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Leave Travel Allowance (LTA): Meaning, Benefits, Eligibility, Claim

LTA is a common benefit in India that helps employees with travel costs during vacations. Let's explore what LTA entails and how you can benefit from it. What is Leave Travel Allowance (LTA)? LTA is a tax-exempt allowance provided to employees to cover domestic travel costs for themselves and their families. It forms part of your compensation package and reduces your taxable income under the Income Tax Act of 1961. Benefits of LTA You can save on taxes by claiming LTA and providing travel receipts. This will lower your taxable income and reduce the amount of tax you owe. · Travel Incentive: LTA encourages employees to take well-deserved breaks by partially covering travel expenses. You can claim LTA for various travel modes such as air, train, or bus. This depends on your preference and destination. Eligibility for LTA · Employment Status: LTA is typically a benefit offered by salaried employees. · Travel Frequency: You can claim LTA for up to two trips every four years. Any unused exemptions can be used in the following year.· Travel Location: LTA is only applicable for domestic travel within India. What Expenses are Covered under LTA? Travel fares are exempt from taxes. This includes the cost of flight, train, and bus tickets for the shortest route between origin and destination. · Family Travel: You can claim LTA for travel expenses of your immediate family, including spouse, children, and parents (in some cases). What Expenses are Not Covered under LTA? · Accommodation: Hotel stays or any other lodging expenses are not included in LTA. · Food: Meals or dining expenses during your travel are not covered. · Other Expenses: Any miscellaneous travel costs beyond fares are not exempt. · International Travel: LTA is strictly for domestic travel within India. How to Claim LTA The process for claiming LTA varies by company. Employers usually have deadlines for claiming LTA and may ask for proof like tickets or invoices. It's smart to keep copies of these documents in case you need them for taxes or audits. Remember: LTA is a helpful tax break, but it's important to know its limits and claim it within the set time frame. · Consult your employer's LTA policy for specific details and claim procedures. · If you have complex tax situations, consider seeking guidance from a tax advisor. Learn about LTA and how it works to save money on taxes and treat your family to a vacation.

30-07-2024

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The Complete Guide to Conveyance Allowance in India

Conveyance allowance is a widely offered perk in India, serving as a financial buffer for employee commuting expenses between home and work. Let's delve deeper into its intricacies, understanding its purpose, tax implications, and variations across sectors. The Rationale Behind Conveyance Allowance: · Commuting Cost Reimbursement: It compensates employees for the daily travel expenses incurred during their commute from home to the workplace. · Salary Component: The allowance is typically calculated as a percentage of the employee's basic salary. Tax Benefits and Exemptions: · Partial Tax Exemption: A significant portion of the allowance is exempt from income tax, offering financial relief to employees. · Governing Authorities: The Income Tax Act of 1961 and the Central Board of Direct Taxes (CBDT) determine the exemption limit, which is currently set at Rs. 1,600 per month (Rs. 19,200 annually). · Simplified Process: There's no need for employees to submit any documents like receipts or payslips to claim this exemption. The Income Tax Department automatically considers the exemption limit while calculating tax liabilities for salaried individuals. Special Considerations and Exemptions: · Differently Abled Individuals: Recognizing their unique challenges, employees with visual impairments or disabilities receive a higher tax exemption of Rs. 3,200 per month. This applies irrespective of whether they work in the public or private sector. · UPSC Members: As a unique benefit, members of the Union Public Service Commission (UPSC) are entirely exempt from paying tax on their conveyance allowance. Travel Allowances for Government Employees: · Separate Rules under 7th Pay Commission: Central Government employees covered under the 7th Pay Commission (7CPC) have distinct rules for travel allowances. · Distance and Mode-Based Allowances: The allowance amount depends on two factors: the average distance traveled on official duty and the chosen mode of transport (personal car versus other modes). · Consolidated Travel Allowance: Frequent travelers can avail a consolidated travel allowance, offering a fixed amount throughout the year. · Variations Across States: It's important to note that state government employees might follow different pay commission rules, leading to variations in their conveyance allowance structure. For instance, Uttar Pradesh was one of the first states to implement the 7CPC structure. Recent Developments and the Future: · Dual Income Tax Regime: The 2020 Union Budget introduced a dual Income Tax regime, providing greater flexibility for salaried individuals. · Tax Relief under Section 115BAC: Employees opting for lower tax slabs can now claim IT relief on conveyance allowance under Section 115BAC of the Income Tax Act. This allows them to potentially reduce their tax outflow by foregoing conveyance allowance and other exemptions. · Uncertainties and Upcoming Clarifications: The specifics of this new regime, particularly regarding the interplay between conveyance allowance and the new tax slabs, are still under discussion and might be finalized in upcoming budget sessions. Inconclusion, understanding conveyance allowance regulations is important for both employers, who need to factor it into compensation packages, and employees, who can benefit from its tax-saving potential. Special considerations exist for certain groups, and staying updated on potential changes, especially regarding the new tax regime, is essential for optimal financial planning. By being informed about conveyance allowance, employees can make informed decisions to manage their finances effectively.

