CBDT

Govt likely to set limit for Benami deals, proposal may come up in Budget session: Report (SEP 26, 2022)

The Central Board of Direct Taxes (CBDT) is believed to have recommended some steps to eliminate some incongruities in the existing law while ensuring that no one is unnecessarily harassed, the financial daily cited another official as saying. He went on to add that these are likely to be proposed in the Budget Session of Parliament.  

The proposed measures are being taken after the recent ruling of the Supreme Court, which held the 2016 amendment to benami transactions law could not be applied retrospectively and struck down certain provisions on criminal offences, including severe punishments such as jail terms.

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GST 

Gaming firm gets Rs 21K-cr GST notice (SEP 26, 2022)

The Directorate General of GST Intelligence (DGGI) has slapped a tax demand of Rs 21,000 crore on Bengaluru-based online gaming company Gameskraft Technology (GTPL), exposing the massive scale of tax evasion in the thriving betting and gaming industry. This is the largest single indirect tax demand on any evader till date.

The Directorate General of GST Intelligence (DGGI) has slapped a tax demand of Rs 21,000 crore on Bengaluru-based online gaming company Gameskraft Technology (GTPL), exposing the massive scale of tax evasion in the thriving betting and gaming industry. This is the largest single indirect tax demand on any evader till date.

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SUPREME COURT 

Supreme Court Notice to Centre on Plea Challenging Amendment to Juvenile Justice Act (SEP 26,2022)

The top court was hearing a plea filed by Delhi Commission for Protection of Child Rights challenging the amendment made to the Juvenile Justice (Care and Protection) Act, 2015 which categorise certain offences committed against children to be non-cognizable.  

The plea has challenged Section 26 of the amended act which classifies offences punishable with imprisonment for a term of three years and above but not more than seven years as non-cognizable.

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ECONOMIC NEWS

Salaries in India likely to rise by 10.4 pc in 2023: Aon Survey (SEP 26, 2022)

According to leading global professional services firm Aon Plc’s latest Salary Increase Survey in India, remunerations in India are expected to increase by 10.4 per cent in 2023, compared to an actual increase of 10.6 per cent to date in 2022, which is slightly higher than the 9.9 per cent increase projected in February.

The study that analysed data across 1,300 companies from more than 40 industries in India noted that the attrition rate for the first half of 2022 continued to be high at 20.3 per cent, marginally lower than the 21 per cent recorded in 2021, thus retaining the pressure on salaries.

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NEWS AT GLANCE 

  • Housing and Urban Affairs Ministry launches Swachh Toycathon, a unique competition to make toys from waste. 
  • India’s Non-Petroleum Exports to UAE Rise 14% in June-August. 
  • Breezy Start to Ecomm Festive Sales, 28% Growth in first 2 days. 
  • RBI may Raise Repo Rate by 50 bps this Wk.

WORD OF THE DAY 

Scienter is Latin for "having knowledge." In criminal law, it refers to knowledge by a defendant that his/her acts were illegal or his/her statements were lies and thus fraudulent.

MARKET TODAY (as on 26.09.2022)

BSE SENSEX                57,145.22 ▼ 953.70 (1.64%)

NIFTY 50                       17,016.30 ▼ 311.05 (1.80%)

1 US Dollar = 81.59 Indian Rupee (Last updated · 26 September at 3:43 pm UTC)

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