BUSINESS
CBDT launches portal for public suggestions on Income Tax Act review
A webpage has been launched on the e-filing portal for public comments.
BUSINESS
MC Exclusive | Search for the next Sebi chief may have started, say sources
Sources say the search process has been started so that a replacement is in place if incumbent Madhavi Puri Buch does not get an extension after her three-year tenure ends on February 28, 2025
BUSINESS
Middle East crisis to have no immediate impact on India; may provide impetus to renewable energy transition: economists
India is well-placed to ride out the ongoing geopolitical crisis, but should not let go of the opportunity to accelerate its shift towards non-fossil fuels, economists said, while also underlining worries related to weak domestic demand.
BUSINESS
MC Exclusive: WazirX officials face questions as sleuths from govt agencies probe $235-mn crypto hack
The cryptocurrency exchange has checked for the possibility of an inside job, but no foul play has been detected as of now.
ECONOMY
Resilient Indian economy needs no urgent action on crude price rally, says govt official
Brent crude hovered on $78 a barrel in early trade on October 4, clocking its biggest one-day rise in almost a year
ECONOMY
Government committed to reducing fiscal deficit to 4.9% by FY25: FM Sitharaman
The finance minister emphasised that reducing the fiscal deficit from 5.6 percent of GDP in FY24 to 4.9 percent in FY25 will "not only keep the bond yields in check but also manage borrowing costs"
ECONOMY-2
111 private sector companies join govt's PM Internship Scheme; Pilot launched in 4 states
Candidates will be ineligible to participate in the scheme aimed at job creation, if any family member earned more than Rs 8 lakh in FY24 or is a permanent government employee
BUSINESS
Middle East conflict will have no significant effect on the economy in short term; could spell trouble if war is prolonged: Economists
Forex reserves are expected to protect India from immediate shocks, but escalation of war could impact trade and oil prices.
BUSINESS
Next IBC reform should focus on speeding up resolution process: CEA Nageswaran
Speaking at the eighth annual day of the IBBI, Nageswaran said, "The next step for IBC reform is to improve operational efficiencies, to speed up the resolution process..."
BUSINESS
IBC recovers 84% of fair value, not responsible for delay in admission by creditors: IBBI Chairman
The recoveries under IBC stand at 31-32 percent of the admitted claims
BUSINESS
Andhra Pradesh leads capex surge among states in FY24, records staggering 1,590% growth
Several states such as Himachal Pradesh, Mizoram, Manipur, Punjab and Karnataka reported significant contractions in their capex, finance ministry's data shows.
BUSINESS
Crude price volatility: Experts warn against fuel price cuts this election season
With the upcoming elections in key states of Maharashtra and Haryana, and crude at a record-low levels, OMCs could be prodded into a price cut.
BUSINESS
IT Act review to focus on simplification, substantive changes likely in phase II in FY26
The IT Act review in the first phase will look at making the Act simpler. The second phase in FY 26 will address substantive changes, specifically, introducing new policies and structures aimed at streamlining tax dispute resolution and compliance.
BUSINESS
Parl Committee likely to summon SEBI; FinMin to submit detailed accounts of SEBI to PAC today
Finance Ministry has to submit details to the Parliament secretariat today. The PAC has asked for Sebi’s accounts, the CAG audit and internal observations for FY23 and FY24. Sebi chairperson Madhabi Buch is likely to be summoned when PAC meets next.
BUSINESS
Risk of eventual correction in global stock markets may have spillover effects: FinMin
Urban consumption shows some signs of weakness, evident in the decline in automobile sales in the first five months of FY25 YoY, says FinMin's August economic review
BUSINESS
Income Tax Act review committee report likely by October
Finance Minister, Nirmala Sitharaman had announced a review of the Income Tax Act to make it simple. The committee, led by Chief Commissioner of Income Tax, VK Gupta, is in the process of finalising and submitting the report by October.
BUSINESS
GoM decision on GST rate cut on life and health insurance deferred, next meet on Oct 19
During the October 19 meeting, the GoM will deliberate upon health insurance-related matters for senior citizens, life insurance, term life insurance, group insurance, etc.
BUSINESS
Supreme Court disposes of 573 direct tax cases under revised monetary limits
The Union Budget 2024-25 enhanced the monetary limits for filing appeals related to Direct Taxes, Excise, and Service Tax in various judicial forums.
BUSINESS
Cabinet secretary to chair apex committee meeting on Maharatna status for HAL
A promotion to Maharatna status would provide HAL with greater financial independence compared to its current Navratna status
BUSINESS
Global price decline in edible oil, new crop to cushion inflationary impact of import duty hike, economists say
The upcoming soybean and groundnut harvests in October are anticipated to further mitigate any inflationary effects of the duty hike on edible oil, according to economists.
BUSINESS
Fed rate cut likely to boost Indian economy: DEA secretary Ajay Seth
Ajay Seth says he doesn't expect Fed's rate action to have a major impact on FPI flows into India
BUSINESS
Cabinet approves bio-manufacturing, biofoundry scheme with outlay of Rs 9,197 cr
The proposed outlay of Rs 9,197 crore will be implemented during the 15th Finance Commission period from 2021-22 to 2025-26.
BUSINESS
Another moonshot: Cabinet approves Chandrayaan-4, Venus mission and a space station
India’s space vision has been extended with the approval for the Bharatiya Antariksh Station (BAS), which will serve as the country’s first space station by 2035.
BUSINESS
Modi 3.0’s big ST push: Cabinet approves Rs 79,156 crore for tribal communities
Spread over five years, the programme will cover 63,000 villages and look to plug the gaps in social infrastructure, health and education, among others
