India to become 5th largest economy in 2025, 3rd largest by 2030: CEBR

India, which appears to have been pushed back to being the world’s sixth biggest economy in 2020, will again overtake the UK to become the fifth largest in 2025 and race to the third spot by 2030, a think tank said on Saturday.

India had overtaken the UK in 2019 to become the fifth largest economy in the world but has been relegated to 6th spot in 2020.

“India has been knocked off course somewhat through the impact of the pandemic. As a result, after overtaking the UK in 2019, the UK overtakes India again in this year’s forecasts and stays ahead till2024 before India takes over again,” the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday.

The UK appears to have overtaken India again during 2020 as a result of the weakness of the rupee, it said.

The CEBR forecasts that the will expand by 9 per cent in 2021 and by 7 per cent in 2022.

“Growth will naturally slow as India becomes more economically developed, with the annual GDP growth expected to sink

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Delhi HC allows SFIO to quiz Singh brothers for 2 weeks starting Jan 1

The has allowed the Serious Fraud Investigation Office (SFIO) to interrogate former Fortis Healthcare promoter Shivinder Mohan Singh, his brother Malvinder and two others in connection with an ongoing probe into the affairs of Religare Enterprises Ltd (REL) and Religare Finvest Ltd (RFL).

Justice Vibhu Bakhru allowed the to interrogate the Singh brothers, former CMD of REL Sunil Godhwani and Kavi Arora for two weeks from January 1, 2021 onwards.

All four were arrested by the Economic Offences Wing (EOW) of Delhi Police last year, for allegedly diverting RFL’s money and investing in other

However, the Ministry of Corporate Affairs (MCA) had directed to investigate affairs of REL in 2018 and thereafter, in February this year it was also asked to probe into the affairs of RFL, the agency had said in its plea.

The had moved the high court against a September 22 order of the trial court denying it permission to examine the four who are presently in judicial custody.

The trial court had denied the permission saying the agency was allowed to examine them earlier and that was

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Your Christmas party could result in a tax demand for your business

Employers planning a staff Christmas party risk tax demands because of increasing entertaining during the rest of the year.

The official annual limit for staff entertaining, set by HMRC, is £150 for each employee.

“Unfortunately, the growing popularity of, for example, ‘pizza nights’ and summer drinks means that the limit is often now reached long before Christmas, and that is catching out unwary employers,” warns Chris Smith, Head of Personal Tax Compliance at accountancy firm BKL.

“The implications are considerable. If the Christmas party does breach the annual limit then the whole cost of that event is taxable on employees as a benefit in kind. The employer also has to pay national insurance at 13.8%.”

The key points for an employer to consider before they dig into their pockets are:

  • The “per head” figure is based on all attendees. If family members are invited and the figure exceeds £150, employees will be taxable on the amount allocated to them and their family members.
  • For example, 10 employees each bring a guest to the Christmas party which costs £3,500. Each employee would be taxable on £350. The company would also have Class 1A National Insurance (NI) to pay on the £3,500.

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