Income Tax Return Due Date AY 2023-24 News Live: Last Date not Extended, 6.13 crore ITRs filed. File Today

 

Income tax Return filing on www.incometax.gov.in, ITR Due Date AY 2023-24 Latest News Updates on July 31: Today is the due date of ITR filing for taxpayers whose accounts don’t need to be audited.

Income tax Return filing on http://www.incometax.gov.in, ITR Due Date AY 2023-24 Latest News Updates on July 31 deadline: Today is the due date of ITR filing for taxpayers whose accounts don’t need to be audited. If you haven’t filed your ITR for AY 2023-24 (FY 2022-23) yet, you must do it by the end of the day today. It is now almost certain that there will not be an extension of the ITR filing Due Date for AY 2023-24. More so because it seems most of the taxpayers have already filed their returns, a day before the end of the due date.

Data shared by the Income Tax Department show that more than 6.13 crore ITR have already been filed till July 30. Till July 31 last year, only around 5.83 crore returns were filed. Moreover, a large number of taxpayers have also received refunds.

In recent weeks, several reports confirmed that the Government was not planning to extend the due date beyond July 31. So if your book of account doesn’t need to be audited, ensure to file your ITR today to avoid the consequences of not filing ITR by July 31. This blog provides recent updates on the ITR filing Due Date on July 31 along with relevant last-minute tips to help you file your returns. Stay Tuned

Income Tax Return Due Date Extension News on July 31, Latest Updates on ITR Due Date, Latest ITR Filing News Today, ITR Due Date News on July 31: Will there be ITR Due Date Extension? Income Tax Refund News, ITR Filing Errors and Mistakes To avoid.

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Utkarsh Small Finance Bank IPO Listing: Shares have bumper debut on bourses, list at 60% premium

 

Utkarsh Small Finance Bank debuted on the bourses with a 60% premium, listing at Rs 39.95 versus the issue price of Rs 25.

Utkarsh Small Finance Bank IPO: Utkarsh Small Finance Bank shares listed at 59.8% premium over IPO price on NSE and BSE amid positive domestic market. The shares debuted at Rs 39.95 on the BSE, as compared to the issue price of Rs 25. A positive listing was expected as ahead of the market debut, Utkarsh Small Finance Bank shares were trading at a premium of Rs 16.10 in the grey market.
Utkarsh Small Finance Bank IPO subscription data

Utkarsh Small Finance Bank IPO opened for subscription on 12 July and the issue was fully subscribed 110.77 times on the last day of subscription, helped by overwhelming participation from institutional buyers. The Qualified Institutional Buyers (QIBs) category was subscribed 135.71 times, the portion for non-institutional investors received 88.74 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 78.38 times. Employees bid 18.02x for their reserved portion.
The price band for its public issue at Rs 23-25 per equity share. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 500 crore from the IPO. The IPO comprises a fresh issue of shares, with no OFS component. Following the listing, the promoter’s holding will be diluted to 69.28% from 84.75%.The price band for its public issue at Rs 23-25 per equity share. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 500 crore from the IPO. The IPO comprises a fresh issue of shares, with no OFS component. Following the listing, the promoter’s holding will be diluted to 69.28% from 84.75%.


“USFB is in constant efforts to improve its business with deeper insights into customer trends, and develop customized products for its customer segments. It intends to further the growth through diversification of product offerings, customer segments and geography supported by technology, process and data analytics. With improvement in NIMs and NPAs in declining trend over the last three years, growth in earnings remains strong. On FY23 financials, the IPO is valued at 6.8x P/E and 1.1 times P/BV, we recommend SUBSCRIBE to this issue for the long term,” said Reliance Securities in a note.

About Utkarsh Small Finance Bank

USFB, as a small finance bank, offers a range of asset products, including micro-banking loans, retail loans, wholesale lending, housing loans, commercial vehicle/construction equipment loans, and gold loans. The bank also provides savings accounts, current accounts, term/recurring deposit accounts, and non-credit offerings such as ATM-cum-debit cards, bill payment systems, distributed third-party point-of-sales terminals, mutual funds, and insurance products.

