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Understanding and managing personal finance is not everyone’s cup of tea. Nonetheless, an easy access to information available today has provided a much needed lift in the area and has acquainted people with basic know how on the subject say for
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LIC Housing Finance Ltd (LICHFL) reported a 5 per cent year-on-year (y-o-y) decline in fourth quarter standalone net profit at ₹399 crore against ₹421 crore in the year ago quarter as provision towards impairment on financial instruments jumped.
The board of directors recommended a dividend of ₹8.50 per equity share (425 per cent) of ₹2 each, subject to approval of the members of the company at the forthcoming Annual General Meeting.
Net interest income rose 33 yoy to ₹1,505 crore (₹1,134 crore in the year ago quarter).
Provision towards impairment on financial instruments shot up to ₹977 crore (₹27 crore).
Employee benefit expenses came down 33 per cent yoy to ₹59 crore (₹88 crore).
Loan portfolio increased about 10 per cent yoy to ₹2,28,114 crore as at March-end.
Meanwhile, LICHFL’s board approved offer of 4.54 crore equity shares to the promoter — Life Insurance Corporation of India (LIC) — through preferential allotment on private placement basis. This is subject to shareholders approval at their extraordinary general meeting.
Post-issue, the shareholding of LIC in LICHFL will go up from 40.31 per cent now to 48.49 per cent.
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Every individual whose assessed tax due for the year is more than or equivalent to Rs 10,000 is entitled to pay advance tax, according to section 208 of the Income Tax Act 1961. Senior persons over the age of 60 who do not have any income from a business or profession are exempt from paying advance tax. In most cases, businessmen and professionals are required to pay advance tax because they have income from sources where tax is not deducted at the source in line with the income tax slab.
If a salaried individual gets incomes other than salary, he or she may be required to pay advance tax. Many salaried people have other sources of income, such as interest from bank and post office deposits, dividends, capital gains or have rental or business income. In this case, a salaried individual having income from other sources is required to evaluate his or her gross income from other sources and pay advance tax if the overall tax debt on such income exceeds Rs 10,000 after calculating tax deducted at source (TDS).
According to the Act, taxpayers must pay advance tax in four instalments of 15%, 45 per cent, 75%, and 100% on or before June 15, September 15, December 15, and March 15. Individuals who declare their earnings under the Presumptive Taxation Scheme (PTS) must pay the appropriate advance tax in one instalment on or before March 15. PTS, as defined in Section 44AD of the Act, enable a businessman or professional to submit returns depending on an anticipated income. Any advance tax paid on, or before 31 March is also classified as advance tax paid throughout the fiscal year.
| Due date | Advance tax payable |
|---|---|
| On or before 15th June | 15% |
| On or before 15th September | 45% |
| On or before 15th December | 75% |
| On or before 15th March | 100% |
Challan No. ITNS 280 is the form that must be completed and submitted before the due dates. Prerequisites Challan No. ITNS 280 are personal identification number (PAN) details, assessment year, and payment type (advance tax or self-assessment tax). Following payment, a Challan Identification Number (CIN) will be issued. You must maintain a record of this CIN and use it when submitting your income tax return. Also, confirm that the IT department has acknowledged the online payment submitted via ITNS 280. To pay advance tax online, go to the income tax department’s website at www.incometaxindia.gov.in and select the e-Pay taxes link and you will be required to the portal of National Securities Depository Ltd (NSDL). Click on challan no./ITNS 280, enter the necessary details, and complete the payment.
You can seek a rebate under Section 80C while calculating your income for the purpose of calculating your advance tax. An NRI is also required to pay advance tax on income generated in India in accordance with the provisions of the Income Tax Act in effect for the applicable assessment year. If you miss paying your advance tax debt on or before the due dates specified, the unpaid amount will be subject to penal interest under Section 234 of the Income Tax Act.
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Pension regulator PFRDA has allowed National Pension System (NPS) subscribers with savings of upto ₹5 lakhs in NPS to take the entire amount at retirement without mandating any investment in annuity.
Hitherto, this facility (without annuity rider) was available only for withdrawal of NPS corpus or savings upto ₹2 lakh at the time of retirement.
Simultaneously, the Pension Fund Regulatory and Development Authority (PFRDA) has also raised the premature withdrawal limit on a lumpsum basis for NPS to ₹2.5 lakh from ₹1 lakh earlier, Supratim Bandyopadhyay, Chairman, PFRDA told BusinessLine.