30-07-2024

Guide

A Guide to Abha Card Download Unlocking Healthcare Access

In today's fast-paced world, access to quality healthcare is paramount. Fortunately, advancements in technology have made it much easier for individuals to avail themselves of healthcare services, with initiatives like the Abha Card paving the way for streamlined access to medical benefits. In this blog, we'll explore the significance of the Abha Card and provide a step-by-step guide to downloading the Abha Card. Understanding the Abha Card: The Abha Card, or the Abha Health Card, is a digital platform designed to facilitate individuals and families access to healthcare services. Developed to enhance healthcare accessibility and affordability, the Abha Card serves as a comprehensive healthcare solution, offering a range of benefits to its users. Key Features of the Abha Card: Medical Records Management: The Abha Card allows users to store and manage their medical records digitally, ensuring easy access to vital health information whenever needed. Appointment Scheduling: Utilizing the Abha Card platform, individuals can book appointments with healthcare providers, effectively minimizing wait times and elevating convenience levels. Healthcare Discounts and Offers: The Abha Card may offer discounts and special offers on healthcare services, medications, diagnostic tests, and wellness programs, helping users save on healthcare expenses. Telemedicine Services: Some Abha Card platforms provide telemedicine services, enabling users to consult healthcare professionals remotely for non-emergency medical issues. Steps for Abha Card Download: Visit the Official Website: Start by visiting the official website of the Abha Card platform. https://abha.abdm.gov.in/ Registration: Create an account on the Abha Card platform by providing the required details such as name, contact information, and email address. Verification: Verify your account through the verification link sent to your email or mobile number. Login: Once verified, log in to your Abha Card account using your credentials. Download the Abha Card: To download your Abha Card, navigate to the "Downloads" section or designated area on the platform's website. Save and Access: You can save the downloaded Abha Card on your device or print it out for easy access whenever you require healthcare services. Conclusion: The Abha Card represents a significant step towards enhancing healthcare accessibility and affordability for individuals and families. By providing a digital platform for managing healthcare needs, scheduling appointments, accessing discounts, and availing telemedicine services, the Abha Card empowers users to take control of their health and well-being. Whether you're seeking to streamline your healthcare management or looking for ways to save on medical expenses, the Abha Card offers a comprehensive solution tailored to your needs. Embrace the power of technology and take the first step towards a healthier, more informed lifestyle with the Abha Card.

