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India Today
2 days ago
- Business
- India Today
US doubles steel, aluminium tariff: Is it a big worry for India?
The United States has increased import tariffs on steel and aluminium, doubling them from 25% to 50%. The move, which took effect on June 4, is aimed at supporting American steelmakers and the local manufacturing sector. However, the decision could affect global trade and may have indirect effects on India's steel tariff hike does not apply to all countries. The United Kingdom has been excluded because of a trade agreement already in place with the US. The announcement came after US Commerce Secretary Howard Lutnick submitted an updated report on the condition of the steel and aluminium sectors in the country.'I doubled the rates after receiving new information about the sector from Commerce Secretary Howard Lutnick,' US President Donald Trump the direct impact on India might seem limited, experts warn there could still be consequences due to changes in global supply chains and to CA Jashan Arora, Director at Master Trust Group, 'The direct impact is limited since India exports only a small share of its steel to the US. However, Indian companies with US operations may be slightly cushioned if they produce locally.'Still, there are concerns that the new tariffs could lead to a trade diversion, with countries like China looking to sell more steel in other markets, including India. Arora added, 'Yes, that's a major risk. With the US market less accessible, China may divert its surplus steel to other countries, including India. This could flood the market with cheap steel, pulling down prices and cutting into profit margins for Indian producers. India's 12% safeguard duty may not be enough to prevent this pressure.'To deal with such risks, India has already taken some steps. A 12% safeguard duty on certain steel imports was introduced in April 2025. This was aimed at stopping the redirection of steel originally meant for the US into VP Singh, Programme Director for Economics at Great Lakes Institute of Management, Gurgaon, explained that this policy is already showing results. 'Steel supply glut in India is very unlikely. The Indian government has taken preemptive steps to prevent trade diversion. As a result, steel imports in April 2025 fell by 11.3% compared to the same month last year. Due to this lower supply, steel prices have generally gone up. Leading manufacturers raised prices by around Rs 2,000 per tonne.'Still, Singh warns that rising domestic steel prices could hurt Indian consumers. 'With the safeguard duty in place, domestic firms are making higher profits. There is now talk of increasing the duty to 24%. But who will protect the consumers?' he annual demand for finished steel stands at around 136 million tonnes, while production is about 102 million tonnes. According to Singh, the trade diversion could also offer some benefits. 'The extra supply of cheaper steel might actually help India, without harming local companies too much,' he also said that US steel prices will rise in the short term due to the tariff hike, but added, 'Trump is more focused on bilateral trade. We may soon see new trade deals between the US and other steel-supplying countries. After the initial increase, steel prices in the US are likely to become stable.'In the longer term, India has plans to become a major centre for steel manufacturing and exports. But Singh believes this goal cannot be reached if Indian steel companies keep asking for import protection. 'To achieve that dream, Indian steel producers need to stop asking for protection from imports,' he justified the tariff increase by asserting it would 'further secure the steel industry' in the US, suggesting that at 50%, foreign competitors would find it challenging to India is not a major exporter to the US, Union Minister HD Kumaraswamy acknowledged some effects, and said, 'Minor impact will be there...A minor problem is there because we are not exporting in a big way.' Kumaraswamy highlighted that consignments already en route to the US, arriving post June 4, may incur the new 50% tariff, potentially causing disruption.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)advertisement
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Business Standard
29-05-2025
- Business
- Business Standard
Filing Income Tax return for the first time? Here's a step-by-step guide
