The new income-tax surcharge on the super-rich is proving to be a real big pain. High networth individuals are suddenly saddled with a liability of not only paying an additional tax that took effect retrospectively from April, but also interest on it at the rate of 3 per cent under Section 234C for no default on their part.
STREET PULSE: Where we stand  | Nifty futures on Singapore Exchange traded 21 points higher at 7 am (IST), signalling a good start for Dalal Street. Expectations of policy easing by major central banks propped up global stocks on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.02%, while Nikkei rose 0.25% and Kospi 0.2%. US stocks finished modestly higher in overnight trade. Dow gained 0.1%, S&P500 0.3%. Read More |
| Oil prices inched lower on Tuesday as the International Energy Agency said it would act to keep the market supplied amid tensions in the Middle East. Brent crude futures slipped 2 cents to $63.24 a barrel while WTI crude futures slipped 6 cents to $56.16. Read More |
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Going for the Moon... Under an overcast sky at the Sriharikota spaceport, India took a giant leap to Moon on Monday. ISRO's GSLV-MkIII carrying Chandrayaan-2 lifted off and injected the lunarcraft comprising an orbiter, a lander and a rover into a geostationary transfer orbit 17 minutes later. The better-than-textbook launch made India only the fourth nation after the US, Russia and China to achieve such a feat.
Read More Promoters' plight... Pledging of shares by promoters of NSE-listed companies dropped to a six-year low in June following increased regulatory scrutiny and negative sentiment attached to this by investors. Promoters of about 75 largecap and midcap companies redeemed pledged shares in June amid liquidity stress and a drop in stock prices.
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Smells like retro tax...
The super-rich are likely to be hit with a double whammy. They will have to pay interest on the advance tax installment that was due on June 15 in line with their increased liability after the surcharge hike, which takes effect from April 1. Interest on the additional liability due to the surcharge has to be borne as there is no specific waiver. Tax experts said the government should provide a waiver.
Read More Vanishing jobs... Key job-creating sectors are likely to see a big drop in the generation of fresh employment, thanks in part to automation. A Teamlease Survey showed job creation has slowed down in marketing and advertising; agriculture and agrochemicals; telecommunications; KPO; IT; media and entertainment; and healthcare and pharmaceuticals.
Read More Meanwhile... India's benchmark bond yields climbed, bucking the largely softening trend in Asia, as traders interpreted the latest comments on inflation and funding costs by RBI Governor Shaktikanta Das to point to fewer rate cuts this financial year than anticipated earlier. A day after Das' interview, market participants said odds were now lengthening on a further 50-basis-point reduction in rates.
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