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#share #share 

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FII, DII data: FPIs bought shares worth Rs 2115 cr, DIIs sold shares worth Rs 1317 cr on Tuesday, 18 July

 

FIIs bought shares worth a net of Rs 15,160.29 crore while DIIs sold shares worth a net of Rs 7,869.36 crore for the month till 18 July.

Foreign institutional investors (FII) purchased shares worth a net of Rs 2,115.84 crore, while domestic institutional investors (DII) sold shares worth a net of Rs 1,317.56 crore on 18 July, according to the provisional data available on the NSE.

For the month till 18 July, FIIs bought shares worth a net of Rs 15,160.29 crore while DIIs sold shares worth a net of Rs 7,869.36 crore. In the month of June, FIIs bought shares worth a net of Rs 27, 250.01 crore while DIIs purchased equities worth a net of Rs 4, 458.23 crore.

“Domestic equities extended their record high-runs with Nifty touching a new high of 19819. The index opened higher and traded sideways to close with marginal gains of 38 points at 19749 levels. The broader market however underperformed with the Nifty midcap 100 ending flat to negative while the Nifty smallcap 100 was down -0.9%. Among sectors, IT was the top gainer up 1% followed by oil & gas. Continuing its current record-breaking rally, Nifty crossed the 19,800 mark – just 200 points away from the 20k zone,” said Siddhartha Khemka, Head – Retail Research, MOFS.

“We expect the gradual up move in the market to continue given the positive macro and micro factors. We suggest investors to look for buy on dips strategy as the Q1 earning season is expected to be healthy. On the global front, Investors look ahead to a busy week of earnings, including quarterly results from some of the largest U.S. banks. Today’s (Tuesday) release of U.S. retail sales and IIP data would be important from U.S. Fed’s interest rate decision perspective,” Siddhartha Khemka added. 

On Tuesday, the domestic benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs again and ended broadly in green. The Nifty 50 rose 37.80 points or 0.19% to close at 19,748.25 after making a new 52-week high of 19,819.45 intraday. The Sensex jumped 205.21 points or 0.31% to settle at 66,795.14 after hitting a fresh all-time high at 67,007.02 intraday. In sectoral indices, Nifty Bank fell 0.11%, Nifty IT gained 1.04%, Nifty Private Bank rose 0.04%, Nifty Financial Services fell 0.21%, Nifty PSU Bank slipped 1.28%, and Nifty Media soared 1.99%. 

Foreign institutional investors (FII) or Foreign portfolio investors (FPI) are those who invest in the financial assets of a country while not being part of it. On the other hand, domestic institutional investors (DII), as the name suggests, invest in the country they’re living in. Political and economic trends impact the investment decisions of both FIIs and DIIs. Additionally, both types of investors  –  foreign institutional investors (FIIs) and domestic institutional investors (DIIs) – can impact the economy’s net investment flows.

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Best Mid Cap Mutual Funds in 3 years (July 2023): 10 schemes with 34% to 40% SIP returns

 Best-performing Mid Cap Mutual Funds in 3 years ( till July 14, 2023): A majority of Mid Cap Mutual Fund schemes have performed well in three years. As per data on the website of Association of Mutual Funds in India (AMFI) at the time of writing, as many as 10 mid-cap funds have given over 34% returns under their direct plans. The regular plans of these schemes have also given over 32% returns.

Data shows that direct plans of as many as 9 Mid Cap Funds have also beaten the performance of their respective benchmark indices in three years.

10 top-performing Mid Cap Funds in 3 years

Quant Mid Cap Fund

The direct plan of Quant Mid Cap Fund has given 40.82% returns while the regular plan has given 38% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Motilal Oswal Midcap Fund

The direct plan of Motilal Oswal Midcap Fund has given 40.52% returns while the regular plan has given 38.85% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

SBI Magnum Midcap Fund

The direct plan of SBI Magnum Midcap Fund has given 37.21% returns while the regular plan has given 36.01% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

PGIM India Midcap Opportunities Fund

The direct plan of PGIM India Midcap Opportunities Fund has given 37.90% returns while the regular plan has given 35.58% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

HDFC Mid-Cap Opportunities Fund

The direct plan of HDFC Mid-Cap Opportunities Fund has given 37.03% returns while the regular plan has given 36.08% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Nippon India Growth Fund