Filing your Income Tax Return (ITR) for the first time can seem daunting but it's a simple process. The Income-Tax Department India has made electronic filing user-friendly. Here's a step-by-step guide to help first-time filers. Who needs to file an ITR? Even if your annual income is below the taxable limit, you need to file ITR in certain situations: If you have deposited more than Rs 1 crore in a bank account. If you have incurred expenses exceeding Rs 2 lakh on foreign travel. If your electricity consumption is more than Rs 1 lakh in a year. These criteria are outlined by the department to ensure compliance and transparency in financial transactions. Should you file an ITR even if you are below tax limit? 'Not filing an ITR even if you're earning below the taxable threshold is a lost advantage,' said Vishwanathan Iyer, senior associate professor of finance and accounting at Great Lakes Institute of Management, Chennai. 'It's no longer just a compliance measure, it's essential to establishing financial credibility and showing foresight,' said Amit Bansal, partner at Singhania & Co. 'Filing an ITR helps establish a financial record with the government and builds credibility with financial institutions. In today's digitised economy, a consistent ITR history may serve as a valuable asset in the long run,' he said. Documents needed to file ITR Before you begin, gather the following documents: Also Read PAN and Aadhaar cards Form 16 (provided by your employer) Bank account details Investment proof (for deductions under sections like 80C, 80D) Interest certificates from banks or post offices Step-by-step guide of filing ITR 1. Register on the e-filing portal Visit the Income Tax e-Filing portal: Click on 'Register' and select 'Individual'. Enter your PAN, which will serve as your User ID. Provide the necessary details and complete the registration process. 2. Log in to your account Use your PAN as the user ID and the password you set during registration to log in. Complete the captcha verification. 3. Select 'File Income Tax Return' Go to the 'e-File' menu and click on 'File Income Tax Return'. Choose the appropriate assessment year (e.g., 2025-26 for the financial year 2024-25). Select 'Online' as the mode of filing. 4. Choose the correct ITR form For most salaried individuals, ITR-1 (Sahaj) is applicable. If you have income from multiple sources, such as capital gains, consider ITR-2 or ITR-3 5. Fill in the required details Personal information (name, address, contact details). Income details from Form 16 and other sources. Deductions under various sections (e.g., 80C, 80D). Bank account details for refunds. Verify all the information entered. Click on 'Preview and Submit' to review the summary. After review, click 'Submit'. How to verify your ITR After submission, you must verify your return. You can do this: Electronically via Aadhaar OTP. Through internet banking. By sending a signed physical copy of ITR-V to the Centralized Processing Centre (CPC) in Bengaluru.
Fashion Value Chain
22-05-2025
- Business
- Fashion Value Chain
Great Lakes Institute of Management Hosts HR and L&D Conclave on Workforce 4.0, Exploring AI-Driven Talent Strategies
The second edition of the HR and L&D Conclave, hosted by Great Lakes Institute of Management, Gurgaon, brought together over 75 senior professionals from HR and L&D functions. Centered on the theme 'Workforce 4.0 – Human Capital Strategies in a Digital-First World,' the conclave served as a high-impact platform for leaders to explore the evolving intersection of technology, talent, and transformation. Mr Suresh Narayanan, Nestle MD and Chairman, being felicitated at HR and L&D Conclave on Workforce 4.0 With participation from nearly 40 top organizations across various sectors, the event saw prominent CHROs and L&D heads from across India's business hubs – Delhi, Mumbai, Chennai, Hyderabad, and Bangalore – reinforcing its stature as a premier forum for strategic HR dialogue. The event was graced by the presence of Mr. Suresh Narayanan, Chairman and Managing Director of Nestl India. It featured senior HR leaders and CHROs from organizations such as Adani Enterprises, KPMG, Schneider Electric, UnitedHealth Group, Bayer, Cigniti Technologies, Nestle, Epsilon, Air Liquide, CVENT, Material, Thomson Reuters, Landis+Gyr, Niva Bupa, HFFC, Inbrew Beverages, HCL Tech, Grant Thorton, and Altimetrik. The highlight was a fireside chat with Mr. Suresh Narayanan, Chairman and MD of Nestl India. With over 45 years in the FMCG industry, he offered powerful insights on leadership in the digital age. Emphasizing purpose, values, empowerment, and resilience, he noted, 'The essentials of leadership should not change. These are: 1. Purpose for what you do and why you do it, 2. Values that you enshrine and demonstrate, 3. The capacity you have brought to orchestrate and empower, and 4. The ability to withstand challenges and still achieve success. The role of technology is to help humans be humans, not machines. The more we make humans become machines, the less we will be embedding technology as an assistant and aid.' His grounded philosophy of leadership-rooted in character and compassion-offered a refreshing perspective in today's fast-paced, tech-driven business environment. The event was divided into three panel discussions. Three panels tackled critical themes – AI in Talent Management, Personalized Learning Systems, and Leadership in the Digital Era – each offering actionable insights for building future-ready teams. The first panel shed light on AI and the Future of Talent Management, exploring how artificial intelligence is reshaping recruitment, workforce planning, and employee development. The second panel focused on the transformation of