WPI Inflation: Wholesale Inflation Rose To 4.17% In February

WPI Inflation: Wholesale inflation rose to 4.17% in February; prices of food items, fuel went up. Inflation based on wholesale prices rose to 4.17 percent in February.

For the second consecutive month, there was an increase in wholesale inflation. This increase in wholesale inflation was recorded in the prices of food items, fuel, and electricity.

In January this year, wholesale inflation stood at 2.03 percent. Last year, in February 2020, wholesale inflation stood at 2.26 percent.

In February, the price of food items registered an increase of 1.36 percent. It was (-) 2.80 percent in January. After several months of softening the price of food items, there was a slight rise in February.

Wholesale inflation in vegetables stood at (-) 2.90 percent in February, as against (-) 20.82 percent in January.

Wholesale prices of pulses increased by 10.25 percent in February. On the other hand, fruit prices recorded an increase of 9.48 percent, fuel and electricity prices by 0.58 percent.

According to data released last week, the retail inflation based on the Consumer Price Index stood at 5.03 percent in February.

WPI Inflation: Inflation data is important for the repo rate.

The Reserve Bank of India did not make any change in policy interest rates for the fourth consecutive time in the meeting of the Monetary Policy Committee last month.

However, it said that the inflation outlook could remain favorable in the coming times. The inflation data is very important in determining the repo rate.

The government has given a target to the Reserve Bank to limit the inflation rate between two-six percent.

Today is the last date for depositing Advance Tax, if not done then the penalty will have to be paid, know the rules.

Today is the last date for submission of advance tax of income tax. If you have not deposited the advance tax by 15 March, then you will have to pay a fine for it.

It is to be noted that advance tax has to be deposited in four installments in a financial year. Advance tax has to be paid in case of tax liability of more than Rs 10,000 during any financial year.

Therefore, the last date for submission of the fourth installment of advance tax in the current financial year is 15 March i.e. today.

It is known that due to corona, advance tax has been collected less than the target. Therefore, it has been asked to try to collect more advance tax from last year.

Taxpayer Income Tax officers are contacting the Income Tax payer through Chartered Accountant and Tax Advocate and are requesting to pay more and more advance tax.