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  No changes in the income tax slabs for the upcoming financial year, 2024-25, have been announced in the interim budget 2024 by the finance minister Nirmala Sitharaman in her speech. Under the income tax laws, an individual (not having any business income) is required to choose between the new and old tax regimes every year. Hence, an individual can choose the new tax regime one year and the old tax regime the next. It is important to note that a large number of changes were made in Budget 2023 in the new tax regime. The income tax slab changes announced in Budget 2023 are effective for the financial year between April 1, 2023, and March 31, 2024, and are set to remain unchanged for FY 2024-25 (April 1, 2024 and March 31, 2025).   Current income tax slabs under new tax regime Income tax slabs (In Rs) Income tax rate (%) Up to 3,00,000 0 3,00,001-6,00,000 5% 6,00,001-9,00,000 10% 9,00,001-12,00,000 15% 12,00,001-15,00,000 20% Above 15,00,001 30%   Here are the income tax slabs for FY 2

  Goods and Services Tax (GST) collections jumped 10.4 per cent to over Rs 1.72 trillion in January, the finance ministry said on Wednesday. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 trillion or more. "The gross GST revenue collected in the month of January 2024 (till 05:00 PM of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4 per cent y-o-y growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," the ministry said. During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent year-on-year growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 trillion against Rs 14.96 trillion collected in the same period of the previous year(April 2022-January 2023). The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 trillion.   -Business Standard 01 st  Feb, 2024.

  The Reserve Bank of India’s (RBI) Digital Payments Index, a measure of the extent of digitisation of payments across the country, increased to 418.77 in September 2023 from 395.57 in March 2023. “The RBI-DPI index has increased across all parameters and was driven particularly by growth in payment enablers, payment performance, and consumer centricity across the country over the period,” the central bank said in a release. The RBI-DPI has been constructed with March 2018 as the base period, that is, the DPI score for March 2018 is set at 100. In September 2019, the index stood at 173.49, which rose to 217.74 in September 2020, and to 304.06 in September 2021. The RBI-DPI comprises five broad parameters that measure the penetration of digital payments in the country over different time periods. These parameters include Payment Enablers (weight 25 per cent), Payment Infrastructure – Demand-side factors (10 per cent), Payment Infrastructure – Supply-side factors (15 per cent), Payment P

  Starting from February 29, Paytm Payments Bank won't be able to accept new users. If you're not already using Paytm, you can't create a new account after this date. Existing users won't be able to use Paytm wallets, Fastags, or Mobility Cards after this date. This is because the Reserve Bank of India has barred the listed fintech’s payment bank from offering banking services after February. The action against One 97 Communications, the parent company that runs Paytm, is due to “non-compliance and continued material supervisory concerns in the bank,” RBI said. Paytm Payments Bank Ltd (PPBL) is an associate company of PAYTM and has over 100 million KYC customers. It also has 300 million wallet users, 30 million bank account holders and a 17 per cent market share in FASTag by value.While the regulator had earlier banned new customer on-boarding at PPBL, the latest actions prohibit Paytm from undertaking any credit or deposit transaction after 29 February, 2024. The centr

  India's markets regulator is looking at whether local mutual fund schemes investing in small and mid-cap stocks would be able to withstand sharp falls in stock prices or sudden outflows, according to two sources with direct knowledge of the matter. Such funds have seen heavy inflows over the past year, pushing up the prices of small and mid-cap stocks and raising the risks of a steep correction should market conditions suddenly deteriorate. In talks with the Association of Mutual Funds in India (AMFI) this month, the Securities and Exchange Board of India (SEBI) asked for small and mid-cap funds' internal stress tests so it could determine if they would have adequate liquidity to meet any large outflows, the sources said. While SEBI has completed one round of stress test reviews, it wants funds to test for more adverse scenarios, said one of the sources. The sources declined to be identified as discussions with the regulator were confidential.   SEBI and AMFI did not respond

  State-backed insurer Life Insurance Corporation of India (LIC) has received a goods and services tax (GST) notice of Rs 806.3 crore from the Deputy Commissioner of State Tax, Mumbai. In a regulatory filing, the company said that it would file an appeal against the order. The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore. According to the filing, the violations include non-reversal of input tax credit (ITC), reversal of ITC availed of from reinsurance, interest on delayed payment made with GSTR-3B, interest on advance received, and less reverse charge mechanism liability disclosed in GSTR-9/3B than shown by suppliers in GSTR-1. "Corporation shall file an appeal before Commissioner (Appeals), Mumbai, against the said order within the prescribed timelines," LIC said, adding that the demand will not have any material impact on any of its financials, operations or other activities. Earlier in October last year, LIC had received

  Goods and services tax (GST) collection in December declined to a three-month low due to economic activities winding down after Diwali but remained elevated at Rs 1.65 trillion. The growth rate year-on-year fell to a three-month low of 10.3 per cent over Rs 1.49 trillion in December 2022-23. GST collection in a particular month is on account of production, sales, and purchases in the previous month.Thus, collection in December pertained to transactions in November, which was marked by holidays after Diwali, slowing receipts. The same trend was visible in other data points such as the core sector, which witnessed a six-month low growth rate of 7.8 per cent in November. GST collection has been Rs 1.65 trillion and above for six months of the nine this financial year. It did not fall below Rs 1.57 trillion in any month.Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding