#uti mutual fund

[amstocks2024]

SIP Simplified with OTM On the Go by UTI Mutual Fund

Experience hassle-free investing with UTI Mutual Fund’s SIP Simplified with OTM On the Go. Easily set up and manage your Systematic Investment Plan anytime, anywhere

[financialrinku]

Debt Funds:Invest in Best Debt Mutual Funds - UTI Mutual Fund

Debt funds mainly invest in bonds, government securities with the aim of generating regular income. Visit now to check and compare debt fund's returns, NAV and fund snapshots.

[rinkum37]

UTI Mastershare Unit Scheme is India’s first diversified equity- oriented fund. It mainly invests in large-cap companies. Invest in UTI Mastershare fund today!

[rrfinpay]

White Label Service Provider | White Label

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[arthropodboy]

Help save the adorable Miss Margles

A friend of mine from High School is trying to save his new senior kitties life, but he doesn't have the funds. I thought I'd try sharing this here because Tumblr is the only place I have even a little bit of reach.

Donations and/or reblogs would be greatly appreciated

"Hello! My name is Jay and I recently adopted Margles back in the beginning of July. This senior girlie was found wandering around downtown Tacoma in really horrible condition. When she was found, she was severely underweight, dehydrated, and seemed to be ill - it was very clear that someone had dumped her, or maybe everything went wrong and she ended up alone long enough to deteriorate on the street. My homie MJ fostered her for a while until I was able to adopt her!

Despite her condition, she is one of the most affectionate and trusting cats I've met in a long time, and after bringing her home she loved hopping into bed with me in the morning and licking my face to wake me up to feed her. She also absolutely loves getting brushed/groomed. She has quickly become good buddies with Tommy as well (our other senior kitty) who had been showing signs of wanting a companion before we got her.

This past month has been a lot of back and forth to the emergency vet clinic and our primary vet clinic as we've tried to figure out what's going on with her. She has been having bloody vaginal discharge, been unable to get comfortable, urinating inappropriately, vomiting daily, has had a steadily declining appetite, and could never seem to get enough water. We treated her for a UTI, however her symptoms returned as soon as her course of antibiotics finished.

However, we finally were able to figure out what's going on with her!! She has a severe urinary tract infection with two different types of bacteria that require a longer course of special antibiotics. Miss Margles was also diagnosed with kidney disease, pancreatitis, low potassium, and low phosphate. She is also severely underweight at 4.5lbs (but has been steadily gaining weight since coming to us). Thankfully, all of these conditions are easily manageable through treatment, medication, and supplements, and Meegles should be able to recover and live out her golden years in comfort with Tommy after we get her balanced out.

Although, as someone who is currently working paycheck to paycheck at minimum wage, the bills are quickly becoming more than I can handle.

With appointments averaging around $650, recurring medications about half of that, starting a specialized kidney diet, and the costs of supplements + daily fluid therapy (and of course urine + vomit cleaning spray...) I've reached a point where I've decided to seek out financial support in mutual aid. I am very hopeful that she will make a recovery from her current condition, but I fear that if these bills become too much I will have to try to find her a new home, which is already hard enough for senior kitties, let alone a high medical needs senior cat. I don't want to have to put her through a whole life transition again; especially since I have veterinary assistant experience and work in the animal care field, and am confident with giving her specialized care in my daily routine.

I am currently giving her 4 medications a day + 2 supplements, and subcutaneous fluid therapy once or twice daily. She is also getting monthly Solensia injections for her severe arthritis due to having very low muscle/fat content. Due to the sedative effects of some of these medications, Margles is experiencing extreme muscle weakness and needs assistance getting to the litterbox in time, grooming herself after eating or peeing/pooping, and will only eat via spoon feeding for now. Its quickly become a labor of love, and I know that Margles would be better off remaining in my care as she rides out her golden years.

Any financial support for her medical needs to ensure that she gets to remain in my care would be greatly appreciated! Even like $5 goes a long way. The goal amount is based on what I've spent so far and am estimated to be spending on the next follow up appointment. I will return to working at a vet clinic soon (I am currently working with zoo animals) and should hopefully get some discounts for her lifelong fluid therapy, arthritis injections, kidney disease management, and senior wellness exams in the future, so this is just to help us through the next few visits. Times are rough for us all right now, if you aren't able to donate please boost if you can!

