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(Photo credit: Representational/ Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-07-01T09:20:21.842843+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRIL shares fell 8.83% intraday to Rs 2,365 from the previous close of Rs 2,594.05\u003c/li\u003e\n \u003cli\u003eThe government levied a tax of Rs 6 per litre on petrol and Rs 13 per litre on diesel exports\u003c/li\u003e\n \u003cli\u003eIt also levied a Rs 23,230 per barrel cess on domestic crude production\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1656667221000,\\\"strCount\\\":2762,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/reliance\\\\\\\"\u003eReliance Industries Ltd (RIL)\u003c/a\u003e shares tumbled near 9% on Friday after the government slapped tariffs on the export of petrol, diesel, and jet fuel (ATF) carried outside by \u003ca href=\\\\\\\"https://opoyi.com/topic/indian\\\\\\\"\u003eIndian\u003c/a\u003e companies. The government levied a tax of Rs 6 per litre on petrol and aviation turbine fuel exports, and Rs 13 per litre on diesel exports. The move is intended to address domestic market demand.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/crypto-news-daily-bitcoin-data-and-price-analysis-for-july-1-2022\\\\\\\"\u003eCrypto news daily: Bitcoin data and price analysis for July 1, 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The export levies came after oil refiners, notably those in the private sector, made enormous profits from exporting fuel to markets such as \u003ca href=\\\\\\\"https://opoyi.com/topic/europe\\\\\\\"\u003eEurope\u003c/a\u003e and the United States amid a boom in worldwide oil prices.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/lpg-cylinder-price-cut-19-kg-commercial-cylinder-becomes-less-expensive\\\\\\\"\u003eLPG cylinder price cut: 19-Kg commercial cylinder becomes less expensive\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"It also imposed tariffs on crude oil firms' windfall earnings. The government levied a Rs 23,230 per barrel cess on domestic crude production. The measure is intended to reduce the windfall profits coming to producers as a result of high worldwide oil prices.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The taxation of windfall gains by crude producers reduced ONGC's stock price by 12%. The \u003ca href=\\\\\\\"https://opoyi.com/topic/ongc\\\\\\\"\u003eONGC\u003c/a\u003e shares plummeted 12.28% intraday to Rs 132.85 from the previous closing of Rs 151.45 on the BSE.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sensex-dips-400-points-while-nifty-around-15650-in-early-trade\\\\\\\"\u003eSensex dips 400 points while Nifty around 15,650 in early trade\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Meanwhile, RIL stock has dropped following three days of gains. RIL shares fell 8.83% intraday to Rs 2,365 from the previous close of Rs 2,594.05 on the BSE.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/crypto-tax-all-you-need-to-know-about-1-percent-tds-that-will-be-charged-from-july-1\\\\\\\"\u003eCrypto tax: All you need to know about 1% TDS that will be charged from July 1\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"RIL's share price has climbed 17.22% in a year and 3.83% since the beginning of this year. On the BSE, 5.83 lakh shares of the company changed hands, resulting in a turnover of Rs 142.98 crore approx.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/trending-stocks-hindustan-unilever-upl-lupin-and-others-in-news-today\\\\\\\"\u003eTrending Stocks: Hindustan Unilever, UPL, Lupin and others in news today\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The conglomerate's market capitalization has dropped to Rs 16.60 lakh billion. On April 29, 2022, the share reached a 52-week high of Rs 2,855 and a 52-week low of Rs 2, 016 on July 28, 2021.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"Reliance","slug":"reliance","id":"FTQXxryu1asz"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"},{"name":"FuelPrices","slug":"fuelprices","id":"Hl9bear61lRv"},{"name":"CrudeOil","slug":"crudeoil","id":"CDdTHmgoFn2O"},{"name":"Export","slug":"export","id":"llhmvr2Rwsly"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"NSE","slug":"nse","id":"74WQDLQfPQDQ"},{"name":"ShareMarket","slug":"sharemarket","id":"PkCsd9oT2rCN"},{"name":"indian","slug":"indian","id":"YTJpdaKq5t2z"},{"name":"Europe","slug":"europe","id":"v2KXw3fOql0S"},{"name":"ONGC","slug":"ongc","id":"00oVcZDZi17W"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"World","slug":"world","id":"iEhRQcab92b8"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-07-01T09:20:20.808839+00:00","publisher":0,"sourceFeed":null,"cleanText":"Reliance Industries Ltd (RIL) shares tumbled near 9% on Friday after the government slapped tariffs on the export of petrol, diesel, and jet fuel (ATF) carried outside by Indian companies. The government levied a tax of Rs 6 per litre on petrol and aviation turbine fuel exports, and Rs 13 per litre on diesel exports. The move is intended to address domestic market demand. Also Read| Crypto news daily: Bitcoin data and price analysis for July 1, 2022,The export levies came after oil refiners, notably those in the private sector, made enormous profits from exporting fuel to markets such as Europe and the United States amid a boom in worldwide oil prices. Also Read| LPG cylinder price cut: 19-Kg commercial cylinder becomes less expensive,It also imposed tariffs on crude oil firms' windfall earnings. The government levied a Rs 23,230 per barrel cess on domestic crude production. The measure is intended to reduce the windfall profits coming to producers as a result of high worldwide oil prices. The taxation of windfall gains by crude producers reduced ONGC's stock price by 12%. The ONGC shares plummeted 12.28% intraday to Rs 132.85 from the previous closing of Rs 151.45 on the BSE. Also Read| Sensex dips 400 points while Nifty around 15,650 in early trade,Meanwhile, RIL stock has dropped following three days of gains. RIL shares fell 8.83% intraday to Rs 2,365 from the previous close of Rs 2,594.05 on the BSE. ,Also Read| Crypto tax: All you need to know about 1% TDS that will be charged from July 1,RIL's share price has climbed 17.22% in a year and 3.83% since the beginning of this year. On the BSE, 5.83 lakh shares of the company changed hands, resulting in a turnover of Rs 142.98 crore approx. Also Read| Trending Stocks: Hindustan Unilever, UPL, Lupin and others in news today,The conglomerate's market capitalization has dropped to Rs 16.60 lakh billion. On April 29, 2022, the share reached a 52-week high of Rs 2,855 and a 52-week low of Rs 2, 016 on July 28, 2021.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Reliance Industries Ltd,Indian,Europe,the United States,ONGC,RIL","originalPublishedOn":"2022-07-01T09:20:20.808828+00:00"}},{"node":{"id":"giGVw32649fz","slug":"english/russia-approves-tax-exemptions-for-issuers-of-digital-assets-cryptocurrency","title":"Russia approves tax exemptions for issuers of digital assets, cryptocurrency","postType":1,"coverMedia":"/opoyi_t3YXUGc2p.jpg","coverCaption":"The bill determined income tax rates of 13% for Russian exchanges on the first 5 million rubles (Photo Credit: Representative Image/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-30T11:13:49.308353+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRussian Duma has passed bill to exempt sale of digital assets from VAT\u003c/li\u003e\n \u003cli\u003eVladimir Putin's signature are required for this bill to become law\u003c/li\u003e\n \u003cli\u003eRussia’s Sber Bank is planning to launch a stablecoin\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1656587630456,\\\"strCount\\\":3520,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The State Duma, the lower house of the Russian legislature, has approved a draft bill on the taxation of digital assets and \u003ca href=\\\\\\\"https://opoyi.com/english/crypto-tax-all-you-need-to-know-about-1-percent-tds-that-will-be-charged-from-july-1\\\\\\\"\u003ecryptocurrencies\u003c/a\u003e that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, reported state-run news service RIA Novosti.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/russian-forces-pummel-lysychansk-ukraines-last-bulwark-in-luhansk\\\\\\\"\u003eRussian forces pummel Lysychansk, Ukraine's last bulwark in Luhansk\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Further, the bill determined income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently around US$93,000) of the taxable base annually, 15% on amounts above the threshold, and 15% across the board for foreign exchange operators. The current tax rate for companies is 20%. President\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/who-is-vladimir-putin\\\\\\\"\u003eVladimir Putin's\u003c/a\u003e signature are required for this bill to become a law.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/repo-task-force-seized-over-300-billion-in-russian-assets-after-ukraine-invasion\\\\\\\"\u003eREPO task force seized over $300 billion in Russian assets after Ukraine invasion\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The taxation of digital assets under the bill is analogous to securities taxes at the present moment, reported RIA Novosti. The government said in the bill that a separate tax procedure for digital assets is crucial to the creation of an effective and competitive digital economy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/ferdinand-marcos-jr-dictators-son-to-take-oath-as-philippine-president\\\\\\\"\u003eFerdinand Marcos Jr, dictator's son, to take oath as Philippine president\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/russia\\\\\\\"\u003eRussia\u003c/a\u003e has softened its stance on cryptocurrency as the country has increasingly felt the pressure of Western economic sanctions due to its invasion of \u003ca href=\\\\\\\"https://opoyi.com/topic/ukraine\\\\\\\"\u003eUkraine\u003c/a\u003e. Major Russian Banks have been blocked from the \u003ca href=\\\\\\\"https://opoyi.com/english/what-is-swift-why-does-ukraine-want-russia-to-be-banned-from-it\\\\\\\"\u003eSWIFT system\u003c/a\u003e and \u003ca href=\\\\\\\"https://opoyi.com/topic/g7\\\\\\\"\u003eG7\u003c/a\u003e countries recently ceased the purchase of newly mined and refined \u003ca href=\\\\\\\"https://opoyi.com/english/four-g7-nations-to-ban-russian-gold-how-it-impacts-oligarchs-moscow\\\\\\\"\u003eRussian gold\u003c/a\u003e. Those moves, along with several other sanctions, led to Russia’s reported default on foreign debt servicing Monday.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/norway-blames-criminal-pro-russian-group-for-cyber-attack-what-we-know\\\\\\\"\u003eNorway blames 'criminal pro-Russian group' for cyber attack: What we know\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" Russia’s Sber Bank is planning to launch a stablecoin, and Russian Central Bank's first deputy chair Olga Skorobogatova said in an interview that trials of a digital ruble will be moved up from 2024 to April 2023. A pilot project involving 12 Russian banks is underway.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/if-putin-were-a-woman-british-pm-boris-johnson-on-russia-ukraine-conflict\\\\\\\"\u003e'If Putin were a woman': British PM Boris Johnson on Russia-Ukraine conflict\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“I think all self-respecting states will have a national digital currency within three years. We should be ready as soon as possible. Plus, this will settle the issue of being blocked from SWIFT, because this integration will make SWIFT unnecessary,” Skorobogatova said.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"VladimirPutin","slug":"vladimirputin","id":"DIwA3nLp1xnf"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"},{"name":"World","slug":"world","id":"iEhRQcab92b8"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-30T11:13:48.452582+00:00","publisher":0,"sourceFeed":null,"cleanText":"The State Duma, the lower house of the Russian legislature, has approved a draft bill on the taxation of digital assets and cryptocurrencies that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, reported state-run news service RIA Novosti. Also Read | Russian forces pummel Lysychansk, Ukraine's last bulwark in Luhansk,Further, the bill determined income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently around US$93,000) of the taxable base annually, 15% on amounts above the threshold, and 15% across the board for foreign exchange operators. The current tax rate for companies is 20%. President Vladimir Putin's signature are required for this bill to become a law. Also Read | REPO task force seized over $300 billion in Russian assets after Ukraine invasion,The taxation of digital assets under the bill is analogous to securities taxes at the present moment, reported RIA Novosti. The government said in the bill that a separate tax procedure for digital assets is crucial to the creation of an effective and competitive digital economy. Also Read | Ferdinand Marcos Jr, dictator's son, to take oath as Philippine president,Russia has softened its stance on cryptocurrency as the country has increasingly felt the pressure of Western economic sanctions due to its invasion of Ukraine. Major Russian Banks have been blocked from the SWIFT system and G7 countries recently ceased the purchase of newly mined and refined Russian gold. Those moves, along with several other sanctions, led to Russia’s reported default on foreign debt servicing Monday. Also Read | Norway blames 'criminal pro-Russian group' for cyber attack: What we know, Russia’s Sber Bank is planning to launch a stablecoin, and Russian Central Bank's first deputy chair Olga Skorobogatova said in an interview that trials of a digital ruble will be moved up from 2024 to April 2023. A pilot project involving 12 Russian banks is underway. Also Read | 'If Putin were a woman': British PM Boris Johnson on Russia-Ukraine conflict,“I think all self-respecting states will have a national digital currency within three years. We should be ready as soon as possible. Plus, this will settle the issue of being blocked from SWIFT, because this integration will make SWIFT unnecessary,” Skorobogatova said.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Russia,SWIFT,The State Duma,the Russian Federation,RIA Novosti,Putin,Ukraine,Sber Bank,Russian Central Bank's,Olga Skorobogatova,Russia crypto laws, Russia on Crypto, Russia removes VAT,Russia removes VAT on crypto","originalPublishedOn":"2022-06-30T11:13:48.452570+00:00"}},{"node":{"id":"FEgTA5zVeq8f","slug":"english/uk-launches-inquiry-into-akshata-murtys-tax-affairs-leak","title":"UK launches inquiry into Akshata Murty's tax affairs leak","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_1V0cupJ1i.jpg","coverCaption":"Rishi Sunak’s approval rating declined by three points to 28% since late March (Photo Credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-10T16:01:06.630307+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eAn internal enquiry has been initiated into how the tax affairs of Akshata Murty were leaked\u003c/li\u003e\n \u003cli\u003eSunak's team believes that an Labour Party official leaked the information\u003c/li\u003e\n \u003cli\u003eThere's going to be a full Cabinet Office and HM Treasury investigation\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649606465600,\\\"strCount\\\":2661,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"An internal enquiry has been initiated into how the tax affairs of Akshata Murty, wife of UK’s finance minister \u003ca href=\\\\\\\"https://opoyi.com/who-is-rishi-sunak\\\\\\\"\u003eRishi Sunak\u003c/a\u003e, were leaked to a newspaper.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Whitehall investigation will examine how the\\\\ninformation regarding the non-domicile status of the wife of UK Chancellor\\\\nRishi Sunak was passed to 'The Independent' newspaper, which first reported the\\\\nstory earlier this week, reported PTI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rishi-sunaks-wife-akshata-to-pay-uk-taxes-on-overseas-income-amid-row\\\\\\\"\u003eRishi Sunak's wife Akshata to pay UK taxes on overseas income amid row\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Sunak's team believes that an opposition Labour Party\\\\nofficial dubbed \\\\\\\"red throat\\\\\\\" leaked the information, according to the\\\\nSunday Times.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"There's going to be a full Cabinet Office and HM Treasury\\\\ninvestigation into who had that information and if anyone has asked for that\\\\ninformation.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Disclosing the tax status of a private individual is a\\\\ncriminal offence, the paper reported an unnamed government official as saying.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/britain-sets-out-plan-to-create-a-global-cryptoasset-technology-hub\\\\\\\"\u003eBritain sets out plan to create a global cryptoasset technology hub\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Murty, who is an Indian national, was\\\\n\\\\\\\"non-domiciled\\\\\\\" in the UK for tax purposes meant she was not legally\\\\nliable to pay taxes on her overseas earnings.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"This led to allegations of hypocrisy from the Opposition\\\\nleader, pointing to recent tax rises imposed by the Indian-origin finance\\\\nminister. His family was accused by the Labour Party of saving millions of dollars\\\\nbecause of his tax arrangement.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rishi-sunak-quizzed-on-wife-akshata-murtys-stake-in-infosys-firms-russia-link\\\\\\\"\u003eRishi Sunak quizzed on wife Akshata Murty’s stake in Infosys, firm’s Russia link\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On Friday, Akshata announced to pay taxes in the UK on\\\\nall her income to avoid the issue being a continued distraction for her\\\\nhusband.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"She wrote on Twitter, “My decision to pay UK tax on all\\\\nmy worldwide income will not change the fact that \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e remains the country of\\\\nmy birth, citizenship, parents' home and place of domicile. But I love the UK\\\\ntoo”.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/uk-to-send-120-armoured-vehicles-anti-ship-missiles-to-ukraine-downing-street\\\\\\\"\u003eUK to send 120 armoured vehicles to Ukraine after Johnson-Zelensky meet\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to a new opinion poll by Opinium shows Sunak’s\\\\napproval rating declined by three points to 28% since late March and his\\\\ndisapproval rating has risen by eight points to 43%.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"RishiSunak","slug":"rishisunak","id":"AkDjauxHn7sq"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"UK","slug":"uk","id":"rBpj9Yi57Sni"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"BorisJohnson","slug":"borisjohnson","id":"WjDr7Jisvlg3"},{"name":"ApprovalRatings","slug":"approvalratings","id":"5xmz3u4umLZa"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-10T16:01:05.737350+00:00","publisher":6,"sourceFeed":null,"cleanText":"An internal enquiry has been initiated into how the tax affairs of Akshata Murty, wife of UK’s finance minister Rishi Sunak, were leaked to a newspaper. The Whitehall investigation will examine how the information regarding the non-domicile status of the wife of UK Chancellor Rishi Sunak was passed to 'The Independent' newspaper, which first reported the story earlier this week, reported PTI. Also Read | Rishi Sunak's wife Akshata to pay UK taxes on overseas income amid row,Sunak's team believes that an opposition Labour Party official dubbed red throat leaked the information, according to the Sunday Times. There's going to be a full Cabinet Office and HM Treasury investigation into who had that information and if anyone has asked for that information. Disclosing the tax status of a private individual is a criminal offence, the paper reported an unnamed government official as saying. Also Read | Britain sets out plan to create a global cryptoasset technology hub,Murty, who is an Indian national, was non-domiciled in the UK for tax purposes meant she was not legally liable to pay taxes on her overseas earnings. This led to allegations of hypocrisy from the Opposition leader, pointing to recent tax rises imposed by the Indian-origin finance minister. His family was accused by the Labour Party of saving millions of dollars because of his tax arrangement. Also Read | Rishi Sunak quizzed on wife Akshata Murty’s stake in Infosys, firm’s Russia link,On Friday, Akshata announced to pay taxes in the UK on all her income to avoid the issue being a continued distraction for her husband. She wrote on Twitter, “My decision to pay UK tax on all my worldwide income will not change the fact that India remains the country of my birth, citizenship, parents' home and place of domicile. But I love the UK too”. Also Read | UK to send 120 armoured vehicles to Ukraine after Johnson-Zelensky meet,According to a new opinion poll by Opinium shows Sunak’s approval rating declined by three points to 28% since late March and his disapproval rating has risen by eight points to 43%.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"UK,Rishi Sunak,Akshata Murty,Whitehall,Labour Party,Cabinet Office,HM Treasury,Opinium,Rishi Sunak wife,Rishi Sunak wife controversy,Akshata Murty tax controversy,UK news","originalPublishedOn":"2022-04-10T16:01:05.737344+00:00"}},{"node":{"id":"OBSgPKY7BwRZ","slug":"english/rishi-sunaks-wife-akshata-to-pay-uk-taxes-on-overseas-income-amid-row","title":"Rishi Sunak's wife Akshata to pay UK taxes on overseas income amid row","postType":1,"coverMedia":"/opoyi_nCg506BwuX9.jpg","coverCaption":"Akshata Murty owns around 0.93% share of the Bengaluru-based Infosys (Photo Credit: Twitter/@RishiSunak)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-09T05:50:21.338748+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eAkshata Murthy, has avoided up to 20 million Euros in UK tax\u003c/li\u003e\n \u003cli\u003eShe is being targeted by the Opposition over her not paying taxes\u003c/li\u003e\n \u003cli\u003eNow, she has told the BBC that she will be paying UK tax on \"all worldwide income\"\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649483420207,\\\"strCount\\\":3701,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Chancellor of the Exchequer, \u003ca href=\\\\\\\"https://opoyi.com/who-is-rishi-sunak\\\\\\\"\u003eRishi Sunak's\u003c/a\u003e wife, \u003ca href=\\\\\\\"https://opoyi.com/narayan-murthys-daughter-akshata-richer-than-queen-elizabeth-ii-report\\\\\\\"\u003eAkshata Murthy\u003c/a\u003e, has agreed to pay UK taxes on all worldwide income. The couple has faced backlash after it was revealed that she has avoided up to 20 million\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/topic/euros\\\\\\\"\u003eEuros\u003c/a\u003e\u0026nbsp;(around Rs 197 crore) in UK tax.\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Finance Minister of \u003ca href=\\\\\\\"https://opoyi.com/topic/britain\\\\\\\"\u003eBritain\u003c/a\u003e, was widely considered a top contender to replace prime minister \u003ca href=\\\\\\\"https://opoyi.com/english/did-pm-boris-johnson-meet-russian-donor-on-eve-of-ukraine-invasion\\\\\\\"\u003eBoris Johnson\u003c/a\u003e. Recently, his popularity has taken a big hit by the attack on his wife.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The daughter of \u003ca href=\\\\\\\"https://opoyi.com/topic/infosys\\\\\\\"\u003eInfosys\u003c/a\u003e co-founder Narayana Murthy, Akshata is being targeted by the Opposition over her not paying taxes because she has non-domicile tax status. Now, she has told the BBC that she will be paying UK tax on \\\\\\\"all worldwide income.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/european-union-to-resume-diplomatic-presence-in-ukraine-capital-kyiv-after-russian-troops-withdraw\\\\\\\"\u003eEU to resume diplomatic presence in Kyiv after Russian troops withdraw\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Akshata, Sunak's wife, has done nothing illegal by the laws of Britain; she is entitled to not pay certain UK taxes under \u003ca href=\\\\\\\"https://opoyi.com/topic/british\\\\\\\"\u003eBritish\u003c/a\u003e law. Although, she earns tens of millions of dollars, yet pays zero taxes on much of it, which creates a negative perception. It made the front pages of several British newspapers.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Finance minister has accused the opposition of launching a “smear campaign” against his wife.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In a statement before his wife's announcement, Sunak told The Sun that \\\\\\\"it would not be reasonable or fair to ask her to sever ties with her country just because she is married to me.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"She loves her country. Like I love mine. Every single penny she earns in the UK she pays UK taxes on,\\\\\\\" he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/british-pm-boris-johnson-to-visit-india-in-late-april-report\\\\\\\"\u003eBritish PM Boris Johnson to visit India in late April: Report\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Akshata said in her statement explaining her decision to pay UK taxes on overseas income said she did not want her non-domiciled status to be a \\\\\\\"distraction\\\\\\\" to her husband.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"She emphasized that she was making the change \\\\\\\"because I want to, not because the rules require it\\\\\\\", adding that the change will take place immediately.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Akshata Murty owns around 0.93% share of the Bengaluru-based Infosys, valued at almost $1 billion at current prices, according to Bloomberg. She receives around 11.5 million Euros (Rs 11.56 crore) in annual dividends from her stake in the company.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/partygate-returns-uk-cops-to-issue-fines-over-downing-street-covid-breach\\\\\\\"\u003ePartygate returns: UK cops to issue fines over Downing Street COVID breach\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The latest controversy comes at a time when Sunak’s popularity is at an all-time low. In the past few weeks, he faced enormous backlash for his mini-budget, which was widely criticised for not doing enough to address the cost of living crisis in the country, sparked by soaring energy and fuel prices and the Coronavirus pandemic.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The couple also faced questions about Infosys’ presence in \u003ca href=\\\\\\\"https://opoyi.com/topic/russia\\\\\\\"\u003eRussia\u003c/a\u003e at a time when the UK was imposing stringent sanctions on Russia amid the war in \u003ca href=\\\\\\\"https://opoyi.com/topic/ukraine\\\\\\\"\u003eUkraine\u003c/a\u003e. Subsequently, the tech giant decided to shut its Russia office.\\\"}}]}","relatedPosts":null,"location":{"name":"London, UK"},"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"RishiSunak","slug":"rishisunak","id":"AkDjauxHn7sq"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"UnitedKingdom","slug":"unitedkingdom","id":"ZT6urOP4Pu5S"},{"name":"BorisJohnson","slug":"borisjohnson","id":"WjDr7Jisvlg3"},{"name":"British","slug":"british","id":"K4VzcWCbTUbp"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"Britain","slug":"britain","id":"xnjqZ4BkgTWS"},{"name":"Bengaluru","slug":"bengaluru","id":"aJTNUaRJKT21"},{"name":"NarayanaMurthy","slug":"narayanamurthy","id":"MYPwJH6boSj3"},{"name":"Infosys","slug":"infosys","id":"GGpdVFKVfB9t"},{"name":"UK","slug":"uk","id":"rBpj9Yi57Sni"},{"name":"Europe","slug":"europe","id":"v2KXw3fOql0S"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-09T05:50:20.354896+00:00","publisher":0,"sourceFeed":null,"cleanText":"Chancellor of the Exchequer, Rishi Sunak's wife, Akshata Murthy, has agreed to pay UK taxes on all worldwide income. The couple has faced backlash after it was revealed that she has avoided up to 20 million Euros (around Rs 197 crore) in UK tax. ,The Finance Minister of Britain, was widely considered a top contender to replace prime minister Boris Johnson. Recently, his popularity has taken a big hit by the attack on his wife. The daughter of Infosys co-founder Narayana Murthy, Akshata is being targeted by the Opposition over her not paying taxes because she has non-domicile tax status. Now, she has told the BBC that she will be paying UK tax on all worldwide income. Also Read | EU to resume diplomatic presence in Kyiv after Russian troops withdraw,Akshata, Sunak's wife, has done nothing illegal by the laws of Britain; she is entitled to not pay certain UK taxes under British law. Although, she earns tens of millions of dollars, yet pays zero taxes on much of it, which creates a negative perception. It made the front pages of several British newspapers. The Finance minister has accused the opposition of launching a “smear campaign” against his wife. In a statement before his wife's announcement, Sunak told The Sun that it would not be reasonable or fair to ask her to sever ties with her country just because she is married to me. She loves her country. Like I love mine. Every single penny she earns in the UK she pays UK taxes on, he added. Also Read | British PM Boris Johnson to visit India in late April: Report,Akshata said in her statement explaining her decision to pay UK taxes on overseas income said she did not want her non-domiciled status to be a distraction to her husband. She emphasized that she was making the change because I want to, not because the rules require it, adding that the change will take place immediately. Akshata Murty owns around 0.93% share of the Bengaluru-based Infosys, valued at almost $1 billion at current prices, according to Bloomberg. She receives around 11.5 million Euros (Rs 11.56 crore) in annual dividends from her stake in the company. Also Read | Partygate returns: UK cops to issue fines over Downing Street COVID breach,The latest controversy comes at a time when Sunak’s popularity is at an all-time low. In the past few weeks, he faced enormous backlash for his mini-budget, which was widely criticised for not doing enough to address the cost of living crisis in the country, sparked by soaring energy and fuel prices and the Coronavirus pandemic. The couple also faced questions about Infosys’ presence in Russia at a time when the UK was imposing stringent sanctions on Russia amid the war in Ukraine. Subsequently, the tech giant decided to shut its Russia office.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"51.5072","longitude":"-0.1276","name":"London, UK","city":"City of Westminster"},"keywords":"Akshata Murthy,UK,Russia,Britain,Infosys,British,Exchequer,Rishi Sunak,Boris Johnson,Euros,Narayana Murthy,Akshata Murty,Bengaluru,Bloomberg,Akshata Murthy tax row, Rishi Sunak wife,Rishi Sunak PM,UK PM candidates,UK finance minister","originalPublishedOn":"2022-04-09T05:50:20.354883+00:00"}},{"node":{"id":"7GgdE0h9c50f","slug":"english/how-indias-new-crypto-tax-impacts-investors","title":"How India's new crypto tax impacts investors","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_bnZ3ks3v3.jpg","coverCaption":"The new regulations imposed a flat 30% tax on profits made from the transfer of crypto assets and NFTs, regardless of the holding period. (Photo credit: Representational image/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-04T07:30:00.114231+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eIndia has 15-20 million crypto investors with $6 billion in holdings\u003c/li\u003e\n \u003cli\u003eThe industry saw the taxation structure as a relief since it gave cryptocurrency legitimacy\u003c/li\u003e\n \u003cli\u003eEarnings from virtual digital assets are taxed in the same way as gains from gambling, lottery, or horse racing\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649055855507,\\\"strCount\\\":3856,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Following a period of extremely long uncertainty marked by the government's and the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e's pessimism toward virtual digital assets, a new tax structure for cryptocurrencies was ultimately unveiled in this year's \u003ca href=\\\\\\\"https://opoyi.com/search/unionbudget2022\\\\\\\"\u003ebudget\u003c/a\u003e. And it went into effect last Monday, with the start of the new fiscal year. According to industry estimates, \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e has 15-20 million crypto investors with $6 billion in holdings.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sensex-surges-over-1100-points-while-nifty-near-18000-in-early-trade\\\\\\\"\u003eSensex surges over 1100 points while Nifty near 18,000 in early trade\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The industry saw the advent of a separate taxation structure as a relief since it gave \u003ca href=\\\\\\\"https://opoyi.com/topic/cryptocurrency\\\\\\\"\u003ecryptocurrency\u003c/a\u003e legitimacy. But it doesn't appear to have been much of a relief.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The new regulations imposed a flat 30% tax on profits made from the transfer of crypto assets and \u003ca href=\\\\\\\"https://opoyi.com/topic/nonfungibletoken\\\\\\\"\u003eNFTs\u003c/a\u003e, regardless of the holding period. Earnings from virtual digital assets are taxed in the same way as gains from gambling, lottery, or horse racing. Except for the purchase price, no deduction is permitted. If the value of the crypto gift exceeds Rs 50,000, it is additionally taxed at the slab rate.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/adani-enterprises-touches-52-week-high-as-andhra-pradesh-govt-cancells-imported-coal-bid\\\\\\\"\u003eAdani Enterprises touches 52-week high as Andhra Pradesh govt. cancells imported coal bid\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Apart from that, a considerably harsher Tax Deducted at Source (TDS) of 1% on every trade would be imposed from July 1 if the aggregate transaction value in the fiscal year exceeds Rs 50,000. The buyer must withhold the TDS on the seller's behalf.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Experts believe that the TDS would drain liquidity from the market by requiring high-frequency traders to reduce their activity. Some even worry that the government's move to prohibit the offsetting of trading losses in digital assets may result in a crypto firm's exodus from India.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/hdfc-to-merge-with-hdfc-bank-shares-soar-10\\\\\\\"\u003eHDFC to merge with HDFC Bank, shares soar 10%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"New investors are flocking to the cryptocurrency market, seeing the tax as the government's implicit acknowledgement of the asset class.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In a certain way, the tax ends the perpetual uncertainty that has plagued the industry in India for the past half-decade. The sector applauded the move while lamenting the high taxes that threaten to exacerbate the brain drain and impede innovation.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/crypto-fear-and-greed-index-on-monday-april-4-2022\\\\\\\"\u003eCrypto Fear and Greed Index on Monday, April 4, 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Experts have underlined the impracticality of implementing the TDS rule, particularly on international exchanges and in the situation of crypto-to-crypto trades when the buyer is unknown.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Given the nature of the sector, which adheres to the decentralised ethos, implementing the TDS becomes difficult. Because the TDS would reduce liquidity on exchanges, investors will not receive the best pricing or the quickest execution of trades.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/fuel-prices-hike-petrol-and-diesel-rates-increased-by-40-paise-on-april-4\\\\\\\"\u003eFuel prices hike: Petrol and Diesel rates increased by 40 paise on April 4\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Individuals with resources, high-frequency traders, start-ups and entrepreneurs in the cryptocurrency and Web 3.0 ecosystem are increasingly being pushed to relocate their operations to crypto-friendly countries such as \u003ca href=\\\\\\\"https://opoyi.com/topic/singapore\\\\\\\"\u003eSingapore\u003c/a\u003e and \u003ca href=\\\\\\\"https://opoyi.com/topic/dubai\\\\\\\"\u003eDubai\u003c/a\u003e in the UAE.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"NonFungibleToken","slug":"nonfungibletoken","id":"So83LzcQiCZ9"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Bitcoin","slug":"bitcoin","id":"b6gsXRHnIQWf"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Singapore","slug":"singapore","id":"emlZP34XfoBE"},{"name":"Dubai","slug":"dubai","id":"pgzaGFxoBMek"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"World","slug":"world","id":"iEhRQcab92b8"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-04T07:30:00.114235+00:00","publisher":0,"sourceFeed":null,"cleanText":"Following a period of extremely long uncertainty marked by the government's and the RBI's pessimism toward virtual digital assets, a new tax structure for cryptocurrencies was ultimately unveiled in this year's budget. And it went into effect last Monday, with the start of the new fiscal year. According to industry estimates, India has 15-20 million crypto investors with $6 billion in holdings. Also Read| Sensex surges over 1100 points while Nifty near 18,000 in early trade,The industry saw the advent of a separate taxation structure as a relief since it gave cryptocurrency legitimacy. But it doesn't appear to have been much of a relief. The new regulations imposed a flat 30% tax on profits made from the transfer of crypto assets and NFTs, regardless of the holding period. Earnings from virtual digital assets are taxed in the same way as gains from gambling, lottery, or horse racing. Except for the purchase price, no deduction is permitted. If the value of the crypto gift exceeds Rs 50,000, it is additionally taxed at the slab rate. Also Read| Adani Enterprises touches 52-week high as Andhra Pradesh govt. cancells imported coal bid,Apart from that, a considerably harsher Tax Deducted at Source (TDS) of 1% on every trade would be imposed from July 1 if the aggregate transaction value in the fiscal year exceeds Rs 50,000. The buyer must withhold the TDS on the seller's behalf. Experts believe that the TDS would drain liquidity from the market by requiring high-frequency traders to reduce their activity. Some even worry that the government's move to prohibit the offsetting of trading losses in digital assets may result in a crypto firm's exodus from India. Also Read| HDFC to merge with HDFC Bank, shares soar 10%,New investors are flocking to the cryptocurrency market, seeing the tax as the government's implicit acknowledgement of the asset class. In a certain way, the tax ends the perpetual uncertainty that has plagued the industry in India for the past half-decade. The sector applauded the move while lamenting the high taxes that threaten to exacerbate the brain drain and impede innovation. Also Read| Crypto Fear and Greed Index on Monday, April 4, 2022,Experts have underlined the impracticality of implementing the TDS rule, particularly on international exchanges and in the situation of crypto-to-crypto trades when the buyer is unknown. Given the nature of the sector, which adheres to the decentralised ethos, implementing the TDS becomes difficult. Because the TDS would reduce liquidity on exchanges, investors will not receive the best pricing or the quickest execution of trades. Also Read| Fuel prices hike: Petrol and Diesel rates increased by 40 paise on April 4,Individuals with resources, high-frequency traders, start-ups and entrepreneurs in the cryptocurrency and Web 3.0 ecosystem are increasingly being pushed to relocate their operations to crypto-friendly countries such as Singapore and Dubai in the UAE.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"TDS,India,Singapore,Dubai,crypto tax, nft tax","originalPublishedOn":"2022-04-04T07:30:00+00:00"}},{"node":{"id":"SU3WI0KtYNL8","slug":"english/income-tax-dept-finds-rs-1000-crore-bogus-expenses-in-raids-on-hero-motocrop","title":"Income Tax Dept finds Rs 1,000 crore bogus expenses in raids on Hero Motocrop","postType":1,"coverMedia":"/opoyi_-eJJHHL8uD8.jpg","coverCaption":"The search and seizure operations covered more than 40 premises in Delhi NCR (Photo Credit: Twitter/@HeroMotoCorp)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-03-29T17:19:16.403858+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eIT Department has found that Hero MotoCorp made over Rs 1,000 crore bogus expenses\u003c/li\u003e\n \u003cli\u003eIt has also found proof of cash transactions of over Rs 100 crore\u003c/li\u003e\n \u003cli\u003eHero MotoCorp has issued a statement denying the reports and called them \"speculative\"\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1648574355729,\\\"strCount\\\":2940,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Income Tax Department has found that Hero MotoCorp\\\\nmade over Rs 1,000 crore bogus expenses and more than Rs 100 crore cash\\\\ntransactions for a farmhouse in Chhattarpur, \u003ca href=\\\\\\\"https://opoyi.com/topic/delhi\\\\\\\"\u003eDelhi\u003c/a\u003e, reported ANI citing\\\\nsources.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"IT Department carried out raids on March 23 on\\\\n\u003ca href=\\\\\\\"https://opoyi.com/hero-motocorp-share-jumps-nearly-5-on-announcing-investment-in-ather-energy\\\\\\\"\u003eHero MotoCorp\u003c/a\u003e and its chairman and managing director Pawan Munjal at multiple\\\\nlocations in Delhi NCR which concluded on March 26.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/adani-power-hits-new-52-week-high-surges-40-in-six-sessions\\\\\\\"\u003eAdani Power hits new 52-week high, surges 40% in six sessions\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The search and seizure operations covered more than 40\\\\npremises spread over different locations in Delhi NCR.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to ANI sources, a large number of incriminating\\\\npieces of evidence in the form of hardcopy documents and digital data have been\\\\nseized during the search operations. This evidence disclosed that the group has\\\\nrecorded bogus purchases, made huge unaccounted cash expenditures and obtained\\\\naccommodation entries, aggregating to the tune of more than Rs 1,000 crore.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/us-sec-charges-7-indian-origin-individuals-in-1-mln-insider-trading-scheme\\\\\\\"\u003eUS SEC charges 7 Indian-origin individuals in $1 mln insider trading scheme\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The IT Department has also found proof of cash\\\\ntransactions of over Rs 100 crore in the purchase of a farmhouse on the\\\\noutskirts of Delhi. Pawan Munjal purchased a farmhouse in Chhattarpur where the\\\\nmarket price of the farmhouse was manipulated to save tax and black money was\\\\nused to pay more than Rs 100 crore in cash which is a violation of section 269\\\\nSS of the IT Act.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/who-is-gaurav-negi-indigos-new-cfo\\\\\\\"\u003eWho is Gaurav Negi, Indigo's new CFO?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Hero MotoCorp has issued a statement denying the reports\\\\nand called them \\\\\\\"speculative\\\\\\\". It added that bogus expense\\\\nallegations are “not borne out of any document served on us or our internal\\\\ndocuments\\\\\\\". \\\\\\\"We will inform Exchanges once I-T Dept concludes its\\\\nfindings,\\\\\\\" it further noted.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to section 269SS of the Income Tax Act, while\\\\ntransacting Immovable Property, a 100% penalty will be imposed if the seller\\\\nhas received an amount of Rs 20,000 or more in cash from the buyer.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-correlation-between-bond-yield-and-economy\\\\\\\"\u003eExplained: Correlation between bond yield and economy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Last week, the IT Department raided the offices and\\\\nresidential premises of promoters of Hero MotoCorp. The search includes the\\\\nresidence and office premises of Pawan Munjal. The statements of those present\\\\nat the location where the searches are being conducted were recorded, and\\\\npanchnama was done.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On Tuesday, Hero MotoCorp\u0026nbsp;shares slipped 6.68% to close at Rs 2,219.00.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"HeroMotoCorp","slug":"heromotocorp","id":"NCS1zGP2uR7a"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Delhi","slug":"delhi","id":"rzYqAK9lbk5U"},{"name":"ITAct","slug":"itact","id":"bbHPfnW48x5M"},{"name":"Fraud","slug":"fraud","id":"nMdDLDZTL0TG"},{"name":"Automobile","slug":"automobile","id":"8rqFkZHOKYpQ"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-03-29T17:19:14.839818+00:00","publisher":6,"sourceFeed":null,"cleanText":"The Income Tax Department has found that Hero MotoCorp made over Rs 1,000 crore bogus expenses and more than Rs 100 crore cash transactions for a farmhouse in Chhattarpur, Delhi, reported ANI citing sources. IT Department carried out raids on March 23 on Hero MotoCorp and its chairman and managing director Pawan Munjal at multiple locations in Delhi NCR which concluded on March 26. Also Read | Adani Power hits new 52-week high, surges 40% in six sessions,The search and seizure operations covered more than 40 premises spread over different locations in Delhi NCR. According to ANI sources, a large number of incriminating pieces of evidence in the form of hardcopy documents and digital data have been seized during the search operations. This evidence disclosed that the group has recorded bogus purchases, made huge unaccounted cash expenditures and obtained accommodation entries, aggregating to the tune of more than Rs 1,000 crore. Also Read | US SEC charges 7 Indian-origin individuals in $1 mln insider trading scheme,The IT Department has also found proof of cash transactions of over Rs 100 crore in the purchase of a farmhouse on the outskirts of Delhi. Pawan Munjal purchased a farmhouse in Chhattarpur where the market price of the farmhouse was manipulated to save tax and black money was used to pay more than Rs 100 crore in cash which is a violation of section 269 SS of the IT Act. Also Read | Who is Gaurav Negi, Indigo's new CFO?,Hero MotoCorp has issued a statement denying the reports and called them speculative. It added that bogus expense allegations are “not borne out of any document served on us or our internal documents. We will inform Exchanges once I-T Dept concludes its findings, it further noted. According to section 269SS of the Income Tax Act, while transacting Immovable Property, a 100% penalty will be imposed if the seller has received an amount of Rs 20,000 or more in cash from the buyer. Also Read | Explained: Correlation between bond yield and economy,Last week, the IT Department raided the offices and residential premises of promoters of Hero MotoCorp. The search includes the residence and office premises of Pawan Munjal. The statements of those present at the location where the searches are being conducted were recorded, and panchnama was done. On Tuesday, Hero MotoCorp shares slipped 6.68% to close at Rs 2,219.00.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Hero MotoCorp,Delhi,Pawan Munjal,Hero motocorp share price, hero motocorp IT raids,Business news, share market, stock market, Hero motocorp raids","originalPublishedOn":"2022-03-29T17:19:14.839803+00:00"}},{"node":{"id":"PMxWDF5N9phT","slug":"english/joe-bidens-budget-proposal-aims-to-raise-11-billion-from-crypto-taxes","title":"Joe Biden's budget proposal aims to raise $11 billion from crypto taxes","postType":1,"coverMedia":"/opoyi_h0SKlWOYb.jpg","coverCaption":"The rules for loans of digital assets would be updated as well. (Photo Credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-03-29T17:15:30.066903+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eBudget proposal expects $11 billion in revenues by 2032 from revised crypto rules\u003c/li\u003e\n \u003cli\u003eThe administration plans to update the digital asset rules\u003c/li\u003e\n \u003cli\u003eThe proposal would be effective for tax years beginning after December 31, 2022\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1648574129065,\\\"strCount\\\":3667,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"US President Joe Biden’s budget proposal released on\\\\nMonday expects an additional $11 billion in revenues by 2032 from revised\\\\ncrypto rules. It anticipates around $5 billion in revenue in 2023 alone.