The post Personal Finance: Tasks to accomplish before March end first appeared on Corp India News.
]]>Here is a reminder of the important financial tasks to be accomplished before the year ends
It is now mandatory to submit your Aadhaar Card details while filing income tax returns. As per the government’s notification, individuals must link their Aadhaar Number to their PAN card by March 31. Your PAN will become inactive if not linked with your Aadhaar number. Moreover, as per Section 234H of the Income-tax Act, individuals will be charged a heavy penalty.
If you are yet to link your Aadhaar with PAN, tap on the link below
https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar
Bank customers must update their PAN number and address proof such as an Aadhaar Card, passport, or electricity bill with their bank as per the Reserve Bank of India (RBI) guidelines.
The Department of Post recently notified its customers to link their post office term deposit with their post office savings account. The department has decided to directly credit the interest earned on fixed deposits to savings accounts from April 1, 2022. “
If you hold a Demat account, you must update the following details as a part of KYC as per the instructions issued by SEBI.
Demat/trading account holders are required to update the following:
a) Name
b) Address
c) PAN
d) Valid mobile number
e) Valid email ID
f) Income range
Considering covid pandemic induced difficulties, the Central Board of Direct Taxes had extended the ITR filing dates for FY 2020-21 from November to March 2022. As a result, the last date to file pending income tax is on March 31. So if you are yet to file your returns for the last fiscal year, hurry up!
Farmers eligible to receive the next instalment under PM Kisan must update their details under KYC before March 31, 2022.
The post Personal Finance: Tasks to accomplish before March end first appeared on Corp India News.
]]>The post Paytm debacle brings tightened IPO valuation in India first appeared on Corp India News.
]]>India’s push comes after the flop listing of SoftBank-backed payments firm Paytm’s (PAYT.NS) $2.5 billion IPO in November which sparked criticism of lax oversight of how loss-making companies price issues at what some say are lofty valuations.
SEBI seeks stricter disclosures
The Securities and Exchange Board of India (SEBI) last month flagged concerns in proposing stricter disclosures, saying more and more new-age tech firms which “generally remain loss-making for a longer period” were filing for IPOs, and traditional financial disclosures “may not aid investors.”
But even before the proposal is finalised, SEBI has in recent weeks asked many companies to get their non-financial metrics — KPIs, or key performance indicators — audited, and then explain how they were used to arrive at an IPO’s valuation, five banking and legal sources said.
Typically for a tech or app-based startup, KPIs could be figures like the number of downloads or average time spent on a platform — metrics sources said are disclosed but difficult to audit or link to a company’s valuation.
SEBI is asking us to “justify the valuation,” said one Indian lawyer advising several companies eyeing IPOs, adding it was “creating uncertainty and increasing cost of compliance.”
Indian digital healthcare platform PharmEasy, which had filed papers for an $818 million IPO in November, is one company that was hit by such scrutiny: one source with direct knowledge said the company raised concerns with SEBI about auditing and supplying such details, and is likely to get some relaxations.
It is not clear if the additional information requested by SEBI would be released to potential investors.
SEBI’s growing concerns
The tighter scrutiny comes when India’s startups and other companies have become a darling for foreign investors and increasingly hit the markets.
Last year, more than 60 companies – including high-profile tech ones – made their market debut and raised more than $13.5 billion, with many like ride-hailing firm Ola and hotel aggregator Oyo still in the pipeline.
The Paytm listing, though, raised concerns about valuations. After tanking on listing day, the Indian payment firm’s shares are currently trading 64% below their issue price, and some fund managers had said the episode will “hopefully bring some realism to valuations.”
The post Paytm debacle brings tightened IPO valuation in India first appeared on Corp India News.
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