Budget 2022-23: No major surprise expected in income-tax slabs
The upcoming Union Budget 2022 is unlikely to bring any tweaks in the existing income tax rates. The thinking in the government and among Budget makers is that, given the continued uncertainty around Covid-19 and its impact on household income and savings, any change in tax rates could be counter-productive. Read more
Reserve Bank of India red-flags cryptocurrency risks in board meet
The Reserve Bank of India (RBI) on Friday apprised the board members about its reservations around private cryptocurrencies while updating the progress on its yet-to-be launched central bank Digital Currency (CBDC). The RBI officials, according to a source, apprised the board member about the macroeconomic instability such cryptocurrencies could cause. Read more
Net direct tax collection jumps 60.8% to Rs 9.5 trillion in FY22 so far
Net direct tax collection in FY22 as of December 16 rose 60.8 per cent to Rs 9.5 trillion, signalling that the government may end up this fiscal year with a comfortable revenue position.
The government earlier this month sought approval from Parliament for a net additional spending of Rs 3 trillion in FY22. Read more
CCI suspends Amazon deal with Future, fines US giant Rs 200 crore
The Competition Commission of India (CCI) on Friday suspended the US retail giant Amazon's 2019 deal with Future Retail (FRL) for its deliberate design to suppress information about the scope and purpose of the deal. The antitrust regulator has imposed a penalty of Rs 200 crore on Amazon to be paid within 60 days of receipt of order. Read more
Omicron: Europe-like surge may mean 1.4 mn cases a day, says V K Paul
As the Omicron tally of India crossed 100 on Friday, the health ministry struck a note of caution saying it's a phase of worry for the country. India could see 1.3 to 1.4 million daily cases if the case progression is the same as what is being witnessed in some of the European countries such as the UK or France, V K Paul, member-health, Niti Aayog, said. Read more
