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CBDT starts sending emails, SMSs for mismatch in tax profile in FY24

Sun, 03/10/2024 - 14:22
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24. "On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions ma

India-EFTA free trade agreement holds out hope of $100 bn FDI, 1 mn jobs

Sun, 03/10/2024 - 12:29
The EFTA countries will get duty-free market access to India for products like Swiss watches and chocolate

16 years, 21 rounds of talks: India-EFTA free trade agreement a reality

Sun, 03/10/2024 - 12:29
For promised FDI, India's nominal GDP must grow 9.5% in $ terms over 15 yrs

India, EFTA trade deal to help boost trade, investments: Industry bodies

Sun, 03/10/2024 - 11:50
The free trade agreement between India and the four European nation bloc EFTA will help boost trade and investments in the country in sectors such as engineering, pharma, food processing, and apparel, says the industry. India on Sunday signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) under which New Delhi received a USD 100 billion investment commitment from these four European countries. The investment commitment by the companies of the grouping - Switzerland, Norway, Iceland and Liechtenstein - would be executed over a period of 15 years and facilitate creation of one million direct jobs in India. Industrialist and Tirupur Exporters Association President A Sakthivel said that the pact would help promote two-way commerce and help Indian apparel exporters increase their shipments. "The investment commitment will boost domestic manufacturing," Sakthivel said. Industry body CII President R Dinesh said that the "unique" pledge b

India-EFTA deal: Swiss watches, chocolates to enter India at lower prices

Sun, 03/10/2024 - 07:22
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. It will take up to a year to implement the agreement due to an elaborate ratification process of these pacts in different countries. "We are giving duty concessions on Swiss watches, and chocolates," an official said. Some famous Swiss watch brands are Rolex, Omega, and Cartier. Nestle, which is a Swiss brand, is a major player in the Indian FMCG industry and manufactures chocolates in India. It is the third-largest listed entity in the Indian FMCG segment. According

Here are key details of India's pact with four-nation European trade bloc

Sun, 03/10/2024 - 05:39
India and the members of the European Free Trade Association (EFTA) held 21 rounds of talks over 16 years to clinch the broad-based Trade and Investment Agreement

India-EFTA deal symbolises shared commitment to equitable trade: PM Modi

Sun, 03/10/2024 - 01:48
Prime Minister Narendra Modi on Sunday said the India-EFTA trade agreement symbolises our shared commitment to open, fair and equitable trade. He also said that the global leadership of EFTA countries in innovation and R&D across diverse spheres like digital trade, banking and financial services, and pharma will open up new doors of collaboration. "Heartiest Congratulations and best wishes to the negotiators and signatories involved in the signing of India-EFTA Trade and Economic Partnership Agreement (TEPA)," Modi said in a written message. The Prime Minister's statement was read by Commerce and Industry Minister Piyush Goyal here in the presence of ministers and officials of EFTA countries. "In the last 10 years, India's economy has taken a quantum leap, moving from being the world's eleventh largest economy to the fifth largest. Our next goal is to make India's economy in the world," the Prime Minister said. They are here for the signing of the FTA. The European Free Trade ...

India, EFTA sign $100 bn 15-year free trade agreement: Piyush Goyal

Sun, 03/10/2024 - 01:45
The deal is a binding agreement for the European Free Trade Association - Switzerland, Norway, Iceland and Liechtenstein

Nation first policy helped manage oil prices despite global conflicts: Puri

Sat, 03/09/2024 - 05:04
The Union Minister for Petroleum and Natural Gas said 85 per cent of India's crude requirements are met by imports, with the price of crude in the international market being the benchmark

Govt to take all measures to contain prices of essential food items: Goyal

Sat, 03/09/2024 - 04:48
The Centre will pull all stops to ensure prices of essential food items from onion to tomatoes to pulses do not spike particularly during the elections, Union Minister Piyush Goyal said as he cited the Modi government's track record of controlling rates within days of any temporary hike. In an interview with PTI, Goyal, who is heading the food and consumer affairs ministry, asserted that the Modi government would continue to take measures to ensure that there is no stress on the household budget of "our Nari-Shakti". Replying to a query regarding the government's strategy to ensure that there are no spikes in prices of food items when the general election kicks in, the minister said, "We are going to be on top of it. And I can assure the people of India that this government cares for the women of India." He highlighted that the government has spent in the last few years about Rs 28,000 crore to the price stabilisation fund to support the effort to fight against food inflation. "We