Thanks for taking the time to read ‍⬛ I will post updates as they come

- Jay"

[sanskriti-2751]

What is Mutual Fund?

A mutual fund is a type of investment vehicle that pools money from multiple investors to invest in a diversified portfolio of securities such as stocks, bonds, and other assets. Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced.

It is managed by a professional fund manager or an asset management company (AMC) who makes investment decisions on behalf of the investors.

Mutual funds offer good investment opportunities to the investors. Like all investments, they also carry certain risks

SEBI formulates policies and regulates the mutual funds to protect the interest of the investors.

OVERVIEW OF MUTUAL FUNDS INDUSTRY IN INDIA

The mutual fund industry in India was set up through a combination of regulatory changes, legislative reforms and the entry of various market players.

Unit Trust of India- UTI was founded in 1964, which is when the mutual fund sector in India first started to take off. To mobilize public funds and invest them in the capital markets, UTI was established as a statutory body under the UTI Act, 1963. The idea of mutual funds was greatly popularized in India because to UTI.

Regulatory Framework-In India, the mutual fund industry's regulatory structure began to take shape in the 1990s. The Securities and Exchange Board of India (SEBI) Act, which established SEBI as the governing body for the Indian securities markets, was passed in 1993. Among other market intermediaries, SEBI was responsible with regulating and supervising mutual funds.

The SEBI (Mutual Funds) Regulations,1996- This regulation established the legal foundation for the establishment, administration, and operation of mutual funds in India. These regulations outlined the standards for investor protection, investment restrictions, disclosure requirements, and eligibility requirements for asset management companies (AMCs).

Introduction of Private Sector Mutual Funds: UTI was the only active mutual fund provider in India prior to 1993. Private sector mutual funds were nevertheless permitted to enter the market as a result of the liberalization of the financial sector and the opening up of the Indian economy. Many domestic and foreign financial organizations launched their own AMCs and entered the mutual fund industry.

Product Line Evolution: The mutual fund sector in India has grown and increased its product selection throughout the years. Mutual funds initially mainly offered income and growth opportunities. To address various investor needs and risk profiles, the industry did, however, offer a wider range of products, such as equity funds, debt funds, balanced funds, and specialist sector funds.

Investor Education and Awareness: Serious efforts have been made to educate and raise investor awareness in order to encourage investor involvement in mutual funds. Industry groups, AMCs, and SEBI have run investor awareness campaigns, distributed instructional materials, and supported systems for resolving investor complaints. Systematic Investment Plans (SIPs) were introduced, and this was a significant factor in luring individual investors

Technological Advancements-The mutual fund sector in India has embraced technological development, making it possible for investors to access and invest in mutual funds through online platforms and mobile applications. Investors can now transact, track their investments, and get mutual fund information more easily thanks to digital platforms.

The mutual fund industry in India has developed into a strong and regulated sector through regulatory changes, market competition, and investor-centric initiatives. The sector keeps expanding, drawing in more investors and providing them with a wide variety of investment possibilities around the nation.

[nawaztehreem]

Mutual Funds in India: Trends, Growth, and Investment Opportunities

Over the years, the mutual fund sector in India has grown and changed remarkably, mirroring the shifting dynamics of the nation's financial environment. The Unit Trust of India (UTI) was founded in 1963, and when economic reforms were implemented in the early 1990s, the mutual fund industry grew. In recent years, the industry has expanded its product options to accommodate a broad range of investor preferences. These include equity, debt, hybrid, and theme funds. This article will analyse the rise of mutual funds India, along with trends and opportunities.

What is a Mutual Fund?

Mutual funds are financial products that act as vehicles for group investments. It combines the funds of several participants to produce a diverse portfolio of securities, such as stocks and bonds. These investment pools are overseen by qualified fund managers who make calculated choices to optimise investor returns. Mutual funds are unique in that they make investing more accessible to all. They reduce individual risk by making professionally managed and diversified portfolios accessible to even small investors.

