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28Nov

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Join InstaFinancials at Bengaluru Tech Summit 2023: Stall S23 Awaits You!

InstaFinancials Invites you to Bengaluru Tech Summit 2023 Dear Valued Customers, We are excited to extend a warm invitation to you to visit InstaFinancials at Stall S23 during the Bengaluru Tech Summit 2023, taking place from November 29th to December 1st. This summit is a prime opportunity for us to connect, share insights, and explore the latest trends in the dynamic world of technology. At Stall S23, you'll have the chance to experience firsthand our state-of-the-art financial data science solutions. Our team will be on-site to demonstrate how InstaFinancials is shaping the future of the industry with innovative products and services designed to meet your evolving needs. Why visit Stall S23? Explore Cutting-Edge Solutions: Witness live demonstrations of our advanced...

Union Government Accelerates Tax Devolution for Festive Season, Releases ₹72,961.21 Crore to States

13Nov

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Union Government Accelerates Tax Devolution for Festive Season, Releases ₹72,961.21 Crore to States

In a proactive move aimed at enhancing the festive spirit, the Union Government has greenlit the early release of tax devolution, amounting to a substantial ₹72,961.21 crore, to all State Governments for November 2023. This decision, made on 7th November, three days ahead of the regular schedule, allows State Governments to promptly allocate funds, contributing to the celebratory atmosphere during the upcoming festivals. The distribution of the net proceeds of Union Taxes and Duties is meticulously outlined, with each state receiving its designated share. This initiative not only ensures timely financial support for state-led activities but also fosters a sense of financial buoyancy during the joyous season. The move reflects the government's commitment to facilitating state-level f...

4Nov

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India’s Fiscal Progress: A Monthly Account Review up to September 2023

As the financial year 2023-24 unfolds, it's essential to keep a close eye on the financial health of the Union Government of India. In the Monthly Account review up to September 2023, some noteworthy highlights and insights have emerged. Let's delve into these key aspects: Steady Inflow of Funds: The Government of India has seen a robust inflow of funds, with ₹14,17,278 crore received, representing a significant 52.2% of the corresponding Budget Estimates (BE) for 2023-24. This figure comprises ₹11,60,340 crore from Tax Revenue (Net to Centre), ₹2,36,772 crore from Non-Tax Revenue, and ₹20,166 crore from Non-Debt Capital Receipts. The Non-Debt Capital Receipts include the Recovery of Loans amounting to ₹13,216 crore and Miscellaneous Capital Receipts of ₹6,950 crore. Empowering...

Historic Milestone: Record-Breaking 7.85 Crore ITRs Filed in 2023

4Nov

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Historic Milestone: Record-Breaking 7.85 Crore ITRs Filed in 2023

As the nation's economy continues to evolve, so does the landscape of income tax compliance. The Income Tax Department has hit a remarkable milestone, setting new records in the filing of Income Tax Returns (ITRs) till the 31st of October, 2023. Let's delve into the significant details: A Landmark Achievement: Over 7.65 crore ITRs were filed for Assessment Year (AY) 2023-24 by the 31st of October, 2023, a remarkable 11.7% higher compared to the previous year when 6.85 crore ITRs were filed by the 7th of November, 2022, the deadline for the same in the preceding year. All-Time High Filing: The total number of ITRs filed in the financial year 2023-24 for all assessment years until the 31st of October, 2023, stands at a record-breaking 7.85 crore, a feat surpassing the 7.78 cr...

Growth in Taxpayer Compliance: A Positive Sign for India’s Economy

4Nov

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Growth in Taxpayer Compliance: A Positive Sign for India’s Economy

In a significant revelation, the Income Tax Department has unveiled a promising trend in taxpayer compliance and economic growth. The Time Series Data of Direct Taxes indicates a substantial increase in the number of Income Tax Returns (ITRs) filed, reflecting improved tax compliance and a widening tax base. Here's a closer look at the key findings: 1. Impressive Rise in ITR Filings: Over the years, the number of ITR filings has seen a consistent and remarkable surge. The returns filed by individual taxpayers have surged from 3.36 crore in Assessment Year (AY) 2013-14 to an impressive 6.37 crore in AY 2021-22, marking a substantial increase of 90%. 2. Expanding Tax Base: Notably, the current fiscal year has witnessed a record 7.41 crore ITRs filed for AY 2023-24 to date, in...

