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The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

The deadline to file your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> is approaching fast, and Sana is perplexed. All of 23, she's just started earning and working at an MNC, earning Rs 7,00,000 per annum, and can't figure out which <keyword id="20301439" type="General" weightage="20" keywordseo="tax-regime" source="keywords">tax regime</keyword> would work best for her. If you're having the same concerns and can't seem to wrap your head around the <keyword id="19935168" type="General" weightage="20" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword>, here's a ready reckoner for you: When should I choose new tax regime? Think of choosing a tax regime as having to choose a friend in office. The <keyword id="8706677" type="General" weightage="20" keywordseo="old-tax-regime" source="Orion">old tax regime</keyword> is that aged, wise senior who has answers and hacks for everything. Want to get over with a boring project quickly? They will certainly have a trick up their sleeve! On the other hand, the new regime is far more chilled out, lax and is a no-nonsense person who wants nothing to do with long documents and longer meetings. The new regime was introduced in budget 2020 to simplify taxation, and offer lower rate of taxes as compared to the old regime. However, there's a catch. You cannot claim the 70+ exemptions and deductions that help bring down your taxable income and hence, reduce your tax liability. This option is exclusively available under the old tax regime. The main USP of this tax regime? Lower tax rates, and fuss of deductions! Consider this. If your income is within the range of Rs 5,00,000-Rs 12,00,000, and you have no investments, <keyword id="99916" type="General" weightage="20" keywordseo="house-rent-allowance" source="Orion">house rent allowance</keyword> (<keyword id="19944588" type="General" weightage="20" keywordseo="hra" source="keywords">HRA</keyword>), health/life insurance premiums or other such deductions to claim, the new tax regime would obviously make more sense to you, given the significant difference in tax liabilities (just 5% under new regime, and a whopping 20% in old regime for those in the Rs 5-6 lakh bracket!) <div type="image" title="Tax rates under old and new regime" msid="111685908" hostid="261"></div> So, if you're someone who hates complex tax calculations, wants minimal tax deductions, the new regime might just be for you! But remember, there are two conditions under which this new regime will be automatically chosen for calculating your taxes: <ul><li>If you keep procrastinating and don't file your <keyword id="6374875" type="General" weightage="20" keywordseo="ITR" source="Orion">ITR</keyword> till July 31, 2024</li><li>If you do not specifically opt for the old tax regime on your employer's HR portal</li></ul>Also, if you earn less than Rs 3,00,000 per annum, you are completely exempted from paying any tax at all. In the old regime, this basic limit is slightly lower at Rs 2,50,000. Also read: <a href="https://www.businessinsider.in/personal-finance/income-tax/all-you-need-to-know-about-the-new-tax-regime/articleshow/111578840.cms" data-type="tilCustomLink">All you need to know about the new tax regime</a> So, what do I get under this regime? Thanks to a rebate under Section 87A, if you earn up to Rs 7 lakh per annum, your tax liability (and Sana's as well) will effectively be zero. This is limited to Rs 5 lakh under the old regime. While a <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> of Rs 50,000 is available under both of them (so you can directly deduct Rs 50,000 from your total income before even beginning to calculate your tax liability), there are a lot more deductions and exemptions that this regime DOES NOT allow you to avail: <ul><li>Leave Travel Allowance (LTA)</li><li>House Rent Allowance (HRA) (Comes in handy if you're paying hefty rents in metros)</li><li>Interest on housing loan (on self-occupied property or vacant property)</li><li>Own contribution to NPS (If there's any)</li><li>Interest earned on savings bank A/Cs </li><li>Investments made in ELSS, PPF</li><li>Premiums paid towards life, health insurance policies</li></ul>As for the deductions that are allowed, that makes for a pretty small list: <ul><li>Transport allowances (only if you are specially abled)</li><li>Gifts of up to Rs 50,000</li><li>Employer’s contribution to your NPS account</li><li>Interest paid on home loan only on let-out property</li></ul>But that's the trade-off. You get to pay taxes at low rates, yes, but you also don't get to claim a whole lot other deductions. Notes CA Nitesh Buddhadev, "Which regime is beneficial for you depends upon the allowances and deduction available to you during a relevant financial year. So, if your total income from salary is Rs 10.5 lakh and if the aggregate of any of the deductions / allowances you can claim is less than Rs. 3.15 lakh, you should opt for the new tax regime. If you have not invested in multiple tax-savings scheme, the new regime will work better. So, don't make this decision in any haste. You can choose your tax regime only once in a financial year. And if your income from business or other professions, be even more careful, because this will then become a once in a lifetime choice for you (quite literally!). So, take a good hard look at your finances, and then decide what works best for you!