30-07-2024

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The Memorandum of Association (MoA) for Company Registration in India

A company starts when a group with a common vision comes together. In India, this process involves registering with the Registrar of Companies (ROC). The key document needed for registration is the Memorandum of Association (MoA). This document outlines the company's purpose, format, and important clauses. What is a Memorandum of Association (MoA)? The Memorandum of Association (MoA) is a legal document that outlines the company's basic existence. It explains the company's authority and operations and serves as a public record for those seeking information about it. Essentially, it acts as a rulebook for how the company interacts with the outside world. Why is an MoA Important? The MoA establishes the boundaries within which the company can operate. Any activity that goes beyond these limits is called "ultra vires" and is not valid. Think of it as the company's blueprint, dictating its structure and the extent of its activities. The MoA is accessible to the public. This means that anyone who wants to do business with the company can learn about its main functions and limitations. Anyone can see a company's structure by paying a small fee to the ROC. It helps understand how the company works. MoA Format and Applicable Tables The MoA format is not a one-size-fits-all situation. Schedule 1 of the Companies Act, 2013, provides different "Tables" catering to various company types. Here's a breakdown of the most common tables: · Table A: Applicable to companies with a share capital (most common) · Table B: Applies to companies limited by guarantee without share capital (typically non-profit organizations) · Table C: Used for companies with share capital and a guarantee provision (less common) · Table D: Ideal for unrestricted companies without share capital (rare) · Table E: Applicable to unrestricted companies with share capital (less common) The company chooses the appropriate table based on its structure and objectives. Each table is a guide to make sure the MoA follows the law and fits the company's unique characteristics. Objectives of Registering a MoA The MoA plays a pivotal role in establishing transparency and accountability for a company. Here are some key objectives: To register a company, you must include a Memorandum of Association (MoA) as required by the Companies Act, 2013. The minimum number of subscribers (individuals forming the company) varies depending on the company type: o Public Company: Minimum 7 subscribers o Private Company: Minimum 2 subscribers o One Person Company (OPC): Minimum 1 subscriber · Stakeholder Communication: The MoA informs potential investors about the company's purpose, aiding them in making informed investment decisions. · Partner Communication: It serves as a reference point for anyone interested in collaborating with the company in any capacity. Key Clauses of the MoA The MoA typically comprises five essential clauses, each defining a specific aspect of the company: The Name Clause in the contract specifies the official name of the company. It ensures that the name complies with naming regulations and does not conflict with other businesses. Private companies must have "Private Limited" in their name, while public companies must have "Limited" at the end of their name. This clause identifies the state where the company's registered office is located. The registered office address determines the Registrar of Companies' jurisdiction over the company. The company must notify the ROC of its registered office address within 30 days of incorporation. 3. Objects Clause: This clause is the heart of the MoA, outlining the company's core purpose and the range of activities it can undertake. It can be further categorized into: o Main Objective: Defines the company's primary business activity. Incidental or Auxiliary Objectives include activities that support or are closely linked to the main objective. o Other Objectives: Any additional objectives the company may pursue that fall outside the scope of the above categories. Liability Clause: This part of the agreement explains how much responsibility company members have. In a company with shares, members are only responsible for the amount they still owe for their shares. In companies with guarantees, members are only liable for the amount they agree to contribute if the company closes. In an unlimited company (rare in India), members have unlimited liability for the company's debts. 5. Capital Clause: This part of a company's rules says how much money the company can have, also called authorized/nominal capital. The Memorandum of Association (MoA) is an important document for a company in India. It sets out the company's purpose, operations, and boundaries. Understanding the MoA can help business owners and interested parties when registering a company. Conclusion The MoA includes the structure, goals, and important parts of the company. Knowing these details can make the registration process smoother. Being familiar with the MoA before starting the registration process is important. A well-written MoA promotes transparency, helps with decision-making, and ensures legal compliance. As your company grows, you can change the MoA through the proper process. This will reflect any updates in the company's goals or financial structure. Start your entrepreneurial journey with a clear understanding of the MoA, a crucial document shaping your company's success.

