⚫India's energy demand will increase more than that of any other country over the next two decades, the International Energy Agency said forecasting India overtaking the European Union as the world's third-largest energy consumer by 2030.
⚫Govt to bring forward a Crypto Bill soon: Clear definitions, no grey areas. Operationalising the ban is being fleshed out by Centre.
⚫The Govt has decided to close two pharma PSU's namely Indian Drugs & Pharmaceuticals Ltd and Rajasthan Drugs & Pharmaceuticals Ltd and disinvest the other three namely, Hindustan Antibiotics Ltd, Bengal Chemicals & Pharmaceuticals Ltd, and Karnataka Antibiotics & Pharmaceutical Ltd.
⚫86% of the accounts opened under the PMJDY are functional. In absolute terms, as many as 417.5 million accounts have been opened under PMJDY, of which 359.6 million accounts are functioning.
⚫The death toll in the Uttarakhand disaster has risen to 32 with six more bodies being recovered, as multiple agencies race against time to reach about 30 workers trapped inside a tunnel at a power project site and 174 people remained missing.
⚫GST officers have busted a network of 46 fake firms which used to generate fake invoices and fraudulently avail ITC worth Rs 82.23 crore.
⚫The Indian markets surged for a sixth day on Monday, with the Nifty50 closing above the 15,000 mark for the first time. The rally, triggered by the Budget, has seen the benchmark indices climb nearly 11% is just six sessions.
⚫Shareholding of FPIs in listed co's is at the highest level in five years. FPIs held 22.74% stake in NSE-listed firms at the end of December 2020. The increase comes on the back of Rs 1.42 trillion foreign capital flows into domestic stocks in last few months.
⚫After witnessing a decline in new business premiums for two consecutive months, January saw life insurers recording a 3.7% rise in NBP to Rs 21,389.7 crore.
⚫PM again offered to hold talks with agitating farmers, while expressing the Centre’s willingness to amend the three farm laws in a bid to end the protests at Delhi’s borders. PM assured the agitating farmers that MSP and mandis won’t go away. Cheap ration given to over 800 million people will continue.
⚫The health ministry has advised all states to give the first dose of vaccination to all health workers by Feb 20 and do mop-rounds to cover those left behind by Feb 25 even as India crossed the 5.6 million mark for overall vaccinations in the country so far.
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.📜⚖️EPF/GPF Taxation
‘No retro taxation on interest earned for EPF/GPF contributions of over ₹2.5 lakh
📝Crux
Interest of more than ₹2.5 lakh earned annually from contribution to Employees Provident Fund (EPF) or Government Provident Fund (GPF) will not be taxed retrospectively, Expenditure Secretary TV Somanathan clarified.
🕹️Announcement was made at
BusinessLine webinar on ‘De-coding the Budget 2021-22’.
The webinar was powered by HDFC Bank with BSE as an associate sponsor.
✍️EPF taxation
EPF is the only saving instrument where one gets tax exemption at the time of contribution, then on the accumulation and, finally, at the time of withdrawal. This is called EEE (Exempt-Exempt-Exempt) mechanism.
🛡️Additional info - Exemption
📌GPF and EPF flows into an account above ₹2.5 lakh will be directed to a separate sub-account.
📌The primary account including your past balance as on March 31, 2021 will always remain tax free;
📌Interest will also not have to be declared.
⛓️🧲Source
https://www.thehindubusinessline.com/economy/policy/no-retro-taxation-on-interest-earned-for-epfgpf-contributions-of-over-25-lakh/article33762741.ece
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👉 Results of the Chartered Accountants Intermediate Examination (Old course & New Course) and Foundation Examination held in November 2020 declared. - (08-02-2021)
https://www.icai.org/post/results-ca-intermediate-exam-and-foundation-exam-nov2020
👉 RBI announces Open Market Operations (OMO) Purchase of Government of India Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51092
👉 RBI releases Annual Report of Ombudsman Schemes, 2019-20
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51095
👉 Special Auction of Government of India Dated Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51097
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