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The projected tax revenue is based on proposals to\\\\nmodernize rules related to digital assets. It also aims to expand the\\\\nDepartment of Justice’s ability to counter cyber threats that involve\\\\nransomware and the use of cryptocurrencies.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/president-joe-biden-says-58-trillion-plan-shows-his-priorities-higher-tax-on-rich\\\\\\\"\u003ePresident Joe Biden says $5.8 trillion plan shows his priorities, higher tax on rich\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As part of the administration's plan to update the\\\\ndigital asset rules, the administration will amend the mark-to-market rules to\\\\ninclude digital assets, require foreign digital asset accounts to be reported\\\\nby certain taxpayers, provide financial institutions and crypto brokers with\\\\nreporting requirements, and treat loans of securities as tax-free to include\\\\nother asset classes and address income.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/cryptocurrencies-helping-ukraine-raise-millions-in-war-against-russia\\\\\\\"\u003eCryptocurrencies helping Ukraine raise millions in war against Russia\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the administration estimates, modernizing\\\\nthese rules will generate almost $11 billion in revenue between 2023-2032, with\\\\nover $4.8 billion coming from the first year of applying mark-to-market rules\\\\nto digital assets.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The proposal also seeks to expand the DOJ’s budget by $52\\\\nmillion for “more agents, enhanced response capabilities, and strengthened\\\\nintelligence collection and analysis capabilities”. It also noted that these\\\\ninvestments are in line with the Administration’s counter-ransomware strategy\\\\nthat emphasizes disruptive activity and combating the misuse of cryptocurrency.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/us-president-joe-bidens-butcher-remark-on-russias-vladimir-putin-alarming-kremlin\\\\\\\"\u003eUS President Joe Biden’s butcher remark on Russia's Vladimir Putin ‘alarming’: Kremlin\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Department of the Treasury explains that\\\\nmark-to-market changes would add actively traded digital assets and derivatives\\\\nof these assets to a category subject to such rules at the end of each year.\\\\nHowever, not all digital assets would qualify-only those that were regularly\\\\ntraded for US dollars or other fiat currencies, have sufficient volume to\\\\ngenerate reliable estimations and have reliable price quotes available.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/white-house-scrambles-to-cover-up-bidens-butcher-remark-on-putin\\\\\\\"\u003eWhite House scrambles to cover up Biden's 'butcher' remark on Putin\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The proposal would be effective for tax years beginning\\\\nafter December 31, 2022.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The rules for loans of digital assets would be updated as\\\\nwell. According to a Treasury explanation report, the market for lending\\\\nfinancial assets and other assets has expanded over time to include digital\\\\nassets and interests in publicly traded partnerships. The securities loan\\\\nnon-recognition rules should be amended to take this expansion into account, it\\\\nadded.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/joe-bidens-budget-blue-print-795-billion-for-defense-915-billion-for-domestic-programs\\\\\\\"\u003eJoe Biden's budget blue print: $795 billion for defense, $915 billion for domestic programs\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A proposed rule change would amend the securities loan\\\\nnonrecognition rules so that they apply to loans of actively traded digital\\\\nassets recorded on cryptographically secure distributed ledgers as long as the\\\\nloan terms are the same as those currently required for securities loans.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"JoeBiden","slug":"joebiden","id":"tLOXw4T5mTfp"},{"name":"Budget","slug":"budget","id":"arrvWzBZXnwD"},{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Digital","slug":"digital","id":"6LXenyksW0fm"},{"name":"US","slug":"us","id":"0JelBm6rMusZ"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"Bitcoin","slug":"bitcoin","id":"b6gsXRHnIQWf"},{"name":"USEconomy","slug":"useconomy","id":"xuPbZjQlomEt"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-03-29T17:15:28.948508+00:00","publisher":6,"sourceFeed":null,"cleanText":"US President Joe Biden’s budget proposal released on Monday expects an additional $11 billion in revenues by 2032 from revised crypto rules. It anticipates around $5 billion in revenue in 2023 alone. The projected tax revenue is based on proposals to modernize rules related to digital assets. It also aims to expand the Department of Justice’s ability to counter cyber threats that involve ransomware and the use of cryptocurrencies. Also Read | President Joe Biden says $5.8 trillion plan shows his priorities, higher tax on rich,As part of the administration's plan to update the digital asset rules, the administration will amend the mark-to-market rules to include digital assets, require foreign digital asset accounts to be reported by certain taxpayers, provide financial institutions and crypto brokers with reporting requirements, and treat loans of securities as tax-free to include other asset classes and address income. Also Read | Cryptocurrencies helping Ukraine raise millions in war against Russia,According to the administration estimates, modernizing these rules will generate almost $11 billion in revenue between 2023-2032, with over $4.8 billion coming from the first year of applying mark-to-market rules to digital assets. The proposal also seeks to expand the DOJ’s budget by $52 million for “more agents, enhanced response capabilities, and strengthened intelligence collection and analysis capabilities”. It also noted that these investments are in line with the Administration’s counter-ransomware strategy that emphasizes disruptive activity and combating the misuse of cryptocurrency. Also Read | US President Joe Biden’s butcher remark on Russia's Vladimir Putin ‘alarming’: Kremlin,The Department of the Treasury explains that mark-to-market changes would add actively traded digital assets and derivatives of these assets to a category subject to such rules at the end of each year. However, not all digital assets would qualify-only those that were regularly traded for US dollars or other fiat currencies, have sufficient volume to generate reliable estimations and have reliable price quotes available. Also Read | White House scrambles to cover up Biden's 'butcher' remark on Putin,The proposal would be effective for tax years beginning after December 31, 2022. The rules for loans of digital assets would be updated as well. According to a Treasury explanation report, the market for lending financial assets and other assets has expanded over time to include digital assets and interests in publicly traded partnerships. The securities loan non-recognition rules should be amended to take this expansion into account, it added. Also Read | Joe Biden's budget blue print: $795 billion for defense, $915 billion for domestic programs,A proposed rule change would amend the securities loan nonrecognition rules so that they apply to loans of actively traded digital assets recorded on cryptographically secure distributed ledgers as long as the loan terms are the same as those currently required for securities loans.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"US,Treasury,Joe Biden,the Department of Justice,The Department of the,US budget proposal, US budget, US budget proposal crypto,Crypto news, cryptocurrency, crypto currency news update","originalPublishedOn":"2022-03-29T17:15:28.948496+00:00"}},{"node":{"id":"VajToz23pC5x","slug":"english/joe-biden-to-introduce-billionaire-minimum-income-tax-in-2023-fiscal-budget","title":"Joe Biden to introduce 'billionaire minimum income tax' in 2023 fiscal budget","postType":1,"coverMedia":"/opoyi_S0LYWnMMy.jpg","coverCaption":"President Joe Biden delivers his first State of the Union address. (Photo Credit: Associated Press)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-03-27T02:45:00.264529+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe budget is expected to be announced on Monday\u003c/li\u003e\n \u003cli\u003eThe tax is expected to lower the US federal deficit\u003c/li\u003e\n \u003cli\u003eUS Congress will decide the final fate of the proposal\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1648348863251,\\\"strCount\\\":2812,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/english/us-president-joe-biden-plans-to-trim-1-trillion-from-deficits-over-next-decade\\\\\\\"\u003eUnited States fiscal budget of 2023\u003c/a\u003e, which is expected to be released by the administration on Monday, will carry a proposal to enforce a \\\\\\\"minimum tax\\\\\\\" on billionaires, a \u003ca href=\\\\\\\"https://opoyi.com/english/white-house-to-issue-first-major-executive-order-to-regulate-cryptocurrency-report\\\\\\\"\u003eWhite House\u003c/a\u003e document said. President Joe Biden is expected to propose the new tax.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A White House fact sheet released on Saturday said that nearly \u003ca href=\\\\\\\"https://opoyi.com/elon-musk-announces-hell-pay-a-record-11-billion-in-taxes-in-2021\\\\\\\"\u003e700 billionaires living in the United States\u003c/a\u003e would be targeted through the \\\\\\\"Billionaire Minimum Income Tax\\\\\\\". A minimum 20% tax rate would be set for households worth more than $100 million.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-the-us-federal-reserves-rate-hike-impacts-rbi-policy-explained\\\\\\\"\u003eHow the US Federal Reserve's rate hike impacts RBI policy: Explained\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighter\\\\\\\", the White House document explained.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The deficit of the \u003ca href=\\\\\\\"https://opoyi.com/english/us-historic-inflation-rise-how-experts-reacted\\\\\\\"\u003eUnited States economy\u003c/a\u003e is also expected to be brought down with the new billionaire's tax. Joe Biden's administration expects to make a dent worth $360 billion in the next decade.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to reports from CNBC, a \\\\\\\"top up payment\\\\\\\" would be due from billionaire taxpayers to reach the 20% mark, in case they are paying less. In a case where the individual is already paying 20% of their full income, no additional payments would be required.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“As a result, this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations,” the White House document released on Saturday stated.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/us-fed-raises-interest-rate-by-025-in-its-first-rate-hike-to-combat-inflation\\\\\\\"\u003eUS Fed raises interest rate by 0.25% in its first rate hike to combat inflation\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Even though the new measure would be welcomed by the Biden administration, its fate ultimately is in the hands of the United States Congress. A plan, largely similar to the upcoming proposal, was introduced by \u003ca href=\\\\\\\"https://opoyi.com/elon-musk-calls-senator-elizabeth-warren-as-karen-after-she-accuses-him-as-tax-freeloader\\\\\\\"\u003eDemocratic lawmakers\u003c/a\u003e in the Senate but was later struck down before reaching Biden's desk for approval.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to reports from CNBC citing the Congressional Budget Office, the 2021 federal deficit amounted to nearly $2.8 trillion, which is nearly $360 billion less than 2020.\\\"}}]}","relatedPosts":null,"location":{"name":"Washington D.C., DC, USA"},"createdBy":{"name":"Aman Butani","photo":"","username":"amanbutani1975","id":"wo3kJpOpSZW2","role":null},"topics":[{"name":"JoeBiden","slug":"joebiden","id":"tLOXw4T5mTfp"},{"name":"USEconomy","slug":"useconomy","id":"xuPbZjQlomEt"},{"name":"Budget","slug":"budget","id":"arrvWzBZXnwD"},{"name":"USCongress","slug":"uscongress","id":"EA4mfXbN7iJQ"},{"name":"World","slug":"world","id":"iEhRQcab92b8"},{"name":"International","slug":"international","id":"NYS6J2BBfSdS"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Aman Butani","id":"wo3kJpOpSZW2","username":"amanbutani1975"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-03-27T02:45:00.264532+00:00","publisher":0,"sourceFeed":null,"cleanText":"United States fiscal budget of 2023, which is expected to be released by the administration on Monday, will carry a proposal to enforce a minimum tax on billionaires, a White House document said. President Joe Biden is expected to propose the new tax. A White House fact sheet released on Saturday said that nearly 700 billionaires living in the United States would be targeted through the Billionaire Minimum Income Tax. A minimum 20% tax rate would be set for households worth more than $100 million. Also Read: How the US Federal Reserve's rate hike impacts RBI policy: Explained,This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighter, the White House document explained. The deficit of the United States economy is also expected to be brought down with the new billionaire's tax. Joe Biden's administration expects to make a dent worth $360 billion in the next decade. According to reports from CNBC, a top up payment would be due from billionaire taxpayers to reach the 20% mark, in case they are paying less. In a case where the individual is already paying 20% of their full income, no additional payments would be required. ,“As a result, this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations,” the White House document released on Saturday stated. Also Read: US Fed raises interest rate by 0.25% in its first rate hike to combat inflation,Even though the new measure would be welcomed by the Biden administration, its fate ultimately is in the hands of the United States Congress. A plan, largely similar to the upcoming proposal, was introduced by Democratic lawmakers in the Senate but was later struck down before reaching Biden's desk for approval. According to reports from CNBC citing the Congressional Budget Office, the 2021 federal deficit amounted to nearly $2.8 trillion, which is nearly $360 billion less than 2020.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"38.9072","longitude":"-77.0369","name":"Washington D.C., DC, USA","city":"Washington"},"keywords":"US fiscal budget, billionaire minimum income tax, Joe Biden,White House,US Congress","originalPublishedOn":"2022-03-27T02:45:00+00:00"}},{"node":{"id":"XQ0YFYnpNNp2","slug":"english/california-may-give-financial-aid-for-gas-as-prices-soar-across-us","title":"California may give financial aid for gas as prices soar across US","postType":1,"coverMedia":"/opoyi_DqsKs0tw1.jpg","coverCaption":"California Governor Gavin Newsom. (Photo credit: Associated Press)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-03-24T03:00:00.453120+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003ePeople may also get free public transport and tax breaks\u003c/li\u003e\n \u003cli\u003eCalifornia saw record gas prices of $5.88 per gallon on Wednesday\u003c/li\u003e\n \u003cli\u003eCalifornia has the second-highest gas tax in the country at 51 cents per gallon\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1648087790357,\\\"strCount\\\":3009,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/gavinnewsom\\\\\\\"\u003eCalifornia Governor Gavin Newsom\u003c/a\u003e revealed a proposal on Wednesday that could provide state residents with heavy relaxations on fuel costs -- including\u0026nbsp;$800 on debit cards, free rides on public transport and tax breaks.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The news comes as the United States has seen a \u003ca href=\\\\\\\"https://opoyi.com/english/oil-prices-extend-last-weeks-decline-fell-by-4-per-barrel\\\\\\\"\u003esteep rise in gas prices\u003c/a\u003e, a spike that has been directly connected to\u003ca href=\\\\\\\"https://opoyi.com/english/explained-how-us-sanctions-on-russian-energy-affects-its-domestic-market\\\\\\\"\u003e Russia's ongoing war in Ukraine\u003c/a\u003e and\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/stocks-slump-on-wall-street-as-oil-inflation-worries-rise\\\\\\\"\u003epandemic-induced inflation.\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-how-us-sanctions-on-russian-energy-affects-its-domestic-market\\\\\\\"\u003eExplained: How US sanctions on Russian energy affect its domestic market\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"While gas prices have soared across the nation, California seems to be hit the hardest. Media reports suggest that a jump of $2 per gallon has been since in the price when compared to last year's costs. Going up to\u0026nbsp;$5.88 per gallon as of Wednesday, average gas prices in the state hit record levels.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"California has the second-highest gas tax in the country at 51 cents per gallon. But the state's Democratic leaders have been wary of suspending the gas tax because they fear oil companies would not pass along the savings to drivers, according to reports from Associated Press.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/shell-oil-pledges-profit-from-russian-oil-purchase-to-ukraine-refugees\\\\\\\"\u003eShell Oil pledges profit from Russian oil purchase to Ukraine refugees\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eWhat is included in the new proposal?\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The governor's office says the average California driver spends about $300 per year on gas taxes. Newsom's idea is to give car owners $400 debit cards for up to two vehicles, for a total of $800. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The money would go to everyone who has a car registered with the state — including the uber-rich, people living in the country illegally, and even drivers who own vehicles that do not use gasoline.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/us-oil-and-gas-industry-support-joe-bidens-ban-on-russian-energy-imports\\\\\\\"\u003eUS oil and gas industry support Joe Biden's ban on Russian energy imports\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"For people who do not have cars, Newsom wants the state to pay for their bus or train fare for three months. His proposal would give $750 million to transit and rail agencies, which Newsom said would be enough to give free rides to 3 million people per day, according to reports from Associated Press.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"About $1.1 billion would pay to pause scheduled inflationary increases for \u003ca href=\\\\\\\"https://opoyi.com/english/us-gas-prices-soar-amid-growing-call-for-banning-russian-oil\\\\\\\"\u003ediesel and fuel taxes\u003c/a\u003e this summer, and another $500 million would pay for projects that promote biking and walking.\\\"}}]}","relatedPosts":null,"location":{"name":"Sacramento, CA, USA"},"createdBy":{"name":"Aman Butani","photo":"","username":"amanbutani1975","id":"wo3kJpOpSZW2","role":null},"topics":[{"name":"GavinNewsom","slug":"gavinnewsom","id":"or15rmUqt7qZ"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"California","slug":"california","id":"sen4MeHKiU4x"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"OIL","slug":"oil","id":"dV662lz0IyvS"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Aman Butani","id":"wo3kJpOpSZW2","username":"amanbutani1975"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[{"id":"4","name":"AP"}],"originalPost":null,"publishedOn":"2022-03-24T03:00:00.453126+00:00","publisher":0,"sourceFeed":null,"cleanText":"California Governor Gavin Newsom revealed a proposal on Wednesday that could provide state residents with heavy relaxations on fuel costs -- including $800 on debit cards, free rides on public transport and tax breaks. The news comes as the United States has seen a steep rise in gas prices, a spike that has been directly connected to Russia's ongoing war in Ukraine and pandemic-induced inflation. Also Read: Explained: How US sanctions on Russian energy affect its domestic market,While gas prices have soared across the nation, California seems to be hit the hardest. Media reports suggest that a jump of $2 per gallon has been since in the price when compared to last year's costs. Going up to $5.88 per gallon as of Wednesday, average gas prices in the state hit record levels. California has the second-highest gas tax in the country at 51 cents per gallon. But the state's Democratic leaders have been wary of suspending the gas tax because they fear oil companies would not pass along the savings to drivers, according to reports from Associated Press. Also Read: Shell Oil pledges profit from Russian oil purchase to Ukraine refugees,What is included in the new proposal?,The governor's office says the average California driver spends about $300 per year on gas taxes. Newsom's idea is to give car owners $400 debit cards for up to two vehicles, for a total of $800. ,The money would go to everyone who has a car registered with the state — including the uber-rich, people living in the country illegally, and even drivers who own vehicles that do not use gasoline. Also Read: US oil and gas industry support Joe Biden's ban on Russian energy imports,For people who do not have cars, Newsom wants the state to pay for their bus or train fare for three months. His proposal would give $750 million to transit and rail agencies, which Newsom said would be enough to give free rides to 3 million people per day, according to reports from Associated Press. About $1.1 billion would pay to pause scheduled inflationary increases for diesel and fuel taxes this summer, and another $500 million would pay for projects that promote biking and walking.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"38.5816","longitude":"-121.4944","name":"Sacramento, CA, USA","city":"Sacramento"},"keywords":"California, gas price hike, $800,tax breaks, free public transport, inflation","originalPublishedOn":"2022-03-24T03:00:00+00:00"}},{"node":{"id":"5FugUHXbQIiA","slug":"english/india-refunds-rs-7900-crore-to-cairn-energy-to-settle-retro-tax-dispute","title":"India refunds Rs 7,900 crore to Cairn Energy to settle retro tax dispute","postType":1,"coverMedia":"/opoyi_bBiXev0vk.jpg","coverCaption":"Cairn Energy had finished all required procedures to get the Rs 7,900 crore tax refund (Photo Credit: Twitter/@CapricornEnergy)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-02-25T15:11:00.981549+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eIndia has refunded Rs 7,900 crore to Cairn Energy after 7 years-long dispute\u003c/li\u003e\n \u003cli\u003eCapricorn Energy Plc said net that proceeds of USD 1.06 billion have been received\u003c/li\u003e\n \u003cli\u003eIn January, Capricorn Energy had withdrawn all tax cases against the Indian government\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1645801861665,\\\"strCount\\\":3603,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Government of India has refunded Rs 7,900 crore to Britain’s Cairn Energy Plc after 7 years-long dispute over the retrospective taxes. Cairn Energy, currently known as Capricorn Energy Plc, has said the government has paid the tax refund and the \\\\\\\"net proceeds of USD 1.06 billion have been received.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/palladium-shines-amid-russia-ukraine-crisis-gold-silver-retreat\\\\\\\"\u003ePalladium shines amid Russia-Ukraine crisis, gold, silver retreat\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A circular is expected to be released in early March “detailing the shareholder resolutions required in connection with the proposed shareholder return of up to US$700 million, comprising a US$500 million tender offer and US$200 million ongoing share repurchase programme,\\\\\\\" said the British company, according to the PTI report.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/nse-scam-cbi-arrests-chitra-ramkrishnas-advisor-anand-subramanian\\\\\\\"\u003eNSE scam: CBI arrests Chitra Ramkrishna's advisor Anand Subramanian\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"British energy giant Cairn Energy had last month finished all required procedures to get the Rs 7,900 crore tax refund from the Indian Government.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Capricorn Energy CEO Simon Thomson earlier stated that the company enters 2022 well-positioned to generate another significant capital return for shareholders, having completed all steps required to receive an India tax refund.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/indian-stock-exchanges-to-roll-out-t1-settlement-rule-from-today\\\\\\\"\u003eIndian stock exchanges to roll out T+1 settlement rule from today\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eCairn withdraws all lawsuits\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In 2006-07, Cairn had reorganized its India business, which comprised operations of prolific Rajasthan oil fields, before its listing on the stock exchange. While the firm sold the majority holding in the India business to Vedanta in 2011. In 2014, it was charged with the tax demand notice over alleged capital gains made on the reorganization, as reported by PTI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/apollo-hospitals-share-climbs-7-on-replacing-ioc-in-nifty50\\\\\\\"\u003eApollo Hospitals share climbs 7% on replacing IOC in Nifty50\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The IT Department has asked for Rs 10,247 crore in taxes from Cairn. However, Cairn dragged the government to international arbitration over the charge and got a favourable ruling that asked India to refund the tax collected.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/russia-ukraine-crisis-sensex-climbs-over-1300-points-nifty-settles-at-16658\\\\\\\"\u003eRussia Ukraine crisis: Sensex climbs over 1300 points, Nifty settles at 16,658\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In January 2022, Capricorn Energy had withdrawn all tax cases against the Indian government, which cleared the way for the authorities to refund Rs 7,900 crore to the British explorer. Capricorn’s action was the final required step by the company under the rules of India’s Taxation (Amendment Act) 2021. After this, the company submitted the necessary form to the Income Tax department which permitted the government to proceed to the final stage.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-the-russia-ukraine-crisis-is-expected-to-affect-the-global-economy\\\\\\\"\u003eHow the Russia-Ukraine crisis is expected to affect the global economy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eRetro tax dispute\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"India put an end to 17 long-drawn disputes over taxation of overseas sale of Indian assets. In the government's settlement scheme, an anti-abuse provision from the Income Tax Act introduced in 2012 during the previous United Progressive Alliance (UPA) government was applied to nullify tax demands raised or confirmed before 28 May 2012.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"CairnEnergy","slug":"cairnenergy","id":"qLTU5khnmt2d"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Legal","slug":"legal","id":"htwYGnSm0yCZ"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-25T15:10:59.891725+00:00","publisher":6,"sourceFeed":null,"cleanText":"The Government of India has refunded Rs 7,900 crore to Britain’s Cairn Energy Plc after 7 years-long dispute over the retrospective taxes. Cairn Energy, currently known as Capricorn Energy Plc, has said the government has paid the tax refund and the net proceeds of USD 1.06 billion have been received. Also Read | Palladium shines amid Russia-Ukraine crisis, gold, silver retreat,A circular is expected to be released in early March “detailing the shareholder resolutions required in connection with the proposed shareholder return of up to US$700 million, comprising a US$500 million tender offer and US$200 million ongoing share repurchase programme, said the British company, according to the PTI report. Also Read | NSE scam: CBI arrests Chitra Ramkrishna's advisor Anand Subramanian,British energy giant Cairn Energy had last month finished all required procedures to get the Rs 7,900 crore tax refund from the Indian Government. Capricorn Energy CEO Simon Thomson earlier stated that the company enters 2022 well-positioned to generate another significant capital return for shareholders, having completed all steps required to receive an India tax refund. Also Read | Indian stock exchanges to roll out T+1 settlement rule from today,Cairn withdraws all lawsuits,In 2006-07, Cairn had reorganized its India business, which comprised operations of prolific Rajasthan oil fields, before its listing on the stock exchange. While the firm sold the majority holding in the India business to Vedanta in 2011. In 2014, it was charged with the tax demand notice over alleged capital gains made on the reorganization, as reported by PTI. Also Read | Apollo Hospitals share climbs 7% on replacing IOC in Nifty50,The IT Department has asked for Rs 10,247 crore in taxes from Cairn. However, Cairn dragged the government to international arbitration over the charge and got a favourable ruling that asked India to refund the tax collected. Also Read | Russia Ukraine crisis: Sensex climbs over 1300 points, Nifty settles at 16,658,In January 2022, Capricorn Energy had withdrawn all tax cases against the Indian government, which cleared the way for the authorities to refund Rs 7,900 crore to the British explorer. Capricorn’s action was the final required step by the company under the rules of India’s Taxation (Amendment Act) 2021. After this, the company submitted the necessary form to the Income Tax department which permitted the government to proceed to the final stage. Also Read | How the Russia-Ukraine crisis is expected to affect the global economy,Retro tax dispute,India put an end to 17 long-drawn disputes over taxation of overseas sale of Indian assets. In the government's settlement scheme, an anti-abuse provision from the Income Tax Act introduced in 2012 during the previous United Progressive Alliance (UPA) government was applied to nullify tax demands raised or confirmed before 28 May 2012.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"['Cairn energy', 'capricorn energy plc', 'cairn energy tax dipute', 'retro tax dipute', 'retrospective tax dispute', 'india refund tax', 'business news', 'income tax department']","originalPublishedOn":"2022-02-25T15:10:59.891713+00:00"}},{"node":{"id":"zTMKBWYj9hZp","slug":"english/after-elon-musks-57-billion-donation-questions-on-transparency-tax-deduction","title":"Questions on transparency, tax deduction after Musk’s $5.7 billion donation","postType":1,"coverMedia":"/opoyi_ReeFn_VDska4.jpg","coverCaption":"Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition March 9, 2020, in Washington. (AP Photo)","reactionStats":"{\"sad_count\": 0, \"like_count\": 1.0, \"angry_count\": 0, \"laugh_count\": 0, \"heartbreak_count\": 0}","updatedOn":"2022-02-19T03:32:54.164046+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eAccording to a regulatory filling,\u0026nbsp;Musk donated about 5 million shares of company stock, worth $5.7 billion in November\u003c/li\u003e\n \u003cli\u003eSome experts say Musk likely donated his shares to his donor-advised fund, or DAF for short\u003c/li\u003e\n \u003cli\u003eA DAF donation would allow him to claim a tax deduction of as much as 30% of his 2021 adjusted gross income\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":1,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1645241573679,\\\"strCount\\\":8086,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Leave it to \u003ca href=\\\\\\\"https://opoyi.com/topic/elonmusk\\\\\\\"\u003eElon Musk\u003c/a\u003e to stir up controversy without saying — or tweeting — a word.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In November, according to a regulatory filling,\u0026nbsp;the Tesla CEO donated to charity\u0026nbsp;about 5 million shares of company stock, worth $5.7 billion. Since the filing with the Securities and Exchange Commission was made public Monday, Tesla hasn't responded to a request for comment. Nor has Musk mentioned the donation on Twitter, his favorite communications forum.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/elon-musk-compares-canadian-prime-minister-justin-trudeau-with-adolf-hitler-deletes-post-later\\\\\\\"\u003eElon musk compares Canadian PM Justin Trudeau with Adolf Hitler, deletes post later\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Yet that hasn't quelled debates in and out of philanthropy, about transparency, tax deductions and congressional legislation, along with speculation about where exactly the money was donated. Some experts say Musk likely donated his shares to his donor-advised fund, or DAF for short. DAFs are essentially charitable investment accounts in which donors can claim a tax deduction upfront but aren’t legally required to distribute the money.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Experts say that would be the most advantageous strategy for Musk, currently the world's richest man with an approximate net worth of more than $220 billion. A DAF donation would allow him to claim a tax deduction of as much as 30% of his 2021 adjusted gross income, instead of 20% if he had donated it instead to his foundation. Musk could also deduct the fair market value of the stock, instead of its original value.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/lawsuit-against-tesla-for-racial-discrimination-against-black-workers\\\\\\\"\u003eLawsuit against Tesla for racial discrimination against Black workers\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“He can do whatever he wants with his money — anyone can,” said John Arnold, a billionaire philanthropist who co-founded the Laura and John Arnold Foundation and Arnold Ventures with his wife, Laura. “But if he’s getting a subsidy from society through this tax deduction, then there’s a responsibility that goes with it.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Whether or not Musk donated his Tesla shares to a DAF, Arnold said, the possibility that he did highlights a questionable tax loophole for many wealthy Americans.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Society is giving them this tax deduction, this subsidy to encourage more resources to get to communities,” Arnold said. “But the way that the tax law is structured today, it doesn’t necessitate that that happens. You can get the tax deduction today, and there’s no requirement for that money ever to get to the community. You can give money to a donor advised fund and keep it in a tax-free investment account forever.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Arnold and others who want to address that loophole have formed a coalition, the Initiative to Accelerate Charitable Giving, that seeks to tighten requirements for DAFs and other financial vehicles used by the wealthy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/elon-musk-helping-restore-tongan-internet-as-covid-19-outbreak-grows\\\\\\\"\u003eElon Musk helping restore Tongan internet as COVID-19 outbreak grows\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"This month, a bipartisan group of lawmakers proposed a bill in the House of Representatives that would limit how long donations can remain in a DAF untaxed. Similar bipartisan legislation was\u0026nbsp;introduced last year\u0026nbsp;in the U.S. Senate.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Many DAF proponents oppose the changes, arguing that DAFs, with an average payout rate of around 20%, are distributing money faster and more robustly than many private foundations, whose average distribution is generally only slightly above the 5% annually required by law, according to the Stanford Law School Policy Lab on Donor Advised Funds.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"If Musk did place Tesla shares in a DAF, the tax law’s intent backfired, Arnold said. The community received neither the tax revenue generated by Musk’s income on the shares or the philanthropic benefit that the tax deduction was meant to create.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"DAFs also allow for anonymity. Benjamin Soskis, a historian of philanthropy and a senior researcher at the Urban Institute, suggested that Musk's donation shows norms may be tipping towards a lack of disclosure about where large gifts are landing.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/uber-will-absolutely-accept-cryptocurrencies-in-future-says-ceo-dara-khosrowshahi\\\\\\\"\u003eUber will 'absolutely' accept cryptocurrencies in future, says CEO\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“When you’re giving away that much money, it is by definition a matter of public interest where it’s going to,” Soskis said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Generally, Musk’s approach to donations has differed from that of many other wealthy donors, who are often accused of publicizing their gifts as a way to burnish their reputations.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"About a month before donating his stock, the notoriously provocative Musk engaged in a Twitter fight with the head of the United Nations World Food Programme, who had urged billionaires to donate $6 billion on a “one time basis” to help end starvation.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk said he would sell $6 billion of Tesla stock and donate the proceeds to the agency if it could show how the money would solve world hunger. David Beasley, the organization's executive director, said this week that it had yet to receive a donation from the Tesla CEO.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/why-india-turned-down-elon-musks-tax-break-request\\\\\\\"\u003eWhy India turned down Elon Musk’s tax break request\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Soskis, of the Urban Institute, has suggested that there's room for Musk to be more transparent about his gifts while still signaling his “contempt” for “elite public opinion,” as the Tesla CEO frequently does.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"At times, Musk does provide transparency about his donations. Last year, he gave $50 million to St. Jude’s Children’s Research Hospital. He also donated about $30 million to a variety of public schools and nonprofits in south Texas, where SpaceX builds its rockets.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"His private foundation's latest IRS filing shows he donated 11,000 Tesla shares to the charity in 2019. From July that year to June 2020, the foundation distributed $23.6 million in grants. Some of that went directly to working charities, but a large chunk — $20.7 million — went to Fidelity Charitable, a grantmaker that sponsors DAFs.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Some who have worked with Musk explain his style of philanthropy by saying he isn't focused on looking good.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/cancer-mooshot-joe-bidens-health-care-initiative-with-a-reboot\\\\\\\"\u003eCancer Moonshot: Joe Biden's health care initiative with a reboot\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Marcius Extavour, vice president of climate and energy at XPrize, which manages Musk’s $100 million prize for carbon removal, says Musk wanted the project to be focused on finding impactful solutions and didn’t want it to use his image everywhere. That's in contrast to some other donors, who, Extavour asserts, seem more concerned about invitations to speaking engagements and other events.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“It’s been pretty nice to work with the Musk Foundation as a donor who is not.. nitpicking on how we describe this or how we describe that,\\\\\\\" Extavour said. “Or making sure they get the shine or the limelight.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Steve Greanias, general manager of fundraising solutions for the fundraising platform GiveSmart, says that like most people working in philanthropy, he is curious about where Musk’s money went and how it was or will be used. Yet he doesn’t think it’s necessarily everyone’s business to know. His own platform, which serves about 8,000 nonprofits and has processed about $800 million in donations, accepts anonymous donations.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/tesla-fans-complain-joe-biden-ignores-companys-ev-leadership\\\\\\\"\u003eTesla fans complain Joe Biden ignores company's EV leadership\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“If you have this kind of money and you want to do good with it and you don’t feel the need to be recognized for it, that’s OK,” Greanias said. “That’s between you and the organization. As long as your relationship’s OK with them, it shouldn’t matter if the world wants to know where money came from.”\\\"}}]}","relatedPosts":null,"location":{"name":"Washington D.C., DC, USA"},"createdBy":{"name":"Shubham Banerjee","photo":null,"username":"shubham","id":"yMKOA5Bszkxu","role":null},"topics":[{"name":"ElonMusk","slug":"elonmusk","id":"gNR9NoRbCkzk"},{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"Donation","slug":"donation","id":"dkZz4un7ONup"},{"name":"Charity","slug":"charity","id":"ViREwGQwmCQW"},{"name":"World","slug":"world","id":"iEhRQcab92b8"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"AP","id":"8dFR8PhLJl4s","username":"associatedpress"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-19T03:15:00.192396+00:00","publisher":0,"sourceFeed":null,"cleanText":"Leave it to Elon Musk to stir up controversy without saying — or tweeting — a word. In November, according to a regulatory filling, the Tesla CEO donated to charity about 5 million shares of company stock, worth $5.7 billion. Since the filing with the Securities and Exchange Commission was made public Monday, Tesla hasn't responded to a request for comment. Nor has Musk mentioned the donation on Twitter, his favorite communications forum. Also Read | Elon musk compares Canadian PM Justin Trudeau with Adolf Hitler, deletes post later,Yet that hasn't quelled debates in and out of philanthropy, about transparency, tax deductions and congressional legislation, along with speculation about where exactly the money was donated. Some experts say Musk likely donated his shares to his donor-advised fund, or DAF for short. DAFs are essentially charitable investment accounts in which donors can claim a tax deduction upfront but aren’t legally required to distribute the money. ,Experts say that would be the most advantageous strategy for Musk, currently the world's richest man with an approximate net worth of more than $220 billion. A DAF donation would allow him to claim a tax deduction of as much as 30% of his 2021 adjusted gross income, instead of 20% if he had donated it instead to his foundation. Musk could also deduct the fair market value of the stock, instead of its original value. Also Read | Lawsuit against Tesla for racial discrimination against Black workers,“He can do whatever he wants with his money — anyone can,” said John Arnold, a billionaire philanthropist who co-founded the Laura and John Arnold Foundation and Arnold Ventures with his wife, Laura. “But if he’s getting a subsidy from society through this tax deduction, then there’s a responsibility that goes with it.”,Whether or not Musk donated his Tesla shares to a DAF, Arnold said, the possibility that he did highlights a questionable tax loophole for many wealthy Americans. “Society is giving them this tax deduction, this subsidy to encourage more resources to get to communities,” Arnold said. “But the way that the tax law is structured today, it doesn’t necessitate that that happens. You can get the tax deduction today, and there’s no requirement for that money ever to get to the community. You can give money to a donor advised fund and keep it in a tax-free investment account forever.”,Arnold and others who want to address that loophole have formed a coalition, the Initiative to Accelerate Charitable Giving, that seeks to tighten requirements for DAFs and other financial vehicles used by the wealthy. Also Read | Elon Musk helping restore Tongan internet as COVID-19 outbreak grows,This month, a bipartisan group of lawmakers proposed a bill in the House of Representatives that would limit how long donations can remain in a DAF untaxed. Similar bipartisan legislation was introduced last year in the U.S. Senate. Many DAF proponents oppose the changes, arguing that DAFs, with an average payout rate of around 20%, are distributing money faster and more robustly than many private foundations, whose average distribution is generally only slightly above the 5% annually required by law, according to the Stanford Law School Policy Lab on Donor Advised Funds. If Musk did place Tesla shares in a DAF, the tax law’s intent backfired, Arnold said. The community received neither the tax revenue generated by Musk’s income on the shares or the philanthropic benefit that the tax deduction was meant to create. DAFs also allow for anonymity. Benjamin Soskis, a historian of philanthropy and a senior researcher at the Urban Institute, suggested that Musk's donation shows norms may be tipping towards a lack of disclosure about where large gifts are landing. ,Also Read | Uber will 'absolutely' accept cryptocurrencies in future, says CEO,“When you’re giving away that much money, it is by definition a matter of public interest where it’s going to,” Soskis said. Generally, Musk’s approach to donations has differed from that of many other wealthy donors, who are often accused of publicizing their gifts as a way to burnish their reputations. About a month before donating his stock, the notoriously provocative Musk engaged in a Twitter fight with the head of the United Nations World Food Programme, who had urged billionaires to donate $6 billion on a “one time basis” to help end starvation. ,Musk said he would sell $6 billion of Tesla stock and donate the proceeds to the agency if it could show how the money would solve world hunger. David Beasley, the organization's executive director, said this week that it had yet to receive a donation from the Tesla CEO. Also Read | Why India turned down Elon Musk’s tax break request,Soskis, of the Urban Institute, has suggested that there's room for Musk to be more transparent about his gifts while still signaling his “contempt” for “elite public opinion,” as the Tesla CEO frequently does. At times, Musk does provide transparency about his donations. Last year, he gave $50 million to St. Jude’s Children’s Research Hospital. He also donated about $30 million to a variety of public schools and nonprofits in south Texas, where SpaceX builds its rockets. His private foundation's latest IRS filing shows he donated 11,000 Tesla shares to the charity in 2019. From July that year to June 2020, the foundation distributed $23.6 million in grants. Some of that went directly to working charities, but a large chunk — $20.7 million — went to Fidelity Charitable, a grantmaker that sponsors DAFs. ,Some who have worked with Musk explain his style of philanthropy by saying he isn't focused on looking good. Also Read | Cancer Moonshot: Joe Biden's health care initiative with a reboot,Marcius Extavour, vice president of climate and energy at XPrize, which manages Musk’s $100 million prize for carbon removal, says Musk wanted the project to be focused on finding impactful solutions and didn’t want it to use his image everywhere. That's in contrast to some other donors, who, Extavour asserts, seem more concerned about invitations to speaking engagements and other events. “It’s been pretty nice to work with the Musk Foundation as a donor who is not.. nitpicking on how we describe this or how we describe that, Extavour said. “Or making sure they get the shine or the limelight. Steve Greanias, general manager of fundraising solutions for the fundraising platform GiveSmart, says that like most people working in philanthropy, he is curious about where Musk’s money went and how it was or will be used. Yet he doesn’t think it’s necessarily everyone’s business to know. His own platform, which serves about 8,000 nonprofits and has processed about $800 million in donations, accepts anonymous donations. Also Read | Tesla fans complain Joe Biden ignores company's EV leadership,“If you have this kind of money and you want to do good with it and you don’t feel the need to be recognized for it, that’s OK,” Greanias said. “That’s between you and the organization. As long as your relationship’s OK with them, it shouldn’t matter if the world wants to know where money came from.”","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"38.9072","longitude":"-77.0369","name":"Washington D.C., DC, USA","city":"Washington"},"keywords":"['Elon Musk', ' Tesla', ' Musk donation', ' Musk charity', 'Securities and Exchange Commission', 'donor-advised fund', 'Tax deduction']","originalPublishedOn":"2022-02-19T03:15:00+00:00"}},{"node":{"id":"Zqn9KybEnswQ","slug":"english/tesla-need-to-buy-500-million-of-local-auto-parts-to-avail-tax-cut-report","title":"Tesla need to buy $500 million of local auto parts to avail tax cut: Report","postType":1,"coverMedia":"/opoyi_H1DLc9Mcq.jpg","coverCaption":"A sign bearing the company logo outside a Tesla store in Cherry Creek Mall in Denver. U.S. (Photo: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-02-16T17:38:52.678450+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eIndia wants Tesla to buy at least $500 million auto parts from local manufacturers\u003c/li\u003e\n \u003cli\u003eTesla claimed it sourced auto parts of around $100 million from India in August.