Confused about the new tax regime? Here's when you should opt for it

July's here, and as we inch closer to the budget, which is set to be presented around the latter half of July, there is much talk about how it will affect our pockets. Reports suggest the government is considering raising the <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> threshold from existing Rs 50,000 to Rs 1,00,000, amidst other things. The most common wish for a salaried employee is to reduce the income tax rates across all slabs, but at the moment, this seems unlikely. That aside, we decode the common man's wish list and what they look forward to in terms of <keyword id="22225988" type="General" weightage="20" keywordseo="income-taxes" source="keywords">income taxes</keyword> as the Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> drafts the budget. <h2>Wish 1: Raise the standard deduction to Rs 1 lakh</h2>A standard deduction is a fixed amount that you can deduct from your taxable income right away, to reduce your overall tax liability. You do not need to furnish any proofs for this amount. Currently, this stands at Rs 50,000, under both old and new tax regimes. Raising this threshold to Rs 1,00,000 will mean more disposable income in your hands. And as per the policy experts, this is the most likely change that we can expect under the new budget. <h2>Wish 2: Increase the <keyword id="20228341" type="General" weightage="20" keywordseo="basic-exemption-limit" source="keywords">basic exemption limit</keyword> in new tax regime</h2>As per EY's pre-budget expectation report, an increase in the basic exemption limit from the present Rs 3,00,000 to Rs 5,00,000 would immensely benefit the common man. Earlier, this limit was set at Rs 2,50,000. Note that unless you specifically opt for the old regime, the new tax regime is considered as your default choice starting 2023. If your annual income is equal to, or falls below this basic exemption limit, you do not have to pay any income tax. <h2>Wish 3: Increase tax-free limit of LTCG gains </h2>At present, if you sell any equity mutual fund unit or share after more than 12 months of holding it, you'll have to pay a 10% long-term capital gains (LTCG) tax. However, within one financial year, long-term capital gains below Rs 1,00,000 are tax-exempt. As EY's report notes, raising this extant tax-free limit to Rs 2 lakh would be beneficial, especially in boosting long-term investing sentiment in the country. But will this come true? Only Nirmala Sitharaman knows! <h2>Wish 4: Consider some tier-2 cities as metros for HRA exemption </h2>Residents of Gurugram, Noida, Bengaluru, listen up! HRA, or House rent allowance is a crucial component of our salary, and hence, our tax planning as well. You can get HRA exemption on the lowest amount amidst these 3: 1. Actual HRA received 2. 50% of salary for metro cities (Delhi, Mumbai, Kolkata, Chennai) 3. 40% of salary for non-metro cities 4. Rent paid- 10% of salary But its no secret that residents of nearby cities like Noida, Gurugram, Faridabad, or rapidly developing urban hubs like Pune, Ahmedabad, Ghaziabad, Hyderabad, Bengaluru, Thane bear the brunt of sky-high residential rents that takes a huge toll on their monthly income. Yet, they cannot claim 50% of their salary for HRA exemption. Since these cities has been classified as a non-metro, residents can claim a maximum of 40% of their salary as exemption. In case rent exceeds Rs 1,00,000 annually, you are also required to furnish the PAN details of landlord, along with a formal rental agreement. Consider this. You live in Delhi, and have an annual income of Rs 10,00,000. For HRA purposes, you can claim exemption of up to Rs 5,00,000, since Delhi is considered a metro. But, if you live in Ghaziabad, or Noida, the limit available to you sharply falls down to Rs 4,00,000. This budget, as reports note, considering these cities as metros for tax purposes would provide some relief to the common man's pocket. Per a recent report by ANAROCK research, the top 7 cities in the country (Mumbai metropolitan region, Hyderabad, Bengaluru, Pune, Delhi NCR, Chennai and Kolkata) saw an average price rise between 13-39% on a yearly basis. In fact, it was Hyderabad recorded the highest yearly price rise in residential property last quarter, jumping by as much as 39%. <h2>Wish 5 : Enhance exemption limits under the old regime</h2>The list is endless, but so are our wishes! Experts are also suggesting an enhancement in the existing limit for deduction towards interest on housing loan for self-occupied house. From its present limit of Rs 2 lakh, it should be taken to Rs 3 lakh. Also, the Rs 2-lakh cap on set off of house property loss against other heads in the same year should be done away with. For senior citizens, there should also be greater clarity on how funds received from <keyword id="19919089" type="General" weightage="20" keywordseo="nps" source="keywords">NPS</keyword> (National Pension System) via the systematic lumpsum withdrawal plan should be taxed. Well, we can only hope some, if not all of these wishes come true when finance minister presents the union budget in the parliament this month.

