Business News: Union Budget 2024 and Other Key News Highlights,mutual fund,income tax

Union Budget 2024-25 is likely to be presented by Finance Minister Nirmala Sitharaman on July 23. This would be her seventh such budget, touted to be all about growth with relief all around. PM Modi met economists recently with prime emphasis on creating more jobs. High expectations are there regarding the tax relief, Bank Mitras support, and rural economy allocations; healthcare innovations; real estate incentives; clarity on law pertaining to the SEZs. Similarly, the government could also take out banking sector reforms through amendments with relaxation of payment rules for the MSMEs. The US-India Strategic Partnership Forum urged for stable tax environment.

It is weeks since search-and-seizure operations were conducted across offices of Quant Mutual Fund by SEBI. Quant Mutual Fund said these raids were in furtherance of a court-approved investigation into a probable front-running case, and not as part of a routine process. The investigation pertains to alleged profits of Rs 20 crore violated data collection that was carried out from its offices in Delhi, Mumbai, and Hyderabad. In its communication to investors, Quant MF has clarified that no conviction has taken place and the SEBI investigation is in process. Other changes Except for this, CFO Harshal Patel resigned with effect from May 19 while Shashi Kataria replaced him with effect from July 1, 2024.

Up to July 11, net direct tax collection stood at Rs 5.74 lakh crore of FY 2024-25, up by 19.54 per cent over the previous year. The income tax department said that it had issued refunds of Rs 70,902 crore as of date this year, which includes Rs 15,826 crore of personal income tax refunds. Of this, net collections included Rs 2.10 lakh crore in corporate tax, Rs 3.46 lakh crore in personal income tax, Rs 16,634 crore in securities transaction tax and Rs 1,413 crore in other taxes. Gross collections increased by 23.24% at Rs 6.45 lakh crore.

Foreign exchange reserves vault $5.158 billion to record high of $657.155 billion for the week ended July 5, after two weeks of decline. It was mainly on account of a $4.228 bn jump in foreign currency assets at $577.11 bn. Gold reserves rose by $904 mn to $57.432 bn, with small increases in special drawing rights and the IMF reserve position. He added that such prudent policy measures and vigil on the monetary stand have done this for the country, according to Sanjeev Agrawal of PHD Chamber of Commerce and Industry, thereby strengthening India's expected global economic position.

The government may work out a deal between MTNL and BSNL instead of a merger, as the former has huge debts. A final call on this matter is likely to be taken in another month before submitting a proposal to the Committee of Secretaries and then to the Cabinet. MTNL — which is facing a deep financial crisis — had recently told the bondholders that it was unable to pay interest since there was not enough fund to do so. While numbers for private telcos like Reliance Jio have been on a rise, MTNL's subs base has slid down from 4.66 million to 4.1 million in a year, while losses went up to Rs 3,267.5 crore in FY24.

US-based TikToker and jewelry influencer, Julia Hackman Chafe, took to her Instagram and posted videos following the Anant Ambani and Radhika Merchant wedding that happened at Jio World Convention Centre in Mumbai. She showed the decoration, which reminded one more of a bazaar with a lassi shop and an antique shop. Her content ranged from trying luxurious traditional outfits for the Ambani wedding to even mentioning that she can't wait to see the Bollywood celebrities that would turn up. It saw a grand ceremony attended by stars like Shah Rukh Khan and Amitabh Bachchan, further rituals, and a reception.