easy way for couples to determine their eligibility for Marriage Allowance by utilizing the HMRC's online calculator. In mere moments, couples can ascertain if they qualify for this financial boost. By using HMRC’s online Marriage Allowance calculator during Talk Money Week, couples can find out instantly if they are eligible.   Who Can Benefit? Couples who may be unaware of their eligibility include those where one partner works, and the other earns less than the personal allowance threshold of £12,570. This encompasses individuals who have retired, those who have opted to care for children or elderly relatives, those with long-term health conditions limiting their ability to work, part-time workers, and those in low-paid jobs.  

Claiming Marriage Allowance: A Simple Process

Claiming Marriage Allowance is straightforward and, importantly, free via GOV.UK. Couples who apply directly on the government website will receive the full 100% tax relief they are entitled to. Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, underscores the simplicity of the process: "The Marriage Allowance calculator helps couples to find out in seconds how much they stand to benefit. Check today and claim right away. It’s a quick and easy process that’s worth up to £252 a year. Search ‘Marriage Allowance’ on GOV.UK for more information."  

A Hidden Gem for Retired Couples

With approximately 68% of individuals in their sixties being married or in civil partnerships, many in this age group may be unaware of the potential benefits if they've retired while their partner continues to work.   UK Men’s Sheds Takes Action UK Men’s Sheds, a charity that brings together retired men at community workshops, is actively promoting this opportunity to its members. Charlie Bethel, Chief Officer of UK Men’s Sheds, encourages retired individuals: "If you have retired and your partner is still working, you may not realize that you could apply for Marriage Allowance. As a charity that brings retired men together, we are urging our members throughout the UK to invest the 30 seconds of time it takes to find out if they can claim."  

How Marriage Allowance Works

Marriage Allowance can save couples money by allowing the lower-earning partner to reduce their partner's tax liability. Most individuals have a Personal Allowance set at £12,570, which represents the income that is exempt from taxation. With Marriage Allowance, the lower-earning partner can transfer £1,260 of their Personal Allowance to their spouse or civil partner. This transfer can lead to an annual tax reduction of up to £252. Additionally, if eligible, couples can retroactively claim for the previous four tax years, potentially receiving a lump-sum payment exceeding £1,000.   Eligibility Criteria To benefit from this tax relief, one partner must have an income below £12,570, while the higher-earning partner's income must fall between £12,571 and £50,270 (£43,662 in Scotland). HMRC provides further clarification through a YouTube video explaining eligibility and the application process.  

More on this Allowance

Marriage Allowance allows individuals to transfer 10% of their tax-free Personal Allowance. The maximum transfer amount varies according to the Personal Allowance for that tax year.   Marriage Allowance Amounts by Tax Year - 2023/24: £252 - 2022/23: £252 - 2021/22: £252 - 2020/21: £250 - 2019/20: £250 In Scotland, couples can benefit from the allowance if the partner with the higher income pays income tax at the starter, basic rate, or intermediate rate, typically indicating an income ranging between £12,571 and £43,662.   How to Claim It is quick and easy to claim Marriage Allowance for free via GOV.UK. Applying directly on GOV.UK means couples will receive 100% of the tax relief due.   Sources: THX News & HM Revenue & Customs. Read the full article

[gloriouswastelandpeanut]

REC share price target 2026

Rec (formerly Rural Electricity Corporation Limited) is a PSU subsidiary of Power Finance Corporation Limited (PFCL) owned by Power Ministry of India (MoI). The role of REC is to support the power infrastructure in India and provide a complete one-stop solution regarding the financial aspect. The company has been quoted on the NSE as RECLTD since 2008 and has been providing a good return on investment to investors. However, the future of India's power sector presents a huge opportunity for the company in terms of financial support. In this article, investors will be informed about the REC share price target 2025 and beyond, as well as how the REC company can grow along with the India's power sector.

