Department Financial News

Budget 2024 later this month, the Department for Promotion of Industry and Internal Trade (DPIIT) has recommended the removal of the contentious Angel Tax for startups ecretary Rajesh Kumar Singh said Thursday. He also said the department has proposed phasing out of the inverted duty structure and high tariff on inputs in sectors such as electronics. Section 56(2) VII B of the Income Tax Act, also known as angel tax, which was introduced in 2012, as an anti-abuse measure aimed at tax avoidance. It’s levied above a rate of 30%. “Based on consultations with the startup ecosystem we had, we have recommended that in the past as well, we have recommended this time also,” Singh said.

The flames from derailed train cars carrying hazardous material are mostly extinguished a day after the incident in a remote area of North Dakota

Coal India unit Northeastern Coalfields (NECIL) which is operating one coal mine in Margherita sub-division in Tinsukia district, is making efforts to increase production from two lakh metric tonnes to 15 lakhs tonnes per annum. The Chairman & Managing Director of Coal India Limited (CIL), PM Prasad, and his team of senior officials called on the Chief Secretary, Ravi Kota at his Office chamber in Lok Sewa Bhawan, Guwahati. The Chief Secretary during interaction, reviewed the progress of the ongoing projects of NECIL in Assam. Kota highlighted that the Assam Government under the leadership of the Chief Minister, Himanta Biswa Sarma is keen on developing Assam as a sustainable and environmentally clean source of coal for relevant industries to reduce import of coal and to help in employment generation. The government is also exploring ways to maximize exploration and utilisation of the coal resources to accelerate economic growth, he said. At present, one coal mine in Margherita sub-division in Tinsukia district, under NECIL is actively extracting coal with an annual production of two lakh metric tonnes of coal. The production is likely to increase to three lakh tonnes per annum very soon and efforts are being undertaken to expand the same to 15 lakhs tonnes (1.5 Mn tonnes) per annum.

Odisha on Wednesday effected a major reshuffle among senior-level IAS officers. According to a notification issued by the state General Administration and Public Grievances (GA-PG) department for this purpose, Nikunja Bihari Dhal, the Additional Chief Secretary (ACS) to the chief minister, will continue to have additional charge of chairman of IDCO, a state PSU. Similarly, ACS Surendra Kumar has been given the charge of the parliamentary affairs department in addition to the current posting as ACS to the GA-PG department and Tourism department. Senior IAS officer G Mathivathanan has been transferred as director general of Training Coordination, Gopabandhu Academy of Administration, Bhubaneswar.

H-1B visa system haul to the end of the year. The Department of Homeland Security (DHS) is gearing up to release several significant regulations, with the most anticipated being the modernization of the H-1B program. Earlier this year, U.S. Citizenship & Immigration Services (USCIS) shifted the H-1B cap lottery to selection by beneficiary rather than registration, alongside measures to prevent fraud. The next phase, slated for December 2024, will enhance cap-gap protections for F-1 students, revise the H-1B specialty occupation definition, expand the Fraud Detection and National Security site visit program, and ensure USCIS adjudicators defer to prior decisions.

Boeing agreed to plead guilty to misleading air-safety regulators in the run-up to two deadly 737 MAX crashes, a stunning concession that would brand the world’s biggest aerospace company a felon. Boeing will formally acknowledge guilt and accept fresh punishment over its dealings with the Federal Aviation Administration before two 737 MAX crashes that killed 346 people, according to a late Sunday court filing. As part of a plea to one count of conspiracy to defraud the U.S., prosecutors have asked the company to pay a second $244 million criminal fine and spend $455 million over the next three years to improve its compliance and safety programs.

Lal Krishna Advani was admitted to Apollo Hospital on Wednesday night, according to the PTI sources. This comes just days after the 96-year-old former deputy prime minister was discharged from the All India Institute of Medical Sciences (AIIMS) following a night-long stay. «Advani is stable and under observation,» a hospital source reported. «He has been admitted under Dr. Vinit Suri, a senior consultant in Neurology.» The source added that he was admitted around 9 pm. Details regarding Advani's ailment were not immediately available. He was undergoing treatment in the department of urology.

