FM Sitharaman presented her fifth Union Budget on Feb 1, 2023. The budget proposal for using the Permanent Account Number (PAN) as the common identifier for all digital systems of specified government agencies will boost the utility of India’s national single window system, according to the chief product and technology officer at Invest India, a government-run investment promotion and facilitation agency. “I think now the real advantage of single window system will come in play,” Aditya Sharma told Moneycontrol. “From September onwards, you will start seeing the advantages of this (budget announcement).” The PAN is a 10-character identification issued by the Income-Tax Department to any person who applies for it or to whom the department allots the number without an application. At present, India has over a dozen different business IDs like PAN, EPFO, ESIC, GSTN, TIN and TAN, which are being used to apply for various government approvals. ALSO READ: Usage of PAN as … [Read more...] about Budget 2023: PAN as unique identifier to boost single window utility, says govt official
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Edge Browser Gets PDF Boost With Adobe Acrobat Built In
Share to Twitter Share to Linkedin Microsoft and Adobe are teaming up to build Adobe Acrobat into the Edge web browser. The Adobe Acrobat PDF engine will replace Edge’s current PDF reader over the course of the next two years. This will, according to Adobe, result in improved performance, higher fidelity documents and stronger security options. It will also provide a boost for accessibility, with improved read-aloud narration and text selection. The basic Acrobat capabilities will be free of charge, although users will be prompted to subscribe to the full version of Acrobat if they want more advanced features, such as the ability to edit text and images, convert PDFs into Word documents or combine multiple PDF documents into one file. Acrobat Standard currently costs $12.99 per month, although Acrobat Pro is part of the wider (and much more expensive) Creative Cloud package. Existing Acrobat subscribers will get access to the full range of … [Read more...] about Edge Browser Gets PDF Boost With Adobe Acrobat Built In
Central Banks’ Buying Binge Boosted 2022 Global Gold Demand to 11-Year High
KEY TAKEAWAYS Buying from central banks reached the highest level since 1967. Investment demand also increased; ETF sales declined. The price rebound that began late in the year has continued in 2023. Global gold demand, fed by the largest central bank purchases in more than a half-century, surged to the highest level since 2011 last year despite reduced consumption by the metal's largest buying segment: jewelers. The London-based World Gold Council reported that gold demand in 2022 increased 18% to 4,741 metric tons. The world's central banks accounted for about a quarter of that amount, 1,136 metric tons, 152% more than 450 million metric tons in 2021. The buying binge from central banks reflected their desire to increase exposure to an asset historically viewed as a consistent store of value and a hedge against inflation and financial market turbulence. Global inflation surged last year, with U.S. inflation hitting 40-year highs, causing central banks around … [Read more...] about Central Banks’ Buying Binge Boosted 2022 Global Gold Demand to 11-Year High
It’s not just Manchester City. Financial football is becoming more prevalent
Hassane Kamara of Watford FC looks dejected following their side's defeat in the Premier League match between Manchester City and Watford at Etihad Stadium on April 23, 2022 in Manchester, England. (Photo by Alex Livesey/Getty Images) Hassane Kamara is a high-octane defender at Watford FC in England. He was the club’s player of the year last season despite only joining in January 2022. He’s also emblematic of the financial engineering available to football clubs through the increasingly popular multi-club ownership model. Watford was relegated from the Premier League last summer and Kamara was sold to Udinese of Italy for a profit of about £12 million ($14.4 million). That looked like a great trade — but even better was that Udinese, which is owned by the same Italian family that owns Watford, immediately loaned the player back. No rules were broken and Watford Chairman Scott Duxbury was upfront about the motives, telling the club’s website that the deal aimed to balance … [Read more...] about It’s not just Manchester City. Financial football is becoming more prevalent
Taxpayers note — New income-tax regime will be default tax regime now
Budget 2023 has proposed to make the new income tax regime as the default one In a major boost to the new income-tax regime, the Finance Minister Nirmala Sitharaman on February 1 proposed to make the new income-tax regime as the default system. A major shift in the way income tax has been provisioned at the salary-payment stage and the return-filing stage has been proposed under the Union Budget 2023 -24. The Government has proposed to make the new income tax regime as the default tax regime. The new tax regime – first introduced in Union Budget 2020 – would now have five slabs instead of six slabs, with the lowest tax rate being 5% and the highest tax rate being reduced to 39% from 42.74%. Catch all live updates on Budget 2023 here Read More So far, the existing tax regime, with higher tax rates and 78-plus tax deductions was the default tax regime considered unless an individual opted for the new tax regime via a special form to be filled before … [Read more...] about Taxpayers note — New income-tax regime will be default tax regime now
Budget 2023: Tax tweaks, record capex lift Sensex, Nifty higher
