SB

Loading

‘No new change coming in’: Finance ministry clears confusion over new tax regime in 6-point note

The Union Budget’s income tax proposals come into effect from today. The finance ministry on Monday in a post in X cleared the confusion over the new tax regime, which has low rates but fewer exemptions and deductions.

Here’s what it wrote:

It has come to notice that misleading information related to the new tax regime is being spread on some social media platforms. It is therefore clarified that:

— There is no new change which is coming in from 01.04.2024.

— The new tax regime under section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the

What Kim Kardashian taught us about conflicts of interest in finance

Unlock the Editor’s Digest for free

Kim Kardashian has been in the news these past few days for the usual reasons: gossiping about other celebrities, changing her look. But 18 months ago the queen of influencers — estimated net worth $1.7bn — was suffering more painful headlines, after having agreed, without admission of wrongdoing, a settlement of $1.26mn with US regulators over her social media promotion of a crypto coin. Plenty of other celebrities have been pursuing since. The accusations against them? Not fully disclosing that

China’s new rules for finance pull the brakes on gravy train, bringing ‘greed is good’ era to a halt

“Everyone, from the top brass to people like us in middle ranks, earn less than before,” said a credit manager with Bank of China, one of the country’s “big four” state-owned banks, lamenting the loss of the staggering bonuses that she used to bag in the industry’s heyday.

China’s financial sector is always beholden to the government … No businesses in any country can operate in a vacuum

Li Xuenan

Pay cuts, first imposed on executives of state-owned financial institutions in 2010 by the banking regulator and now an industry-wide practice, appear to be a preview of what’s in store