Department Financial News

Samsung next week to expand its chip output in Taylor, Texas, as it seeks to ramp up chipmaking in the U.S., two people familiar with the matter said. The subsidy, which will be unveiled by Commerce Department Secretary Gina Raimondo, will go towards construction of four facilities in Taylor, including one $17 billion chipmaking plant that Samsung announced in 2021, another factory, an advanced packaging facility and a research and development center, one of the sources said.

Arvind Kejriwal, Delhi Lieutenant Governor Vinai Kumar Saxena, in a letter addressed to the union home ministry, accused the ministers of “insensitivity and lack of seriousness. As per the letter, Governor Saxena had scheduled a meeting with key ministers dealing with the departments of water, education, health, transport, environment, and forest so that the routine works of governance are not hampered in the backdrop of Kejriwal's arrest.

The Federal Aviation Administration says a Southwest Airlines jet leaving Denver was forced to land after the engine cover fell off and struck the wing flap during takeoff

The Labor Department releases its March report on prices at the consumer level Wednesday

₹6,000 per farmer annually under PM Kisan Samman Nidhi Yojana. However, there is no data on how farmers are paid for the produce procured from them. This comes in the backdrop of tight global supplies and a dry spell induced by the El Niño weather phenomenon prompting the union government to restrict onion exports.

declining central pool stocks of essential food grains. The past two years have seen India's wheat production hit by severe heatwaves, leading to reduced domestic supplies and increased prices. Consequently, the government has had to release stocks from the central pool to stabilize prices.

Central Board of Direct Taxes (CBDT) has decided to increase the scope of theIncome Tax Department in filing of appeal cases in tribunals and courts. It has been directed by CBDT via a circular dated March 15, 2024, that the tax department can now file appeals with income tax tribunals and courts without considering the tax effect amount for certain specified cases based on the merit of the case. Among the specified cases, one is about penny stocks which falls under the category of cases involving organised tax evasion including cases of bogus capital gain/loss through penny stocks and cases of accommodation entries. «Monetary limits given with regard to filing appeal/SLP shall be applicable to all cases including those relating to TDS/TCS under the Act with the following exceptions where the decision to appeal/file SLP shall be taken on merits, without regard to the tax effect and the monetary limits,» said CBDT in its circular dated March 15, 2024.

Stephanie McMahon shocked everyone when she made a surprise appearance at WWE WrestleMania 40 on Sunday in Philadelphia's Lincoln Financial Field. It was a notable return to the wrestling scene after she departed from an executive role within the company in 2023. As she entered the arena, the cheering crowd went crazy when she said, «Every WrestleMania is special for its reason. Wrestlemania 40 might be the one I am most proud of, because this is the first WrestleMania of the Paul Levesque era.»

Elections in Uttarakhand, coinciding with the peak wedding season, have resulted in a surge in demand for buses and cabs across the state. Families who had made preparations for weddings say they are struggling for vehicles for their baraats (wedding processions) since a large number of taxis and buses have been diverted for election duty. According to information made available by the transport department, a total of 12,395 vehicles, including 3,653 buses and 7,161 private taxis and cabs, have been acquired by state authorities for election duty. This has led to vehicle bookings for weddings being cancelled abruptly. All five Lok Sabha constituencies in the state will go to the hustings in the first of the seven-phase polls on April 19. This year, peak wedding season has also arrived around this time with April 18, just a day before the polls, being considered the most auspicious day of the season to get married. Priests say that the wedding season gains momentum after Baisakhi on April 13, and extends until April 24.

tax matters can put you in a tight spot. Having coughed up a high tax for the past three months, Shilpa Bose knows this too well. The Delhi-based marketing professional submitted investment proof and other documents before the 15 January deadline, but still ended up paying a high tax. “The finance department didn’t take into account my tax-saving investments, medical insurance premium and home loan interest payments,” she says. That’s because Bose had not specified her choice of tax regime, which put her under the new tax regime by default and made her ineligible to claim many tax deductions and exemptions. A lot of salaried taxpayers might be in the same boat. Last year’s Budget had made the new tax regime the default option for salaried taxpayers. The employees who did not inform their companies about the tax regime they preferred were automatically put in the new tax regime. OLD REGIME

NEW DELHI : Milk prices tend to rise in summers as production falls, but this year may be worse. As sweeping heatwaves and drying dams leave dairy animals thirsty, milk productivity will fall and prices will rise, agriculture experts said.

The White House described the recent phone call between US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu as “tense and challenging." And what else could it have been? For the first time since Hamas attacked Israel on 7 October and Israel began retaliating massively against the whole Gaza Strip, Biden demanded an immediate ceasefire. He apparently added an or-else: “If there are no changes in their policy," said a spokesperson, “there will have to be changes in ours." That still seems too little too late to lots of people, even and especially in Biden’s own government.

