Most of India knows Deep Sidhu as the man who planted the Sikh religious flag on Red Fort.
India's factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April. The high positive annual growth in the index of industrial production (IIP) in March 2021 came on back of a contraction of (-)0.9 per cent and (-)3.4 per cent in January and February 2021 respectively, according to the data released by the National Statistical Office (NSO) on Wednesday. This turnaround was led by recovery in the mining, manufacturing and electricity sectors.
'With the Bundesliga as the only league to be broadcast on TV, I expect we will have an audience of a billion'
The bulk of states' revenue comes from the devolution from the Centre's divisible tax pool, GST, VAT on petroleum, and excise duty on alcohol.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
According to the survey by Deloitte India and National Human Resource Development, 35 per cent of Indian businesses are expecting a strong growth this year while another 45 per cent feel that it would be moderate.
Other measures being considered include relatively stringent KYC norms and a separate standard operating procedure for approval, renewal, and fresh investment from India's neighbouring countries.
The Indian manufacturing sector has registered gross profits and sales growth rates amounting to double the figures of global manufacturers, according to a Global Benchmark Study by Deloitte.
Goa, Kerala, Maldives and Dubai are among the popular destinations.
India needs about 19 million low-cost homes -- roughly defined as costing a million rupees ($16,700) and below -- to shelter an urban population expected to nearly double to 600 million by 2030 from 2011.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
Spain's Real Madrid retained the title of the world's richest football club in the past year thanks to sponsorship and TV deals robust enough to endure a season without a major trophy, a study showed on Thursday.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
The government of Gujarat has been projecting its industrial growth as a model for other states but it does not appear so industry-friendly in the number of labour laws one needs to comply with, shows a survey.
The government is keen to close the sale before March 31, 2021, to help meet a record Rs 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from divestment proceeds in the Budget for 2020-21.
While the Union Cabinet had in November last year approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7. The EoI submission deadline was May 2, but on March 31 it was extended up to June 13. On Wednesday, the government said this deadline is further being extended up to July 31.
The mop-up could have been much higher, but tax on imports fell 2 per cent y-o-y.
Nearly $120 bn will come from private sector
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
Most of the hirings are, however, in the entry or junior level.
An analysis of S&P BSE 500 companies suggests that promoters of Indian private-sector companies in particular could end up paying at least 20 per cent more as additional tax on the same dividend income.
The footprints of Indian-origin corporate executives at multinationals is expanding, with Sandeep Kataria taking over the reins of footwear major Bata as its global chief executive officer. From FMCG majors to IT titans, Kataria joins the league of Indian-origin executives who have climbed the highest echelons of corporate across diverse sectors globally. From Nooyi to Pichai to Nadella, the list of such people at the helm of multi-billion dollar enterprises is long.
Punjab National Bank is planning to open a subsidiary in the United Kingdom in a bid to make its presence felt in the international arena.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
According to the report by WEF and Deloitte Touche Tohmatsu, the manufacturing sector not only adds value to the overall economic growth but also helps in creating more jobs than any other sector.
The average variable pay across sectors is projected at 17.4%.
The new definition under the Code of Wages, 2019, includes three components: basic pay, dearness allowance and retention payment.
'We know that returning money to unitholders at the earliest is the first and most important step towards resurrecting our brand and regaining investor trust.'
After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed on Friday. Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic. According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
They, however, remain cautious in resuming aggressive capital spending.
Internet giant Google is the most attractive employer for graduates from the Asia-Pacific region in a list of top companies which figures no Indian firm.
Investment by US PE firm KKR will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon and Walmart's Flipkart.
The market buzz is that the GoAir promoters are hoping for a valuation that is at least a little more than double its closest rival SpiceJet.
The new restriction will be challenging for businesses, as they will have to do regular follow-ups with their suppliers.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit. In a tweet, Vedanta chairman Anil Agarwal said, "Q2 #GDP numbers show that economy is recovering. Government's efforts on stimulus and reform are showing results. Hopefully, we will have positive growth in H2 FY21 and double digit growth in FY22."
