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Today's Top-10 Financial News including Personal Finance (19-09-2023)

1. Tata Sons Eyes 2025 IPO for Tata Capital their NBFC Arm

Tata Capital Ltd. is restructuring its operations and expanding its Board as part of the Tata Group's Plan to take the Non-Bank lender (Tata Capital) public by 2025.

RBI in September 2022 classified both Tata Capital Ltd and its Parent Company Tata Sons Ltd among the 16 'Upper Layer' NBFCs, requiring them to go public with in three years from the date of categorization. In Tata Capital's case, the deadline is September 2025.

2. Disney India Sale draws interest from Companies, Including RIL

Walt Disney Co. has held Preliminary talks with potential buyers for its India streaming and television business including RIL.

3. Airfares are Zooming during Festive Season

Airfares during Festive Seasons on some routes have doubled compared to the levels seen last year as well as in the pre-Covid year of 2019.

4. Central Government Approves Welfare Measures for LIC Agents and Staff

The Finance Ministry today approved various welfare measures for Life Insurance Corporation of India (LIC) agents and employees. This move will benefit over 13 lakh agents and more than one lakh regular employees.

Key Measures

  • Enhanced the gratuity limit from three lakh rupees to five lakh rupees for LIC agents.

  • The term insurance cover for the agents has also been expanded from the existing range between three thousand and ten thousand rupees to 25 thousand and one lakh fifty thousand rupees.

  • a family pension at a uniform rate of 30 percent for the welfare of the families of LIC employees has also been approved.

  • enabled reappointed agents to be eligible for renewal commissions.

5. CBDT Extends Deadline for Furnishing Forms 10B,10BB

The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023. (Form 10B and 10BB is related to Charitable trusts, religious trusts, and other similar institutions)

The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is also extended to 30.11.2023. (CBDT Circular No. 16/2023 in 225/177/2023/ITA-II dated 18.09.2023)

6. Net Direct Tax collections for the Financial Year 2023-24 (as on 16.09.2023) have grown at over 23.51%

The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 16.09.2023) show that net collections are at Rs. 8,65,117 crore, compared to Rs. 7,00,416 crore in the corresponding period of the preceding Financial Year (i.e. FY 2022- 23), representing an increase of 23.51%.

It shows that Economy is growing.

Provisional figures of Advance Tax collections for Financial Year 2023-24 (as on 16.09.2023) stand at Rs. 3,55,481 crore, against Advance Tax collections of Rs. 2,94,433 crore for the corresponding period of the immediately preceding Financial Year i.e. 2022- 23, showing a growth of 20.73%. The Advance Tax collection of Rs. 3,55,481 crore as on 16.09.2023 comprises Corporation Tax (CIT) at Rs. 2,80,620 crore and Personal Income Tax (PIT) at Rs. 74,858 crore.

It shows Corporates are expecting good profitability in current year, that's why they are coming forward to deposit higher Advance Tax.

7. JSW Infra readies Rs. 2800 Crores IPP, Bidding Opens on 25th September

Price Band (Rs. 113-119).

QIB (Qualified Institutional Investors Share): 75%

HNI (High Net-worth Individual Share): 15%

Retail Investor Share: 10%

8. How to File Complaint against Rejection of Insurance Claim

In case insurer is not satisfied with rejection of claim, he can file grievance on IRDA's portal " Bima Bharosa System"

Can file complaint with Insurance ombudsman with in One Year from the date of rejection.

Can also file complaint Consumer Courts.

9. Knee Implant Price Cap to Remain in Force for Another Year

The National Pharmaceutical Pricing Authority (NPPA) has extended the ceiling price fixation it imposed on orthopaedic knee implants for knee replacement system for one more year till September 15, 2024.

The ceiling price of orthopaedic knee implants has been fixed since August 16, 2017 in public interest. The price notification is currently in force up to September 15, 2023.

10. Jupiter Life Debuts with 32% Premium

Shares of multi-speciality hospital chain Jupiter Life Debuts on Stock Exchange on Monday at premium of 32% against issue Price of 735. The hospital chain operates in Thane, Pune and Indore under "Jupiter" Brand.

Happy Reading !!! Happy Learning !!!

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Disclaimer: We have used multiple sources including News Papers (mainly Live Mint, Economic Times etc.) and Online media & original Sources to compile the above information purely for academic purpose for consumption by students. It should not be considered as professional advice or consultancy to be relied upon. Further, Fab Gyan and its Team will not be responsible for any mistake.

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