TAXES INSTITUTIONAL
MIT to offer free tuition to families earning less than $200,000
MIT broadened its financial aid program to cover tuition for undergraduates from families earning under $200,000 annually. Families earning below $100,000 will receive additional support for housing, meals, and other expenses. This initiative aims to make MIT more accessible and aligns with similar efforts by other universities to address college affordability.
German cache lands on I-T browser; data on over 1,000 Indians with Gulf homes sent
Germany has provided India with a massive amount of data on properties in the UAE owned by Indians, potentially leading to tax evasion investigations. The info, exceeding the scale of the 2011 HSBC Swiss accounts data leak, has prompted notices from Indian tax authorities to over 1,000 individuals.
Have undisclosed foreign income or assets? You must act before December 31 as government gets more data from these new countries
Income tax: The Income Tax Department has data from Germany and other countries about its residents having foreign properties and assets and incomes. ?According to Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP, many foreign countries now exchange more granular and updated financial information, enabling Indian tax authorities to better identify undisclosed foreign income and assets.
Axis, KIMS among HSBC¡¯s 12 ¡®actionable¡¯ stock ideas in Asia
¡°We believe Asia in 2025 will look very different from what it did in the past few years,¡± said HSBC¡¯s analysts. ¡°Mainland China is turning a corner, India is slowing, ASEAN is investing in new infrastructure, and, in North Asia, the story is all about AI and returning cash to shareholders through dividends and share buybacks.
Gold down, Bitcoin up! How Trump¡¯s victory changed financial market dynamics
Gold prices have dropped nearly 5% while Bitcoin surged 30% following the recent U.S. election. This market shift is attributed to expectations of Republican policies potentially driving economic growth and inflation. While gold's decline is linked to a strengthening U.S. dollar, Bitcoin's rise is fueled by its appeal as a hedge against inflation and its growing acceptance in mainstream finance.
Income Tax Rule Change: Relief for companies, trusts and others for claiming benefit of lower tax, tax audit and others with new condonation of delay rules
Income tax relief: The income tax department has released new rules for granting condonation of delay requests in filing specified forms. These forms are used to apply for lower rate of income tax by various taxpayers like trusts, institutions, corporates, etc. Read here to know more about how to claim income tax relief.
Big money to respond to climate change is key to UN talks in Baku; How can nations raise it?
At COP29 in Baku, wealthy nations are exploring financial mechanisms to assist developing countries in addressing climate change. While these nations seek substantial funding, concerns linger over potential debt burdens associated with loans, prompting calls for increased grants and equitable financial solutions.
G20 summit confronts a global order unsettled by Donald Trump's return
Leaders of the G20 nations gathered in Brazil for their yearly summit, grappling with the implications of a changing global landscape as U.S. President-elect Donald Trump prepared to assume office. The summit faced geopolitical tensions, particularly regarding the ongoing war in Ukraine, with disagreements arising over the language used to address the conflict in a joint statement.
Sylvester Stallone compares Donald Trump to Jesus, George Washington; calls him a 'mythical character'
At the America First Policy Institute Gala, Sylvester Stallone endorsed Donald Trump, comparing him to George Washington and Jesus Christ. Stallone praised Trump's achievements, calling him a "mythical character" who accomplished the impossible. He likened Trump's journey to his 'Rocky' character, highlighting their transformative experiences. The endorsement adds Stallone to a small group of Hollywood figures supporting Trump.
Local bodies should look at raising their own resources as well: Arvind Panagariya
16th Finance Commission Chairman Arvind Panagariya urged rural and urban local bodies to generate their own revenue, emphasizing that citizen contributions foster a sense of ownership and lead to more proactive demands for improved services.
Borderless Europe fights brain drain as talent heads north
Portugal is attempting to curb its brain drain by offering significant tax breaks and housing assistance to young workers, hoping to stem the flow of skilled labor to higher-paying European neighbors. The success of these measures remains uncertain, as many young Portuguese professionals remain skeptical about their long-term career prospects in their home country.
Frustrated Americans await the economic changes they voted for with Donald Trump
Despite a strong economy, Americans frustrated with high prices elected Donald Trump, hoping he'd replicate his pre-pandemic economic success. Economists, however, warn that Trump's policies, including tariffs, mass deportations, and tax cuts, could exacerbate inflation and balloon the federal deficit.
Updated timeline of income tax notices released by income tax department; Know why and when you may get a tax notice
Income Tax Notice: The Income Tax Department has specified when, how and why can you get an income tax notice. A chart has been released by the tax department specifying some of the important sections and time limits about when such a notice can be sent. Read below to find out what the income tax department has said about sending tax notices.
Nestle Q2 results preview: Revenue may grow at 5-7% on volume, price uptick
Nestle India's revenue for Q2FY25 is projected to grow 5%-7% YoY, driven by increased volumes and price hikes. Brokerages estimate revenue between Rs 5,282 crore and Rs 5,387 crore, and net profit growth of 6.5%-8% YoY, ranging from Rs 852 crore to Rs 887 crore.
Supreme Court seeks govt response on Serum Institute's challenge to taxation of subsidies following 2015 income tax amendment
The Supreme Court has asked the government and the Central Board of Direct Taxes to respond to Serum Institute of India's appeal. This appeal challenges a 2015 amendment to the Income Tax Act, which made various subsidies and incentives taxable. The Serum Institute argues that taxing these capital receipts is constitutionally impermissible.
GST relief for foreign airlines, academic institutions
Foreign airlines in India gain GST exemption for head office services to branch offices per a government notification. Academic institutions also receive GST relief for research grants. New GST rules, effective October 10, include tax relief and penalty waivers to encourage voluntary compliance and dispute resolution.
SpiceJet raises Rs 3,000 cr from institutional investors
SpiceJet has raised Rs 3,000 crore through the sale of shares to qualified institutional buyers, including major foreign entities. The funds will help the airline clear various dues and liabilities. This financial boost comes as SpiceJet faces multiple challenges and aims to stabilize its operations in a competitive market.
Tax terrorism? A storm brewing in India¡¯s academic circles can't be taken for granted
Seven top Indian institutions, including IIT Delhi and Anna University, have received showcause notices from the Directorate General of GST Intelligence for unpaid taxes on research grants since 2017. This has sparked a debate within the academic community, with some calling it 'tax terrorism.' Legal experts urge the Centre to reconsider before the matter reaches courts.
Has the time come for patience to finally pay? 6 insurance stocks with potential upside of up to 34%
First it was union minister Nitin Gadkari, who spoke about the need to remove the GST on life and health insurance. While his letter, which apparently was revealed without his permission but then there were some reports which suggested that the fitment committee will recommend it to the GST council to look at considering the waiver. Whether this happens or not it has to be seen. But one thing is for sure that the insurance sector is one sector where a narrative got created around overall opportunity and expectations were sky high and then in reality things didn't turn out to be as expected and the stocks have also not performed. But over the years, insurance companies have also learnt their lesson over time and probably after a long phase they have reached a point where things would improve as the insurance product finally becomes a product which is taken as a need and not as tax saver.
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