An NPS subscriber can now prematurely withdraw and get a lumpsum of ₹2.5 lakh before reaching the age of 60.
PFRDA has also now extended the maximum entry age for availing NPS benefit to 70 years from the current 65 years. The exit age limit has also been extended from 70 years to 75 years. Prior to this change, Indians between the age bracket of 18-65 years can open an NPS account.
PFRDA’s move to allow NPS corpus of upto ₹5 lakhs to be entirely withdrawn at retirement comes in the wake of low annuity rates in the system.
Currently, the regulatory norms require a person on retirement to invest at least 40 per cent of the retirement funds in annuities. Now with annuities — which tend to mirror interest rate movements in the system — having hit a bottom with falling interest, the regulator has enhanced the limit to ₹5 lakh.
PFRDA Chairman clarified that the facility of entire withdrawal has been made available only for corpus upto ₹5 lakh and if the corpus were to be, say ₹5.01 lakh, the NPS subscriber will have to buy annuities for ₹2 lakh (40 per cent).
“This is the new annuity rule and if corpus amount exceeds ₹5 lakh, you will have to take annuity and be bound by the rule,” he said.
The main reason for increasing the limit to ₹5 lakhs is that the absolute return of annuity is “too low”, and this was the driving force. Even in Atal Pension Yojana, the minimum pension guaranteed is ₹1 lakh, he pointed out.
When asked about how many NPS subscribers can potentially benefit from the latest rule change, Bandyopadhyay said that “large numbers” would benefit, especially those who had opted to keep the monies with PFRDA and not withdrawn it.
“We had analysed why several people had not chosen annuity and allowed the NPS corpus to remain with PFRDA. We had found that lot of them had realised that annuity that they get will be a paltry sum and will not meet their requirements. So they thought that it is better to keep the monies with PFRDA and then it can be seen,” he said.
India’s pension assets under management (AUM) had crossed the ₹6 lakh crore mark in May. PFRDA is now looking at an AUM target of ₹7.5 lakh crore by end March 2022.
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Flexmoney, a digital credit network platform for lenders and merchants, has raised $4.8 million in Series A funding, led by Pravega Ventures with participation from Silicon Valley-based Z5 Capital.
The round also saw participation from several marquee individual investors including Ben Davey, former Group Head of Strategy, Barclays Bank & CEO Barclays Ventures; Mike Smith, former Chief Product & Technology Officer, Barclays Ventures & Director, Amazon Core Display Ad Platform; Ambarish Malpani, successful serial entrepreneur and technologist and Rishad Byramjee, Group MD and CEO Casby Logistics & Board Member, Centrum Group.
Flexmoney aims to use the funds to scale its credit network footprint to more lenders and merchants, launch additional products and consolidate its position. Flexmoney had previously raised seed funding from multiple global and domestic angel investors.
Nanda Krish, General Partner at Z5 Capital, said: “InstaCred by Flexmoney is already the largest ‘Buy Now, Pay Later’ platform in India, and the need and potential for this Internet credit infrastructure spans across even more global markets. We’re proud and excited to partner with Flexmoney to scale up and revolutionise the credit ecosystem in India and across the globe”.
Yezdi Lashkari, Founder and CEO of Flexmoney Technologies, said, “Flexmoney’s digital credit platform provides a seamless and secure ‘plug and play’ proposition for trusted lenders and merchants to offer the widest set of options for frictionless, secure, instant checkout finance to their customers and is transforming their purchase experience. With this funding, we are one step closer to achieving our vision of simplifying and democratising consumer credit in India”.
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ICICI Prudential Life Insurance is optimistic about growth opportunities this fiscal despite the second wave of the Covid-19 pandemic that has impacted many lives and livelihood.
“Our aspiration of doubling the value of new business (VNB) growth by 2020-23 is guided by APE growth or overall topline premium growth. We need to typically grow at 25 per cent to 28 per cent on VNB annually for next two years,” said Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, adding that margin expansion now has limited scope for growth.
In an interaction with BusinessLine, Palta said the insurer registered its best ever month in March 2021, but growth was impacted from the second-half of April as the Covid-19 case load spread.
However, there has been improvement in the last few weeks of May.
Also read: Budget proposal has not affected ULIP segment of ICICI Pru Life: MD and CEO
According to IRDAI data, ICICI Prudential Life Insurance registered a 38.55 per cent growth in first year premium in the first two months of the fiscal upto May 31, 2021 though it declined by 3.93 per cent for the month of May 2021.