Budget 2024: Increase standard deduction, exemptions and more, an aam aadmi's wishlist

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>. "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties," Sitharaman said in her Budget speech on Thursday. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units are expiring in March 2024. To provide continuity in taxation, she proposed to extend the date by another year. Moreover, in line with the government's vision to improve ease of living and ease of doing business, she announced to improve tax-payer services. "There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years," she said. She proposed to withdraw such outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. "This is expected to benefit about a crore tax-payers," she added. Presenting the Union Budget 2023, Sitharaman on Thursday pegged the fiscal deficit target for 2024-25 at 5.1% of gross domestic product (GDP). In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9% of gross domestic product (GDP). Today, Sitharaman said that the fiscal deficit of 2023-24 was downwardly revised to 5.8%. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. A capital expenditure, or capex, is used to set up long-term physical or fixed assets. Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government's second term, the government proposed to increase capital expenditure outlay by 33% to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3% of the GDP. With the substantial increase in capex, it is central to the government's efforts to enhance growth potential and job creation, crowd in private investments and provide a cushion against global headwinds. The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July. With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The Indian economy is projected to grow close to 7% in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2% in 2022-23 and 8.7% in 2021-22. The Indian economy is expected to grow 7.3% in the current financial year 2023-24, remaining the fastest-growing major economy.

FM Nirmala Sithraman keeps tax slabs unchanged

<ul class="summary-list"><li>Oregon's universal basic income measure failed, with 78.8% of voters opposing the policy.</li><li>The measure proposed giving $1,600 annually to state residents, funded by a corporate tax increase.</li></ul>Oregon's effort to institute a statewide <a target="_blank" href="https://www.businessinsider.com/universal-basic-income-pros-and-cons">universal basic income</a> failed on November 5. With 73% of the total votes counted, The Associated Press reported that 78.8% of those voters opposed the policy.Measure 118 — also known as the Oregon Rebate — planned to give $1,600 annually to all residents who spend more than 200 days in the state. If it had passed, Oregon would have been the first state to implement a UBI policy giving all residents no-strings-attached cash. <a target="_blank" class="" href="https://www.businessinsider.com/us-sovereign-wealth-fund-alaska-universal-basic-income-2024-9">Alaska</a> also has a program that resembles basic income, but it's structured differently than Oregon's proposal.To fund the initiative, Oregon planned to increase the corporate minimum tax rate by 3% on in-state sales exceeding $25 million.Prior to November 5, the policy was <a target="_blank" href="https://www.businessinsider.com/oregon-rebate-universal-basic-income-ballot-measure-november-election-2024-8">unpopular among both Republicans and Democrats</a>, many of whom said the rebate could lead to increased prices for consumer goods and slower job growth. Major corporations also <a target="_blank" href="https://www.businessinsider.com/oregon-opposition-measure-118-basic-income-corporate-tax-2024-9">spent millions to oppose the measure</a>.The opposition movement to Measure 118 raised over <a target="_blank" href="https://yesonmeasure118.us12.list-manage.com/track/click?u=83d9dbb6664b4a19cbb44709d&amp;id=e6a64e8b7d&amp;e=f1e85bc7c7">$16 million</a> — more than <a target="_blank" href="https://yesonmeasure118.us12.list-manage.com/track/click?u=83d9dbb6664b4a19cbb44709d&amp;id=9037925dd4&amp;e=f1e85bc7c7">26 times</a> what the Oregon Rebate support PAC raised.The measure failure comes as basic income programs across the country <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7">gain popularity</a> as an approach to poverty reduction. Advocates for Oregon's measure hoped that cash assistance would create a "fairer and more just economy" for state residents.<h2 id="c8a738cb-bbf3-486c-a8b4-1675fd1c244d">Oregon's UBI policy failed, but basic income is still gaining national momentum</h2>Business Insider has previously reported on<a target="_blank" href="https://www.businessinsider.com/basic-income-helps-people-get-jobs-earn-higher-pay-gbi-2024-9"> basic income research</a>, and state-level efforts to create lasting cash assistance programs. Oregon's ballot measure resembles basic income experiments in other <a target="_blank" href="https://www.businessinsider.com/which-states-cities-have-guaranteed-basic-income-programs-low-income-2024-4">cities</a> and <a target="_blank" href="https://www.businessinsider.com/countries-with-universal-basic-income">countries</a>.Over <a target="_blank" href="https://www.businessinsider.com/basic-income-gbi-ubi-low-income-americans-afford-housing-food-2024-5">100 guaranteed basic income pilots</a> have launched across the US, and participants told BI they used the money to pay for housing, groceries, childcare, transportation, and medical bills. These pilot programs are often funded through philanthropy, local governments, or private donors. Some states, like California and <a target="_blank" class="" href="https://www.businessinsider.com/immigrants-new-mexico-basic-income-for-housing-healthcare-ubi-gbi2024-5">New Mexico</a>, are also making efforts to incorporate basic income into state policy.But GBI differs slightly from UBI. Although the guaranteed basic income pilots offer no-strings-attached cash, the money is limited for a set time period and selected participants, many of whom are low-income and fit specific demographics such as single parents, artists, or students.Universal basic income would give everyone ongoing cash payments, regardless of their income level. A UBI program hasn't been successfully launched in the US.During his 2020 presidential run, Democratic Candidate Andrew Yang pitched the <a target="_blank" href="https://www.businessinsider.com/what-is-basic-income-2016-8">Freedom Dividend</a>, a federal basic income policy that would give $1,000 monthly to every American over the age of 18.<a target="_blank" href="https://www.businessinsider.com/alaska-permanent-fund-basic-income">The Alaska Permanent Fund</a>, which began in the 1970s, is a model similar to universal basic income. It gives state residents annual payments (which were $1,312 per person in 2022) funded through the state's oil revenue.Some <a target="_blank" href="https://www.businessinsider.com/ubi-universal-basic-income-ai-risks-destroying-jobs-solutions-2024-7">tech leaders</a> have also suggested that cash assistance programs will become more necessary as artificial intelligence disrupts the job market.Still, any program like the Oregon Rebate would require funding and any major tax changes would need to be approved by voters.

