Tax relief for startups: Govt may exempt DPIIT-certified startups from angel tax
The government is considering giving complete exemption to startups from angel tax once they are certified by the Commerce and Industry Ministry, a move aimed at helping budding entrepreneurs, official sources said. Various startups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.
I-T Department unearths Rs 20,000 crore hawala, money laundering racket in Delhi
The Income Tax Department on Monday claimed to have busted a nexus of hawala operators who were running a money laundering racket in the national capital estimated to be worth Rs 20,000 crore. The operations led to unearthing of illegal financial activities by three groups of operators, a senior official said.
BSNL takes drastic steps to stay afloat; cuts employee benefits, plans VRS packageBharat Sanchar Nigam Limited (BSNL) has taken several drastic steps to cut down its expenses in order to survive in India's cut throat telecom sector. The state-run telecom operator has frozen employee benefits and this isn't the first time. BSNL employs 1.8 lakh people which is six times the number of people employed by its competitors who have around 25,000 to 30,000 employees
India parliament panel says to summon Twitter chief on February 25
An Indian parliamentary panel is summoning Twitter Inc's chief executive to appear before it later this month, after he did not attend a hearing on Monday to discuss citizens' rights on social media. The parliamentary committee on information technology (IT) has decided to summon Twitter CEO Jack Dorsey on February 25. The meeting was supposed to discuss safeguarding citizens' rights on social media and online news platforms
Edelweiss sends defamation notice to Anil Ambani's Reliance Group in pledged share case
Financial services firm Edelweiss has sent a defamation notice to Reliance Group, which has alleged foul play by Edelweiss in invoking pledged shares in Anil Ambani group companies soon after Reliance Communications filed for insolvency. After refuting the "entirely unfounded, baseless and false allegations of the Reliance ADAG Group" on Friday, Edelweiss has now sent the defamation notice saying that all the steps had been "taken legally and as per contractual obligations."
SpiceJet Q3 net profit plunges 77% to Rs 55.1 crore, passenger yields up 8%
Low cost carrier SpiceJet on Monday reported a 77 per cent decline in its net profit at Rs 55.1 crore for the third quarter ending December 31, 2018, due to an increase in crude oil prices and depreciation of the Indian rupee. Total income stood at Rs 2,530.8 crore for the reported quarter as against Rs 2,096.1 crore in the same quarter last year.
Facebook expands fact-checking network in India, adds five new partners
Popular social-networking giant Facebook is expanding its fact-checking network for the Indian market. Increasing its third-party fact-checking program in the country, the company has added five new partners to review news stories on Facebook for facts and rate accuracy in English, Hindi, Bengali, Telugu, Malayalam and Marathi. The new partners - India Today Group, Vishvas.news, Factly, Newsmobile, and Fact Crescendo (which are said to be certified through a non-partisan International Fact-Checking Network) will be joining the existing partners BOOM Live and AFP.
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