30-07-2024

Tips & Advice

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Three Golden Rules of Accounting

Have you ever wondered how businesses keep track of all their money coming in and going out? That is where accounting comes in! It is like a secret financial code that helps businesses understand their financial health. But some important rules, called the Golden Rules of Accounting, make everything work smoothly. Let us crack the code and see what these golden rules are all about! The Balancing Act: Debits and Credits Imagine a seesaw – you need the same weight on both sides to keep it balanced. Accounting works very similar to using debits and credits. Every financial transaction has two parts: · Debit: This is like putting weight on the left side of the seesaw. It represents money entering the business (assets increasing) or expenses increasing (account value decreasing). Think of it as "getting richer." · Credit: This is like putting weight on the right side of the seesaw. It represents money going out of the business (assets decreasing) or income increasing (account value increasing). Think of it as "giving money away." The 3 Golden Rules: A Cheat Sheet Now, let's see how these debits and credits work with different types of accounts: Accounting Rule #1: Real Accounts (What You Own) o This rule applies to things your business owns, like furniture, land, or buildings. o These accounts are increased with a debit (because you're acquiring something) and decreased with a credit (because you're selling something). 2. Accounting Rule #2: Personal Accounts (Who You Owe) o This rule applies to money owed to or from people or other businesses. o When someone gives you money (increases your account value), you credit their account (because you now owe them). o When you pay someone money (decreases your account value), you debit their account (because you've reduced what you owe them). 3. Accounting Rule #3: Nominal Accounts (Your Income and Expenses) o This rule applies to your business's earnings and spending. o All income (money coming in) is credited (because it increases your capital). o All expenses (money going out) are debited (because they decrease your capital). Benefits of Following the Golden Rules Following these golden rules helps businesses in several ways: · Organized Records: They document all financial transactions properly for easy tracking. · Accurate Valuations: They help businesses determine their financial health for better decision-making. · Financial Statements: They make creating financial reports like balance sheets and income statements efficient and reliable. · Comparisons: They allow businesses to compare their financial performance year-over-year for better analysis. · Regulations: They ensure businesses comply with government financial reporting requirements. · Taxation: They help businesses avoid tax penalties caused by inaccurate accounting. Who Needs to Follow These Rules? In many countries, businesses exceeding a certain income threshold must maintain financial records following these golden rules. This helps ensure transparency and financial stability. The Foundation of Good Accounting The golden rules are just the tip of the iceberg. Accounting also relies on some key assumptions: · Going Concern: This assumes the business will continue operating in the foreseeable future. · Monetary Unit: All transactions are valued in a single currency (like rupees or dollars). · Cost Principle: Assets are recorded at their original purchase price, not their current market value. · Conservatism: Accountants prioritize reporting potential losses over potential gains. In conclusion, the three golden rules of accounting—Debit the receiver and credit the giver, Debit what comes in and credit what goes out, and Debit all expenses and losses, credit all incomes and gains—form the foundational principles of the double-entry accounting system. These rules ensure that every financial transaction is accurately recorded, providing a clear and systematic approach to tracking a company's financial health.