The direct plan of Nippon India Growth Fund has given 36.12% returns while the regular plan has given 35.09% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Mirae Asset Midcap Fund

The direct plan of Mirae Asset Midcap Fund has given 35.55% returns while the regular plan has given 33.75% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Edelweiss Mid Cap Fund

The direct plan of Edelweiss Mid Cap Fund has given 35.75% returns while the regular plan has given 33.73% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Also Read: Best Large and Mid Cap Mutual Funds in 1 year (July 2023): 11 Schemes with 25% to 34% SIP returns

Union Midcap Fund

The direct plan of Union Midcap Fund has given 35.78% returns while the regular plan has given 33.95% returns in 3 years. The scheme tracksS&P BSE 150 MidCap Total Return Index, which has given 34.04% return in 3 years.

Kotak Emerging Equity Fund

The direct plan of Kotak Emerging Equity Fund has given 34.41% returns while the regular plan has given 32.76% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

#CapMutualFunds #CapMutualFunds

1. #LargeCapFunds #LargeCapFunds
1. #MidCapFunds #MidCapFunds
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Mukesh Ambani’s Jio Financial Services to enter FTSE indices from 20 July

 

Reliance Industries’ subsidiary Jio Financial Services will enter three FTSE Russell indices: FTSE All-World Comprehensive Factor Index, FTSE Emerging Comprehensive Factor Index and FTSE All-World ex CW Balanced Factor Index. The demerged entity will be included in the indices 20 July onwards. However, Jio Financial Services will remain at a static price on FTSE indices, since the date of listing on exchanges has not been announced yet, following its demerger from Reliance Industries.

“[Jio Financial Services] will remain in the index at a static estimated price until its trading commences on the exchange. If the trading day remains unknown after 20 business days, FTSE Russell will review the company in accordance with the FTSE Russell Spin-offs policy,” said the index aggregator FTSE Russell. Additionally, a capital repayment which is equivalent to the entitlement value of Jio Financial Services will be applied to Reliance Industries on the ex-entitlement date, added the aggregator. The classification of Jio Financial Services will be under oil refining and marketing.

About the Reliance Industries demerger

Reliance Industries has decided to demerge its financial services unit Reliance Strategic Investments. RIL has fixed July 20 as the record date to determine the equity shareholders entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of the arrangement, Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of face value of Rs 10 each, for every one share of Reliance Industries as of the record date. Reliance Strategic Investments will then be renamed Jio Financial Services (JFSL).

Reliance Industries F&O open contracts

Reliance Industries’ open futures and options contracts for the months of July, August and September will expire on 19 July as a result of the demerger. “All existing contracts with expiry dates July 27, 2023, August 31, 2023 and September 28, 2023, will expire on July 19, 2023. The methodology of settlement shall be separately intimated by respective Clearing Corporations,” said the National Stock Exchange, in a circular.

#financial #financial 

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Will the GST Council put an end to the GST dilemma?

 

The fate of the Indian online skill-gaming industry is likely to be decided at the upcoming 50th GST Council meeting on July 11. The government has recognised online skill-based gaming as a promising sector and has also provided support in the form of favourable policies. The Ministry of Electronics and Information Technology (MeiTy) has introduced the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (IT Rules), providing regulatory clarity and a boost to the sector. The contribution of the online skill-based gaming sector to the Indian economy cannot be overstated.

Online skill-based game operators are technology companies that provide an infrastructure platform for hosting games. They effectively operate as an intermediary between players and simply host the games. Operators have no impact on game play. Users select the games they want to play based on their skills and the money they want to stake to compete with other players. For offering the infrastructure platform to the players, gaming operators charge a nominal service fee/commission. The players, in turn, contribute an amount to the prize pool, from which the gaming operator distributes prize money/winnings to the game’s winners (Buy-in Amount). 

What is the Controversy?

