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Business

Union Budget 2025: Tax Free on Income Up to 12 Lakhs, Major Relief for Middle Class and Corporate employees

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Finance Minister Nirmala Sitharaman made a historic announcement stating that there will be no income tax on earnings up to ₹12 lakhs in the upcoming Union Budget for 2025. This decision represents a significant relief for the middle class and indicates a substantial policy change.

Important points from the Union Budget 2025 include

No Tax for the Middle Class:
Earnings of up to ₹12 lakhs will not be subject to income tax.
The threshold for Tax Deducted at Source (TDS) has been increased to ₹10 lakhs.
The deadline for submitting Income Tax Returns (ITR) has been prolonged.

Streamlining of Tariffs:
The government plans to reduce the number of tariff rates from 15 to just 8.
Additionally, the Social Welfare Surcharge will be eliminated.

Cancer Treatment and Health Initiatives:
Import duties on 36 essential cancer medications will be lifted to enhance affordability.
The customs duties on 6 critical life-saving drugs will be cut to 5%.
Cancer treatment facilities will be established in government hospitals nationwide.

Reduction in Prices for Electronics:
Prices are anticipated to drop for LED and LCD screens.
Lithium-ion batteries, vital for electric vehicles and mobile devices, will become less expensive.

Support for Entrepreneurs:
The government will provide loans of ₹2 crore to women and entrepreneurs from Scheduled Castes (SC) and Scheduled Tribes (ST) who are starting their businesses for the first time.
A new National Institute of Food Technology, Entrepreneurship & Management will be created in Bihar to promote area development.

Key Announcements for Bihar:
Bihar will benefit from the development of Greenfield airports to address future transportation requirements.
There will also be an expansion of the Patna Airport’s capacity, along with the inclusion of the Mithilanchal region’s Western Canal Project.

Focus Areas for Development:
The government intends to foster growth through inclusive development, enhance private sector investment, and increase the purchasing power of the emerging middle class in India.
An additional fund of ₹10,000 crore has been designated for startups to stimulate innovation and entrepreneurship.
These announcements in the 2025 Union Budget aim to encourage balanced growth, support burgeoning sectors like startups, and offer relief to the general populace.

Business

Jio Coin Price Details: What Is the Potential Value of Reliance’s New Cryptocurrency? How Can I Purchase It?

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With its new product, Jio Coin, Reliance Jio, the telecom behemoth in India, has taken a revolutionary stride into the blockchain and cryptocurrency space. Through Jio Coin, a reward-based token system, Reliance Jio hopes to transform India’s digital economy in collaboration with Polygon Labs. In addition to marking Reliance’s entry into Web3, this creative strategy seeks to increase digital engagement by compensating consumers for their online activity through the JioSphere browser.

Jio Coin is a blockchain-based reward token that runs on the Polygon blockchain. During its beta period, users can already earn tokens by browsing the JioSphere browser on the Internet. These JIO Coin tokens, which are stored in a Polygon coin wallet, guarantee a number of services inside the Jio ecosystem, such as access to special features, shopping at Reliance outlets, and payments for cell recharges.

How to Purchase JIO Coin

It’s crucial to remember that Jio Coin is not now available for direct purchase for anyone wondering how to get it. Instead, by using the JioSphere browser, customers can earn it. To begin earning Jio Coins, users must download the JioSphere browser, which is compatible with both iOS and Android smartphones, register with their Jio number, and begin browsing.

Jio Coin is expected to become redeemable and transferable as the project develops, possibly via the MyJio app or other platforms. It may even be exchanged on well-known cryptocurrency exchanges like Koinex and Zebpay.

Market Value of JIO Coin

Despite the fact that Jio Coin’s official pricing has not been revealed, there is conjecture that it would launch at roughly $0.5 (₹43.30) per token. As Jio Coin becomes more integrated with Jio’s services, such JioMart and Reliance petrol stations, its value is expected to increase. Its potential applications go beyond simple cryptocurrency transactions and are intended to cover a broad spectrum of Jio network services, including fuel purchases, shopping discounts, cell recharges, and exclusive service access.

It also raises India’s profile in the international cryptocurrency industry by setting an example for other businesses to follow when considering a digital currency venture. With a 1% TDS on transactions and a 30% tax on bitcoin earnings, the Indian regulatory system presents some difficulties. However, when Jio Coin works through these rules, its progress will be continuously monitored. The partnership between Polygon Labs and Reliance might also have an impact on the creation of a more welcoming atmosphere for digital currencies in the nation.

Both parties gain from the collaboration with Polygon on the Jio Coin launch. Jio makes use of Polygon’s affordable and scalable blockchain technology, and Polygon benefits from more people using and transacting on its platform.

Business

‘No-entry’ of unmarried couple in OYO hotels… Company changed the rules in the new year, start from this UP city

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Hotels booking platform Oyo has made a big change in its rules and under this, it has decided to ban the entry of unmarried couples in the hotels associated with the platform.

