Source: Indian Express
Income Tax Department (Ministry of Finance) has notified 'Cost Inflation Index (CII)' for calculating long term capital gain tax arising from sale of immovable properties, securities (shares/bonds) and jewellery).
For example. If i purchased a house worth Rs. 1 crore in present year and sold it in Rs. 1.1 crore next year and the CII is 10% then I don't need to pay any capital gain tax as the increase in the price of my house is just equivalent to inflation. If there is any additional gain over inflation (CII) then only I need to pay any capital gain tax.
https://bit.ly/3SdghTR
Income Tax Department (Ministry of Finance) has notified 'Cost Inflation Index (CII)' for calculating long term capital gain tax arising from sale of immovable properties, securities (shares/bonds) and jewellery).
For example. If i purchased a house worth Rs. 1 crore in present year and sold it in Rs. 1.1 crore next year and the CII is 10% then I don't need to pay any capital gain tax as the increase in the price of my house is just equivalent to inflation. If there is any additional gain over inflation (CII) then only I need to pay any capital gain tax.
https://bit.ly/3SdghTR
My Indian Economy Book (8th Edition) will be released next month once the new budget is presented.
Economy Module Course Details.pdf
213.3 KB
There are certain changes in the Economy Module Course. Pls have a look. Those students who have already taken admission will get a mail today.
Source: LiveMint
So, the present share (2022-23) of various activities in Agriculture is:
Crops: 54.3%
Livestock: 30.9%
Fishing &Aqua: 6.9%
Forestry: 7.9%
Total: 100%
https://bit.ly/3SdghTR
So, the present share (2022-23) of various activities in Agriculture is:
Crops: 54.3%
Livestock: 30.9%
Fishing &Aqua: 6.9%
Forestry: 7.9%
Total: 100%
https://bit.ly/3SdghTR
A new ECONOMY Module (Pre cum Mains) Course is starting from 4th July (Timing 11.00 - 1.30 pm), the details of which is posted below. Those who want can take admission from the above post link.
Just for your information
The Indian Economy Book (latest 8th edition) will be released in August first week which will include the budget and survey (to be presented on 23rd July). You may wait for the latest edition and till that time if you want to refer any book then you can read the 7th edition pdf which is posted on this channel in April 2023.
And 8th Edition will also be published in HINDI which will be released by August end.
The Indian Economy Book (latest 8th edition) will be released in August first week which will include the budget and survey (to be presented on 23rd July). You may wait for the latest edition and till that time if you want to refer any book then you can read the 7th edition pdf which is posted on this channel in April 2023.
And 8th Edition will also be published in HINDI which will be released by August end.
Source: Indian Express
An article for general reading.
Due to the ongoing war with Ukraine, Russia's economy has revived and it has moved in the 'High-income country' with Gross National Income (GNI) per capita (using nominal exchange rate) of $14,250. This has happened because of Govt. heavy expenditure on defence, unemployment coming down (people are hired in military), higher private investment in defence manufacturing etc.
https://bit.ly/3SdghTR
An article for general reading.
Due to the ongoing war with Ukraine, Russia's economy has revived and it has moved in the 'High-income country' with Gross National Income (GNI) per capita (using nominal exchange rate) of $14,250. This has happened because of Govt. heavy expenditure on defence, unemployment coming down (people are hired in military), higher private investment in defence manufacturing etc.
https://bit.ly/3SdghTR
Term of the day: Neutral rate of interest (or Natural rate)
Neutral rate of interest is the short-term interest rate that would prevail when the economy is at full employment and stable inflation. It is the rate at which monetary policy is neither contractionary nor expansionary. It’s usually discussed in real terms, that is, nominal interest minus inflation. So, presently the (benchmark, repo rate) interest rate in the economy is 6.5% and the inflation around 4.5% to 5%, so the neutral/natural rate of interest is around 1.5% to 2%.
https://bit.ly/3SdghTR
Neutral rate of interest is the short-term interest rate that would prevail when the economy is at full employment and stable inflation. It is the rate at which monetary policy is neither contractionary nor expansionary. It’s usually discussed in real terms, that is, nominal interest minus inflation. So, presently the (benchmark, repo rate) interest rate in the economy is 6.5% and the inflation around 4.5% to 5%, so the neutral/natural rate of interest is around 1.5% to 2%.
https://bit.ly/3SdghTR
I will be conducting a live youtube session on Budget 2024-25 and Economic survey 2023-24 tomorrow at 5 pm. Will share the link tomorrow. The Indian Economy Book latest (8th) edition with all the budget and survey updates will come in August first week.