State Department Deputy Spokesperson Vedant Patel made the remarks on Monday at his daily news conference in response to a question on US-India relations and the recent conversation between President Joe Biden and Prime Minister Narendra Modi on the sidelines of the recent G7 Summit in Italy. «India is a country in which we are deepening our relations within a number of key spaces, especially as it relates to deepening our economic ties, deepening our security cooperation,» Patel told reporters.

government is considering the option of handing over operations of Mahanagar Telephone Nigam Ltd (MTNL) to BSNL through an agreement, instead of pursuing a merger route, a source privy to the development said. A final call on this is likely to be taken in a month's time. The source said the option of handing over debt-laden MTNL's operations to Bharat Sanchar Nigam Ltd (BSNL) through an agreement is being looked into. The source said that given MTNL's high debt, a merger with BSNL was not a favourable option. Once the decision is taken, the proposal would be placed before the Committee of Secretaries, and thereafter taken to the Cabinet.

The U.S. government will pay the vaccine maker Moderna $176 million to accelerate development of a pandemic influenza vaccine

Mizoram, the Indian Air Force (IAF) rescued 13 fishermen, who were stranded on a small island in the flooded Brahmaputra in Assam’s Dibrugarh district since June 28. At least three people, including a four-year-old girl, were feared dead after a landslide struck and partially buried their tin-roofed concrete building on the outskirts of the state capital Aizawl. The incident was triggered by incessant rains. Another three buildings in Zuangtui area of Aizawl and one in Bawngkawn area were also swept away by massive landslides. The school education department has announced the closure of all schools on Tuesday due to inclement weather. On Sunday, the state disaster management and rehabilitation department had issued an alert in anticipation of heavy rainfall and storms. Assam’s State Disaster Management Authority (ASDMA) officials said that it had requested the IAF to help rescue the fishermen from the Hatia Ali area in the district.

Deere is laying off nearly 600 workers as the farm equipment manufacturer deals with declining demand

Delhi recorded a minimum temperature of 27.2 degrees Celsius on Tuesday, and the IMD forecasts a generally cloudy sky with light rain for the day.The maximum temperature is likely to be around 33 degrees Celsius, the weather department stated.The Air Quality Index (AQI) recorded was moderate, with a reading of 94 at 1:19 pm, according to the Central Pollution Control Board.Spicejet has issued a warning for the passengers of flight disruptions due the heavy rains in Delhi. The airline company has asked the passengers to check their flight status frequently. Visuals shared by ANI on X show the parts of Central Delhi and the intensity of the rain showers.

Early stage entrepreneurs are happy about the possibility of the tax going away. “This move will be a game-changer for both early-stage startups and investors," said Bharat Joshi, co-founder of Bengaluru-based fintech startup VuNet Systems, adding that the move could foster a more conducive and positive environment for innovation and growth, and unlock greater opportunities for entrepreneurs.

income tax return (ITR) within 30 days of filing it, or all the time and resources you invested in filing it will be wasted. Verification of the ITR is the last step of the tax return filing process and is a mandatory requirement for processing of the filed ITR. The filed ITR will not even be considered for processing by the tax department unless you verify it using the prescribed methods. «If you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961,» said the tax department on its website. Needless to say, if your filed ITR is not processed, you will not get income tax refund (if any) and it will be assumed that you have not filed your ITR. The deadline to file ITR for those not liable for an income tax audit is July 31, 2024, for FY 2023-24 (AY 2024-25).

American Airlines says a smoking laptop in a passenger’s bag prompted an evacuation on one of its flights headed to Miami from San Francisco International Airport

Briefing occurred Tuesday in Renton, Washington, detailing «defect» from supplier.

Boeing’s 737 Max is a more fuel-efficient version of the American aerospace company’s popular 737, the best-selling airliner ever

Rail cars carrying hazardous material have derailed and burst into flames in a remote area of North Dakota

Form 16A is a TDS Certificate that shows all TDS amounts submitted to the Income Tax Department. When non-salary payments like TDS professional fees, rent, and bank interest are made, the deductor provides a «TDS Certificate» to the IT Department. Form 16 A downloaded from TRACES are considered as valid TDS certificates.

private equity and venture capital world is in the crosshairs of the goods and services tax (GST) office. About a dozen such alternative investment funds (AIFs) have recently received notices, with the revenue department questioning why their schemes, housing the fund pools, are not registered under GST. These funds raise huge money every year and bankroll thousands of startups and listed companies.