BUSINESS
Parl Panel report on Income Tax Bill focuses on taxpayer protection, reduced compliance
One key recommendation is to provide flexibility to small taxpayers for allowing refund claims in cases where the return is not filed on time.
BUSINESS
Monsoon, incomes and incentives fuelling India's rural consumption boom
Improved credit availability from NBFCs, increased government spending, a supportive kharif harvest, the onset of festive season-related demand and a backdrop of low inflation will drive rural consumption in H2FY26, according to one economist Moneycontrol spoke to.
BUSINESS
Government may allow you to dip into your PF once every 10 years
If the changes being considered are implemented, members could be allowed to withdraw their entire corpus even in their 30s
BUSINESS
Higher crop output expected in 2025 but uneven distribution of rains could be a spoiler: Govt source
Early monsoons do not necessarily always translate into higher production, though such results are probable and expected by the government, an official told Moneycontrol. There needs to be caution in such conditions as some areas might be prone to flooding or drought, resulting in crop destruction.
INDIA
Income Tax officers raid over 200 premises to nab suspects facilitating fake I-T refunds
"It’s recently being seen that net tax collections growth of the central government is much lower than expected. Fake refunds are a major issue," an Income Tax officer told Moneycontrol.
BUSINESS
Indian delegation in US for another round of trade talks
The talks come amid India’s broader push to expand its network of free trade agreements (FTAs) with several countries.
INDIA
Army veterans face problems with pension portal SPARSH
India's defence veterans face hardship after switch from old pension disbursement system to new online portal
BUSINESS
States lead on labour reforms, pave way for women’s night shifts amid Centre’s code delay
Several major labour reforms have been carried out by almost all states. For instance, Gujarat and Andhra Pradesh have amended the Factories Act to allow for 12-hour shifts while retaining a 48-hour weekly limit. Many states have also harmonised the adherence and expansion of social security for gig workers.
BUSINESS
Bharat Bandh political, aimed at derailing labour reforms, says official
The striking unions have no concrete action plan on labour reforms and have an anti-development agenda, the official has said
BUSINESS
Crypto under scanner: FIU scrutinising use of private wallets for illicit fund transfers from Pakistan
Sources say Binance is being probed as it's used in most cases for cross-border crypto-transactions.
INDIA
India may have agreed to non-GM soybean, corn imports from US: Niti Aayog's Ramesh Chand
The US has been demanding access for GM soybean and maize. In 2020, 94 percent of the soybean and 92 percent of the maize grown in the US were genetically modified
BUSINESS
No major economic impact of labour strikes, labour reforms already implemented: Govt sources
Many non-BJP ruled states, such as Punjab, Himachal Pradesh, Karnataka, Jharkhand, Tamil Nadu, and Telangana have also implemented most of the reforms. Only two states--West Bengal and Kerala—have, however, undertaken only a few reforms linked to the central codes.
BUSINESS
EPFO credits 8.25% interest to 97% members as of July 8
Last year, for FY24, the process of crediting the interest to members’ accounts commenced in the month of August and got completed in December
BUSINESS
'Niggling issues' in India-US mini-trade deal may get resolved in near future, says EAC-PM member Sanyal
Sanyal says that both nations need to reach a middle-ground even as conversations for the mini-trade deal has progressed “quite far”
BUSINESS
GST at 8: MSMEs continue to face rising compliance costs and hurdles
As GST, India's most ambitious tax reform, completes eight years, Moneycontrol does a ground check on the challenges that MSMEs face. While the consensus is that the reform has simplified compliances but challenges such as ITC denial, HSN related complexity remain.
BUSINESS
Where are the jobs? IT, banking, financial services sectors witness slow hiring
Jobseekers in the IT and banking and financial services sectors may face a tough time in coming months as many AI-related developments are prompting companies to pare headcounts, even as at a macro level the government feels that the outlook for employment appears "steady".
BUSINESS
Niti Aayog withdraws contentious paper on farm trade with US, confirms planning minister
Released in May, the document drew sharp criticism from farmer groups and industry associations
BUSINESS
FM Sitharaman calls for MDB reforms and 'fairer' credit rating systems at UN Conference
'India emphasises the importance of a comprehensive, equitable, and development-oriented global financing framework—one that respects country circumstances, preserves policy space, and delivers on the promise of sustainable development for all,' FM said.
BUSINESS
Comparability Concerns Plague Latest Household Consumption Survey: Chairman EAC-PM
Dev aslo suggested that future surveys should incorporate more probing questions to capture a more accurate picture of women's involvement in the workforce.
BUSINESS
Finance Secy Ajay Seth, force behind India's fiscal revival & capex push, concludes 38-year long IAS career
Instrumental in shaping the Centre’s fiscal consolidation glide path, he oversaw the government’s policy efforts in ensuring that the fiscal deficit target is adhered to every year.
ECONOMY
Amid global uncertainties, outlook for India is one of 'cautious optimism': FinMin report
These may be nervous but exciting times for the Indian economy, the ministry said
BUSINESS
New labour codes to significantly reduce compliance burden for MSMEs: TeamLease report
The TeamLease report said among India’s 6.3 crore MSME enterprises, only 10 lakh are formal entities covering their workforce under labour laws, while 6.2 crore are small and informal, employing over 90% of the labour force.
BUSINESS
Govt to track informal economy quarterly for a clearer GDP picture
Annual Survey of Unincorporated Sector Enterprises (ASUSE) is being planned to be released quarterly instead of the current annual release
BUSINESS
India needs open economy and global cooperation to achieve growth aspirations:Martin Wolf
India can’t thrive in a closed economy set-up with the kind of growth aspirations it has, noted Wolf. "It will be the 3rd largest economy soon. It has to think itself has a systematic power."