REC Latest News

REC Share Price Today jumped significantly on the stock exchange with a positive change of +12 points (2.31%) cpmpared to its previous close of Rs 528.70 on wednesday

REC Share Price Target 2021-23

Year Maximum Target MinimumTarget 2021 Rs 121.00 Rs 94.00 2022 Rs 116.00 Rs 84.00 2023 Rs 431.00 Rs 113.00 (REC share price prediction is based upon our understanding seeing the history of the above stock, expert advice is critical before making any investment-related commitment)

REC Share Price Target 2024

Month (2024) Maximum Target MinimumTarget January

February

March

April

May Rs 565.12 Rs 485.14 June Rs 579.70 Rs 489.20 July Rs 597.80 Rs 496.21 August Rs 611.93 Rs 503.13 September Rs 625.17 Rs 511.15 October Rs 640.25 Rs 517.13 November Rs 656.08 Rs 522.11 December Rs 672.10 Rs 528.32 (Expert Advice is recommended before making any investment-related commitment)

REC Share Price Target 2025

Month (2025) Maximum Target MinimumTarget January Rs 685.13 Rs 534.13 February Rs 699.21 Rs 540.12 March Rs 715.22 Rs 545.46 April Rs 725.23 Rs 550.14 May Rs 742.35 Rs 557.10 June Rs 755.20 Rs 564.15 July Rs 773.24 Rs 571.11 August Rs 788.21 Rs 575.68 September Rs 800.57 Rs 580.67 October Rs 812.25 Rs 584.64 November Rs 826.26 Rs 590.12 December Rs 840.20 Rs 599.88 (Expert Advice is recommended before making any investment-related commitment)

REC Share Price Target 2026 to 2030

Year Maximum Target Minimum Target 2026 Rs 984.30 Rs 661.04 2027 Rs 1,124.21 Rs 728.15 2028 Rs 1,290.57 Rs 790.20 2029 Rs 1,460.68 Rs 854.65 2030 Rs 1,605.02 Rs 920.00 (REC share price prediction 2030 is based upon our understanding seeing the history of the above stock, expert advice is critical before making any investment-related commitment

RECLTD: NSE Financials 2023

REC Market Capitalisation: Rs 142,483.75 cr INR

REC Reserves and Borrowings: Rs 66,149.93 cr INR and Rs 0.00 cr INR (March 2024) respectively.

REC 52 Week High-Low: Rs 567.15 - Rs 127.40

REC Ltd Financials 2023

Revenue 189.49B INR ⬆ 20.95% YOY Operating expense 6.38B INR ⬆ 13.83% YOY Net Income 141.45B INR ⬆ 26.67% YOY Net Profit Margin 74.65 ⬆ 4.73% YOY Earnings Per Share 53.11 ⬆ 26.88% YOY EBITDA

Effective Tax Rate 21.24%

Total Assets 5.48T INR ⬆ 17.76% YOY Total Liabilities 4.79T INR ⬆ 17.54% YOY Total Equity 693.50B INR

Return on assets 2.79% Return on Capital

P/E Ratio 9.85 Dividend Yield

REC LTD Competitors (Market Cap:  142,483.75 crores INR)

Power Finance  Market Cap:  150,088.63 cr INR

SBI Card Market Cap:  67,875.56 cr INR

IFCI  Market Cap:  14,609.97 cr INR

Ujjivan Financial  Market Cap:  7,179.21 cr INR

Points to consider before investing in REC NSE Stock

REC competes with peers in the financial services sector like SBI Card etc., IFCI etc., Ujjivan financial services in India. As a subsidiary of State Bank of India (SBI), SBI, holds financial and strategic support of REC share price target. In the power sector of India, REC, formerly known as rural Electrification Corporation, is expected to have a lot of investment opportunities in the power sector. The schemes like production-linked incentive, Deen dayal upadhyay gram jyoti yojana, Prime Minister's suryaghar yojana and issuance of state green bonds etc. will definitely bring better investment opportunities for this infrastructure financer of the power sector.

