Latest news with #STT
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Travel + Leisure
4 days ago
- Business
- Travel + Leisure
Southwest to Add a New Route to This Caribbean Island Famous for Its Crystal-clear Waters
It just got easier to get a dose of vitamin sea. Southwest Airlines is launching new service to St. Thomas in the U.S. Virgin Islands next year, adding the Caribbean destination to its roster. The new flights to St. Thomas' Cyril E. King International Airport (STT) are expected to kick off in early 2026 and will mark the carrier's ninth island destination in the Atlantic Basin, according to the airline. However, the new flights are subject to government approvals and it was not immediately clear where Southwest would operate the flights from. 'We want to make Southwest Airlines the easy and obvious choice every time, and this is another meaningful step in our ongoing transformation,' Southwest CEO Bob Jordan said in a statement, adding the airline was "listening closely to what our Customers want." In addition to St. Thomas, the airline teased it planned to add two more new destinations, which it said would be announced this summer. The carrier did not offer any insights about where these destinations would be. For travelers who don't want to wait until 2026, they can book flights through several other airlines currently serving STT, including American Airlines, Cape Air, Delta Air Lines, and United Airlines. The St. Thomas airport is also a hub for inter-island and regional travel. Passengers can book flights to San Juan, St. Croix, and other destinations from there. The U.S. Virgin Islands continue to be a popular destination among air travelers and cruise passengers. More than 930,000 people traveled to the region by air in 2024, according to the U.S. Virgin Islands Department of Tourism, representing a 16.5 percent increase compared to 2023 and a new record high. The region is also a popular stop with cruisers, with Disney Cruise Line, Celebrity Cruises, Royal Caribbean, and Virgin Voyages all docking there. More than 1.7 million passengers disembarked and explored the region, according to the tourism department. "As a destination, we continue to explore, elevate, and improve, which further supports the ongoing goal to build upon our commitment to be a premier Caribbean destination," Joseph Boschulte, the commissioner of the U.S. Virgin Islands Department of Tourism, said in a statement.
Mint
4 days ago
- Business
- Mint
Tax rules for F&O, intraday, and stock trading—what you must know
How you should treat or report tax related to equity trading while filing your income tax return depends on the type of transaction—futures and options (F&O), intraday trading, or delivery-based trading. Delivery-based trading involves holding stocks beyond a single trading day and may be classified as either capital gains or business income, based on the frequency. Income from F&O and short-term delivery trades are treated as non-speculative business income, whereas intraday trades, where stocks are bought and sold within the same day, are considered speculative business income for taxation purposes. You have to declare income from F&O or intraday trades in your income tax return (ITR) whether or not you make a profit, as per the tax laws. This holds true even if you have no other income and only made losses in equity trading. Mint breaks down tax rules applicable to different trading incomes so you can smoothly report them in your ITR. Business income: F&O and delivery trades Since profits or losses from trading in F&O are treated as non-speculative business income, they must be declared in the ITR-3 form—or ITR-4 if you have opted for the presumptive taxation scheme. F&O traders are mandated to maintain books of accounts or get an audit from a chartered accountant under different conditions. If your F&O turnover exceeded ₹25 lakh in 2024-25 or if your business income in any of the previous three financial years exceeded ₹2.5 lakh, you are required to maintain a book of accounts. However, maintaining a book of accounts doesn't need a CA and can be derived from P&L statements provided by brokers. Turnover can be calculated by deducting losses from profits. But you have to mandatorily engage a CA for audit if your turnover exceeds ₹10 crore in a financial year with at least 95% of transactions being digital; else, the turnover threshold is ₹2 crore. The other condition for mandatory audit is if you prematurely exited the presumptive taxation scheme in the previous five financial years, irrespective of the turnover threshold. Not complying with audit rules can attract a penalty of up to 0.5% of turnover, capped at ₹1.5 lakh. The tax filing deadline of audit cases is 30 September. You can deduct expenses such as brokerage fees, securities transaction tax (STT), trading platform subscriptions, demat charges, depreciation on laptops or phones used, and educational tools such as paid courses that were incurred exclusively in connection with F&O trading. In delivery trading, the tax treatment depends on the nature of trading. As per experts, stock trading is to be treated as business income if it is an individual's primary work and income. However, several salaried individuals have also taken to frequent stock buying and selling. Jigar Mansatta, a Jamnagar-based chartered accountant, said as per the guidelines of the Central Board of Direct Taxes it is up to the discretion of salaried individuals to declare their investments in shares and securities as business or capital assets. 'The important point to note is that the stance the salaried person takes cannot be changed in subsequent years," Mansatta said. 'For instance, you classify profit from stock trades as capital gains this year, but next year if you make losses (and) you want to classify them as business income to set off against other incomes, that is not allowed as per CBDT's circular." This distinction has several implications: Speculative business: intraday trading intraday stock trading comes with more restrictions, though it's also filed under ITR-3 or ITR-4. This is because it's treated as speculative business. Unlike F&O losses, losses from intraday trading can only be adjusted against other speculative income, such as gains from betting or horse racing. The window to carry forward losses is also shorter at 4 years, instead of the 8 years allowed for delivery-based and F&O traders. The criteria for accounting, turnover thresholds, and audit applicability remain the same as for F&O.
