Thu, Feb 1, 2024 9:49 AM
Will the Budget bring credit card international spends under TCS?
A Flip by Shubhangi Gupta
The Confederation of Indian Industry (CII) has called for a review of accounting standards for intangible assets, citing their critical role in value creation in India's digital economy, and recommending changes to recognize internally generated assets, such as brand development and proprietary algorithms, and to allow capitalization of development costs with long-term economic benefits.
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There was a hue and cry after the Union Budget 2024-25 as the Centre increased the long-term capital gains (LTCG) tax on equity from 10% to 12.5%. However, since April 2023, the benefit of indexation has been taken away from debt-oriented mutual funds (MFs), and it is taxable at marginal slab rate (MSR). For most investors, the MSR is 30%.
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India’s Essar Group is planning to build eight gigawatts of round-the-clock clean power capacity, helped by falling battery prices that should allow faster adoption of energy storage technologies in the country. It will be the coal and gas firm’s first foray into renewables, and will see solar, wind and battery storage built out over five years, according to Prashant Ruia.
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