29-07-2024

Guide

Your Guide to the Employees' Provident Fund (EPF) in India

The Employees' Provident Fund (EPF) is a social security scheme in India designed to help employees save for retirement. It's a mandatory savings program for most salaried workers, promoting financial security in their golden years. Let's delve into the nitty-gritty of EPF, including its benefits, eligibility, and management. Understanding EPFO: The Backbone of EPF The Employees' Provident Fund Organization (EPFO) is a government body that administers the EPF scheme. Established in 1951, it ensures smooth operation and adherence to regulations by employers and employees. It offers various schemes, including: Employees' Provident Fund Scheme 1952 (EPF): This is the core scheme where both employers and employees contribute a fixed percentage of the employee's basic salary and dearness allowance. Employees' Pension Scheme 1995 (EPS): A part of the employer's contribution goes towards this scheme, providing a pension after retirement. Employees' Deposit Linked Insurance Scheme 1976 (EDLI): This scheme offers life insurance coverage to EPF members in case of unfortunate demise. Benefits of Enrolling in EPF The EPF scheme’s advantages: Retirement Savings: Regular contributions from both employee and employer accumulate over time, creating a substantial corpus for retirement. Tax Benefits: Contributions towards EPF qualify for tax deductions under Section 80C of the Income Tax Act, lowering your taxable income. Interest on Savings: EPF offers a pre-determined rate of interest on your contributions, boosting your retirement savings. Tax-Free Interest: The accrued interest on your EPF is generally tax-free, allowing you to benefit from the full amount. Partial Withdrawal: Under specific circumstances, you can withdraw a portion of your EPF corpus to meet emergencies like medical treatment or higher education. Insurance Coverage: The linked EDLI scheme provides financial assistance to your family in case of your death while employed. Eligibility for EPF Membership The EPF scheme generally applies to: Employees of both public and private sectors with a minimum of 20 employees in an organization. Certain establishments with less than 20 employees may also be covered under specific exemptions and conditions. Calculating Your EPF Contribution The EPF contribution for both the employee and employer is typically 12% of the employee's basic salary and dearness allowance. This means, for a monthly salary of Rs. 30,000, the monthly contribution would be Rs. 3,600 from the employee and Rs. 3,600 from the employer (of which 8.33% goes towards EPS). EPF Account Management Here's what you need to know about the online portal provided by EPFO to help access and manage your account: UAN (Universal Account Number): Each member receives a unique 12-digit UAN that remains constant even when you change jobs. EPF Online Portal: By activating your UAN, you can access the EPF portal to view your account balance, track contributions, submit withdrawal claims, and update your details. Claiming Your EPF Benefits Upon Retirement: You can withdraw the entire accumulated corpus, including your contributions, employer contributions, and accrued interest. Unemployment: If you're unemployed for more than two months, you can withdraw a portion of your EPF. Job Change: You can transfer your EPF corpus to your new employer's account using your UAN. Withdrawing Your EPF You can withdraw your EPF funds either online through the EPFO portal or offline by submitting a claim form to your local EPFO office. The process and eligibility for withdrawal vary depending on your situation. Conclusion The EPF scheme plays a crucial role in securing your financial future after retirement. By understanding its benefits, eligibility criteria, and management options, you can make the most of this valuable program. Remember to activate your UAN and explore the online portal for a hassle-free EPF experience.