\u003c/li\u003e\n \u003cli\u003eIt wants to test waters by selling imported cars first\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1645033129785,\\\"strCount\\\":3300,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Indian government wants electric car maker Tesla Inc. to commit to source at least $500 million from local manufacturers in India to avail an import tax cut on its vehicles, reported Bloomberg. The report said that Tesla has been given the condition that it can start procuring local auto parts at a lower base.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sebi-makes-separation-of-cmd-ceo-roles-from-mandatory-to-voluntary\\\\\\\"\u003eSEBI makes separation of CMD, CEO roles from mandatory to voluntary\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Tesla would need to agree to scale up Indian parts purchases by around 10% to 15% a year until a satisfactory level was achieved. Prime Minister Narendra Modi led administration has formally told Tesla to ramp up domestic sourcing but has not given any procurement target to the company yet. In August 2021, Tesla claimed it sourced auto parts of around $100 million from India for its electric vehicles, as reported by Bloomberg.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/mahindra-finance-share-jumps-8-after-raising-rs-500-crore-by-issuing-bonds\\\\\\\"\u003eMahindra Finance share jumps 8% after raising Rs 500 crore by issuing bonds\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The electric carmaker wants to test waters by selling imported cars as completely built units (CBU) models and to make that viable it seeks a reduction of levies as high as 100%. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The pricing of the CBU Tesla cars will be significantly high and India is a value-conscious auto market. Electric Vehicles are just 1% of cars sold annually.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/infosys-co-founder-nandan-nilekani-calls-crypto-project-launch-fake-news\\\\\\\"\u003eInfosys Co-founder Nandan Nilekani calls crypto project launch 'fake news'\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The government wants the EV pioneer to make cars in the country but appears to be using their interest to try and gain benefits for the nascent local electric car industry. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the Bloomberg report, Tesla must approach the government with a component-sourcing plan to progress on its tax-cut bid. It should also export made-in-India parts to China if it plans to import cars from there.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/yes-bank-founder-rana-kapoor-gets-bail-in-rs-466-crore-fraud-case\\\\\\\"\u003eYes Bank founder Rana Kapoor gets bail in Rs 466 crore fraud case\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In July 2021, Tesla founder and CEO \u003ca href=\\\\\\\"https://opoyi.com/topic/elonmusk\\\\\\\"\u003eElon Musk\u003c/a\u003e tweeted that import duties in India are among the highest in the world and the nation treats clean-energy vehicles the same as gas-guzzling cars, which is not in line with its carbon neutrality goals.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"India has asked Tesla to avoid selling China-made cars in India due to the long-time border dispute between China and India, according to Road Transport Minister Nitin Gadkari.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/india-to-grow-fastest-among-large-nations-finance-ministry-report\\\\\\\"\u003eIndia to grow fastest among large nations: Finance Ministry report\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Earlier this month, India rejected Tesla’s call for lower taxes to import electric cars, saying existing rules already allow partially-built vehicles to be imported and then assembled locally at a cheaper levy. Parts shipped for assembly in the nation attract 15% to 30% import duties, while there are taxes as high as 100% on importing completely built vehicles.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"ElectricVehicle","slug":"electricvehicle","id":"grkCmJl3jV7O"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Automobile","slug":"automobile","id":"8rqFkZHOKYpQ"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"NitinGadkari","slug":"nitingadkari","id":"jCdisyeT8oxL"},{"name":"China","slug":"china","id":"gtTvlJMpH5eQ"},{"name":"Auto","slug":"auto-industry","id":"ZkUQBhcdJNGk"},{"name":"ElonMusk","slug":"elonmusk","id":"gNR9NoRbCkzk"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-16T17:38:51.923065+00:00","publisher":6,"sourceFeed":null,"cleanText":"The Indian government wants electric car maker Tesla Inc. to commit to source at least $500 million from local manufacturers in India to avail an import tax cut on its vehicles, reported Bloomberg. The report said that Tesla has been given the condition that it can start procuring local auto parts at a lower base. Also Read | SEBI makes separation of CMD, CEO roles from mandatory to voluntary,Tesla would need to agree to scale up Indian parts purchases by around 10% to 15% a year until a satisfactory level was achieved. Prime Minister Narendra Modi led administration has formally told Tesla to ramp up domestic sourcing but has not given any procurement target to the company yet. In August 2021, Tesla claimed it sourced auto parts of around $100 million from India for its electric vehicles, as reported by Bloomberg. Also Read | Mahindra Finance share jumps 8% after raising Rs 500 crore by issuing bonds,The electric carmaker wants to test waters by selling imported cars as completely built units (CBU) models and to make that viable it seeks a reduction of levies as high as 100%. ,The pricing of the CBU Tesla cars will be significantly high and India is a value-conscious auto market. Electric Vehicles are just 1% of cars sold annually. Also Read | Infosys Co-founder Nandan Nilekani calls crypto project launch 'fake news',The government wants the EV pioneer to make cars in the country but appears to be using their interest to try and gain benefits for the nascent local electric car industry. ,According to the Bloomberg report, Tesla must approach the government with a component-sourcing plan to progress on its tax-cut bid. It should also export made-in-India parts to China if it plans to import cars from there. Also Read | Yes Bank founder Rana Kapoor gets bail in Rs 466 crore fraud case,In July 2021, Tesla founder and CEO Elon Musk tweeted that import duties in India are among the highest in the world and the nation treats clean-energy vehicles the same as gas-guzzling cars, which is not in line with its carbon neutrality goals. India has asked Tesla to avoid selling China-made cars in India due to the long-time border dispute between China and India, according to Road Transport Minister Nitin Gadkari. Also Read | India to grow fastest among large nations: Finance Ministry report,Earlier this month, India rejected Tesla’s call for lower taxes to import electric cars, saying existing rules already allow partially-built vehicles to be imported and then assembled locally at a cheaper levy. Parts shipped for assembly in the nation attract 15% to 30% import duties, while there are taxes as high as 100% on importing completely built vehicles.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"['tesla', 'tesla in india', 'tesla cars', 'tesla electric vehicles', 'elon musk', 'india', 'import duty on imported cars', 'electric vehicles india']","originalPublishedOn":"2022-02-16T17:38:51.923057+00:00"}},{"node":{"id":"8T2ngLLXLPas","slug":"english/indian-government-may-explore-set-off-relief-to-digital-currency-traders-report","title":"Indian Government may explore set-off relief to digital currency traders: Report","postType":1,"coverMedia":"/opoyi_H3Ht09djH.jpg","coverCaption":"The requirements for crypto tax set-offs were derived from Section 115 BBE of the Income Tax Act. (Photo Credit: Unsplash/Representational)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-02-15T06:43:32.593103+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe existing laws enable a stock trader to carry over a loss in one fiscal year for a period of 4-8 years\u003c/li\u003e\n \u003cli\u003eThe profits are part of a 'capital gain' or 'business income,' this helps to reduce the tax liability\u003c/li\u003e\n \u003cli\u003eFinance Minister Nirmala Sitharaman announced a 30% tax on gains from virtual digital assets beginning in April\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1644907411879,\\\"strCount\\\":3480,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The government may consider granting traders of digital currency a limited set-off of one year's losses from trading against profits generated in the same financial year, in response to calls from the cryptocurrency market players to review some aspects of the tax on virtual digital asset transactions, according to The Economic Times.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/crypto-news-daily-bitcoin-data-and-price-analysis-for-february-15-2022\\\\\\\"\u003eCrypto news daily: Bitcoin data and price analysis for February 15, 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Such provisions are now authorized in both listed and unlisted stock transactions. The existing laws enable a stock trader to carry over a loss in one fiscal year for a period of 4-8 years, depending on the nature of the deal. If the profits are part of a 'capital gain' or 'business income,' this helps to reduce the tax liability.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sensex-gains-over-300-points-while-nifty-trades-near-17000-in-early-trade\\\\\\\"\u003eSensex gains over 300 points while Nifty trades near 17,000 in early trade\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In the stock market, losses from speculative trades, such as intraday and high-frequency transactions, can be deducted from speculative profits over the next four years. The trader, on the other hand, cannot offset long-term losses carried forward against short-term gains made throughout the year.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/gold-silver-and-other-metal-prices-on-tuesday-february-15-2022\\\\\\\"\u003eGold, silver and other metal prices on Tuesday, February 15, 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to recent talks between senior tax officials and tax practitioners, cryptocurrency traders may not have the same level of leverage as stock market players. However, tax authorities may consider amending the Finance Bill to allow some compensation for cryptocurrency losses.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/us-stock-market-djia-sp500-nasdaq-and-russell-ended-in-red-on-monday\\\\\\\"\u003eUS Stock Market: DJIA, S\u0026amp;P500, Nasdaq and Russell ended in red on Monday\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The requirements for crypto tax set-offs were derived from Section 115 BBE of the Income Tax Act, which deals with hidden income and taxability. The issue is anticipated to be reviewed by officials, according to the business daily.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"It is for discussion whether we would stay with this or allow a set-off within a year,\\\\\\\" ET quoted an official as saying.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/trending-stocks-coal-india-future-retail-eicher-bhel-ril-and-others-in-news-today\\\\\\\"\u003eTrending Stocks: Coal India, Future Retail, Eicher, BHEL, RIL and others in news today\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On February 11, representatives from the cryptocurrency industry met senior Finance Ministry officials in\u0026nbsp; North Block to encourage them to rethink several parts of the new tax policy. This is the first contact between industry representatives and policymakers since the crypto tax was announced on February 1.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/stocks-that-should-be-on-your-watchlist-on-tuesday-february-15-2022\\\\\\\"\u003eStocks that should be on your watchlist on Tuesday, February 15, 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Finance Minister Nirmala Sitharaman announced a 30% tax on gains from virtual digital assets beginning in April when she presented the Union Budget on February 1. Furthermore, the finance minister recommended levying a 1% TDS on payments of virtual currency exceeding Rs 10,000 per year, as well as taxing such gifts in the hands of the receiver.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"},{"name":"Bitcoin","slug":"bitcoin","id":"b6gsXRHnIQWf"},{"name":"Blockchain","slug":"blockchain","id":"paU0ITqQFnl3"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-15T06:43:31.792109+00:00","publisher":6,"sourceFeed":null,"cleanText":"The government may consider granting traders of digital currency a limited set-off of one year's losses from trading against profits generated in the same financial year, in response to calls from the cryptocurrency market players to review some aspects of the tax on virtual digital asset transactions, according to The Economic Times. Also Read| Crypto news daily: Bitcoin data and price analysis for February 15, 2022,Such provisions are now authorized in both listed and unlisted stock transactions. The existing laws enable a stock trader to carry over a loss in one fiscal year for a period of 4-8 years, depending on the nature of the deal. If the profits are part of a 'capital gain' or 'business income,' this helps to reduce the tax liability. Also Read| Sensex gains over 300 points while Nifty trades near 17,000 in early trade,In the stock market, losses from speculative trades, such as intraday and high-frequency transactions, can be deducted from speculative profits over the next four years. The trader, on the other hand, cannot offset long-term losses carried forward against short-term gains made throughout the year. Also Read| Gold, silver and other metal prices on Tuesday, February 15, 2022,According to recent talks between senior tax officials and tax practitioners, cryptocurrency traders may not have the same level of leverage as stock market players. However, tax authorities may consider amending the Finance Bill to allow some compensation for cryptocurrency losses. Also Read| US Stock Market: DJIA, S\u0026P500, Nasdaq and Russell ended in red on Monday,The requirements for crypto tax set-offs were derived from Section 115 BBE of the Income Tax Act, which deals with hidden income and taxability. The issue is anticipated to be reviewed by officials, according to the business daily. It is for discussion whether we would stay with this or allow a set-off within a year, ET quoted an official as saying. Also Read| Trending Stocks: Coal India, Future Retail, Eicher, BHEL, RIL and others in news today,On February 11, representatives from the cryptocurrency industry met senior Finance Ministry officials in North Block to encourage them to rethink several parts of the new tax policy. This is the first contact between industry representatives and policymakers since the crypto tax was announced on February 1. Also Read| Stocks that should be on your watchlist on Tuesday, February 15, 2022,Finance Minister Nirmala Sitharaman announced a 30% tax on gains from virtual digital assets beginning in April when she presented the Union Budget on February 1. Furthermore, the finance minister recommended levying a 1% TDS on payments of virtual currency exceeding Rs 10,000 per year, as well as taxing such gifts in the hands of the receiver.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"['rbi bitcoin tax', ' tax policy crypto', ' stock market crypto']","originalPublishedOn":"2022-02-15T06:43:31.792100+00:00"}},{"node":{"id":"eefSWDbfPp7e","slug":"english/why-india-turned-down-elon-musks-tax-break-request","title":"Why India turned down Elon Musk’s tax break request","postType":1,"coverMedia":"/opoyi_B2SSAnYXg1q.jpg","coverCaption":"Elon Musk, 50, is the CEO of Tesla. (Photo Credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-02-04T11:00:00.944040+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eElon Musk’s Tesla sought breaks on import duties for the electric cars\u003c/li\u003e\n \u003cli\u003eThe Indian government has been pushing Tesla to manufacture locally\u003c/li\u003e\n \u003cli\u003eA Tesla costs the equivalent of Rs 34 lakh in the US\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643970415927,\\\"strCount\\\":3485,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"India has\\\\neffectively turned down \u003ca href=\\\\\\\"https://opoyi.com/english/joe-biden-is-treating-american-public-like-fools-tesla-ceo-elon-musk\\\\\\\"\u003eElon Musk\u003c/a\u003e’s request for tax breaks on \u003ca href=\\\\\\\"https://opoyi.com/english/tesla-posts-record-55-billion-profit-as-its-deliveries-soared-in-2021\\\\\\\"\u003eTesla cars\u003c/a\u003e. Musk,\\\\nthe 50-year-old \u003ca href=\\\\\\\"https://opoyi.com/english/elon-musk-offers-to-endorse-mcdonalds-if-it-accepts-dogecoin-cryptocurrency\\\\\\\"\u003ebillionaire\u003c/a\u003e owner of Tesla, had been seeking tax breaks from\\\\nthe \u003ca href=\\\\\\\"https://opoyi.com/what-problems-has-elon-musk-run-into-with-the-indian-government\\\\\\\"\u003eIndian government\u003c/a\u003e for a while. But the government has maintained that the\\\\nUS-based electric car company must manufacture in India in order to be\\\\nconsidered for tax benefits. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Vivek Johri,\\\\nchairman of India’s Central Board of Indirect taxes and Customs, told Bloomberg\\\\nThursday, “We looked at whether the duties need to be re-jigged, but some domestic\\\\nproduction is happening and some investments have come with the current tax\\\\nstructure.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/elon-musks-satellite-internet-project-starlink-to-refund-pre-orders-in-india\\\\\\\"\u003eElon Musk's satellite internet project Starlink to refund pre-orders in India\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“So, it is clear\\\\nthat this [taxes] are not a hindrance,” Johri said. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The second-most\\\\npopulous country in the world, India has been battling a high unemployment rate\\\\nfor some time now. As such, while the government does seek to boost the\\\\nautomobile industry, local manufacturing remains its priority. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Earlier this year,\\\\nMusk, a darling of Twitter users, wrote on the platform that Tesla was “still\\\\nworking through a lot of challenges with the Indian government.” \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The billionaire\\\\nentrepreneur, who also leads SpaceX, has repeatedly cited high import duties in\\\\nIndia as the reason for not launching the high-tech eV in the market.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/tesla-to-recall-nearly-500000-cars-in-the-us-due-to-safety-issues\\\\\\\"\u003eTesla to recall nearly 500,000 cars in the US due to safety issues\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to estimates\\\\nreported by Quartz.com, a Tesla in the United States is priced around $44,690\\\\nwhich comes to nearly Rs 34 lakh in Indian currency. However, with the import\\\\nduties included, a Tesla in India would cost somewhere around Rs 60 lakh. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk’s tweet about\\\\nthe challenges Tesla was facing in India led to at least four Indian states\\\\ncall on the billionaire to set up shop, including Telangana, West Bengal, Maharashtra\\\\nand Punjab. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Union\\\\ngovernment, however, maintains its demand for local manufacturing. Johri said\\\\nthe US-based car manufacturer should follow the lead of domestic auto makers in\\\\nIndia to help build capacity of electric vehicles. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"India recently\\\\nadopted the Bharat Standard VI (BS-VI) emission norms to curb vehicular\\\\npollution. Electric vehicles too remain the government’s priority. However, a\\\\nmajor bottleneck for India is the absence of adequate charging infrastructure.\\\\nThe Indian government expects local manufacturing to also enable the creation\\\\nof charging infra. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On the other hand,\\\\nTesla wants to first enter the market as a seller and may subsequently think\\\\nabout turning manufacturer. Although, it is pertinent that India doesn’t really\\\\nhave critical \u003ca href=\\\\\\\"https://opoyi.com/tesla-rises-above-global-chip-shortage-reports-uptick-in-quarter-4-sales\\\\\\\"\u003eraw materials\u003c/a\u003e such as lithium, cobalt and nickel, which are used\\\\nto make electric cars in large quantities. \\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Sammya Mukhopadhyay","photo":"https://opoyi.com/images/opoyi_3P8-dIXou.jpg?tr=w-600,q-70,dpr","username":"sammya","id":"eHHzkYx6brHC","role":null},"topics":[{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"ElonMusk","slug":"elonmusk","id":"jMTovOVMDcaW"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Automobile","slug":"automobile","id":"8rqFkZHOKYpQ"},{"name":"ElectricVehicle","slug":"electricvehicle","id":"grkCmJl3jV7O"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"news","slug":"news","id":"TtrHLXvjg4wB"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Sammya Mukhopadhyay","id":"GOl1ARDbv7mE","username":"8637881244"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-04T11:00:00.944044+00:00","publisher":0,"sourceFeed":null,"cleanText":"India has effectively turned down Elon Musk’s request for tax breaks on Tesla cars. Musk, the 50-year-old billionaire owner of Tesla, had been seeking tax breaks from the Indian government for a while. But the government has maintained that the US-based electric car company must manufacture in India in order to be considered for tax benefits. ,Vivek Johri, chairman of India’s Central Board of Indirect taxes and Customs, told Bloomberg Thursday, “We looked at whether the duties need to be re-jigged, but some domestic production is happening and some investments have come with the current tax structure.”,Also Read | Elon Musk's satellite internet project Starlink to refund pre-orders in India,“So, it is clear that this [taxes] are not a hindrance,” Johri said. ,The second-most populous country in the world, India has been battling a high unemployment rate for some time now. As such, while the government does seek to boost the automobile industry, local manufacturing remains its priority. ,Earlier this year, Musk, a darling of Twitter users, wrote on the platform that Tesla was “still working through a lot of challenges with the Indian government.” ,The billionaire entrepreneur, who also leads SpaceX, has repeatedly cited high import duties in India as the reason for not launching the high-tech eV in the market. Also Read | Tesla to recall nearly 500,000 cars in the US due to safety issues,According to estimates reported by Quartz.com, a Tesla in the United States is priced around $44,690 which comes to nearly Rs 34 lakh in Indian currency. However, with the import duties included, a Tesla in India would cost somewhere around Rs 60 lakh. ,Musk’s tweet about the challenges Tesla was facing in India led to at least four Indian states call on the billionaire to set up shop, including Telangana, West Bengal, Maharashtra and Punjab. ,The Union government, however, maintains its demand for local manufacturing. Johri said the US-based car manufacturer should follow the lead of domestic auto makers in India to help build capacity of electric vehicles. ,India recently adopted the Bharat Standard VI (BS-VI) emission norms to curb vehicular pollution. Electric vehicles too remain the government’s priority. However, a major bottleneck for India is the absence of adequate charging infrastructure. The Indian government expects local manufacturing to also enable the creation of charging infra. ,On the other hand, Tesla wants to first enter the market as a seller and may subsequently think about turning manufacturer. Although, it is pertinent that India doesn’t really have critical raw materials such as lithium, cobalt and nickel, which are used to make electric cars in large quantities.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"['Elon Musk', ' Elon Musk India', ' Elon Musk India tweet', ' Tesla India', ' Tesla Indian government']","originalPublishedOn":"2022-02-04T11:00:00+00:00"}},{"node":{"id":"wW3JSZzAyLqn","slug":"english/crypto-transactions-done-before-april-2022-wont-be-tax-free-cbdt-chairman","title":"Crypto transactions done before April 2022 won't be tax-free: CBDT Chairman","postType":1,"coverMedia":"/opoyi_RtMDfd-hR.jpg","coverCaption":"Digital rupee to be launched RBI will be the legal tender (Photo Credit: Representative/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-02-03T16:12:49.875108+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eFM Sitharaman proposed a 30% tax on transactions in cryptos\u003c/li\u003e\n \u003cli\u003eNo deduction shall be allowed while computing such income\u003c/li\u003e\n \u003cli\u003eBitcoin or NFTs will never become a legal tender in India\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643904769938,\\\"strCount\\\":3724,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Union Budget 2022 proposed heavy taxation on the\\\\nincome generated through digital assets and \u003ca href=\\\\\\\"https://opoyi.com/topic/cryptocurrency\\\\\\\"\u003ecryptocurrency\u003c/a\u003e. Concerns of the\\\\ncrypto investors have further increased as the government is looking on\\\\nimposing a retrospective tax on cryptocurrencies for the ongoing fiscal year. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The crypto transactions done before April this year will\\\\nnot be tax-free as believed by some said the Central Board of Direct Taxes\\\\n(CBDT) on Thursday.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/reduce-crypto-tax-turns-social-media-trend-as-budget-bogs-down-investors\\\\\\\"\u003e‘Reduce crypto tax’ turns social media trend as budget bogs down investors\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The taxability of the crypto-currency is certain for this\\\\nfinancial year too. “Crypto investors should know that the transactions are\\\\ndone before April 2022 will not be tax-free,\\\\\\\" CBDT Chairman JB Mohapatra\\\\nwas quoted as saying by ANI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/top-5-cryptocurrencies-of-the-day-btc-down-by-3-gamingshiba-trends-at-no-1\\\\\\\"\u003eTop 5 cryptocurrencies of the day: BTC down by 3%, GAMINGSHIBA trends at no. 1\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On Tuesday, Finance Minister Nirmala Sitharaman proposed\\\\na 30% tax on transactions in cryptocurrencies. During the last year, there has\\\\nbeen a phenomenal increase in transactions in virtual digital assets and the\\\\nmagnitude and frequency of these transactions have made it imperative to\\\\nprovide for a specific tax regime. She also introduced a digital currency to be\\\\nissued by the Reserve Bank of India.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/move-to-tax-crypto-significant-says-kshitij-purohit-on-union-budget-2022\\\\\\\"\u003eMove to tax crypto significant, says Kshitij Purohit on Union Budget 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Sitharaman added, “Accordingly, for the taxation of\\\\nvirtual digital assets, I propose to provide that any income from transfer of\\\\nany virtual digital asset shall be taxed at the rate of 30%\\\\\\\".\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Except for the cost of acquisition, no deduction in\\\\nrespect of any expenditure or allowance shall be allowed while computing such\\\\nincome.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/jai-ho-for-digital-rupee-india-inc-on-sitharamans-blockchain-remarks\\\\\\\"\u003eJai Ho for digital rupee: India Inc on Sitharaman’s blockchain remarks\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Finance Minister said that loss from the transfer of\\\\nvirtual digital assets cannot be settled against any other income and the gift\\\\nof a virtual digital asset is also proposed to be taxed in the hands of the\\\\nrecipient.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Cryptocurrencies like Bitcoin or Ethereum will never\\\\nbecome a legal tender in India only the digital rupee issued by the Reserve\\\\nBank of India (RBI) would be the legal tender, said finance secretary TV\\\\nSomanathan on Wednesday.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/digital-rupee-versus-cryptocurrency-whats-the-difference\\\\\\\"\u003eDigital rupee versus cryptocurrency: What's the difference?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Digital rupee to be launched RBI will be the legal\\\\ntender. We can purchase non-digital assets with the digital rupee like we\\\\npurchase an ice cream or other things using our wallet or payments through the\\\\nUPI platform, Somanathan said while speaking to ANI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He added that Bitcoin, Ethereum or NFTs will never become\\\\na legal tender in India.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/english/indian-union-budget-2022-income-from-transfer-of-digital-assets-to-be-taxed-at-30\\\\\\\"\u003eUnion Budget 2022: Income from transfer of digital assets to be taxed at 30%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Crypto assets are assets whose value is decided between\\\\ntwo people, you can purchase gold, diamond, and crypto assets, but that value\\\\nwill not have authorisation by the government. The government does not guarantee\\\\nsuccessful investment neither it is responsible if one may lose money, he said.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"Blockchain","slug":"blockchain","id":"paU0ITqQFnl3"},{"name":"CBDT","slug":"cbdt","id":"NpBWhNB5xwLL"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"NonFungibleToken","slug":"nonfungibletoken","id":"So83LzcQiCZ9"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Bitcoin","slug":"bitcoin","id":"b6gsXRHnIQWf"},{"name":"crypto","slug":"crypto","id":"eVTAwA488l3J"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-03T16:12:47.545119+00:00","publisher":6,"sourceFeed":null,"cleanText":"The Union Budget 2022 proposed heavy taxation on the income generated through digital assets and cryptocurrency. Concerns of the crypto investors have further increased as the government is looking on imposing a retrospective tax on cryptocurrencies for the ongoing fiscal year. ,The crypto transactions done before April this year will not be tax-free as believed by some said the Central Board of Direct Taxes (CBDT) on Thursday. Also Read | ‘Reduce crypto tax’ turns social media trend as budget bogs down investors,The taxability of the crypto-currency is certain for this financial year too. “Crypto investors should know that the transactions are done before April 2022 will not be tax-free, CBDT Chairman JB Mohapatra was quoted as saying by ANI. Also Read | Top 5 cryptocurrencies of the day: BTC down by 3%, GAMINGSHIBA trends at no. 1,On Tuesday, Finance Minister Nirmala Sitharaman proposed a 30% tax on transactions in cryptocurrencies. During the last year, there has been a phenomenal increase in transactions in virtual digital assets and the magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. She also introduced a digital currency to be issued by the Reserve Bank of India. Also Read | Move to tax crypto significant, says Kshitij Purohit on Union Budget 2022,Sitharaman added, “Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. Except for the cost of acquisition, no deduction in respect of any expenditure or allowance shall be allowed while computing such income. Also Read | Jai Ho for digital rupee: India Inc on Sitharaman’s blockchain remarks,Finance Minister said that loss from the transfer of virtual digital assets cannot be settled against any other income and the gift of a virtual digital asset is also proposed to be taxed in the hands of the recipient. Cryptocurrencies like Bitcoin or Ethereum will never become a legal tender in India only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender, said finance secretary TV Somanathan on Wednesday. Also Read | Digital rupee versus cryptocurrency: What's the difference?,Digital rupee to be launched RBI will be the legal tender. We can purchase non-digital assets with the digital rupee like we purchase an ice cream or other things using our wallet or payments through the UPI platform, Somanathan said while speaking to ANI. He added that Bitcoin, Ethereum or NFTs will never become a legal tender in India. Union Budget 2022: Income from transfer of digital assets to be taxed at 30%,Crypto assets are assets whose value is decided between two people, you can purchase gold, diamond, and crypto assets, but that value will not have authorisation by the government. The government does not guarantee successful investment neither it is responsible if one may lose money, he said.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"['cryptocurrency', '30% tax on cryptocurrency', 'tax on cryptocurrency', 'india', 'nirmala sitharaman', 'nft', 'bitcoin', 'digital rupee', 'crypto news', 'b', 'business news']","originalPublishedOn":"2022-02-03T16:12:47.545113+00:00"}},{"node":{"id":"wfDe9ffYYKKa","slug":"english/infrastructure-push-key-to-economic-revival-afaq-hussain","title":"Infrastructure push key to economic revival: Afaq Hussain","postType":1,"coverMedia":"/opoyi_MyEjgI7Ud.jpg","coverCaption":"Union Finance Minister Nirmala Sitharaman during a Budget photo session. (Photo Credit: PTI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-02-01T14:30:00.387005+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe budget has some touch of election-centric announcements\u003c/li\u003e\n \u003cli\u003eRelief for the common man in the form of tax restructuring was missing\u003c/li\u003e\n \u003cli\u003e30% tax on digital assets is a sign that we are trying to accept cryptocurrencies\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643725419450,\\\"strCount\\\":3982,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Experts from various industries have given their reactions to the budget presented by Finance Minister Nirmala Sitharaman in Parliament today. Opoyi talked to Afaq Hussain, Director, Bureau of Research on Industry and Economic Fundamentals (BRIEF), on the \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion budget\u003c/a\u003e. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budgets-have-disappointed-markets-more-often-than-not\\\\\\\"\u003eBudgets have disappointed markets more often than not\u003c/a\u003e\u003cbr\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The budget has some touch of election-centric announcements in the form of agricultural announcements such as MSP and other reforms in the agricultural sector, including the scheme for the northeast region, said Hussain.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He added that there are some big announcements to push the infrastructure sector. The government is focusing on the logistics sector, which is very important for the economy and CAPEX, which is increased by 35% to Rs 7.5 lakh crore in this budget.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/the-most-capitalist-speech-p-chidambaram-on-nirmala-sitharamans-union-budget-2022\\\\\\\"\u003e‘The most capitalist speech’: P Chidambaram on Nirmala Sitharaman’s Union Budget 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Hussain said that relief for the common man in the form of tax restructuring was missing in today’s budget. Given the pandemic over the last two years, it is important to give more cash in the hands of the people so that we can induce some demand for the revival of the economy. There should have been some announcement on the tax components for individuals as well as corporations, he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/indias-union-budget-2022-is-growth-oriented-and-transformative-ciis-chandrajit-banerjee\\\\\\\"\u003eIndia's Budget 'growth-oriented and transformative': CII's Chandrajit Banerjee\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"While speaking on cryptocurrencies he said the 30% tax on digital assets is a sign that we are trying to accept cryptocurrencies. It has been in discussion for the past few months and it is good that we have some clarity on this.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/india-budget-2022-please-understand-the-budget-says-finance-minister-nirmala-sitharaman-to-rahul-gandhi\\\\\\\"\u003e'Please understand the Budget,' says FM Nirmala Sitharaman to Rahul Gandhi\u003c/a\u003e\u003cbr\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On the agriculture sector, he said, the announcements can be linked to Punjab and Uttar Pradesh polls. The direct MSP transfer should result in enhanced cash with farmers assuming there is a removal of middlemen. Other technologies in the farming sector such as spraying of insecticides and crop assessments will surely help in the long run. He added that MSP was the key point during the farmer protests.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/india-union-budget-2022-fm-nirmala-sitharaman-assures\\\\\\\"\u003eNo discussions on crypto for now: FM Nirmala Sitharaman after presenting Budget 2022\u003c/a\u003e\u003cbr\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Hussain said there is always some linkage between the Sensex and budget. The government has been giving impetus to infrastructure and realty firms for a while now.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/move-to-tax-crypto-significant-says-kshitij-purohit-on-union-budget-2022\\\\\\\"\u003eMove to tax crypto significant, says Kshitij Purohit on Union Budget 2022\u003c/a\u003e\u003cbr\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"PM Gati Shakti was announced a few months ago and giant projects are going to come up such as multi-modal logistics parks, highways and cargo terminals. A lot of money will be invested in this sector on both by the government and by the private sector. It is definitely going to push realty stocks.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-prime-minister-narendra-modi-describes-union-budget-as-people-friendly-and-progressive\\\\\\\"\u003eBudget 2022: Prime Minister Narendra Modi describes Union Budget as people-friendly and progressive\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The finance minister started with Gati Shakti, which is all about logistics and infrastructure. Realty stocks will benefit from these budget announcements, Hussain said.\\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Infrastructure","slug":"infrastructure","id":"GLfrztkJsFS7"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"MSP","slug":"msp","id":"Fx6V4nYi0Rzd"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-01T14:30:00.387010+00:00","publisher":0,"sourceFeed":null,"cleanText":"Experts from various industries have given their reactions to the budget presented by Finance Minister Nirmala Sitharaman in Parliament today. Opoyi talked to Afaq Hussain, Director, Bureau of Research on Industry and Economic Fundamentals (BRIEF), on the Union budget. ,Also Read | Budgets have disappointed markets more often than not,The budget has some touch of election-centric announcements in the form of agricultural announcements such as MSP and other reforms in the agricultural sector, including the scheme for the northeast region, said Hussain. He added that there are some big announcements to push the infrastructure sector. The government is focusing on the logistics sector, which is very important for the economy and CAPEX, which is increased by 35% to Rs 7.5 lakh crore in this budget. Also Read | ‘The most capitalist speech’: P Chidambaram on Nirmala Sitharaman’s Union Budget 2022,Hussain said that relief for the common man in the form of tax restructuring was missing in today’s budget. Given the pandemic over the last two years, it is important to give more cash in the hands of the people so that we can induce some demand for the revival of the economy. There should have been some announcement on the tax components for individuals as well as corporations, he added. Also Read | India's Budget 'growth-oriented and transformative': CII's Chandrajit Banerjee,While speaking on cryptocurrencies he said the 30% tax on digital assets is a sign that we are trying to accept cryptocurrencies. It has been in discussion for the past few months and it is good that we have some clarity on this. Also Read | 'Please understand the Budget,' says FM Nirmala Sitharaman to Rahul Gandhi,On the agriculture sector, he said, the announcements can be linked to Punjab and Uttar Pradesh polls. The direct MSP transfer should result in enhanced cash with farmers assuming there is a removal of middlemen. Other technologies in the farming sector such as spraying of insecticides and crop assessments will surely help in the long run. He added that MSP was the key point during the farmer protests. Also Read | No discussions on crypto for now: FM Nirmala Sitharaman after presenting Budget 2022,Hussain said there is always some linkage between the Sensex and budget. The government has been giving impetus to infrastructure and realty firms for a while now. Also Read | Move to tax crypto significant, says Kshitij Purohit on Union Budget 2022,PM Gati Shakti was announced a few months ago and giant projects are going to come up such as multi-modal logistics parks, highways and cargo terminals. A lot of money will be invested in this sector on both by the government and by the private sector. It is definitely going to push realty stocks. Also Read | Budget 2022: Prime Minister Narendra Modi describes Union Budget as people-friendly and progressive,The finance minister started with Gati Shakti, which is all about logistics and infrastructure. Realty stocks will benefit from these budget announcements, Hussain said.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"['union budget 2022', 'budget 2022', 'expert reaction budget 2022', 'infrastructure sector', 'gati shakti', 'msp', 'nirmala sitharaman', 'india', 'crypto currency budget', 'budget updates']","originalPublishedOn":"2022-02-01T14:30:00+00:00"}},{"node":{"id":"w7gtx5Pz84gp","slug":"english/taxpayers-can-now-update-their-income-tax-returns-within-2-years-of-relevant-ay","title":"Union Budget 2022: Taxpayers can now update their income tax returns within 2 years of relevant AY","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_Dx4EYdIk361.jpg","coverCaption":"New Delhi: Union Finance Minister Nirmala Sitharaman holds a folder-case containing Budget 2022-23 as leaves from the Finance Ministry, North Block, in New Delhi, Tuesday, Feb. 1, 2022. Sitharaman will be presenting her fourth Union Budget in Parliament. ","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-02-01T08:14:44.879203+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eTaxpayers can file an updated return on payment of taxes within two years from the end of the relevant assessment\u003c/li\u003e\n \u003cli\u003eThe time period has been extended to provide an opportunity to correct the filing\u003c/li\u003e\n \u003cli\u003eThe current deadline to update ITR is December 31\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643703282929,\\\"strCount\\\":3112,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Taxpayers can file an updated return on payment of taxes within two years from the end of the relevant assessment, Finance Minister\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/nirmala-sitharaman-education-qualification-family-cars-and-other-details\\\\\\\"\u003eNirmala Sitharaman\u003c/a\u003e\u0026nbsp;announced while presenting the Union Budget 2022 in Parliament on February 1.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The time period for filing an updated return has been extended to provide taxpayers with an opportunity to errors made while filing taxes. It will provide a one-time window to correct omissions and anomalies in returns.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/at-1-hour-and-32-minutes-fm-nirmala-sitharaman-makes-her-shortest-budget-speech\\\\\\\"\u003eAt 1 hour and 32 minutes, FM Nirmala Sitharaman makes her shortest budget speech\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Presently, if the department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication. Instead, with this proposal now, there will be a trust reposed in the taxpayers that will enable the assessee herself to declare the income that she may have missed out earlier while filing her return. Full details of the proposal are given in the Finance Bill,\\\\\\\" the text of the finance minister's budget speech explained.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/union-budget-2022-a-look-at-indias-most-historic-budgets\\\\\\\"\u003eUnion Budget 2022: A look at India's most historic budgets\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Presently, the deadline to update ITR is December 31, unless extended by the government.\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Sitharaman outlined \\\\\\\"inclusive development, productivity enhancement, energy transition and climate action\\\\\\\" as the \\\\\\\"four pillars of the Budget.\\\\\\\" \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Budget will be guided by the '\u003ca href=\\\\\\\"https://opoyi.com/what-is-prime-minister-narendra-modis-gati-shakti-national-master-plan\\\\\\\"\u003ePM Gati Shakti' master plan\u003c/a\u003e\u0026nbsp;and will benefit, youth, women, farmers, SCs and STs, she added. It seeks to lay the \\\\\\\"blueprint\\\\\\\" for the 'Amrti Kal' for the next 25 years, from \\\\\\\"from India at 75 to India at 100\\\\\\\", Sitharaman said.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/economic-survey-2021-2022-key-highlights-and-takeaways\\\\\\\"\u003eEconomic Survey 2021-2022: Key highlights and takeaways\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Finance Minister did not announce\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/indian-union-budget-no-change-in-income-tax-slabs\\\\\\\"\u003eany change in the income tax slabs\u003c/a\u003efor 2022-23, while the income tax rates were also not revised.\u0026nbsp;\u0026nbsp;FM announced that any income from transfer of any\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/indian-union-budget-2022-income-from-transfer-of-digital-assets-to-be-taxed-at-30\\\\\\\"\u003edigital asset will be taxed at 30%.\u003c/a\u003e\u0026nbsp;\\\\\\\"No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition,\\\\\\\" she added.\u0026nbsp; \u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The tone for the Union Budget was set by the Economic Survey 2021-22, which Sitharaman presented on Monday, projecting the economy to grow at a healthy 8-8.5% in the 2022-23 fiscal, down from the 9.2% growth for the 2021-22 forecast by the National Statistical Office (NSO).