Income Mismatch: A Closer Look at India's Tax Notices!

Tuesday, July 25th, 2023

Good Afternoon ☕

The Income Tax Department is on a roll, and they've sent out a whopping 1 lakh notices to those lucky individuals with an income above Rs 50 lakh! 🤑 But don't worry, it's not all gloom and doom – this is all about a mismatch in income disclosed in ITR versus other sources. The best part? The department is determined to finish scrutinizing these notices by March 2024, thanks to the hardworking Finance Minister, Nirmala Sitharaman. 💼

Important News of the Day

1. Govt sent 1 lakh notices for not filing income tax returns: Nirmala Sitharaman

The Income Tax Department in India has sent about 1 lakh notices to individuals with income above Rs 50 lakh for a mismatch in income disclosed in ITR versus other sources. The department aims to complete scrutiny assessment of these notices by March 2024, according to Finance Minister Nirmala Sitharaman. The government has also approved an 8.15% interest rate on deposits under the Employees Provident Fund (EPF) scheme for the financial year 2022-23. After the payout, the retirement fund body will be left with a surplus of Rs 663.91 crore.

2. Chandrayaan-3 set to perform final earth orbit-raising maneuver today

India's third moon spacecraft, Chandrayaan-3, is set to perform its fifth and final Earth orbit-raising maneuver today, July 25, between 2 pm and 3 pm. The spacecraft has been performing a series of burns to raise its orbit around Earth since its launch on July 15. The next crucial phase in the mission is the landing on the Moon, which is scheduled to occur in August.

3. Govt notifies 8.15% interest rate for employees’ PF for FY23

The Indian government has approved an 8.15% interest rate on deposits under the Employees Provident Fund (EPF) scheme for the financial year 2022-23. The retirement fund body will be left with a surplus of INR 663.91 crore after the payout. The interest rate is marginally higher than the 8.1% rate for the previous financial year. The EPFO has asked its field offices to credit the interest at 8.15% on EPF deposits.

4. Govt rejects Chinese BYD-Megha Engineering's $1 bn proposal to set up EV plant

The Indian government has rejected a $1 billion investment proposal from Chinese electric car manufacturer BYD and its partner Megha Engineering to establish an electric vehicle (EV) plant. The proposal was for a joint venture between BYD and Megha Engineering to set up an EV manufacturing plant in Telangana. This decision comes amid increasing scrutiny of Chinese investments in India and concerns about national security. The rejection of the proposal reflects the government's cautious approach towards Chinese investments in strategic sectors.

Entrepreneur of the Day👨‍💼

Meet Raghav Goyal and Aaditya Fatehpuriya, the young masterminds behind the successful jewelry start-up, Zillionaire, which caters to the youth with a unique focus on creativity. Despite being just seventeen years old, these entrepreneurs have an impeccable sense of style and are always in tune with the latest trends. Zillionaire stands out in the crowd due to its founders' remarkable understanding of brand positioning. Recognizing the growth of the Indian hip-hop industry, they have strategically set their sights on this flourishing market.

Hip-hop jewelry trends may come and go, but today they hold significant influence, with renowned artists and personalities sporting distinct jewelry styles that capture everyone's attention. In this sea of choices, Raghav Goyal and Aaditya Fatehpuriya have come together to create "Zillionaire," a one-of-a-kind custom jewelry brand that embraces the hip-hop culture often overlooked in the world of fashion. Their collection features trendy and stylish chains that have become a symbol of wealth and status. Notably, Zillionaire's fashion statement has even gained recognition from global celebrities like Badshah, Divine (Gully Gang), and other prominent figures.

Amidst the challenges of the pandemic, Zillionaire has managed to carve a niche for itself and attract a massive fan base from all corners of the country. Raghav and Aaditya's love for hip-hop inspired them to establish the brand, which now leads the popularization of the iced-out fashion concept across India. With a wide range of choices, Zillionaire also offers customers the option to customize their jewelry, making it a thriving force in this competitive market. Looking ahead, the brand envisions becoming a dominant player in the industry and plans to open a physical showroom in Jaipur, Rajasthan. Their vision is to continue pushing the boundaries of innovative designs and cultural influence, ensuring Zillionaire's growth and success for years to come.

Breaking News: The Scoop You Can't Miss!

1. Govt initiates review of CVD imposition on stainless steel

The Indian government has initiated a review of the countervailing duty (CVD) imposition on stainless steel. This review process has been ongoing since 2021 and is specifically focused on countervailing duties against Chinese stainless steel imports. The Indian stainless steel industry has been eagerly awaiting the outcome of this review. The CVDs were initially imposed in 2017 at a rate of about 18.95% on hot and cold flat-rolled stainless steel imports from China. The review process has been dragging on without any result, but there seems to be movement now. The Oral Hearing on February 3, 2023, is highly anticipated in the Indian stainless steel industry.

2. ‘Samajwadi Party will contest Madhya Pradesh elections’: Akhilesh Yadav

The Samajwadi Party, led by Akhilesh Yadav, has announced that it will contest the upcoming Assembly elections in Madhya Pradesh. Akhilesh Yadav expressed confidence in his party's performance, stating that they will surpass their previous result of winning seven seats in the 2003 Assembly polls. However, he did not clarify whether the party would form an alliance with the BSP or the Congress for the elections. The Samajwadi Party aims to target the BJP's alleged corruption and scams during their campaign.

3. Petro product usage up 4.9% in AIndia's fuel consumption

In March, fuel consumption reached a record high of 4.83 million barrels per day, up 5% from the previous year, due to robust economic activity. Sales of bitumen rose 16.5% from February, while jet fuel sales increased more than 10.4% to 0.69 million tonnes and diesel sales were up 11.4% to 7.80 million tonnes.

4. Zerodha has this good news for options traders

India's largest stock brokerage platform, Zerodha, has announced that Sensibull, the country's best options trading platform, will be 100% free for all Zerodha users starting July 24, 2023. Sensibull CEO and co-founder Abid Hassan called it the biggest and most exciting news since the platform's inception in 2017. Options traders have the right but not the obligation to buy or sell the security at any time during the contract. Option buyers pay a premium to the sellers for such a right. Sensibull's move is expected to benefit Zerodha's options traders and Sensibull's business.

World News 🌎

• Police removes Greta Thunberg from Sweden climate protest hours after fine

• Twitter turns X: Memes flood social media

• Indonesia: 6.0 magnitude of earthquake jolts East Nusa Tenggra

• ‘Destruction of democracy’: Israeli PM Netanyahu faces mass protests

• Canada floods: Heavy rainfall cause damage, body of 15 people missing

• After China, US climate envoy John Kerry on 5-day India visit

• Pakistan, US hold talks to enhance bilateral defence ties

• UN Command engages in talks with North Korea regarding detained US soldier

• Japan on alert as North Korea launches ‘suspected ballistic missile’

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