Category: Finance

Finance

Axis Trustee Unveils “AVA” – India’s First AI-Powered Chatbot for Trustee Services

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Mumbai, July 23, 2025 – In a groundbreaking move, Axis Trustee Services Ltd., a wholly-owned subsidiary of Axis Bank, has launched AVA (Axis Trustee Virtual Assistant) — the first AI-powered chatbot in India’s trustee services space.

This innovation marks a significant leap in Axis Trustee’s journey toward digital empowerment and seamless customer experience. AVA will provide real-time support, service request management, and instant responses to process and transaction-related queries—redefining how clients interact with fiduciary service providers.

AVA is built on three powerful pillars:

  • 24/7 Client Support on products and services
  • Streamlined Service Requests with trackable resolutions
  • Expert Guidance on complex compliance, transactions & documentation

“AVA reflects our promise to be a responsive, technology-driven trustee partner,” said Mr. Rahul Choudhary, MD & CEO, Axis Trustee Services. “It’s more than a chatbot—it’s our commitment to trust, innovation, and customer-first service.”

Axis Trustee has long been a pioneer in the trustee sector, investing in digital documentation, workflow automation, and now artificial intelligence. The addition of AVA reinforces the company’s mission to offer transparent, efficient, and future-ready trustee solutions.

Finance

Exim Bank Pays ₹325 Cr Dividend to Finance Minister Nirmala Sitharaman for FY 2024-25

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In a significant financial development, Export-Import Bank of India (EXIM Bank) has presented a dividend cheque of ₹325 crore to Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs, for the fiscal year 2024-25.

The cheque was handed over by Smt. Harsha Bangari, Managing Director of India Exim Bank, reaffirming the institution’s commitment to financial prudence, profitability, and support for India’s global trade and development finance objectives.

Strengthening India’s Financial Backbone

As a premier export credit agency, Exim Bank plays a vital role in enhancing India’s international trade competitiveness. The dividend payout is reflective of the bank’s consistent performance and its role in aiding the country’s economic diplomacy through structured finance, project exports, and development initiatives across Asia, Africa, and Latin America.

The Ministry of Finance has appreciated the continued commitment of public sector banks and financial institutions in delivering value to the nation, both in terms of financial contributions and their strategic roles in key sectors.

This substantial dividend follows Exim Bank’s broader mission of strengthening India’s external sector and enhancing the global footprint of Indian businesses.

Finance

ITR-2 and ITR-3 Excel Utilities Released: Everything You Need to Know for AY 2024–25

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The Income Tax Department has officially released the Excel-based offline utilities for ITR-2 and ITR-3 for Assessment Year (AY) 2024–25. These forms cater to taxpayers with more complex income scenarios and provide an alternative to online filing.

✅ Who Should File ITR-2?

ITR-2 is applicable for individuals and Hindu Undivided Families (HUFs) not having income from business or profession. It includes:

  • Income from salary/pension
  • Income from more than one house property
  • Capital gains
  • Foreign assets or income
  • Agricultural income over ₹5,000
  • Income from other sources (including lottery, interest, etc.)

✅ Who Should File ITR-3?

ITR-3 is meant for individuals and HUFs having income from business or profession, and includes:

  • Income from proprietary business or professional services
  • Income from salary, capital gains, or house property
  • Foreign assets and foreign income
  • Partnership income

🆕 What’s New in AY 2024–25?

Here are some key updates:

  • Pre-filled data integration from AIS (Annual Information Statement)
  • Enhanced validation for capital gains and foreign assets
  • Improved reporting of digital assets (like crypto and NFTs)
  • Expanded disclosure requirements under Section 115BAC
  • Mandatory Schedule for Agricultural Income if above ₹5,000

💻 How to Use the Excel Utility

  1. Visit the official e-Filing portal
  2. Go to “Downloads” > “Offline Utilities” > “Income Tax Return Preparation Utilities”
  3. Download the Excel utility for ITR-2 or ITR-3
  4. Fill in your details, validate, and generate JSON
  5. Upload the JSON file on the portal to file your return

📅 Key Deadlines

  • July 31, 2025 – Due date for salaried individuals and non-audit cases
  • October 31, 2025 – For audit-assessable businesses and professionals

💡 Why It Matters

The release of these utilities gives taxpayers more flexibility in how they file, particularly those with diverse income sources or complex tax situations. With several new compliance requirements in place, using the Excel utility allows for more control over detailed data entry and calculation validation.

Stay informed and file on time to avoid penalties. If unsure, consult a tax professional.