BUSINESS
Payments made in advance may not absolve you from TDS/TCS provisions
In a clarification issued by the Central Board of Direct Taxes (CBDT), it said that since the threshold of Rs 50 lakh for the payment of TDS or TCS is with respect to the previous year, calculation of sum for triggering TDS under Section 194Q shall be computed from April 1, 2021. The Finance Act, 2021 inserted a new Section -- 194Q -- in the Income-Tax Act, 1961, which took effect from July 1, 202I.
Enhanced revenue collection should now be 'New Normal': Sitharaman
In her message on GST Day 2021, she expressed satisfaction at the way tax departments handled the situation in providing stability to the GST regime that ensured buoyant tax collections, crossing Rs 1 lakh crore for eight months in a row and record GST collection of Rs 1.41 lakh crore in April 2021.
RBI Guv calls for sustained policy support, stronger capital buffer by banks
In his foreword to the Financial Stability Report for July 2021, Das said that while recovery is underway, new risks have emerged, including the still nascent and mending state of the upturn which is vulnerable to shocks and future waves of the pandemic. "Accordingly, sustained policy support accompanied by further fortification of capital and liquidity buffers by financial entities remain vital," Das said.
Samsung set to log strong Q2 earnings on chip biz: Analysts
The South Korean tech giant was projected to log 11.2 trillion-won (US$9.9) billion in operating profit for the April-June period, up 37.6 percent from a year earlier, while its sales were estimated to increase 15.8 percent on-year to 61.3 trillion won over the period, according to the data from 15 local brokerage houses compiled by Yonhap Infomax, the financial news arm of Yonhap News Agency.
Hyundai's June YoY total sales up over 100%
The company's cumulative sales rose to 54,474 units last month from 26,820 units sold during June 2020, the company said. On a sequential basis, the company had cumulatively sold 30,703 units in May 2021. Geography-wise, the domestic sales rose to 40,496 units from 21,320 units reported for the corresponding period of last year.
Win for KVIC: WIPO bars Delhi-based firm from illegally using brand name 'Khadi'
The KVIC is a statutory corporation under the Ministry of Micro, Small and Medium Enterprises and is the original owner of the 'Khadi India' brand. The Administrative Panel of WIPO's Arbitration and Mediation Center has ruled that the firm "Om Soft Solutions", owned by one Harsh Gaba, had registered and used the domain name www.urbankhadi.com in "bad faith" and to gain benefit from the goodwill of Khadi.
Reliance Infra in talks with Cube Highway for sale of 4 road assets
Singapore-based Cube Highways is promoted by I Squared Capital, a wholly owned subsidiary of the Abu Dhabi Investment Authority, International Finance Corporation and a consortium of Japanese investors including Mitsubishi Corporation and Japan Overseas Infrastructure Investment Corporation.
Foreign liabilities rise as NRI claims hike to $352.7B in March
The foreign owned assets in India increased by $17.9 billion in Q4 of the last fiscal, much higher than overseas financial assets of the Indian residents at $6.7 billion during the quarter. As per India Investment Position (IIP) report of the Reserve Bank of India (RBI), Indian residents' overseas financial assets abroad increased largely on the back of the increase in overseas direct investment as well as currency and deposits.
Maruti Suzuki's June sales zooms on YoY
Accordingly, the company posted a total sales of 147,368 units in June 2021 from 57,428 units sold during the like period of last year. On sequential basis, the company's total sales stood at 46,555 units in May 2021. The sales growth momentum in June picked up after slowing down from April to May due to Covid's second wave.
High GST collection shows resilience of Indian economy: Anurag Thakur
In his message on the occasion of the fourth anniversary of the Goods and Services Tax (GST), he noted that the fourth year of GST brought challenges and successes in equal measure. Starting in the wake of the first wave of the pandemic with its profound impact on econmic activity, lives and livelihoods, the year ended while we are emerging from the second wave, he said.
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