India’s Exports in September 2023: A Detailed Overview

27Oct

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India’s Exports in September 2023: A Detailed Overview

India's economic landscape is shaped by its trade performance, and the latest data on the country's exports in September 2023 provides insights into the nation's global trade standing. Let's delve into the figures and see what they reveal. Merchandise Exports and Imports In September 2023, India's merchandise exports amounted to USD 34.47 billion, slightly down from USD 35.39 billion in the same month of the previous year. Meanwhile, merchandise imports in September 2023 were USD 53.84 billion, showing a decrease from USD 63.37 billion in September 2022. This data suggests that India's merchandise trade deficit in September 2023 was USD 19.37 billion, reflecting a decline from the previous year. Key Growth Sectors While the overall exports recorded a marginal decline, some ...

Cabinet Approves 4% Increase in Dearness Allowance and Relief for Central Government Employees and Pensioners

26Oct

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Cabinet Approves 4% Increase in Dearness Allowance and Relief for Central Government Employees and Pensioners

In a significant move aimed at benefiting millions of Central Government employees and pensioners, the Union Cabinet, chaired by Prime Minister Shri Narendra Modi, recently gave its approval to release an additional installment of Dearness Allowance (DA) and Dearness Relief (DR) with effect from 01.07.2023. This decision comes as a welcome relief and aims to offset the impact of rising prices on the basic pay and pensions of these individuals. In this blog, we'll explore the key details of this development and its implications. Addressing Price Rise The increase in DA and DR, which amounts to 4%, is a response to the ongoing challenge of inflation and its effects on the cost of living. This increment takes the existing rate of 42% of the Basic Pay/Pension and raises it to 46%. The d...

11Oct

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A Guide to Repayment and Procedures for ‘4.48% GOVT. STOCK 2023’

Government securities play a crucial role in the financial market, providing investors with a secure avenue for investments. When it comes to the '4.48% GOVT. STOCK 2023,' understanding the repayment process is essential. In this blog, we will explain the repayment details and the necessary steps to ensure a smooth repayment process for investors. Repayment Date and Interest: The outstanding balance of '4.48% GOVT. STOCK 2023' is repayable at par on November 02, 2023. Importantly, no interest will accrue after this date. It's crucial to mark your calendar and ensure you are prepared for the repayment on time. Public Holidays and Repayment: In the event of a holiday being declared on the repayment day by any State Government under the Negotiable Instruments Act, 1881, the Loan/...

CBDT notifies changes to Rule 11UA in respect of ANGEL TAX

5Oct

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CBDT notifies changes to Rule 11UA in respect of ANGEL TAX

India's Financial Landscape is ever-evolving , shaped by amendments and innovations in tax laws. The Finance Act of 202 ushered in significant changes, particularly in the valuation of shares issued by unlisted companies to non-residents. This transformative step brings the consideration received for such shares within the purview of section 56(2)(viib) of the income-tax Act, 1961. The Amendment in Context The Finance Act, 2023, introduced a crucial amendment to the Income-tax Act, 1961, expanding the scope of section 56(2)(viib). This amendment pertains to the consideration received from non-residents for the issuance of shares by an unlisted company. If this consideration surpasses the Fair Market Value (FMV) of the shares, it becomes taxable under the heading 'Income from o...

Financial Insights: India’s Fiscal Performance in August 2023

5Oct

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Financial Insights: India’s Fiscal Performance in August 2023

India's fiscal journey in 2023 continues to unfold, and the latest data paints a revealing picture. As of August 2023, the Government of India has received a total of ₹10,28,931 crore, equivalent to 37.9% of the corresponding Budget Estimate (BE) for 2023-24 for Total Receipts. Let's break down the key figures: Revenue Streams Tax Revenue (Net to Centre): ₹8,03,944 crore - Tax revenue forms a substantial chunk of the receipts, showcasing robust economic activity and tax compliance. Non-Tax Revenue: ₹2,09,582 crore - Non-tax revenue also contributes significantly, reflecting diverse income sources beyond taxation. Non-Debt Capital Receipts: ₹15,405 crore - Non-Debt Capital Receipts encompass two components: Recovery of Loans at ₹9,804 crore and Miscellaneous Capital Receipts a...