Office space demand likely at 50-55 mn sq ft across top 6 cities: Report

Sat, 03/09/2024 - 03:33
Office space demand in India's six major cities will remain healthy this year as domestic and foreign firms are expected to lease 50-55 million square feet area to expand their businesses, according to a FICCI-Colliers report. Gross leasing of office space stood at 58.2 million square feet across six major cities namely Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. Industry body FICCI and real estate consultant Colliers India earlier this week released its report 'India Office: Repurposed to scale-up'. The report has given three scenarios for office demand forecast - optimistic, realistic, and pessimistic. In a realistic scenario, the gross leasing of Grade-A office space is estimated at 50-55 million square feet this year across these six cities. The demand could go up to 55-60 million square feet in an optimistic scenario, while the leasing numbers could drop to 45-50 million square feet in a pessimistic scenario. "India's office space demand is likely to breach th

India-EFTA trade deal to bring in $100 billion investment in 15 years

Fri, 03/08/2024 - 13:43
The investment will be linked to the creation of one million jobs in India

UK team heads back to London with Round 14 of FTA talks still open

Fri, 03/08/2024 - 13:23
Sources said the UK is "proud" of all that has been achieved so far and that the Prime Minister Rishi Sunak-led government remains committed to securing a "comprehensive and ambitious" FTA and BIT

Economic shocks dragged consumption growth in previous decade: Nomura

Fri, 03/08/2024 - 11:22
On the flip side, the report also notes an increase in the share of spending on intoxicants and toiletries, other household consumables and entertainment

Forex reserves kitty jumps $6.55 billion to $625.63 billion: RBI data

Fri, 03/08/2024 - 07:14
India's forex reserves jumped USD 6.55 billion to USD 625.626 billion for the week ended March 1, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had risen by USD 2.975 billion to USD 619.072 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended March 1, the foreign currency assets, a major component of the reserves, increased by USD 6.043 billion to USD 554.231 billion, the data said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 569 million to USD 48.417 billion during the week, the RBI said. The Special Drawing Rights (SDRs

Coal gasification is reliable, will strengthen India's energy security

Fri, 03/08/2024 - 06:48
Serious efforts are needed make this energy supply alternative a success

Uttar Pradesh govt acquires around 1,000-acre land near expressways

Fri, 03/08/2024 - 05:09
Yogi Adityanath government is estimated to incur Rs 4,000 crore on acquiring land flanking the expressways, especially at the entry and exit points for faster transportation and logistics

Odisha govt approves seven key projects with Rs 80,125 crore investment

Fri, 03/08/2024 - 00:46
The Odisha government has approved seven key projects with an investment of Rs 80,125 crore in different sectors, an official said. The projects received the state government's nod at a High-Level Clearance Authority (HLCA) meeting chaired by Chief Minister Naveen Patnaik on Thursday. These investments are expected to create job opportunities for 24,552 people in various sectors, including steel, green energy, pharmaceuticals, and chemicals, the official said. These projects are spread over Khurda, Jagatsinghpur, Jharsuguda, Ganjam, and Bhadrak districts, he said. Granules Life Sciences Private Limited, a leading producer of paracetamol in India, has proposed to set up its pharmaceutical unit at Tata SEZ, Gopalpur in Ganjam district. The company aims to produce 4 billion units of paracetamol, metformin, ibuprofen and other pharma products, for which it will pump in Rs 1,100 crore in the Ganjam plant, generating jobs for around 1,500 people. Granules CZRO Private Limited will also

Despite legislative progress, gender issues still on margins, say experts

Fri, 03/08/2024 - 00:01
In the run-up to the Lok Sabha polls, the discourse surrounding women's issues has garnered renewed attention with the slogan of 'Nari Shakti' but several activists are apprehensive that the core concerns of women may again get subdued in the broader economic and political debates. There is a need for political parties to prioritise gender-sensitive policies, not merely as token gestures but as integral components of their core agendas, Poonam Muttreja, executive director of the Population Foundation of India (PFI) said, criticising the "marginalisation" of women's issues within the broader electoral discourse. "To truly empower women and address their unique concerns, it is imperative that political parties and leaders integrate gender-sensitive policies into their core agendas and manifestoes as a priority. "This includes not only increasing women's representation in political spaces but also ensuring that their voices are heard and acted upon in decision-making processes," she ..

India-US trade likely to top $200 billion this year: Ambassador Garcetti

Thu, 03/07/2024 - 12:40
The India-United States trade is likely to surpass the previous record of USD 200 billion this year and huge opportunities exist for the two countries to expand cooperation in defence, space besides critical emerging technologies like semiconductors and artificial intelligence, said American Ambassador Eric Garcetti on Thursday. The US is proud to be India's No. 1 trading partner with two-way trade reaching nearly USD 200 billion last year, Garcetti told reporters in Indore. "I think this year we will break the (previous) record of USD 200 billion in bilateral trade (between India and the US)," he said. The envoy asserted that US President Joe Biden in the past had emphasized that trade between India and America should rise to the level of USD 500 billion given the potential for expansion. Efforts are on achieve this goal, said the Ambassador who took charge of his new diplomatic assignment last year. Garcetti said huge opportunities exist to further grow Indo-US trade, and for ..

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