\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Saakhi Chadha","photo":null,"username":"Saakhi26","id":"qW1YfEdqrrvo","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"IncomeTaxReturn","slug":"incometaxreturn","id":"CpQzyJ1oXxxb"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Saakhi Chadha","id":"qW1YfEdqrrvo","username":"Saakhi26"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-01T07:30:11.659172+00:00","publisher":0,"sourceFeed":null,"cleanText":"Taxpayers can file an updated return on payment of taxes within two years from the end of the relevant assessment, Finance Minister Nirmala Sitharaman announced while presenting the Union Budget 2022 in Parliament on February 1. The time period for filing an updated return has been extended to provide taxpayers with an opportunity to errors made while filing taxes. It will provide a one-time window to correct omissions and anomalies in returns. ,Also Read: At 1 hour and 32 minutes, FM Nirmala Sitharaman makes her shortest budget speech,Presently, if the department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication. Instead, with this proposal now, there will be a trust reposed in the taxpayers that will enable the assessee herself to declare the income that she may have missed out earlier while filing her return. Full details of the proposal are given in the Finance Bill, the text of the finance minister's budget speech explained. Also Read: Union Budget 2022: A look at India's most historic budgets,Presently, the deadline to update ITR is December 31, unless extended by the government. ,Sitharaman outlined inclusive development, productivity enhancement, energy transition and climate action as the four pillars of the Budget. ,The Budget will be guided by the 'PM Gati Shakti' master plan and will benefit, youth, women, farmers, SCs and STs, she added. It seeks to lay the blueprint for the 'Amrti Kal' for the next 25 years, from from India at 75 to India at 100, Sitharaman said. ,Also Read: Economic Survey 2021-2022: Key highlights and takeaways,The Finance Minister did not announce any change in the income tax slabsfor 2022-23, while the income tax rates were also not revised. FM announced that any income from transfer of any digital asset will be taxed at 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition, she added. ,The tone for the Union Budget was set by the Economic Survey 2021-22, which Sitharaman presented on Monday, projecting the economy to grow at a healthy 8-8.5% in the 2022-23 fiscal, down from the 9.2% growth for the 2021-22 forecast by the National Statistical Office (NSO).","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"['Union budget 2022', ' India budget 2022', ' India union budget 2022', ' Income tax', ' income tax returns', ' budget finance minister', ' nirmala sitharaman']","originalPublishedOn":"2022-02-01T07:30:11.659161+00:00"}},{"node":{"id":"6vG1nVKBTt2Z","slug":"english/union-budget-2022-what-do-common-people-expect-from-the-budget","title":"Union Budget 2022: What do common people expect from the budget?","postType":1,"coverMedia":"/opoyi_XC1Jmt7Jt.jpg","coverCaption":"India Finance Minister Nirmala Sitharaman. (Photo Credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-02-01T03:50:00.332415+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eTaxpayers are expecting some relief in income tax\u003c/li\u003e\n \u003cli\u003eStandard deduction is a deduction allowed from gross salary income for salaried individuals and pensioners\u003c/li\u003e\n \u003cli\u003eThe salaried class and pensioners could claim certain expenses spent on transport and medicines et cetera\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643686868680,\\\"strCount\\\":3453,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget\u003c/a\u003e for Financial Year 2022-23 is all set to be presented in Parliament as scheduled today (February 1, 2022) by Union Finance Minister Nirmala Sitharaman. A hike in the standard deduction limit is the taxpayer's main demand from the \u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-when-where-to-watch-what-to-expect\\\\\\\"\u003eFinance Minister\u003c/a\u003e. Taxpayers are expecting some relief in income tax.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-expectations-from-different-sectoral-indices\\\\\\\"\u003eBudget 2022: Expectations from different sectoral Indices\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"It is reported that women entrepreneurs in various sectors of the country have great expectations from the Centre in terms of credit support and COVID incentive for women-led businesses. With this, let's take a look at the wish list of the common man from Finance Minister Nirmala Sitharaman in the Union Budget 2022.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-ahead-of-assembly-elections-will-union-budget-2022-be-in-favour-of-farmers\\\\\\\"\u003eExplained: Ahead of Assembly elections, will Union Budget 2022 be in favour of farmers?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003ea. Increase in Standard deduction\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Standard deduction is a deduction allowed from gross salary income for salaried individuals and pensioners. This deduction reduces the taxable salary income of the individual and thereby reduces his/her tax liability.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-finance-minister-nirmala-sitharaman-to-boost-spending-to-aid-economic-growth\\\\\\\"\u003eBudget 2022: Finance Minister Nirmala Sitharaman to boost spending to aid economic growth\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The salaried class and pensioners could claim certain expenses spent on transport and medicines et cetera.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eb. Work from Home deduction\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Budget 2022 may introduce tax-free work from home allowances for salaried employees. Allowing deductions for such expenses will raise the take home salary of the employees.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/union-budget-2022-a-look-at-indias-most-historic-budgets\\\\\\\"\u003eUnion Budget 2022: A look at India's most historic budgets\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The take home salary raise will ultimately create demand for goods and services in the country.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003ec. Women Entrepreneurs\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Female entrepreneurs in the micro, small and medium enterprise (MSME) or small business segment are expecting some sops. Some female entrepreneurs want provisions for them from the Centre with extra tax benefits, subsidies and interest-free loans.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-meet-nirmala-sitharamans-key-team-behind-budget-this-year\\\\\\\"\u003eBudget 2022: Meet Nirmala Sitharaman's key team behind budget this year\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003ed. Income tax exemption limit\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The new personal income tax regime was introduced in Budget Session 2020 giving the option to taxpayers to choose any tax regime. Since the tax exemption limit under both is Rs 2,50,000, the common man hopes that this will be increased to Rs 5,00,000.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-11-interesting-facts-about-indias-union-budgets-till-date\\\\\\\"\u003eBudget 2022: 11 interesting facts about India's Union Budgets till date\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Government may consider increasing the highest tax slab to Rs 20 lakh from Rs 15 lakh or allow certain deductions to make it enticing. In 2021, the Union Budget did not provide any major relief to the salaried class.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Ajay Joseph","photo":null,"username":"ajay4396","id":"LFYsY6JozEMx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Ajay Joseph","id":"LFYsY6JozEMx","username":"ajay4396"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-02-01T03:50:00.332419+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Union Budget for Financial Year 2022-23 is all set to be presented in Parliament as scheduled today (February 1, 2022) by Union Finance Minister Nirmala Sitharaman. A hike in the standard deduction limit is the taxpayer's main demand from the Finance Minister. Taxpayers are expecting some relief in income tax. ,Also read: Budget 2022: Expectations from different sectoral Indices,It is reported that women entrepreneurs in various sectors of the country have great expectations from the Centre in terms of credit support and COVID incentive for women-led businesses. With this, let's take a look at the wish list of the common man from Finance Minister Nirmala Sitharaman in the Union Budget 2022. ,Also read: Explained: Ahead of Assembly elections, will Union Budget 2022 be in favour of farmers?,a. Increase in Standard deduction,Standard deduction is a deduction allowed from gross salary income for salaried individuals and pensioners. This deduction reduces the taxable salary income of the individual and thereby reduces his/her tax liability. Also read: Budget 2022: Finance Minister Nirmala Sitharaman to boost spending to aid economic growth,The salaried class and pensioners could claim certain expenses spent on transport and medicines et cetera. b. Work from Home deduction,The Budget 2022 may introduce tax-free work from home allowances for salaried employees. Allowing deductions for such expenses will raise the take home salary of the employees. Also read: Union Budget 2022: A look at India's most historic budgets,The take home salary raise will ultimately create demand for goods and services in the country. c. Women Entrepreneurs,Female entrepreneurs in the micro, small and medium enterprise (MSME) or small business segment are expecting some sops. Some female entrepreneurs want provisions for them from the Centre with extra tax benefits, subsidies and interest-free loans. ,Also read: Budget 2022: Meet Nirmala Sitharaman's key team behind budget this year,d. Income tax exemption limit,The new personal income tax regime was introduced in Budget Session 2020 giving the option to taxpayers to choose any tax regime. Since the tax exemption limit under both is Rs 2,50,000, the common man hopes that this will be increased to Rs 5,00,000. Also read: Budget 2022: 11 interesting facts about India's Union Budgets till date,Government may consider increasing the highest tax slab to Rs 20 lakh from Rs 15 lakh or allow certain deductions to make it enticing. In 2021, the Union Budget did not provide any major relief to the salaried class.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"['Union Budget 2022', ' Budget 2022', ' India News', ' Nirmala Sitharaman', ' Finance Minister', ' Income Tax', ' Tax', ' IT']","originalPublishedOn":"2022-02-01T03:50:00+00:00"}},{"node":{"id":"imQz3SuzoAer","slug":"english/budget-2022-startups-seek-tax-reforms-easy-compliance","title":"Budget 2022: Startups seek tax reforms, easy compliance","postType":1,"coverMedia":"https://ik.imagekit.io/o8plo3y5if/opoyi_gA-o8idTS.jpg","coverCaption":"Startups are looking for policies to aid small businesses and empower entrepreneurs (Photo Credit: Representational/Unsplash)","reactionStats":"{\"sad_count\": 0, \"like_count\": 3.0, \"angry_count\": 0, \"laugh_count\": 0, \"heartbreak_count\": 0}","updatedOn":"2022-01-30T16:59:29.647007+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eGovernment should think of alternatives to the Zero MDR policy\u003c/li\u003e\n \u003cli\u003eNeed policies to create a level playing field for sellers with under Rs 40 lakh turnover\u003c/li\u003e\n \u003cli\u003eReduce GST on EV purchases and rentals from 5% to 2%\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":3,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643561969741,\\\"strCount\\\":4067,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Indian startups have urged the government to introduce additional startup-friendly policies and rationalise taxes to enable spending on innovation, ease-of-doing-business, and reducing compliance costs. They are looking for policies to aid small businesses and empower entrepreneurs in the \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget\u003c/a\u003e 2022-23.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Harshil Mathur, CEO, and Co-founder of Razorpay, told IANS that digital payments have seen a substantial spike and in the upcoming budget the government should think of alternatives to the Zero MDR (merchant discount rate) policy to promote e-payments and drive significant digital adoption among businesses.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-shipping-ministry-seeks-budget-to-expand-ship-recycling-capacity\\\\\\\"\u003eBudget 2022: Shipping ministry seeks budget to expand ship recycling capacity\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He added that it would also be desirable for the government to increase contribution to the Fund of Funds for Startups (FFS). \\\\\\\"Hassle-free loan disbursements, automation of tax and compliance, paper-less approvals, and incentives to adopt digital banking practices will also be welcome changes that can support the growth of MSMEs,\\\\\\\" he told IANS.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-education-sector-seeks-higher-allocations-tax-concessions\\\\\\\"\u003eBudget 2022: Education sector seeks higher allocations, tax concessions\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Mathur said that deferring tax payments when exercising\u0026nbsp; ESOPs, plus waiving tax for some ESOP receipts, will also be a welcome change in the\u0026nbsp; budget.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Ravish Naresh, CEO, and Co-founder, Khatabook, said he was hoping for a progressive Budget. New reforms, policy assistance, and support mechanisms for establishing a focused approach in solving unmet financial needs through technology will significantly benefit the economy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-infra-sector-expects-investment-push-for-npe-make-in-india\\\\\\\"\u003eBudget 2022: Infra sector expects investment push for NPE, Make-in-India\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Focusing on augmenting offline \u003ca href=\\\\\\\"https://opoyi.com/budget-2022-msmes-seek-lower-taxes-easier-compliance\\\\\\\"\u003eMSMEs\u003c/a\u003e with online distribution could be a game-changer for economic transformation, said Vidit Aatrey, Founder and CEO of Meesho, as reported by IANS.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The government should focus on policies that will create a level playing field for offline and online sellers with less than Rs 40 lakh turnover, Aatrey told IANS.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-likely-to-rein-in-inflationary-expectations\\\\\\\"\u003eBudget 2022 likely to rein in inflationary expectations\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Simplification of GST compliance for online sellers will enable millions of small businesses to leverage the potential of e-commerce and contribute to India's growing digital economy, he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Startups also expect the government to incentivise capital formation in the area of logistics and cold chains through policies and infrastructure development.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-health-sector-seeks-investment-push\\\\\\\"\u003eBudget 2022: Health sector seeks investment push\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Akash Gupta, Co-founder, and CEO of Zypp Electric, said that they are expecting some new initiatives to encourage local EV manufacturing, facilitate easy finance, and create an innovative EV ecosystem.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He urged the government to reduce GST on EV purchases and rentals from 5% to 2% as it would allow consumers to smoothly shift to EVs, reported IANS.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-online-gaming-industry-seeks-regulatory-clarity-and-lower-tax-rates\\\\\\\"\u003eBudget 2022: Online gaming industry seeks regulatory clarity and lower tax rates\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to a Nasscom-Zinnov report released last week, Indian startups raised a record $24.1 billion in 2021, a two-times increase over pre-Covid levels, while $6 billion were raised via public markets with 11 startup IPOs\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Indian tech startup base continues to experience steady growth as it added over 2,250 startups in 2021, which is 600 more than 2020.\\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"Startups","slug":"startups","id":"mF2F9nxMa5W3"},{"name":"Tech","slug":"tech","id":"ESpdxhwLPCkI"},{"name":"DigitalPayment","slug":"digitalpayment","id":"XlPWX4CvETyG"},{"name":"GST","slug":"gst","id":"dBpvncc0ghAz"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"MSME","slug":"msme","id":"lUdDh4Yh5BAc"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"IndianEconomy","slug":"indianeconomy","id":"kzdkEBmiyLAT"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"ElectricVehicle","slug":"electricvehicle","id":"grkCmJl3jV7O"},{"name":"Infrastructure","slug":"infrastructure","id":"GLfrztkJsFS7"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Innovation","slug":"innovation","id":"1tOiQGA1lFpS"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-30T16:59:29.086658+00:00","publisher":0,"sourceFeed":null,"cleanText":"Indian startups have urged the government to introduce additional startup-friendly policies and rationalise taxes to enable spending on innovation, ease-of-doing-business, and reducing compliance costs. They are looking for policies to aid small businesses and empower entrepreneurs in the Union Budget 2022-23. Harshil Mathur, CEO, and Co-founder of Razorpay, told IANS that digital payments have seen a substantial spike and in the upcoming budget the government should think of alternatives to the Zero MDR (merchant discount rate) policy to promote e-payments and drive significant digital adoption among businesses. Also Read | Budget 2022: Shipping ministry seeks budget to expand ship recycling capacity,He added that it would also be desirable for the government to increase contribution to the Fund of Funds for Startups (FFS). Hassle-free loan disbursements, automation of tax and compliance, paper-less approvals, and incentives to adopt digital banking practices will also be welcome changes that can support the growth of MSMEs, he told IANS. Also Read | Budget 2022: Education sector seeks higher allocations, tax concessions,Mathur said that deferring tax payments when exercising ESOPs, plus waiving tax for some ESOP receipts, will also be a welcome change in the budget. Ravish Naresh, CEO, and Co-founder, Khatabook, said he was hoping for a progressive Budget. New reforms, policy assistance, and support mechanisms for establishing a focused approach in solving unmet financial needs through technology will significantly benefit the economy. Also Read | Budget 2022: Infra sector expects investment push for NPE, Make-in-India,Focusing on augmenting offline MSMEs with online distribution could be a game-changer for economic transformation, said Vidit Aatrey, Founder and CEO of Meesho, as reported by IANS. The government should focus on policies that will create a level playing field for offline and online sellers with less than Rs 40 lakh turnover, Aatrey told IANS. Also Read | Budget 2022 likely to rein in inflationary expectations,Simplification of GST compliance for online sellers will enable millions of small businesses to leverage the potential of e-commerce and contribute to India's growing digital economy, he added. Startups also expect the government to incentivise capital formation in the area of logistics and cold chains through policies and infrastructure development. Also Read | Budget 2022: Health sector seeks investment push,Akash Gupta, Co-founder, and CEO of Zypp Electric, said that they are expecting some new initiatives to encourage local EV manufacturing, facilitate easy finance, and create an innovative EV ecosystem. He urged the government to reduce GST on EV purchases and rentals from 5% to 2% as it would allow consumers to smoothly shift to EVs, reported IANS. Also Read | Budget 2022: Online gaming industry seeks regulatory clarity and lower tax rates,According to a Nasscom-Zinnov report released last week, Indian startups raised a record $24.1 billion in 2021, a two-times increase over pre-Covid levels, while $6 billion were raised via public markets with 11 startup IPOs,The Indian tech startup base continues to experience steady growth as it added over 2,250 startups in 2021, which is 600 more than 2020.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"['union budget 2022', ' budget 2022', ' budget expectations', ' startups expectations 2022', ' startups india', ' indian unicorns', ' msme', ' policy', ' economy', ' indian economy', ' economic growth', ' tax reforms', ' funding', ' taxes', ' technology',","originalPublishedOn":"2022-01-24T15:30:00+00:00"}},{"node":{"id":"qQgOOpG3PfRM","slug":"english/budget-2022-boost-demand-instead-of-fiscal-corrections-goldman-sachs","title":"Budget 2022: Boost demand instead of fiscal corrections: Goldman Sachs","postType":1,"coverMedia":"/opoyi_wB7Vih8V6.jpg","coverCaption":"Goldman Sachs expects the general government fiscal deficit to fall to 9.3% of GDP in FY23 (Photo Credit: Representational/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-29T14:29:30.971854+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eBudget should focus on boosting overall demand from rural consumption\u003c/li\u003e\n \u003cli\u003eThe government should continue to spend on public welfare\u003c/li\u003e\n \u003cli\u003eHigher spending will be covered by higher tax revenue in FY23\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643466571142,\\\"strCount\\\":3362,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget 2022\u003c/a\u003e\\\\nshould focus on boosting overall demand from rural consumption and invest more\\\\nin infrastructure instead of taking any sharp or sudden fiscal consolidation\\\\nsteps as it can strangle the nascent and uneven recovery of the \u003ca href=\\\\\\\"https://opoyi.com/topic/indianeconomy\\\\\\\"\u003eIndian economy\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Goldman Sachs in its pre-budget note said that the successive waves of\\\\nthe pandemic have made it more difficult to reduce government debt as a share\\\\nof GDP in the medium-term.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-petroleum-industry-wants-natural-gas-in-gst-regime\\\\\\\"\u003eBudget 2022: Petroleum industry wants natural gas in GST regime\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"It thus penciled in a gradual fiscal consolidation with FY23 falling by\\\\n50 basis points to 6.3% from 6.8% in FY22 and set a target of reducing it to\\\\n4.5% by FY26.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Wall Street brokerage says that even though pandemic-related\\\\nallocations will come down, the government should continue to focus on spending\\\\nfor public welfare and increase capital expenditure to 12%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-all-about-union-budget-mobile-app\\\\\\\"\u003eBudget 2022: All about Union Budget mobile app\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The higher spending will mostly be covered by higher tax revenue in FY23\\\\nand deferred asset sales from the current year, helping reduce the deficit.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The\\\\nbrokerage also expects the general government fiscal deficit to fall to 9.3% of\\\\nGDP in FY23 and 10.1% in FY22 in the account of stronger nominal GDP growth.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-ngos-seek-fund-allocation-for-adolescents-elderlys-health\\\\\\\"\u003eBudget 2022: NGOs seek fund allocation for adolescents', elderly's health\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"India will be included in the global bond index by Q4 of 2022 if the\\\\nBudget removes capital gains tax and withholding tax on foreign bond\\\\ninvestments in the country. This can help the country to attract an additional\\\\ninflow of USD 30 billion in 2023, which again will lead to a lower deficit.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-banks-body-seeks-reduction-of-tax-free-fd-tenure-to-3-years\\\\\\\"\u003eBudget 2022: Banks' body seeks reduction of tax-free FD tenure to 3 years\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In the first\\\\neight months of FY22, gross tax collections rose to 70% of budget estimates\\\\nwhich is the highest in the last 10 years. Income and corporate tax growth have\\\\nled to 66% on-year growth in direct taxes. Rising GST and excise duties on fuel\\\\nhave led to a 39% growth in indirect taxes.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-heres-what-consumer-electronics-makers-expect\\\\\\\"\u003eBudget 2022: Here's what consumer electronics makers expect\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The brokerage expects gross tax revenue to surpass budget estimates by nearly 1.1%\\\\nof GDP in FY22 and non-tax revenue to be increased by 0.1% of GDP driven by\\\\nincreased dividends from the RBI and higher deferred payments from telcos.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-assocham-seeks-reduction-of-customs-duty-on-copper-concentrate\\\\\\\"\u003eBudget 2022: Assocham seeks reduction of customs duty on copper concentrate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The\\\\ndisinvestment shortfall is expected to be around 0.6% of GDP and considering\\\\nall these aspects, total receipts are likely to be higher by only 20 basis\\\\npoints of GDP in FY22 over the budget estimate.\\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"BudgetSession","slug":"budgetsession","id":"Rd7xKkKGwPMz"},{"name":"GoldmanSachs","slug":"goldmansachs","id":"BO8iR25KvGkA"},{"name":"Infrastructure","slug":"infrastructure","id":"GLfrztkJsFS7"},{"name":"IndianEconomy","slug":"indianeconomy","id":"kzdkEBmiyLAT"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"GDP","slug":"gdp","id":"sdLvX0aD0qHh"},{"name":"Pandemic","slug":"pandemic","id":"BlE2KIPtGOiS"},{"name":"WallStreet","slug":"wallstreet","id":"guQdwfqs9ehK"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"GST","slug":"gst","id":"dBpvncc0ghAz"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"MinistryofFinance","slug":"ministryoffinance","id":"1k7T1BGY2iOd"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-29T14:29:29.957996+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Union Budget 2022 should focus on boosting overall demand from rural consumption and invest more in infrastructure instead of taking any sharp or sudden fiscal consolidation steps as it can strangle the nascent and uneven recovery of the Indian economy. Goldman Sachs in its pre-budget note said that the successive waves of the pandemic have made it more difficult to reduce government debt as a share of GDP in the medium-term. Also Read | Budget 2022: Petroleum industry wants natural gas in GST regime,It thus penciled in a gradual fiscal consolidation with FY23 falling by 50 basis points to 6.3% from 6.8% in FY22 and set a target of reducing it to 4.5% by FY26. The Wall Street brokerage says that even though pandemic-related allocations will come down, the government should continue to focus on spending for public welfare and increase capital expenditure to 12%. Also Read | Budget 2022: All about Union Budget mobile app,The higher spending will mostly be covered by higher tax revenue in FY23 and deferred asset sales from the current year, helping reduce the deficit. The brokerage also expects the general government fiscal deficit to fall to 9.3% of GDP in FY23 and 10.1% in FY22 in the account of stronger nominal GDP growth. Also Read | Budget 2022: NGOs seek fund allocation for adolescents', elderly's health,India will be included in the global bond index by Q4 of 2022 if the Budget removes capital gains tax and withholding tax on foreign bond investments in the country. This can help the country to attract an additional inflow of USD 30 billion in 2023, which again will lead to a lower deficit. Also Read | Budget 2022: Banks' body seeks reduction of tax-free FD tenure to 3 years,In the first eight months of FY22, gross tax collections rose to 70% of budget estimates which is the highest in the last 10 years. Income and corporate tax growth have led to 66% on-year growth in direct taxes. Rising GST and excise duties on fuel have led to a 39% growth in indirect taxes. Also Read | Budget 2022: Here's what consumer electronics makers expect,The brokerage expects gross tax revenue to surpass budget estimates by nearly 1.1% of GDP in FY22 and non-tax revenue to be increased by 0.1% of GDP driven by increased dividends from the RBI and higher deferred payments from telcos. Also Read | Budget 2022: Assocham seeks reduction of customs duty on copper concentrate,The disinvestment shortfall is expected to be around 0.6% of GDP and considering all these aspects, total receipts are likely to be higher by only 20 basis points of GDP in FY22 over the budget estimate.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"['union budget 2022', ' budget 2022', ' budget updates', ' budget', ' goldman sachs', ' fiscal consolidation', ' demand', ' rural india', ' gdp', ' india gdp 2022', ' gdp growth', ' disinvestment', 'indian economy', 'india budget', 'economy', 'nirmala sit","originalPublishedOn":"2022-01-29T14:29:29.957987+00:00"}},{"node":{"id":"FfA2AYq0u3dc","slug":"english/pegasus-rahul-gandhi-opposition-leaders-blame-modi-govt-for-treason-after-spyware-report","title":"Pegasus: Rahul Gandhi, opposition leaders blame Modi govt for 'treason' after spyware report","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_RHSmBFrPKr.jpg","coverCaption":"**EDS: SCREENSHOT POSTED by @RahulGandhi ON SUNDAY, AUG 30, 2020** New Delhi: Congress leader Rahul Gandhi speaks on Indian economy in a video series. (PTI Photo) (PTI31-08-2020_000039B)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-29T09:15:00.335383+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe report reveals how the spyware was used globally to target journalists and dissidents\u003c/li\u003e\n \u003cli\u003eOpposition leaders have accused the central government for committing 'treason'\u003c/li\u003e\n \u003cli\u003eRead what Rahul Gandhi, Mallikarjun Kharge, and others said in response\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643447649530,\\\"strCount\\\":3876,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The New York Times on Friday reported that the Indian government bought Israeli spyware \u003ca href=\\\\\\\"https://opoyi.com/search/pegasusspyware\\\\\\\"\u003ePegasus\u003c/a\u003e in 2017 as part of a $2-billion package for weapons including a missile system.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The revelation sparked sharp reactions from several opposition leaders.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Congress leader \u003ca href=\\\\\\\"https://opoyi.com/topic/rahulgandhi\\\\\\\"\u003eRahul Gandhi\u003c/a\u003e alleged that the \u003ca href=\\\\\\\"https://opoyi.com/search/modi\\\\\\\"\u003eModi \u003c/a\u003egovernment \\\\\\\"bought\\\\\\\" Pegasus to \\\\\\\"spy on our primary democratic institutions, politicians and public\\\\\\\".\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/india-bought-israelis-pegasus-as-part-of-2-billion-defence-deal-in-2017-report\\\\\\\"\u003eIndia bought Israel's Pegasus as part of $2 billion defence deal in 2017: Report\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Govt functionaries, opposition leaders, armed forces, judiciary all were targeted by these phone tappings. This is treason. Modi Govt has committed treason,\\\\\\\" he tweeted in Hindi.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"others\\\",\\\"source\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"hi\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eमोदी सरकार ने हमारे लोकतंत्र की प्राथमिक संस्थाओं, राज नेताओं व जनता की जासूसी करने के लिए पेगासस ख़रीदा था। फ़ोन टैप करके सत्ता पक्ष, विपक्ष, सेना, न्यायपालिका सब को निशाना बनाया है। ये देशद्रोह है।\u003cbr\u003e\u003cbr\u003eमोदी सरकार ने देशद्रोह किया है। \u003ca href=\\\\\\\"https://t.co/OnZI9KU1gp\\\\\\\"\u003epic.twitter.com/OnZI9KU1gp\u003c/a\u003e\u003c/p\u003e\u0026mdash; Rahul Gandhi (@RahulGandhi) \u003ca href=\\\\\\\"https://twitter.com/RahulGandhi/status/1487309259431886849?ref_src=twsrc%5Etfw\\\\\\\"\u003eJanuary 29, 2022\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"embed\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"hi\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eमोदी सरकार ने हमारे लोकतंत्र की प्राथमिक संस्थाओं, राज नेताओं व जनता की जासूसी करने के लिए पेगासस ख़रीदा था। फ़ोन टैप करके सत्ता पक्ष, विपक्ष, सेना, न्यायपालिका सब को निशाना बनाया है। ये देशद्रोह है।\u003cbr\u003e\u003cbr\u003eमोदी सरकार ने देशद्रोह किया है। \u003ca href=\\\\\\\"https://t.co/OnZI9KU1gp\\\\\\\"\u003epic.twitter.com/OnZI9KU1gp\u003c/a\u003e\u003c/p\u003e\u0026mdash; Rahul Gandhi (@RahulGandhi) \u003ca href=\\\\\\\"https://twitter.com/RahulGandhi/status/1487309259431886849?ref_src=twsrc%5Etfw\\\\\\\"\u003eJanuary 29, 2022\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":null}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Leader of Opposition in Rajya Sabha Mallikarjun Kharge said that the government had acted like 'the enemies of India' by using a 'warfare weapon against Indian citizens'. He wrote on Twitter, \\\\\\\"Why did Modi Govt act like the enemies of India and use a warfare weapon against Indian citizens?\\\\\\\" \\\\\\\"Illegal snooping using Pegasus amounts to treason. No one is above the law and we will ensure that justice is served.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/poland-admits-use-of-israeli-spyware-denies-its-use-on-opposition-leaders\\\\\\\"\u003ePoland admits use of Israeli spyware, denies its use on opposition leaders\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"others\\\",\\\"source\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eWhy did Modi Govt act like the enemies of India and use a warfare weapon against Indian citizens?\u003cbr\u003e\u003cbr\u003eIllegal snooping using Pegasus amounts to treason. No one is above the law and we will ensure that justice is served.\u003ca href=\\\\\\\"https://t.co/qTIqg3yNdq\\\\\\\"\u003ehttps://t.co/qTIqg3yNdq\u003c/a\u003e\u003c/p\u003e\u0026mdash; Mallikarjun Kharge (@kharge) \u003ca href=\\\\\\\"https://twitter.com/kharge/status/1487284140722450436?ref_src=twsrc%5Etfw\\\\\\\"\u003eJanuary 29, 2022\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"embed\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eWhy did Modi Govt act like the enemies of India and use a warfare weapon against Indian citizens?\u003cbr\u003e\u003cbr\u003eIllegal snooping using Pegasus amounts to treason. No one is above the law and we will ensure that justice is served.\u003ca href=\\\\\\\"https://t.co/qTIqg3yNdq\\\\\\\"\u003ehttps://t.co/qTIqg3yNdq\u003c/a\u003e\u003c/p\u003e\u0026mdash; Mallikarjun Kharge (@kharge) \u003ca href=\\\\\\\"https://twitter.com/kharge/status/1487284140722450436?ref_src=twsrc%5Etfw\\\\\\\"\u003eJanuary 29, 2022\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":null}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Shiv Sena MP Priyanka Chaturvedi compared the state of the country to the reality show Bigg Boss, pointing the fact that the taxpayer's money had been used for surveillance purposes. \\\\\\\"If there is\u0026nbsp;\u003ca href=\\\\\\\"https://indianexpress.com/about/bjp/\\\\\\\"\u003eBJP\u003c/a\u003e, it is possible. They have made the country into a Bigg Boss show,\\\\\\\" she tweeted.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Indian taxpayers’ money used for snoop and surveilling Indians! Hard earned money used to turn the country into one massive Big Boss studio just to monitor its own countrymen. This tech could have been used to ensure neighbouring nations do not occupy our territory but alas!,” she wrote.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/apple-sues-pegasus-owner-nso-group-for-spying-on-us-users\\\\\\\"\u003eApple sues Pegasus-owner NSO Group for spying on US users\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"others\\\",\\\"source\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eIndian taxpayers money used for snoop and surveilling Indians! Hard earned money used to turn the country into one massive big boss studio just to monitor its own countrymen. This tech could have been used to ensure neighbouring nations do not occupy our territory but alas! \u003ca href=\\\\\\\"https://t.co/q0OYTIdfDE\\\\\\\"\u003ehttps://t.co/q0OYTIdfDE\u003c/a\u003e\u003c/p\u003e\u0026mdash; Priyanka Chaturvedi🇮🇳 (@priyankac19) \u003ca href=\\\\\\\"https://twitter.com/priyankac19/status/1487306350778798081?ref_src=twsrc%5Etfw\\\\\\\"\u003eJanuary 29, 2022\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"embed\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eIndian taxpayers money used for snoop and surveilling Indians! Hard earned money used to turn the country into one massive big boss studio just to monitor its own countrymen. This tech could have been used to ensure neighbouring nations do not occupy our territory but alas! \u003ca href=\\\\\\\"https://t.co/q0OYTIdfDE\\\\\\\"\u003ehttps://t.co/q0OYTIdfDE\u003c/a\u003e\u003c/p\u003e\u0026mdash; Priyanka Chaturvedi🇮🇳 (@priyankac19) \u003ca href=\\\\\\\"https://twitter.com/priyankac19/status/1487306350778798081?ref_src=twsrc%5Etfw\\\\\\\"\u003eJanuary 29, 2022\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":null}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" The NYT report detailed how the spyware was used globally, by Mexico to target journalists and dissidents, and by Saudi Arabia against women's rights activists and associates of columnist Jamal Khashoggi who was killed by Saudi operatives. The report further states that a set of new deals licensed by the Israeli Ministry of Defence, Pegasus was provided to Poland, Hungary and India, and other countries.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Flagging Prime Minister Narendra Modi’s landmark visit to Israel in July 2017, the newspaper agency reported that the visit came even as \\\\\\\"India had maintained a policy\\\\\\\" of what it called \\\\\\\"commitment to the Palestinian cause,\\\\\\\" and \\\\\\\"relations with Israel were frosty.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/stop-social-media-debates-sc-calls-for-discipline-during-pegasus-case-trial\\\\\\\"\u003eStop social media debates: SC calls for discipline during Pegasus case trial\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“The Modi visit, however, was notably cordial, complete with a carefully staged moment of him and Prime Minister [Benjamin] Netanyahu walking together barefoot on a local beach. They had reason for the warm feelings. Their countries had agreed on the sale of a package of sophisticated weapons and intelligence gear worth roughly $2 billion — with Pegasus and a missile system as the centerpieces.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Until now, neither the Indian Government nor the Israeli Government has admitted that India bought Pegasus.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u0026nbsp;The Supreme Court in October 27 appointed an independent committee headed by retired Justice RV Raveendran, along with two experts.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Saakhi Chadha","photo":null,"username":"Saakhi26","id":"qW1YfEdqrrvo","role":null},"topics":[{"name":"RahulGandhi","slug":"rahulgandhi","id":"VvzuZlVeccuy"},{"name":"PegasusSpyware","slug":"pegasusspyware","id":"EWvbd1nxSHgR"},{"name":"Israel","slug":"israel","id":"7mnsqKCGzqDo"},{"name":"Modi","slug":"modi","id":"APy3uzECC9QX"},{"name":"NarendraModi","slug":"narendramodi","id":"2Mx5OKBUbZfx"},{"name":"centre","slug":"centre","id":"kjYHU1tJiMu1"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"Military","slug":"military","id":"MeG1aLxsV0YW"},{"name":"RajyaSabha","slug":"rajyasabha","id":"p2dlZQDpND1f"},{"name":"Opposition","slug":"opposition","id":"doa1yms6y04s"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Saakhi Chadha","id":"qW1YfEdqrrvo","username":"Saakhi26"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-29T09:15:00.335389+00:00","publisher":0,"sourceFeed":null,"cleanText":"The New York Times on Friday reported that the Indian government bought Israeli spyware Pegasus in 2017 as part of a $2-billion package for weapons including a missile system. The revelation sparked sharp reactions from several opposition leaders. ,Congress leader Rahul Gandhi alleged that the Modi government bought Pegasus to spy on our primary democratic institutions, politicians and public. Also Read: India bought Israel's Pegasus as part of $2 billion defence deal in 2017: Report,Govt functionaries, opposition leaders, armed forces, judiciary all were targeted by these phone tappings. This is treason. Modi Govt has committed treason, he tweeted in Hindi. ,Leader of Opposition in Rajya Sabha Mallikarjun Kharge said that the government had acted like 'the enemies of India' by using a 'warfare weapon against Indian citizens'. He wrote on Twitter, Why did Modi Govt act like the enemies of India and use a warfare weapon against Indian citizens? Illegal snooping using Pegasus amounts to treason. No one is above the law and we will ensure that justice is served. Also Read: Poland admits use of Israeli spyware, denies its use on opposition leaders,Shiv Sena MP Priyanka Chaturvedi compared the state of the country to the reality show Bigg Boss, pointing the fact that the taxpayer's money had been used for surveillance purposes. If there is BJP, it is possible. They have made the country into a Bigg Boss show, she tweeted. Indian taxpayers’ money used for snoop and surveilling Indians! Hard earned money used to turn the country into one massive Big Boss studio just to monitor its own countrymen. This tech could have been used to ensure neighbouring nations do not occupy our territory but alas!,” she wrote. Also Read: Apple sues Pegasus-owner NSO Group for spying on US users, The NYT report detailed how the spyware was used globally, by Mexico to target journalists and dissidents, and by Saudi Arabia against women's rights activists and associates of columnist Jamal Khashoggi who was killed by Saudi operatives. The report further states that a set of new deals licensed by the Israeli Ministry of Defence, Pegasus was provided to Poland, Hungary and India, and other countries. Flagging Prime Minister Narendra Modi’s landmark visit to Israel in July 2017, the newspaper agency reported that the visit came even as India had maintained a policy of what it called commitment to the Palestinian cause, and relations with Israel were frosty. Also Read: Stop social media debates: SC calls for discipline during Pegasus case trial,“The Modi visit, however, was notably cordial, complete with a carefully staged moment of him and Prime Minister [Benjamin] Netanyahu walking together barefoot on a local beach. They had reason for the warm feelings. Their countries had agreed on the sale of a package of sophisticated weapons and intelligence gear worth roughly $2 billion — with Pegasus and a missile system as the centerpieces. Until now, neither the Indian Government nor the Israeli Government has admitted that India bought Pegasus. The Supreme Court in October 27 appointed an independent committee headed by retired Justice RV Raveendran, along with two experts.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"['Pegasus Spyware', ' Pegasus', ' Narendra Modi', ' Modi government', ' Rahul Gandhi', ' Mallikarjun Kharge', ' NYT report', ' Pegasus Report', 'Israel', 'India Israel', 'NSO group']","originalPublishedOn":"2022-01-29T09:15:00+00:00"}},{"node":{"id":"HsrNajMr0WJL","slug":"english/budget-2022-petroleum-industry-wants-natural-gas-in-gst-regime","title":"Budget 2022: Petroleum industry wants natural gas in GST regime","postType":1,"coverMedia":"/opoyi_TEWSFyjGU3_.jpg","coverCaption":"Nirmala Sitharaman will present the Union Budget 2022 on February 1 (Photo Credit: Representational/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-28T16:00:00.405530+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eFederation of India Petroleum Industry submitted its pre-budget memorandum\u003c/li\u003e\n \u003cli\u003eIncreasing the use of natural gas will cut fuel costs\u003c/li\u003e\n \u003cli\u003eInclusion of natural gas in GST is critical to providing uniform taxation\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643384311842,\\\"strCount\\\":2836,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The petroleum industry\\\\nhas urged the government for the inclusion of natural gas in the Goods and\\\\nServices Tax (GST) regime in order to meet the goal of a gas-based economy and\\\\nincrease its share in India’s energy market.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Currently, taxes like\\\\ncentral excise duty, state VAT and central sales tax are applicable on natural\\\\ngas as it is outside the ambit of GST.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-steel-industry-demands-duty-reduction-policy-measures\\\\\\\"\u003eBudget 2022: Steel Industry demands duty reduction, policy measures\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Federation of India\\\\nPetroleum Industry (FIPI) submitted its pre-budget memorandum to the finance\\\\nministry. It sought rationalization of GST on transportation of natural gas\\\\nthrough\u0026nbsp;pipeline, as well as on re-gasification of imported LNG, to reduce\\\\nthe cost of the environment-friendly fuel, as reported by PTI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-salaried-class-expects-revision-in-tax-slab-section-80c-limit\\\\\\\"\u003eBudget 2022: Salaried class expects revision in tax slab, section 80C limit\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The government has set a\\\\ntarget to increase the share of natural gas in India’s primary energy basket to\\\\n15% by 2030, from the current 6.2%. Increasing the use of natural gas will cut\\\\nfuel costs as well as reduce carbon emission, helping the nation meet its\\\\nCOP-26 commitments.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-pharma-industry-expects-tax-consessions-higher-healthcare-allocation\\\\\\\"\u003eBudget 2022: Pharma industry expects tax consessions, higher healthcare allocation\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"FIPI in its statement said,\\\\n\\\\\\\"Non-inclusion of natural gas under the GST regime is hurting natural gas\\\\nprices due to stranding of taxes in the hands of gas producers/suppliers and is\\\\nalso impacting natural gas-based industries due to stranding of legacy taxes\\\\npaid on it,\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In some states value\\\\nadded tax or VAT levied on natural gas is very high; Andhra Pradesh levies\\\\n24.5% tax, Uttar Pradesh 14.5%, Gujarat 15% and Madhya Pradesh 14%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-exporters-demand-fiscal-incentives-and-support-measures\\\\\\\"\u003eBudget 2022: Exporters demand fiscal incentives and support measures\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"FIPI said that the\\\\ninclusion of natural gas in GST is critical to providing uniform taxation and\\\\nto encourage its free trade across the country without any tax anomalies. This\\\\nis one of the key preconditions for the growth and development of a gas\\\\nexchange in the country.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-women-seek-equal-opportunities-and-financial-inclusion\\\\\\\"\u003eBudget 2022: Women seek equal opportunities and financial inclusion\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Finance Minister Nirmala Sitharaman will present the \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget 2022\u003c/a\u003e in Parliament on February 1 at 11 am.