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Your daily dose of crisp, spicy financial news in 80 words.
FSN E-Commerce Ventures ltd, or Nykaa, launched a new line of hair and skincare oils under "Nyveda". The new range of oils is made using various ayurvedic sources and sold exclusively on Nykaa's website.
Nykaa went public on November 8, 2021, and has earned founder Falguni Nayar renown as India's richest self-made woman. However, the company has also experienced massive tumbles since, losing the CEO her recognition and around ₹8,300 crore!
When all else fails, try Ayurveda I guess! 🤷♂️
Owing to the ailing status of MTNL and BSNL, the government of India plans to merge the legacy telecom players, adding to the many attempts it has made in the last 15 years. The plan seemed to be in full swing last year but was "deferred" because of MTNL's poor debt situation and BSNL employees' opposition to the merger.
According to reports, the merger is part of a ₹1.46 trillion revival package and has appointed Delloite as the transaction advisor.
Adani Group just can't seem to catch a break! January 24 saw the beginning of the biggest stock rout the group experienced. To add insult to injury, market regulator SEBI has confirmed an investigation into the company's fall as well as the withdrawal of the Adani Entreprises FPO.
In typical Adani Fashion, the group was quick to release an attempted soothing message to investors, stating that the company had "strong cashflows" and its business plans were "fully funded".
The Indian Government is reportedly in talks with 4 more international companies looking to set up semiconductor factories in India. One of these has been revealed to be New York-based GlobalFoundries.
Apart from the Vedanta-Foxconn partnership, the setting up of domestic manufacturing units will lead to reduced dependence on imports for silicon chips, which may also lead to a fall in the prices of various electronics across the board. Vedanta-Foxconn losing its monopolistic position also further benefits the consumer.
Alphabet Inc, Google's parent company, has lost $100 billion in market value as its newest addition Bard, trips up in a public demo. Bard is Google's attempt to compete against the Microsoft-funded OpenAI chatbot, Chat.GPT.
A video where the chatbot was asked about the James Webb Space Telescope and delivered incorrect information about the same started the trouble. After the fiasco, Google's shares have fallen by 7.62% since markets opened.
And here I was, worried about job security against AI.
At ₹1,238 crore, Avenue Supermarkets founder Radhakishan Damani has completed India's biggest residential property date. The total carpet area acquired under Damani's, his relatives and associates' names stands at 1,82,084 square feet.
Some believe the property was sold at cheaper rates to Damani and associates while others report the deal intends to bail out the property's developer.
Some relevant information about the deal is that it comes before the implementation of the budget's real estate reinvestment cap of ₹10 cr.
Reliance Industries showcased a Hydrogen powered truck at India Energy Week, partnered with Ashok Leyland. The truck reportedly has near-zero emissions of only water and hydrogen. Reliance also claims, "H2ICE vehicle performance on-par with diesel ICE".
I'm all for "big corporations supporting environmental sustenance", but Reliance is essentially killing its cash cow by providing an alternative to petrochemicals (its biggest revenue driver).
Reliance does plan to foray into green energy with Hydrogen, but that project has a 10-15 years horizon.
Foreign Portfolio Investors withdrew ₹28,852 crore from the Indian markets during January this year. This was the biggest recorded withdrawal since June 2022, with ₹50,203 crore in withdrawals.
The loss of interest comes from Chinese markets being a cheaper alternative to their Indian counterpart (some things never change...)
Following the ₹28,852 crore withdrawal, FPIs further withdrew ₹5,700 crore from equities in the first week of February. Indian equities underperforming, with the market falling by 1.89%, also caused this withdrawal.
Answered by Shristi:
Hi Naveen, we have made a calculator for salaried individuals to calculate their tax payable in the old vs new tax regime. You can try it now on our calculator.
We have not included all the deductions applicable and kept it simple for everyone to understand and get an idea of their tax liability. For calculating all exemptions and deductions, you would have to consult your financial advisor.
You can also download it and add adjustments to suit your needs.
Answered by Shristi:
Hi Ajay,
There has been an extended benefit in the investment limit for the Senior citizen savings scheme in the Budget 2023.
The maximum deposit limit for Senior Citizen Savings Scheme will now be enhanced from Rs 15 lakh to Rs 30 lakh.
There has been no change in Sukanya Samriddhi Yojana. One new scheme addition exclusive for females is ‘Mahila Samman Bachat Patra'.
It is a one-time new small savings scheme that will be made available for a two-year period up to March 2025. It offers a deposit facility of up to Rs 2 lakh in the name of women or girls for a tenure of 2 years at a fixed interest rate of 7.5 percent with a partial withdrawal option.
Answered by Deb:
Hi Debashish,
First of all, switching to the new regime is not compulsory. Ram can choose the tax regime that works best for him based on some calculations around his income.
As far as the applicability of various tax regimes and slabs goes, read this article to understand Ram’s tax liability.
Also, you can use this calculator to find your tax liability.
Answered by Abhishek
Hello Vaibhav,
Yes, if you have invested in tax-saving investments, you will enjoy the benefit of paying lesser taxes under the old regime than the new regime. But it entirely depends on your income and financial/investment profile.
Answered by Abhishek
Hello Abhishek,
Here’s the breakdown of the tax on your income:
Tax under Old Regime = ₹1,32,600
Tax under New Regime (before Budget’23) = ₹1,43,000
Tax under New Regime (after Budget’23) = ₹1,14,400
Answered by Varsha
Hello Maithille,
Whatever tax liability will arrive up to 7lacs will be adjusted.
Answered by Abhishek
Hello Krishna,
On the surface level, the new tax regime would be better. For instance,
A salaried individual earns ₹20 LPA with ₹1.5L 80C investments.
Tax under the Old Regime = ₹3,66,600
Tax under the New Regime (after budget) = ₹2,95,620
If you have more tax-saving instruments like 80D, 80CCD, etc., tax under the old regime will be lesser. So, it entirely depends on your financial and investment profile.
Answered by Varsha
Hello Dishank & Sanjay,
Firstly, the new rates are for the new regime wherein the standard deduction of Rs. 52,500 has been introduced for people with an annual income of 15.5 lakhs or more. HRA, 80C remain within the old tax regime, and the rest remains untouched.
Answered by Varsha
Hello Varun,
If your income is ₹7 Lakh, the rebate will automatically be refunded once your tax liability is calculated.
Answered by Varsha
Hello Dimpy,
The benefits for women and youth under the Union Budget 2023-24 are:
Women - The Mahila Samman Savings Certificate has been introduced to commemorate the Azadi Ka Amrit Mahotsav one-time small savings scheme. This will facilitate deposits of up to ₹2 Lakh for women and young girls. The tenure is for 2 years at a 7.5% interest rate with a partial withdrawal option.
Youth - The union budget has introduced several policies and projects for the youth, especially for upskilling and employment. These include 30 Skill Digital India Centres, 3 Centres of Excellence for Artificial Intelligence, and the National Apprenticeship Promotion Scheme to offer stipend support to 47 lakh youth in the next 3 years through Direct Benefit Transfer.
Or copy the link to this bullet -
https://insider.finology.in/bullets/page/43?b=will-various-deductions-be-invalid-in-the-new-tax-regime