Manufacturing PMI: Decline In The Activities Of The Manufacturing

Manufacturing PMI: There was a decline in the activities of the manufacturing sector of India in the month of May, the reason for the Corona crisis.

There has been a decline in the activities of India’s manufacturing sector in the month of May.

A monthly survey on Tuesday revealed that the pace of growth in India’s manufacturing sector activity in May has been very slow due to the intensity of the Covid-19 crisis and its negative impact on demand.

The IHS Market India Manufacturing Purchasing Managers’ Index (PMI) fell to 50.8 in May. It was at 55.5 in the month of April.

During this time companies saw the slowest growth in new work and production in ten months due to the intensity of the Corona crisis.

Explain here that if the PMI is above 50, then it shows expansion. On the other hand, if it is less than 50, it indicates shrinkage. The IHS Markit India Manufacturing Purchasing Managers Index (PMI) Survey is released every month.

Many benefits will be available in the new avatar of Income Tax site, information from ITR to Tax.

The Income Tax Department is making return filing easier. The department is preparing to introduce a new e-filing web portal for taxpayers.

It can be used for filing ITR (Income Tax Return) as well as for other tax related works. The new portal will be more intuitive and convenient.

For this, the existing web portal will be closed from 1 to 6 June. After its launch, people will be able to file income tax return from mobile as well.

New portal will start from 7 June.

In the order of the system wing of the department, it has been said that the work of moving from the old portal to the new portal will be completed and it will be made operational by June 7.

In the order, the officers have been asked to fix a date after June 10 for any hearing or disposal of complaints, so that by then the taxpayers understand the new system.

It was also said in the order that in the meantime any work fixed between the taxpayer and the officer of the department can be postponed.

ITR date extended.

The central government has earlier extended the deadline for filing income tax returns for the financial year 2020-21 till September 30.

The Central Board of Direct Taxes (CBDT) has extended the deadline for companies to file ITRs till 30 November.

The CBDT circular states that in view of the pandemic, certain tax compliance deadlines are being extended for taxpayers.