You Should Switch To Airtel Now!
also, it's time to pay your tax!
It’s Thursday, but Bharat’s business market is up early, and I’m too! In today’s edition, I have shared all the latest news that you need to know if you’re in the business game.
But before we start, remember:
Thursday is your whisper - it says, ‘Keep going, greatness awaits
Now, let’s take a look at today’s top business news:
📌 Entrepreneurs don’t want to be in India anymore
So, here’s an interesting story that’s been making rounds. Siddharth Singh Gautam, a Goa-based entrepreneur and civil engineer, took to X (formerly Twitter) to announce his plans to permanently relocate to Singapore in 2025.
Why? Well, he’s had enough of India’s high tax rates, the poor air quality, and the lack of accountability from politicians. In his post, Gautam said he couldn’t bear paying a 40% tax while breathing polluted air, adding that he’s just done with the country’s governance.
His post sparked quite a debate online, with many users chiming in with their thoughts. Gautam didn’t stop there; he also shared some advice. He suggested that those with enough financial means might want to consider leaving India altogether. And for those earning less than ₹50,000 a month, he recommended places like Bali or Thailand, where the cost of living is lower and the standard of living is much better. According to him, you can have a similar salary but a much more comfortable life there.
His posts really got people talking, especially about India’s tax system, environmental issues, and the general quality of life. It’s clear that Gautam’s frustrations resonate with a lot of people who feel the same way about the current situation in India.
📌 Why you should keep your eyes on Vodafone shares today?
Board meeting to raise funds: Vodafone Idea has announced that its board of directors will meet on December 9 to discuss raising up to Rs 2,000 crore. Now, that’s a significant move, and it's making people curious about what this could mean for the company’s financial health and future. The plan involves issuing new equity shares or convertible securities, possibly to entities within the Vodafone group. This could be a game-changer for Vi, especially as they plan to use the money to clear some of their pending dues.
Vodafone PLC offloading stake in Indus Towers: On top of that, Vodafone PLC is selling its remaining 3% stake in Indus Towers, about 79.2 million shares. The proceeds from this sale will first go towards paying off Vodafone’s outstanding borrowings. After that, any remaining funds will be directed towards supporting Vodafone Idea’s capital raise, which ties into the board's upcoming decision.
📌 It’s time to switch to Airtel
Bharti Airtel has just signed a multi-billion dollar deal with Swedish telecom giant Ericsson to boost its 4G and 5G coverage across the country. Now, while we don’t have the exact numbers yet, this deal is set to roll out in 2025, and it’s going to have a huge impact on Airtel’s network.
Airtel and Ericsson have been partners for over 20 years, and this latest collaboration will see Ericsson deploy new radio access network (RAN) solutions, including Open RAN, which allows Airtel to mix and match equipment from various suppliers. This flexibility could really help them fine-tune their network for better performance.
Plus, Ericsson will be upgrading the software for Airtel's existing 4G radios to improve speed and coverage.
📌 Why are ICICI bank offices getting searched?
On December 4, 2024, the Maharashtra GST department launched a search operation at three offices of ICICI Bank as part of an investigation under Sections 67(1) and (2) of the Maharashtra GST Act, 2017. While ICICI Bank has not disclosed specific details, it confirmed that it is fully cooperating with the authorities.
The search comes as ICICI Bank reports strong financial performance, with a 14.5% year-on-year rise in net profit to ₹11,746 crore for the September quarter. The bank's net interest income grew by 9.5% YoY, and its gross NPA ratio improved to 1.97%. Despite the ongoing probe, the bank's stock has risen 32% year-to-date.
Section 67(1): It gives GST authorities the right to inspect a business premises, search any premises, or seize goods/documents if they have reasons to believe that the business is involved in evading the payment of GST or is violating any provisions of the GST Act.Section 67(2): This section provides further details on the procedure for conducting searches, including the requirement to obtain authorization from a senior officer. It mandates that if goods or documents are seized, the GST authorities must issue a receipt for them, and the seized items should not be detained for more than 6 months unless specific reasons are provided.⚠️ REMINDER
As we approach the end of the year, December is a crucial month for all of us when it comes to getting our financial and tax duties in order. It’s the time to claim deductions, make advance tax payments, and file returns, making sure everything is wrapped up before the year ends.
If you miss these deadlines, you could face penalties, so it’s best to get ahead of the game and plan accordingly. Keeping track of these important dates will help you stay on top of your tax obligations and ensure you don’t miss out on any benefits.
Here are the key deadlines for December 2024 that you need to remember:
December 7: The last date to deposit tax deducted or collected for November 2024. Also, if you're a government office, make sure all taxes deducted are credited to the Central Government on the same day if you’re not using an Income-tax Challan.
December 15: This is the deadline to submit Form 24G by government offices for TDS/TCS payments made without a challan for November 2024. Also, don’t forget about the third installment of advance tax for the assessment year 2025-26, and issuing TDS certificates for deductions made in October 2024 under various sections.
December 30: The last date to file challan-cum-statements for tax deductions for November 2024, as well as the final day to file your belated or revised income tax returns for AY 2024-25, provided assessments haven’t been completed by December 31.
By staying on top of these dates, you’ll avoid the last-minute rush and penalties. Plan ahead, take advantage of all your tax benefits, and wrap up your year on a smooth note!
So, that’s it from me today. Keep a tab on the dates and follow us for more such updates!
See ya 👋