Globe and Mail
5 days ago
- Business
- Globe and Mail
State Street's Q2 Earnings Top as Fee Income Rises Y/Y, Stock Down
State Street 's STT second-quarter 2025 adjusted earnings of $2.53 per share surpassed the Zacks Consensus Estimate of $2.36. The bottom line also increased 17.7% from the prior-year quarter. Results were aided by growth in fee revenues. Also, the company witnessed improvements in total assets under custody and administration (AUC/A) and assets under management (AUM) balances. However, higher adjusted expenses, a jump in provisions and lower net interest income (NII) acted as spoilsports. Shares of STT lost roughly 3.8% in pre-market trading in light of these negatives. The results excluded certain notable items. Including those, net income available to common shareholders was $693 million, down 2.5% from the year-ago quarter. Our projection for the metric was $680.9 million. STT's Revenues Improve, Adjusted Expenses Rise Total quarterly revenues of $3.45 billion increased 8.1% year over year. Moreover, the top line surpassed the Zacks Consensus Estimate of $3.38 billion. NII was $735 million, down marginally year over year. The fall was due to lower average short-end rates and a deposit mix shift, partially offset by securities portfolio repricing and loan growth. Our estimate for the metric was $735.2 million. Net interest margin (NIM) contracted 17 basis points year over year to 0.96%. We expected NIM to be 1.01%. Total fee revenues increased 6.8% year over year to $2.72 billion. The growth was driven by an increase in almost all the components except lending-related and other fees. We estimated the metric to be $2.64 billion. Non-interest expenses were $2.53 billion, up 11.5% from the prior-year quarter. The rise was mainly due to an increase in all the components except occupancy costs and amortization of other intangible assets. Excluding one-time costs, adjusted expenses rose 6.3% to $2.41 billion. Our estimate for the metric was $2.36 billion. Provision for credit losses was $30 million, up significantly from $10 million in the prior year quarter. We had projected the metric to be $15.2 million. The Common Equity Tier 1 ratio was 10.7% as of June 30, 2025, compared with 11.2% in the corresponding period of 2024. The return on average common equity was 10.8% compared with 11.9% in the year-ago quarter. Asset Balances Increase for State Street As of June 30, 2025, the total AUC/A was $49 trillion, up 10.6% year over year. The rise was driven by higher quarter-end equity market levels, client flows and the impact of currency translation. We had projected the metric to be $47.81 trillion. AUM was $5.12 trillion, up 17.1% year over year, primarily led by higher quarter-end market levels and net inflows. Our estimate for the metric was $4.74 trillion. STT's Share Repurchase Update In the reported quarter, State Street repurchased shares worth $300 million. Our Take on STT Relatively higher interest rates, strategic buyouts, rising AUM and solid business servicing wins are expected to keep supporting STT's financials. However, persistently rising expenses and concentrated fee-based revenues are concerns. State Street currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Performance and Earnings Release Date of STT's Peer Banks The Bank of New York Mellon Corporation 's BK second-quarter 2025 adjusted earnings of $1.94 per share surpassed the Zacks Consensus Estimate of $1.74. Also, the bottom line reflected a jump of 28.5% from the prior-year quarter. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) BK's results were primarily aided by a rise in fee revenues and NII. AUC/A and AUM balance grew, driven by higher inflows. However, higher expenses and provisions were undermining factors. Bank of America BAC is slated to report second-quarter 2025 results on July 16. Over the past seven days, the Zacks Consensus Estimate for BAC's quarterly earnings has been revised 1.1% downward to 86 cents per share. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of America Corporation (BAC): Free Stock Analysis Report The Bank of New York Mellon Corporation (BK): Free Stock Analysis Report State Street Corporation (STT): Free Stock Analysis Report
Yahoo
5 days ago
- Business
- Yahoo
State Street Corporation (NYSE: STT) Reports Second-Quarter 2025 Financial Results
BOSTON, July 15, 2025--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) reported its second-quarter 2025 financial results today. The news release, presentation and additional financial information can be accessed on State Street's Investor Relations website, A conference call to discuss the firm's financial results, outlook and related matters will be held at 12:00 p.m. ET today, Tuesday, July 15, 2025. The call will be open to the public. The conference call will be accessible on State Street's Investor Relations website, and by telephone at (+1) 805 309 0220 (Participant Passcode: 1408453#). Following the conference call, a replay will be available on State Street's Investor Relations website for approximately one month. About State Street Corporation State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $49.0 trillion in assets under custody and/or administration and $5.1 trillion* in assets under management as of June 30, 2025, State Street operates globally in more than 100 geographic markets and employs approximately 52,000 worldwide. For more information, visit State Street's website at *Assets under management as of June 30, 2025 includes approximately $116 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. View source version on Contacts Investor Contact:Elizabeth Lynn+1 617 664 3477Media Contact:Carolyn Cichon+1 617 664 8672 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Times of Oman
12-07-2025
- Business
- Times of Oman
India: Direct tax collections surge 3.2% to Rs 6.64 lakh crore by far in 2025-26
New Delhi: India's direct tax collections, in gross terms, have witnessed a robust growth of 3.2 per cent year-on-year so far in 2025-26, reaching Rs 6.64 lakh crore, data released by the Central Board of Direct Taxes (CBDT) showed. In 2024-25 same period, it was Rs 6.44 lakh crore. This rise in collections is attributed to higher corporate tax revenues and securities transaction tax (STT) receipts. Non corporate tax trails. Direct taxes are the taxes that individuals and businesses pay directly to the government. They include income tax, Corporate Tax, and Securities transaction tax. Other taxes, including wealth tax, saw a decline from Rs 1,422 crore to Rs 273 crore. After accounting for refunds, which also saw a significant jump of 38.01 percent, the net direct tax collection stood at Rs 1.01 lakh crore so far in 2025-26. The rise in tax collections is a positive sign for India's fiscal health, as it strengthens the government's revenue base and reduces dependence on borrowing. It also suggests economic resilience despite global uncertainties. Higher tax revenues may allow the government to increase public spending on infrastructure, social welfare, and other key sectors, boosting overall economic growth.