Recently, Indian online gaming operators have found themselves amid tax disputes. The issue of an online skill-based gaming operator’s GST liability is not new. In 2018, it first surfaced in a lawsuit involving a fantasy sports platform before the Bombay High Court. Although being decided in favour of the taxpayer, the case is still ongoing before the Supreme Court. The Director General of Goods, Services Tax Intelligence (DGGSTI) recently demanded Rs 21,000 crores from an online rummy operator. The DGGSTI raised a claim alleging that the supply involves ‘betting and gambling’, and so the gaming operator should pay GST not only on the service fee charged from players but also on the ‘Buy-in Amounts’. The Karnataka High Court quashed this demand, stating that the gaming operator only dealt with games of skill and the ‘Buy-in Amounts’ should not be subject to GST. Consistent with judicial rulings, online skill-based gaming operators currently pay 18 per cent GST on the service fee charged to players. 

Power consumption grows 4.4% to 139.23 billion units in June

The GST Council established a Group of Ministers (GoM) to investigate taxation issues in the gaming industry. It is understood that the GoM proposed levying GST at 28 per cent on service fees and Buy-in Amounts, which, if implemented, would raise taxes on online skill gaming to the same level as betting and gambling. While the GST Council has requested the GoM to rethink its findings, the GoM has yet to reach a consensus. The GoM proposal to impose GST at a rate of 28 per cent on the aggregate of service fees and Buy-in Amount is, in our opinion, contrary to the existing legislation and established constitutional principles. 

Prerequisite for levy of GST

GST applies to the ‘supply’ of goods or services. Supply, as envisaged under GST law, must invariably include (i) supply of goods or services or both; (ii) be made or agreed to be made for a consideration; and (iii) in the course or furtherance of business. It is a fundamental principle that charging sections should be strictly construed. A person cannot be taxed if he has not been brought into the ambit of the charging section by unambiguous words. 

Gaming operators are mere facilitators of skill-based games between participants. The ‘Buy-in Amount’ is set by the participants; there is no ‘supply’ from the gaming operator. The Buy-in Amount reflects a debt claim that must be distributed to the winners of the relevant game. As a result, the Buy-in Amount is an ‘actionable claim’, that is treated as ‘goods’ for CGST Act. Only actionable claims relating to lottery, betting and gambling are taxable under GST law. 

Skill-based games are treated differently than lottery, betting and gambling, which are all games of chance. So, the Buy-in Amounts being an actionable claim about a game of skill should not be subject to GST. 

Besides, the presence of ‘consideration’ is required for qualification as ‘supply’ and consequent levy of GST. Gaming operators do not supply any taxable goods or services to the players for receipt of the ‘Buy-in Amount’. This transaction lacks a nexus between the services offered and the ‘Buy-in Amounts’ received. In the absence of such a relationship, the ‘Buy-in Amount’ cannot be subject to GST. This is consistent with the settled judicial position that for a supply to be taxed, there must be a direct link/nexus between the supply of goods or services and the consideration. 

Equating a game of skill with a game of chance

Increasing the GST rate to 28 per cent would equate betting and gambling as a game of chance’ with ‘games of skill’. This will negate the distinction between ‘betting and gambling’ and ‘games of skill’ as defined in the Indian Constitution and various state laws. Skill-based games have been recognised as constitutionally protected activities. This nullification will result in inequality, violating the fundamental right to equality enshrined in Article 14 of the Constitution. As for the interpretation of the term ‘betting and gambling’ under GST law, it is well settled that phrases must be read in the same way as they are statutorily provided and judicially interpreted. Any deviation from the well-established legal position that betting and gambling are similar to games of chance may raise constitutional challenges. 

Other aspects of the gaming industry

Online skill-based operators frequently incentivize players with joining bonuses, referral bonuses, promotional money, etc. In the hands of gaming operators, these bonuses represent business expenses. In terms of how these incentives are used, withdrawal limits etc, each operator may have various terms and conditions. While most of the debate about the applicability of GST to the online skill-based industry has focused on the tax base and tax rate, such an isolated approach may be out of step with business reality. The government has already explained these nuances in the rule and clarifications introduced for determining net winnings for purposes of withholding tax provisions, which has been welcomed by the industry. 

Impact of GOM proposal on the skill gaming industry 

The increase in GST may result in a substantial reduction in prize money available for distribution, which may drive players to illicit websites and/or foreign gaming operators. It would also adversely impact revenue collection and result in employment losses. The government’s position on the GST regime for skill-based games is likely to be decisive for this industry. The industry wants a fair and equitable tax policy, not an exemption.

