Sunday, October 25
India’s government plans to simplify its income tax filing rules to make it less tedious for taxpayers to comply with the law and help cut down on disputes that have ballooned to more than $120 billion over the past decade.A proposed revamp of the Income-tax Act of 1961 is currently being finalized and will likely be issued for public consultation around mid-January, according to people familiar with the matter, who asked not to be identified as the information isn’t public. The revised legislation will then be released in the government’s budget, expected in early February, they said.Also Read: 5 ways Budget 2025 can simplify income tax rules for NRIsThe changes involve simplifying the language and rationalizing information by using formulas and tables, and won’t include any adjus
The Reserve Bank of India (RBI) on Wednesday lifted the business restrictions imposed on two non-banking financial companies (NBFCs) – Asirvad Micro Finance Limited and DMI Finance Private Limited. The restrictions, issued on October 17, 2024, barred these NBFCs from sanctioning and disbursing loans effective from the close of business on October 21, 2024.Asirvad Micro Finance Limited, a microfinance institution (MFI) registered in Chennai, and DMI Finance Private Limited, an investment and credit company (ICC) based in New Delhi, faced the restrictions due to non-compliance with regulatory guidelines.Following the RBI’s directions, the two companies initiated remedial measures and submitted compliance reports. After evaluating the companies’ revamped processes, systems, and their co
Nifty formed a small red candle on the daily chart on Wednesday with a long lower shadow, technically indicating the formation of a ‘hammer’ type candle pattern. Normally, such hammer formation after a reasonable decline calls for an impending trend reversal on the upside post-confirmation.The short-term trend of the Nifty remains weak. But the smart upside recovery near 23,500 levels is indicating chances of an upside bounce in the coming sessions. A sustainable move above the hurdle of 23,800 levels could confirm an upside bounce in the market. Immediate support is placed at 23,496 levels, said Nagaraj Shetti of HDFC Securities.According to the open interest (OI) data, the highest OI on the call side was observed at 23,800 and 23,700 strike prices, while on the put side, the highest
