Economy Updates

  A set of changes related to income tax are coming into effect from the first day of the new financial year. One of the highlights is the 30% tax on cryptocurrency gains. What are the other changes? As the new financial year brings new tax rules, taxpayers should bear in mind that the deadline for filing late income tax returns for Assessment Year 2021-22 was March 31. If an assessee missed this deadline, he or she will have to pay a penalty and interest, and may even face imprisonment for violation. Further, not linking PAN with Aadhaar from today will carry a penalty... read more

The OMCs, on their part, according to earlier reports, said that there is no preference in awarding contracts for supply of ethanol The sugar industry has once again alleged that Oil Marketing Companies (OMCs) are hesitating in entering into long-term ethanol purchase contracts with established sugar firms and those who do not become part of the concessional loan scheme of the Central government. The millers, in a letter written few days back to the Union food and petroleum secretaries said that unless OMCs alter their purchase plans, the significant investments put in by sugar companies in... read more

Four companies have been selected to receive incentives under the government's Rs 18,100 crore PLI scheme for Advanced Chemistry Cell (ACC) battery storage, the government said Four companies including Reliance New Energy Solar Limited, Ola Electric Mobility Private Limited, Hyundai Global Motors Company Limited and Rajesh Exports Limited, have been selected to receive incentives under the government's Rs 18,100 crore Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) battery storage, the government said on Thursday. Commenting on the PLI Scheme for ACC Battery Storage, Union Minister for Heavy Industries Mahendra Nath Pandey said, "Increase in demand for... read more

PM Modi on Thursday hailed the govt procurement portal GeM achieving an order value of Rs 1 trillion in a single yr and said the platform is especially empowering the MSMEs. Prime Minister Narendra Modi on Thursday hailed the government procurement portal Government e-Marketplace achieving an order value of Rs 1 lakh crore in a single year and said the platform is especially empowering the MSMEs. Government e-Marketplace (GeM) portal was launched in August 2016 for online purchases of goods and services by all... read more

Paytm has clarified stating the RBI ban does not impact on the services provided in partnership with other financial institutions. Shares of One97 Communications, the parent company of digital payments major Paytm, tanked nearly 14 per cent to hit a new low of Rs 672 on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) barred Paytm Payments Bank (PPBL) from onboarding new customers with immediate effect because of certain supervisory concerns. The stock feel below its previous low of Rs 728.50 touched on March 8, 2022. The stock has now declined 69 per cent when compared with its issue price of Rs 2,150. The company made its market debut on... read more

The Mahanadi Coalfields Limited (MCL) has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country The Mahanadi Coalfields Limited (MCL), a unit of the CIL, has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country, a release said. On March 12, 2022, the company produced 7.62 lakh tonne of dry fuel which is the highest in a day during the current financial year reaching 157.7 MT with a growth of around 16 per cent over the last financial year, the company release... read more