Budget 2024-25 and Survey 2023-24.docx
44.3 KB
Budget 2024-25 and Economic Survey 2023-24
Prompt Corrective Action (PCA) framework for Urban (Primary) Cooperative Banks (UCBs).
RBI has brought in PCA framework for all UCBs which will be effective from 1st April 2025. The three parameters based on which the PCA framework will be invoked are:
1. Capital Adequacy Ratio (CAR)
2. NPA level
3. Two consecutive years loss
Once the UCBs above three parameters deteriorate beyond a certain level then RBI will take supervisory actions which may be related to Governance/Strategy/Business or even cancellation of banking license too.
RBI has brought in PCA framework for all UCBs which will be effective from 1st April 2025. The three parameters based on which the PCA framework will be invoked are:
1. Capital Adequacy Ratio (CAR)
2. NPA level
3. Two consecutive years loss
Once the UCBs above three parameters deteriorate beyond a certain level then RBI will take supervisory actions which may be related to Governance/Strategy/Business or even cancellation of banking license too.
Seventh Schedule:
Union List:
54. Regulation of mines and mineral development to the extent to which such regulation and development under the control of the Union is declared by Parliament by law to be expedient in the public interest
State List:
50. Taxes on mineral rights subject to any limitations imposed by Parliament by law relating to mineral development.
—————————————————————————————————
Right now 'Royalty' is levied under Mines and Mineral (Development and Regulation) [MMDR] Act 1957 but this is collected by State Government because the State Govt. is the owner of Minerals lying in their State. So, if a company has the mining lease then the company will pay 'Royalty' (as decided in MMDR Act 1957) to the State Govt.
But 'Royalty' is not considered as tax, rather it is a contractual consideration paid by the mining lessee to the lessor (owner) for the right to extract minerals. So as per the point 50 under Seventh Schedule State List, A State Government has the right to impose any tax (or Cess which is also a temporary tax) on mining activities. BUT Centre has the power to frame rules and regulations for development of mines and minerals (Point 54 under Union List) , so if Centre wants it can prohibit/limit any tax imposed on mines and minerals (by States) by amending the MMDR Act 1957 in the Parliament. But till then, as per the SC Judgement, States can imposes taxes (or Cess) on mining related activities within their States.
https://bit.ly/3SdghTR
Union List:
54. Regulation of mines and mineral development to the extent to which such regulation and development under the control of the Union is declared by Parliament by law to be expedient in the public interest
State List:
50. Taxes on mineral rights subject to any limitations imposed by Parliament by law relating to mineral development.
—————————————————————————————————
Right now 'Royalty' is levied under Mines and Mineral (Development and Regulation) [MMDR] Act 1957 but this is collected by State Government because the State Govt. is the owner of Minerals lying in their State. So, if a company has the mining lease then the company will pay 'Royalty' (as decided in MMDR Act 1957) to the State Govt.
But 'Royalty' is not considered as tax, rather it is a contractual consideration paid by the mining lessee to the lessor (owner) for the right to extract minerals. So as per the point 50 under Seventh Schedule State List, A State Government has the right to impose any tax (or Cess which is also a temporary tax) on mining activities. BUT Centre has the power to frame rules and regulations for development of mines and minerals (Point 54 under Union List) , so if Centre wants it can prohibit/limit any tax imposed on mines and minerals (by States) by amending the MMDR Act 1957 in the Parliament. But till then, as per the SC Judgement, States can imposes taxes (or Cess) on mining related activities within their States.
https://bit.ly/3SdghTR