CPI inflation soars to 6.93% in July

While food inflation reversed an easing trajectory witnessed in May and June to hit as much as 9.62% in July, core inflation, too, inched up to a 21-month peak of about 5.87%, reflecting underlying pr

This suggests supply disruptions may have more than offset any demand destruction in the economy following Covid.

Faceless scheme launch: CBDT debars any I-T assessment order bypassing e-pathway

Additionally, in another order, CBDT said that the power of survey under the Income Tax Act would henceforth be restricted to officials of Directorates of Investigation (investigation wing) and commis

CBDT said that any assessment order that is not in conformity with the order will be considered as “non-est and shall be deemed to have never been passed”.

India imposes provisional anti-dumping duty on black toner from China, Malaysia, Chinese Taipei

DGTR had in June recommended the duty after conducting a probe in alleged dumping of the product by certain companies from these countries, following a complaint by domestic manufacturers.

RBI remains net purchaser of US dollar in June, buys USD 9.814 billion

In May, the RBI had bought USD 4.663 billion and sold USD 300 million in the spot market. It had net purchased USD 4.363 billion in May. In April, the central bank had sold USD 1.142 billion on a net

Taxpayers’ charter to send right message to global investors on regulatory certainty: Experts

Experts said the push to ensure honest taxpayers have certainty and a non-adversarial or soft-touch regime would help put energy and effort of businesses into operations.

Vijayasarathy said the government is efficiently and effectively using the 'nudge' philosophy in public policy to motivate the population towards the desired objective.

Local population needs to be employed locally in rural areas to foster India’s growth: Gautam Adani

Outlining the aspects that will define the agriculture landscape, he said there is an increasing realisation that the concept of clustering and agriculture efficiency go hand-in-hand.

"The COVID-19 crisis has forced upon us a chance to rethink the rural development model," he said.

Retail prices shoot up in July: CPI inflation near 7%; meat, fish, pulse, other food prices skyrocket

Food inflation skyrocketed to 9.62 per cent in July, led by more than 15 per cent inflation in meat, fish, pulses and its products.

CPI, Retail inflation, food inflation

Search and seizure, international tax cases out of faceless assessment ambit: CBDT

The CBDT said this is being done to ensure that all the assessment orders are passed through Faceless Assessment Scheme, 2019.

In absense of clear and to the point submissions, it may result in unwarranted additions/ adjustments and future tax litigation, Kumar said. "So, both tax authorities and taxpayers need to be extra careful."

Hiring, investments likely to slow down; these 5 factors to decide time, pace of India’s economic recovery

Uncertainties around employment and financial anxieties have reduced the spending intent amongst Indian consumers on discretionary goods.

coronavirus, indian economy, slowdown, economic recovery, lockdown, time of recovery

China extends anti-dumping duties on optical fibres from India

The decision came after MOFCOM evaluated the possible damage to Chinese industries if anti-dumping measures are terminated, at the request of the domestic single-mode optical fibre industry on August

It ruled that if the measures are terminated, the dumping of imported single-mode optical fibers from India may continue and Chinese domestic industries subsequently be impacted.

Nirmala Sitharaman says any Income-Tax related communication not generated from computer will be invalid

FM Sitharaman said that the faceless tax scrutiny assessment and appeal would help ease the compliance burden of taxpayers and increase fairness and objectivity in the tax system.

Finance Minister, Nirmala Sitharaman, tax charter, honouring the taxpayers

Income Tax officers to be fair, courteous; taxpayers should be honest, compliant: Charter

The I-T Department will have to periodically publish standards for service delivery and provide a fair and just system to resolve tax issues in a time-bound manner.

Modi Highlights: Tax rules get easier, friendlier; faceless assessment, appeal, taxpayer charter; honesty honoured

PM Modi Highlights: Prime Minister Narendra Modi exhorted taxpayers, 'ask your conscience and pay tax honestly', while launching the platform for 'Transparent Taxation -- Honoring the Honest’.

prime minister narendra modi

Sugar-coating: Mills to get higher prices to offset hike in cane rates

While the increase in the minimum sale price at the factory gate is expected to improve mills’ cash flow in a market already awash with supplies, the hike in the cane FRP will raise their costs.