Palta said he expects growth to continue based on the additional width in distribution the insurer has set up, a positive environment and the momentum in insurance sales that was seen from the second half of 2020-21.
The insurer added over 100 partnerships last fiscal, which it believes will help distribution and spur growth.
In terms of bancassurance partnerships, it tied up with IndusInd Bank, AU Small Finance Bank, IDFC First Bank, RBL Bank and NSDL Payments Bank. It also tied up with distributors including PhonePe and Wealth India Financial Services as well as insurance broking entities —BSE EBIX and Magnum Insurance Broking.
“These partnerships have enabled us to increase our distribution footprint. Specifically, our 23 bancassurance partnerships have enabled us to expand our reach to 16.2 crore bank customers with a footprint of about 12,000 branches,” Palta said.
Partnerships with IndusInd Bank, IDFC First Bank, AU Small Finance Bank and RBL Bank are significant for the insurer. “We got them operational towards the last quarter and we see them as contributing to our growth vision,” Palta said.
About 33 per cent of the business for ICICI Prudential Life Insurance comes from ICICI Bank and another 11 per cent from bancassurance tie-ups with other banks.
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Acuité Ratings and Research and CARE Ratings join hands to set up the Association of Indian Rating Agencies (AIRA) that aims to represent domestic rating agencies.
“To continue to push the agenda of enhancing rating standards and help build trust with investors and issuers, a few rating agencies have come together to form an industry association,” said a statement on Tuesday.
AIRA has been incorporated as a Section 8 (not-for-profit) company and is expected to work closely with the regulator and government for the development of the debt market.
Also read: About 50% of rated entities are ‘issuer non-cooperating’
“The rating industry, in active engagement with and facilitation by SEBI, has taken several steps to enhance the standards of credit ratings in the country,” it further noted.
While Acuité Ratings and Research and CARE Ratings are the founding members of the association, all rating agencies are invited to be a part of the association.
The process of inducting two more rating agencies is currently underway and expected to get completed soon.
AIRA has also written to the other three rating agencies welcoming them to join the association as shareholders-cum-members.
At present, there are seven credit ratings agencies registered with SEBI that cumulatively have ratings coverage on over 57,000 entities.
Ajay Mahajan, Managing Director and CEO, CARE Ratings said, “Through this association, we aim to engage extensively and constructively with all stakeholders, including the regulators and policy makers, for the orderly development of the debt market with the increased usage of credit rating.”
Sankar Chakraborti, Group CEO and Executive Director, Acuité Ratings & Research said the association will work with all stakeholders to enhance availability and flow of information needed for ratings and create awareness of best practices adopted by the industry.
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Navi General Insurance has introduced a subscription-based health insurance in Kerala through monthly EMIs instead of paying an upfront annual premium.
The health insurance policies can be purchased using EMIs starting as low as ₹240 per month. With no agents and a completely digital and paperless process, customers can buy health insurance via the Navi Health app within 2 minutes, with the policy issued to them instantly on the app. The company offers health insurance cover ranging from ₹2 lakh to ₹1 crore for individuals and families.
Also read: Recovered from Covid? It may be difficult to get insurance cover now
It has an industry-leading Claim Settlement Ratio of 97.3 per cent and a network of 10,000+ cashless hospitals across 400+ locations in the country including around 328 in Kerala, a press release said.
Ramchandra Pandit, MD & CEO of the firm said the health insurance coverage in the country is extremely low, as many people believe buying health insurance is not just complex and cumbersome, but also unaffordable. With ever-rising medical and healthcare costs, Navi’s subscription-based option for buying health insurance will help to make the insurance cover more affordable and accessible to many more customers.
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In a tweet, the bank has said that it is looking into the matter on priority and urged the customers to used net banking to complete their transactions.
“We are experiencing some issues on the MobileBanking App. We are looking into this on priority and will update shortly. Customers are requested to please use NetBanking to complete their transaction. Regret the inconvenience caused. Thank you.” the bank said in a tweet.
Several users took to social media to complain regarding the issues faced on the app.
According to ‘Downdetector’, the issues surged around 10.45 a.m. and people are still facing problems.
This is yet another glitch after customers faced issues in net banking and mobile app in March.
In November last year, a major outage occurred in the bank’s internet banking and payment system on due to a power failure in the primary data centre, following which the Reserve Bank of India (RBI) in December asked the bank to temporarily stop all launches of the digital business generating activities and sourcing of new credit card customers.
In February, the RBI appointed an external professional IT firm to carry out a special audit of the entire IT infrastructure of HDFC Bank following the outage.
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