Latest news with #Tortoise
Mint
7 days ago
- Business
- Mint
How you can save tax on buying a mobile phone, laptop or leasing a car
MUMBAI : Most employees have transitioned to the new regime for lower tax rates without investments, but at the cost of tax benefits like meal cards. However, the new regime still allows employers to reimburse the cost of mobile phones, laptops, or car leases if they are used for official purposes. Some companies allow you to buy these devices after 12 months of use. This is one hidden benefit that you can unlock as an employee in the new regime. How does it work? A phone or a laptop can be structured as a tripartite agreement between the employer, employee, and a leasing company. The company buys the phone and rents it to the employer. The employer allows an employee to use it (for official or work purposes). After 1 or 2 years, the employer sells the phone or laptop to you at a discount, according to Vardhan Koshal, founder of asset leasing company Tortoise. Also Read: How to get taxpayers to spend their tax savings The device leasing process begins with the leasing company reaching out to a corporate client—let's say, ABC Ltd—with a proposal to offer a device leasing programme for its employees 'The leasing firm evaluates the financial credibility of the corporate client, not the individual employees. Once approved, a rental agreement is signed between the leasing company and the corporate entity," according to Tarun Soni, founder and chief executive of asset leasing company Astrafin. This arrangement means the employer holds the financial liability, not the employees, according to Soni. After the agreement is signed, the employer nominates employees who will receive the devices. The leasing company procures and provides these devices. While the employees use the devices, they are not responsible for the lease in a legal or financial sense. Instead, the lease amount is deducted from the employees' pre-tax salary, reducing their taxable income. 'For example, if an employee earns ₹1 lakh per month and leases a device for ₹10,000 monthly, their income tax is calculated on ₹90,000 instead of ₹1 lakh," Soni explained. Also Read: Golden tax window for NRIs: What RNOR means and how to use it This mechanism can lead to significant tax savings. For someone in the 30% tax bracket, the savings would be ₹3,000 per month, or ₹36,000 annually. 'Even after paying the lease amount, the employee experiences a net financial benefit because of the tax savings," Soni added. The lease structure treats the device expense similarly to a reimbursement since the phone is used only for official purposes. Once the lease term—typically 12 months—concludes, the device remains the property of the leasing company. Technically, the contract requires the device to be returned, but in practice, it's often sold to the employee. 'Companies like Tortoise may act as intermediaries in these resale transactions, and the resale value is usually nominal—around 2–7% of the original price," Soni added. Although this price cannot be predetermined in the lease contract, it is validated through market quotations or valuation certificates to ensure fairness. If a device costs ₹1.1 lakh and the employee pays ₹10,000 per month over 12 months (totalling ₹1.2 lakh), they save ₹36,000 through tax benefits. As Soni breaks it down, 'Their effective outflow is ₹84,000 (at a 30% tax bracket). If they choose to purchase the device at the end of the lease for, say, ₹6,000, their total cost becomes ₹90,000—still a ₹20,000 benefit over an outright purchase." Also Read: Capital gains on equities: Here's all you need to know when filing tax returns this year An additional advantage unique to mobile device leasing is the ability to claim input tax credit (ITC) on the goods and services tax (GST) paid. 'Unlike car leasing, which doesn't qualify for ITC under the GST law, mobile phone leasing allows employers to claim ITC. This can even be passed on to the employee, reducing their effective cost further." Given that mobile phones are extensively used for business, often 70–80% or more, classifying them as business expenses is both practical and defensible from a compliance standpoint. Unlike car leasing, which is often reserved for top-tier executives due to its high cost and limited availability, mobile phone or laptop leasing offers a more inclusive and scalable solution for companies. 'Device leasing can cater to a much wider employee base, making it accessible to the broader workforce rather than just a select few," Soni said.