\\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"GST","slug":"gst","id":"dBpvncc0ghAz"},{"name":"Petrol","slug":"petrol","id":"8ByD5ER8gAjR"},{"name":"Energy","slug":"energy","id":"FszysfApiYQF"},{"name":"IndianEconomy","slug":"indianeconomy","id":"kzdkEBmiyLAT"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-28T16:00:00.405534+00:00","publisher":0,"sourceFeed":null,"cleanText":"The petroleum industry has urged the government for the inclusion of natural gas in the Goods and Services Tax (GST) regime in order to meet the goal of a gas-based economy and increase its share in India’s energy market. Currently, taxes like central excise duty, state VAT and central sales tax are applicable on natural gas as it is outside the ambit of GST. Also Read | Budget 2022: Steel Industry demands duty reduction, policy measures,The Federation of India Petroleum Industry (FIPI) submitted its pre-budget memorandum to the finance ministry. It sought rationalization of GST on transportation of natural gas through pipeline, as well as on re-gasification of imported LNG, to reduce the cost of the environment-friendly fuel, as reported by PTI. Also Read | Budget 2022: Salaried class expects revision in tax slab, section 80C limit,The government has set a target to increase the share of natural gas in India’s primary energy basket to 15% by 2030, from the current 6.2%. Increasing the use of natural gas will cut fuel costs as well as reduce carbon emission, helping the nation meet its COP-26 commitments. Also Read | Budget 2022: Pharma industry expects tax consessions, higher healthcare allocation,FIPI in its statement said, Non-inclusion of natural gas under the GST regime is hurting natural gas prices due to stranding of taxes in the hands of gas producers/suppliers and is also impacting natural gas-based industries due to stranding of legacy taxes paid on it,,In some states value added tax or VAT levied on natural gas is very high; Andhra Pradesh levies 24.5% tax, Uttar Pradesh 14.5%, Gujarat 15% and Madhya Pradesh 14%. Also Read | Budget 2022: Exporters demand fiscal incentives and support measures,FIPI said that the inclusion of natural gas in GST is critical to providing uniform taxation and to encourage its free trade across the country without any tax anomalies. This is one of the key preconditions for the growth and development of a gas exchange in the country. Also Read | Budget 2022: Women seek equal opportunities and financial inclusion,Finance Minister Nirmala Sitharaman will present the Union Budget 2022 in Parliament on February 1 at 11 am.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"['union budget 2022', ' budget 2022', ' petroleum industry', ' india', ' petroleum sector', ' natural gas', ' vat', ' vat on natural gas', 'nirmala sitharaman', 'finance minister', 'fipi', 'federation of india petroleum industry', 'energy sector']","originalPublishedOn":"2022-01-28T16:00:00+00:00"}},{"node":{"id":"0BgIqCc1eSoH","slug":"english/budget-2022-banks-body-seeks-reduction-of-tax-free-fd-tenure-to-3-years","title":"Budget 2022: Banks' body seeks reduction of tax-free FD tenure to 3 years","postType":1,"coverMedia":"/opoyi_V7588MFmg.jpg","coverCaption":"Currently, the tax break is available on five-year tax saving FD schemes (Photo Credit: Representational Image/Pixabay)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-28T11:15:00.140042+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eFixed deposit has lost its attractiveness because of other financial products\u003c/li\u003e\n \u003cli\u003eIBA said the lock-in period should be reduced to three years\u003c/li\u003e\n \u003cli\u003eIt also demanded a special dispute resolution mechanism\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643367057106,\\\"strCount\\\":3016,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As part of their \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003ebudget\u003c/a\u003e wishlist, banks have advocated lowering the tax-free fixed deposit (FD) tenure to three years in line with \u003ca href=\\\\\\\"https://opoyi.com/why-mutual-funds-is-a-better-investment-option-than-stocks\\\\\\\"\u003emutual fund\u003c/a\u003e products like equity-linked savings schemes (ELSS).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Currently, the tax break is available on five-year tax saving FD schemes. Individuals can claim income tax rebate under Section 80C of the Income Tax Act, 1961. Section 80C is a wide bracket with a limit of Rs 1.50 lakh.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-assocham-seeks-reduction-of-customs-duty-on-copper-concentrate\\\\\\\"\u003eBudget 2022: Assocham seeks reduction of customs duty on copper concentrate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Indian Banks’ Association (IBA) submitted its pre-budget proposal to the government which said the tax-saving fixed deposit (FD) has lost its attractiveness because of other financial products available in the market such as ELSS but if the lock-in period is reduced, this would make the product more attractive and provide more funds to \u003ca href=\\\\\\\"https://opoyi.com/topic/bank\\\\\\\"\u003ebanks\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-why-has-the-halwa-ceremony-been-dropped-this-year\\\\\\\"\u003eBudget 2022: Why has the halwa ceremony been dropped this year?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The banks’ body said the lock-in period should be reduced to three years from the existing five years.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Banks have also demanded special rebates or additional depreciation for expenditure made on financial inclusion activities and for promoting digital banking.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-steel-industry-demands-duty-reduction-policy-measures\\\\\\\"\u003eBudget 2022: Steel Industry demands duty reduction, policy measures\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The proposal also said that banks perform activities for uplift of the poor, promoting digital banking, and implementing various government schemes for financial inclusion.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The IBA statement said, \\\\\\\"By making expenditure on IT, banks give benefits to the masses, i.e. ease of doing business, digital banking, etc. Therefore, some special incentives in the form of a special tax rebate or deduction or additional depreciation (say 125%) over and above the actual capital expenditure made on such activities may be provided\\\\\\\".\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-travel-agents-body-seeks-one-india-one-tourism-approach\\\\\\\"\u003eBudget 2022: Travel agents' body seeks 'One India One Tourism' approach\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The body also demanded a special dispute resolution mechanism for faster disposal of taxation cases. Bank appeals involve considerable amounts but these are treated equally as appeals involving small amounts. Huge amounts are involved causing loss of interest to either party, both of whom are largely two arms of the government, it added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Finance Minister \u003ca href=\\\\\\\"https://opoyi.com/topic/nirmalasitharaman\\\\\\\"\u003eNirmala Sitharaman\u003c/a\u003e will present the Union Budget 2022 in Parliament on February 1 at 11 am.\\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"Bank","slug":"bank","id":"3qqcXJ1ffKSS"},{"name":"Banking","slug":"banking","id":"LjkF3MF2IZGY"},{"name":"Banks","slug":"banks","id":"KZwaPZRhpUon"},{"name":"BankAccount","slug":"bankaccount","id":"AoOk3udnvfH8"},{"name":"FinancialServices","slug":"financialservices","id":"iVJayPbTT0DF"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"FixedDeposit","slug":"fixeddeposit","id":"b047M6K1q1b1"},{"name":"DigitalPayment","slug":"digitalpayment","id":"XlPWX4CvETyG"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"ITAct","slug":"itact","id":"bbHPfnW48x5M"},{"name":"BudgetSession","slug":"budgetsession","id":"Rd7xKkKGwPMz"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"TaxSavings","slug":"taxsavings","id":"6yGCC8vVMpTt"},{"name":"MutualFunds","slug":"mutualfunds","id":"8UXTB9UhpJmn"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-28T11:15:00.140047+00:00","publisher":0,"sourceFeed":null,"cleanText":"As part of their budget wishlist, banks have advocated lowering the tax-free fixed deposit (FD) tenure to three years in line with mutual fund products like equity-linked savings schemes (ELSS). Currently, the tax break is available on five-year tax saving FD schemes. Individuals can claim income tax rebate under Section 80C of the Income Tax Act, 1961. Section 80C is a wide bracket with a limit of Rs 1.50 lakh. Also Read | Budget 2022: Assocham seeks reduction of customs duty on copper concentrate,Indian Banks’ Association (IBA) submitted its pre-budget proposal to the government which said the tax-saving fixed deposit (FD) has lost its attractiveness because of other financial products available in the market such as ELSS but if the lock-in period is reduced, this would make the product more attractive and provide more funds to banks. Also Read | Budget 2022: Why has the halwa ceremony been dropped this year?,The banks’ body said the lock-in period should be reduced to three years from the existing five years. Banks have also demanded special rebates or additional depreciation for expenditure made on financial inclusion activities and for promoting digital banking. Also Read | Budget 2022: Steel Industry demands duty reduction, policy measures,The proposal also said that banks perform activities for uplift of the poor, promoting digital banking, and implementing various government schemes for financial inclusion. The IBA statement said, By making expenditure on IT, banks give benefits to the masses, i.e. ease of doing business, digital banking, etc. Therefore, some special incentives in the form of a special tax rebate or deduction or additional depreciation (say 125%) over and above the actual capital expenditure made on such activities may be provided. Also Read | Budget 2022: Travel agents' body seeks 'One India One Tourism' approach,The body also demanded a special dispute resolution mechanism for faster disposal of taxation cases. Bank appeals involve considerable amounts but these are treated equally as appeals involving small amounts. Huge amounts are involved causing loss of interest to either party, both of whom are largely two arms of the government, it added. Finance Minister Nirmala Sitharaman will present the Union Budget 2022 in Parliament on February 1 at 11 am.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"['budget 2022', ' union budget 2022', ' banking', ' banking sector', ' budget expectations', ' budget expectations banking sector', ' budget 2022 banking', ' fixed deposit', ' ', 'budget wishlist', 'budget', 'indian banks association', 'mutual funds', 'ta","originalPublishedOn":"2022-01-28T11:15:00+00:00"}},{"node":{"id":"ivAFOiO8xxsc","slug":"english/budget-2022-salaried-class-expects-revision-in-tax-slab-section-80c-limit","title":"Budget 2022: Salaried class expects revision in tax slab, section 80C limit","postType":1,"coverMedia":"/opoyi_X9o2jU-z2.jpg","coverCaption":"Income tax-payers have a long list of expectations from N Sitharaman (Photo Credit: Representational/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-27T08:45:00.300028+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eTax-payers want hike in the 80C deduction limit of Rs 1.5 lakh\u003c/li\u003e\n \u003cli\u003eIndividuals are anticipating an enhancement limit of Rs 2.5 lakh\u003c/li\u003e\n \u003cli\u003eUpward revision in the top income slab of Rs 10 lakh also expected\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643273072670,\\\"strCount\\\":4025,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"India’s salaried class is\\\\nexpecting from the \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget\u003c/a\u003e 2022-23 some announcements that will provide\\\\nmuch-needed relief. This year, income tax-payers have a long list of\\\\nexpectations from finance minister \u003ca href=\\\\\\\"https://opoyi.com/topic/nirmalasitharaman\\\\\\\"\u003eNirmala Sitharaman\u003c/a\u003e as no relief was announced\\\\nfor the salaried class in the previous year’s budget.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According\\\\nto a pre-Budget survey by KPMG, most individual taxpayers expect an enhancement\\\\nin the basic income tax exemption limit of Rs 2.5 lakh. They also sought an\\\\nupward revision in the top income slab of Rs 10 lakh and above and an increase\\\\nin the existing section 80C deduction limit of Rs 1.5 lakh.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-pharma-industry-expects-tax-consessions-higher-healthcare-allocation\\\\\\\"\u003eBudget 2022: Pharma industry expects tax consessions, higher healthcare allocation\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According\\\\nto the survey, 36% of respondents want the government to enhance the 80C\\\\ndeduction limit of Rs 1.5 lakh while 29% expect the \u003ca href=\\\\\\\"https://opoyi.com/topic/incometax\\\\\\\"\u003eincome tax\u003c/a\u003e limit of Rs 10\\\\nlakh at which the maximum marginal rate of 30% tax is triggerd to be enhanced.\\\\nIn all, 19% of respondents are hoping for an increase in the standard deduction\\\\nlimit of Rs 50,000 for the salaried classes.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-centre-receives-over-3000-suggestions-from-citizens-on-mygov\\\\\\\"\u003eBudget 2022: Centre receives over 3,000 suggestions from citizens on MyGov\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Rajiv Dimri, National Head of Tax\\\\nof KPMG India, said individual taxpayers are anticipating an enhancement limit\\\\nof Rs 2.5 lakh. Respondents are also seeking an upward revision in the top\\\\nincome slab of Rs 10 lakh and an increase in the existing 80C deduction limit\\\\nof Rs 1.5 lakh.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-exporters-demand-fiscal-incentives-and-support-measures\\\\\\\"\u003eBudget 2022: Exporters demand fiscal incentives and support measures\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Over\\\\nthe past few years, the government has taken several measures to resolve tax\\\\ndisputes and overhaul the\u0026nbsp; resolution framework. Further measures in this\\\\ndirection can help in reducing litigation. Rationalisation of TDS and TCS\\\\nprovisions to ease compliance burdens will also be welcomed, added Dimri.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The\\\\nConfederation of Indian Industry (CII) urged the government to raise the salary\\\\ncap of Rs 1 lakh per month to avail benefits under Section 80JJAA of the Income\\\\nTax Act.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-women-seek-equal-opportunities-and-financial-inclusion\\\\\\\"\u003eBudget 2022: Women seek equal opportunities and financial inclusion\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On\\\\nthe other hand, 16% of these respondents are looking forward to tax-free\\\\nallowances and perquisites for salaried individuals considering the work from\\\\nhome arrangement (provision of internet connection/furniture/earphones/etc).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-startups-seek-tax-reforms-easy-compliance\\\\\\\"\u003eBudget 2022: Startups seek tax reforms, easy compliance\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Raj\\\\nKhosla, founder, and MD of fintech firm MyMoneyMantra.com, said many companies\\\\nprovide laptops, computers and furniture to employees to work from home. Some\\\\nfirms pay a fixed allowance to employees to bear the cost of remote working.\\\\nThe budget should clarify how these costs are to be accounted for by companies\\\\nas well as provide some relief for such allowances to employees. Such payments\\\\nshould be exempt from tax in the hands of employees if supported by actual\\\\nbills.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-meet-nirmala-sitharamans-key-team-behind-budget-this-year\\\\\\\"\u003eBudget 2022: Meet Nirmala Sitharaman's key team behind budget this year\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Income\\\\ntax-payers demand an enhanced tax limit because there has been a sharp rise in\\\\ninflation and household expenses such as electricity and medical expenses.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Consumers and salaried employees\\\\nare also expecting some tax-related benefits.\\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"Salary","slug":"salary","id":"qUHt7bYUoQDw"},{"name":"income","slug":"income","id":"sNAucUmmx9Cn"},{"name":"IncomeTaxReturn","slug":"incometaxreturn","id":"CpQzyJ1oXxxb"},{"name":"TaxSavings","slug":"taxsavings","id":"6yGCC8vVMpTt"},{"name":"taxpayers","slug":"taxpayers","id":"nAtpdvWSLlKn"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"TaxFiling","slug":"taxfiling","id":"JcpAOaPdAktp"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"KPMG","slug":"kpmg","id":"Hf1FOMvwsLs3"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"IndianEconomy","slug":"indianeconomy","id":"kzdkEBmiyLAT"},{"name":"WorkFromHome","slug":"workfromhome","id":"tQl216bMOAqD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-27T08:45:00.300032+00:00","publisher":0,"sourceFeed":null,"cleanText":"India’s salaried class is expecting from the Union Budget 2022-23 some announcements that will provide much-needed relief. This year, income tax-payers have a long list of expectations from finance minister Nirmala Sitharaman as no relief was announced for the salaried class in the previous year’s budget. According to a pre-Budget survey by KPMG, most individual taxpayers expect an enhancement in the basic income tax exemption limit of Rs 2.5 lakh. They also sought an upward revision in the top income slab of Rs 10 lakh and above and an increase in the existing section 80C deduction limit of Rs 1.5 lakh. Also Read | Budget 2022: Pharma industry expects tax consessions, higher healthcare allocation,According to the survey, 36% of respondents want the government to enhance the 80C deduction limit of Rs 1.5 lakh while 29% expect the income tax limit of Rs 10 lakh at which the maximum marginal rate of 30% tax is triggerd to be enhanced. In all, 19% of respondents are hoping for an increase in the standard deduction limit of Rs 50,000 for the salaried classes. Also Read | Budget 2022: Centre receives over 3,000 suggestions from citizens on MyGov,Rajiv Dimri, National Head of Tax of KPMG India, said individual taxpayers are anticipating an enhancement limit of Rs 2.5 lakh. Respondents are also seeking an upward revision in the top income slab of Rs 10 lakh and an increase in the existing 80C deduction limit of Rs 1.5 lakh. Also Read | Budget 2022: Exporters demand fiscal incentives and support measures,Over the past few years, the government has taken several measures to resolve tax disputes and overhaul the resolution framework. Further measures in this direction can help in reducing litigation. Rationalisation of TDS and TCS provisions to ease compliance burdens will also be welcomed, added Dimri. The Confederation of Indian Industry (CII) urged the government to raise the salary cap of Rs 1 lakh per month to avail benefits under Section 80JJAA of the Income Tax Act. Also Read | Budget 2022: Women seek equal opportunities and financial inclusion,On the other hand, 16% of these respondents are looking forward to tax-free allowances and perquisites for salaried individuals considering the work from home arrangement (provision of internet connection/furniture/earphones/etc). Also Read | Budget 2022: Startups seek tax reforms, easy compliance,Raj Khosla, founder, and MD of fintech firm MyMoneyMantra.com, said many companies provide laptops, computers and furniture to employees to work from home. Some firms pay a fixed allowance to employees to bear the cost of remote working. The budget should clarify how these costs are to be accounted for by companies as well as provide some relief for such allowances to employees. Such payments should be exempt from tax in the hands of employees if supported by actual bills. Also Read | Budget 2022: Meet Nirmala Sitharaman's key team behind budget this year,Income tax-payers demand an enhanced tax limit because there has been a sharp rise in inflation and household expenses such as electricity and medical expenses. Consumers and salaried employees are also expecting some tax-related benefits.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"['union budget 2022', ' budget 2022', ' budget 2022 income tax', ' income tax slabs', ' section 80c limit', ' budget expectations', ' budget 2022 expectations', ' india', ' finance minister', ' nirmala sitharaman', ' business news', ' budget news', 'tax s","originalPublishedOn":"2022-01-27T08:45:00+00:00"}},{"node":{"id":"hshJrDJrNyHV","slug":"english/budget-2022-exporters-demand-fiscal-incentives-and-support-measures","title":"Budget 2022: Exporters demand fiscal incentives and support measures","postType":1,"coverMedia":"/opoyi_U5-m06YMRIrB.jpg","coverCaption":"There is a need to build an Indian shipping line of global repute (Photo Credit: Representational/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-25T09:30:00.318023+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eExporters demanded enhanced allocations for the RoDTEP scheme\u003c/li\u003e\n \u003cli\u003eThey also suggested financial incentives to address logistics challenges\u003c/li\u003e\n \u003cli\u003eExporters suggested reduction of income tax on partnerships and LLPs\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1643100616278,\\\"strCount\\\":4015,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In the forthcoming \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eBudget\u003c/a\u003e, exporters have\\\\nsought support\u0026nbsp; from the government to promote the growth of the country’s\\\\noutbound shipments. Exporters demanded enhanced allocations for the RoDTEP\\\\nscheme, high import duty on plastic finished goods, setting up of an Indian\\\\nshipping line, and reinstating exemption for duty-free import of critical\\\\ninputs for leather products.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"They have also suggested financial incentives\\\\nto address logistics challenges, and reduction of income tax on partnerships\\\\nand LLPs to support MSME players.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-hopes-rise-for-tax-break-on-work-from-home-expenses\\\\\\\"\u003eBudget 2022: Hopes rise for tax break on work from home expenses\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the\\\\nFederation of Indian Export Organisations (FIEO), there is a need to encourage\\\\nlarge Indian entities to build an Indian shipping line of global repute as it\\\\nwould help reduce dependence on foreign shipping lines.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Due to its dependence on\\\\nglobal shipping companies and rising freight cost, the export sector is facing\\\\nmajor issues.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-realtors-eye-home-loan-tax-sops-industry-status\\\\\\\"\u003eBudget 2022: Realtors eye home loan tax sops, industry status\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"FIEO Director-General Ajay Sahai said,\\\\n\\\\\\\"Overseas marketing is a big challenge for exporters, more so for \u003ca href=\\\\\\\"https://opoyi.com/budget-2022-msmes-seek-lower-taxes-easier-compliance\\\\\\\"\u003eMSMEs\u003c/a\u003e,\\\\nas it entails a high cost. We need to bring the Double Tax Deduction Scheme for\\\\nInternationalizations to allow exporters to deduct against their taxable\\\\nincome… A ceiling of USD 5 lakh may be put under the scheme so that the\\\\ninvestment and tax deduction are limited\\\\\\\".\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-policies-expected-for-the-financial-services-industry\\\\\\\"\u003eBudget 2022: Policies expected for the financial services industry\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Mumbai-based exporter and Chairman of\\\\nTechnocraft Industries Sharda Kumar Saraf said that the finance minister should\\\\nprovide a suitable budget for Reimbursement of Duties \u0026amp; Taxes on Export\\\\nproduction (RoDTEP).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He said that RoDTEP is\\\\none of the most important tools to support export marketing, but its present\\\\nbudget of about Rs 40,000 crore is not sufficient.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-government-to-define-tax-on-crypto-in-upcoming-budget\\\\\\\"\u003eBudget 2022: Government to define tax on crypto in upcoming budget\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Plastics Export Promotion\\\\nCouncil of India (Plexconcil) Chairman Arvind Goenka suggested that the import\\\\nduty on plastic finished goods should be at least 5% higher than polymer raw\\\\nmaterials.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"For instance, import duty on PVC resin\\\\nis 10% and that on value-added PVC goods is also 10%, thereby there is no\\\\nincentive to boost domestic production,\\\\\\\" Goenka said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-shipping-ministry-seeks-budget-to-expand-ship-recycling-capacity\\\\\\\"\u003eBudget 2022: Shipping ministry seeks budget to expand ship recycling capacity\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Council for Leather\\\\nExports (CLE) Chairman Sanjay Leekha suggested reinstatement of the exemption\\\\nfor duty-free import of critical inputs for leather garments and footwear. He\\\\nalso recommended the extension of the basic customs duty exemption for the\\\\nimport of lining and interlining materials.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to Leekha,\\\\napart from boosting exports these measures will promote value addition within\\\\nthe country and make domestic products competitive in the global markets.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-education-sector-seeks-higher-allocations-tax-concessions\\\\\\\"\u003eBudget 2022: Education sector seeks higher allocations, tax concessions\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He has also suggested reinstatement of basic\\\\ncustoms duty on import of wet blue, crust, and finished leather as the\\\\nexemption was removed last year.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Chairman of Farida Group Rafeeq Ahmed said\\\\nthat steps for the labour-intensive sector in the budget will help in\\\\ncreating more jobs and increasing exports.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Budget2022","slug":"budget2022","id":"3RaCVnHLhZfF"},{"name":"Export","slug":"export","id":"llhmvr2Rwsly"},{"name":"MSME","slug":"msme","id":"lUdDh4Yh5BAc"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"BudgetSession","slug":"budgetsession","id":"Rd7xKkKGwPMz"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"trade","slug":"trade","id":"cZ4vPI5dpSsy"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"IndianEconomy","slug":"indianeconomy","id":"kzdkEBmiyLAT"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-25T09:30:00.318027+00:00","publisher":0,"sourceFeed":null,"cleanText":"In the forthcoming Budget, exporters have sought support from the government to promote the growth of the country’s outbound shipments. Exporters demanded enhanced allocations for the RoDTEP scheme, high import duty on plastic finished goods, setting up of an Indian shipping line, and reinstating exemption for duty-free import of critical inputs for leather products. They have also suggested financial incentives to address logistics challenges, and reduction of income tax on partnerships and LLPs to support MSME players. Also Read | Budget 2022: Hopes rise for tax break on work from home expenses,According to the Federation of Indian Export Organisations (FIEO), there is a need to encourage large Indian entities to build an Indian shipping line of global repute as it would help reduce dependence on foreign shipping lines. Due to its dependence on global shipping companies and rising freight cost, the export sector is facing major issues. Also Read | Budget 2022: Realtors eye home loan tax sops, industry status,FIEO Director-General Ajay Sahai said, Overseas marketing is a big challenge for exporters, more so for MSMEs, as it entails a high cost. We need to bring the Double Tax Deduction Scheme for Internationalizations to allow exporters to deduct against their taxable income… A ceiling of USD 5 lakh may be put under the scheme so that the investment and tax deduction are limited. Also Read | Budget 2022: Policies expected for the financial services industry,Mumbai-based exporter and Chairman of Technocraft Industries Sharda Kumar Saraf said that the finance minister should provide a suitable budget for Reimbursement of Duties \u0026 Taxes on Export production (RoDTEP). He said that RoDTEP is one of the most important tools to support export marketing, but its present budget of about Rs 40,000 crore is not sufficient. Also Read | Budget 2022: Government to define tax on crypto in upcoming budget,Plastics Export Promotion Council of India (Plexconcil) Chairman Arvind Goenka suggested that the import duty on plastic finished goods should be at least 5% higher than polymer raw materials. For instance, import duty on PVC resin is 10% and that on value-added PVC goods is also 10%, thereby there is no incentive to boost domestic production, Goenka said. Also Read | Budget 2022: Shipping ministry seeks budget to expand ship recycling capacity,Council for Leather Exports (CLE) Chairman Sanjay Leekha suggested reinstatement of the exemption for duty-free import of critical inputs for leather garments and footwear. He also recommended the extension of the basic customs duty exemption for the import of lining and interlining materials. According to Leekha, apart from boosting exports these measures will promote value addition within the country and make domestic products competitive in the global markets. Also Read | Budget 2022: Education sector seeks higher allocations, tax concessions,He has also suggested reinstatement of basic customs duty on import of wet blue, crust, and finished leather as the exemption was removed last year. Chairman of Farida Group Rafeeq Ahmed said that steps for the labour-intensive sector in the budget will help in creating more jobs and increasing exports.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"['union budget 2022', ' budget 2022', ' budget expectations', ' export sectors', ' exporters demands from budget', ' import duty', ' shipping companies', ' shipping industry', ' export import', ' import export business', ' rodtep', ' leather goods', ' pla","originalPublishedOn":"2022-01-25T09:30:00+00:00"}},{"node":{"id":"vB5zQMdnFy7O","slug":"english/budget-2022-fintech-industry-seeks-easy-tax-regime-and-liquidity-support","title":"Budget 2022: Fintech industry seeks easy tax regime and liquidity support","postType":1,"coverMedia":"/opoyi_H5wu8vsvu.jpg","coverCaption":" (Photo Credit: Representational/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-21T14:00:01.037840+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eFintech sector is urging government to liberalize the tax regime for start-ups\u003c/li\u003e\n \u003cli\u003eGovernment's digital push has created the scope for financial inclusion\u003c/li\u003e\n \u003cli\u003eBudget should focus on driving the fintech ecosystem in the country\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1642771908615,\\\"strCount\\\":3160,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The fintech industry is urging Finance Minister Nirmala Sitharaman to further liberalize the tax regime for start-ups in the upcoming budget, claiming it has a huge potential to promote financial inclusion and generate significant employment opportunities.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/budget-2022-jewellery-council-seeks-import-duty-cut-on-precious-metals\\\\\\\"\u003eBudget 2022: Jewellery council seeks import duty cut on precious metals\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Gaurav Jalan, CEO and Founder of mPokket, said start-ups extensively use the stock option to attract and retain talent. Employees of\u0026nbsp; fintech companies exercising their ESOP (employee stock ownership plan) option would not only have to arrange the funds to buy the stock but also pay around 35% tax as well since the allotted shares are considered part of their package.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-all-you-need-to-know-about-halwa-ceremony\\\\\\\"\u003eBudget 2022: All you need to know about halwa ceremony\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Jalan suggested that instead of tax collected on the employee’s national income, collection at the time of sale of shares would resolve cash flow issues of employees and greatly help fintech firms to continue to attract and retain talent.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to Shruti Aggarwal, co-founder at Stashfin, the government's digital push has created the scope for financial inclusion and the fintech revolution.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-education-sector-seeks-higher-allocations-tax-concessions\\\\\\\"\u003eBudget 2022: Education sector seeks higher allocations, tax concessions\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"She wants the budget to focus on driving the fintech ecosystem in the country. Aggarwal said that the priority sector lending has helped the priority sector of the economy that requires credit and financial assistance from NBFCs, similarly, it will be beneficial for fintech companies if more segments are included that bring financial inclusion for citizens with limited credit footprint.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-key-financial-terms-you-should-know\\\\\\\"\u003eBudget 2022: Key financial terms you should know\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Finance Minister \u003ca href=\\\\\\\"https://opoyi.com/topic/nirmalasitharaman\\\\\\\"\u003eNirmala Sitharaman\u003c/a\u003e will present the \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget 2022\u003c/a\u003e in Parliament on February 1 at 11 am. Previously, the budget was presented on the last working day of February, and former Finance Minister Arun Jaitely changed that tradition.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Budget, also known as the annual financial statement, is an account of the government’s estimated receipts and expenditures for the fiscal year which runs from April 1 to March 31. According to Article 112 of the Constitution, a budget must be approved by Parliament.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-infra-sector-expects-investment-push-for-npe-make-in-india\\\\\\\"\u003eBudget 2022: Infra sector expects investment push for NPE, Make-in-India\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The budget is divided into two parts: the revenue budget and the capital budget. The revenue budget consists of revenue receipts and expenditures. The capital budget includes the government’s capital receipts and payments.\\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"DigitalPayment","slug":"digitalpayment","id":"XlPWX4CvETyG"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"IndianEconomy","slug":"indianeconomy","id":"kzdkEBmiyLAT"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-21T14:00:01.037846+00:00","publisher":0,"sourceFeed":null,"cleanText":"The fintech industry is urging Finance Minister Nirmala Sitharaman to further liberalize the tax regime for start-ups in the upcoming budget, claiming it has a huge potential to promote financial inclusion and generate significant employment opportunities. Also Read | Budget 2022: Jewellery council seeks import duty cut on precious metals,Gaurav Jalan, CEO and Founder of mPokket, said start-ups extensively use the stock option to attract and retain talent. Employees of fintech companies exercising their ESOP (employee stock ownership plan) option would not only have to arrange the funds to buy the stock but also pay around 35% tax as well since the allotted shares are considered part of their package. Also Read | Budget 2022: All you need to know about halwa ceremony,Jalan suggested that instead of tax collected on the employee’s national income, collection at the time of sale of shares would resolve cash flow issues of employees and greatly help fintech firms to continue to attract and retain talent. According to Shruti Aggarwal, co-founder at Stashfin, the government's digital push has created the scope for financial inclusion and the fintech revolution. Also Read | Budget 2022: Education sector seeks higher allocations, tax concessions,She wants the budget to focus on driving the fintech ecosystem in the country. Aggarwal said that the priority sector lending has helped the priority sector of the economy that requires credit and financial assistance from NBFCs, similarly, it will be beneficial for fintech companies if more segments are included that bring financial inclusion for citizens with limited credit footprint. Also Read | Budget 2022: Key financial terms you should know,Finance Minister Nirmala Sitharaman will present the Union Budget 2022 in Parliament on February 1 at 11 am. Previously, the budget was presented on the last working day of February, and former Finance Minister Arun Jaitely changed that tradition. The Budget, also known as the annual financial statement, is an account of the government’s estimated receipts and expenditures for the fiscal year which runs from April 1 to March 31. According to Article 112 of the Constitution, a budget must be approved by Parliament. Also Read | Budget 2022: Infra sector expects investment push for NPE, Make-in-India,The budget is divided into two parts: the revenue budget and the capital budget. The revenue budget consists of revenue receipts and expenditures. The capital budget includes the government’s capital receipts and payments.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"['union budget 2022', ' budget 2022', ' budget', ' union budget', ' fintech sector', ' fintech industry', ' fintech', ' budget expectations', ' finance', ' finance minister', ' nirmala sitharaman', ' india', 'esop', 'nbfc']","originalPublishedOn":"2022-01-21T14:00:00+00:00"}},{"node":{"id":"sJqW4GmAETFR","slug":"budget-2022-tdstcs-on-crypto-trading-expected-in-upcoming-budget","title":"Budget 2022: TDS/TCS on crypto trading expected in upcoming budget","postType":1,"coverMedia":"/opoyi_uxz2DI5eM.jpg","coverCaption":"India has the highest number of crypto owners globally at 10.07 crore (Photo: Unsplash/Representative)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-17T16:30:00.185501+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eA bill to regulate cryptocurrencies is expected to be introduced during the Budget Session\u003c/li\u003e\n \u003cli\u003eGovernment may bring them under the provisions of tax TDS and TCS\u003c/li\u003e\n \u003cli\u003eCurrently, there is no regulation\u0026nbsp;on the crypto trading\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1642436695826,\\\"strCount\\\":2746,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The government could, in\\\\nthe upcoming \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget 2022\u003c/a\u003e, consider imposing TDS/TCS on buying and selling\\\\nof cryptocurrencies above a certain limit. These transactions could be brought\\\\nwithin the scope of specified transactions to report to income tax authorities.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Nangia Anderson LLP Tax Leader Aravind Srivatsan told PTI that a\\\\nhigher tax rate of 30% should be imposed on earnings from the sale of\\\\n\u003ca href=\\\\\\\"https://opoyi.com/topic/cryptocurrency\\\\\\\"\u003ecryptocurrency\u003c/a\u003e similar to the winnings from lotteries, game shows, puzzles, etc.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-hopes-rise-for-tax-break-on-work-from-home-expenses\\\\\\\"\u003eBudget 2022: Hopes rise for tax break on work from home expenses\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Elaborating on what the Budget could have in store for the crypto\\\\nmarket, Srivatsan said India has the highest number of crypto owners globally\\\\nat 10.07 crore. He added that a bill to regulate cryptocurrencies was expected\\\\nto be introduced during the Winter Session of Parliament. However, it was not\\\\nintroduced, and it is now expected that government may present the bill during\\\\nthe Budget Session. The government may not ban cryptocurrencies but it can\\\\nsubject them to a regressive tax regime.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-realtors-eye-home-loan-tax-sops-industry-status\\\\\\\"\u003eBudget 2022: Realtors eye home loan tax sops, industry status\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Noting the size of the market and the risk involved with\\\\ncryptocurrencies, the government may bring them under the provisions of tax\\\\ndeducted at source (TDS) and tax collected at source (TCS) above a threshold to\\\\ncapture\u0026nbsp;footprints of\u0026nbsp; investors, added Srivatsan.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Both sale and purchase of cryptocurrencies could be brought under\\\\nthe scope of reporting in the Statements of Financial Transactions, just as\\\\ntrading companies report the sale and purchase of shares and units of mutual\\\\nfunds.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-policies-expected-for-the-financial-services-industry\\\\\\\"\u003eBudget 2022: Policies expected for the financial services industry\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The income tax law has a concept of reportable account to keep an\\\\neye on high-value transactions made by taxpayers. Companies, financial\\\\ninstitutions and stock market brokers fall under the ambit of such reporting.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Currently, there is no regulation\u0026nbsp;on the trading of\\\\ncryptocurrencies in the country.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-government-to-define-tax-on-crypto-in-upcoming-budget\\\\\\\"\u003eBudget 2022: Government to define tax on crypto in upcoming budget\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Budget session in the\\\\nParliament will begin on January 31 and Finance Minister Nirmala Sitharaman\\\\nwill present the Budget on February 1 at 11 am.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"crypto","slug":"crypto","id":"eVTAwA488l3J"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-17T16:30:00.185509+00:00","publisher":6,"sourceFeed":null,"cleanText":"The government could, in the upcoming Union Budget 2022, consider imposing TDS/TCS on buying and selling of cryptocurrencies above a certain limit. These transactions could be brought within the scope of specified transactions to report to income tax authorities. Nangia Anderson LLP Tax Leader Aravind Srivatsan told PTI that a higher tax rate of 30% should be imposed on earnings from the sale of cryptocurrency similar to the winnings from lotteries, game shows, puzzles, etc. Also Read | Budget 2022: Hopes rise for tax break on work from home expenses,Elaborating on what the Budget could have in store for the crypto market, Srivatsan said India has the highest number of crypto owners globally at 10.07 crore. He added that a bill to regulate cryptocurrencies was expected to be introduced during the Winter Session of Parliament. However, it was not introduced, and it is now expected that government may present the bill during the Budget Session. The government may not ban cryptocurrencies but it can subject them to a regressive tax regime. Also Read | Budget 2022: Realtors eye home loan tax sops, industry status,Noting the size of the market and the risk involved with cryptocurrencies, the government may bring them under the provisions of tax deducted at source (TDS) and tax collected at source (TCS) above a threshold to capture footprints of investors, added Srivatsan. Both sale and purchase of cryptocurrencies could be brought under the scope of reporting in the Statements of Financial Transactions, just as trading companies report the sale and purchase of shares and units of mutual funds. Also Read | Budget 2022: Policies expected for the financial services industry,The income tax law has a concept of reportable account to keep an eye on high-value transactions made by taxpayers. Companies, financial institutions and stock market brokers fall under the ambit of such reporting. Currently, there is no regulation on the trading of cryptocurrencies in the country. Also Read | Budget 2022: Government to define tax on crypto in upcoming budget,Budget session in the Parliament will begin on January 31 and Finance Minister Nirmala Sitharaman will present the Budget on February 1 at 11 am.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"union budget 2021, budget 2021, budget, cryptocurrency, tds, tcs, tax on crypto, tax on cryptocurrency, upcoming budget, budget 2021","originalPublishedOn":"2022-01-17T16:30:00+00:00"}},{"node":{"id":"SBVoccnUeYRm","slug":"budget-2022-phdcci-seeks-reduction-of-taxes-on-cigarettes","title":"Budget 2022: PHDCCI seeks reduction of taxes on cigarettes","postType":1,"coverMedia":"/opoyi_A9enQhe4w.jpg","coverCaption":" (Photo Credit: Representational/Unsplah)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-14T14:12:48.697880+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003ePHDCCI has urged that tax reduction on cigarettes should be considered\u003c/li\u003e\n \u003cli\u003eAny increase in taxes will encourage illegal trading\u003c/li\u003e\n \u003cli\u003eIt has also recommended introducing a new segment of ‘less than 60mm length’ filter cigarettes\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1642169568603,\\\"strCount\\\":2796,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"PHD Chamber of Commerce and Industry (PHDCCI) has suggested the government extend appropriate budgetary support to restore the benefits under the FTP for Tobacco and Tobacco Products (covered under Chapter 24 of the Customs Tariff) by way of inclusion under RoDTEP in the upcoming \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In its pre-Budget memorandum, PHDCCI has urged that tax reduction on cigarettes should be considered to help the industry to regain volume from the illegal trade and generate higher revenues for the government. Any increase in taxes will encourage illegal trading and negatively impact revenue generation.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-ficci-seeks-separate-tax-sop-for-home-loan-repayments\\\\\\\"\u003eBudget 2022: Ficci seeks separate tax sop for home loan repayments\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The industry body has suggested for correction of the disproportionate rate of ad-valorem GST Compensation Cess of 36% for King-Size filter cigarettes (\u0026gt;75mm in length) to 5%, in line with the levy of 5% ad-valorem GST Compensation Cess on all the other length segments. The step will help control the smuggling of international brands of cigarettes into the country, the large amount of which is the King-Size filter segment.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/parliaments-budget-session-to-start-from-january-31-union-budget-on-february-1\\\\\\\"\u003eParliament's Budget Session to start from January 31, Union Budget on February 1\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"PHDCCI has also recommended introducing a new segment of ‘less than 60mm length’ filter cigarettes with an appropriate tax rate so that the legal cigarette industry can compete with the domestic duty-evaded cigarettes that are sold in the market at Re 1 and Rs 2 per cigarette, i.e., prices that are lower than even the applicable taxes. Such a measure will help reclaim market share from the domestic illegal trade with consequential benefit to revenue.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-government-to-define-tax-on-crypto-in-upcoming-budget\\\\\\\"\u003eBudget 2022: Government to define tax on crypto in upcoming budget\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"It said that the tax net to non-Flue Cured Virginia Tobaccos should be extended as they constitute more than 90% of tobacco consumption in the country. It will help to generate an audit trail which will help to reduce large-scale downstream tax evasion by manufacturers of value-added products.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/budget-2022-realtors-eye-home-loan-tax-sops-industry-status\\\\\\\"\u003eBudget 2022: Realtors eye home loan tax sops, industry status\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The trade and industry body also said that Tobacco and tobacco products are the only goods on which both National Calamity and Contingent Duty (NCCD) and GST are charged and government should consider abolishing NCCD.