BUSINESS
Enhancement in basic income tax exemption limit of Rs 2.5 lakh highly awaited
When asked about the most anticipated change for individual taxpayers the following were their responses 29 per cent wanted that the government to enhance the income limit of Rs 10 lakh at which the maximum marginal rate of 30 per cent tax is triggered. 36 per cent hoped for an increase in the 80C deduction limit of Rs 1.5 lakh.
Ventura case: ED attaches assets of over Rs 2 cr under PMLA
It further said that ED initiated money laundering investigation on the basis of FIRs registered by Goa Police in August and December 2019, under various sections of IPC & Goa Protection of Interest of Depositors (In Financial Establishments) Act, 1999 against Ameet Savant, Jeevendra Poddar, Shipra Singh, and others for duping of investors to the tune of approximately Rs 21.38 crore by promising fixed returns of 2 to 5 per cent per month.
Services exports crossed $178 bn in 6 months despite Covid: Piyush Goyal
Goyal lauded the ITES (Information Technology Enabled Services) industry including the Business Process Outsourcing (BPO) sector for the record Services exports during the last year and informed that the Government has taken several steps to boost the start-up ecosystem, as removing problems of ‘Angel tax', simplification of tax procedure & allowing self-certification and self-regulation, reducing the burden of over 26,500 compliances and decriminalization of 770 compliances.
Equities settle low on continued fund outflows; Sensex slips over 400 pts
Accordingly, Sensex settled 0.7 per cent or 427 points down at 59,037 points, whereas Nifty 0.8 per cent or 140 points down at 17,617 points. "(Also), weak sentiments from global markets due to persistent inflationary worries and weaker-than-expected earnings added to the selling pressure," said Vinod Nair, Head of Research at Geojit Financial Services.
SC to Supertech: Refund money to all homebuyers
A bench comprising Justices D.Y. Chandrachud and Bela. M. Trivedi said Supertech should do the complete refund to homebuyers, who filed the contempt petition, by February 28, and the other homebuyers who are not in court should approach it within a week.
Indian startups raised record $24.1 bn in 2021: Nasscom
The Indian tech startup base continues to witness steady growth, adding over 2250 startups in 2021, which is 600 more than 2020. India, accounting for 70 unicorns, added a record number of new unicorns (42) in 2021 across 18 sectors, third highest after the US and China, with a cumulative valuation of newly-added unicorns standing around $90 billion.
Budget expected to restore consumer confidence
The growth outlook for the next fiscal is clouded by various downside risks, including new Covid-19 outbreaks, rising commodity prices, mounting inflationary expectations, lingering supply bottlenecks and not-so-favourable global recovery amid diminished fiscal and monetary policy support. To restore consumer confidence, which was severely dented by waves of the Covid-19 pandemic and to sustain the growth recovery, the Budget is expected to provide support through various measures.
Essar Capital appoints Anil Kumar Chaudhary as CEO for metals and mining vertica
Anil Chaudhary was formerly the Chairman and Managing Director of Steel Authority of India Limited (SAIL) and has been the Chairman of International Coal Ventures Ltd. (ICVL) and junction services Ltd. He had also been the President of Steel Research and Technology Mission of India (SRTMI). Currently, he is the Chairman of Minerals and Metals Committee of PHDCCI. He will be the member of the Executive Committee, and will play a key role in driving the investment strategy and growth in the Metals & Mining Vertical, domestically and globally.
Biocon Q3FY22 revenue at Rs 2,223 crore, up by 18%
Biosimilars grew by 28 per cent to Rs 981 crore, Research Services was up 10 per cent at Rs 641 crore and Generics delivered a 7 per cent growth at Rs 607 crore. Biocon, a global biopharmaceuticals company, announced its consolidated financial results for the third quarter ended December 31, 2021, on Thursday night.
Crypto.com loses $34 mn in hack involving 483 users
Overall, the unauthorised withdrawals had over $15 million worth of etherum, $19 million worth of Bitcoin and $66,200 in "other currencies". The platform said late on Thursday that on January 17, its risk monitoring systems "detected unauthorised activity on a small number of user accounts where transactions were being approved without the 2FA authentication control being inputted by the user".
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