Calgary Herald
22-05-2025
- Business
- Calgary Herald
'Nobody will wait for us': Tech sector says urgency is key for new AI minister Evan Solomon
Article content Canada's first-ever minister of artificial intelligence and digital innovation will need to accelerate the build-out of the country's AI infrastructure while cultivating trust in the technology in the general public — and many in the industry are warning there will be little room for trial and error along the way. Article content Last week, Prime Minister Mark Carney named former journalist Evan Solomon to the newly created post, which will have him oversee the country's adoption of the much-hyped technology. Carney has promised to run a lean and efficient government focused on growth and productivity, with technologies such as AI playing a crucial role in keeping Canada competitive and self-reliant. Article content 'We were one of the first countries to come out with an AI policy roadmap in 2017. (But Canada's leadership position) has slipped away in the last few years,' said Rob Goehring, executive director of industry group AI in B.C. and chief executive of cybersecurity firm WisrAI. Article content In 2021, Canada ranked fourth worldwide on the Global AI Index, a data project from U.K. digital media site Tortoise that tracks countries' AI capacity based on implementation, innovation and investment. By 2024, Canada had dropped to eighth place behind countries such as Germany, France and South Korea. Article content Carney has pledged to build on the Trudeau government's AI commitments, meaning existing commitments to channel $2.5 billion over the next two years to further AI and digital infrastructure projects, such as building data centres, expanding cloud computing capacity and procuring cutting-edge chips will likely be maintained. Article content Article content The full scope of what Solomon and the government will add to that strategy has yet to be revealed, but industry players say the need for urgency is essential. Article content Article content 'It's critical that we invest and move at a fast pace, because it's clear that nobody will wait for us,' said Julien Billot, CEO of Montreal-based Scale AI, a federally-backed supercluster that helps industry adopt AI technologies. Article content That means prioritizing the cultivation of AI talent and keeping it here, while helping researchers and businesses optimize existing resources to 'build smaller and more energy-efficient models … instead of trying to build from scratch.'
USA Today
29-04-2025
- Entertainment
- USA Today
Strands hints today: Clues and answers on Tuesday, April 29 2025
Strands hints today: Clues and answers on Tuesday, April 29 2025 WARNING: THERE ARE STRANDS SPOILERS AHEAD! DO NOT READ FURTHER IF YOU DON'T WANT THE APRIL 29, 2025 STRANDS ANSWER SPOILED FOR YOU. Ready? OK! Have you been playing Strands, the super fun game from the New York Times, the makers of Connections and other brain-teasers like Wordle in which you have to do a search in a jumble of letters and find words based on a theme? It's pretty fun and sometimes very challenging, so we're here to help you out with some clues and the answers, including the "Spangram" that connects all the words. Let's start with the clue: I've got you covered! If you want our help? Think about a type of cover! As for the answers, scroll below the photo below: Taco, Tortoise, Armadillo, Walnut, Nucleus, Nautilus The Spangram is ... SHELLS. Play more word games Looking for more word games?
