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
Deontay wilder ortiz what 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
Huge amounts of trash on Phuket beach ‘normal’ at this time of year, Mayor says
PHUKET: Patong Mayor Chalermluck Kebsup has responded to complaints of trash on Patong Beach after the Phuket Gazette submitted photos of the depressing landscape to her office today. The photos, showing a sea of trash throughout Patong Beach, were sent to the Gazette by a concerned reader. “This type of thing is normal during the monsoon season, when the wind and waves bring trash from the ocean onto the beach,” Ms Chalermluck told the Gazette . “However, our officers work very hard to clean it up and return the beach to its original state every day,” she added. Related news 500k baht stolen from Singaporean family in Phuket villa 4 hours ago PLTO continues crackdown on illegal taxis 7 hours ago Two days ago, the Phuket Marine Office Chief also played down concerns about a Phuket beach when he responded to social media posts lamenting video footage of an ‘oil spill’ rolling up on the sands of Karon. He said it was just … [Read more...] about Huge amounts of trash on Phuket beach ‘normal’ at this time of year, Mayor says
Cash-Strapped Americans Increasingly Tap Savings, Retirement Accounts
KEY TAKEAWAYS The U.S. savings rate has plunged, and 401(k) accounts have declined as loans and hardship withdrawals exacerbate market losses. With interest rates rising, consumers appear less likely to borrow money in 2023. As a result, the recent decline in consumer spending may persist. Last year, the highest U.S. inflation in 40 years had an entirely unsurprising effect: shrinking the amount of cash in Americans' pockets—and portending challenges for consumer spending in 2023. From tapping their savings to dipping into their retirement accounts, Americans increasingly scrambled for money as the cost of living soared and the Federal Reserve's interest rate hikes, designed to lower inflation, raised borrowing costs. Nearly half of Americans said they have less savings than they did a year ago, according to a recent Quinnipiac University poll. As cash savings fell, so did retirement accounts: The number of 401(k) retirement participants taking out loans from their … [Read more...] about Cash-Strapped Americans Increasingly Tap Savings, Retirement Accounts
Mega Backdoor Roth 401(k) Conversion: Overview and FAQ
What Is a Mega Backdoor Roth 401(k) Conversion? A mega backdoor Roth 401(k) conversion is a tax-shelter strategy available to employees whose employer-sponsored 401(k) retirement plans allow them to make substantial after-tax contributions in addition to their pretax deferrals and to transfer their contributions to an employer-designated Roth 401(k). The Build Back Better Act, H.R. 5376, passed by the House of Representatives on Nov. 19, 2021, contains provisions that, if enacted, would limit the ability of high-income taxpayers to accumulate extremely high-value balances in Roth 401(k)s and would eliminate backdoor Roth conversions for high-income taxpayers after Dec. 31, 2031. As of spring 2022, the Build Back Better Act remains stalled in the Senate, and these provisions may not come to pass, at least not in their current form. But mega backdoor Roth conversions remain an important issue—and a notable route to wealth for higher-income taxpayers. Key Takeaways H.R. … [Read more...] about Mega Backdoor Roth 401(k) Conversion: Overview and FAQ
Tax collected at source on foreign remittances: One step forward, two steps back
Budget 2023 proposes to sharply increase the tax collected at source rate on money sent overseas under the Liberalised Remittance Scheme to 20 percent from 5 percent. To understand how this will impact you, let us first understand the concept of LRS and TCS. The Reserve Bank of India introduced the LRS in February 2004 to allow Indians to send money outside the country easily. The maximum amount that can be remitted under the scheme has been revised periodically, based on the prevailing macro- and microeconomic conditions: Under the scheme, currently, one can remit up to $250,000 per family member (including minors) in each financial year. So a family of four can remit up to $1 million in a financial year. Money can be remitted overseas for expenses such as: Travel for tourism, business, or employment Education Medical treatment Maintenance of a relative Gifts or donations Remittances are also allowed for capital account transactions like: Opening … [Read more...] about Tax collected at source on foreign remittances: One step forward, two steps back
Moneycontrol Pro Panorama | MPC plays it safe, more rate hikes coming?