Corporations raised $16 million to oppose Oregon's universal basic income plan. They won.

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

<ul class="summary-list"><li>A study found that implementing a global universal basic income could boost global GDP by 130%.</li><li>Funding a global UBI with a carbon tax would also promote sustainability, the study's authors say.</li></ul>Some might say a universal <a target="_blank" href="https://www.businessinsider.com/minneapolis-guaranteed-basic-income-program-results-study-gbi-ubi-2024-1">basic income</a> is <a target="_blank" href="https://www.businessinsider.com/iowa-republicans-block-guaranteed-basic-income-socialism-steroids-ubi-poverty-2024-1">wishful thinking</a>, but one study suggests it could have staggering impacts on the global economy.Researchers behind the newly published study, called <a target="_blank" href="https://www.cell.com/cell-reports-sustainability/fulltext/S2949-7906(24)00164-2#secsectitle0040">"Utilizing basic income to create a sustainable, poverty-free tomorrow,"</a> outlined how universal basic income could provide a "two-pronged solution to both environmental sustainability and social resilience" that could grow the global GDP from 39% up to 130%.Basic income pilots gained popularity after the COVID-19 pandemic, which caused record-high unemployment — <a target="_blank" href="https://crsreports.congress.gov/product/pdf/R/R46554/9#:~:text=The%20unemployment%20rate%20peaked%20at,to%20February%202020%20(3.5%25).">nearly 15%</a> — in the United States in early 2020.Most American programs are guaranteed basic income pilots, which provide a specific demographic of people with a set amount of cash with no strings attached for a predetermined time period. A <a target="_blank" href="https://www.businessinsider.com/universal-basic-income-works-red-state-blue-state-2023-10">universal basic income</a> program, or UBI, would provide regular cash payments to everyone.Rashid Sumaila, the study's primary author at the University of British Columbia, found that a UBI funded by carbon taxes on a global scale would be costly upfront but pay off in spades.The study said that it could cost a third of global GDP to operate, but would result in an overall increase of the global GDP by as much as 130%."I must concede that the US may be the last place to engage with our proposal for all sorts of reasons," Sumaila told Business Insider. "But the situation may not persist forever as there are indications that Gen Z and millennials seem to care relatively more about tackling both climate change and inequality than older Americans."Basic income pilots in America have met with opposition from conservative lawmakers. One representative in Iowa, which moved to ban such programs, called it <a target="_blank" href="https://www.businessinsider.com/iowa-republicans-block-guaranteed-basic-income-socialism-steroids-ubi-poverty-2024-1">"socialism on steroids."</a> In other parts of the world, however, the idea enjoys wide political support. South Africa is on track to be <a target="_blank" href="https://www.businessinsider.com/south-africa-universal-basic-income-anc-2024-6">the first country</a> to adopt a universal basic income.Sumaila and the study's other co-authors focused on funding this global UBI plan through a carbon tax "because of the global push to reduce carbon emissions to reach sustainability goals," the study says. They found that a carbon tax could generate trillions annually, depending on the scale of the flat tax."In theory, it is a beautiful idea to use basic income to help people, sustain nature, and boost the economy. It also seems possible to raise a big chunk of the funds needed to do this by taxing C02 emitters, degraders of biodiversity, overfishers, deforesters, plastic polluters, oil spillers, and the agricultural sector," Sumaila told Business Insider.

