Business

Personal income tax collections are overtaking corporate tax collections, with cumulative net direct tax collections rising by nearly 20 percent to Rs 5.74 lakh crore during the period April 1 to July 11 of the current financial year (2024-25), Income Tax Department said in a statement late Friday night. Personal income tax collections continue to exceed corporate tax collections, with Securities Transaction Tax (STT) collections more than doubling to Rs 16,634 crore in FY20. Direct taxes essentially include personal income tax and corporate tax. STT collections, which are counted in the overall personal income tax collections, have increased due to the sharp increase in stock market trading activity. In FY24, STT collection from April 1 to July 11 was Rs 7,285 crore.Personal income ta...

Shipping stocks continued their impressive rally for the second consecutive session on Friday, with Shipping Corporation of India (SCI) rising 16.40% to hit a record high of ₹384.20 per share. In the previous trading day, the stock had touched the upper circuit limit of 20% due to positive developments. This recent rally in the stock has propelled it upturn 40% in 3 sessions and 113% so far in the current year.Indian Oil Corporation Limited (IOCL), the country's largest oil marketing company and refiner, is being considered as the preferred partner for this joint initiative with SCI.India currently accounts for less than 1% of the global shipbuilding market, which is dominated by China, South Korea and Japan, and has never produced an oil tanker before. The proposal is in line with the go...

State Bank of India (SBI) on Wednesday said it has raised Rs 10,000 Crore through its sixth infrastructure bond issue offering a coupon of 7.36 percent. The bank said the issue received bids worth over Rs 18,145 Crore and was oversubscribed by about 3.6 times against the base issue size of Rs 5,000 Crore. The total number of bids received from investors from various sectors including provident funds, pension funds, insurance companies, mutual funds and corporate was 120. The lender said the proceeds of the bonds with 15-year maturity will be used to raise long-term resources to finance infrastructure and affordable housing sectors. "This issuance will help evolve the long-term bond curve and encourage other banks to issue long-term bonds," SBI Chairman Dinesh Khara said. Wi...

According to Reserve Bank of India data, the country's employment rate grew by 6 percent in the financial year ending March 31, 2024, up from 3.2 percent in 2022-23.Employment in the country improved by 4.67 crore to 64.33 crore (provisional) in the fiscal year 2023-24, from 59.67 crore in 2022-23, the RBI’s Measuring Productivity at the Industry Level-The India KLEMS [Capital, Labour, Energy, Material and Services] database showed.RBI data shows that employment in the country stood at 57.75 crore in the year ending 2022-23, while it was 56.56 crore in 2021-22.The database covers 27 industries covering the entire Indian economy. The database also provides these estimates at broad sectoral levels (agriculture, manufacturing and services) and at the all India level.It includes measures of g...