Tax consultants have started receiving number of calls from their clients — both corporate and individuals — seeking clarity over changes in the reassessment regime. Meanwhile, extreme poverty in India declined by 12.3 percentage points to 10.2 per cent in 2019. Scroll further down for more on these and other top stories this morning.
New tax regime: Big unexplained expenditure may lead to I-T review
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients — both corporate and individuals — seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices.
The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments. Read more here
Extreme poverty in India fell sharply in 2011-19: World Bank paper
Extreme poverty in India declined by 12.3 percentage points to 10.2 per cent in 2019, from 22.5 per cent in 2011, according to a working paper of the World Bank. The paper, authored by economists Sutirtha Sinha Roy and Roy van der Weide, showed the reduction in abject poverty in rural areas was more pronounced during the period review than in urban areas.
The paper showed that rural extreme poverty dropped by 14.7 percentage points during this period, while urban deep poverty fell by 7.9 percentage points. Read more here
We will regain 50% market share gradually: Maruti Suzuki CEO
India’s largest carmaker, Maruti Suzuki, has a new captain in the boardroom.
Hisahi Takeuchi takes charge at a moment when the company is going through a structural change where it is revamping its product planning to arrest the slide in market share and after years of shying away from EV, electric mobility, it has committed to its first electric vehicle by 2025. Read the interview here
Govt plans regulator for skill gaming industry to curb money laundering
The government is considering a proposal to have a regulator for the so-called skill gaming industry, following concerns about money laundering.
The industry is in support of any such move, claiming it would remove uncertainty around the sector and also boost investments, while safeguarding player interests. Read more here
Power engineers warn of energy crisis in 12 states, seek govt action
The depleting coal inventory of domestic thermal power plants has prompted public sector power engineers to warn of an impending energy crisis in 12 states.
According to All India Power Engineers Federation chairman Shailendra Dubey, the power crisis could worsen owing to the low coal stock to fire thermal power units. Read more here