Latest Business News and Updates on Bill Gates, Elon Musk, Mukesh Ambani, and Gautam Adani
The latest business news on July 23, 2024, is buzzing with updates on tax changes, stock market reactions, and industry responses to the Union Budget 2024. Salaried taxpayers will continue to be eligible for a standard deduction of only ₹50,000 under the old regime, while the new tax regime has raised the standard deduction to ₹75,000. This move has sparked discussions on how it will benefit the salaried class.
In another development, the government has hiked capital gains tax to curb speculative trading, despite a 40% drop in derivatives trading since February. This decision has had a significant impact on the stock market, with the Sensex and Nifty plummeting and investors giving a thumbs down to the Budget.
On the positive side, Shaadi.com’s Anupam Mittal has praised the Budget for abolishing angel tax and harmonizing LTCG, calling for further support for startups. Additionally, NSE MD has given a 10/10 score to Nirmala Sitharaman’s Budget, highlighting its potential to boost job creation and the startup ecosystem.
Meanwhile, Warren Buffet has reduced his stake in Chinese EV giant BYD, while SpiceJet is set to raise ₹3000 crore to restore normalcy amid financial challenges. Zerodha’s Nithin Kamath has warned of increased market activity cooling due to tax changes, and the Indian rupee has declined to a record low following the government’s decision to raise tax on capital gains.
Overall, the business landscape is dynamic and evolving, with stakeholders closely monitoring the implications of the Budget announcements on various sectors. Stay tuned for more updates on the latest business news and live updates.