Arab News
25-04-2025
- Business
- Arab News
Tortoise Media to relaunch Observer this weekend
LONDON: Tortoise Media is set to publish its first edition of The Observer this weekend, following the formal completion of its acquisition of the 234-year-old Sunday newspaper from Guardian Media Group. A dedicated Observer website will launch on Friday, with the first in-house print edition under Tortoise's ownership hitting newsstands on Sunday. The relaunch also marks a return to print for Tortoise founder James Harding, who has formerly been editor of The Times, director of BBC News, and a journalist at the Financial Times. 'The world's oldest Sunday paper is also going to be the newest. You'll see the paper will change, but change gradually,' Harding told the Financial Times. The Observer will become Tortoise Media's flagship brand, while the Tortoise name will be retained as a sub-brand for long-form investigations and other digital content. The historic Sunday paper, renowned for its investigative reporting, international coverage, and analysis, has long played a prominent role in covering major global events, including the Middle East. It took a bold editorial stance during the Suez Crisis, when then-editor David Astor criticized the British-French-Israeli invasion of Egypt. It also distinguished itself with coverage of the Israeli-Palestinian conflict, the Iraq War — including early exposure of faulty intelligence on weapons of mass destruction — and British complicity in torture during the War on Terror. The new Observer website will focus on 'making sense of the headlines' rather than competing with rolling news outlets like the BBC or The Guardian, Tortoise's digital editor Basia Cummings said in a recent interview. 'But news, culture and style are the main pillars of our newsroom,' Cummings added, noting that the publication would maintain its 'investigative, internationalist' editorial identity, alongside staples such as the Observer New Review, Observer Magazine, and Observer Food Monthly. The digital offering will include a daily email newsletter and, later this year, a slate of new podcasts. Events and festivals — part of Tortoise's existing engagement model — are also planned. The new website is an 'initial version.' A full relaunch, including a mobile app and paywall, is expected in the coming months. Until then, content will be free to access as part of a first-party data strategy. The relaunch comes as Tortoise looks to strengthen its position in the British and international media landscape. According to the Financial Times, British insurance tycoon Sir Clive Cowdery — founder of the Resolution Foundation and publisher of Prospect magazine — has agreed to join the Tortoise board and invest in the venture. Although Tortoise has incurred financial losses of around £3 million, the company has pledged to invest £25 million into The Observer. Concerns about the financial stability of the loss-making startup have been raised by journalists at both titles, but new funds are expected from backers including South African businessman and Labour Party donor Gary Lubner, and Standard Investments, part of the US-based Standard Industries group. As part of the deal, the Guardian Media Group's owner, The Scott Trust, has taken a 9 percent stake in Tortoise, following a £5 million commitment. 'I don't think that it makes sense for The Observer to be another daily newspaper, just on the seventh day of the week,' Harding said. 'We're not in the business of being a breaking news service; we want to understand what's driving the news.'
Daily Tribune
15-04-2025
- Entertainment
- Daily Tribune
Katy Perry blasts into space on all-women flight
Pop star Katy Perry completed a brief foray into space yesterday, roaring to the edge of the cosmos with an all-women crew on one of billionaire Jeff Bezos's rockets. The 'Firework' and 'California Gurls' singer was lofted more than 60 miles (100 kilometers) above the Earth's surface in a vessel from Blue Origin, the space company owned by the Amazon founder. Five other women including Bezos's fiancee Lauren Sanchez were on the flight, which took off from western Texas shortly after 8:30 am (1330 GMT) before safely landing again some 10 minutes later. The flight brought the passengers beyond the Karman line -- the internationally recognized boundary of space. Their fully automated craft rose vertically before the crew capsule detached mid-flight, later falling back to the ground slowed by parachutes and a retro rocket. The jubilant women then emerged, with Perry kissing the ground after exiting the capsule. Monday's mission is the first all-woman space crew since Valentina Tereshkova's historic solo flight in 1963. It is also the 11th sub-orbital crewed operation by Blue Origin, which has offered space tourism experiences for several years. They were expected to have a brief period when the women could unbuckle from their seats and float in zero gravity. 'Inspiration' Perry recently told Elle magazine that she was taking part 'for my daughter Daisy,' whom she shares with actor Orlando Bloom, 'to inspire her to never have limits on her dreams.' 'I'm just so excited to see the inspiration through her eyes and the light in her eyes when she sees that rocket go, and she goes back to school the next day and says, 'Mom went to space,'' Perry added. She said in a separate video posted to Instagram that she was shocked to discover during space training that the capsule she would travel in was named the 'Tortoise' and decorated with a 'feather' design -- the two nicknames her parents have for her. 'There are no coincidences and I'm just so grateful for these confirmations and so grateful that I feel like something bigger than me is steering the ship,' Perry said in the video. Perry, launched onto the international stage with her 2008 hit 'I Kissed a Girl,' was also travelling alongside TV presenter Gayle King, film producer Kerianne Flynn, former NASA scientist Aisha Bowe and Amanda Nguyen, founder of a campaign group against sexual violence. They follow 52 previous Blue Origin passengers, including longtime 'Star Trek' leading man William Shatner.