29-07-2024

Guide

A Deep Dive into the Ayushman Bharat Digital Mission

In the age of digital transformation, technology has become a powerful catalyst for change across various sectors, and healthcare is no exception. In India, the Ayushman Bharat Digital Mission is spearheading a revolutionary shift in the healthcare landscape, leveraging digital innovations to enhance accessibility, affordability, and efficiency in healthcare delivery. In this comprehensive blog, we'll explore the Ayushman Bharat Digital Mission in detail, unraveling its objectives, key components, and transformative impact on healthcare access for millions. Understanding the Ayushman Bharat Digital Mission The Ayushman Bharat Digital Mission is a flagship initiative under the broader Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), aimed at leveraging digital technologies to strengthen the healthcare ecosystem in India. The mission started with creating a modern, fair, and people-focused healthcare system. The mission aims to use data, technology, and innovation to solve problems and improve health for everyone. Key Objectives of the Ayushman Bharat Digital Mission: Digitization of Healthcare Records: The mission aims to digitize and centralize healthcare records, including electronic health records (EHRs) and patient data, to ensure seamless access and continuity of care across healthcare facilities. Interoperable Health IT Infrastructure: The mission seeks to establish interoperable health information technology (IT) infrastructure to enable seamless data exchange and communication between healthcare providers, facilitating care and improving patient outcomes. Empowering Citizens with Digital Health IDs: The mission aims to issue unique digital health IDs to citizens, enabling them to access their health records, book appointments, and avail themselves of healthcare services online, thereby empowering them to take control of their health journey. Promotion of Telemedicine and Remote Healthcare Services: With a focus on telemedicine and remote healthcare delivery, the mission aims to expand access to healthcare services, particularly in underserved and remote areas, leveraging digital platforms for virtual consultations and medical assistance. Transformative Impact of the Ayushman Bharat Digital Mission: Enhanced Accessibility: The mission aims to bridge geographical barriers and improve healthcare access for underserved populations, particularly in rural and remote areas, by enabling virtual consultations and telemedicine services. Improved Care Coordination: The mission promotes care coordination and continuity by facilitating seamless data exchange and interoperability between healthcare providers, leading to better health outcomes and patient experiences. Empowerment of Citizens: The mission empowers citizens to participate in their healthcare journey actively, make informed decisions, and manage their health more effectively by granting them digital health IDs and access to personal health records. Efficiency and Cost Savings: Digitization of healthcare records and processes streamlines administrative tasks, reduces paperwork, and minimizes errors, improving operational efficiency and cost savings for healthcare providers and institutions. Conclusion: The Ayushman Bharat Digital Mission heralds a new era of healthcare delivery in India, characterized by digitization, innovation, and inclusivity. By leveraging digital technologies to strengthen the healthcare ecosystem, the mission aims to overcome longstanding challenges and transform how healthcare services are delivered and accessed nationwide. As the mission continues to unfold and evolve, it promises to unlock vast opportunities for improving health outcomes, enhancing patient experiences, and building a healthier, more resilient India. With a steadfast commitment to harnessing the power of digital innovation, the Ayushman Bharat Digital Mission is paving the way for a brighter future where healthcare is genuinely accessible, efficient, and equitable for all.

29-07-2024

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India at Paris Olympics 2024