learning and development practices. Experts shared insights on adopting AI-powered, personalized learning systems that foster continuous development and adaptability. The third panel addressed the evolving role of leadership in the digital era. Panelists discussed strategies to build agile leaders who can drive change, lead multi-generational teams, and sustain high performance. Dr. Jones Mathew, Principal and Head of the Institute, Great Lakes Institute of Management, Gurgaon, said, 'The 2nd Great Lakes Gurgaon CHRO and L&D Conclave 2025 was conceived as a national platform for discussions and ideation on the workforce of the future. Over 75 accomplished CHROs and L&D leaders from across the country made the event a vibrant source of practical insights and takeaways. The leadership lessons by Suresh Narayanan, CMD of Nestle India, were a beacon of light for business leaders. Great Lakes Institute of Management Gurgaon, is committed to shaping the workforce of the future by partnering with HR leaders and their organizations for talent recruitment as well as for their learning & development goals through customized Management Development Programs (MDPs).' Reflecting on the discussion,Nidhi Vinod, Senior Director, Learning Organisation Development, Epsilon, said, 'It was absolutely amazing to learn from fellow fraternity members and hear about best practices shared by other organisations on the integration of AI in HR. The quality of the event was not surprising, considering it was hosted by Great Lakes. I'm truly amazed by the work Great Lakes is doing, particularly in the space of executive education.' As digital transformation continues to reshape the world of work, the World Economic Forum estimates that nearly 60% of employees will require upskilling or reskilling by 2027. Workforce 4.0 reflects this new reality, where agility, adaptability, and the seamless integration of human intelligence with technology are crucial for building future-ready teams.
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Business Standard
16-05-2025
- Business
- Business Standard
Income below tax slab? Filing an ITR still pays off in ways you didn't know
Should you file an income tax return (ITR) even if your annual income is under the basic exemption limit? Financial experts believe the answer is a clear yes, not for tax liability, but for financial foresight. It helps build a formal financial footprint. A lost advantage if you don't file 'Not filing an ITR even if you're earning below the taxable threshold is a lost advantage,' said Vishwanathan Iyer, Senior Associate Professor of Finance and Accounting at Great Lakes Institute of Management, Chennai. 'It's no longer just a compliance measure, it's essential to establishing financial credibility and showing foresight.' Amita Bansal, partner at Singhania & Co., echoes the sentiment. 'Filing an ITR helps establish a financial record with the government and builds credibility with financial institutions. In today's digitised economy, a consistent ITR history may serve as a valuable asset in the long run,' she said. What you gain from filing ITR voluntarily According to both of the experts, voluntary ITR filing comes with several advantages, even if you have zero tax liability: Proof of income for freelancers, gig workers, and business owners Visa applications for countries like the US, UK, and Canada, where ITRs are often required Loan approvals, banks and NBFCs typically ask for 2–3 years' ITRs for large loan processing Claiming TDS refunds, especially on fixed deposits or freelance earnings Eligibility for subsidies and grants under government schemes Reduced scrutiny, a valid ITR can justify high-value financial transactions Consequences of skipping it While not filing may not draw penalties for incomes below the exemption threshold, the consequences often emerge later. Visa applications, especially to Schengen countries or the US, commonly require ITRs for the past 2–3 years. 'Applicants without returns face delays or outright rejection,' Iyer explains. Similarly, banks ask for ITRs to assess long-term repayment capacity for loans above ~30–40 lakh. Even in personal matters such as buying property or accessing MSME schemes, the absence of ITRs can stall progress. More critically, the Income Tax Department may flag large financial transactions if no ITR is available to explain them. What the tax department says According to the Income Tax Department and Central Board of Direct Taxes (CBDT), individuals with income below ~2.5 lakh (~3 lakh for senior citizens) are not legally required to file returns. However, Rule 12AB mandates filing in specific high-value cases, such as: Deposits over Rs 1 crore in a bank account Spending above Rs 2 lakh on foreign travel Electricity bills over Rs 1 lakh annually The CBDT, in various awareness drives, has also emphasised the long-term benefits of voluntary filing, especially in the context of a more digitally monitored financial system. 'Filing an ITR is not just about paying taxes, it's about putting your financial footprint on record,' Bansal noted.
