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Budget 2024: Traders Reel Under Capital Gains Tax Shock; Will Zerodha, Groww Take A Hit?

Inc42 · 1y ago

Budget 2024: Traders Reel Under Capital Gains Tax Shock; Will Zerodha, Groww Take A Hit?

The recent announcement of increased short-term and long-term capital gains tax in the Union Budget 2024 has raised concerns among short-term traders and may slow down retail trading activity in India. Investors who engage in derivatives trading, like future and options trading, are particularly affected by these changes. The heightened taxes on various assets could impact the trading volumes on stock exchanges and the user base of discount brokerages. Finance minister Nirmala Sitharaman announced these tax hikes earlier today.

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Budget 2024 personal taxation and capital gains proposals decoded

Money Control

Money Control · 1y ago

Budget 2024 personal taxation and capital gains proposals decoded

Finance Minister Nirmala Sitharaman presented the Union Budget 2024, introducing changes to personal taxation. Under the new tax regime, tax rates have been revised and the standard deduction for salaried employees has increased. The Budget also provides a boost to the National Pension System (NPS), allowing all employees a deduction for NPS expenditure. Changes have been proposed in capital gains taxation and an ease in claiming credit for tax collected or deducted by salaried employees. Additionally, the Budget lowers penalties under the Black Money Act for failure to disclose foreign assets worth up to Rs 20 lakh in the income tax return.

Groww goes past Zerodha, becomes India's biggest stockbroker with 6.6 million active users

Economic Times

Economic Times · 1y ago

Groww goes past Zerodha, becomes India's biggest stockbroker with 6.6 million active users

Groww has surpassed Zerodha to become the largest stockbroker in India, with 6.62 million active clients recorded in September. Zerodha, which had been the top stockbroker since 2019, reported 6.4 million active clients. While Groww has been consistently showing growth, Zerodha remains ahead in terms of financials, with much higher revenue and net profit. Angel One follows them with 4.8 million active clients, while Upstox reported 2.1 million active traders.

'Pay for our losses': Why Indian traders are angry with Groww

IndianStartupNews

IndianStartupNews · 1y ago

'Pay for our losses': Why Indian traders are angry with Groww

Groww, a trading app and rival of Zerodha, faced backlash as users reported technical glitches during intraday trading. This comes after similar issues were experienced by Zerodha users in the past. Angry traders took to social media to express frustration and even suggested legal action against Groww. The company acknowledged the problem and assured users that their team was working to resolve it. Additionally, Groww warned users about a fake support handle on Twitter and advised them to only contact the official account.

Discount brokers board margin funding biz with revenue channels under lens

Economic Times

Economic Times · 11m ago

Discount brokers board margin funding biz with revenue channels under lens

Discount brokers in India are expanding their revenue channels by offering margin trade funding (MTF) to traders. MTF involves lending money to traders for purchasing more shares, with the financed shares serving as collateral. Traditionally, MTF has been dominated by bank-backed stockbrokers, but now discount brokers like Zerodha, Groww, and Fyers are entering the market. Early movers such as Mstock, Angel One, and 5Paisa have already seen significant revenue growth from their MTF books. Discount brokers are diversifying their product offerings as other revenue sources come under regulatory scrutiny.

A Guide To Tax Laws For Angel Investors, Startup Founders And VCs

Inc42 · 11m ago

A Guide To Tax Laws For Angel Investors, Startup Founders And VCs

SUMMARY The Budget 2024 has made changes to the tax rates on long-term capital gains, reducing it to 12.5% from 20%, making slump sale transactions more attractive for companies. In a positive move for startups, the angel tax has been abolished in the latest budget. Additionally, the tax burden for buyback transactions has shifted from companies to investors, effective from October 1. These changes aim to support the startup ecosystem and simplify tax processes for businesses.

ITR-1, ITR-2, ITR-3 or ITR-4: Which form applies to your income for ITR filing FY 2024-25 (AY 2025-26)? - The Economic Times

Economic Times

Economic Times · 1m ago

ITR-1, ITR-2, ITR-3 or ITR-4: Which form applies to your income for ITR filing FY 2024-25 (AY 2025-26)? - The Economic Times

The Income Tax Department has updated ITR forms for FY 2024-25, incorporating changes from the Budget 2024. ITR-1 is for individuals with income up to Rs 50 lakh and certain capital gains. ITR-2 applies to those with higher income or foreign assets, while ITR-3 is for business income. ITR-4 suits presumptive taxation under Sections 44AD/44ADA. Other forms include ITR-5 for firms/LLPs, ITR-6 for companies, and ITR-7 for specified entities like trusts.