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"Tobacco","slug":"tobacco","id":"Up08euOdXtKn"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"IndianEconomy","slug":"indianeconomy","id":"kzdkEBmiyLAT"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-14T14:12:47.791464+00:00","publisher":6,"sourceFeed":null,"cleanText":"PHD Chamber of Commerce and Industry (PHDCCI) has suggested the government extend appropriate budgetary support to restore the benefits under the FTP for Tobacco and Tobacco Products (covered under Chapter 24 of the Customs Tariff) by way of inclusion under RoDTEP in the upcoming Union Budget. In its pre-Budget memorandum, PHDCCI has urged that tax reduction on cigarettes should be considered to help the industry to regain volume from the illegal trade and generate higher revenues for the government. Any increase in taxes will encourage illegal trading and negatively impact revenue generation. Also Read | Budget 2022: Ficci seeks separate tax sop for home loan repayments,The industry body has suggested for correction of the disproportionate rate of ad-valorem GST Compensation Cess of 36% for King-Size filter cigarettes (\u003e75mm in length) to 5%, in line with the levy of 5% ad-valorem GST Compensation Cess on all the other length segments. The step will help control the smuggling of international brands of cigarettes into the country, the large amount of which is the King-Size filter segment. Also Read | Parliament's Budget Session to start from January 31, Union Budget on February 1,PHDCCI has also recommended introducing a new segment of ‘less than 60mm length’ filter cigarettes with an appropriate tax rate so that the legal cigarette industry can compete with the domestic duty-evaded cigarettes that are sold in the market at Re 1 and Rs 2 per cigarette, i.e. prices that are lower than even the applicable taxes. Such a measure will help reclaim market share from the domestic illegal trade with consequential benefit to revenue. Also Read | Budget 2022: Government to define tax on crypto in upcoming budget,It said that the tax net to non-Flue Cured Virginia Tobaccos should be extended as they constitute more than 90% of tobacco consumption in the country. It will help to generate an audit trail which will help to reduce large-scale downstream tax evasion by manufacturers of value-added products. Also Read | Budget 2022: Realtors eye home loan tax sops, industry status,The trade and industry body also said that Tobacco and tobacco products are the only goods on which both National Calamity and Contingent Duty (NCCD) and GST are charged and government should consider abolishing NCCD.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"union budget 2022, budget 2022, budget, tobacco, tobacco industry, cigarettes, tobacco industry, economy, indian economy","originalPublishedOn":"2022-01-14T14:12:47.791455+00:00"}},{"node":{"id":"7fh6Fyz9Jpge","slug":"swiggy-zomato-have-to-pay-5-gst-what-does-this-mean-for-restaurants-and-customers","title":"Swiggy, Zomato have to pay 5 % GST: What does this mean for restaurants and customers?","postType":1,"coverMedia":"/opoyi_9EsRlK0FE.jpg","coverCaption":"Indian government's new 5 % GST on food delivery platforms has come into effect on January 1, 2022. (Photo Credit: Representative Image/ Unspalash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-01-01T05:30:00.285905+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe change in the GST rule was made on September 17, 2021\u003c/li\u003e\n \u003cli\u003eAll food delivery platforms now have to collect 5 per cent GST from restaurants\u003c/li\u003e\n \u003cli\u003eThis change may affect smaller players and increase the price of their services\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1641011944158,\\\"strCount\\\":3234,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Online food delivery platforms like \u003ca href=\\\\\\\"https://opoyi.com/topic/swiggy\\\\\\\"\u003eSwiggy\u003c/a\u003e\\\\nand \u003ca href=\\\\\\\"https://opoyi.com/topic/zomato\\\\\\\"\u003eZomato\u003c/a\u003e will have to pay 5 per cent goods and services tax (\u003ca href=\\\\\\\"https://opoyi.com/topic/gst\\\\\\\"\u003eGST\u003c/a\u003e) from\\\\nJanuary 1 as the new change in the GST rules will be effective from the very\\\\nfirst day of 2022. The change was made on September 17, 2021, in a bid to\\\\ncrackdown on eateries that don't pay taxes.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/ahead-of-union-budget-2022-nirmala-sitharaman-chairs-46th-gst-council-meet\\\\\\\"\u003eAhead of Union Budget 2022, Nirmala Sitharaman chairs 46th GST council meet\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eWhat\\\\nis the new change?\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The new change will bring all kinds of\\\\ncommercial eateries under the ‘restaurant service’ that would attract 5 per\\\\ncent GST without any input tax credit (ITC), the Union finance ministry had\\\\nsaid after the meeting in September. Previously, the restaurants themselves\\\\ncollected and deposited the tax to the government, but now the delivery\\\\nplatforms will be responsible for paying the GST on ‘restaurant service’ to the\\\\ntaxmen.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/who-is-piyush-jain\\\\\\\"\u003eWho is Piyush Jain?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eWhy\\\\nthe change?\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The new change was brought after the\\\\ngovernment found that several restaurants listed on the food delivery platforms\\\\nwere evading taxes, even though they were being collected from the customers.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“As ‘restaurant service’ has been notified\\\\nunder section 9(5) of the CGST Act, 2017, the electronics commerce oprator\\\\n(ECO) shall be liable to pay GST on restaurant services provided, with effect\\\\nfrom the 1st January, 2022,” a circular from the finance ministry said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/explained-how-5-gst-collected-by-zomato-swiggy-will-not-impact-consumers\\\\\\\"\u003eExplained | How 5% GST collected by Zomato, Swiggy will not impact consumers\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Accordingly, the ECOs will no longer be\\\\nrequired to collect TCS and file GSTR 8 in respect of restaurant services on which\\\\nit pays tax in terms of section 9(5),” it added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eDo\\\\ncustomers have to pay for new GST? \u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the finance ministry\\\\ncustomers, who buy the services of food delivery platforms, will not have to\\\\npay any new tax. The 5 per cent GST would only be deposited through a different\\\\nroute to the government.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/ignorant-mistake-zomato-reinstates-agent-fired-over-hindi-lesson-to-customer\\\\\\\"\u003eIgnorant mistake: Zomato reinstates agent fired over Hindi lesson to customer\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eWhat\\\\nwould be the implication of this change? \u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The new change in GST may affect smaller\\\\nrestaurants and cloud kitchen owners that are earning less than Rs 20 lakh per\\\\nannum, said the National Restaurant Association of India (NRAI). The body said\\\\nthat these restaurants were not filing GST previously. However, they will now\\\\nneed to do so as the move will bring them under the government’s tax radar.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/magic-spice-5-reasons-why-turmeric-is-a-winter-must-have\\\\\\\"\u003e5 reasons why turmeric is a magic ingredient for your health on cold days. Check benefits you may not know\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The change may also force restaurants to\\\\nincrease the price of food that means customers have to pay more.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Sudipta Biswas","photo":null,"username":"sudipta007","id":"7BsNwKQcHTdN","role":null},"topics":[{"name":"GST","slug":"gst","id":"dBpvncc0ghAz"},{"name":"Restaurant","slug":"restaurant","id":"l40U3vLMqWzi"},{"name":"Swiggy","slug":"swiggy","id":"vASddr821DOi"},{"name":"Zomato","slug":"zomato","id":"kr7p5Jo8FHO3"},{"name":"Food","slug":"food","id":"jAGOKN2koXNT"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"customerservice","slug":"customerservice","id":"Ct6HdoWPbC8g"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Sudipta Biswas","id":"7BsNwKQcHTdN","username":"sudipta007"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-01-01T05:30:00.285912+00:00","publisher":0,"sourceFeed":null,"cleanText":"Online food delivery platforms like Swiggy and Zomato will have to pay 5 per cent goods and services tax (GST) from January 1 as the new change in the GST rules will be effective from the very first day of 2022. The change was made on September 17, 2021, in a bid to crackdown on eateries that don't pay taxes. Also Read: Ahead of Union Budget 2022, Nirmala Sitharaman chairs 46th GST council meet,What is the new change?,The new change will bring all kinds of commercial eateries under the ‘restaurant service’ that would attract 5 per cent GST without any input tax credit (ITC), the Union finance ministry had said after the meeting in September. Previously, the restaurants themselves collected and deposited the tax to the government, but now the delivery platforms will be responsible for paying the GST on ‘restaurant service’ to the taxmen. Also Read: Who is Piyush Jain?,Why the change?,The new change was brought after the government found that several restaurants listed on the food delivery platforms were evading taxes, even though they were being collected from the customers. “As ‘restaurant service’ has been notified under section 9(5) of the CGST Act, 2017, the electronics commerce oprator (ECO) shall be liable to pay GST on restaurant services provided, with effect from the 1st January, 2022,” a circular from the finance ministry said. Also Read: Explained | How 5% GST collected by Zomato, Swiggy will not impact consumers,“Accordingly, the ECOs will no longer be required to collect TCS and file GSTR 8 in respect of restaurant services on which it pays tax in terms of section 9(5),” it added. Do customers have to pay for new GST? ,According to the finance ministry customers, who buy the services of food delivery platforms, will not have to pay any new tax. The 5 per cent GST would only be deposited through a different route to the government. Also Read: Ignorant mistake: Zomato reinstates agent fired over Hindi lesson to customer,What would be the implication of this change? ,The new change in GST may affect smaller restaurants and cloud kitchen owners that are earning less than Rs 20 lakh per annum, said the National Restaurant Association of India (NRAI). The body said that these restaurants were not filing GST previously. However, they will now need to do so as the move will bring them under the government’s tax radar. Also Read: 5 reasons why turmeric is a magic ingredient for your health on cold days. Check benefits you may not know,The change may also force restaurants to increase the price of food that means customers have to pay more.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"GST, Food delivery, Swiggy, Zomato, Restaurant service, Food, Indian government, Finance ministry, Tax","originalPublishedOn":"2022-01-01T05:30:00+00:00"}},{"node":{"id":"V59mKyROWbAx","slug":"not-bjp-money-fm-nirmala-sitharaman-refutes-connection-to-up-raid","title":"Not BJP money: FM Nirmala Sitharaman refutes connection to UP raid","postType":1,"coverMedia":"https://ik.imagekit.io/o8plo3y5if/opoyi_0iT4UVjcr.jpg","coverCaption":"FM Nirmala Sitharaman refutes claims of BJP connection to Kannauj raid. (Photo Credit: Twitter/@ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-12-31T15:15:00.268800+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eFM Nirmala Sitharaman denied any BJP connection to cash discovered at Kannauj raid\u003c/li\u003e\n \u003cli\u003eShe further claimed that the raids were based on actionable intelligence\u003c/li\u003e\n \u003cli\u003eJain, the accused was remanded in judicial prison for 14 days\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1640962574782,\\\"strCount\\\":2844,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The over Rs 200 crore cash recovered from perfume producer \u003ca href=\\\\\\\"https://opoyi.com/who-is-piyush-jain\\\\\\\"\u003ePiyush Jain\u003c/a\u003e is not BJP money, according to Union Finance Minister \u003ca href=\\\\\\\"https://opoyi.com/ahead-of-union-budget-2022-nirmala-sitharaman-chairs-46th-gst-council-meet\\\\\\\"\u003eNirmala Sitharaman\u003c/a\u003e, who also justified the timing of the tax raids, saying they were based on actionable intelligence.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/ahead-of-union-budget-2022-nirmala-sitharaman-chairs-46th-gst-council-meet\\\\\\\"\u003eAhead of Union Budget 2022, Nirmala Sitharaman chairs 46th GST council meet\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"She told reporters following the \u003ca href=\\\\\\\"https://opoyi.com/ahead-of-union-budget-2022-nirmala-sitharaman-chairs-46th-gst-council-meet\\\\\\\"\u003eGST Council meeting\u003c/a\u003e that law enforcement authorities execute raids based on actionable intelligence.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"When asked about the opposition's claim that the Rs 197.49 crore cash recovered from perfume maker Peeyush Jain in UP's Kannauj was her party's money and that the tax authorities raided the person by \\\\\\\"mistake\\\\\\\" and are now raiding the other Jain they had originally wanted to target, she said, \\\\\\\"It is not BJP money.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/serum-institute-of-india-has-applied-for-full-covishield-approval-adar-poonawalla\\\\\\\"\u003eSerum Institute of India has applied for full Covishield approval: Adar Poonawalla\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As she attempted to defend the raids, she stated that former chief minister Akhliesh Yadav was \\\\\\\"shaken.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"How do you know whose money is it? Are you his partner? Because only partners know whose money is kept,\\\\\\\" she said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"She inquired if the raiding parties arrived empty handed, dismissing the opposition's claim that the raids were politically motivated.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/covaxin-safe-for-children-between-2-to-18-says-maker-bharat-biotech\\\\\\\"\u003eCovaxin safe for children between 2 to 18, says maker Bharat Biotech\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Money recovered proves there was actionable intelligence, she said, adding that the raids on Friday were also based on such information.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Piyush Jain was detained for failing to pay the Goods and Services Tax (GST). At his residence and workshop in Kannauj, officials discovered Rs. 194 crore in cash and 23 kg of gold.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/pm-narendra-modis-new-year-gift-for-haldwani-among-the-rs-17500-crore-projects-in-uttarakhand\\\\\\\"\u003ePM Modi’s ‘New Year Gift’ for Haldwani in Rs 17,500 cr Uttarakhand projects\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Last week, photos of a raid on his facilities went viral, showing officials using note counting devices to tally the stacks of cash bills. It was the largest cash seizure the Central Board of Indirect Taxes and Customs has made in its history (CBIC).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"After being arrested under Section 132 of the CGST Act, Jain was remanded in judicial prison for 14 days by a local court on Monday.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Sucharita Ganguly","photo":null,"username":"sucharita","id":"z7GDvieuoSxc","role":null},"topics":[{"name":"GST","slug":"gst","id":"dBpvncc0ghAz"},{"name":"FinanceMinister","slug":"financeminister","id":"2LoDl0O1HC54"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"PiyushJain","slug":"piyushjain","id":"Gx81STZY8XOS"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"AkhileshYadav","slug":"akhileshyadav","id":"85mzy7p51V49"},{"name":"BJP","slug":"bjp","id":"cqfihWqpWO59"},{"name":"SamajwadiParty","slug":"samajwadiparty","id":"dUKG5vKW405S"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Sucharita Ganguly","id":"z7GDvieuoSxc","username":"sucharita"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-12-31T15:15:00.268804+00:00","publisher":0,"sourceFeed":null,"cleanText":"The over Rs 200 crore cash recovered from perfume producer Piyush Jain is not BJP money, according to Union Finance Minister Nirmala Sitharaman, who also justified the timing of the tax raids, saying they were based on actionable intelligence. ,Also read: Ahead of Union Budget 2022, Nirmala Sitharaman chairs 46th GST council meet,She told reporters following the GST Council meeting that law enforcement authorities execute raids based on actionable intelligence. When asked about the opposition's claim that the Rs 197.49 crore cash recovered from perfume maker Peeyush Jain in UP's Kannauj was her party's money and that the tax authorities raided the person by mistake and are now raiding the other Jain they had originally wanted to target, she said, It is not BJP money. Also read: Serum Institute of India has applied for full Covishield approval: Adar Poonawalla,As she attempted to defend the raids, she stated that former chief minister Akhliesh Yadav was shaken. How do you know whose money is it? Are you his partner? Because only partners know whose money is kept, she said. She inquired if the raiding parties arrived empty handed, dismissing the opposition's claim that the raids were politically motivated. Also read: Covaxin safe for children between 2 to 18, says maker Bharat Biotech,Money recovered proves there was actionable intelligence, she said, adding that the raids on Friday were also based on such information. Piyush Jain was detained for failing to pay the Goods and Services Tax (GST). At his residence and workshop in Kannauj, officials discovered Rs. 194 crore in cash and 23 kg of gold. ,Also read: PM Modi’s ‘New Year Gift’ for Haldwani in Rs 17,500 cr Uttarakhand projects,Last week, photos of a raid on his facilities went viral, showing officials using note counting devices to tally the stacks of cash bills. It was the largest cash seizure the Central Board of Indirect Taxes and Customs has made in its history (CBIC). After being arrested under Section 132 of the CGST Act, Jain was remanded in judicial prison for 14 days by a local court on Monday.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"GST, Finance Minister, Nirmala Sitharaman, Piyush Jain, Kannauj, GST raid, Akhilesh Yadav, BJP","originalPublishedOn":"2021-12-31T15:15:00+00:00"}},{"node":{"id":"WgmhGjiLCU8y","slug":"who-is-piyush-jain","title":"Who is Piyush Jain?","postType":1,"coverMedia":"/opoyi_MOirNdqAsEv.jpg","coverCaption":"Pankaj Jain (face covered) being taken to court by the UP police. (Photo credit: ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-12-28T13:45:00.501004+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003ePiyush Jain was detained for failing to pay GST\u003c/li\u003e\n \u003cli\u003eOver Rs. 257 crore in cash was discovered\u003c/li\u003e\n \u003cli\u003eIt was the largest cash seizure in CBIC history\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1640697398188,\\\"strCount\\\":5643,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Piyush Jain was detained for failing to pay the Goods and Services Tax (GST). At his residence and workshop in Kannauj, officials discovered Rs. 194 crore in cash and 23 kg of gold.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"During Income Tax raids in \u003ca href=\\\\\\\"https://opoyi.com/prime-minister-narendra-modi-to-inaugurate-kanpur-metro-rail-project-to-address-students-at-iit\\\\\\\"\u003eKanpur\u003c/a\u003e and other locations associated with Jain in Kannauj, Mumbai, and Gujarat, over Rs. 257 crore in cash was discovered.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/prime-minister-narendra-modi-attends-iit-kanpur-convocation-ceremony\\\\\\\"\u003ePM Modi attends IIT Kanpur convocation ceremony\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Last week, photos of a raid on his facilities went viral, showing officials using note counting devices to tally the stacks of cash bills. It was the largest cash seizure the Central Board of Indirect Taxes and Customs has made in its history (CBIC).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Piyush Jain is a perfume merchant who has been linked to the Samajwadi Party, but what more do we know about him?\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Jain's lifestyle has been remarkably basic for someone who has accumulated millions of dollars within his home's walls.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/eci-holds-three-day-visit-to-uttar-pradesh-to-review-poll-preparations-from-today\\\\\\\"\u003eECI holds three-day visit to Uttar Pradesh to review poll preparations from today\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Jain still rides an ancient scooter in Kanpur, and his home, albeit newly refurbished, was exceedingly modest. He has a Qualis and a Maruti, and his neighbours were taken aback when cash streamed out of his house.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"He was just another businessman in the perfume business and we never imagined that he would have so much cash stacked in his house. He never flaunted his wealth and even his lifestyle was very middle class,\\\\\\\" said R.K. Sharma, who lives in the Chippatti locality where Jain also lives.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"His father, who is a chemist, taught him how to make perfumes and edible essences.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/prime-minister-narendra-modi-to-inaugurate-kanpur-metro-rail-project-to-address-students-at-iit\\\\\\\"\u003ePM Modi to inaugurate Kanpur Metro rail project, to address students at IIT\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In the last 15 years, Jain has grown his perfume company from Kanpur to other regions of the country. In Mumbai and Gujarat, he now has a thriving business.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Jain, 52, was born and raised in Kanpur, where he received his education. He later moved to Kannauj to join his family's company, while he remained in Kanpur.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to his acquaintances, he had no political connections or powerful pals.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"We have never seen him visit any politician or political party office. He never claimed to know any influential person either,\\\\\\\" one of his associates, who asked to remain anonymous, remarked.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The billionaire owns roughly 40 enterprises, including two in the Middle East, and operates factories, cold shops, and gas stations, among other businesses. He owns a mansion, a head office, and a store in Mumbai where he sells perfumes both in India and overseas.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/prime-minister-narendra-modi-gets-mercedes-maybach-650-guard-most-expensive-production-bulletproof-car\\\\\\\"\u003ePM Modi gets Mercedes-Maybach 650 Guard: Most expensive production bulletproof car\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In 2007, Piyush purchased the property in Kanpur, Anandpuri, where the raid took place. He, on the other hand, only arrived on rare occasions. Pratyush and Priyansh, Pratyush's sons, live here. Only a few people were supposed to arrive because of the great wealth in the house. There is no CCTV in the property, but barbed wire fencing surrounds it and is installed on the roofs. The current runs at night in this case. Inside the house, there are black glasses. So no one can see what's going on inside.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Several media reports suggest Jain’s close link with Samajwadi Party leader Pampi Jain, who had launched the 'Samajwadi Itr' in Lucknow last month. However, no proof of such claims have been found.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"The only thing common between the two is that they are both in perfume business, they both live in the same locality and both belong to the Jain community. Pushpraj Jain a.k.a. Pampi Jain is a SP MLC and it was he who launched the 'Samajwadi Itr',\\\\\\\" said Kunal Yadav, a resident of Kannauj.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In fact, SP officials believe that Piyush Jain's family is pro-BJP and has consistently backed the ruling party. Chief Minister Yogi Adityanath said on Monday that now he knows why 'some people' were opposing demonetisation. \\\\\\\"The black money is now coming out of walls,\\\\\\\" he said.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On Tuesday, Prime Minister Narendra Modi took a swipe at the Samajwadi Party, saying the recovery of crores of rupees in cash from a Kanpur-based perfume seller was the opposition party's \\\\\\\"achievement and reality.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/delhi-man-with-no-limbs-lands-a-job-on-anand-mahindras-tweet\\\\\\\"\u003eDelhi man with no limbs lands a job on Anand Mahindra's tweet\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Samajwadi Party President Akhilesh Yadav however clarified that \\\\\\\"this raid should not be linked with SP at all. Piyush Jain has no relation with SP MLC Pampi Jain\\\\\\\".\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As a senior official said, \\\\\\\"Accumulating so much wealth is not possible without any patronage. As investigations progress, the truth will tumble out. As things stand, Piyush Jain can prepare for a long stint behind the bars and his pleasing perfumes may not be able to make life less unpleasant for him.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"After being arrested under Section 132 of the CGST Act, Jain was remanded in judicial prison for 14 days by a local court on Monday.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Jain has accepted that the cash recovered from the residential premises is related to sale of goods without payment of GST,\\\\\\\" said a GST official.\\\"}}]}","relatedPosts":null,"location":{"name":"Kanpur, Uttar Pradesh, India"},"createdBy":{"name":"Sucharita Ganguly","photo":null,"username":"sucharita","id":"z7GDvieuoSxc","role":null},"topics":[{"name":"GST","slug":"gst","id":"dBpvncc0ghAz"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"SamajwadiParty","slug":"samajwadiparty","id":"dUKG5vKW405S"},{"name":"AkhileshYadav","slug":"akhileshyadav","id":"85mzy7p51V49"},{"name":"UttarPradesh","slug":"uttarpradesh","id":"IIhc25IH8ZUl"},{"name":"Kanpur","slug":"kanpur","id":"zjcNH2YPbXeP"},{"name":"YogiAdityanath","slug":"yogiadityanath","id":"1mRxqLHD8glt"},{"name":"PiyushJain","slug":"piyushjain","id":"Gx81STZY8XOS"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Sucharita Ganguly","id":"z7GDvieuoSxc","username":"sucharita"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-12-28T13:45:00.501007+00:00","publisher":0,"sourceFeed":null,"cleanText":"Piyush Jain was detained for failing to pay the Goods and Services Tax (GST). At his residence and workshop in Kannauj, officials discovered Rs. 194 crore in cash and 23 kg of gold. ,During Income Tax raids in Kanpur and other locations associated with Jain in Kannauj, Mumbai, and Gujarat, over Rs. 257 crore in cash was discovered. Also read: PM Modi attends IIT Kanpur convocation ceremony,Last week, photos of a raid on his facilities went viral, showing officials using note counting devices to tally the stacks of cash bills. It was the largest cash seizure the Central Board of Indirect Taxes and Customs has made in its history (CBIC). Piyush Jain is a perfume merchant who has been linked to the Samajwadi Party, but what more do we know about him? ,Jain's lifestyle has been remarkably basic for someone who has accumulated millions of dollars within his home's walls. Also read: ECI holds three-day visit to Uttar Pradesh to review poll preparations from today,Jain still rides an ancient scooter in Kanpur, and his home, albeit newly refurbished, was exceedingly modest. He has a Qualis and a Maruti, and his neighbours were taken aback when cash streamed out of his house. He was just another businessman in the perfume business and we never imagined that he would have so much cash stacked in his house. He never flaunted his wealth and even his lifestyle was very middle class, said R.K. Sharma, who lives in the Chippatti locality where Jain also lives. His father, who is a chemist, taught him how to make perfumes and edible essences. Also read: PM Modi to inaugurate Kanpur Metro rail project, to address students at IIT,In the last 15 years, Jain has grown his perfume company from Kanpur to other regions of the country. In Mumbai and Gujarat, he now has a thriving business. Jain, 52, was born and raised in Kanpur, where he received his education. He later moved to Kannauj to join his family's company, while he remained in Kanpur. According to his acquaintances, he had no political connections or powerful pals. We have never seen him visit any politician or political party office. He never claimed to know any influential person either, one of his associates, who asked to remain anonymous, remarked. The billionaire owns roughly 40 enterprises, including two in the Middle East, and operates factories, cold shops, and gas stations, among other businesses. He owns a mansion, a head office, and a store in Mumbai where he sells perfumes both in India and overseas. Also read: PM Modi gets Mercedes-Maybach 650 Guard: Most expensive production bulletproof car,In 2007, Piyush purchased the property in Kanpur, Anandpuri, where the raid took place. He, on the other hand, only arrived on rare occasions. Pratyush and Priyansh, Pratyush's sons, live here. Only a few people were supposed to arrive because of the great wealth in the house. There is no CCTV in the property, but barbed wire fencing surrounds it and is installed on the roofs. The current runs at night in this case. Inside the house, there are black glasses. So no one can see what's going on inside. Several media reports suggest Jain’s close link with Samajwadi Party leader Pampi Jain, who had launched the 'Samajwadi Itr' in Lucknow last month. However, no proof of such claims have been found. The only thing common between the two is that they are both in perfume business, they both live in the same locality and both belong to the Jain community. Pushpraj Jain a.k.a. Pampi Jain is a SP MLC and it was he who launched the 'Samajwadi Itr', said Kunal Yadav, a resident of Kannauj. In fact, SP officials believe that Piyush Jain's family is pro-BJP and has consistently backed the ruling party. Chief Minister Yogi Adityanath said on Monday that now he knows why 'some people' were opposing demonetisation. The black money is now coming out of walls, he said. ,On Tuesday, Prime Minister Narendra Modi took a swipe at the Samajwadi Party, saying the recovery of crores of rupees in cash from a Kanpur-based perfume seller was the opposition party's achievement and reality. Also read: Delhi man with no limbs lands a job on Anand Mahindra's tweet,Samajwadi Party President Akhilesh Yadav however clarified that this raid should not be linked with SP at all. Piyush Jain has no relation with SP MLC Pampi Jain. As a senior official said, Accumulating so much wealth is not possible without any patronage. As investigations progress, the truth will tumble out. As things stand, Piyush Jain can prepare for a long stint behind the bars and his pleasing perfumes may not be able to make life less unpleasant for him. After being arrested under Section 132 of the CGST Act, Jain was remanded in judicial prison for 14 days by a local court on Monday. Jain has accepted that the cash recovered from the residential premises is related to sale of goods without payment of GST, said a GST official.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"26.4499","longitude":"80.3319","name":"Kanpur, Uttar Pradesh, India","city":"Kanpur"},"keywords":"IT raid, Piyush Jain, Yogi Adityanath, UP CM, Kanpur, Samajwadi Party, Akhilesh Yadav","originalPublishedOn":"2021-12-28T13:45:00+00:00"}},{"node":{"id":"4XXDP2F8WHPt","slug":"oecd-issues-rules-for-implementation-of-minimum-15-tax-on-mncs","title":"OECD issues rules for implementation of minimum 15% tax on MNCs","postType":1,"coverMedia":"/opoyi_IxJHY7cxC.jpg","coverCaption":" (Photo Credit: Representational Image/Pixabay)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-12-21T07:01:54.480217+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eOECD announced regulations on December 20 to assist nations in implementing global international tax reform\u003c/li\u003e\n \u003cli\u003eIt would require multinational businesses to pay a minimum 15% tax rate commencing from 2023\u003c/li\u003e\n \u003cli\u003eThe global minimum tax rule will apply to entities with revenues more than €750 million\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1640070114771,\\\"strCount\\\":3103,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/oecd-secretary-general-says-new-tax-deal-sealed-at-g20-will-be-fairer\\\\\\\"\u003eOrganization for Economic Cooperation and Development (OECD)\u003c/a\u003e announced regulations on December 20 to assist nations in implementing global international tax reform, which would require multinational businesses to pay a minimum 15% tax rate commencing from 2023.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/elon-musk-calls-senator-elizabeth-warren-as-karen-after-she-accuses-him-as-tax-freeloader\\\\\\\"\u003eElon Musk calls Senator Elizabeth Warren as 'Karen' after she accuses him as 'tax freeloader'\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"The Pillar Two model rules provide governments a precise template for taking forward the two-pillar solution to address the tax challenges arising from digitalisation and globalisation of the economy agreed in October 2021 by 137 countries and jurisdictions under the OECD/G20 Inclusive Framework on BEPS,\\\\\\\" it said in a statement.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The global minimum tax rule will apply to entities with revenues more than €750 million and is expected to generate an additional $150 billion in global tax revenues every year.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/heres-how-the-government-could-tax-your-crypto-profits\\\\\\\"\u003eHere's how the government could tax your crypto profits\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The OECD model guidelines provide for a \\\\\\\"top-up tax\\\\\\\" to be levied on earnings in any jurisdiction where the effective tax rate, as established on a jurisdictional basis, is less than the minimum 15%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the Paris-based organization, the Pillar Two model rules cover the treatment of group member acquisitions and disposals and include specific rules to cope with various holding structures and tax neutrality regimes.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/softbank-backed-snapdeal-files-for-ipo\\\\\\\"\u003eSoftbank-backed Snapdeal files for IPO\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"The model rules released today are a significant building block in the development of a two-pillar solution, converting the foundations of a political agreement reached in October into enforceable rules,” said Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/sebi-suspends-futures-trade-in-key-farm-commodities-to-combat-inflation\\\\\\\"\u003eSebi suspends futures trade in key farm commodities to combat inflation\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The fact that members of the Inclusive Framework were able to achieve an agreement on this extensive and complete set of technical rules reflects their commitment to a coordinated response to resolving the difficulties created by an increasingly digitalized and globalized economy, he noted.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The OECD has stated that it will issue commentary on the model guidelines in early 2022.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/global-ma-activity-breaks-all-time-record-levels-in-2021\\\\\\\"\u003eGlobal M\u0026amp;A activity breaks all-time record levels in 2021\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A minimum tax agreement was achieved earlier this year by over 140 nations, representing more than 90% of global GDP, to levy a 15% minimum tax on major firms. This approach intends to put a stop to businesses hiding profits in low-tax countries.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"OECD","slug":"oecd","id":"YhjCZFwbE1fV"},{"name":"GDP","slug":"gdp","id":"sdLvX0aD0qHh"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-12-21T07:01:53.305461+00:00","publisher":6,"sourceFeed":null,"cleanText":"The Organization for Economic Cooperation and Development (OECD) announced regulations on December 20 to assist nations in implementing global international tax reform, which would require multinational businesses to pay a minimum 15% tax rate commencing from 2023. Also Read| Elon Musk calls Senator Elizabeth Warren as 'Karen' after she accuses him as 'tax freeloader',The Pillar Two model rules provide governments a precise template for taking forward the two-pillar solution to address the tax challenges arising from digitalisation and globalisation of the economy agreed in October 2021 by 137 countries and jurisdictions under the OECD/G20 Inclusive Framework on BEPS, it said in a statement. The global minimum tax rule will apply to entities with revenues more than €750 million and is expected to generate an additional $150 billion in global tax revenues every year. Also Read| Here's how the government could tax your crypto profits,The OECD model guidelines provide for a top-up tax to be levied on earnings in any jurisdiction where the effective tax rate, as established on a jurisdictional basis, is less than the minimum 15%. According to the Paris-based organization, the Pillar Two model rules cover the treatment of group member acquisitions and disposals and include specific rules to cope with various holding structures and tax neutrality regimes. Also Read| Softbank-backed Snapdeal files for IPO,The model rules released today are a significant building block in the development of a two-pillar solution, converting the foundations of a political agreement reached in October into enforceable rules,” said Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration. Also Read| Sebi suspends futures trade in key farm commodities to combat inflation,The fact that members of the Inclusive Framework were able to achieve an agreement on this extensive and complete set of technical rules reflects their commitment to a coordinated response to resolving the difficulties created by an increasingly digitalized and globalized economy, he noted. The OECD has stated that it will issue commentary on the model guidelines in early 2022. Also Read| Global M\u0026A activity breaks all-time record levels in 2021,A minimum tax agreement was achieved earlier this year by over 140 nations, representing more than 90% of global GDP, to levy a 15% minimum tax on major firms. This approach intends to put a stop to businesses hiding profits in low-tax countries.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"oecd tax implementation, oecd tax reforms, global tax, global gdp, mnc tax","originalPublishedOn":"2021-12-21T07:01:53.305450+00:00"}},{"node":{"id":"w81e8g78HVN5","slug":"elon-musk-announces-hell-pay-a-record-11-billion-in-taxes-in-2021","title":"Elon Musk announces he’ll pay a record $11 billion in taxes in 2021","postType":1,"coverMedia":"/opoyi_Dkh2ppBnWme.jpg","coverCaption":"Elon Musk to pay $11bn in taxes. (Photo Credit: Associated Press) ","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-12-20T16:15:00.413607+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eElon Musk has announced that he will pay $11 billion in taxes\u003c/li\u003e\n \u003cli\u003eThe figure could be highest in US history\u003c/li\u003e\n \u003cli\u003eThe announcement comes while US looks to revise its tax code\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1640010914032,\\\"strCount\\\":3326,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"After a \u003ca href=\\\\\\\"https://opoyi.com/elon-musk-calls-senator-elizabeth-warren-as-karen-after-she-accuses-him-as-tax-freeloader\\\\\\\"\u003ewar of words\u003c/a\u003e with Senator Elizabeth Warren over the payment of \u003ca href=\\\\\\\"https://opoyi.com/topic/tax\\\\\\\"\u003etaxes\u003c/a\u003e and proposed changes to the tax code, billionaire \u003ca href=\\\\\\\"https://opoyi.com/topic/elon-musk\\\\\\\"\u003eElon Musk\u003c/a\u003e, currently the world’s richest man, has announced on Twitter that he will pay over $11 billion in taxes in 2021, a figure that could be the highest-ever in US history.\\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"others\\\",\\\"source\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eFor those wondering, I will pay over $11 billion in taxes this year\u003c/p\u003e\u0026mdash; Elon Musk (@elonmusk) \u003ca href=\\\\\\\"https://twitter.com/elonmusk/status/1472754632325795843?ref_src=twsrc%5Etfw\\\\\\\"\u003eDecember 20, 2021\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"embed\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eFor those wondering, I will pay over $11 billion in taxes this year\u003c/p\u003e\u0026mdash; Elon Musk (@elonmusk) \u003ca href=\\\\\\\"https://twitter.com/elonmusk/status/1472754632325795843?ref_src=twsrc%5Etfw\\\\\\\"\u003eDecember 20, 2021\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":null}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk, who is currently worth a whopping $244 billion according to Forbes, got into an online altercation with the Senator last week after he was \u003ca href=\\\\\\\"https://opoyi.com/tesla-founder-elon-musk-named-time-magazines-person-of-the-year-2021\\\\\\\"\u003enamed the Person of the Year for 2021\u003c/a\u003e by TIME Magazine. The billionaire’s selection evidently did not amuse the Senator, who sarcastically tweeted, “Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/us-senator-elizabeth-warren-tests-positive-for-covid-19\\\\\\\"\u003eUS Senator Elizabeth Warren tests positive for COVID-19\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Senator Warren’s tweet did not go down well with Musk, who mockingly called her “Karen” and suggested that she was behaving like “an angry mom.” Musk’s comments, in turn, prompted MSNBC’s star host, Joy Reid, to enter the spat, which resulted in another \u003ca href=\\\\\\\"https://opoyi.com/elon-musk-calls-joy-reid-a-lobbyist-for-elizabeth-warren-amid-tax-spat\\\\\\\"\u003eunsavoury exchange\u003c/a\u003e. While Reid was quick to accuse the Tesla and \u003ca href=\\\\\\\"https://opoyi.com/topic/spacex\\\\\\\"\u003eSpaceX\u003c/a\u003e founder of “misappropriating black vernacular” for his misogynist ends, Musk retorted by calling the television host “(Lack of) Joy Reid” and accused her of being a “lobbyist” for Senator 'Karen' Warren in a tweet.\\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"others\\\",\\\"source\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003e(Lack of) Joy Reid is a lobbyist for Sen Karen\u003c/p\u003e\u0026mdash; Elon Musk (@elonmusk) \u003ca href=\\\\\\\"https://twitter.com/elonmusk/status/1471580241537732608?ref_src=twsrc%5Etfw\\\\\\\"\u003eDecember 16, 2021\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"embed\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003e(Lack of) Joy Reid is a lobbyist for Sen Karen\u003c/p\u003e\u0026mdash; Elon Musk (@elonmusk) \u003ca href=\\\\\\\"https://twitter.com/elonmusk/status/1471580241537732608?ref_src=twsrc%5Etfw\\\\\\\"\u003eDecember 16, 2021\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":null}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk’s spat with Senator Warren comes at a time when progressives in the \u003ca href=\\\\\\\"https://opoyi.com/topic/us-congress\\\\\\\"\u003eCongress\u003c/a\u003e are pushing for reforms to the tax code to ensure that tech moguls such as Musk, \u003ca href=\\\\\\\"https://opoyi.com/topic/jeffbezos\\\\\\\"\u003eJeff Bezos\u003c/a\u003e, and \u003ca href=\\\\\\\"https://opoyi.com/topic/mark-zuckerberg\\\\\\\"\u003eMark Zuckerberg\u003c/a\u003e pay an appropriate share of taxes. In March 2021, Warren and her colleagues introduced the Ultra-Millionaire Tax Act that, if passed, would see an annual 2% tax levied on households with incomes above $50 million, and 3% on households with incomes above $1 billion.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As if anticipating this change, Musk, in November, sold off 10% of his \u003ca href=\\\\\\\"https://opoyi.com/topic/tesla\\\\\\\"\u003eTesla\u003c/a\u003e stock, worth $14 billion, at the behest of Twitter users. Observers noted that Musk anyway would have had to pay taxes on his stock options that are set to expire in August 2022, and may have avoided higher taxes by exercising his stock options before the Biden administration enacts changes to the tax code.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/jeff-bezos-needs-to-spend-less-time-in-the-hot-tub-elon-musk\\\\\\\"\u003eJeff Bezos needs to spend less time in the hot tub: Elon Musk\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Regardless, if Musk ends up paying the $11+ billion in taxes that he claims he is going to pay, he just might live up to his promise to Senator Warren that he would “pay more taxes than any American in history.”\\\"}}]}","relatedPosts":null,"location":{"name":"Austin, TX, USA"},"createdBy":{"name":"Shiladitya Ray","photo":"","username":"shiladitya","id":"8PsQOset1365","role":null},"topics":[{"name":"ElonMusk","slug":"elonmusk","id":"jMTovOVMDcaW"},{"name":"ElizabethWarren","slug":"elizabethwarren","id":"FQevNN6rgrcD"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"SpaceX","slug":"spacex","id":"cQubwEniOiCD"},{"name":"TimeMagazine","slug":"timemagazine","id":"6rzbHjWOLPGu"},{"name":"JeffBezos","slug":"jeffbezos","id":"6UUgLFlsBN7s"},{"name":"MarkZuckerberg","slug":"markzuckerberg","id":"Ao2iyyeoJzDM"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Shiladitya Ray","id":"8PsQOset1365","username":"shiladitya"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-12-20T16:15:00.413611+00:00","publisher":0,"sourceFeed":null,"cleanText":"After a war of words with Senator Elizabeth Warren over the payment of taxes and proposed changes to the tax code, billionaire Elon Musk, currently the world’s richest man, has announced on Twitter that he will pay over $11 billion in taxes in 2021, a figure that could be the highest-ever in US history. Musk, who is currently worth a whopping $244 billion according to Forbes, got into an online altercation with the Senator last week after he was named the Person of the Year for 2021 by TIME Magazine. The billionaire’s selection evidently did not amuse the Senator, who sarcastically tweeted, “Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”,Also read | US Senator Elizabeth Warren tests positive for COVID-19,Senator Warren’s tweet did not go down well with Musk, who mockingly called her “Karen” and suggested that she was behaving like “an angry mom.” Musk’s comments, in turn, prompted MSNBC’s star host, Joy Reid, to enter the spat, which resulted in another unsavoury exchange. While Reid was quick to accuse the Tesla and SpaceX founder of “misappropriating black vernacular” for his misogynist ends, Musk retorted by calling the television host “(Lack of) Joy Reid” and accused her of being a “lobbyist” for Senator 'Karen' Warren in a tweet. Musk’s spat with Senator Warren comes at a time when progressives in the Congress are pushing for reforms to the tax code to ensure that tech moguls such as Musk, Jeff Bezos, and Mark Zuckerberg pay an appropriate share of taxes. In March 2021, Warren and her colleagues introduced the Ultra-Millionaire Tax Act that, if passed, would see an annual 2% tax levied on households with incomes above $50 million, and 3% on households with incomes above $1 billion. As if anticipating this change, Musk, in November, sold off 10% of his Tesla stock, worth $14 billion, at the behest of Twitter users. Observers noted that Musk anyway would have had to pay taxes on his stock options that are set to expire in August 2022, and may have avoided higher taxes by exercising his stock options before the Biden administration enacts changes to the tax code. Also read | Jeff Bezos needs to spend less time in the hot tub: Elon Musk,Regardless, if Musk ends up paying the $11+ billion in taxes that he claims he is going to pay, he just might live up to his promise to Senator Warren that he would “pay more taxes than any American in history.”","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"30.2672","longitude":"-97.7431","name":"Austin, TX, USA","city":"Austin"},"keywords":"Elon Musk, Tesla, SpaceX, taxes, Elizabeth Warren, billionaires, Congress, Joy Reid","originalPublishedOn":"2021-12-20T16:15:00+00:00"}},{"node":{"id":"CC6VIFAiBN0g","slug":"elon-musk-calls-senator-elizabeth-warren-as-karen-after-she-accuses-him-as-tax-freeloader","title":"Elon Musk calls Senator Elizabeth Warren as 'Karen' after she accuses him as 'tax freeloader'","postType":1,"coverMedia":"/opoyi_YporMEuxdd.jpg","coverCaption":"Elon Musk was named as Time magazine's person of the year. (Photo Credit: Instagram/Elon Musk)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-12-15T02:45:00.248570+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe senator responded that she had \"a plan for that.