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JULY 24 , 2022



Why is India building a new spaceport in Tamil Nadu? 

Nearly 83%, or 1,950 out of 2,350 acres, of land has been acquired for the construction of India's second space port. Situated in the southern Indian state of Tamil Nadu, Kulasekarapattinam is the location of the second spaceport that India is building for the country's space programme. Speaking in the Upper House of the Indian Parliament, Dr Jitendra Singh, who serves as Minister of State for Science and Technology, revealed that the process of acquiring land was underway via the Government of Tamil Nadu

Significant Changes In Income Tax Rules And Cash Deposit.

Three major changes in the Income Tax Rules, proposed in the Union Budget 2022, have come into effect from July 1. Every taxpayer should know about these latest updates. 

The three significant changes are related to the linking of Aadhaar-PAN, crypto investments, and the benefits received by social media influencers and doctors.

As per the changes in the Income Tax Rules, the late fee for Aadhaar-PAN linking has been increased, and social media influencers, as well as doctors, will have to pay an additional 10 per cent TDS on the benefits received from sales promotions. Cryptocurrency investments will also be subjected to 1 per cent TDS.

The government has set various limits on cash transactions to combat black money. Know the cash transactions that may invite serious penalties.

Akshay Kumar receives 'Taxpayers Award' from govt, pic surfaces

Actor Akshay Kumar has received 'Taxpayers Award' from the government in recognition of his contribution towards nation building. A picture of the award has surfaced online. "He has the maximum number of films today and he is ruling the endorsement world. It's no surprise for him to feature in the highest tax payer list of India," a source told Pinkvilla.


120-km long 'sideways' skyscraper to be built for $1 trillion in Saudi Arabia

Saudi Arabia is planning to build a $1 trillion sideways skyscraper stretching over 120 km, which will house five million people, a report by the Wall Street Journal has said. Pictures of what the mirrored skyscraper called 'Mirror Line' will look like have also been shared online. It will have a suspended sports complex, a marina to moor yachts etc.

Volkswagen CEO Herbert Diess to step down, Porsche CEO to succeed him

Herbert Diess, the Volkswagen CEO who was caught up in the automaker's emissions-cheating scandal, will step down "by mutual consent" on September 1, Volkswagen announced on Friday. He'll be succeeded by Porsche CEO Oliver Blume, who'll retain his current position too. Diess had earlier reportedly clashed with Volkswagen's labour representatives over issues including top personnel decisions.

Credit Suisse planning more job cuts to reduce expenses: Report

Switzerland's second-biggest bank Credit Suisse is reportedly considering a fresh round of job cuts and other measures in order to cut expenses. The bank had warned in June that it would post a loss for the quarter, its third in a row. Last month, the bank announced job cuts in its Asia's investment team.


No port, vessel related charges on coastal shipping for 6 months: Govt

Major ports have been directed to exempt coastal shipping operations from port and vessel charges for the next six months, an official statement said on Sunday. Ports, Shipping and Waterways Minister Sarbananda Sonowal has also asked states to lower VAT on diesel used by the shipping sector. Sonowal also requested Centre to reduce rates and taxes on fuel for ferries.

Infosys' profit rises 3.2% to ₹5,360 crore y-o-y, revenue jumps 23.6% to ₹34,470 crore

Infosys, India's second largest IT services provider, on Sunday reported a consolidated net profit of ₹5,360 crore for the first quarter, up 3.2% year-on-year from ₹5,195 crore recorded in Q1FY22. The IT major's consolidated revenue stood at ₹34,470 crore, up 23.6% from ₹27,896 crore recorded during the same quarter of the previous fiscal year.

Infosys hired 21,171 people in first quarter, headcount rose to 3,35,186

Infosys, India's second largest IT services provider, hired 21,171 people the first quarter of FY23, the company said while announcing its results for Q1 today. The company's headcount was 3,35,186 as of June 30, up from 3,14,015 last quarter. Infosys reported a consolidated net profit of ₹5,360 crore for the first quarter ended June 2022.

FPIs invest net ₹1,099 cr from July 1-22, break 9-month selling streak

Foreign portfolio investors (FPIs) invested net ₹1,099 crore in Indian equities between July 1-22 and broke their nine-month long selling streak, data with depositories showed. This comes after FPIs withdrew net ₹50,145 crore from equities in June, the highest net outflow since March 2020. So far this year, FPIs have pulled out around ₹2.16 lakh crore from equities.

Airtel Chairman Sunil Mittal's salary falls nearly 5% to ₹15.39 crore in FY22

Bharti Airtel Chairman Sunil Mittal's salary fell nearly 5% in the financial year 2021-22 to ₹15.39 crore. In the year 2020-21, Mittal's gross remuneration stood at ₹16.19 crore. In 2021-22, Mittal's perquisites stood at ₹83 lakh, against ₹1.62 crore in the previous fiscal. Meanwhile, Bharti Airtel MD Gopal Vittal's salary rose 5.8% in FY22 to ₹15.25 crore.

TCS, Infosys, HCL To Be Hit By A US Recession As Global Tech Spend To Be Affected: Analysts

Indian IT industry depends upon the US market for 40 per cent of its revenue; BofA Securities sees a 40 per cent chance of a US recession next year

Even as talks of a possible recession in the US economy gaining traction with brokerage houses expecting it to hit in the next one year, analysts feel that it will adversely affect the IT spending of the US as well as Europe and, in turn, hit the information technology (IT) companies in India, including TCS, HCL Tech and Infosys. Indian IT firms depend on the US market for around 40 per cent of their revenues.

On the likelihood of a recession, US-based brokerage firm Goldman Sachs in its report has said it sees a 30 per cent probability of US entering a recession in the next year and a 25 per cent conditional probability in the second year if one is avoided in the first. Bank of America Securities also sees a roughly 40 per cent chance of a US recession next year, with inflation remaining persistently high.



India ruled 1 over short of target in 1st ODI vs WI, players fined 20% of match fee

Team India players have been fined 20% of their match fee for maintaining a slow over-rate against West Indies in the first ODI in Trinidad. The sanctions were imposed by match referee Richie Richardson, who ruled Shikhar Dhawan's side to be one over short of the target. India won the first ODI by three runs.

Keep winning medals for India like this: Bajrang on Neeraj's Worlds silver

Congratulating Neeraj Chopra on his silver medal in men's javelin throw at World Championships in Oregon, wrestler Bajrang Punia took to Twitter and wrote, " keep winning medals for the country like this. This is a prayer to god." Yuvraj Singh tweeted, "Unstoppable in every sense of the word, well done Neeraj! Keep scripting history with...javelin in your hand!"




Aasif Sheikh reveals Bhabi Ji Ghar Pe Hai's Deepesh Bhan died of brain hemorrhage:

Bhabiji Ghar Par Hai actor Deepesh Bhan, aged 41, passed away on Saturday morning while playing cricket. The actor played the character of Malkhan on the show since its inception. His co-star and veteran actor Aasif Sheikh revealed to Hindustan Times that Deepesh suffered a brain hemorrhage. Bhan was supposed to shoot for the show much loved comedy show. He went to the gym at around seven in the morning and stopped to play cricket in his building’s compound at Dahisar.

Aasif Sheikh said, “He bowled an over, got down to get the ball, got up, swayed for a while and fell down. He never got up. There was blood coming out of his eyes and it was a clear sign of brain haemorrhage. The doctor said that it was certainly brain haemorrhage.”






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