Author: Economy

No interest shall be payable if the amount of refund is less than 10 percent of the tax determined on summary assessment or regular assessment A taxpayer is eligible for interest on refunds but not all refunds, as per rules. The interest component was missing in the income tax refunds received by many taxpayers. When […]

The value of the foreign portfolio investors’ (FPI) holdings in the domestic equities reached a record USD 555 billion in 2020-21, a whopping USD 105 billion growth between September 2020 and March 2021, according to a report. As against this, the value of the domestic institutional investors at USD 203 billion was not even half, […]

Listed firms mopped up Rs 7.72 lakh crore through issuance of bonds on private placement basis in 2020-21, an increase of 14 per cent from the preceding fiscal, supported by low interest rate and surplus liquidity in the system. This also marks the highest level of fund raising through such a route in a financial […]

Lenders were hoping to recover Rs 25,000-30,000 crore from the Aircel and RCom resolution plans The outstanding overdues of power distribution utilities fell by over Rs 15,118 crore to Rs 74,510 crore in March this year, as compared to the preceding month, mainly due to the release of the second tranche of liquidity infusion package, […]

The provisional payroll data of EPFO highlights a growing trend with the addition of 12.37 lakh net subscribers during the month of February, 2021, a labour ministry statement said. The data reflects growth of 3.52 percent in net subscribers addition in February 2021 over January 2021. Net new enrolments with retirement fund body EPFO grew […]

Nirmala Sitharaman, addressing a seminar organised by the Merchants’ Chamber of Commerce & Industry here, said the Centre has taken several steps to ensure that revival of the economy continues despite a raging second wave of the pandemic. PTI April 20, 2021 / 02:47 PM IST Nirmala sitaraman Finance Minister Nirmala Sitharaman on Tuesday said […]

EPFO subscribers can now check their PF or EPF balance without the Universal Account Number (UAN) number by logging in and following some simple steps Representative image For the benefit of EPFO members, the Employees’ Provident Fund Organisation (EPFO) has been taking steps to make Provident Fund (PF) investments more transparent. EPFO subscribers can now […]

S Jaishankar arrived in Abu Dhabi on Sunday with a focus on boosting bilateral economic cooperation. His visit to the United Arab Emirates comes amid evolving geo-political developments in the region, particularly in Afghanistan. PTI April 19, 2021 / 11:36 AM IST Source: Reuters External Affairs Minister S Jaishankar held another round of “productive interaction” with his UAE counterpart […]

It is to be noted that the economy contracted by a whopping 23.9 per cent in the first quarter (April-June) of the previous financial year due to the outbreak of the COVID-19 pandemic. PTI April 19, 2021 / 11:48 AM IST Nirmala sitaraman Finance Minister Nirmala Sitharaman on Monday said she has taken inputs from […]

A range of 96-104 percent of long-period average is considered as normal monsoon. [Image: Reuters] India’s South West Monsoon for 2021 is expected to be normal at 98 percent of the long-period average, the India Meteorological Department said on April 16. A range of 96-104 percent of long-period average is considered as normal monsoon. This […]

The regulator also plans to allow subscribers who join after 60 years of age to continue their NPS accounts till 75. National Pension System (NPS) launched in 2009 mainly caters to organised sector employees including all government employees in centre and states. The Pension Funds Regulatory and Development Authority (PFRDA) is planning to increase the […]

Migrant workers going back home due to lockdowns. [Image: Shutterstock] The threat to gross domestic product (GDP) from the second pandemic surge looms large. As India faces a massive rise in COVID-19 cases, and the possibility of more localized lockdowns becomes a reality leading to a possible drop in economic activity, analysts warn that GDP […]

Nirmala sitaraman Amid surging coronavirus cases in India, Finance Minister Nirmala Sitharaman on Tuesday made it clear that the government would not go for lockdowns in a big way and only resort to local containment. In a virtual meeting with World Bank Group President David Malpass, Sitharaman appreciated the initiatives of the international financial institution […]

Out of the total provisional indirect tax collections, custom duty collections came in at Rs 1.32 lakh crore, excise and service tax collections came at Rs 3.91 lakh crore, while the net GST collection for the centre stood at Rs 5.48 lakh crore. Union Finance Ministry. (PC-PTI) The provisional net indirect tax collections for 2020-21 […]

India racked up the world’s highest daily tally of coronavirus infections with 168,912 new cases on Monday, overtaking Brazil as the second-most affected country by the pandemic and causing a plunge in Indian stocks and the rupee. Reuters April 12, 2021 / 05:40 PM IST India’s accelerated vaccination drive may limit the economic disruption caused […]

Representative image | Source: Reuters India is on the right track and is innovating on the policy side, including on digital identity and payments, but it also needs to capture all the segments of the financial market and institutions to make sure that every piece fits together like a puzzle to fuel growth in the […]

Direct tax collections for FY21 came in at Rs 9.45 lakh crore, higher than revised estimates of Rs 9.05 lakh crore, says CBDT chairman PC Mody. April 09, 2021 / 12:17 PM IST (Image: Moneycontrol) Direct tax collections for FY21 came in at Rs 9.45 lakh crore, higher than revised estimates of Rs 9.05 lakh […]

Source: Reuters World food prices rose for a 10th consecutive month in March, hitting their highest level since June 2014, led by jumps in vegetable oils, meat and dairy indices, the United Nations food agency said on Thursday. The Food and Agriculture Organization’s food price index, which measures monthly changes for a basket of cereals, […]