Financial products known as mutual funds function as group investment vehicles. To produce a diverse portfolio of stocks, bonds, or other securities, it aggregates the funds of multiple investors. Professional fund managers oversee these investment pools, making calculated choices to optimise investor returns. The potential of mutual funds to democratise investment opportunities is what makes them unique. They reduce personal risk by giving even modest investors access to professionally managed and diversified portfolios.

Recent Trends in the Mutual Fund  Investment

The various trends in mutual fund investment are as follows:

1. The Start Of Digitalisation Has Made Investing In Mutual Funds Easier

Investors may now invest, follow, and analyse their investments with ease thanks to the industry's notable development in digitalisation. Numerous fintech platforms have developed apps in recent years that let you invest in a variety of funds and keep real-time track of them.

2. A Rise in the  Number of SIPs

SIPs, or systematic investment plans, have become the preferred method of investing in mutual funds.

3. An Increase in Smaller Cities' Investments

The rise in mutual fund investments from smaller locations is another intriguing pattern that has emerged. Established cities like Mumbai, Chennai, and Kolkata are facing fierce competition from rapidly expanding investors from cities like Pune, Kota, Durgapur, Alwar, etc.

Opportunities for the Mutual Fund

The industry can take advantage of the following attractive opportunities:

1. Growing Interest from Millennials and Young People 

The industry has a great chance to market wealth-building goods to young people through instructional content, robo-advisors, and apps. The mutual fund business has a great opportunity to establish itself since youthful investors are long-term investors.

2. Greater Awareness and Education

As digital literacy increases, more Indians have access to investing education materials. Learning about mutual funds has been made simpler by websites that provide financial information, social media, and YouTube.

3. Fintech and Technology Integration

The use of technology in investing is revolutionary. Investors may easily follow their investments and manage their portfolios in real-time with the use of tools like data analytics, robo-advisors, and smartphone apps.

Conclusion

Since its founding in 1963, the mutual fund sector in India has advanced significantly. By several measures, the mutual fund industry's growth pace in India is very apparent. It covers the number of fund houses, the range of schemes, the amount of funds raised, and the assets that are being managed. The business, which was first dominated by UTI mutual funds, has since expanded to include the public, private, and foreign fund houses sectors. For safe mutual fund investment check out reliable platforms like Tata Capital Moneyfy.

[digitalworldmarketview]

🚀 Top Equity Mutual Funds Delivering Up to 21% Returns in 9 Months! 💹

Looking for high-performing mutual funds? 17 equity mutual funds have delivered up to 21% absolute returns in the last 9 months! 📈 Here are the top 10 performers:

🔥 Best Performing Funds: 🔹 Motilal Oswal Small Cap Fund – 21.09% 🔹 Motilal Oswal Large Cap Fund – 20.18% 🔹 Motilal Oswal Midcap Fund – 20.01% 🔹 Invesco India Midcap Fund – 18.98% 🔹 Edelweiss Mid Cap Fund – 18.85% 🔹 LIC MF Small Cap Fund – 18.44% 🔹 Bandhan Small Cap Fund – 18.13% 🔹 Kotak Emerging Equity Fund – 17.22% 🔹 LIC MF Multi Cap Fund – 17.14% 🔹 UTI Small Cap Fund – 17.00%

💰 Invest smartly and grow your wealth over time! 🌱 Start your SIP today!

[finvestmentpro]

Invest in These 6 Best Flexi Cap Mutual Funds to Invest in December 2024

Flexi Cap Mutual Funds are equity mutual funds that can invest in any market segment, like large-cap, mid-cap, or small-cap stocks, without any conditions. UTI Flexi Cap Fund, Parag Parikh Flexi Cap Fund, PGIM India Flexi Cap Fund, Aditya Birla Sun Life Mutual Fund, SBI Flexi Cap Fund, and Canara Robeco Flexi Cap Fund are the 6 best flexi cap mutual funds to invest in December 2024.

