Top headlines: Jio Financial shares to debut, big techs seek relaxation

About 55 million might opt for new tax regime, says revenue department

Around 55 million income taxpayers may have opted for the new tax regime for the ongoing financial year, according to revenue department’s preliminary estimates. Most of these taxpayers, according to a senior government official, have a taxable income of up to Rs 7 lakh. The Centre overhauled the new tax regime in the 2023-24 Budget, making it relatively attractive. The new regime, which seeks to eliminate specific tax deductions and exemptions but offers a lower rate of taxation, struggled to gain traction since its introduction in the financial year 2020-21. “We don’t see a reason why 55 million won’t shift to the new tax regime. Most young taxpayers, earning around Rs 7.5-8 lakh, or even up to Rs 10 lakh prefer income tax filing to be flexible yet straightforward,” said the official. Read more

Fresh formal job creation touches 9 month high in June, shows EPFO data

The creation of fresh formal jobs increased for the third consecutive month in June, reaching a nine-month high, signalling a sustained recovery in the labour markets in the first quarter of FY24. This is according to the latest payroll data released by the Employees' Provident Fund Organisation (EPFO) on Friday. The number of new monthly subscribers under the employees' provident fund (EPF) saw a rise of close to 10 per cent to 10.14 million in June, up from 927,703 in May. Previously, in September 2022, 10.15 million new subscribers were registered under the EPF. Read more

Big techs seek relaxations from parental consent norm of data law

Big Tech platforms are likely to engage with the government on the issue of parental consent for processing children’s data under the Digital Personal Data Protection Act, 2023. According to sources, this provision has raised concern about  “unintended consequences” for digital inclusion, privacy, and children’s safety. The law mandates platforms to obtain “verifiable consent” from a parent or legal guardian before processing personal data of users under the age of 18. This provision was one of the most contentious issues during the public consultations on the Bill. Read more

Govt's analgesic for inflation: Steps to alleviate price rise in pipeline

Retail inflation in July surged to a 15-month high of 7.44 per cent, largely due to high vegetable and cereal prices. Inflation in food items was 11.51 per cent, marking one of the highest monthly readings in almost three years. Tomatoes, other vegetables, pulses, along with spices, have been the main culprits behind this price spiral. The Centre has implemented multiple measures to alleviate these price increases, some of which have already started showing results (such as a recent decrease in tomato prices at the retail level over the past fortnight). Read more