World Bank Data: India becomes World’s Sixth Largest Economy
The world’s largest democracy, India is on the road to gaining economic muscle power. A federal republic with 29 states and 7 union territories, India is a fast growing diverse economy. According to the updated figures released by the World Bank for the year 2017, India is the sixth largest economy of the world. This is a milestone for the Indian economy more so because it has successfully surpassed France, which now holds the seventh position. The US is the world’s highest ranked economy followed by China, Japan, Germany and UK.
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Venturing into an Era of Opportunities: Indo-European Business Forum announces Event 2018
India and European Union are two of the world’s biggest economies, sharing universal values and beliefs. The European Union is India’s largest trading partner. With the objective of making India a world class manufacturing powerhouse, many campaigns (like Make in India, Digital India) have been undertaken by the Government of India. These campaigns have provided a favourable opportunity to big business investors worldwide to invest in India’s growing economy. The European Union is India’s number one trading partner. Free Trade Agreement Negotiations were launched in the year 2007 to increase bilateral trade and investments between the two.
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New India Sankalp
In this edition of the New India Sankalp, the experts tell about the various government schemes and incentives which is creating a conducive environment for youths to take up entrepreneurship.
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File Early; Beat the Rush - Avail the Benefits of Presumptive Taxation Scheme
The Presumptive Taxation Scheme was framed by the Income Tax Authority of India, under section 44AD, 44ADA, and 44AE of the Income Tax Act, 1961 to provide relief to the small tax payers from maintaining books of accounts, and getting their accounts audited. The assessees adopting this scheme are required to file their Income Tax Returns for the Assessment Year 2018-19 on or before 31st July 2018. An assessee adopting the Presumptive Taxation Scheme can declare income at a prescribed rate and thereby claim the relief. In other words, income of the assessee is calculated on presumptive basis rather than on actual basis. This scheme is most likely to benefit small traders, businessmen, and professionals. It cannot be adopted by a non-resident and any person other than an individual, a HUF, a partnership firm (not a Limited Liability Partnership). Furthermore, an assessee who has made any claim towards deductions under section 10A/10AA/10B/10BA or under section 80HH to 80RRB in the relevant year cannot adopt this scheme.
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Flipkart’s Acquisition by Walmart: The future of Indian Startup
Walmart Inc. has acquired one of India's largest E-commerce businesses: Flipkart was taken over by the U.S retail giant Walmart Inc. recently valued at a whopping 16 million dollars, 77% of the stakes in what is being termed as the world’s biggest E-commerce acquisition. Practically the biggest acquisition in the E-commerce domain till date, this is Walmart’s first venture into the E-commerce industry.
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“Why is it essential in society to be aligned with patriotism?
Sunil Kumar Gupta, the Philanthropist explains some interesting facts about of the history of our economy and shares the coorelation between our taxes, society and country benefit. Further, he mentions the "GST". Watch the full episode.
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