\"\u003c/li\u003e\n \u003cli\u003eHe sees his mission as solving the globe's most intractable challenges\u003c/li\u003e\n \u003cli\u003eWarren accused him of \"freeloading\" by not paying his taxes\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1639535975270,\\\"strCount\\\":2436,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Tesla founder Elon Musk slammed at Senator Elizabeth Warren on social media site, calling the democrat a \\\\\\\"Karen\\\\\\\" after she accused him of \\\\\\\"freeloading\\\\\\\" by not paying his taxes.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"This war of words came to light after Elon Musk was named as Time magazine's person of the year.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/elon-musk-announces-tesla-will-accept-dogecoin-spiking-the-crypto\\\\\\\"\u003eElon Musk announces Tesla will accept Dogecoin, spiking the crypto\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On Monday, Warren posted a tweet from Congressional Progressive Caucus Chair Pramila Jayapal, a Democrat from Washington, that contended it was \\\\\\\"'TIME' for Elon Musk to pay his fair share of taxes.\\\\\\\" The senator responded that she had \\\\\\\"a plan for that.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Earlier this year, Warren, Jayapal and Pennsylvania Representative Brendan Boyle introduced the Ultra-Millionaire Tax Act, a proposal that would place a 2 percent annual tax on households with a net worth above $50 million and a 3 percent annual tax on households with net worths above $1 billion.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/tesla-founder-elon-musk-named-time-magazines-person-of-the-year-2021\\\\\\\"\u003eTesla founder Elon Musk named Time Magazine’s 'Person of the Year' 2021\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Meanwhile, evolutionary psychologist Geoffrey Miller posted a tweet and said that awarding the title to Musk was \\\\\\\"well deserved\\\\\\\" and \\\\\\\"a solid \u0026amp; inspiring choice.\\\\\\\" Fox News contributor Joe Concha argued that the selection \\\\\\\"actually makes some sense\\\\\\\" since Time's \\\\\\\"original criteria\\\\\\\" for the person of the year did not mean that it was awarded \\\\\\\"to the best person.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/what-are-elon-musks-top-tweets-in-2021\\\\\\\"\u003eWhat are Elon Musk's top tweets in 2021?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too,\\\\\\\" a Time article on choosing Musk for the title explained. \\\\\\\"Musk is in a class of his own. He sees his mission as solving the globe's most intractable challenges, along the way disrupting multiple industries across two decades.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/tesla-ceo-elon-musk-is-thinking-of-quitting-his-job\\\\\\\"\u003eTesla CEO Elon Musk is thinking of quitting his job\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"As provocative as his vision is his persona, a blunt instrument that often seems to revel in division and aggressive mockery as he gives the world access to his id through social media,\\\\\\\" the article said.\\\"}}]}","relatedPosts":null,"location":{"name":"New York, NY, USA"},"createdBy":{"name":"Ajay Joseph","photo":null,"username":"ajay4396","id":"LFYsY6JozEMx","role":null},"topics":[{"name":"ElonMusk","slug":"elonmusk","id":"jMTovOVMDcaW"},{"name":"ElizabethWarren","slug":"elizabethwarren","id":"FQevNN6rgrcD"},{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"SpaceX","slug":"spacex","id":"cQubwEniOiCD"},{"name":"World","slug":"world","id":"iEhRQcab92b8"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Ajay Joseph","id":"LFYsY6JozEMx","username":"ajay4396"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-12-15T02:45:00.248574+00:00","publisher":0,"sourceFeed":null,"cleanText":"Tesla founder Elon Musk slammed at Senator Elizabeth Warren on social media site, calling the democrat a Karen after she accused him of freeloading by not paying his taxes. This war of words came to light after Elon Musk was named as Time magazine's person of the year. ,Also read: Elon Musk announces Tesla will accept Dogecoin, spiking the crypto,On Monday, Warren posted a tweet from Congressional Progressive Caucus Chair Pramila Jayapal, a Democrat from Washington, that contended it was 'TIME' for Elon Musk to pay his fair share of taxes. The senator responded that she had a plan for that. Earlier this year, Warren, Jayapal and Pennsylvania Representative Brendan Boyle introduced the Ultra-Millionaire Tax Act, a proposal that would place a 2 percent annual tax on households with a net worth above $50 million and a 3 percent annual tax on households with net worths above $1 billion. Also read: Tesla founder Elon Musk named Time Magazine’s 'Person of the Year' 2021,Meanwhile, evolutionary psychologist Geoffrey Miller posted a tweet and said that awarding the title to Musk was well deserved and a solid \u0026 inspiring choice. Fox News contributor Joe Concha argued that the selection actually makes some sense since Time's original criteria for the person of the year did not mean that it was awarded to the best person. Also read: What are Elon Musk's top tweets in 2021?,Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too, a Time article on choosing Musk for the title explained. Musk is in a class of his own. He sees his mission as solving the globe's most intractable challenges, along the way disrupting multiple industries across two decades. Also read: Tesla CEO Elon Musk is thinking of quitting his job,As provocative as his vision is his persona, a blunt instrument that often seems to revel in division and aggressive mockery as he gives the world access to his id through social media, the article said.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"40.7128","longitude":"-74.006","name":"New York, NY, USA","city":"New York City"},"keywords":"Elon Musk, Elizabeth Warren, Tesla, Tax, SpaceX, World","originalPublishedOn":"2021-12-15T02:45:00+00:00"}},{"node":{"id":"kXoSwPQm9Txa","slug":"petrol-price-in-delhi-slashed-by-rs-8-per-litre","title":"Petrol price in Delhi slashed by Rs 8 per litre","postType":1,"coverMedia":"/opoyi_0TVGyKeQL.jpg","coverCaption":"The price of petrol after the VAT cut went down from the current Rs 103 per litre to Rs 95 per litre. (Photo Credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-12-01T08:45:00.215300+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe petrol price in Delhi was higher as compared to the NCR cities\u003c/li\u003e\n \u003cli\u003eState-run oil refiners revise the fuel rates on daily basis\u003c/li\u003e\n \u003cli\u003eThe VAT on petrol will be reduced from the present 30 per cent to 19.4 per cent\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1638345456872,\\\"strCount\\\":1780,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Delhi government on Wednesday decided to reduce the VAT on petrol, bringing down the price of the fuel in the city by about Rs 8 per litre.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"At a cabinet meeting chaired by Chief Minister Arvind Kejriwal, it was decided that the Value-Added Tax (VAT) on petrol will be reduced from the present 30 per cent to 19.4 per cent, leading to a cut of around Rs 8 per litre.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"NDTV reported that the price of petrol after the VAT cut went down from the current Rs 103 per litre to Rs 95 per litre.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/opposition-mps-stage-protest-over-suspension-of-12-rajya-sabha-members\\\\\\\"\u003eOpposition MPs stage protest over suspension of 12 Rajya Sabha members\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The petrol price in Delhi was higher as compared to the NCR cities in Uttar Pradesh and Haryana, where the state governments had announced a VAT cut following the Centre reducing the excise duty on fuel prices.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On a daily basis, state-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/terrorist-tag-dropped-what-are-colombias-ex-farc-splinter-groups\\\\\\\"\u003eTerrorist tag dropped: What are Colombia's ex-FARC splinter groups?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Globally, oil prices rose more than 2 per cent, recouping some of the steep losses from the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Brent crude futures rose $1.90, or 2.7 per cent, to $71.13 a barrel, after a 3.9 percent slump on Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose $1.71, or 2.6 per cent, to $67.89 a barrel, after a 5.4 per cent drop on Tuesday.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Ajay Joseph","photo":null,"username":"ajay4396","id":"LFYsY6JozEMx","role":null},"topics":[{"name":"Petrol","slug":"petrol","id":"8ByD5ER8gAjR"},{"name":"FuelPrices","slug":"fuelprices","id":"Hl9bear61lRv"},{"name":"Delhi","slug":"delhi","id":"rzYqAK9lbk5U"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"ArvindKejriwal","slug":"arvindkejriwal","id":"8uXnuT5oyF06"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Ajay Joseph","id":"LFYsY6JozEMx","username":"ajay4396"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-12-01T08:45:00.215304+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Delhi government on Wednesday decided to reduce the VAT on petrol, bringing down the price of the fuel in the city by about Rs 8 per litre. At a cabinet meeting chaired by Chief Minister Arvind Kejriwal, it was decided that the Value-Added Tax (VAT) on petrol will be reduced from the present 30 per cent to 19.4 per cent, leading to a cut of around Rs 8 per litre. NDTV reported that the price of petrol after the VAT cut went down from the current Rs 103 per litre to Rs 95 per litre. Also read: Opposition MPs stage protest over suspension of 12 Rajya Sabha members,The petrol price in Delhi was higher as compared to the NCR cities in Uttar Pradesh and Haryana, where the state governments had announced a VAT cut following the Centre reducing the excise duty on fuel prices. On a daily basis, state-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Also read: Terrorist tag dropped: What are Colombia's ex-FARC splinter groups?,Globally, oil prices rose more than 2 per cent, recouping some of the steep losses from the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant. Brent crude futures rose $1.90, or 2.7 per cent, to $71.13 a barrel, after a 3.9 percent slump on Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose $1.71, or 2.6 per cent, to $67.89 a barrel, after a 5.4 per cent drop on Tuesday.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"Petrol, Fuel Prices, Delhi, India News, Arvind Kejriwal, Tax","originalPublishedOn":"2021-12-01T08:45:00+00:00"}},{"node":{"id":"PN39yXpHmCjT","slug":"us-families-to-receive-six-months-of-child-tax-credit-in-december","title":"US families to receive six months of child tax credit in December","postType":1,"coverMedia":"/opoyi_KkF4cOwpY.jpg","coverCaption":"The tax credit was increased as part of President Joe Biden's $1.9 trillion coronavirus relief package. (Photo credit: Representative image/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-11-23T17:10:00.189576+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eEligible families will receive $300 for each child under the age of six\u003c/li\u003e\n \u003cli\u003eThe Internal Revenue Service said that the families will\u0026nbsp;receive all the money they are owed in the December 15 payout\u003c/li\u003e\n \u003cli\u003eEligible families were automatically enrolled, based on their 2020 tax returns\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1637687223760,\\\"strCount\\\":2186,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Low-income families who signed up for the child \u003ca href=\\\\\\\"https://opoyi.com/topic/taxcredit\\\\\\\"\u003etax credit\u003c/a\u003e before November 15 are likely to receive six months of payment next month. Eligible families will receive $300 for each child under the age of six and for those up to 17 will get $250 per child.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Internal Revenue Service said that the families will\u0026nbsp;receive all the money they are owed in the December 15 payout.\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/child-tax-credit-2021-all-about-the-stimulus-payments\\\\\\\"\u003eThis adds up\u003c/a\u003e to\u003ca href=\\\\\\\"https://opoyi.com/child-tax-credit-2021-all-about-the-stimulus-payments\\\\\\\"\u003e $1,800 per child under six and up to $1,500 per child over six.\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The tax credit was increased as part of President Joe Biden's $1.9 trillion coronavirus relief package.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The credit was expanded to\u0026nbsp; $3,600 annually for children under the age of six and $3,000 for children aged 6 to 17.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Eligible families were automatically enrolled, based on their 2020 tax returns. However, those who weren't legally obligated to file returns because they don't earn enough had to sign up to receive the payments.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/watch-michael-strahan-announces-his-blue-origin-space-trip-on-live-tv\\\\\\\"\u003eWatch: Michael Strahan announces his Blue Origin space trip on live TV\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Nearly all families with kids qualify. Some income limitations apply. For example, only couples making less than $150,000 and single parents (also called Head of Household) making less than $112,500 will qualify for the additional 2021 Child Tax Credit amounts. Families with high incomes may receive a smaller credit or may not qualify for any credit at all,\\\\\\\" the White House website reads.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/stocks-wobble-in-morning-trading-oil-prices-rise-despite-release-of-crude\\\\\\\"\u003eStocks wobble in morning trading, oil prices rise despite release of crude\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Returns are still being processed and we don't have a final count right now. We want to emphasize that non-filer families that didn't sign up by the deadline can still claim their full Child Tax Credit during next year's tax season,\\\\\\\" a Treasury spokesperson told Newsweek, \\\"}}]}","relatedPosts":null,"location":{"name":"Washington D.C., DC, USA"},"createdBy":{"name":"Yash Bajaj","photo":null,"username":"yash6711","id":"0f9O2vXwZhEr","role":null},"topics":[{"name":"TaxCredit","slug":"taxcredit","id":"EM2bw5rlSN6K"},{"name":"JoeBiden","slug":"joebiden","id":"tLOXw4T5mTfp"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"World","slug":"world","id":"iEhRQcab92b8"},{"name":"International","slug":"international","id":"NYS6J2BBfSdS"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Bajaj","id":"M07YhBZm5h4Q","username":"yashbajaj"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-23T17:10:00.189580+00:00","publisher":0,"sourceFeed":null,"cleanText":"Low-income families who signed up for the child tax credit before November 15 are likely to receive six months of payment next month. Eligible families will receive $300 for each child under the age of six and for those up to 17 will get $250 per child. The Internal Revenue Service said that the families will receive all the money they are owed in the December 15 payout. This adds up to $1,800 per child under six and up to $1,500 per child over six. The tax credit was increased as part of President Joe Biden's $1.9 trillion coronavirus relief package. ,The credit was expanded to $3,600 annually for children under the age of six and $3,000 for children aged 6 to 17. Eligible families were automatically enrolled, based on their 2020 tax returns. However, those who weren't legally obligated to file returns because they don't earn enough had to sign up to receive the payments. Also read: Watch: Michael Strahan announces his Blue Origin space trip on live TV,Nearly all families with kids qualify. Some income limitations apply. For example, only couples making less than $150,000 and single parents (also called Head of Household) making less than $112,500 will qualify for the additional 2021 Child Tax Credit amounts. Families with high incomes may receive a smaller credit or may not qualify for any credit at all, the White House website reads. ,Also read: Stocks wobble in morning trading, oil prices rise despite release of crude,Returns are still being processed and we don't have a final count right now. We want to emphasize that non-filer families that didn't sign up by the deadline can still claim their full Child Tax Credit during next year's tax season, a Treasury spokesperson told Newsweek,","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"38.9072","longitude":"-77.0369","name":"Washington D.C., DC, USA","city":"Washington"},"keywords":"Child Tax Credit, United States, Joe Biden, coronavirus relief package","originalPublishedOn":"2021-11-23T17:10:00+00:00"}},{"node":{"id":"SOjmn7H9Y4Zr","slug":"what-is-build-back-better-act-how-will-it-affect-you","title":"What is Build Back Better Act? How will it affect you?","postType":1,"coverMedia":"https://ik.imagekit.io/o8plo3y5if/opoyi__c0zwdXm1tD.jpg","coverCaption":"Joe Biden had announced the Build Back Better Plan on inauguration. (Photo credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-11-19T19:20:05.616723+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe Build Back Better Act passed the House 220-213\u003c/li\u003e\n \u003cli\u003eIt covers a wide range of social spending priorities including taxation, health care and energy\u003c/li\u003e\n \u003cli\u003eHouse Speaker Nancy Pelosi described the the measure as \"historic, transformative'\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1637349605018,\\\"strCount\\\":3132,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"US President \u003ca href=\\\\\\\"https://opoyi.com/topic/joebiden\\\\\\\"\u003eJoe Biden's\u003c/a\u003e Build Back Better Act was passed \u003ca href=\\\\\\\"https://opoyi.com/united-states-house-of-representatives-passes-joe-bidens-build-back-better-act\\\\\\\"\u003e220 to 213 \u003c/a\u003ein the House of Representatives on Friday. It covers a wide range of social spending priorities including taxation, health care, energy, climate change, family services, education and housing.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"House Speaker Nancy Pelosi described the the measure as \\\\\\\"historic, transformative and larger than anything we have ever done before.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u0026nbsp; Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/joe-biden-to-undergo-first-routine-physical-exam-as-president-power-to-be-transferred-to-kamala-harris\\\\\\\"\u003eJoe Biden to undergo colonoscopy, power to be transferred to VP Kamala Harris\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"We are building back better. If you're a parent, a senior, a child, a worker. If you're an American, this bill is for you,\\\\\\\" she had said before the vote\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Here is what the\u0026nbsp;Build Back Better Act covers: (as per White House)\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"1) The Build Back Better Act lowers the costs of prescriptions drugs — so if you’re one of millions of Americans with diabetes, sometimes paying $1,000 a month for insulin — the cost is capped to $35 a month.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u0026nbsp; Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/us-president-joe-biden-praises-canada-mexico-as-leaders-discuss-strains\\\\\\\"\u003eUS President Joe Biden praises Canada, Mexico as leaders discuss strains\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"2) This bill will lower the cost of child care so working families don’t pay more than 7% of their income on care for their youngest children, which will help millions of parents get back to work.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"4) The Build Back Better Act improves access to education by providing universal preschool for every 3-and 4-year old in America and increases Pell Grants for working families and apprenticeship programs for education beyond high school.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"5) The Build Back Better Act will lower the costs of elder care, health care, and housing.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"6) Taken together with the Bipartisan Infrastructure Law, the Build Back Better Act is the most significant investment in our fight against the climate crisis ever.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/kamala-harris-first-female-us-vice-president-to-get-presidential-powers\\\\\\\"\u003eBiden colonoscopy: Harris first female US Vice President to get presidential powers\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Friday's vote came after the nonpartisan Congressional Budget Office estimated that the package would worsen federal deficits by $160 billion over the coming decade. The agency also recalculated the measure’s 10-year price tag at $1.68 trillion, though that figure wasn’t directly comparable to a $1.85 trillion figure Democrats have been using.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The 2,100-page bill’s initiatives include bolstering child care assistance, creating free preschool, curbing seniors’ prescription drug costs and increasing efforts to slow climate change. Also included are tax credits to spur clean energy development, bolstered child care assistance and extended tax breaks for millions of families with children, lower-earning workers and people buying private health insurance.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ci\u003eWith inputs from the Associated Press\u003c/i\u003e\\\"}}]}","relatedPosts":null,"location":{"name":"Washington D.C., DC, USA"},"createdBy":{"name":"Yash Bajaj","photo":null,"username":"yash6711","id":"0f9O2vXwZhEr","role":null},"topics":[{"name":"JoeBiden","slug":"joebiden","id":"tLOXw4T5mTfp"},{"name":"BuildBackBetterPlan","slug":"buildbackbetterplan","id":"himyhnKfnaL4"},{"name":"NancyPelosi","slug":"nancypelosi","id":"5LQimTN3zkV7"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"World","slug":"world","id":"iEhRQcab92b8"},{"name":"International","slug":"international","id":"NYS6J2BBfSdS"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Education","slug":"education","id":"pDJ4XmrPLztN"},{"name":"social","slug":"social","id":"zrRuLeNFdyJb"},{"name":"HouseofRepresentatives","slug":"houseofrepresentatives","id":"XhJO5RWysx36"},{"name":"USHouseOfRepresentatives","slug":"ushouseofrepresentatives","id":"mEdWWNoZO1pM"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Bajaj","id":"M07YhBZm5h4Q","username":"yashbajaj"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-19T19:20:04.920161+00:00","publisher":0,"sourceFeed":null,"cleanText":"US President Joe Biden's Build Back Better Act was passed 220 to 213 in the House of Representatives on Friday. It covers a wide range of social spending priorities including taxation, health care, energy, climate change, family services, education and housing. House Speaker Nancy Pelosi described the the measure as historic, transformative and larger than anything we have ever done before. Also read: Joe Biden to undergo colonoscopy, power to be transferred to VP Kamala Harris,We are building back better. If you're a parent, a senior, a child, a worker. If you're an American, this bill is for you, she had said before the vote,Here is what the Build Back Better Act covers: (as per White House) ,1) The Build Back Better Act lowers the costs of prescriptions drugs — so if you’re one of millions of Americans with diabetes, sometimes paying $1,000 a month for insulin — the cost is capped to $35 a month. Also read: US President Joe Biden praises Canada, Mexico as leaders discuss strains,2) This bill will lower the cost of child care so working families don’t pay more than 7% of their income on care for their youngest children, which will help millions of parents get back to work. 4) The Build Back Better Act improves access to education by providing universal preschool for every 3-and 4-year old in America and increases Pell Grants for working families and apprenticeship programs for education beyond high school. 5) The Build Back Better Act will lower the costs of elder care, health care, and housing. 6) Taken together with the Bipartisan Infrastructure Law, the Build Back Better Act is the most significant investment in our fight against the climate crisis ever. Also read: Biden colonoscopy: Harris first female US Vice President to get presidential powers,Friday's vote came after the nonpartisan Congressional Budget Office estimated that the package would worsen federal deficits by $160 billion over the coming decade. The agency also recalculated the measure’s 10-year price tag at $1.68 trillion, though that figure wasn’t directly comparable to a $1.85 trillion figure Democrats have been using. The 2,100-page bill’s initiatives include bolstering child care assistance, creating free preschool, curbing seniors’ prescription drug costs and increasing efforts to slow climate change. Also included are tax credits to spur clean energy development, bolstered child care assistance and extended tax breaks for millions of families with children, lower-earning workers and people buying private health insurance. With inputs from the Associated Press","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"38.9072","longitude":"-77.0369","name":"Washington D.C., DC, USA","city":"Washington"},"keywords":"Joe Biden, Build Back Better, House of Representatives, Taxes, Education","originalPublishedOn":"2021-11-19T17:00:00+00:00"}},{"node":{"id":"RLrNxtCTuYVj","slug":"elon-musk-sells-more-tesla-stock-than-needed-for-tax-payments-report","title":"Elon Musk sells more Tesla stock than needed for tax payments: Report","postType":1,"coverMedia":"/opoyi_Dkh2ppBnWme.jpg","coverCaption":"Tesla and SpaceX boss Elon Musk. (Photo Credit: Associated Press) ","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-11-18T00:15:00.701882+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eMusk has reportedly sold about 8.2 million shares of Tesla\u003c/li\u003e\n \u003cli\u003eFigures suggest that stocks worth nearly $5 billion were sold in surplus\u003c/li\u003e\n \u003cli\u003eAs of Tuesday, Tesla's stock had fallen nearly 14% after Musk's controversial Twitter poll\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1637193623357,\\\"strCount\\\":2431,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Elon Musk will be liquidating more equity in Tesla than he needs to pay his tax obligations after a controversial month filled with \u003ca href=\\\\\\\"https://opoyi.com/keep-forgetting-youre-alive-tesla-ceo-elon-musk-to-senator-bernie-sanders\\\\\\\"\u003erifts with United States lawmakers\u003c/a\u003e and \u003ca href=\\\\\\\"https://opoyi.com/un-responds-to-elon-musks-6-billion-dare-lays-out-plan-to-tackle-world-hunger\\\\\\\"\u003eUnited Nations officials.\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to reports from Associated Press, experts think the billionaire is saving up for bigger tax bills in the future or converting his stock to cash.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk has reportedly sold about 8.2 million shares of Tesla in the past nine days, which were valued at more than $8.8 billion.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to data released by the United States Securities and Exchange Commission, shared valued at about $3 billion were liquidated to complete tax obligations linked to\u0026nbsp;tock options that he exercised this week. These figures suggest that stocks worth nearly $5 billion were sold in surplus.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/ceo-hires-woman-to-slap-him-for-wasting-time-on-social-media-elon-musk-approves\\\\\\\"\u003eCEO hires woman to slap him for wasting time on social media, Elon Musk approves\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk, who has about 60 million followers on Twitter, posted a poll earlier this month asking if he should sell part of his Tesla stock. Days later, he said that 58% of the people said yes.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He wrote in the social media post, \\\\\\\"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my stock.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/heres-how-much-elon-musk-lost-in-a-week-after-tesla-stock-sale-poll\\\\\\\"\u003eHere's how much Elon Musk lost in a week after Tesla stock sale poll\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk could have cut his tax bill on the options in half if he had exercised the options and waited a year to sell the shares, according to University of Notre Dame professor Brad Badertscher. That is because with an immediate sale, the gain is taxed as ordinary income. In a year, Musk would pay the much lower capital gains rate, he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As of Tuesday, Tesla's stock had fallen nearly 14% since \u003ca href=\\\\\\\"https://opoyi.com/spacex-launches-53-starlink-satellites-on-229-foot-tall-falcon-9-rocket\\\\\\\"\u003eSpaceX\u003c/a\u003e founder Musk agreed to abide by the poll. On Wednesday, Tesla shares were up about 3% in mid-afternoon trading, according to reports from Associated Press.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"(With AP inputs)\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Aman Butani","photo":"","username":"amanbutani1975","id":"wo3kJpOpSZW2","role":null},"topics":[{"name":"ElonMusk","slug":"elonmusk","id":"jMTovOVMDcaW"},{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"SpaceX","slug":"spacex","id":"cQubwEniOiCD"},{"name":"Stock","slug":"stock","id":"uZuvdp8bQRRG"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"WallStreet","slug":"wallstreet","id":"guQdwfqs9ehK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Aman Butani","id":"wo3kJpOpSZW2","username":"amanbutani1975"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-18T00:15:00.701889+00:00","publisher":0,"sourceFeed":null,"cleanText":"Elon Musk will be liquidating more equity in Tesla than he needs to pay his tax obligations after a controversial month filled with rifts with United States lawmakers and United Nations officials. According to reports from Associated Press, experts think the billionaire is saving up for bigger tax bills in the future or converting his stock to cash. Musk has reportedly sold about 8.2 million shares of Tesla in the past nine days, which were valued at more than $8.8 billion. ,According to data released by the United States Securities and Exchange Commission, shared valued at about $3 billion were liquidated to complete tax obligations linked to tock options that he exercised this week. These figures suggest that stocks worth nearly $5 billion were sold in surplus. Also Read: CEO hires woman to slap him for wasting time on social media, Elon Musk approves,Musk, who has about 60 million followers on Twitter, posted a poll earlier this month asking if he should sell part of his Tesla stock. Days later, he said that 58% of the people said yes. ,He wrote in the social media post, Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my stock. Also Read: Here's how much Elon Musk lost in a week after Tesla stock sale poll,Musk could have cut his tax bill on the options in half if he had exercised the options and waited a year to sell the shares, according to University of Notre Dame professor Brad Badertscher. That is because with an immediate sale, the gain is taxed as ordinary income. In a year, Musk would pay the much lower capital gains rate, he added. As of Tuesday, Tesla's stock had fallen nearly 14% since SpaceX founder Musk agreed to abide by the poll. On Wednesday, Tesla shares were up about 3% in mid-afternoon trading, according to reports from Associated Press. (With AP inputs)","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Elon Musk, Tax obligations, Tesla, SpaceX, ","originalPublishedOn":"2021-11-18T00:15:00+00:00"}},{"node":{"id":"t5YHPn6hp9Rd","slug":"keep-forgetting-youre-alive-tesla-ceo-elon-musk-to-senator-bernie-sanders","title":"Keep forgetting you're alive: Tesla CEO Elon Musk to Senator Bernie Sanders","postType":1,"coverMedia":"/opoyi_NzLtWNxXzwn.jpg","coverCaption":"Elon Musk has been tagged as the richest person in the world. (Photo Credit: Associated Press)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-11-14T20:10:00.402437+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eSanders wrote about taxing the \"extremely wealthy\"\u003c/li\u003e\n \u003cli\u003eMusk responded in sarcastic manner on Twitter\u003c/li\u003e\n \u003cli\u003eSocial media users decribed the dig as \"inappropriate\"\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1636919407432,\\\"strCount\\\":2356,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/elonmusk\\\\\\\"\u003eTesla CEO Elon Musk\u003c/a\u003e found himself intertwined in yet another social media controversy after taking a dig at the United States \u003ca href=\\\\\\\"https://opoyi.com/topic/berniesanders\\\\\\\"\u003eSenator Bernie Sanders\u003c/a\u003e. \\\\\\\"I keep forgetting that you're still alive\\\\\\\", Musk told the 80-year-old lawmaker in a tweet on Sunday.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The tweet, which has been described as \\\\\\\"inappropriate\\\\\\\" by several social media users, was a response to Sanders' post earlier on Sunday. He wrote, \\\\\\\"We must demand that the extremely wealthy pay their fair share. Period.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk, who has been designated as the richest person in the world, said in a follow up tweet, \\\\\\\"Want me to sell more stock, Bernie? Just say the word...\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk, who is also the founder of SpaceX, has been making headlines after he said \u003ca href=\\\\\\\"https://opoyi.com/heres-how-much-elon-musk-lost-in-a-week-after-tesla-stock-sale-poll\\\\\\\"\u003ehe would sell 10% of his holdings\u003c/a\u003e in the company, based on the results of a poll he conducted on Twitter.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk has sold another chunk of his stock after pledging on Twitter to liquidate 10% of his holdings in the electric car maker.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/ceo-hires-woman-to-slap-him-for-wasting-time-on-social-media-elon-musk-approves\\\\\\\"\u003eCEO hires woman to slap him for wasting time on social media, Elon Musk approves\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk sold about 640,000 shares for roughly $687.3 million, according to two filings Friday with the United States Securities and Exchange Commission. So far this week, the eccentric CEO has sold about 5.1 million shares worth about $5.69 billion, according to reports from Associated Press.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"About $1.1 billion of the proceeds that from the sales that were made Thursday will go toward \u003ca href=\\\\\\\"https://opoyi.com/can-only-pay-taxes-this-way-elon-musk-asks-social-media-if-he-should-sell-tesla-stock\\\\\\\"\u003epaying tax obligations\u003c/a\u003e for stock options granted to Musk in September. The options are part of a compensation package Musk and Tesla agreed to in 2018 that provided the CEO with options if Tesla hit certain financial targets. The company is now profitable and worth more than $1 trillion.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Mellisa Byrne, a former political ally of Sanders and an activist, said in a tweet, \\\\\\\"Folks, quit buying Tesla. Don't reward abusive men\\\\\\\". However, Sanders has still not responded to the comments made on Sunday.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Aman Butani","photo":"","username":"amanbutani1975","id":"wo3kJpOpSZW2","role":null},"topics":[{"name":"ElonMusk","slug":"elonmusk","id":"jMTovOVMDcaW"},{"name":"BernieSanders","slug":"berniesanders","id":"LK5BRmg090qS"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"SpaceX","slug":"spacex","id":"cQubwEniOiCD"},{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"US","slug":"us","id":"0JelBm6rMusZ"},{"name":"International","slug":"international","id":"NYS6J2BBfSdS"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Aman Butani","id":"wo3kJpOpSZW2","username":"amanbutani1975"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-14T20:10:00.222019+00:00","publisher":0,"sourceFeed":null,"cleanText":"Tesla CEO Elon Musk found himself intertwined in yet another social media controversy after taking a dig at the United States Senator Bernie Sanders. I keep forgetting that you're still alive, Musk told the 80-year-old lawmaker in a tweet on Sunday. The tweet, which has been described as inappropriate by several social media users, was a response to Sanders' post earlier on Sunday. He wrote, We must demand that the extremely wealthy pay their fair share. Period. Musk, who has been designated as the richest person in the world, said in a follow up tweet, Want me to sell more stock, Bernie? Just say the word... Musk, who is also the founder of SpaceX, has been making headlines after he said he would sell 10% of his holdings in the company, based on the results of a poll he conducted on Twitter. Musk has sold another chunk of his stock after pledging on Twitter to liquidate 10% of his holdings in the electric car maker. Also Read: CEO hires woman to slap him for wasting time on social media, Elon Musk approves,Musk sold about 640,000 shares for roughly $687.3 million, according to two filings Friday with the United States Securities and Exchange Commission. So far this week, the eccentric CEO has sold about 5.1 million shares worth about $5.69 billion, according to reports from Associated Press. About $1.1 billion of the proceeds that from the sales that were made Thursday will go toward paying tax obligations for stock options granted to Musk in September. The options are part of a compensation package Musk and Tesla agreed to in 2018 that provided the CEO with options if Tesla hit certain financial targets. The company is now profitable and worth more than $1 trillion. Mellisa Byrne, a former political ally of Sanders and an activist, said in a tweet, Folks, quit buying Tesla. Don't reward abusive men. However, Sanders has still not responded to the comments made on Sunday.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Elon Musk, Bernie Sanders, Tesla, Twitter, SpaceX, Taxes","originalPublishedOn":"2021-11-14T18:10:00+00:00"}},{"node":{"id":"m5fCuDXVLXrO","slug":"heres-how-the-government-could-tax-your-crypto-profits","title":"Here's how the government could tax your crypto profits","postType":1,"coverMedia":"/opoyi_uxz2DI5eM.jpg","coverCaption":"India has the highest number of crypto owners in the world at 10.03 crore (Photo Credits: Unsplash/Representative)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-11-08T17:05:21.565208+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eAt present there are no specific\u0026nbsp; provisions for cryptocurrencies in the Income Tax Act, 1961\u003c/li\u003e\n \u003cli\u003eDigital token is considered to be a capital asset if purchased for investment\u003c/li\u003e\n \u003cli\u003eGovernment may impose 18% GST on foreign crypto exchanges\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1636391120423,\\\"strCount\\\":3722,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Despite uncertainty on the regulation of cryptocurrencies, India has the highest number of crypto owners in the world at 10.03 crore. Purchases of cryptocurrencies by Indians have reached an all-time high of $10 billion, from $923 million in April 2020.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"If you are interested in investing your money in \u003ca href=\\\\\\\"https://opoyi.com/topic/cryptocurrency\\\\\\\"\u003ecryptocurrencies\u003c/a\u003e, you need to understand possible tax implications. The question of how cryptocurrencies could attract tax is a common one asked by investors.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/paytm-may-consider-offering-bitcoin-if-india-legalizes-cryptocurrency\\\\\\\"\u003ePaytm may consider offering Bitcoin if India legalizes cryptocurrency\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/reservebankofindia\\\\\\\"\u003eReserve Bank of India\u003c/a\u003e had in 2018 banned banks and other financial institutions from facilitating transactions in cryptocurrencies. The Supreme Court in 2020 reversed the order, allowing trade of virtual coins like \u003ca href=\\\\\\\"https://opoyi.com/topic/bitcoin\\\\\\\"\u003eBitcoin\u003c/a\u003e and Ethereum.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The government, on its part, has made it mandatory for companies dealing in virtual currencies to disclose profits from such activity. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has been tabled in Parliament and will be discussed during the Winter session.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/who-is-the-founder-of-bitcoin-and-why-is-his-identity-shrouded-in-mystery\\\\\\\"\u003eWho is the founder of Bitcoin and why is his identity shrouded in mystery?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"At present there are no specific\u0026nbsp; provisions for cryptocurrencies in the Income Tax Act, 1961. But if you have invested in and gained from cryptocurrencies you have to report them. Here are some ways in which cryptocurrencies could be taxed in India.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A digital token is considered to be a capital asset if it is purchased for investment and it can be taxed for capital gains. If cryptocurrencies are held for more than 36 months, profits arising from them could be categorized as long-term capital gains and might be subject to 20% tax, plus applicable surcharge and cess. The tax amount could be\u0026nbsp; adjusted for inflation.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/explained-how-bitcoin-price-and-inflation-are-co-related\\\\\\\"\u003eHow Bitcoin price and inflation are co-related\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Profits arising over a period shorter than 36 months could\u0026nbsp; be classified as short-term capital gains. Such gains could be listed as\u0026nbsp; “other income”\u0026nbsp; and may be subject to the tax slab for specific income tax brackets. For instance, if you are in the 10% tax bracket, then a tax of 10% could be imposed on your crypto profits.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"If cryptocurrency transactions are required to be reported as business income, trading\u0026nbsp; revenue would become subject to tax according to slab rates. There could also be goods and services tax (GST) implications, along with\u0026nbsp; deductions. The profits would, of course, be considered other income and taxed in accordance with income tax slab rates.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/five-years-since-demonetisation-indian-economy-has-more-cash-in-circulation\\\\\\\"\u003eFive years since demonetisation, Indian economy has more cash in circulation\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The government may also impose 18% GST on foreign cryptocurrency exchanges. It has also considered a 2% equalization charge on transactions with foreign cryptocurrency exchanges. For Indian cryptocurrency exchanges, 18% GST is already levied.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"It is unlikely to be long before you have to start paying taxes\u0026nbsp; on profits made through cryptocurrency trading. This could be a good time to start keeping records of all your transactions and to seek guidance from accountants and tax experts.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"crypto","slug":"crypto","id":"eVTAwA488l3J"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"taxpayers","slug":"taxpayers","id":"nAtpdvWSLlKn"},{"name":"TaxSavings","slug":"taxsavings","id":"6yGCC8vVMpTt"},{"name":"income","slug":"income","id":"sNAucUmmx9Cn"},{"name":"IncomeTaxReturn","slug":"incometaxreturn","id":"CpQzyJ1oXxxb"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"ITAct","slug":"itact","id":"bbHPfnW48x5M"},{"name":"Investment","slug":"investment","id":"BOGVZOTPlXcL"},{"name":"Bitcoin","slug":"bitcoin","id":"b6gsXRHnIQWf"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"CryptoWallet","slug":"cryptowallet","id":"4StO8WV49qBp"},{"name":"trade","slug":"trade","id":"cZ4vPI5dpSsy"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-08T17:05:20.388729+00:00","publisher":6,"sourceFeed":null,"cleanText":"Despite uncertainty on the regulation of cryptocurrencies, India has the highest number of crypto owners in the world at 10.03 crore. Purchases of cryptocurrencies by Indians have reached an all-time high of $10 billion, from $923 million in April 2020. If you are interested in investing your money in cryptocurrencies, you need to understand possible tax implications. The question of how cryptocurrencies could attract tax is a common one asked by investors. Also Read | Paytm may consider offering Bitcoin if India legalizes cryptocurrency,The Reserve Bank of India had in 2018 banned banks and other financial institutions from facilitating transactions in cryptocurrencies. The Supreme Court in 2020 reversed the order, allowing trade of virtual coins like Bitcoin and Ethereum. ,The government, on its part, has made it mandatory for companies dealing in virtual currencies to disclose profits from such activity. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has been tabled in Parliament and will be discussed during the Winter session. Also Read | Who is the founder of Bitcoin and why is his identity shrouded in mystery?,At present there are no specific provisions for cryptocurrencies in the Income Tax Act, 1961. But if you have invested in and gained from cryptocurrencies you have to report them. Here are some ways in which cryptocurrencies could be taxed in India. A digital token is considered to be a capital asset if it is purchased for investment and it can be taxed for capital gains. If cryptocurrencies are held for more than 36 months, profits arising from them could be categorized as long-term capital gains and might be subject to 20% tax, plus applicable surcharge and cess. The tax amount could be adjusted for inflation. Also Read | How Bitcoin price and inflation are co-related,Profits arising over a period shorter than 36 months could be classified as short-term capital gains. Such gains could be listed as “other income” and may be subject to the tax slab for specific income tax brackets. For instance, if you are in the 10% tax bracket, then a tax of 10% could be imposed on your crypto profits. If cryptocurrency transactions are required to be reported as business income, trading revenue would become subject to tax according to slab rates. There could also be goods and services tax (GST) implications, along with deductions. The profits would, of course, be considered other income and taxed in accordance with income tax slab rates. Also Read | Five years since demonetisation, Indian economy has more cash in circulation,The government may also impose 18% GST on foreign cryptocurrency exchanges. It has also considered a 2% equalization charge on transactions with foreign cryptocurrency exchanges. For Indian cryptocurrency exchanges, 18% GST is already levied. ,It is unlikely to be long before you have to start paying taxes on profits made through cryptocurrency trading. This could be a good time to start keeping records of all your transactions and to seek guidance from accountants and tax experts.