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Ø Maruti, Hyundai and Tata Motors post double-digit sales growth in July
Ø Hindalco to invest Rs 8,000-10,000 Cr in Hirakud, Silvassa & Mundra plants
Ø Biological E to break into the big league by Manufacturing 3 Covid Vaccines
Ø India’s appeal against Vodafone award in Senior court, hearing in Sept
Ø Government can exempt any listed PSU from minimum public holding
Ø IRB Infrastructure Developers completes Rs 381.63 Crore fundraising
Ø IDFC First Bank posts Rs 630-Cr loss in Q1 on Pandemic Provisions
Ø IPOs raise over Rs 27,000 Cr in Apr-Jul; issues worth Rs 70K Cr in the pipeline
Ø Leading Automakers post double-digit sales growth in July
Ø Gautam Adani incorporates new petrochemicals subsidiary
Ø India’s crude steel output up 21.4% at 9.4 MT in June: Worldsteel

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Ø India’s 5G space booming with global, domestic players pitching in
Ø Maruti Suzuki reports 50% increase in July sales at 1,62,462 Units
Ø Export fetters by China, Russia spell good news for Indian steelmakers
Ø India’s fuel demand picks up in July, petrol consumption at the pre-Covid level
Ø July GST revenue at over Rs 1.16 Trn; Govt says it marks economic recovery
Ø India’s Power Consumption back to pre-Covid level in July; up nearly 12%
Ø Tata Motors looking at measures to offset impact of semiconductor shortage
Ø Videocon’s Venugopal Dhoot moves NCLAT against Deloitte, CoC and Vedanta
Ø Hitachi ‘reimagining’ India as a global hub for new-age tech solutions
Ø FPIs pull out net investments worth Rs 11,308 Cr from equities in July

 

Ø RBI likely to maintain status quo on interest rate
Ø Fino Payments Bank files documents with Sebi for IPO
Ø PSU banks mobilise record fund of Rs 58,700 crore from markets in FY21
Ø PLI for speciality steel: Govt expects a robust response from large firms
Ø Logistics MSMEs must make a one-time tech investment
Ø Rolex Rings IPO subscribed 130.44 times on the last day
Ø Sebi gives more time to brokers, clearing members to comply with certain rules
Ø IPO market nears peak as valuations hit a 20-year high

GST collections for July at Rs 1,16,393 crore, improving the govt’s income collection.

Ø Passenger vehicle dispatches improve in July as curbs eased
Ø India’s crude steel output up 21.4% at 9.4 MT in June: Worldsteel
Ø Deals sizes of Happiest Minds’ infrastructure and security biz surge
Ø Vedanta’s Sterlite Power hires JM Financial and Axis Capital for IPO
Ø Torrent Power firming up electricity play
Ø HPCL goes all out to help India’s green push
Ø Retail, Agri segments drive credit growth in June: Care Rating
Ø Adani Enterprises incorporates new petrochemicals subsidiary
Ø IDFC First Bank Q1 results: Covid provisioning leads to ₹630 cr net loss
Ø S&P revises Adani Electricity Mumbai’s outlook to negative

Govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Quarter1

Govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Quarter1

Parliament was informed on Monday that the government’s total tax collection increased by almost 86 percent in the April-June quarter to more than Rs 5.57 lakh crore. Net direct tax collection totaled Rs 2.46 lakh crore, while indirect tax collection totaled Rs 3.11 lakh crore.

Minister of State for Finance Pankaj Chaudhary said, “The net direct tax collection in the first quarter of FY 2021-2022 is Rs 2,46,519.82 crore as against Rs 1,17,783.87 crore during the same period of previous FY 2020-21, representing a growth of 109.3 percent.”

In the first quarter of FY 2021-2022, net indirect tax collection was Rs 3,11,398 crore, up from Rs 1,82,862 crore in the same time the previous year, a 70.3 percent increase.

In response to another query, Chaudhary stated that the Income Tax Department takes appropriate action against tax evaders in accordance with applicable legislation.

Searches, surveys, inquiries, income assessments, tax levy, interest, penalties, and the filing of prosecution cases in criminal courts, if applicable, are examples of actions taken under direct tax laws.

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Furthermore, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act of 2015, more than 107 criminal complaints have been submitted.
Assessment orders under the Act had been issued in 166 cases as of May 31, 2021, with a total demand of Rs 8,216 crore.

In the HSBC cases, concealed income of around Rs 8,465 crore was brought to tax, and a penalty of Rs 1,294 crore was imposed. In ICIJ (International Consortium of Investigative Journalists) cases, the undisclosed income of almost Rs 11,010 crore has been discovered.

Representation on 10 issues relating to GST

Undisclosed credits totaling Rs 20,078 crore and Rs 246 crore have been discovered in the Panama Papers and Paradise Papers disclosures, respectively.

 

When does EPF become taxable?

When does EPF become taxable?

As per current law, an employee’s own contribution to the EPF account is not taxable. However, effective from April 1, 2020, onwards, the employer’s contribution to the EPF account can become taxable if it exceeds Rs 7.5 lakh in a financial year.

Though the biggest USP of the Employees’ Provident Fund is its EEE tax status, however, there are certain instances when EPF can become taxable. Here is a look at instances when you are required to pay tax on EPF.

Full withdrawal from the EPF account is allowed if an employee has left his/her job and has not joined any other new job after two months.

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When does an EPF contribution become taxable?

According to a new regulation introduced in Budget 2020, if an employer’s total contribution to an employee’s NPS account, superannuation fund, and EPF account in a financial year exceeds Rs 7.5 lakh, the excess contribution becomes taxable in the hands of the employee.

 

GDP grows 1.6% in Q4, but contracts 7.3% in FY21

 

Case I: When your company contributes more than Rs 7.5 lakh to your NPS, superannuation fund, and EPF account in a financial year.
Assume an employer contributes Rs 1 lakh to the superannuation fund, Rs 5 lakh to the NPS, and Rs 2 lakh to the EPF account in a fiscal year. This is a total donation of Rs 8 lakh, which is Rs 50,000 more than the tax-free maximum of Rs 7.5 lakh. As a result, an employee must pay tax on the extra contribution.

Case II: When a financial year’s contribution to the EPF account exceeds Rs 7.5 lakh and no contributions to the NPS or superannuation fund are made.
Assume a worker does not have an NPS account or a superannuation fund. In a financial year, however, the employer contributes Rs 8.5 lakh to the EPF account. In this scenario, too, the extra amount will be taxable in the employee’s hands.