Recommendation

Given these realities, the existing GST framework for skill-based games must be maintained. The government’s commitment to this sunrise sector will be demonstrated by the earliest settlement of this matter in consultation. The government should also provide guidance/instructions to GST officials to take a consistent approach in the ongoing GST assessments. The online gaming industry has lauded amendments and clarifications obtained under the income-tax regime. A similar holistic approach under GST will provide a much-needed boost to the online skill-based gaming industry, catalysing innovation in the skill-gaming sector while preserving a safe playing environment for players.

#gst #gst #gst 

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Share Market outlook today: Nifty, Bank Nifty at record highs, further upside seen; check support, resistance

The GIFT Nifty recorded a 20 point gain during Monday’s early trading session, with a value of 19,342.5 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, benchmark Indian equity indices Nifty and Sensex hit all-time highs and settled at record closing highs. Nifty 50 surpassed over 19,200 but closed at 19,189.05 while Sensex ended trade at 64,718.56, higher by 800 points.

Wall Street’s three major indexes advanced solidly on Friday, on signs of cooling U.S. inflation from measures that are closely watched by the Federal Reserve. S&P 500 gained 1.23%, the Nasdaq Composite surged 1.45%, and the Dow Jones Industrial Average rose 0.84%. 

Shares in the Asia-Pacific region were trading in the green on Monday. China’s Shanghai Composite gained 0.55% in trade, while Japan’s Nikkei 225 surged 1.58%. Hong Kong’s Hang Seng index gained 1.19% while South Korea’s Kospi was higher by 1.48%. The Taiwan Weighted index recorded a gain of 0.99%.

Nifty 50 charts indicating further upward momentum

“Looking ahead, there is potential for the index to move towards 19,450 in the short term, indicating further upward movement. However, on the downside, there is support at 19,000. Overall, the market is currently exhibiting bullish characteristics, with the Nifty reaching new highs as long as it sustains above 19,000,” said Rupak De, Senior Technical Analyst at LKP Securities.

Nifty can touch 19,500

“The formation of long bull candles during an upside breakout signal resumption of sharp up trended movement in the market. The near term uptrend of Nifty remains intact and one may expect Nifty to reach up to 19,500 levels in the coming week. Immediate support is at 19,050 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. 

Nifty 50 support seen at 19,000

“Technically, a breakout continuation formation on daily charts and a long bullish candle on weekly charts support further uptrend. For bulls, 19,050 and 19,000 would act as key support zones while 19,300-19,400 would be crucial resistance areas. However, below 19,000, traders may prefer to exit from the long positions,” said Amol Athawale, Technical Analyst (DVP), Kotak Securities.

Nifty 50 medium-term target at 20,200

“The short term and medium-term targets for NSE Nifty 50 have been achieved and hence we are revising it upwards to 19,500 and 20,200 respectively. In terms of levels, 19,000– 19,050 shall act as a crucial support zone while 19,380 – 19,400 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Bank Nifty Outlook

Bank Nifty indicators bullish

“As far as Bank Nifty is concerned, the index has decisively closed above the broad trading range 44,500 – 43,500. This indicates a breakout and also suggests that the Bank Nifty could see trending moves on the upside. The daily momentum indicator has triggered a fresh positive crossover which is a buy signal. Thus, both price and momentum indicators are suggesting a further upside in the Bank Nifty. On the upside, we expect it to target levels of 45,200,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Bank Nifty resistance at 45,000

“The Bank Nifty experienced a breakthrough as it opened above its robust resistance level of 44,500. The index has been posting gains for three days in a row. The Relative Strength Index (RSI) indicates strong momentum and a bullish sentiment in the index. On the weekly chart, the index has given a downwards consolidation breakout, suggesting a rise in optimism. Therefore, the trend looks positive for the short term. Immediate support is visible at 44,500 where Put writers have added significantly in the open interest; while the 45,000 strike price has the highest open interest in calls, which suggests that Bank Nifty may encounter some resistance at that level,” said Rupak De, Senior Technical & Derivative analyst at LKP Securities.

#bank #bank #bank #sharemarket #sharmarket

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