The central bank's commentary has a hawkish undertone and suggests that more interest rate hikes cannot be ruled out. Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. The RBI’s Monetary Policy Committee met market expectations by increasing the repo rate by 25 basis points, although it left some prayers unanswered. The fond hope was that the MPC would take its cue from global central banks and announce a pause on rate increases. The consolation is that two of the six MPC members didn’t want to raise rates. Nevertheless, the central bank's commentary has a hawkish undertone and suggests that more interest rate hikes cannot be ruled out. This is against what some global central banks have said. The Bank of Canada became the first central bank in a G10 … [Read more...] about Moneycontrol Pro Panorama | MPC plays it safe, more rate hikes coming?
Union Budget 2023: Upgrade digital infra in lower courts with the Rs 7,000 crore allocation, say lawyers
While there has been a decrease in the subsidy estimates, such estimates would always be vulnerable to the geopolitical situation Lawyers have welcomed the substantial allocation to the third phase of e-courts projects in the Union Budget and said the funds should be utilised to upgrade digital infrastructure in courts in non-metropolitan cities. The government has allocated Rs 7,000 crore in Union Budget 2023 for the third phase of the e-courts project, which is a four-fold jump from Rs 1,670 crore granted for phase two of the digital upgradation of courts in 2015. Lawyers say the funds should be used to improve accessibility and the e-filing system through the project. Launched in 2005, the project was conceptualised to equip the Indian judiciary with information and communication technology by digitising every facet of litigation from initiation to judgement. The first phase saw the computerisation of district and taluka courts with Case Information Software (CIS) … [Read more...] about Union Budget 2023: Upgrade digital infra in lower courts with the Rs 7,000 crore allocation, say lawyers
Budget 2023: CJI Chandrachud hails Rs 7,000-crore allocation to e-courts project
Chief Justice of India D Y Chandrachud The allocation of Rs 7,000 crore for the Phase 3 of e-courts project in the Union Budget 2023 will help to enhance the accessibility of judicial institutions, Chief Justice of India (CJI) Chandrachud said on February 4. The CJI noted that the allocation will also help improve the efficiency of the justice delivery system in India. “Such endeavours (e-courts) will ensure that the court truly reaches out to every citizen of the country.” The allocation for the third phase is a four-fold jump from Rs 1,670 crore granted for the second phase of the digital upgrade of courts in 2015. Launched in 2005, the project was conceptualised to equip the Indian judiciary with information and communication technology by digitising every facet of litigation from initiation to judgement. The first phase saw the computerisation of district and taluka courts with Case Information Software (CIS) for providing basic case-related services to litigants and … [Read more...] about Budget 2023: CJI Chandrachud hails Rs 7,000-crore allocation to e-courts project
Can persons with political affiliation become judges in India?
The Supreme Court of India On February 7, the Supreme Court dismissed a case which asked it to reconsider a recommendation by the collegium to appoint Victoria Gowri as a judge of Madras High Court. It was alleged that Gowri had made some hate speeches against minority communities in the past and was affiliated to Bharatiya Janata Party (BJP). While the case was being heard by the Supreme Court, the Centre had already notified her appointment, and Gowri was administered the oath of office by the Chief Justice of Madras High Court. Lawyers appearing against Gowri’s judgeship however, made it clear that they were not against her being affiliated to a political party, but wanted to question her eligibility to hold a Constitutional post owing to her ‘hate speech’. The lawyer said, “It runs completely antithetical to the basic tenets of the Constitution, and rendered herself incapable of taking the oath by her own public utterances.” On the aspect of political affiliations, … [Read more...] about Can persons with political affiliation become judges in India?