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Time of India
5 days ago
- Business
- Time of India
Influencers, F&O traders among five new professional codes in ITR 3
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: In a first, the Income Tax department has introduced five new professional codes in the Income Tax Return Form-3 (ITR3), recognising social media influencers , speculative traders, commission agents, and future and options traders as move is part of the department's efforts to capture the evolving nature of professions in the digital age with people opting for such career options, officials said."This year, we have added five new codes for professions and will continue to add more to bring them within the formal economy," a senior official told to tax officials, the number of influencers' with more than ₹20 lakh gross annual income has risen sharply in the last two years. In some cases, the annual income was more than ₹2-5 crore, higher than professionals in many other sectors. In some cases, their net worth exceeded ₹100 crore, the official said, requesting many cases, these influencers were brought under the tax scanner as they were either not filing returns or were filling wrong returns. "By assigning them proper professional code, they will be able to file returns correctly, and this will also help the field formations as they would know which bracket they would fall into," the official far, many social media influencers use to either file returns as either business income or by choosing the "Other" experts anticipate that the latest change by the tax department will usher greater accuracy in income reporting and compliance, ultimately contributing to a more streamlined tax collection process "With the ever-evolving business landscape, it is of utmost importance to enact separate codes for emerging business," said Amit Maheshwari, tax partner, AKM Global, a tax and consulting firm. "For taxpayers, it brings more clarity in choosing the right category while filing returns, especially for emerging business and specialised services that were earlier forced to choose mismatched codes."The move will not only align income disclosure with the type of profession or business activity but will also help them in improving data analytics capabilities of the department, enhance compliance monitoring, and reduce misreporting.
Time of India
04-07-2025
- Business
- Time of India
Niti to review concerns over pharma quality
Niti Aayog is addressing growing quality concerns in India's pharmaceutical industry by convening industry experts for discussions. The aim is to analyze the current state, understand challenges, and improve the quality of Indian pharmaceutical products to meet global standards. A meeting chaired by VK Paul will propose recommendations to ensure alignment with international regulations and patient safety. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Growing quality concerns in the pharmaceutical industry has prompted government's think tank Niti Aayog to step in. It has called industry experts to hold discussions with them and undertake an analysis of the current state of India's pharmaceutical industry, to understand the challenges faced by them and initiatives taken by them to ensure production of safe and effective the idea to raise quality of Indian pharmaceutical products to global standards, a meeting will be held on Monday under the chairmanship of member health VK Paul "Ensuring high quality production to meet International regulations and standards has been a challenge," said an office memorandum by Niti Aayog said that a rigorous focus on quality is essential to ensure patient safety and trust in public health in the domestic a meeting to be held on Monday, Dr Paul will propose recommendations to ensure that India's pharmaceutical products are at par with global standards, people in the know told to the memorandum, with the strong network of manufacturing units across the country it is essential to invest in and uphold the highest quality standards for are about 3,000 Pharmaceutical companies and 10,500 manufacturing units across the has long been known as the pharmacy of the world , ranking third globally in drug and pharmaceutical and production by to Niti Aayog, India exports to 200 countries.
Time of India
05-06-2025
- Politics
- Time of India
Bengal house will laud armed forces, condemn Pak terror
West Bengal assembly Speaker Biman Bandopadhyay is set to table a resolution on Tuesday, commending the Indian armed forces for their precise strikes in Pakistan and Pakistan-occupied Kashmir. The resolution will also strongly condemn the brutal attack on tourists in Pahalgam, expressing shock and anguish over the loss of 26 innocent lives in the Baisaran Valley. Tired of too many ads? Remove Ads West Bengal assembly Speaker Biman Bandopadhyay will table a resolution on Tuesday, appreciating the role of armed forces for their precision strikes in Pakistan and Pakistan-occupied Kashmir. The resolution will also condemn the barbaric attack on tourists in Pahalgam."It is a very important motion that I will bring from my Chair. There will be discussion on this for two hours. Chief minister Mamata Banerjee will probably be present on that day," Bandopadhyay said after an all-party meeting of the Business Advisory Committee. "A resolution will be moved from the Chair, conveying appreciation for Indian armed forces in combating militant and terrorist activities in Jammu and Kashmir," people in the know told to the proposed resolution, "This House expresses its profound sense of shock and anguish at the barbaric and inhumane attack perpetrated on innocent tourists in the Baisaran Valley of Jammu and Kashmir on the 22nd April, 2025, resulting in the butchery of 26 innocent lives, including three from West Bengal." The text of the resolution does not specifically mention 'Operation Sindoor', but it will refer to the May 7 precision strikes.