Here's an idea: a worldwide universal basic income paid for by a carbon tax. A study found that it could boost the global GDP by 130%.

<ul class="summary-list"><li>Kerri Gibson quit her tech job in 2017 and started her real estate investment journey.</li><li>Alongside her partner Philippe, she now has six short-term rental properties.</li></ul>This as-told-to essay is based on a transcribed conversation with Kerri Gibson, 48, based in Orford, Quebec, about her short-term rental business, Chalets Hygge. The following has been edited for length and clarity.I'm a <a target="_blank" class="" href="https://www.businessinsider.com/accountant-shortage-sexy-taxes-business-school-pwc-kpmg-2024-8">CPA</a> by training and spent roughly two decades working primarily in tax and accounting technology.It was a high-paced, high-stress career, and in 2017, when I was on the brink of <a target="_blank" class="" href="https://www.businessinsider.com/burnout-work-boss-left-office-on-stretcher-2024-4">burnout</a>, I decided to resign.During my time off, my partner and I decided to buy a house in our neighborhood and flip it. We'd previously renovated our home and really enjoyed it, and we talked about doing it again.While renovating it, we found we had a knack for architecture and design. A friend advised me to keep the house because it was in an area zoned for <a target="_blank" class="" href="https://www.businessinsider.com/quit-job-real-estate-investing-house-hacking-heloc-2024-7">short-term rentals</a>.We started <a target="_blank" class="" href="https://www.businessinsider.com/renting-airbnb-not-passive-wont-do-it-again-2024-7">renting out the house on Airbnb</a>. We became passionate about buying and renovating properties and turned this investment into a full-time venture for both of us.As owners and operators of our short-term rental business, we put a lot of work into creating a good experience for our guests. Some people consider <a target="_blank" class="" href="https://www.businessinsider.com/beginner-friendly-real-estate-investing-strategy-buy-condos-rookie-investors-2024-9">getting into real estate</a> as a source of passive income, but I wouldn't say it's passive at all.<h2 id="1228fda7-fac2-493d-8d2b-254b9024e6a4">I transitioned into full-time real estate first. My partner joined me years later.</h2>We closed on our first <a target="_blank" class="" href="https://www.businessinsider.com/how-to-profit-from-short-term-rentals-during-airbnb-downturns-2024-7">short-term rental property</a> in December 2017. The price was 129,000 Canadian dollars. We used savings to make a 20% downpayment and secured the rest with a mortgage.We paid for renovations, which took 11 months, out of pocket, too. It was really torn up, so cost us around CA75,000. This included a contractor who taught me a lot about things like laying tile and grouting. My partner, Philippe, also helped on evenings and weekends when he wasn't working.I was so <a target="_blank" class="" href="https://www.businessinsider.com/quit-amazon-manager-burned-out-from-employees-2024-10">burned out</a> from my old job. I found working with my hands on the house very fulfilling.In June 2018, we bought a second house for <a target="_blank" class="" href="https://www.businessinsider.com/buy-short-term-rental-property-investing-strategy-markets-good-investment-2023-12">short-term rental opportunities</a> while renovating the first one. I was nervous, but Philippe convinced me, saying the price was good and it was low-risk because we could always resell it. It was in much better shape than the first one, so it was ready for renting in two months.It cost around CA188,000. We used savings to make a 20% down payment and mortgaged the rest. We did the renovations ourselves and paid for the furniture out of pocket.Philippe and I decided I'd pursue the <a target="_blank" class="" href="https://www.businessinsider.com/daniel-daggers-selling-london-super-prime-real-estate-netflix-2024-8">real estate</a> full-time, and we'd live off his income until he joined me.