UTI Flexi Cap Fund

The fund is an open-ended equity mutual fund that invests in stocks of companies of all sizes involving large-cap, mid-cap, and small-cap. UTI Flexi Cap Fund was launched in August 2005. This flexi-cap fund delivered a return of approx. 16.3% in the past three years. For the past 19 months, UTI Flexi Cap Fund has been in the top fourth quartile.

Parag Parikh Flexi Cap Fund

The Parag Parikh Flexi Cap Fund (PPFCF) is an open-ended equity mutual fund scheme that focuses on generating long-term capital appreciation. Parag Parikh Flexi Cap Fund was launched in May 2013. This flexi-cap fund delivered a return of approx. 22.8% in the past three years.

PGIM India Flexi Cap Fund

The PGIM India Flexi Cap Fund is an equity scheme that invests in a range of Indian stocks, which involve large-cap, mid-cap, and small-cap stocks. The fund was launched in March 2015. PGIM India Flexi Cap Fund delivered a return of approx. 20.5% in the past three years, and for 10 months this fund has been in the top fourth quartile.

Aditya Birla Sun Life Mutual Fund

Aditya Birla Sun Life Mutual Fund, a joint venture company established in 1994, has now completed 29 years successfully in the Indian financial industry. This scheme has delivered a return of approx. 16.4% in the past three years, and for the past 20 months this scheme has been in the top third quartile.

SBI Flexi Cap Fund

It is a mutual fund scheme that invests in stocks of companies of all sizes involving large-cap, mid-cap, and small-cap stocks. The fund was launched in 2005 and delivered a return of approx. 16.1% in the past three years, calculated using rolling returns.

Canara Robeco Flexi Cap Fund

Canara Robeco Flexi Cap Fund is an open-ended equity mutual fund scheme that invests in a range of stocks, which involve large-cap, mid-cap, and small-cap stocks. The fund was launched in September 2003 and has delivered a return of approx. 17.7% in the past three years. Canara Robeco Flexi Cap Fund has been in the top third quartile for 18 months.

for more mutual fund and finance-related articles visit finvestmentpro.com

[amstocks2024]

UTI Transportation and Logistics Fund Direct Growth - UTI Mutual Fund

UTI Transportation & Logistics Fund focuses on growth through investments in transportation and logistics sectors. Check the latest NAV and performance details here.

[financialrinku]

Overnight Fund by UTI Mutual Fund generates risk-free credit returns through income or growth. Click here to invest now in overnight mutual funds.

[rinkum37]

Invest in UTI Gilt Fund | Debt Mutual Funds | UTI Mutual Fund

UTI Gilt Fund invests in sovereign securities issued by the central government and/or state government to generate credit risk-free return over medium to long term. Clicks here invest in gilt mutual funds.

[next-gen-investent]

"✦ The Evolution of Mutual Funds: From Humble Beginnings to Financial Powerhouses ✦"

✦ Evolution of Mutual Funds ✦

✧ Definition: A mutual fund is an investment vehicle made by collecting funds from various investors for the purpose of investing in assets like stocks, bonds, etc. ➤ Such funds are managed by an expert manager who seeks to provide returns/gains to the investors.

✪ Historical Background: ➤ Origin: Mutual funds are believed to have originated in the Netherlands. ✦ 1774: Dutch merchant Adriaan van Ketwich pooled money from subscribers to form an investment pool named Eendragt Maakt Magt (Unity Creates Strength). ✦ 1775: The fund was fully subscribed, and shares became tradable on the Amsterdam Exchange. ➤ Popularity: Ketwich's model gained popularity across Europe through the 1800s and eventually reached America.

✪ Modern-Day Mutual Funds: ➤ First Modern-Day Mutual Fund: Massachusetts Investors Trust, created in the United States in 1924. ✦ Open-Ended Fund: Allowed for continuous issue and redemption of shares. ✦ 1929: About 20 open-ended mutual funds and more than 500 closed-ended mutual funds in the US.

