Business
India Is In Active Talks With The US For Trade Agreement: Piyush Goyal
New Delhi: Union Commerce and Industry Minister Piyush Goyal on Wednesday said that the government is actively talking to the US for a bilateral trade agreement.
The minister’s remark came after the US President Donald Trump and Prime Minister Narendra Modi shared positive developments around trade talks and ease in bilateral ties.
In his address at the FICCI Leads Summit, Goyal said that trade negotiations are underway with the European Union. India is in talks with New Zealand as well, he added.
The minister further said that a trade agreement with Oman will be reached soon.
Earlier in the day, in a significant step toward easing tensions, US President Donald Trump announced that his administration has resumed trade negotiations with India.
“I am pleased to announce that India and the United States of America are continuing negotiations to address the Trade Barriers between our two Nations,” he posted on Truth Social.
Trump, on Tuesday, also described Prime Minister Narendra Modi as a “very good friend” and said he looks forward to speaking with him “in the upcoming weeks”.
“I feel certain that there will be no difficulty in coming to a successful conclusion for both of our great countries,” he added.
Responding to the US President’s remark, Prime Minister Modi said that the discussions will unlock “the limitless potential of the India-US partnership”.
“India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership. Our teams are working to conclude these discussions at the earliest. I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people,” PM Modi posted on X.
In a White House press conference earlier last week, Trump referred to Prime Minister Modi as a “great Prime Minister” and declared: “I’ll always be friends with him.”
The relationship between the United States and India is unique, Trump said, adding that there was nothing to be concerned about.
PM Modi responded to his remark hours later, stating that he fully shares President Trump’s sentiments and appreciates them.
Business
Budget eases PF, ESI deduction rules for employers, allows relief for delayed deposits – The Times of India
In a move expected to bring relief to employers and reduce routine tax disallowances, the finance bill has proposed a key change to the treatment of employees’ provident fund (PF), ESI and similar contributions, allowing deductions even where there is a delay in deposit, provided the amount is deposited by the employer entity with the relevant welfare fund authorities before the due date of its Income-tax return.At present, employers can claim deduction for employees’ PF and ESI contributions only if the amounts are deposited within the strict timelines prescribed under the respective welfare laws. Even a minor delay permanently disqualifies the expense for tax purposes, a position that had been settled by the Supreme Court (SC) after years of litigationUnder the proposed amendment to Section 29 of the Income-tax Act, 2025, the definition of “due date” for claiming deduction of employees’ contributions is set to be aligned with the due date for filing the income-tax return by the employer entity.Explaining the shift, Deepak Joshi, a SC advocate said employers are currently held to a rigid standard. “The law, as interpreted by the SC, meant that if employee contributions were not deposited within the due date under the relevant welfare fund laws, no deduction was allowed — even if the payment was made before filing the income-tax return,” he said.“The proposed amendment substitutes the definition of ‘due date’ to mean the due date of filing the income-tax return. The positive impact is that even if there is a slight delay in depositing employees’ contributions, so long as the amount is deposited before the return-filing deadline, the employer will be allowed the deduction,” Joshi added. Experts view the move as part of the government’s broader effort to soften compliance rigidities and reduce avoidable litigation.
Baby boxes are being delivered to expectant families in some of Wales’ most deprived areas.
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Fulham to revisit USMNT’s Ricardo Pepi transfer in summer – sources
Budget eases PF, ESI deduction rules for employers, allows relief for delayed deposits – The Times of India
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