<div type="image" title="Gibson with her partner, Philippe." height="1126" width="772" msid="114251054" hostid="261" sizebytes="60124"></div>Philippe took a job in Vancouver, so we moved away in May 2018. We also turned the property we were living in into a short-term rental. By March 2019, we had three rental properties generating income, but we were investing all the money coming back into renovations.That March, we bought a third property for CA129,500 with a 20% downpayment and mortgage. It took nine months to renovate, and I worked with a contractor because it needed a lot of work.We moved back to Quebec in August 2019 and bought another condo in Montreal. We funded the downpayment through an equity release in the form of a mortgage on our personal home turned short-term rental.In October 2019, we bought another house. It was CA220,000 with a 20% downpayment, which we financed using income from the other rental properties and personal savings.Then, in July 2020, we purchased a neighboring property. However, because our bank had a limit on the number of short-term rental properties you could take out personal loans for, we <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-borrow-money">borrowed money</a> from family to pay the full price of CA277,000 for it.We paid them back after selling our condo in Montreal and still have mortgages on five out of six short-term rentals. We now live in another house we bought and renovated in Orford.<h2 id="7622e5ee-c1f1-429d-854b-e89e5af4b219">We've been trying to rely less on third-party booking platforms like Airbnb</h2>We lived on Philippe's salary until 2020. For the first couple of years renting out properties, we ran at a loss due to the cost of getting started and reinvesting money back into buying properties. Upfront expenses of investment properties are significant. But the time it takes to be cash flowing is shrinking now we have formula that helps us execute faster.I was able to build income and wealth for our future, while Philippe's salary more than covered our daily expenses. He left his job in the legal software space in February 2020, and his severance package covered our living expenses for a while.When the COVID-19 pandemic hit, it disrupted our business, and we had to flip all our properties into monthly rentals to comply with government regulations. After COVID, the market exploded because everyone wanted to get away.Guests loved us and were referring their friends, and we were featured in some <a target="_blank" href="https://www.tvanouvelles.ca/2020/08/19/reservez-deja-votre-chalet-pour-noel">media</a> <a target="_blank" href="https://www.ledevoir.com/plaisirs/voyage/584434/quoi-faire-au-quebec-chalets-branches-routes-et-cartes-postales-a-explorer">outlets</a>.At that point, I realized that if we could keep occupancy up, we could live off of our six properties.I focused on our direct booking strategy. Third-party online travel agencies like Airbnb and Expedia hold too many cards — they decide whether you're on page one or page 25 of their website and how to handle complaints. I worked hard to build our social media presence and website. I pay for a property management software called Lodgify, which allows me to see every reservation across the different OTAs and our website and what days are open on our calendar.In 2019, I'd say all of our bookings were coming from OTAs like Airbnb, but in 2023, my calculations suggest that out of the CA340,000 we made in revenue, roughly 70% came from direct bookings.<h2 id="f9c05698-69b4-496a-8745-68df540a817e">Having a hospitality business is a full-time job, not a 'passive' income stream.</h2><a target="_blank" class="" href="https://www.businessinsider.com/housing-market-ice-age-homebuyers-mortgage-rates-spring-real-estate-2024-10">Real estate</a> has historically been thought of as <a target="_blank" class="" href="https://www.businessinsider.com/how-to-make-rental-property-truly-passive-investment-2024-8">passive income</a>, running short-term rentals is not passive.Providing the necessary level of hospitality is more of a full-time job. We're owner-operators who put a lot of work into the guest experience.We're available seven days a week. I work 50 hours a week doing marketing, bookkeeping, and maintenance. We also have an operations manager who handles day-to-day cleaning and inventory. Depending on the season, there'll also be two to three part-time cleaners.We love what we do and find it so fulfilling, so the good far outweighs the stress.The <a target="_blank" class="" href="https://www.businessinsider.com/how-hospitality-industry-capitalizing-solo-female-travelers-2022-12">hospitality industry</a> is flexible, and I do think there are ways people can do this in addition to another job, but I worry about the quality of service provided.You hear horror stories about people arriving at properties that aren't clean or where things are broken, and it has a negative impact on the industry.Side-hustling with short-term rentals needs to be done in a way that honors the industry.Even those who say they work four hours a day from a beach on their real estate business will have had to put a lot of work into their support and team structure to be successful.Do you have a real estate story you want to share with Business Insider? Email <a target="_blank" href="mailto:ccheong@businessinsider.com">ccheong@businessinsider.com</a>

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