A number of tax reliefs to the middle class during the Union Budget 2023 lifted the market higher on February 1 as it will leave people with more money in their hands thus boosting consumption. Nifty 50 rose 1.55 percent to 17,936.60 while BSE Sensex climbed 1.75 percent to 60,594.46. Among the biggest gainers were ICICI Bank, Tata Steel, L&T, HDFC, and JSW Steel. Adani Enterprises, HDFC Life Insurance, and SBI Life Insurance were the top losers. “Tax exemptions under the new tax regime will provide increased disposable income in the hands of salaried consumers which will help boost demand for small and large home appliances thus benefiting Havells, Bajaj Electricals, V-Guard, etc,” said analysts at ICICI Securities. BSE Consumer Durables zoomed 1.3 percent while BSE Capital Goods was up 2.21 percent. Barring indices dedicated to Power, Utilities, and Energy, all sectoral or thematic indices rose after the budget announcement. In the new tax regime, the government … [Read more...] about Budget 2023: Tax tweaks, record capex lift Sensex, Nifty higher
Bizongo launches ESG scorecard; aims to help one lakh MSMEs turn ESG compliant in the next 24 months
As ESG becomes the core conversation in corporate boardrooms and for the allocation of capital, it is compelling brands and enterprises to improve their sustainability performance. (Source: Shutterstock) In a bid to enable 100,000 MSMEs turn ESG compliant in the next 24 months, Bizongo, a leading vendor digitization platform with embedded financing for brands and enterprises has launched Bizongo Environmental, Social, and Governance (ESG) Scorecard. This will help bolster ESG consciousness among Indian MSMEs and larger enterprises. With this, Bizongo has also become the first B2B marketplace to offer ESG-related intelligence. Aniket Deb, Co-founder and COO, Bizongo, said, "In its essence, ESG is a framework that helps businesses build customer loyalty, attract investors, make operations sustainable, and improve financial performance. In line with this, Bizongo's ESG Scorecard will enable MSMEs on its platform assess their ESG performance and help them integrate it into their … [Read more...] about Bizongo launches ESG scorecard; aims to help one lakh MSMEs turn ESG compliant in the next 24 months
Budget 2023: FM lines up measures to ensure India Inc clears dues to MSMEs on time
Finance Minister Nirmala Sitharaman presenting the 2023 Union Budget Micro, small and medium enterprises got a major boost in the Budget with Finance Minister Nirmala Sitharaman proposing an allocation of Rs 22,138 crore for the sector for 2023-24. And, that was not all, there were more benefits rolled out for the sector. To ensure that the long-standing demand to mitigate delayed payment issues is met, the FM laid down strict rules to make sure corporates can claim deduction only once payments to MSMEs are cleared. While announcing a supplemental collateral-free credit scheme for MSMEs on February 1, Sitharaman once again discussed the issue of India Inc delaying payments to small businesses. To ensure MSMEs get paid in time, she announced that tax deductions will only be allowed for expenses incurred on making payments to them, only after the dues are actually cleared. Also read: Union Budget 2023 : FM announces revamped credit guarantee scheme for MSMEs … [Read more...] about Budget 2023: FM lines up measures to ensure India Inc clears dues to MSMEs on time
Why Now Is A Terrific Time To Visit Greenville, South Carolina’s Most Charming Town
Share to Twitter Share to Linkedin You’ve been hearing a lot about Greenville, South Carolina, in recent years—and that’s because it has something for everybody. With a population hovering around 75,000, South Carolina’s most charming town is where big city cool meets small-town America. Downtown’s tree-lined main street could be plucked from a postcard, and Reedy River, along with the roaring Reedy River Falls, ripple right through the heart of the city—lending it an even more special feel. And because so many global companies (including Michelin, BMW, and Bosch) have headquarters and operations in the area, Greenville boasts a wonderfully diverse population. There’s also an incredible number of locally-owned restaurants and shops ready to show you their own unique style of Southern hospitality, and the weather is blissfully mild—even during this time of year. So here, how to plan a winter weekend in Greenville with recommendations on where to eat and … [Read more...] about Why Now Is A Terrific Time To Visit Greenville, South Carolina’s Most Charming Town
5 Reasons To Consider A Cold Weather Trip This Spring Break
Share to Twitter Share to Linkedin After a long winter the impulse to escape to a beach somewhere in the Caribbean often overtakes travelers, however, there are some very compelling reasons to book your spring vacation in a snowy destination — even if you don’t ski. From sustainability factors to a true escape from the peak travel season crowds, thinking outside of the typical spring break box can have huge payoffs in terms of your travel experience —including a deeper connection to the destination and the people you meet there. Tom Wilkinson, Senior Product Manager with Exodus Travels, says that the tour operator’s trips in Northern Finland provide travelers with a memorable and impactful travel experience — one that suggests you pack a bathing suit, but doesn’t involve swimming through a cloud of someone else’s sunscreen. Here’s why you should consider a different kind of vacation this spring. Crowd control Forget lining up at the bar for an … [Read more...] about 5 Reasons To Consider A Cold Weather Trip This Spring Break