The Centre had, in July last year, refrained from raising the FRP for 2019-20 from Rs 275 per quintal to keep a leash on mills’cane costs.

Dues pile up: After power producers, machine suppliers say UP discoms owe them Rs 2,000 crore

The states discoms owes money even to small transformer repair contractors who have been worst hit by the coronavirus outbreak.

They have pushed some larger suppliers into stopping doing business with UP discoms, industry sources said.

PM Modi to launch facility to ‘honour’ honest taxpayers on Thursday

The Central Board of Direct Taxes (CBDT) in a statement cited the fact that last year the corporate tax rates were reduced to 22% from 30%, and for new manufacturing units the rates were reduced to 15

It is not immediately clear if the platform to be launched by Modi will provide for specific incentives to honest taxpayers.

767 pre-operational licences needed for business in India; slash this regime to let FDI help economy

Foreign businesses that seek to develop roots in India have to face a committee of secretaries from 35 central ministries or departments, besides an overall regime of 767 establishments pre-operationa

paperwork, ease of doing business, regulations

GST evasion caught: Madhya Pradesh cement company exec arrested for crores of rupees of fraud

Substantial quantities of cement and clinker have been supplied in an illicit way without payment of GST in the states of MP and UP.

GST evasion, GST, tax evasion, cement maker, cement manufacturer

Industry needs to become more competitive to make India ‘Atma Nirbhar’, says Suresh Prabhu

"In the days to come, we have to move with confidence as there is no alternative to Atmanirhbar Bharat," he said, adding that even votaries of a free market economy like the US are adopting protection

Prabhu, who is India's Sherpa at G20, also said most countries are adopting protectionist policies and India too must become self-reliant.

COVID-19: India-Bhutan border trade via Bengal suspended due to lockdown in Himalayan kingdom

Even though three districts of West Bengal --Alipurduar, Jalpaiguri and Kalimpong -- share a border with Bhutan, the major chunk of trade with the Himalayan kingdom takes place through the Jaigaon-Phu

The border gates between India's Jaigaon and Bhutan's Phuentsholing were closed after the total lockdown came into force in the neighbouring country on Tuesday, an Alipurduar district official said.

India’s fuel demand dips 11.7 per cent in July

Fuel demand fell to 15.67 million tonnes in July, 11.7 per cent lower compared with 17.75 million tonnes consumption in the same month a year ago, and 3.5 per cent lower than the June sale of 16.24 mi

Diesel usage in July was lower than 6.3 million tonnes consumption in June. Petrol demand fell 10.3 per cent from a year earlier to 2.26 million tonnes, and by 0.8 per cent from 2.28 million tonnes in June.

UK’s deep economic recession may send strong global headwinds to India

The UK is a major market of India’s apparel, footwear, nuclear reactors, boilers, machinery, iron & steel, and pharma products, amongst others.

UK india ties, UK economic recession, recession, GDP, trade relations

UK plunges into deep recession, Rishi Sunak admits ‘hard times are here’

"Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. But while there are difficult choices to be made ahead, we will get through this, and I ca

Are you an honest taxpayer? PM Modi to give honours for pushing tax reforms journey

Going ahead with a Budget announcement pertaining to ‘taxpayer charter’, Prime Minister Narendra Modi is all set to launch a platform for honouring the country's honest taxpayers on Thursday.

States’ borrowings skyrocket due to coronavirus; these five states borrowed more than double this year

Karnataka, Maharashtra, Nagaland, Sikkim, and Tamil Nadu are the states which borrowed massively this year.

state borrowing, borrowings of states, state revenue, nirmala sitharaman, GSDP

El Salvador: A market on the rise for Indian companies

Friendship between India and El Salvador begun some centuries ago, in the form of commercia exchange when El Salvador was still under the colonial rule of Spain, as part of the Captaincy General o Gua

UK economy falls into recession; GDP in second quarter collapses by record 20%

The data also showed the world's sixth-biggest economy entered a recession as it shrank for a second quarter in a row.

UK economic output, britain economy, coronavirus lockdown, gross domestic product, recession, UK GDP, latest news on UK economy
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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