New Delhi: The Union Budget on Wednesday proposed removing the exemption from paying income tax by news agencies.
The Finance Bill proposes an amendment to Clause 22B of section 10 of the Income Tax Act that grants exemption to notified news agencies from paying tax on income, provided the organisation applies its income or accumulates it solely for collection and distribution of news and does not distribute it to its members.
The memorandum explaining provisions of the Finance Bill said the move to remove the tax exemption to news agencies was in accordance with the stated policy of the government of phasing out of exemptions and deductions under the Act.
"In accordance with the stated policy of the Government of phasing out of exemptions and deductions under the Act, the exemption available to news agencies under clause (22B) of section 10 of the Act is proposed to be withdraw.....
Universities will suspend handing out places to HSC students until September after more than 43,000 early entry offers were made to pupils last year before they sat their final exams.
The NSW Vice Chancellors’ Committee have released new rules governing how early offers are made to year 12 students, but school principals argue the measures will fail to stop students losing focus in the final weeks of year 12. Principals' of many schools felt that bypassing ATARs can lead to complacency among students and was increasingly used by universities to secure enrolments in a tight market. While some principals say the offers – which in some cases are made before mid-year trial exams – help ease the stress of high-stakes tests, others warn it means students do not apply themselves as much as they might have in the last months of school.
Convener of the NSWVCC, Professor Barney Glover .....
New Delhi: India’s real gross domestic product (GDP) has been projected to grow by seven per cent in 2022-23, as per the first advance estimates released by the National Statistical Office (NSO). Gross fixed capital formation (GFCF) is projected to drive the GDP growth with an 11.5 per cent expansion. Private final consumption expenditure (PFCE) has been projected to grow by 7.7 per cent, while government final consumption expenditure (GFCE) has been projected to grow by a much lower 3.1 per cent. According to the NSO’s estimates, trade deficit would jump to 7.1 per cent of GDP in 2022-23 from 4.8 per cent in 2021-22.
The economy grew 9.7 per cent in the first half (April-September) of FY23, the data for which was released on November 30.
The first Advance Estimates of GDP by NSO have incorporated the factory output data of an additional month (October) as well as some lead ind.....
A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU and China will see their economies slow down.
Kristalina Georgieva, the chief of the International Monetary Fund (IMF), made these grim assertions on Sunday during a CBS news programme "Face the Nation."
It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant.
"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.
The year 2023 will be tougher than last year because the economies of the US, the EU and China will slow down, she said.
"Even in countries that are not in recession, it would feel like a.....
Prasar Bharati is “evaluating” the possibility of coming up with an OTT platform months after it signed an agreement with YuppTV to expand the global reach of Doordarshan’s DD India channel, a senior official said on Friday.
“That is something we are working upon, evaluating,” the Prasar Bharati official said during an informal interaction with reporters while replying to a question when will the broadcaster come up with an over-the-top (OTT) platform.
Prasar Bharati had signed a memorandum of understanding (MoU) with YuppTV, an OTT platform, in March last year to make DD India available in various countries including the US, the UK, Singapore, Australia and New Zealand, besides Europe and the Middle East.
With the Union Cabinet earlier this week approving a scheme worth more than Rs 2,500 crore for modernization, upgrade and expansion of All India Radio (AIR) and Door.....
The Biden Administration is aware of the long delays in visa appointments in India and is working to respond to the ”significant demand of these visa services”, the White House said Thursday as responding to a question on the agonizing long visa appointment period at the US missions in India, which currently runs into more than 1,000 days.
“I can say that the Biden administration is aware of the issues,” White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference.
“While we have made great strides, as you know, because you cover this very closely, in recovering from the pandemic related closures and staffing challenges, we are still working to respond to the significant demand of these visa services,” Jean-Pierre said.
“That is something that we will continue to do. We are successfully lowering visa interview wait times, that’s arou.....
After the draft data protection bill, the government is now all set to bring another key legislation — Digital India Bill — that will be made available for public consultation by the month-end, Minister of State for IT Rajeev Chandrasekhar said on Thursday.
