FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia

FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia

According to the government, India received the highest-ever total foreign direct investment (FDI) inflow of $81.72 billion in FY21, up 10% from 2019-20. Inflows of equities, earnings reinvested, and other capital make up total FDI.

Singapore led the way with a 19 percent increase in foreign direct investment equity inflows over the previous fiscal year, followed by the United States and Mauritius. Saudi Arabia, on the other hand, saw the largest rise in foreign investment of $2.81 billion in FY21 compared to $89.93 million the previous year.

Saudi Arabia is the top investor in terms of percentage rise among the top ten countries in 2020-21, according to the government.

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FDI of $59.64 billion were recorded in FY21, up from $49.98 billion the previous year.

The commerce and industry ministry stated in a statement that “measures implemented by the government on the fronts of Foreign investment policy changes, investment facilitation, and ease of doing business have resulted in higher foreign investment inflows into the country.”

According to the report, foreign investment equity inflows from the US and the UK increased by 227 percent and 44 percent, respectively.

According to the statement, computer software and hardware emerged as the leading sector with roughly 44 percent of total Foreign investment equity investment, followed by Construction (Infrastructure) Activities (13 percent) and Services Sector (8 percent).

FDI
Gujarat, Karnataka, and Delhi are the top recipients of FDI in the Computer Software & Hardware sector

According to the statement, equity in the primary sectors of construction (infrastructure), computer software & hardware, rubber goods, retail trading, drugs & pharmaceuticals, and electrical equipment increased by more than 100 percent in 2020-21 compared to the previous year.

Gujarat is the biggest recipient state for foreign investment equity inflows this year, accounting for 37% of total foreign investment equity inflows, followed by Maharashtra (27%), and Karnataka (27%). (13 percent ).

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Learn about Income in Income Tax Act (Guide)

We hear a great deal around us about Income Tax, Income Tax Return, Income Tax Department, etc. In any case, have you at any point given it a respite and thought frame where this cycle begins?? Indeed, we’ll let you know, this begins with the termIncome!! Indeed, if there is no pay there won’t ever be any pay assessment or ITR or compliances under the Income Tax Act. Presently given us a chance to comprehend what is pay. Salary is everything without exception an individual gains. You may get your pay as compensation for carrying out some responsibility or as benefits from your business or in some other way. It is conceivable that an individual may win pay through at least one different ways, for example, pay, business, share exchanging, consultancy expenses, interests, blessings, stipends, and different other sources.To facilitate the way toward announcing and tax collection, the Income Tax Act 1961, arranges a wide range of pay under these five (5) heads, in particular Income From-

  • salary
  • House Property
  • Business and Profession
  • Capital Gains
  • Different Sources

Heads of Income under Income Tax

Salary:

The amount received to an employee for the job he is doing or he has done or about to do. This includes,

    • Basic Salary
    • Dearness Allowance (DA)
    • Wages
    • Commission
    • Annuity
    • Perquisites
    • Arrears of Salary
    • Salary received in Advance
    • Retirement Benefits
  • Allowances like HRA, LTA etc

Business & Profession:

Rental income received by a landlord (whether on residential or commercial property) is taxed under this head of income. Also, if you have taken any housing loan the interest benefit of the same is also given under the same head of income

Income from House Property:

Any person carrying on a business whether incurring profits or loss is required to make disclosures in Income Tax Return under this head of income. The extras are taxed and losses can be set off or carried forward.

Capital Gain:

When you sell any of your capital assets may it financial assets like shares, mutual funds other securities etc or sell your other capital assets like house, valuable items etc or in case of business the capital assets then in this case the details of profit or loss resulting from the transaction needs to be disclosed under the head of Income from Capital Gains. Long term capital gains and short term capital gains are taxed separately but losses can be carried forward or turned off.

Income from Other sources:

The income which cannot be classified in any of the above heads is categorized in this head of income. This is also referred as residual head of income under the income tax law. Some basic examples of income From Other sources are – Gifts received, dividends, Interest income etc.

In any case, an essential point to note here is that not all wages are assessable. Pay can additionally be bifurcated as

  • Excluded Incomes and
  • Assessable Incomes

Excluded Incomes

are those measure of cash which an individual has gotten amid the year however are not chargeable to impose under Income Tax Act 1961 like, agribusiness pay, profit pay and so on. While,

Assessable Incomes

are for the most part different livelihoods like compensation, benefits, salary from house property which are charged at the rates of assessment recommended by the Income Tax Department.

Likewise, the assessment filer will shrewdly pick the ITR frame to be petitioned for the year relying on its wellspring of salary. As CBDT issues pay tax documents each year which contrast on the criteria of the source from which you are gaining pay, sort of assessee and its quantum.

Not Receiving Your Income Tax Refund (Possible 11 Reasons)

The most anticipated advance in the wake of checking your Income Tax Return is getting discount. In any case, numerous a period our hold up is Prolonged!! Who likes to hang tight to get some cash? Nobody right!! Along these lines, today we would comprehend 11 such conceivable purposes behind a postponement in getting Income Tax Refund Online and the moves you should make. As a matter of first importance, we would propose you to guarantee that you have e checked your ITR or sent the marked duplicate to CPC Bengaluru. Since without finishing the check procedure no discount is started by the Income Tax Department. Effectively done above, next, you should check your Income Tax Refund Status which should be possible in any of the accompanying habits:

  • Through Tax2win
  • Through NSDL
  • Through Income Tax Login

On checking your Refund Status by citing your PAN number and choosing the pertinent Assessment Year you may go over any of the 11 status and here is a rundown of moves which must be made by you.

S.No.
Refund Status
What does it mean
Action to be taken
1.
 No E-filing is Done You have not filed your ITR or have filed it in paper form manually. To claim Income Tax Refund post Financial year 2014-15, it is mandatory to file a return of tax online. File your ITR Now!!
2.
 Refund is already credited to your Bank account. Please contact your bank. Or Refund cheque has been encashed The refund amount has already been transferred in your bank account by the Income Tax Department. Check your bank statement a son date specified in the status. Cross check the bank account which you gave at the time of filing ITR for credit of refund. If the problem persists contact SBI, Mumbai on 1800 425 9760
3.
 Refund not determined Or Your return is pending with the Assessing Officer In this case, your Refund is still being processed by the ITD You should wait, and check status after some days.
4.
 Account Number provided is incorrect The bank account number given at the time of filing your income tax return is wrong. Make Refund Reissue request with correct account details.
5.
 Defective Return u/s 139 (9) Your return was not complete or improper. Login your Income Tax India Online account and check for detailed reasons.
6.
 ITR processed but submit rectification request This generally happens because of mismatch in out and Tax Department calculations. Check details in intimation received u/s 143(1)
7.
 Return submitted but not verified You have successfully filed your ITR. But verification of the same is still pending. Verify your return either

  • Online
  • Offline
8.
 No Demand No refund found It means your ITR has been duly processed and there was no refund due. You can check details in intimation received u/s 143(1) and respond accordingly.
9.
 Return processed and tax demand determined This means after processing your return the tax department is of view that you should still pay some taxes. Check intimation and if not satisfied reply online or make the due payment.
10.
 Refund sent to the banker Your refund has been processed by the ITD but it is yet pending by the bank to process. Wait for some days and if the situation persists, contact the bank for more details.
11.
 Refund adjusted against Demand You had refund payable but the same has been adjusted against some taxes payable for previous years. Check notice you must have already received u/s 245 in this regard.

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