✪ Indian Mutual Fund Industry: ➤ 1963: Birth of the mutual fund industry in India with the formation of the Unit Trust of India (UTI) through an Act of Parliament. ✦ First Scheme: Unit Scheme 1964. ✦ 1970s-1980s: UTI launched many products to cater to various investment needs. ✦ 1987: UTI managed approximately ₹6,700 crore in assets under management. ✦ 1987: Non-UTI public sector entities permitted to enter the industry. ➤ 1993: Entry of private sector companies, with Kothari Pioneer (now Franklin Templeton) being the first private sector mutual fund. ✦ 1993: Total industry assets under management close to ₹50,000 crore. ✧ Current Scenario: Over 40 fund houses offering approximately 2,500 schemes across various asset classes. ✦ Assets Under Management: More than ₹20 lakh crore (approximately US$315 billion). ✧ Growth: Total assets under management have grown at 19.4% per annum, with equity assets growing at 17.7% per annum.

✪ Current Scenario of the Indian Stock Market: ➤ Volatility: The Indian stock market has experienced sectoral volatility, with some sectors underperforming while others show resilience. ✦ Top Performing Sectors: Electricals (+19.54%) due to increased infrastructure and construction activity. ✦ Underperforming Sectors: ➢ Industrial Gases (-15.6%) ➢ Retailing (-12.91%) ➢ Diamond & Jewelry (-11.97%) ➢ Oil & Gas (-10.76%) ➢ FMCG (-10.29%) ✧ Market Outlook: The market is expected to remain in the range of 23,000 to 25,000 for the next three months. ✦ Investment Opportunities: Sectors like pharmaceuticals, insurance, and agrochemicals show potential. ✧ Challenges: High valuations in certain sectors and mixed outcomes for banks and financial services.

[swarajfinpro236]

Which are 10 Mutual Funds based on AUM according to the Top Mutual Fund Distributor India?

Have you heard the popular phrase ‘Mutual fund sahi hai’? In the world of finance, mutual funds have become a popular investment choice for many individuals seeking to grow their wealth. 

With the guidance of the Top Mutual Fund Distributor in India, investors can navigate this space more effectively. 

In this blog, we will explore ten mutual fund schemes that stand out based on their Assets Under Management (AUM), highlighting their significance in the Indian investment landscape.

What is AUM in Mutual Funds?

Assets Under Management (AUM) represents the total market value of assets that a mutual fund manages on behalf of its clients. A higher AUM often indicates a fund's popularity and investor trust. Here are ten notable mutual fund schemes based on their AUM as of recent data:

1. SBI Mutual Fund

SBI Mutual Fund is the largest in India with an impressive AUM of ₹11.14 lakh crore. Leveraging its extensive banking network, it offers a variety of equity and debt funds tailored to different investor needs.

2. ICICI Prudential Mutual Fund

With an AUM of ₹8.89 lakh crore, ICICI Prudential is known for its robust fund management strategies and diverse range of investment options.

3. HDFC Mutual Fund

HDFC’s AUM stands at ₹7.74 lakh crore. The fund house is recognized for its consistent performance and innovative products that cater to both conservative and aggressive investors.

4. Nippon India Mutual Fund

Nippon India has carved out a significant niche with an AUM of ₹5.61 lakh crore. Its focus on research-driven investments has attracted a large base of retail investors.

5. Kotak Mahindra Mutual Fund

With ₹4.75 lakh crore in AUM, Kotak Mahindra offers a wide array of funds across various asset classes, appealing to different risk appetites.

6. UTI Mutual Fund

UTI holds an AUM of ₹3.44 lakh crore and is one of the oldest mutual fund houses in India. It has a strong reputation for its diversified investment strategies.

7. Aditya Birla Sun Life Mutual Fund

This fund has an AUM of ₹3.78 lakh crore and is known for its customer-centric approach and innovative financial solutions.

8. Axis Mutual Fund

Axis has gained popularity with an AUM of ₹3.16 lakh crore due to its focus on risk management and customer service.

9. Mirae Asset Mutual Fund

Mirae stands out with an AUM of ₹1.99 lakh crore and is recognized for its research-oriented approach to investing.

10. Franklin Templeton Mutual Fund

With an AUM of ₹1.15 lakh crore, Franklin Templeton is known for its global investment strategies and a strong emphasis on fixed-income products.

