The Union Budget 2022-23 brought in some amendments to the Income Tax Act that would be effective retrospectively. Making a retrospective amendment to the Income-tax Act from 2005-06, the Budget has clarified that cess and surcharge will not be allowed to be claimed as deductions in the form of expenditure, a practice that some companies …
Signalling a move to protect domestic industries which are not necessarily capital, technology or labour intensive, Finance Minister Nirmala Sitharaman introduced a slew of higher custom duties on items of daily use such as umbrellas, headphones, earphones, loudspeakers, smart meters, and imitation jewellery. The customs duty on umbrellas was doubled to 20 per cent, while …
Five persons were found dead after part of an open cast coal mine caved in, in Dhanbad district of Jharkhand. Officials said the deceased persons had illegally entered the open cast mine located at the Eastern Coalfields Limited (ECL) in Mugma. Open cast mining is a traditional ‘cone-shaped’ excavation done for surface mining of coal …
Finance Minister Nirmala Sitharaman, in her Budget 2022 speech, announced a 30 per cent tax on income from virtual digital assets. She further clarified that no deduction in respect of any expenditure or allowance shall be allowed while computing such income except the cost of acquisition. Additionally, she also proposed a TDS on payment made …
Finance Minister Nirmala Sitharaman announced the launch of the Digital Rupee — a central bank digital currency (CBDC) — 2022-23 onwards. Who will launch the CBDC? The Reserve Bank of India will launch the CBDC from the upcoming financial year. This follows the government’s plans to launch the CBDC that will be backed by blockchain …
The Emergency Credit Line Guarantee Scheme (ECLGS) will be extended to cover the next fiscal as well, with expanded guarantee cover of Rs 5 lakh crore, Finance Minister Nirmala Sitharaman said in her budget presentation. An additional guarantee amount of Rs 50,000 crore has been announced for the hospitality sector. Under ECLGS, which is for …
The Union Government has approved continuation of Scheme of Assistance to National Sports Federations (NSFs) with an outlay of Rs. 1575 crore for XV Finance Commission Cycle (2021-22 to 2025-26). The Scheme of Assistance to NSFs is the flagship Central Sector Scheme. It is the main source of funding for preparation of national teams for …
Union Minister for Environment, Bhupender Yadav, addressed the national level celebration of World Wetlands day 2022 held at Sultanpur National Park, a Ramsar site of Haryana. World Wetlands Day is observed every year on February 2nd all over the world. It is celebrated to raise global awareness about the vital role of wetlands for people …
The fifth submarine of Project 75, Yard 11879, Indian Navy’s Kalvari class commenced her sea trials on 01 February 2022. The submarine was launched in Nov 2020 from the Kanhoji Angre Wet Basin of Mazagon Dock Shipbuilders Limited (MDL). The submarine would be named Vagir, after commissioning. The submarine will now undergo intense trials of …
Union Minister of State (Independent Charge) of the Ministry of Science and Technology and Earth Sciences, Dr. Jitendra Singh informed Lok Sabha about the Safforn Bowl Project. North East Centre for Technology Application and Reach (NECTAR) under Saffron Bowl project has identified few locations in Arunachal Pradesh and Meghalaya for saffron cultivation. In Arunachal Pradesh, …