The Indian contingent is set to kick off its campaign at the 2024 Paris Olympics on July 25. With 117 athletes competing in 69 medal events across 16 sports, the nation is gearing up for an action-packed Olympics. Following a record medal haul of seven, including a gold, at Tokyo 2022, India aims to surpass this tally at Paris 2024. India at Olympics 2024: Neeraj Chopra Defending Gold All eyes will be on Neeraj Chopra, who will be defending his gold medal in the men’s javelin throw, with aspirations of breaching the 90-meter mark for the first time in his career. The javelin qualifiers are scheduled for August 6, with the final taking place two days later. PV Sindhu and Mirabai Chanu: Medal Hopes Two-time Olympic medallist PV Sindhu will compete in badminton events from July 27 to August 5. Meanwhile, Tokyo 2020 silver medallist Mirabai Chanu will participate in the women’s 49kg weightlifting event on August 7. Boxing Prospects Boxers Nikhat Zareen, a two-time world champion, and Tokyo bronze medallist Lovlina Borgohain are strong contenders for individual medals. Their performances will be crucial for India's medal tally. Archery and Shooting: Early Starts Archers Deepika Kumari and Tarundeep Rai will be the first Indians to compete in Paris, starting with the individual ranking rounds on July 25. India's first medal event, the mixed team 10m air rifle, will occur two days later, featuring two Indian teams: Sandeep Singh/Elavenil Valarivan and Arjun Babuta/Ramita Jindal. Olympics 2024 India’s Full Schedule (All times in Indian Standard Time) July 25, Thursday Archery Women’s ranking round - 1:00 PM Men’s ranking round - 5:45 PM July 26, Friday Opening Ceremony - 11:30 PM July 27, Saturday Badminton Men’s singles group stage - 2:30 PM onwards Women’s singles group stage - 12:50 PM onwards Men’s doubles group stage - 1:40 PM onwards Women’s doubles group stage - 1:40 PM onwards Boxing Women’s 54kg round of 32 - 7:00 PM onwards Hockey Men’s Group B: India vs. New Zealand - 9:00 PM Rowing Men’s single sculls heats - 12:30 PM onwards Shooting Mixed team 10m air rifle qualification - 12:30 PM Men’s 10m air pistol qualification - 2:00 PM Mixed team 10m air rifle medal rounds - 2:00 PM onwards 10m air pistol women’s qualification - 4:00 PM onwards Tennis Men’s singles first round - 3:30 PM onwards Men’s doubles first round - 3:30 PM onwards Table Tennis Men’s singles preliminary round - 6:30 PM onwards Women’s singles preliminary round - 6:30 PM onwards Men’s singles round of 64 - 11:30 PM onwards Women’s singles round of 64 - 11:30 PM onwards July 28, Sunday Badminton Men’s singles group stage - 2:30 PM onwards Women’s singles group stage - 12:00 PM onwards Men’s doubles group stage - 12:50 PM onwards Women’s doubles group stage - 1:40 PM onwards Shooting 10m air rifle women’s qualification - 12:45 PM onwards 10m air pistol men’s final - 1:00 PM onwards 10m air rifle men’s qualification - 2:45 PM onwards 10m air pistol women’s final - 3:30 PM onwards Rowing Men’s single sculls repechages - 1:06 PM onwards Table Tennis Men’s singles round of 64 - 1:30 PM onwards Women’s singles round of 64 - 1:30 PM onwards Swimming Men’s 100m backstroke heats - 2:30 PM onwards Women’s 200m freestyle heats - 2:30 PM onwards Boxing Men’s 71kg round of 32 - 2:46 PM onwards Women’s 50kg round of 32 - 3:50 PM onwards Tennis Men’s singles first round - 3:30 PM onwards Men’s doubles - 3:30 PM onwards Archery Women’s team elimination round - 1:00 PM onwards Women’s team quarter-finals - 5:45 PM onwards Women’s team semi-finals - 7:17 PM onwards Women’s team bronze medal match - 8:18 PM onwards Women’s team gold medal match - 8:41 PM onwards July 29, Monday Swimming Men’s 100m backstroke semi-finals - 1:02 AM onwards Women’s 200m freestyle semi-finals - 1:20 AM onwards Badminton Women’s singles group stage - 1:40 PM onwards Men’s doubles group stage - 12:50 PM onwards Men’s singles group stage - 2:30 PM onwards Women’s doubles group stage - 1:40 PM onwards Shooting Men’s trap qualification - 12:30 PM onwards Mixed team 10m air pistol qualification - 12:45 PM onwards Women’s 10m air rifle final - 1:00 PM onwards Men’s 10m air rifle final - 3:30 PM onwards Rowing Men’s single sculls semi-finals - 1:00 PM onwards Table Tennis Men’s singles round of 64 - 1:30 PM onwards Women’s singles round of 64 - 1:30 PM onwards Men’s singles round of 32 - 11:30 PM onwards Women’s singles round of 32 - 1:30 PM onwards Tennis Men’s singles second round - 3:30 PM onwards Men’s doubles second round - 3:30 PM onwards Hockey Men’s Group B: India vs. Argentina - 4:15 PM Archery Men’s team elimination round - 1:00 PM onwards Men’s team quarter-finals - 5:45 PM onwards Men’s team semi-finals - 7:17 PM onwards Men’s team bronze medal match - 8:18 PM onwards Men’s team gold medal match - 8:41 PM onwards July 30, Tuesday Swimming Men’s 100m backstroke final - 12:49 AM onwards Women’s 200m freestyle final - 1:11 AM onwards Archery Men’s individual elimination rounds - 3:30 PM onwards Women’s individual elimination rounds - 3:30 PM onwards Badminton Men’s singles group stage - 2:30 PM onwards Women’s singles group stage - 12:00 PM onwards Men’s doubles group stage - 12:50 PM onwards Women’s doubles group stage - 1:40 PM onwards Shooting Men’s trap qualification - TBD Women’s trap qualification - TBD Mixed team 10m air pistol bronze medal match - 1:00 PM onwards Mixed team 10m air pistol gold medal match - 1:30 PM onwards Men’s trap final - 7:00 PM Table Tennis Men’s singles round of 32 - 1:00 PM onwards Women’s singles round of 32 - 1:00 PM onwards Rowing Men’s single sculls quarter-finals - 1:40 PM onwards Boxing Men’s 51kg round of 16 - 2:30 PM onwards Women’s 54kg round of 16 - 3:50 PM onwards Women’s 57kg round of 32 - 4:38 PM onwards Equestrian Dressage individual day 1 - 2:30 PM onwards Tennis Men’s singles second round - 3:30 PM onwards Men’s doubles quarter-finals - 3:30 PM onwards Archery Men’s individual round of 32 - 4:15 PM onwards Women’s individual round of 32 - 4:30 PM onwards Hockey Men’s Group B: India vs. Ireland - 9:00 PM Rowing Men’s single sculls semi-finals - 1:00 PM onwards Shooting Men’s trap qualification - TBD Women’s trap qualification - TBD Men’s 10m air rifle final - 1:00 PM onwards Mixed team 10m air rifle final - 3:00 PM onwards August 6, Tuesday Athletics Men’s javelin throw qualification - 3:00 PM onwards Shooting Men’s 50m rifle 3 positions qualification - 12:30 PM onwards Women’s 50m rifle 3 positions qualification - 12:30 PM onwards Wrestling Women’s freestyle 53kg qualification - 2:30 PM onwards Women’s freestyle 53kg repechage - 6:00 PM onwards Women’s freestyle 53kg final - 7:30 PM onwards August 8, Thursday Athletics Men’s javelin throw final - 7:00 PM onwards Shooting Men’s 50m rifle 3 positions final - 7:00 PM onwards August 11, Sunday Closing Ceremony - 11:30 PM Olympics Key Highlights India’s athletes will compete in 16 sports: archery, athletics, badminton, boxing, equestrian, fencing, golf, gymnastics, hockey, judo, rowing, shooting, swimming, table tennis, tennis, and wrestling. Neeraj Chopra, PV Sindhu, and Mirabai Chanu are among the star athletes. India will aim to surpass its previous best of seven medals from the Tokyo Olympics. Stay tuned for more updates and detailed schedules as the Olympics approach.