New OYO rule imposed from Merrut city

It is being started from Meerut. PTI’s report published on Business Today states that OYO has made a big announcement and has now decided to ban the entry of unmarried couples in its associated hotels. Meaning, that if a couple wants to book a room at Oyo Hotel, they will have to present proof of their marriage. A new rule to ban check-in of unmarried couples brought by travel and hospitality platform Oyo will be implemented this year and this is starting from Meerut and Oyo-connected hotels in the city have been instructed to implement these rules immediately.

OYO’s updated guidelines clearly state that all couples, including those booking online, will now have to produce valid proof of their relationship at the time of check-in. Along with this, it has also been said in the report quoting sources that after the company implemented this rule in Meerut, its feedback and depending on the effectiveness, it can be expanded to other cities also.

According to reports, the company was contacted by some local people and civil society groups, especially in Meerut and some other cities, and an appeal was made on their behalf not to give hotel rooms to unmarried couples. Regarding this, the company has made a big change in its guidelines. This step of the company can also be helpful in encouraging customers for longer stays and re-booking and increasing their confidence.

Business

Recently, hedge firms that were shorting Tesla lost over $5 billion

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Hedge funds that have held onto their wagers against Tesla Inc. (TSLA) since Donald Trump’s election victory have lost billions of dollars as a result of the unique bond between Elon Musk and the president-elect.
According to Bloomberg calculations based on data provided by S3 Partners, hedge funds that had short positions against Tesla between election day and Friday’s closing suffered on-paper damage of at least $5.2 billion.

According to secondary data given by Hazeltree, which tracks the positions of over 500 hedge funds, they were one of a shrinking group caught off guard as many of their peers liquidated bets against Tesla over the past four months. That change in roles came at the same time as Musk’s endorsement of Trump on July 13.

The CEO of Tesla has become the biggest admirer of Trump among billionaires. Musk is one of the largest donors to the 2024 race since he has fueled Trump’s campaign with his wealth as the richest person in the world. Since Trump has made it apparent that he intends to reward loyalists, Musk’s decision to align with the president-elect now positions him for a position of political influence.

He had “a small short in Tesla heading into the election,” according to Per Lekander, CEO of hedge fund manager Clean Energy Transition. His losses were “pretty small” because he had been able to reduce the position “quite a lot.”

He said, “But we have lost some money.”

Tesla Stock

Tesla’s stock has increased by about 30% since the election on November 5. representing well over $200 billion in additional market value, the corporation was worth more than $1 trillion by Friday. In light of this, hedge funds that had previously placed short bets have hurried to change their strategy.

Weekly data from Hazeltree shows that as of Nov. 6, just 7% of hedge funds were net short Tesla, compared to 17% in early July. Only 8%, however, are net long in stock.

Even while the rest of the EV industry faces challenges like trade tensions, declining consumer demand, and heightened competition, Tesla has proven to be a risky company to short. Nearly one-fifth of the hedge funds that Hazeltree tracks had placed bets on Tesla in July, but they were severely misguided when the firm released sales data that set off a sharp increase.

Business

Tesla’s third-quarter earnings jumps 17% to $2.17 billion

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Tesla’s third-quarter net profits increased by a record 17.3%.
From July through September, the EV giant’s net income increased to $2.17 billion from $1.85 billion in the same time the previous year.

Strong EV sales and targeted price reductions across Tesla’s vehicle lineup throughout the quarter provided the majority of the financial improvement, despite the challenging car sales climate and high loan interest rates.

Market performance of Tesla

Tesla outperforms expectations in terms of revenue and share performance.
Additionally, Tesla’s third-quarter revenue jumped 7.8% to $25.18 billion. However, according to FactSet statistics, it fell just short of the $25.47 billion predicted by Wall Street experts.
Tesla exceeded analyst forecasts by earning an adjusted 72 cents per share, which was far higher than the anticipated 59 cents, despite the slight miss.
After-hours trading on Wednesday saw a nearly 12% increase in Tesla shares following the financial news.

Business

Big Relief for Paytm Company. First great results, then came this good news, approval to add new UPI users on Paytm

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In addition to its impressive second-quarter earnings, the fintech business Paytm has received approval from NPCI to expand its UPI user base. Paytm, a fintech company that offers online payment services, reported stellar September quarter earnings yesterday.

Following this, the business received more positive news. Paytm now has a new UPI (UPI) thanks to the National Payments Corporation of India, or NPCI, has approved the addition of users. Following the Reserve Bank of India’s (RBI) shock earlier this year, the company has experienced a significant amount of relief.

The regulator stressed in the NPCI’s permission letter that Paytm must adhere to all regulatory requirements, including those pertaining to risk management, multi-bank norms, and data security.
Additional compliances will need to be adhered to. Following this, Paytm stated in the regulatory filing that it is pleased to announce that, in accordance with all applicable regulations, NPCI has approved the inclusion of new users to our UPI platform.

Improvement in Paytm shares

Paytm shares, meanwhile, plummeted on Tuesday and were down 5.78 percent at market close, despite the company’s stellar September quarter earnings. It declined and concluded at Rs 684. However, it is certain that the combination of these two positive developments will have an impact on the company’s stock today (Paytm Share). Let’s tell you that Paytm has a market valuation of Rs 43770 crore.