Groww's Strategic Move Domicile Shift to India through Cross-Country Merger Raises Tax Questions

Business Bytes

Business Bytes · 1y ago

Groww's Strategic Move Domicile Shift to India through Cross-Country Merger Raises Tax Questions

Indian investment platform Groww plans to shift its domicile to India through a cross-country merger with its US holding company, Groww Inc. The move aims to align with the company's growth objectives in the Indian market, but tax liabilities remain uncertain. A thorough understanding of Indian and US tax regulations, as well as cross-border transaction intricacies, is crucial. Capital gains tax, corporate tax, and international tax treaties may all factor in. Collaboration with tax experts and legal advisors will be vital in minimizing tax exposure and ensuring the success of the merger.

Will union budget 2024 boost the startup ecosystem’s progress

Inc42 · 1y ago

Will union budget 2024 boost the startup ecosystem’s progress

The article discusses the expectations and anticipation surrounding the Union Budget 2024 in India, particularly its impact on the startup ecosystem. With India's startup ecosystem being the third-largest globally, stakeholders are keen to see how fiscal measures in the budget will shape the growth trajectory. Key expectations include the standardization of capital gains tax, expansion of tax deferral on ESOPs, inclusive tax regimes for different types of firms, and flexibility in the personal tax regime. These measures are seen as potential catalysts for fostering a conducive environment for startups and attracting investments.

Exclusive: Zerodha Fund House in talks to raise up to $100 Mn

Entrackr

Entrackr · 1y ago

Exclusive: Zerodha Fund House in talks to raise up to $100 Mn

Stock broking space has turned hyper competitive in the past two years and the players in the space have been diversifying into more investment products. After Groww, launched its own mutual fund, stock broking major Zerodha and Smallcase created a joint venture – Zerodha Fund House – to float an asset management company or a mutual fund in 2023. Now, Zerodha Fund House is eyeing external investment, said three sources aware of the details of the conversation. “They are in preliminary discussions with several investors to raise up to $100 million for the AMC business,” said one of the sources requesting anonymity. For the uninitiated, this would be a first for the Zerodha Group to seek external fundraise ever. The Kamath brothers-owned stock-broking company has been bootstrapped since 2010. “The talks are exploratory in nature and Zerodha Fund House may take months to finalize the deal,” said another source who also wished not to be named as this person isn’t authorized to speak to the media. Zerodha Fund House is managed by an entity named Zerodha Assets Management Private Limited. According to the data sourced from the startup data intelligence platform TheKredible, Zerodha Broking owns 70% of the share capital while the remaining stake belongs to Smallcase. Zerodha Fund House launched its two index funds: Zerodha Nifty LargeMidcap 250 Index Fund and Zerodha ELSS Tax Saver Nifty Large MidCap 250 Index Fund with a portfolio of 250 Indian companies. The company also launched its Liquid [with an asset under management (AUM) of Rs 311 crore] and Gold ETF with an AUM of Rs 35 crore. According to sources, Zerodha got into the AMC business as it wants to assemble different pieces of wealth management along with its core stock broking business. Queries sent to Zerodha Fund House and Smallcase on Monday didn’t elicit any response. We will update the story in case they respond. The stock breaking space has been witnessing fierce competition with four major players: Zerodha, Groww, AngelOne and Upstox. Groww surpassed Zerodha in terms of users in October last year. Interestingly, all four players were profitable in the fiscal year ending March 2023.

Groww results: Net profits surge 308%, revenue at ₹2,900 crore in FY24, says report

Livemint

Livemint · 11m ago

Groww results: Net profits surge 308%, revenue at ₹2,900 crore in FY24, says report

- Groww Invest-Tech Private Limited, Groww's brokerage unit, reported a 308% increase in net profits to ₹298 crore for the financial year ending 2024. - The company's revenue from operations increased by 123.9% to ₹2,900 crore in the financial year 2024. - Groww holds 25% of the Indian market and has 1.2 crore active users as of August 2024. - In October 2023, Groww surpassed Zerodha to become the number one stock broking app in India. - Groww has entered the Margin Trading Facility (MTF) business and expects manageable financial leverage.

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