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Morning Buzz: 85% filers choose old tax regime, government plans quick licenses for laptop, PC imports, and more

Here are the top business headlines this morning, to get your day started

Samar Srivastava
Published: Aug 7, 2023 09:28:55 AM IST
Updated: Aug 7, 2023 09:58:44 AM IST

Morning Buzz: 85% filers choose old tax regime, government plans quick licenses for laptop, PC imports, and moreEighty five percent of tax filers have chosen the old tax regime, based on an analysis of data from Clear; Image: Shutterstock

Green energy to power the future: Reliance

The age of fossil fuels is drawing to a close and Reliance Industries plans to focus on new energy solutions. The company plans to do this by building a green hydrogen ecosystem.The company also expects the recently demerged Jio Financial Services to list soon. During the 46th AGM to take place on August 28, the company plans to ask for the reappointment of Mukesh Ambani as managing director for another five-year term.

(Business Standard, Economic Times. BusinessLine)

PE, VC funds slash their fees

Private equity (PE) and Venture Capital (VC) funds have slashed their fees and aim for a higher carry. The earlier model of a two percent management fee and a 20 percent carry or 20 percent of profits after a certain threshold. Investors are pushing back on the two percent management fee as over the life of the fund it brings down the investible funds. They are fine with a higher carry but the management fee is being questioned. Soem funds that have done this include Sixth Sense Ventures, 3one4 Capital, Kae Capital and TVS Capital.

(Mint)

85% filers chose old tax regime

Eighty five percent of tax filers have chosen the old tax regime, based on an analysis of data from Clear (earlier known as Cleartax) Clear has more than 5 million tax payers as customers and these range from individuals to small businesses. This compares to 2022 when only 10 percent of tax payers opted for the new regime. For the most part those who have opted for the new tax regime are new tax filers.

(Mint)

Government plans quick licences for laptop, PC imports

In a bid to ensure prices don’t rise quickly the government said there would be no restrictions on the number of imports and that licences would be granted in a matter of minutes. They also plan to review the import curbs periodically and don’t plan to make them permanent. Creating production units would take 9-12 months and initially only assembly units would come up. In addition companies can make use of PLI incentives granted to the sector.

(The Times of India)

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