26-07-2024

Tax

Income Tax Budget 2024: Streamlining and Rationalizing Capital Gains

Short-term gains on specific financial assets will now be taxed at 20%, while gains on all other economic and non-financial assets will remain subject to their respective tax rates. Long-term gains on all financial and non-financial assets will be taxed at 12.5%. To benefit lower—and middle-income groups, I propose increasing the capital gains exemption limit on certain financial assets to ₹1.25 lakh per year. Listed financial assets held for over a year will be classified as long-term, whereas unlisted and non-financial assets must be held for at least two years to qualify as long-term. However, unlisted bonds and debentures, debt mutual funds, and market-linked debentures will still be taxed on capital gains at the applicable rates, regardless of the holding period. What are the updates to the capital gains tax regime? The long-anticipated simplification of the capital gains tax regime has arrived, though it comes with higher tax rates. Here are the fundamental changes that are significant for both markets and individual investors: Compared to the current rates, short-term capital gains (STCG) on specific financial assets will now be taxed at 20%. Long-term capital gains (LTCG) on all financial and non-financial assets will be taxed at 12.5%. The exemption limit for LTCG has been increased from ₹1 lakh to ₹1.25 lakh. Streamlining of Capital Gains · Short-term capital gains (STCG) on specific financial assets will now be taxed at 20%, up from the current rates. · Long-term capital gains (LTCG) on all financial and non-financial assets will be taxed at 12.5%, an increase from the previous rates. · The exemption limit for LTCG has been raised from ₹1 lakh to ₹1.25 lakh.

23-07-2024