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  A caste verification committee has asked NCB zonal director Sameer Wankhede to appear before it on December 14, according to Bhim Army leader Ashok Kamble. Breaking News : A caste verification committee here has asked Narcotics Control Bureau’s (NCB) zonal director Sameer Wankhede to appear before it on December 14, according to Bhim Army leader Ashok Kamble, who is the complainant in the matter. Kamble had filed the complaint with the Mumbai district caste verification committee against Wankhede for allegedly forging documents and presenting himself as member of the Hindu Mahar (Scheduled Caste) community to secure the government job. We presented all the documents to the committee and asked it to take up the matter further. The committee told us that Wankhede will be asked to depose before it on December 14, Kamble said on Wednesday. Notably, Maharashtra minister Nawab Malik had also earlier alleged that Wankhede was born a Muslim, but he forged his documents to get the governm...

 Chip-maker Qualcomm and Google Cloud have announced a collaboration to create next-gen mobile AI models and neural network solutions. International News : Chip-maker Qualcomm and Google Cloud have announced a collaboration to create next-gen mobile AI models and neural network solutions. The Google Cloud's Vertex AI NAS Neural Architecture Search (NAS), first available on Snapdragon 8 Gen 1 mobile platform and then across Qualcomm portfolio, will enable the companies to create and optimise AI models automatically rather than manually. Once combined with Qualcomm's AI engine, NAS will be used to accelerate neural network development and differentiation for Snapdragon mobile, ACPC, XR, the Snapdragon Ride automotive platform, and IoT initiatives, according to Qualcomm. "The ability to utilise Google's NAS technology to create and optimise new AI models in a condensed timeframe is a game changer for our business," said Ziad Asghar, vice pres...

 AAR ruling says GST will be applicable on different employees' recoveries, including telephone bills, group insurance and salary paid during notice period. The ruling says if an employee is resigning from a company, and he or she serves the notice period, it's the company that is providing services to the employee. Amid a talent war among companies, the issue of high attrition rate has taken centre stage in the corporate world. However, another crucial point of debate among tax officials and companies is the tax treatment on salaries of employees serving the customary notice period. A recent ruling in the case of Bharat Oman Refineries, which is a subsidiary of state-owned Bharat Petroleum, by the Central Board of Indirect Taxes and Customs' Authority of Advance Ruling (AAR) said the GST will be applicable on different employees' recoveries. These include telephone bills paid by companies, group insurance of the company employees, and payment of s...

  One has to be aware of the stamp duty valuations of a piece of property when entering into any purchase or sale of property in India. In order to plug the loopholes in real estate transactions and to avoid litigations, the  Income Tax  Department benchmarks the valuation of property against its stamp duty valuation. For levy of stamp duty on property, various state governments come out with an annual ready reckoner of rates for valuation of property. This is also called circle rates in north India. In this article, I intend to discuss some of the important provisions of income tax laws which refer to stamp duty valuation of a piece of property. Let us discuss. Eligible property for additional benefits of interest Section 80EEA allows a deduction up to Rs 1.50 lakh every year in respect of interest on home loans sanctioned between 1st April 2019 and 31st March 2022 for a residential property stamp duty valuation of which does not exceed forty-five lakh rupees. This deduc...

There are thousands of budding restaurants that may not have the expertise or focus to fundraise at the right time from the right investors, said Zomato Chief Executive Officer Deepinder Goyal. Breaking News : Online food delivery platform Zomato has announced the launch of Zomato Wings, a platform to connect investors with restaurants, to help them raise funds. There are thousands of budding restaurants that may not have the expertise or focus to fundraise at the right time from the right investors. This is where Zomato wants to help, Zomato Founder and Chief Executive Officer Deepinder Goyal said in a blog. "We are excited to announce the launch of Zomato Wings, a platform to connect investors with restaurants. Just like ambitious restaurant entrepreneurs look for investors, investors also hunt for brands and teams that have the potential to become the next big chain," he added. By curating a set of restaurants and cloud-kitchens that could become rocketships if fuelled wit...

First reported in southern Africa a week ago, the variant has brought global alarm. International News : The head of the World Health Organization (WHO) voiced concern on Tuesday that some countries were introducing blanket measures against the Omicron coronavirus variant that may not be necessary and penalised African nations unfairly. "I well understand the concern of all countries to protect their citizens against a variant that we don't yet fully understand," said Tedros Adhanom Ghebreyesus. "But I am equally concerned that several Member States are introducing blunt, blanket measures that are not evidence-based or effective on their own, and which will only worsen inequities." First reported in southern Africa a week ago, the variant has brought global alarm, led to travel bans, and highlighted the disparity between massive vaccination pushes in rich nations and sparse inoculation in the developing world. In remarks to a closed-door meeting po...