Conclusion

The mutual fund industry in India continues to thrive with significant contributions from various distributors and asset management companies. The above-mentioned schemes not only reflect the growing trust among investors but also highlight the role of top mutual fund distributors in guiding investment decisions. As you explore your options in this vibrant market, consider these top-performing funds as potential avenues for your financial growth journey.

Investing wisely requires understanding your financial goals and risk tolerance; consulting with a qualified distributor can help you make informed choices tailored to your needs.

[cadeveshthakur]

TDS New Rates applicable from 1st Oct 2024|Interest calculation| Rectification/Correction statement  @cadeveshthakur   #tdsrates #newtdsrates #tds #incometax #cadeveshthakur Understanding Tds: Complete Guide To Tax Deduction At Source | Part 5 | Tds Basics Index 00:00 to 04:44 Introduction 04:45 to 05:39 192 TDS on salary payment/ TCS 206C 05:40 to 08:59 194DA Payment in respect of Life Insurance Policy 09:00 to 11:42 194D Payment of Insurance commission (in case of person other than company) 11:43 to 12:18 194F Repurchase of Units of Mutual Fund or UTI 12:19 to 14:31 194G commission and other payments on sale of lottery tickes 14:32 to 16:20 194H Commission and Brokerage 16:21 to 19:00 194-IB Payment of Rent by Certain Individual of HUF 19:01 to 21:05 194M Payment to contractor, commission agent, broker or professional by certain Individuals or HUF 21:06 to 25:09 194O Payment by e-commerce operator to e-commerce participant 25:10 to 29:25 194T Payment in the nature of salary, remuneration, commission, bonus or interest to partners of the firm 29:26 to 31:16 Interest on late payment of taxes   31:17 to 35:11 Time limit to file correction statement in respect to TDS/TCS statements   Interest on late payment of taxes   To bring parity on the interest rates under TDS/TCS   Interest on late payment of tax to the CG Section   i.e., tax has been deducted but not deposited 201(1A)                                                                                 Interest on late payment of tax to the CG 206C (7) i.e., tax has been collected but not deposited Time limit to file correction statement in respect to TDS/TCS statements     Section 200 - Duty of person deducting tax under the provisions of chapter XVII-B   200(3) - After paying the tax deducted, file TDS statement within prescribed time period   Proviso - deductor to file correction statement for rectification     Section 206C - Collection of TCS   Priviso to 206C (3) - person collecting tax after paying to the CG, furnish TCS statement within prescribed time period   206C (3B) - to file correction statement for rectification   🎥 Hello, lovely viewers! Welcome back to the @cadeveshthakur channel! 🎉 YouTube Channel: https://www.youtube.com/@cadeveshthakur TDS ki कक्षा: https://www.youtube.com/playlist?list=PL1o9nc8dxF1RqxMactdpX3oUU2bSw8-_R E-commerce sellers: https://www.youtube.com/playlist?list=PL1o9nc8dxF1ShUNXkAbYrAYj2Pile1Rim GST Knowledge Bank: https://www.youtube.com/playlist?list=PL1o9nc8dxF1RjdRrG4ZKXeJNed6ekhjoR Goods & Services Tax: https://www.youtube.com/playlist?list=PL1o9nc8dxF1SlBw2kSpZ9ay1jnEOkbDYN TDS: https://www.youtube.com/playlist?list=PL1o9nc8dxF1RXi2GaEckeXGmJy_FYOj9q Shorts for Accountants, Professionals, Finance, Students: https://www.youtube.com/playlist?list=PL1o9nc8dxF1TqoRTWoA1_l0kmtsbyNEB5 Accounting concept, Entries, Final Accounts preparation: https://www.youtube.com/playlist?list=PL1o9nc8dxF1T4GSjBPboXxBgFgkVZmDbQ Direct Taxation: https://www.youtube.com/playlist?list=PL1o9nc8dxF1S7BBNeuL3fzV_fDl9V88C2 🎥 Hello, lovely viewers! Welcome back to the @cadeveshthakur channel! 🎉 I’m thrilled to have you here, and I want to connect with you beyond YouTube. Let’s take our journey together to the next level! 😊 LinkedIn: https://www.linkedin.com/in/cadeveshthakur/ Instagram: https://www.instagram.com/cadeveshthakur/ Twitter: https://twitter.com/cadeveshthakur Facebook: https://www.facebook.com/cadevesh Whatsapp Group: https://whatsapp.com/channel/0029Va6GOVE9MF92Ylmo7e0L #cadeveshthakur https://cadeveshthakur.com/ Remember, our community is more than just a channel—it’s a family. Let’s connect, learn, and grow together! Hit that Subscribe button, tap the notification bell, and let’s spread financial wisdom one click at a time. 🚀 Remember, knowledge empowers us all! Let’s learn together and navigate the complex world of finance with curiosity and diligence. Thank you for being part of the cadeveshthakur community! 🙌 Disclaimer: The content shared on this channel is purely for educational purposes. As a Chartered Accountant, I strive to provide accurate and insightful information related to GST, income tax, accounting, and tax planning. However, please note that the content should not be considered as professional advice or a substitute for personalized consultation. TDS New Rates applicable from 1st Oct 2024|Interest calculation| Rectification/Correction statement

