Wednesday, November 27
Australian stock exchange operator ASX said it had hired Tata Consultancy Services (TCS) to overhaul its clearing and settlement software, opting for a route that will take less customisation after ditching a much-criticised blockchain-based effort. The choice is a major departure from its decision in 2017, announced with much fanfare, to be at the vanguard of adopting blockchain-like technology for use in critical financial architecture, an attempt that resulted in repeated delays before it was shelved last year.
The Delhi High Court has ruled that the extended period of ten years for re-opening income tax assessments should only apply in cases involving serious tax evasion where evidence of concealing income exceeds Rs. 50 lakh. This decision is expected to benefit thousands of taxpayers. The court considered the validity of notices issued under section 148 and concluded that the three-year limitation period should apply for alleged escaped income below Rs. 50 lakh. The court rejected the "travel back in time" theory proposed by the tax authorities and deemed it invalid.
The Delhi High Court has ruled that the extended period of ten years for re-opening income tax assessments should only apply in cases involving serious tax evasion where evidence of concealing income exceeds Rs. 50 lakh. This decision is expected to benefit thousands of taxpayers. The court considered the validity of notices issued under section 148 and concluded that the three-year limitation period should apply for alleged escaped income below Rs. 50 lakh. The court rejected the "travel back in time" theory proposed by the tax authorities and deemed it invalid.
Almost 500 OpenAI employees have threatened to quit unless the current board members resign and reappoint ex-CEO Sam Altman. In a letter, the employees expressed concern that Altman's firing had jeopardized the company's mission and stated they would leave and join Altman at Microsoft if the board did not step down. The letter also criticized the board's competence and lack of transparency. OpenAI fired Altman in November, citing a loss of confidence in his leadership.
Bengaluru has the highest number of women-led startups in India, followed by Mumbai and Delhi. However, the gender divide in the country's startup ecosystem is still prominent. Karnataka is the first state to provide a grant-in-aid of Rs 50 lakh to encourage women entrepreneurs. Funding for women-led companies has seen fluctuations over the years, with a decrease in 2023. There are currently 14 women-led unicorns in India, with Bengaluru-based neobank Open being the 100th unicorn.
Indians doubled their average monthly remittances allocated to deposits in foreign banks and investments in debt and equity instruments overseas in September 2023. This trend coincided with the October 1 deadline for implementing government’s directive to collect higher tax at the source from individuals remitting funds overseas. According to data released by RBI, the total money sent abroad in September 2023 was $3.5 billion — a 30% increase compared to $2.7 billion in the year-ago period.
The Indian government is facing a surplus of rice stock once again, despite having stopped selling it from its buffer stock to state governments five months ago. Robust paddy procurement during the current kharif marketing season has resulted in very little sale of rice from the Food Corporation of India's stock in the open market. To handle the increasing stock, the government will need to offload the grain, potentially through allocation to the poor during next year's elections.
The BIS wants wooden tables to be able to bear 60 kg and beds to bear 110 kg, along with passing stability, strength, and durability tests. However, industry bodies argue that QCO is burdensome and should align with international standards. The government plans to bring wooden furniture under QCO from 2025. BIS argues that user behavior in India differs from other parts of the world. The BIS and industry will continue discussions to find a solution.