The decision of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) to leave the policy rate unchanged in the last meeting was on expected lines. RBI also maintained its stance of ‘withdrawal of accommodation,’ as it is committed to bringing down consumer price index (CPI)-based inflation to its 4% target on a durable basis. RBI governor Shaktikanta Das highlighted that healthy economic growth has given RBI room to unwaveringly focus on price stability.

Ramsay Brothers’ films were stuff straight from nightmares for several generations! Today these movies may appear outdated, over-the-top, and slightly kitsch, but over the years, these movies have attained cult status. Gangu Ramsay, one of the seven Ramsay Brothers, the pioneers of the horror genre in India, breathed his last on Sunday. He was 83. The veteran cinematographer-director, who was associated with several horror classics such as ‘Purani Haveli’, ‘Tekhana’ etc, was admitted to the Kokilaben Hospital, Mumbai after he complained of some health issues. “With profound sadness, we announce the passing of one of the Ramsay Brothers, the legendary cinematographer, filmmaker, producer, and the second eldest son of F.U. Ramsay, Gangu Ramsay. He departed from us early this morning at 8 am, at the age of 83, after battling health issues for the past month. He was admitted to Kokilaben Hospital," the family said in a statement.” His last rites took place at the Oshiwara Crematorium at 2:00 pm.

India Meteorological Department (IMD) has started using artificial intelligence (AI) and machine learning in weather forecasts and it will expand it further into other areas to improve forecasts in coming years, IMD's director general Dr Mrutyunjay Mohapatra said. While speaking to ANI, the IMD DG Mohapatra said that that a dedicated expert team has been formed within the IMD and the Ministry of Earth Sciences (MoES) to spearhead the development of this AI-based tool. Additionally, collaborations have been established with esteemed institutes such as the Indian Institutes of Technology (IITs) and Indian Institutes of Information Technology (IIITs) to harness their expertise in AI and machine learning. «IMD is working on development of AI-based tool for weather forecasts. For this purpose, an team of experts has been formed in IMD and also in MoES. Further IMD is also collaborating with different institutions like IIT, etc for development of AI based tools,» the IMD DG said, while adding that «IMD have started using AI tool marginally, but it will expand in 2-3 years.»

cholera on April 5, raising concerns as a total of 47 students from the BMCRI girls’ hostel exhibited similar symptoms, PTI reported. All 47 students displaying symptoms are admitted to Victoria Hospital. They had all complained of loose stools, and dehydration, and were diagnosed with acute gastroenteritis, as per the report.

Heatwave alert in India: The India Meteorological Department (IMD) has forecasted heatwave conditions over east and peninsular India for the next two days. “India is expected to experience prolonged heat waves this summer, especially between April and June," the weather office had said. Many stated in central India and certain regions in the south are already experiencing maximum temperatures ranging from 40 to 42°C.

Reddy came out all guns blazing at the BJP-led Centre saying that the upcoming Lok Sabha elections will pit two families against each other--the NDA and central agencies at its disposal and the Congress family, many of whose members sacrificed their lives for the country. Addressing people at the release of the Congress's 'Nyay Patra' or manifesto in the state during the 'Jana Jatara Sabha', Reddy said on Saturday, «Congress is a family. I want to tell Rahul Gandhi that the upcoming elections are not just electoral contests but a war that pits two families against each other. This is an all-out war between the Congress family and the one headed by PM Modi.» «Modi's family features EVMs, ED, CBI and the Income Tax Department. Our family has martyrs--Indira Gandhi, Rajiv Gandhi, and a leader who sacrificed the PM's chair, Sonia Gandhi. This is a family whose members, including Rahul and Priyanka Gandhi, have selflessly dedicated their lives to the country,» the Congress leader added.

₹4 crore cash in Chennai on Saturday night, the officials said as quoted by AajTak. The three men who had around eight bags boarded the train in Egmore. After getting the information, the police and flying squad on duty in Tambaram hurried to the Tambaram railway station at around 9 pm yesterday.

India Meteorological Department (IMD) forecast predicts over the next few days. The weather department noted that heat wave conditions will prevail over Tamil Nadu, Karnataka and Telangana today.

Income Tax department is coming after them without informing them by an email or letter. They are clueless that the tax office has initiated action by simply posting the show-cause notice or summon on the department's e-portal. Such assesses who don't check the tax portal regularly — in fact, few do — may be in for shock and penalty. But how fair is this? According to a recent High Court ruling, this is no way for tax authorities to deal with either individuals or corporations who are not expected to keep the e-portal open all the time to figure out what the taxman is up to. Quashing a November 2022 show-cause notice against Munjal BCU Centre of Innovation and Entrepreneurship, The Punjab and Haryana High Court said «it is essential that before any action is taken, a communication of the notice must be in terms of the provisions» of the law that provides for a method and manner of service of notice and orders. «The provisions do not mention communication to be „presumed“ by placing notice on the e-portal,» said the order given a month ago.