The Digital India Bill, which will replace the 22-year-old Information Technology (IT) Act, will be contemporary and a modern piece of legislation, the Minister promised.
The proposed bill, alongside the Digital Personal Data Protection (DPDP) Bill whose draft was released recently, will contribute to the evolving framework which is light on regulation, safeguards consumer rights and catalyses innovation, the minister said while speaking at CII Global Economic Policy Summit 2022.
Chandrasekhar further informed that Production Linked Incentive (PLI) scheme for ‘wearables’ is in the offing. He termed wearables as among .....
The Australian and Victorian Governments have announced an $877 million Recovery Support package, supporting businesses, farmers, and not-for-profits to rebuild and return to trade as quickly as possible, following the recent devastating floods.
Grants of up to $50,000 are available to eligible businesses and not-for-profit organisations to support recovery efforts including rebuilding damaged infrastructure and replacing damaged assets.
To help businesses navigate through the recovery period, more than $22 million has been made available for support services to facilitate the development of recovery plans, provide mental health support and assist in grant applications.
In addition, Business Chamber and Trader Groups Programs will be established to enable locally led solutions for business activation.
Recovery grants of up to $200,000 will also be available for medium and la.....
With no new individual tax measures announced, the focus of this Budget is on providing support to working parents and continued monitoring of individual tax compliance.
Personal income tax rates
Despite some conjecture in recent weeks, this Budget has not sought to defer 'Stage 3' tax cuts, originally announced in 2018. From 1 July 2024, the 37 percent bracket will be removed entirely, and the 32.5 percent bracket will be reduced to 30 percent. In addition, the threshold above which the top marginal rate of 45 percent applies will increase from $180,000 to $200,000.
Taxable income Current tax rates
Up to $18,200 0
$18,201 - $45,000 19 percent
$45,001 - $120,000 32.5 percent
$120,001 - $180,000 37 percent
From $180,001 45 percent.....
The Albanese Government announces the National Housing Accord, a landmark agreement to address one of our nation’s biggest economic challenges: the supply and affordability of housing.
It will align for the first time the efforts of all levels of government, institutional investors and the construction sector to help tackle the nation’s housing problem.
Our shared ambition is to build one million new well-located homes over five years from 2024.
The Accord recognises most of this supply needs to come from the market with government playing a key role in enabling and kick-starting investment.
We want more Australians to know the security of decent housing and more Australians realising the aspiration of home ownership.
It’s more important than ever that we work together to ensure there is an adequate supply of affordable housing where it is needed – close to jobs, t.....
Rishi Sunak, who is set to be Britain's first Indian-origin prime minister, recently said that he wants to change the UK-India relationship to make it a more two-way exchange that opens up easy access to UK students and companies in India.
Addressing a gathering of British Indian Conservative Party members in August, the 42-year-old UK-born Indian-origin Tory MP for Richmond in Yorkshire vowed to get the country through the “difficult times” of inflation and build a better, safer Britain.
A majority in the cheering crowd were categorical that Mr Sunak's Indian heritage and ethnic minority background had no part to play in the contest to become British Prime Minister.
During an event hosted by the Conservative Friends of India (CFIN) diaspora organisation in north London, the former Chancellor greeted the gathering with a mix of traditional greetings such as “namaste, sal.....
US President Joe Biden and First Lady Dr Jill Biden on Monday hosted a Diwali reception at the White House in what they called the largest since the People's House started celebrating the festival during the George Bush administration.
More than 200 eminent Indian Americans attended the reception at the East Room, a venue that has witnessed some of the landmark events related to the India-US relationship, including the signing of the nuclear deal and the joint press conference by then US President Barack Obama and Indian Prime Minister Manmohan Singh in November 2008.
The reception saw some enthralling cultural events, including performances by sitarist Rishab Sharma and dance troupe The Sa Dance Company. The guests, dressed in traditional Indian attires such as saree, lehenga and sherwani, relished some mouthwatering Indian delicacies.
The room is full at the East state dinin.....