Category: Factly – Indian Economy

Supreme Court ruled that the linking of PAN with Aadhaar is mandatory to file income tax returns from April 1, 2019 onward, it is mandatory for even those who do not need to file returns. According to Section 139AA of the Income Tax Act, not only is PAN mandatory for filing income tax returns but… Continue reading Only 50% of PAN linked to Aadhaar

The February 12 circular aims at quick reporting of defaults, resolution plan for defaulting companies and a time-bound referral of defaulting companies to the National Company Law Tribunal (NCLT) and makes it mandatory to map an account as NPA even on a single-day default. Power sector companies had challenged the the February 12 circular in… Continue reading Government proposed no modification in February 12 circular of the RBI.

Six-member monetary policy committee (MPC) headed by RBI Governor lowered the repo rate by 25 basis points to 6.25 per cent, repo or repurchase rate is where RBI lends money to commercial banks.RBI last cut rates in August of 2017. RBI has taken this decision because India’s consumer price based inflation is averaged at 3… Continue reading RBI cuts repo rate by 25 bps:Loan EMIs likely to reduce

The Banning of Unregulated Deposit Schemes Bill 2018 was introduced in Parliament on July 18, 2018 which bans unregulated deposit scheme not registered with the government. The bill will effectively tackle the menace of illicit deposit-taking activities and prevent such schemes from duping poor and gullible people . The principle is that the bill will… Continue reading Cabinet clears amendments to Banning of Unregulated Deposit

Amidst allegations of delaying the release of NSSO report on employment, the Central government has reported to the Parliament that there is no data available on unemployment post-demonetization. Labour Bureaus’ surveys on unemployment for which the latest data available is pre-demonetization, pegs unemployment rate at 3.7% in 2015-16  Sources of labour statistics include: a) Ministry… Continue reading No unemployment data post-demonetization: Labour Minister

Expenditure on subsidies is expected to be at 9.83% of total expenditure in 2019-20, up from the 9.65% in 2018-19. Spending on subsidy has been falling consistently from 18.2% in 2012-13 to 8.15% in 2017-18. However, the reason for reversal this year accounts to sharp rise in food and petroleum subsidies due to hike in… Continue reading Spending on Government subsidy on rise

World Economic Situation and Prospects 2019 Report produced annually by the UN Department of Economic and Social Affairs (DESA), the UN Conference on Trade and Development (UNCTAD) and the five UN regional commissions on global economic trend. The global economy will continue to grow at a steady pace of around 3 per cent in 2019… Continue reading World Economic Situation and Prospects 2019 Report and its findings

Centre has set up a five-member working committee to look into revising the norms of the angel tax imposed on start-ups. Angel tax is a term used to refer to the income tax payable on capital raised by unlisted companies via issue of shares where the share price is seen in excess of the fair… Continue reading The very idea of an ‘angel tax’ on start-ups must be reconsidered

The Interim Budget promises range of schemes such as income transfers to farmers and a pension scheme for workers aged over 60 years in the unorganized sector and 10% quota for the “economically weaker sections” in the general category raises the question over its impact. However, cash transfer to poor do not ensure accessibility, affordability… Continue reading The danger of cash transfers schemes to poor

The government has set up a five-member working committee to look into the angel tax issue and come up with guidelines. Startups, who rely heavily on this funding, have raised concerns over levying taxes on angel funds under Section 56 of the Income Tax Act. Angel funds refers to a money pool created by high… Continue reading Centre may relax angel tax norms for start-ups, sets up panel