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Business Standard
12-05-2025
- Business
- Business Standard
First-time taxpayer's guide: Forms, filing, and avoiding common pitfalls
Filing income tax returns (ITR) for the first time can seem daunting, but with the right information and preparation, it can be a smooth process. Several tax experts break down what first-time filers should know, from selecting the right ITR form to avoiding common mistakes. Choosing the right ITR form The first step in filing your return is selecting the appropriate ITR form based on your income sources. 'Selecting the proper Income Tax Return (ITR) form is important for filers who are submitting it initially,' says Vishwanathan Iyer, senior associate professor, Great Lakes Institute of Management. For salaried individuals with income up to Rs 50 lakh from salary, one house property, and other sources like bank interest, ITR-1 (Sahaj) is usually sufficient. However, 'ITR-1 is not applicable if you have capital gains, foreign income, or if your agricultural income exceeds Rs 5,000,' cautions Sameer Mathur, managing director and founder of Roinet Solution. According to CA Deepesh Chheda, partner at Dhruva Advisors LLP, ITR-2 is appropriate for individuals with income from more than one house property, capital gains, foreign assets/income, or investments in unlisted equity shares. ITR-3 is for those 'who derive income that is chargeable under various heads, including from business or profession.' Step-by-step guide to filing ITR online Mathur offers a simple step-by-step outline for salaried individuals: 1. Register or log in to the Income Tax e-Filing portal using your PAN. 2. Navigate to e-File > Income Tax Returns > File Income Tax Return. 3. Select the assessment year, filing mode as "online", and your status as "individual". 4. Choose the appropriate ITR form (usually ITR-1 for salaried individuals). 5. Fill out the form with your personal details, income data from Form 16, deductions under sections like 80C or 80D, and bank account details. 6. Use the preview option to verify entries and submit. 7. Complete the process with e-verification through Aadhaar OTP, net banking, or an Electronic Verification Code (EVC). Documents to keep ready Before starting, collect and cross-verify the following: · PAN and Aadhaar card (linked) · Form 16 from your employer · Form 26AS and Annual Information Statement (AIS) · Investment proofs (for 80C, 80D, etc.) · Interest certificates from banks or post offices · Loan documents (education, home) · Bank account details for refund processing 'It is essential to keep key tax summary documents such as Form 26AS, the AIS and the TIS which provide a consolidated view of a taxpayer's financial transactions,' notes Chheda. These forms ensure that third-party reported transactions match your own records. Common mistakes first-time filers make Several missteps can delay or invalidate your return: · Wrong ITR Form: 'Selecting the incorrect form causes delays in processing,' warns Iyer. · Incomplete income disclosure: 'Omitting income like interest or freelance earnings can trigger notices and penalties,' says Mathur. · Not reconciling with Form 26AS/AIS: 'Discrepancies between these forms and your return can cause scrutiny,' Chheda adds. · Incorrect personal or bank details: Can delay refunds. · Failure to e-verify: 'A common mistake by first-time filers is that they simply forget or are unaware of e-verification,' says Iyer.