[citizenrecord]

"Save As Much As ₹ 17,500": Finance Minister on New Tax Regime Slabs

Standard deduction in the new tax regime will be increased from ₹ 50,000 to ₹ 75,000, Finance Minister Nirmala Sitharaman said Tuesday as she announced the 2024 Union Budget.

Ms Sitharaman also announced revisions to tax slabs in the new regime. As a result, the Finance Minister told Parliament, salaried employees can save as much as ₹ 17,500 in the new regime.

It will also, she said, provide salaried individuals with higher tax savings and more disposable income.

Existing new tax regime slabs (effective for FY 2023-24) were as follows:

Income up to ₹ 3 lakh - Nil Rs 3 lakh to ₹ 6 lakh - 5 per cent Rs 6 lakh to ₹ 9 lakh - 10 per cent Rs 9 lakh to ₹ 12 lakh - 15 per cent Rs 12 lakh to ₹ 15 lakh - 20 per cent Above ₹ 15 lakh - 30 per cent The increase in standard deduction was one of the most anticipated ahead of the budget speech.

Industry experts speculated this could double to ₹ 1,00,000, but Ms Sitharaman fell slightly short.

In addition, deduction on family pension for pensioners will be increased from ₹ 15,000 to ₹ 25,000.

These tweaks will bring relief for around four crore salaried individuals and pensioners, she said.

Changes to income tax slabs, old and new, were in focus ahead of Ms Sitharaman's speech as the country's mammoth middle class clamoured for relief from tax burdens. There was little joy for the middle class in the interim budget - which pegged gross tax revenue at ₹ 38.31 lakh crore for 2024-25, an 11.46 per cent growth over the last fiscal - so all eyes were on the Finance Minister today.

Ms Sitharaman, however, had to walk a tight rope as she looks to stimulate growth and provide relief.

Another big expectation was a hike in exemption limit. Under the new regime, those earning under ₹ 3 lakh a year are exempt from paying tax. There was speculation this could be raised to ₹ 5 lakh.

There was, however, no such announcement.

There was also no changes announced for tax slabs under the old regime. This is amid speculation the government plans to do away with this option for next year.

The Finance Minister also announced a comprehensive review of the Income Tax Act of 1961, which will make it easier to read and understand, and reduce uncertainty and potential for litigation.

This will be completed in six months.

As part of this overhaul, Ms Sitharaman said tax authorities could only re-open assessments within three years from end of assessment and if the escaped income is ₹ 50 lakh and over.

Even then, the time limit for search cases is to be reduced from 10 years to six before year of search.

"A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions and capital gains taxation," she said.

As per the proposal, two tax exemption regimes for charities will be merged into one.

The five per cent TDS, or Tax Deducted at Source, rate is being merged into the two per cent rate and the 20 per cent rate on repurchase of units by mutual funds, or UTI, is being withdrawn, she said.

The TDS rate on e-commerce operators will be reduced from one to 0.1 per cent, she added.

Also, Ms Sitharaman said she proposed to decriminalise delay for payment of TDS, or Tax deducted at Source, up to the due date of filing the concerned statement.