Income Tax, Apple, MG Motor, Byju's, MobiKwik, TikTok, Xiaomi EV, etc.

Vaishali Sharma
April 02, 2024

Key Income Tax Considerations for the Financial Year 2024-25

Start of New Financial Year: April 1 marks the beginning of the financial year 2024-25 with no changes in income tax rules from the previous year.
Tax Regime Choices: Employees must choose between the old and new tax regimes for TDS on salary; the new regime is default.
Exemption Limits: Basic exemption limit varies between the old and new regimes, with specific age-related exemptions in the old regime.
Tax Rebates: Both regimes offer tax rebates, with the new regime providing a higher rebate limit.
Deductions and Exemptions: Old regime offers more deductions and exemptions compared to the new regime, which has limited deductions.
ITR Filing Deadline: To benefit from the old tax regime, ITR must be filed by July 31; otherwise, the new regime applies.
Surcharge Rates for High-Income Earners: The new tax regime has a reduced surcharge rate compared to the old regime for incomes above Rs 5 crore.

Apple’s Indian Journey: A Major Catalyst for Employment and Ecosystem Growth

Over 150,000 direct jobs created by the Apple ecosystem in India since the PLI scheme launch in August 2021.
Major job opportunities for young individuals aged 19-24, with an additional 300,000 indirect jobs estimated.
Apple directly employs nearly 3,000 people in India and supports over 1 million jobs in iOS app development.
Total job creation, directly and indirectly, is likely over 400,000 in 32 months.
Apple's manufacturing in India has expanded, especially with local production of iPhones and components.
The company is the largest phone manufacturer in India by value under the PLI scheme.
Apple is developing a large ecosystem of Indian suppliers to diversify production from China.
Significant job creation by Apple suppliers, including Tata Electronics and Salcomp Technologies.

Byju's salary holdup continues into the second month as company awaits NCLT decision on funding.
UltraTech Cement hit with Rs 21.13 cr demand order from Chhattisgarh state.
MobiKwik boosts its finances with Rs 50 Cr debt funding from Blacksoil Capital.
Pocket FM rewards employees with $8.3 Mn in first ESOP buyback.
MG Motor India's March sales dip by 23%.
Mahindra achieves a 4% sales boost in March, with 68,413 units sold.
Tata Motors' domestic sales escalate to 90,822 units in March, reflecting growth.
UltraTech Cement under financial pressure with Rs 21.13 cr order from Chhattisgarh govt.