BSNL, MTNL VRS scheme: Employees opting for VRS will have to wait till FY21 for dues
Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) employees, who have opted for voluntary retirement scheme (VRS) scheme, will have to wait for next fiscal year i.e. FY21 (2020-21) to get their dues. The reason for this delay is because the Union Budget 2020 has not made any provisioning for any disbursement towards the programme in the FY20 (current fiscal year).
Travel bans in virus-hit China hamper auditing deadlines
Auditors for listed Chinese companies will likely struggle to complete their work by stock exchange deadlines because of travel bans and other restrictions designed to limit the spread of the new coronavirus. A delay in filings could hit companies' ability to raise funds if they cannot show would-be investors and lenders up-to-date numbers. Reduced confidence could also impact share prices.
Modi's guarded stimulus unlikely to revive Indian growth
India's new budget is unlikely to drag Asia's third- biggest economy out of its worst slowdown in more than a decade as the government has proposed only moderate spending increases and small cuts in personal taxes, economists said on Sunday. Economists and industry leaders said the budget proposals would provide some support to growth over the longer term but were insufficient to give it an immediate boost.
Union Budget 2020: Individuals earning over Rs 13 lakh salary per annum to save under new tax regime
Individuals having an annual salary income of over Rs 13 lakh and availing deductions of up to Rs 2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday. For those earning a salary of Rs 12 lakh and less and availing deductions of up to Rs 2 lakh, the old tax system will be beneficial as the tax outgo will be less compared to the proposed new structure.
LIC unions to stage protest against govt's stake sale in life insurer
Life Insurance Corporation (LIC) unions have reportedly decided to stage a series of protests against the government's decision to sell a part of its holding in the life insurer by initial public offering (IPO). Following finance minister Nirmala Sitharaman's announcement in her Budget 2020 speech, three major trade unions of LIC will demonstrate before all offices of the life insurance behemoth across the country.
Coronavirus in India: Second case confirmed, 600+ Indians evacuated, no e-visa for Chinese citizens
India on Sunday confirmed its second coronavirus case. Another Indian student who returned to Kerala from Wuhan (China) tested positive for the deadly virus. Meanwhile, the government brought back 323 more Indians and seven Maldivians by air from the Chinese city which is the ground zero of the outbreak. The total number of evacuees is 654 so far. The central government also temporarily suspended the e-visa facility for Chinese citizens travelling to India as well as foreigners dwelling in the neighbouring country.
Budget 2020: New tax proposal may hurt exporters and MSMEs
Buried in the Finance Bill -- the document that lists changes in tax laws - this year is a proposal that might hit businesses, especially exporters, hard. Budget 2020 proposes a seller should collect 0.1 per cent as tax collected at source (TCS) from a buyer on sale of goods worth more than Rs 50 lakh in a year, if the sellers own sales exceeds Rs 10 crore during the year. If the buyer does not have a PAN or an Aadhaar, then the rate of TCS would be 1 per cent. Tax experts say this is an extremely harsh and retrograde provision which has been introduced without much thinking.
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