India's current electricity installed capacity (EPC) of 429GW will, of course, fall short. India's power sector will have to have a power generation capacity of at least 817 GWe by the end of the decade (2030). Today, the share of renewable energy in India's power generation capacity is 42% i.e. 182 GW. The plan is to reach more than 500 GWe of renewable energy capacity by 2030. Converting the distribution of electricity across cities and villages will be a huge challenge for the Union government and will require massive investments.REC share price target 2026 will benefit as a part of India's Power Ministry-owned public sector undertaking PFCL. Investors need to be aware of the risks associated with the stock exchange and follow proper strategy.

REC share price target financial performance has been in line with the company's filings in previous years and has been the backbone of this Power Sector Financier stock's positive sentiment among investors on the stock exchanges. REC's revenue collection has been steadily increasing over the years, and in FY23, it collected Rs 189.49 billion as compared to Rs 138 billion collected in FY22. The company's net income has also been steadily increasing, and in FY2022 it stood at Rs 100.36 billion and in FY23 it was Rs 141.45 billion. The company's revenue collection in FY23 was Rs 189 billion as compared to the company's net income in FY22 of Rs 138 billion.

Conclusion

REC share price prediction History shows a consistent uptrend on the NSE, and overall a brilliant growth trajectory. The NSE stock of RECLTD has gained +1,100 percent since its initial share price of Rs.40.89 per share in March 2008. The REC Share Prices have increased by more than 300 percent since May, of last year 2023, showing a huge increase in the last 12 months. While there have been several uptrends and downs in the REC Share Prices over the past 17 years of trading on the stock exchange, most of the REC stock price growth has taken place in the last 365 days. Investors can be a bit cautious with their investment decisions. The power sector is expected to grow significantly in the near future, and the competition from other financial services companies will only increase in the market. Therefore, investors should carefully consider expert recommendations before committing to any investment on the stock exchange.

FAQ

What is the REC Share Price Target 2025?

REC Share Price Target 2025 is between Rs 840 and Rs 534.

What is the REC Share Price Target 2026?

REC Share Price Target for the year 2026 is between Rs 984 and Rs 661.

What is the NSE REC Share Price Target  2030?

REC Share Price Target 2030 is predicted to remain between Rs 1,605 and Rs 920.

What is the NSE REC Share Price Target 2024?

REC Share Price Target 2024 is between Rs 672 Rs 485.

What is the REC Share Price Prediction 2025?

REC Share Price 2025 is predicted to remain between Rs 840 and Rs 534.

What is the REC Share Price Prediction 2030?

REC Share Price in 2030 is predicted to remain between Rs 1,605 and Rs 920.

[dfoxmarketing]

7.65 Crore AY 23-24 ITRs Filed with 96% Already Processed

7.85 Crore ITRs Filed on Schedule

Over 7.85 crore Personal Government forms (ITRs) were documented on schedule, as indicated by the Personal Duty Division, setting a “record-breaking” figure.

The Personal Duty Division made an announcement expressing that 7.85 crore Income Tax Returns for all evaluation years were documented in the monetary year 2023-24, breaking the past record of 7.78 crore documented in the financial year 2022-23. breaking the previous record of 7.78 crore filed in the fiscal year 2022–23. October 31 was the deadline for reporting Income Tax Returns (apart from ITR 7) for taxpayers whose books of accounts needed to be audited and who were not engaged in certain domestic or foreign transactions.

In contrast with the 6.85 crore ITRs documented by November 7, 2022, the cutoff time for recording such ITRs in the earlier year, more than 7.65 crore ITRs for the appraisal year 2023-24 were recorded by October 31, 2023, addressing a 11.7% increment. Of the 7.65 crore ITRs petitioned for AY 23-24, a bigger number of than 7.51 crore have been confirmed, and as of October 31, 7.19 crore have been handled, or around 96% of the checked ITRs.

More than 1.44 crore different statutory forms were filed by the deadline of October 31, which also served as the deadline for filing important statutory forms such Forms 10B, 10BB, and 3CEB.

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According to the statement, the e-filing system effectively handled traffic throughout the busiest filing days, providing tax professionals and taxpayers with a flawless form and ITR submission experience.

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