  To file your income tax return (ITR) online you need to use the Income Tax Department’s new e-filing portal at   http://www.incometax.gov.in . But before you can log in you will need to register yourself on the e-filing portal. Now, let us take a look at how to log in to the e-filing portal. How to log in to e-filing portal There are various methods to log into the portal; according to the tax department, there are 14 methods. A taxpayer can log in using various methods such as using Aadhaar OTP, Net Banking, Static password, and a few other methods. How to log in to the income tax portal using mobile number/email Step 1: Go to http://www.incometax.gov.in/ and click on ‘Login Here’ option on the homepage to access the official  Income Tax  Department Portal. Step 2: Enter your PAN in the Enter your User ID textbox and click Continue. Step 3: Confirm the Secure Access Message you received. Click Continue after entering your Password. Step 4: Choose whether...

  The multitude of circumstances and myriad ways in which the need for transition of credit would arise cannot be predicted and provided for Transition in any domain is always a complex affair. When several taxes levied independently by the Union and the State governments are unified under a single levy, the process is bound to be very complex and it is the duty of the government to ensure a smooth transition in all aspects. One such aspect is the seamless transfer of credits earned under the existing laws into the GST regime and Section 140 of the CGST Act provides for the same. Though the said section deals with several situations, the multitude of circumstances and myriad ways in which the need for transition of credit would arise cannot be predicted and provided for. Here is where the government has to be proactive and guide the process through the removal of difficulty powers. Unfortunately, more often than not, the government is playing an adversarial role, rather than the r...

  FMCG stocks are likely to be in focus on the back of price hike announced, while airline shares too may be on investor’s radar following the fresh world-wide Coivd-19 scare. Breaking News : The markets are likely to attempt a pull-back in early trade this morning following Friday’s sell-off as indicated by the SGX Nifty. As of 08:30 AM, the December Nifty futures on SGX were quoted at 17,147 as against the Nifty spot close of 17,026 on Friday. Meanwhile, here the top stocks to focus in trade today. Reliance:  The company’s telecom arm, Reliance Jio announced a 20 per cent hike in tariff on Sunday, joining industry rivals Bharti Airtel and Vodafone Idea (Vi) which went for a price revision earlier last week. Jio’s new rates will come into effect from December 1. ITC:  The FMCG giant has agreed to acquire 16 per cent of the share capital of Mother Sparsh Baby Care Private Limited (‘Mother Sparsh’), a premium ayurvedic and natural personal care brand in the D2C s...

  Asian markets regained a little composure on Monday as investors settled in for a few weeks of uncertainty on whether the Omicron variant. International News : Asian markets regained a little composure on Monday as investors settled in for a few weeks of uncertainty on whether the Omicron variant would really derail economic recoveries and the tightening plans of some central banks. Oil prices also bounced $3 a barrel to recoup some of Friday’s shellacking, while the safe haven yen took a breather after its run higher. The new variant of concern was found as far afield as Canada and Australia as more countries imposed travel restriction to try to seal themselves off. Britain called an urgent meeting of G7 health ministers on Monday to discuss developments on the virus, although a South African doctor who had treated cases said symptoms of Omicron were so far mild. “There is a lot we don’t know about Omicron, but markets have been forced to reassess the global growth outlook until...

  The new AIS includes additional information related to interest, dividend, securities transactions, mutual fund transactions, and foreign remittance information. New Delhi:  The  Income Tax  Department has announced that taxpayers can now access the new Annual Information Statement (AIS) through the e-Filing portal. In a Tweet, the department has clarified that “Check out the new Annual Information Statement(AIS). Provides a comprehensive view of the information available with ITD about taxpayers. The new AIS includes additional information related to interest, dividend, securities transactions, mutual fund transactions, and foreign remittance information. The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year (FY), i.e., it contains the information that are specified under the Income-tax Act, 1961. The AIS contains information related to income earned from various sources such as salary, divi...

  While passenger transportation services provided by auto-rickshaw drivers in manual or offline mode will remain exempted, services provided through any online marketplace will be tax-deductible at a rate of 5% beginning January 1, 2022. New Delhi:  If you use Ola or Uber frequently, expect to pay more for the services you use. From January 1, 2022, the government has announced that auto-rickshaws offered through online platforms will be subject to a 5% GST. The  GST  exemption for auto-rickshaws that provide passenger transportation services on internet platforms was cancelled by the Revenue Department, which is part of the Finance Ministry, in a statement. While passenger transportation services provided by auto-rickshaw drivers in manual or offline mode will remain exempted, services provided through any online marketplace will be tax-deductible at a rate of 5% beginning January 1, 2022. This modification will have a direct impact on e-commerce industry firms tha...