India's New Tax Regime Attracts 5.5 Crore Taxpayers!

Good Morning ☕

Well, it seems like India's tax regime is on a mission to be more appealing than a Bollywood dance sequence – attracting taxpayers left and right like a magnet to steel. With tax rates getting a makeover and digitization making taxes as easy as ordering street food, it's like the financial year has decided to put on its trendiest outfit and strut its stuff! Who knew taxes could be this fashionable?

Important News of the Day

1. New tax regime likely to have attracted 5.5 crore taxpayers in FY24: Report

According to a report by the State Bank of India, the new tax regime introduced in India is likely to have attracted 5.5 crore taxpayers in the financial year 2023-24. The report also suggests that the new tax regime will lead to a reduction in tax rates for most taxpayers, resulting in a boost to disposable income and consumption. The report further states that the government's focus on digitization and simplification of tax procedures will also help in increasing tax compliance.

2. ICICI Bank, SBI, Ujjivan Small Finance Bank among top picks by Axis Securities in banking sector

Axis Securities has recommended ICICI Bank, SBI, and Ujjivan Small Finance Bank as top picks in the banking sector. ICICI Bank has a strong growth outlook and a large footprint across India with 4700 branches. Retail and SME comprise 65% of total loans. Axis Bank is the third largest private sector bank in India with a balance sheet size of ₹11.1 lakh crore as of December 2021. The recommendation is based on the banks' potential for positive returns.

3. Indian Deputy NSA in Seoul: collaboration in critical & emerging tech tops agenda

India's Deputy National Security Advisor, Pankaj Saran, met with South Korea's Foreign Minister, Chung Eui-yong, to prioritize collaboration in critical and emerging technologies ahead of their key talks. The dialogue was established in 2014 and has played a pivotal role in fostering bilateral cooperation. The meeting comes as Prime Minister Narendra Modi is set to attend the 15th BRICS summit in Johannesburg, South Africa, where he will spend two days. The United States is also committed to working with its partners to secure critical infrastructure and government systems, prepare for cyber incidents, and cooperate to deter disruptive and destabilizing cyber activity.

4. NLC India completes diversion of Paravanar River course

The news article titled "NLC India Completes Diversion of Paravanar River Course" reports that the long-awaited work for the permanent diversion of the Paravanar River course has been completed. The project, which was finished on August 21, 2023, involved redirecting the river for the expansion works of Neyveli Coal Company. The land required for this diversion was acquired between 2006 and 2013, and compensation was paid as per norms. The completion of this project is seen as a significant milestone for NLC India.

5. India gets its own NCAP rating for vehicle safety standard

India has launched its own NCAP (New Car Assessment Program) rating for vehicle safety standards. The Bharat NCAP will assign star ratings to cars based on their safety performance. The program will be implemented in phases, and cars sold in India will be tested for frontal offset, side impact, and pedestrian protection. The program is expected to help automakers export locally produced cars globally and harmonize India's vehicle safety standards with global standards. The latest safety ratings of all Indian cars crash tested by Global NCAP can be found on their website.

6. PM Modi departs for Johannesburg to attend 15th BRICS summit

Indian Prime Minister Narendra Modi has left for South Africa to attend the 15th BRICS (Brazil, Russia, India, China, and South Africa) summit. The summit will be held in Johannesburg from August 22 to 24, and it will be the first in-person BRICS summit since the COVID-19 pandemic began. During his visit, Modi is expected to hold bilateral meetings with Chinese President Xi Jinping and other leaders. After the summit, Modi will visit Greece on August 25.

7. India' GDP growth likely at 8.5% in first quarter: Icra

According to credit rating agency ICRA, India's GDP growth is expected to be 8.5% in the first quarter of the current fiscal year (FY) 2023-24. This growth is attributed to the low base effect of the previous year and the gradual opening up of the economy. However, the agency also warned that the second wave of COVID-19 and the subsequent lockdowns could impact the pace of recovery. The International Monetary Fund (IMF) expects India to grow by 5.9% in FY 2023–24 and by an average rate of 6.1% over the next five years.

8. Indian students in Ukraine face hostility amid ongoing conflict

Indian medical students studying in Ukraine are facing hostility from locals due to New Delhi's relations with Russia, according to multiple reports. The students have been accused of supporting Russia and have been asked to "go back". This animosity has intensified significantly, and Indian students are now seeking transfer options due to ongoing challenges. The hostility is exacerbated by perceptions that India supports Russia in the ongoing conflict, and Indian students are living in constant fear. Despite these difficulties, Indian students are determined to continue their studies and are seeking solutions to transfer to other universities.

9. ED raids premises of Jharkhand Minister's son Rohit Oraon in liquor scam case

The Enforcement Directorate (ED) conducted raids on the premises of Rohit Oraon, son of Jharkhand Minister Joba Majhi, in connection with a liquor scam case. The ED reportedly conducted searches at multiple locations in Jharkhand and West Bengal. Rohit Oraon is accused of being involved in the illegal sale of liquor in Jharkhand. The ED is investigating the case under the Prevention of Money Laundering Act (PMLA).

10. India and Bangladesh strengthen customs cooperation and trade facilitation

India and Bangladesh have reaffirmed their commitment to enhancing customs cooperation and facilitating cross-border trade in a meeting held in New Delhi. The two countries discussed issues relating to customs cooperation and cross-border trade, including the opening of new land customs stations and easing port procedures. India has become Bangladesh's largest trading partner in South Asia, and there is much potential for developing trade and economic cooperation between the two countries. Seamless transport links between Bangladesh and India could boost national incomes by up to 17% in both countries.

World News 🌎

• US court stays extradition of Mumbai terror attacks accused Tahawwur Rana

• Amid 'I didn't clear bills' row, Pakistan President Arif Alvi sacks secretary

  North Korean flight lands in Beijing ending Pyongyang's global isolation.

• Pakistan: Chairlift cable snaps; children, adults left hanging at 1,200 feet, disaster management sends helicopter.

• Russian scientist rushed to hospital after Luna-25 crashed into Moon.

• Moscow airports suspend flights after Ukrainian drones shot down in Russia

• ‘India is important country for me,’ Joe Biden once told US ambassador

• Mar-a-Lago IT manager implicates Trump in classified files case

• Palestinian militant, 17 killed during Israeli West Bank raid

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