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"crypto, crytpocurrency, tax on cryptocurrency, cryptocurrency tax norms","originalPublishedOn":"2021-11-08T17:05:20.388716+00:00"}},{"node":{"id":"jYZNEk97enuT","slug":"elon-musk-should-sell-10-stock-in-tesla-inc-twitter-poll-result","title":"Elon Musk should sell 10% stock in Tesla Inc: Twitter poll result","postType":1,"coverMedia":"/opoyi_B2SSAnYXg1q.jpg","coverCaption":"Elon Musk, 50, is the wealthiest man in the world (Photo Credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-11-08T02:30:00.739216+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003e57.9% of Twitter users polling voted for Elon Musk to sell the stock\u003c/li\u003e\n \u003cli\u003eElon Musk, 50, put up a Twitter poll Saturday asking if he should sell 10% stock in Tesla\u003c/li\u003e\n \u003cli\u003e“I was prepared to accept either outcome,” Musk said after the poll\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1636338133031,\\\"strCount\\\":2659,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/does-elon-musks-latest-tweet-point-to-spat-between-shiba-inu-and-dogecoin\\\\\\\"\u003eElon Musk\u003c/a\u003e, CEO of\\\\nTesla Inc, has been asked to sell nearly 10% of his stock in the company by 57.9%\\\\n\u003ca href=\\\\\\\"https://opoyi.com/spacex-rockets-launch-delayed-over-medical-issue-with-astronaut\\\\\\\"\u003eTwitter users\u003c/a\u003e to whom he left the decision. On Saturday, Musk, who is the wealthiest\\\\nperson in the world right now, said he would offload 10% of his Tesla stock if\\\\nusers approve the proposal. After 57.9% of those polling said yes, Musk said, “I\\\\nwas prepared to accept either outcome”.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/can-only-pay-taxes-this-way-elon-musk-asks-social-media-if-he-should-sell-tesla-stock\\\\\\\"\u003eOnly way to pay taxes: Elon Musk asks social media if he should sell Tesla stock\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Elon Musk had\\\\npreviously said that he would exercise a large number of his stock options in\\\\nthe next three months, which would create a big tax bill, according to a\\\\nReuters report. Selling a portion of his stock could free up funds to pay the\\\\ntaxes, according to Musk.\\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"others\\\",\\\"source\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eMuch is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.\u003cbr\u003e\u003cbr\u003eDo you support this?\u003c/p\u003e\u0026mdash; Lorde Edge (@elonmusk) \u003ca href=\\\\\\\"https://twitter.com/elonmusk/status/1457064697782489088?ref_src=twsrc%5Etfw\\\\\\\"\u003eNovember 6, 2021\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"embed\\\":\\\"\u003cdiv class=\\\\\\\"others-embed\\\\\\\"\u003e\u003cblockquote class=\\\\\\\"twitter-tweet\\\\\\\"\u003e\u003cp lang=\\\\\\\"en\\\\\\\" dir=\\\\\\\"ltr\\\\\\\"\u003eMuch is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.\u003cbr\u003e\u003cbr\u003eDo you support this?\u003c/p\u003e\u0026mdash; Lorde Edge (@elonmusk) \u003ca href=\\\\\\\"https://twitter.com/elonmusk/status/1457064697782489088?ref_src=twsrc%5Etfw\\\\\\\"\u003eNovember 6, 2021\u003c/a\u003e\u003c/blockquote\u003e \u003cscript async src=\\\\\\\"https://platform.twitter.com/widgets.js\\\\\\\" charset=\\\\\\\"utf-8\\\\\\\"\u003e\u003c/script\u003e\u003c/div\u003e\\\",\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":null}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Twitter poll\\\\nthat Musk set up to decide on his financial course of action garnered 3.5\\\\nmillion votes and the poll sided heavily with selling the stock. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"At the end of July\\\\nthis year, Musk held about 170.5 million shares in Tesla. If he were to abide\\\\nby the results of the poll and sell 10% stock, the amount would be close to $21\\\\nbillion, as per calculations carried out by Reuters.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/elon-musk-can-end-world-hunger-tesla-ceo-takes-on-un-official-in-heated-debate\\\\\\\"\u003eElon Musk can end world hunger? Tesla CEO takes on UN official in heated debate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"While initiating\\\\nthe poll, Musk said, “Much is made lately of unrealized gains being a means of\\\\ntax avoidance, so I propose selling 10% of my Tesla stock.” Musk added that he\\\\ndoes not take cash salary or bonus from anywhere and just has stock. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The 50-year-old\\\\nbillionaire’s social media moves and antics come and the United States Senate\\\\nDemocrats unveil a proposal to impose tax on billionaire’s stocks and other\\\\ntradeable assets that can fund the social spending agenda and fill a loophole\\\\nthat has allowed them to defer capital gains taxes indefinitely. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk has severely\\\\ncriticised the proposal saying, “Eventually, they run out of other people’s\\\\nmoney and they come for you.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Democrats,\\\\nhowever, are not amused at Musk’s antics. “Whether or not the world’s wealthiest\\\\nperson pays any taxes at all shouldn’t depend on the results of a Twitter poll,”\\\\nsaid Ron Wyden, chairman of the Senate Finance Committee adding that it was\\\\ntime for the “Billionaires Income Tax”. \u0026nbsp;\\\"}}]}","relatedPosts":null,"location":{"name":"Palo Alto, CA, USA"},"createdBy":{"name":"Sammya Mukhopadhyay","photo":"https://opoyi.com/images/opoyi_3P8-dIXou.jpg?tr=w-600,q-70,dpr","username":"sammya","id":"eHHzkYx6brHC","role":null},"topics":[{"name":"ElonMusk","slug":"elonmusk","id":"jMTovOVMDcaW"},{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"Twitter","slug":"twitter","id":"r2VwbtWIQvvF"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"USA","slug":"usa","id":"SPBaPrR23eZS"},{"name":"US","slug":"us","id":"0JelBm6rMusZ"},{"name":"DemocraticParty","slug":"democraticparty","id":"o5cIzycfE1Px"},{"name":"Stock","slug":"stock","id":"uZuvdp8bQRRG"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"World","slug":"world","id":"iEhRQcab92b8"},{"name":"news","slug":"news","id":"TtrHLXvjg4wB"},{"name":"global","slug":"global","id":"uBIUt4MURVrY"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Sammya Mukhopadhyay","id":"GOl1ARDbv7mE","username":"8637881244"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-08T02:30:00.739221+00:00","publisher":0,"sourceFeed":null,"cleanText":"Elon Musk, CEO of Tesla Inc, has been asked to sell nearly 10% of his stock in the company by 57.9% Twitter users to whom he left the decision. On Saturday, Musk, who is the wealthiest person in the world right now, said he would offload 10% of his Tesla stock if users approve the proposal. After 57.9% of those polling said yes, Musk said, “I was prepared to accept either outcome”. Also Read | Only way to pay taxes: Elon Musk asks social media if he should sell Tesla stock,Elon Musk had previously said that he would exercise a large number of his stock options in the next three months, which would create a big tax bill, according to a Reuters report. Selling a portion of his stock could free up funds to pay the taxes, according to Musk. The Twitter poll that Musk set up to decide on his financial course of action garnered 3.5 million votes and the poll sided heavily with selling the stock. ,At the end of July this year, Musk held about 170.5 million shares in Tesla. If he were to abide by the results of the poll and sell 10% stock, the amount would be close to $21 billion, as per calculations carried out by Reuters. Also Read | Elon Musk can end world hunger? Tesla CEO takes on UN official in heated debate,While initiating the poll, Musk said, “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.” Musk added that he does not take cash salary or bonus from anywhere and just has stock. ,The 50-year-old billionaire’s social media moves and antics come and the United States Senate Democrats unveil a proposal to impose tax on billionaire’s stocks and other tradeable assets that can fund the social spending agenda and fill a loophole that has allowed them to defer capital gains taxes indefinitely. ,Musk has severely criticised the proposal saying, “Eventually, they run out of other people’s money and they come for you.”,Democrats, however, are not amused at Musk’s antics. “Whether or not the world’s wealthiest person pays any taxes at all shouldn’t depend on the results of a Twitter poll,” said Ron Wyden, chairman of the Senate Finance Committee adding that it was time for the “Billionaires Income Tax”.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"37.4419","longitude":"-122.143","name":"Palo Alto, CA, USA","city":"Palo Alto"},"keywords":"Elon Musk, Elon Musk Tesla, Elon Musk Tesla shares, Elon Musk Twitter poll, Tesla shares Twitter poll result","originalPublishedOn":"2021-11-08T02:30:00+00:00"}},{"node":{"id":"4CYynLDHMoUS","slug":"can-only-pay-taxes-this-way-elon-musk-asks-social-media-if-he-should-sell-tesla-stock","title":"Only way to pay taxes: Elon Musk asks social media if he should sell Tesla stock","postType":1,"coverMedia":"https://ik.imagekit.io/o8plo3y5if/opoyi_QLzBnw-iG.jpg","coverCaption":"Elon Musk is the richest person on earth (Photo credit: AFP)","reactionStats":"{\"sad_count\": 0, \"like_count\": 1.0, \"angry_count\": 0, \"laugh_count\": 0, \"heartbreak_count\": 0}","updatedOn":"2021-11-06T23:17:20.664719+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eA section of Democrats has been pushing for billionaires to pay taxes when the price of the stocks they hold goes up\u003c/li\u003e\n \u003cli\u003e\"The only way for me to pay taxes personally is to sell stock,\" Elon Musk tweeted\u003c/li\u003e\n \u003cli\u003eMusk said he would \"abide by the results of this poll\"\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":1,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1636240640425,\\\"strCount\\\":2298,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/tesla\\\\\\\"\u003eTesla\u003c/a\u003e CEO \u003ca href=\\\\\\\"https://opoyi.com/topic/elonmusk\\\\\\\"\u003eElon Musk\u003c/a\u003e is asking his \u003ca href=\\\\\\\"https://opoyi.com/topic/socialmedia\\\\\\\"\u003esocial media\u003c/a\u003e followers whether he should go ahead and sell 10% of his stock in the electric-vehicle company. The tweet comes amid pressure in Washington to increase taxes on billionaires like Musk himself.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A section of the \u003ca href=\\\\\\\"https://opoyi.com/topic/democraticparty\\\\\\\"\u003eDemocratic Party\u003c/a\u003e has been pushing for billionaires to pay taxes when the price of the stocks they hold goes up. The proposed taxes will apply even if they don't sell any shares. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"These proposals are based on a concept called \\\\\\\"unrealized gains,\\\\\\\" and Musk is sitting on a lot of them with a net worth of roughly $300 billion, which makes him the richest person on the planet. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?,\\\\\\\"\u0026nbsp;the billionaire, who also owns \u003ca href=\\\\\\\"https://opoyi.com/topic/spacex\\\\\\\"\u003eSpaceX\u003c/a\u003e, tweeted on Saturday.\\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"twitter\\\",\\\"source\\\":\\\"https://twitter.com/elonmusk/status/1457064697782489088\\\",\\\"embed\\\":\\\"elonmusk/status/1457064697782489088\\\",\\\"width\\\":520,\\\"height\\\":300,\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":173.33333333333334}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"By the evening Eastern time, a little more than two hours after Musk's initial tweet, 54% said yes out of a total of 876,189 votes. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Much of Musk's wealth is held in shares of Tesla, which does not pay him a cash salary. \\\\\\\"I only have stock, thus the only way for me to pay taxes personally is to sell stock,\\\\\\\" he tweeted.\\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"twitter\\\",\\\"source\\\":\\\"https://twitter.com/elonmusk/status/1457067398712942592\\\",\\\"embed\\\":\\\"elonmusk/status/1457067398712942592\\\",\\\"width\\\":520,\\\"height\\\":300,\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":173.33333333333334}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Musk, who is known for his sometimes flippant tweets, said he would \\\\\\\"abide by the results of this poll.\\\\\\\" \\\"}},{\\\"type\\\":\\\"embed\\\",\\\"data\\\":{\\\"service\\\":\\\"twitter\\\",\\\"source\\\":\\\"https://twitter.com/elonmusk/status/1457066048944066565\\\",\\\"embed\\\":\\\"elonmusk/status/1457066048944066565\\\",\\\"width\\\":520,\\\"height\\\":300,\\\"caption\\\":\\\"\\\",\\\"aspectRatio\\\":173.33333333333334}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Recently, Musk\u0026nbsp;had \u003ca href=\\\\\\\"https://opoyi.com/elon-musk-can-end-world-hunger-tesla-ceo-takes-on-un-official-in-heated-debate?utm_source=copy-share\u0026amp;utm_medium=web\u0026amp;utm_campaign=none\\\\\\\"\u003eoffered to donate\u003c/a\u003e a portion of his wealth to end world hunger, provided the United Nations (UN) World Food Programme (WFP) increased scrutiny on spending for the programme.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The offer was prompted by WFP director David Beasley's remarks to CNN that billionaires like Amazon founder Jeff Bezos and Musk should “step up now on a one-time basis,” claiming a fraction of their net worth would help 42 million people \\\\\\\"that are literally going to die if we don't reach them.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He challenged the WFP to \\\\\\\"describe exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.\\\\\\\"\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Shivam Pratap Singh","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_YyDFmzhxz.jpg","username":"ShivamPratapSingh","id":"fxqCIKdU69Gj","role":null},"topics":[{"name":"ElonMusk","slug":"elonmusk","id":"jMTovOVMDcaW"},{"name":"Tesla","slug":"tesla","id":"9y75NOMnEoxE"},{"name":"Stock","slug":"stock","id":"uZuvdp8bQRRG"},{"name":"Twitter","slug":"twitter","id":"r2VwbtWIQvvF"},{"name":"SocialMedia","slug":"socialmedia","id":"IDS3Gtya3gaP"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Shivam Pratap Singh","id":"fxqCIKdU69Gj","username":"ShivamPratapSingh"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-06T23:08:29.039456+00:00","publisher":0,"sourceFeed":null,"cleanText":"Tesla CEO Elon Musk is asking his social media followers whether he should go ahead and sell 10% of his stock in the electric-vehicle company. The tweet comes amid pressure in Washington to increase taxes on billionaires like Musk himself. A section of the Democratic Party has been pushing for billionaires to pay taxes when the price of the stocks they hold goes up. The proposed taxes will apply even if they don't sell any shares. ,These proposals are based on a concept called unrealized gains, and Musk is sitting on a lot of them with a net worth of roughly $300 billion, which makes him the richest person on the planet. ,Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?, the billionaire, who also owns SpaceX, tweeted on Saturday. By the evening Eastern time, a little more than two hours after Musk's initial tweet, 54% said yes out of a total of 876,189 votes. ,Much of Musk's wealth is held in shares of Tesla, which does not pay him a cash salary. I only have stock, thus the only way for me to pay taxes personally is to sell stock, he tweeted. Musk, who is known for his sometimes flippant tweets, said he would abide by the results of this poll. ,Recently, Musk had offered to donate a portion of his wealth to end world hunger, provided the United Nations (UN) World Food Programme (WFP) increased scrutiny on spending for the programme. ,The offer was prompted by WFP director David Beasley's remarks to CNN that billionaires like Amazon founder Jeff Bezos and Musk should “step up now on a one-time basis,” claiming a fraction of their net worth would help 42 million people that are literally going to die if we don't reach them.”,He challenged the WFP to describe exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":null,"originalPublishedOn":"2021-11-06T23:08:29.039446+00:00"}},{"node":{"id":"Vp21xFp3ecOq","slug":"new-grand-jury-seated-as-donald-trump-criminal-probe-continues","title":"New grand jury seated as Donald Trump criminal probe continues","postType":1,"coverMedia":"https://ik.imagekit.io/o8plo3y5if/opoyi_qaAk0Y3_dll.jpg","coverCaption":"New York prosecutors are investigating former President Donald Trump’s business dealings. (Photo credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-11-05T01:02:23.751544+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eTrump’s company, the Trump Organization, is facing tax fraud charges\u003c/li\u003e\n \u003cli\u003eSubpoenas were issued subpoenas to local governments in November 2019 for records pertaining to Trump’s estate\u003c/li\u003e\n \u003cli\u003eTrump himself was not charged with any wrongdoing\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1636074084303,\\\"strCount\\\":5452,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"New York prosecutors investigating former President \u003ca href=\\\\\\\"https://opoyi.com/topic/donaldtrump\\\\\\\"\u003eDonald Trump’s\u003c/a\u003e business dealings have convened a new grand jury to hear evidence in the probe as the previous panel’s term was set to run out, a person familiar with the matter told The Associated Press Thursday.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The development comes as the Manhattan district attorney’s office is weighing whether to seek more indictments in a case that has already resulted in tax fraud charges against Trump’s company, the Trump Organization, and its longtime CFO Allen Weisselberg.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/nra-illegally-funded-donald-trump-and-other-gop-campaigns-lawsuit-alleges\\\\\\\"\u003eNRA illegally funded Donald Trump and other GOP campaigns, lawsuit alleges\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Trump himself remains under investigation after District Attorney Cyrus Vance Jr. led a multiyear fight to get access to the Republican’s tax records.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The person was not authorized to speak publicly and did so on condition of anonymity. The news of the new grand jury was first reported by The Washington Post.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Manhattan DA’s office declined comment. A message seeking comment was left with a Trump Organization lawyer.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Investigators working for Vance and New York Attorney General Letitia James have spent more than two years looking at whether the Trump Organization misled banks or tax officials about the value of the company's assets, inflating them to gain favorable loan terms or minimizing them to reap tax savings.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As part of a continuing civil investigation, James’ office issued subpoenas to local governments in November 2019 for records pertaining to Trump’s estate north of Manhattan, Seven Springs, and a tax benefit Trump received for placing land into a conservation trust. Vance issued subpoenas about a year ago seeking many of the same records.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"James’ office has also been looking at similar issues relating to a Trump office building in New York City, a hotel in Chicago and a golf course near Los Angeles. Her office also won a series of court rulings forcing Trump’s company and a law firm it hired to turn over troves of records.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/russian-analyst-who-aided-trump-russia-dossier-arrested\\\\\\\"\u003eAnalyst, who lied to FBI about Steele Trump-Russia dossier, arrested\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The New York Times reported last month that Westchester District Attorney Mimi Rocah had opened an investigation into whether the Trump Organization misled officials to cut taxes for a golf course.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In the criminal case, Weisselberg has pleaded not guilty to charges he collected more than $1.7 million in off-the-books compensation, including apartment rent, car payments and school tuition. Trump’s company was also charged in the case, which prosecutors have described as a “sweeping and audacious” tax fraud scheme.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Prosecutors have also been weighing whether to seek charges against the company’s chief operating officer Matthew Calamari Sr.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the indictment, from 2005 through this year, the Trump Organization and Weisselberg, 74, cheated tax authorities by conspiring to pay senior executives off the books by way of lucrative fringe benefits and other means. Weisselberg alone was accused of defrauding the federal, state and city governments out of more than $900,000 in unpaid taxes and undeserved tax refunds.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Trump himself was not charged with any wrongdoing, but prosecutors noted he signed some of the checks at the center of the case.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In recent months, a pair of Trump Organization executives testified before the grand jury hearing evidence in the Manhattan case. Under New York law, grand jury witnesses are granted immunity and cannot be charged for conduct they testify about.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"One of the Trump executives granted immunity to testify before the grand jury is the company’s director of security, Matthew Calamari Jr., the son of Matthew Calamari Sr. The other, senior vice president and controller, Jeffrey McConney, was first subpoenaed to testify in the spring and appeared before the panel again in September.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"At a September hearing, Weisselberg lawyer Bryan Scarlatos told a judge he had “strong reason to believe” more indictments were coming in the case.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The grand jury that returned the Weisselberg and Trump Organization indictments was empaneled in the spring for a six-month term. The new grand jury will also meet for six months, overlapping the start of Alvin Bragg’s tenure as district attorney.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Bragg, a Democrat, won Tuesday’s election and will take over in January for Vance, who is retiring.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As a top deputy to New York’s attorney general in 2018, Bragg helped oversee a lawsuit that led to the closure of Trump’s charitable foundation over allegations that he used the nonprofit to further his political and business interests.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In an interview prior to his election, Bragg told The Associated Press his prior experience handling mortgage fraud, money laundering and other white-collar investigations made him feel “very equipped to follow the facts wherever they go” in the Trump criminal probe.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“I remember the moment sitting around the table with the attorney general deciding to file the case and the ultimate question was, ‘is this a matter that we would file if it were someone else,’” Bragg said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“And we arrived with the answer that yes, this was the kind of conduct that was worthy of an attorney general action. It’s that same philosophy and approach that I’ll take to the D.A.’s office,\\\\\\\" he said.\\\"}}]}","relatedPosts":null,"location":{"name":"New York, NY, USA"},"createdBy":{"name":"Yash Bajaj","photo":null,"username":"yash6711","id":"0f9O2vXwZhEr","role":null},"topics":[{"name":"DonaldTrump","slug":"donaldtrump","id":"2BkYVqd4njLi"},{"name":"TrumpOrganization","slug":"trumporganization","id":"Id2zgeCIyJKd"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Fraud","slug":"fraud","id":"nMdDLDZTL0TG"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"World","slug":"world","id":"iEhRQcab92b8"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"AP","id":"8dFR8PhLJl4s","username":"associatedpress"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-04T23:50:00.271534+00:00","publisher":0,"sourceFeed":null,"cleanText":"New York prosecutors investigating former President Donald Trump’s business dealings have convened a new grand jury to hear evidence in the probe as the previous panel’s term was set to run out, a person familiar with the matter told The Associated Press Thursday. The development comes as the Manhattan district attorney’s office is weighing whether to seek more indictments in a case that has already resulted in tax fraud charges against Trump’s company, the Trump Organization, and its longtime CFO Allen Weisselberg. Also read: NRA illegally funded Donald Trump and other GOP campaigns, lawsuit alleges,Trump himself remains under investigation after District Attorney Cyrus Vance Jr. led a multiyear fight to get access to the Republican’s tax records. The person was not authorized to speak publicly and did so on condition of anonymity. The news of the new grand jury was first reported by The Washington Post. The Manhattan DA’s office declined comment. A message seeking comment was left with a Trump Organization lawyer. Investigators working for Vance and New York Attorney General Letitia James have spent more than two years looking at whether the Trump Organization misled banks or tax officials about the value of the company's assets, inflating them to gain favorable loan terms or minimizing them to reap tax savings. As part of a continuing civil investigation, James’ office issued subpoenas to local governments in November 2019 for records pertaining to Trump’s estate north of Manhattan, Seven Springs, and a tax benefit Trump received for placing land into a conservation trust. Vance issued subpoenas about a year ago seeking many of the same records. James’ office has also been looking at similar issues relating to a Trump office building in New York City, a hotel in Chicago and a golf course near Los Angeles. Her office also won a series of court rulings forcing Trump’s company and a law firm it hired to turn over troves of records. Also read: Analyst, who lied to FBI about Steele Trump-Russia dossier, arrested,The New York Times reported last month that Westchester District Attorney Mimi Rocah had opened an investigation into whether the Trump Organization misled officials to cut taxes for a golf course. In the criminal case, Weisselberg has pleaded not guilty to charges he collected more than $1.7 million in off-the-books compensation, including apartment rent, car payments and school tuition. Trump’s company was also charged in the case, which prosecutors have described as a “sweeping and audacious” tax fraud scheme. Prosecutors have also been weighing whether to seek charges against the company’s chief operating officer Matthew Calamari Sr. According to the indictment, from 2005 through this year, the Trump Organization and Weisselberg, 74, cheated tax authorities by conspiring to pay senior executives off the books by way of lucrative fringe benefits and other means. Weisselberg alone was accused of defrauding the federal, state and city governments out of more than $900,000 in unpaid taxes and undeserved tax refunds. Trump himself was not charged with any wrongdoing, but prosecutors noted he signed some of the checks at the center of the case. In recent months, a pair of Trump Organization executives testified before the grand jury hearing evidence in the Manhattan case. Under New York law, grand jury witnesses are granted immunity and cannot be charged for conduct they testify about. One of the Trump executives granted immunity to testify before the grand jury is the company’s director of security, Matthew Calamari Jr. the son of Matthew Calamari Sr. The other, senior vice president and controller, Jeffrey McConney, was first subpoenaed to testify in the spring and appeared before the panel again in September. At a September hearing, Weisselberg lawyer Bryan Scarlatos told a judge he had “strong reason to believe” more indictments were coming in the case. The grand jury that returned the Weisselberg and Trump Organization indictments was empaneled in the spring for a six-month term. The new grand jury will also meet for six months, overlapping the start of Alvin Bragg’s tenure as district attorney. Bragg, a Democrat, won Tuesday’s election and will take over in January for Vance, who is retiring. As a top deputy to New York’s attorney general in 2018, Bragg helped oversee a lawsuit that led to the closure of Trump’s charitable foundation over allegations that he used the nonprofit to further his political and business interests. In an interview prior to his election, Bragg told The Associated Press his prior experience handling mortgage fraud, money laundering and other white-collar investigations made him feel “very equipped to follow the facts wherever they go” in the Trump criminal probe. “I remember the moment sitting around the table with the attorney general deciding to file the case and the ultimate question was, ‘is this a matter that we would file if it were someone else,’” Bragg said. “And we arrived with the answer that yes, this was the kind of conduct that was worthy of an attorney general action. It’s that same philosophy and approach that I’ll take to the D.A.’s office, he said.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"40.7128","longitude":"-74.006","name":"New York, NY, USA","city":"New York City"},"keywords":"Donald Trump, tax fraud, jury, manhattan","originalPublishedOn":"2021-11-04T23:50:00+00:00"}},{"node":{"id":"Uuhqqs331JcU","slug":"g-20-endorses-global-corporate-minimum-tax-at-rome-summit","title":"G-20 endorses global corporate minimum tax at Rome summit","postType":1,"coverMedia":"/opoyi_y_7kY8VekId.jpg","coverCaption":"G-20 leaders in Rome. (Photo credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-10-31T03:31:00.443009+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eWolrd's biggest economies on Saturday endorsed a global minimum tax on corporations\u003c/li\u003e\n \u003cli\u003eThe move by the Group of 20 summit in Rome was hailed by US\u003c/li\u003e\n \u003cli\u003eG-20 finance ministers in July had already agreed on a 15% minimum tax\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1635649146319,\\\"strCount\\\":5451,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Leaders of the world's biggest economies on Saturday endorsed a global \u003ca href=\\\\\\\"https://opoyi.com/global-corporate-minimum-tax-gets-formal-g20-nod-at-rome-summit\\\\\\\"\u003eminimum tax\u003c/a\u003e on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u003ca href=\\\\\\\"https://opoyi.com/us-eu-agree-on-a-deal-to-settle-rift-over-donald-trump-era-trade-tariffs\\\\\\\"\u003e\u0026nbsp;US, EU agree on a deal to settle rift over Donald Trump-era trade tariffs\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The move by the \u003ca href=\\\\\\\"https://opoyi.com/topic/g20\\\\\\\"\u003eGroup of 20 summit\u003c/a\u003e in Rome was hailed by U.S. Treasury Secretary Janet L. Yellen as benefiting American businesses and workers.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"G-20 finance ministers in July had already agreed on a 15% minimum tax. It awaited formal endorsement at the summit Saturday in Rome of the world’s economic powerhouses.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Yellen predicted in a statement that the deal on new international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The deal did fall short of U.S. President Joe Biden's original call for a 21% minimum tax. Still, Biden tweeted his satisfaction.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Here at the G20, leaders representing 80% of the world's GDP — allies and competitors alike — made clear their support for a strong global minimum tax,” the president said in the tweet. “This is more than just a tax deal — it's diplomacy reshaping our global economy and delivering for our people.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The agreement aims to discourage multinationals from stashing profits in countries where they pay little or no taxes. These days, multinationals can earn big profits from things like trademarks and intellectual property. These companies can then assign earnings to a subsidiary in a tax haven country.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Briefing reporters midway through the summit, German Chancellor Angela Merkel said: \\\\\\\"There are good things to report here. The world community has agreed on a minimum taxation of companies. That is a clear signal of justice in times of digitalization.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Mathias Cormann, secretary-general of the Paris-based Organization for Economic Cooperation and Development, said that the deal clinched in Rome “will make our international tax arrangements fairer and work better in a digitalized and globalized economy.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The minimum rate “completely eliminates the incentive for businesses around the world to restructure their affairs to avoid tax,” Cormann contended.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On other issues crucial to fairness across the globe — including access to COVID-19 vaccines — the summit on the first of its two days heard pleas to boost the percentage of those in poor countries being vaccinated.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Italian Premier Mario Draghi made a sharp call to pick up the pace in getting vaccines to poor countries.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Draghi, the summit host, said Saturday that only 3% of people in the world's poorest countries are vaccinated, while 70% in rich countries have had at least one shot.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“These differences are morally unacceptable and undermine the global recovery,” said Draghi, an economist and former chief of the European Central Bank.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"French President Emmanuel Macron has pledged to use the summit to press fellow European Union leaders to be more generous in donating vaccines to low-income countries.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"But advocates of civil society who have held discussions with G-20 officials said the suspension of vaccine patents was crucial to increasing access in poor countries.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Canada noted it was both sharing vaccines as well as donating money to develop production in South Africa, which is a G-20 country. Chrystia Freeland, deputy prime minister, said Canada was increasing its commitment to international vaccine sharing through the COVAX program by donating 200 million doses.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The summit is also confronting a two-track global recovery in which rich countries are bouncing back faster.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Rich countries have used vaccines and stimulus spending to restart economic activity, leaving the risk that developing countries that account for much of global growth will remain behind due to low vaccinations and financing difficulties.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Macron has told reporters he expects the G-20 to confirm an additional $100 billion to support Africa’s economies.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On the urgent problem of climate change, Italy is hoping the G-20 will secure crucial commitments from countries responsible for about 80% of global carbon emissions — ahead of the U.N. climate conference that begins Sunday in Glasgow, Scotland, just as the Rome summit winds down.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Most of the G-20 leaders will head to Glasgow.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Presidents Vladimir Putin of Russia and Xi Jinping of China, whose efforts to reduce emissions are paramount to combating climate change, were participating remotely in the Rome summit.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"But midway through the summit, it was the corporate tax rate rule that dominated.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"White House officials say the new tax rate would create at least $60 billion in new revenue a year in the U.S. — a stream of cash that could help partially pay for a nearly $3 trillion social services and infrastructure package that Biden is seeking. U.S. adoption is key because so many multinational companies are headquartered there.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"But Civil 20, which represents some 560 organizations from more than 100 countries in a network making recommendations to the G-20, was less enthusiastic. The 15% rate is “a little more than those (rates) we'd consider fiscal paradises,” Civil 20 official Riccardo Moro told reporters following the summit.\\\"}}]}","relatedPosts":null,"location":{"name":"Italy"},"createdBy":{"name":"Kavya Mishra","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_-QCmL6MlbU.jpg","username":"kavya","id":"rY7zp83Vp8kP","role":null},"topics":[{"name":"G20","slug":"g20","id":"8EnQgztBjBYd"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"UnitedKingdom","slug":"unitedkingdom","id":"ZT6urOP4Pu5S"},{"name":"Diplomacy","slug":"diplomacy","id":"G8IwDUiIFaNN"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"AP","id":"8dFR8PhLJl4s","username":"associatedpress"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-10-31T03:30:00.443019+00:00","publisher":0,"sourceFeed":null,"cleanText":"Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses. Also Read: US, EU agree on a deal to settle rift over Donald Trump-era trade tariffs,The move by the Group of 20 summit in Rome was hailed by U.S. Treasury Secretary Janet L. Yellen as benefiting American businesses and workers. G-20 finance ministers in July had already agreed on a 15% minimum tax. It awaited formal endorsement at the summit Saturday in Rome of the world’s economic powerhouses. Yellen predicted in a statement that the deal on new international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation.”,The deal did fall short of U.S. President Joe Biden's original call for a 21% minimum tax. Still, Biden tweeted his satisfaction. “Here at the G20, leaders representing 80% of the world's GDP — allies and competitors alike — made clear their support for a strong global minimum tax,” the president said in the tweet. “This is more than just a tax deal — it's diplomacy reshaping our global economy and delivering for our people.”,The agreement aims to discourage multinationals from stashing profits in countries where they pay little or no taxes. These days, multinationals can earn big profits from things like trademarks and intellectual property. These companies can then assign earnings to a subsidiary in a tax haven country. Briefing reporters midway through the summit, German Chancellor Angela Merkel said: There are good things to report here. The world community has agreed on a minimum taxation of companies. That is a clear signal of justice in times of digitalization.”,Mathias Cormann, secretary-general of the Paris-based Organization for Economic Cooperation and Development, said that the deal clinched in Rome “will make our international tax arrangements fairer and work better in a digitalized and globalized economy.”,The minimum rate “completely eliminates the incentive for businesses around the world to restructure their affairs to avoid tax,” Cormann contended. On other issues crucial to fairness across the globe — including access to COVID-19 vaccines — the summit on the first of its two days heard pleas to boost the percentage of those in poor countries being vaccinated. Italian Premier Mario Draghi made a sharp call to pick up the pace in getting vaccines to poor countries. Draghi, the summit host, said Saturday that only 3% of people in the world's poorest countries are vaccinated, while 70% in rich countries have had at least one shot. “These differences are morally unacceptable and undermine the global recovery,” said Draghi, an economist and former chief of the European Central Bank. French President Emmanuel Macron has pledged to use the summit to press fellow European Union leaders to be more generous in donating vaccines to low-income countries. But advocates of civil society who have held discussions with G-20 officials said the suspension of vaccine patents was crucial to increasing access in poor countries. Canada noted it was both sharing vaccines as well as donating money to develop production in South Africa, which is a G-20 country. Chrystia Freeland, deputy prime minister, said Canada was increasing its commitment to international vaccine sharing through the COVAX program by donating 200 million doses. The summit is also confronting a two-track global recovery in which rich countries are bouncing back faster. Rich countries have used vaccines and stimulus spending to restart economic activity, leaving the risk that developing countries that account for much of global growth will remain behind due to low vaccinations and financing difficulties. Macron has told reporters he expects the G-20 to confirm an additional $100 billion to support Africa’s economies. On the urgent problem of climate change, Italy is hoping the G-20 will secure crucial commitments from countries responsible for about 80% of global carbon emissions — ahead of the U.N. climate conference that begins Sunday in Glasgow, Scotland, just as the Rome summit winds down. Most of the G-20 leaders will head to Glasgow. Presidents Vladimir Putin of Russia and Xi Jinping of China, whose efforts to reduce emissions are paramount to combating climate change, were participating remotely in the Rome summit. But midway through the summit, it was the corporate tax rate rule that dominated. White House officials say the new tax rate would create at least $60 billion in new revenue a year in the U.S. — a stream of cash that could help partially pay for a nearly $3 trillion social services and infrastructure package that Biden is seeking. U.S. adoption is key because so many multinational companies are headquartered there. But Civil 20, which represents some 560 organizations from more than 100 countries in a network making recommendations to the G-20, was less enthusiastic. The 15% rate is “a little more than those (rates) we'd consider fiscal paradises,” Civil 20 official Riccardo Moro told reporters following the summit.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"41.8719","longitude":"12.5674","name":"Italy","city":"Rome"},"keywords":"G-20, global corporate minimum tax, G20 Summit","originalPublishedOn":"2021-10-31T03:30:00+00:00"}},{"node":{"id":"hBHCUWJuuy7t","slug":"oecd-secretary-general-says-new-tax-deal-sealed-at-g20-will-be-fairer","title":"OECD secretary-general says new tax deal sealed at G20 will be 'fairer'","postType":1,"coverMedia":"/opoyi_ABcMhhd1ZFo.jpg","coverCaption":"(Photo Credit: Representative Image/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-10-30T19:42:00.537033+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eGlobal corporate minimum tax got its formal G20 nod at Rome summit\u003c/li\u003e\n \u003cli\u003eMathias Cormann said that the deal \"will make our international tax arrangements fairer\u003c/li\u003e\n \u003cli\u003eCormann disagreed with criticism from tax justice advocates\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1635622434627,\\\"strCount\\\":2498,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The landmark\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/topic/corporatetax\\\\\\\"\u003eglobal minimum tax on corporations\u003c/a\u003e,\u0026nbsp;which was supported by the\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/topic/g20\\\\\\\"\u003eGroup of 20\u003c/a\u003e\u0026nbsp;on Saturday, will make international business taxation more equitable and help governments fund their recoveries from the pandemic, the head of the international organization that oversaw the negotiations said, according to US media reports.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Mathias Cormann, the secretary-general of the Organization for Economic Cooperation and Development, said that the deal \\\\\\\"will make our international tax arrangements fairer and work better in a digitalized and globalized economy,\\\\\\\" the Associated Press reported.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/aukus-clumsy-says-joe-biden-in-meeting-with-emmanuel-macron\\\\\\\"\u003eAUKUS ‘clumsy’, says Joe Biden in meeting with Emmanuel Macron\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Paris-based OECD oversaw discussions that resulted in a 136-country agreement that would be submitted to the G-20 for ratification in the closing statement due Sunday, with national implementation beginning in 2023.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The agreement proposes for a worldwide corporate minimum tax of 15% to be enacted in countries where multinational corporations are headquartered. If their enterprises' international revenues are not taxed or are only minimally taxed in low-tax nations, their home countries will collect a top-up tax.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The global minimum “completely eliminates the incentive for businesses around the world to restructure their affairs to avoid tax,” Cormann said, according to AP.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/joe-biden-pope-francis-discuss-climate-change-poverty-in-rome\\\\\\\"\u003eJoe Biden, Pope Francis discuss climate change, poverty in Rome\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Meanwhile, Cormann disagreed with criticism from tax justice advocates and some developing countries that the rate should have been higher, saying the deal was the consensus result of “give and take all the way around” that included developing countries. “A 15% corporate tax rate is 15% more than what we have,” he said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"However, the deal did fall short of US President\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/topic/joebiden\\\\\\\"\u003eJoe Biden\u003c/a\u003e's original call for a 21% minimum tax. Still, Biden tweeted his satisfaction.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Here at the G20, leaders representing 80% of the world's GDP — allies and competitors alike — made clear their support for a strong global minimum tax,\\\\\\\" the president said in the tweet.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003e\u003ci\u003eWith inputs from the Associated Press\u003c/i\u003e\u003c/b\u003e\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Sayantan Guha","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_I-sDF1vQy.jpg","username":"GuhaSayantan","id":"kIJrBcmyBotC","role":null},"topics":[{"name":"OECD","slug":"oecd","id":"YhjCZFwbE1fV"},{"name":"G20","slug":"g20","id":"8EnQgztBjBYd"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"International","slug":"international","id":"NYS6J2BBfSdS"},{"name":"CorporateTax","slug":"corporatetax","id":"s06DzZqOA4Xi"},{"name":"Rome","slug":"rome","id":"oCnYoVzGped0"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Sayantan Guha","id":"kIJrBcmyBotC","username":"GuhaSayantan"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-10-30T19:42:00.537041+00:00","publisher":0,"sourceFeed":null,"cleanText":"The landmark global minimum tax on corporations, which was supported by the Group of 20 on Saturday, will make international business taxation more equitable and help governments fund their recoveries from the pandemic, the head of the international organization that oversaw the negotiations said, according to US media reports. Mathias Cormann, the secretary-general of the Organization for Economic Cooperation and Development, said that the deal will make our international tax arrangements fairer and work better in a digitalized and globalized economy, the Associated Press reported. Also Read: AUKUS ‘clumsy’, says Joe Biden in meeting with Emmanuel Macron,The Paris-based OECD oversaw discussions that resulted in a 136-country agreement that would be submitted to the G-20 for ratification in the closing statement due Sunday, with national implementation beginning in 2023. The agreement proposes for a worldwide corporate minimum tax of 15% to be enacted in countries where multinational corporations are headquartered. If their enterprises' international revenues are not taxed or are only minimally taxed in low-tax nations, their home countries will collect a top-up tax. The global minimum “completely eliminates the incentive for businesses around the world to restructure their affairs to avoid tax,” Cormann said, according to AP. Also Read: Joe Biden, Pope Francis discuss climate change, poverty in Rome,Meanwhile, Cormann disagreed with criticism from tax justice advocates and some developing countries that the rate should have been higher, saying the deal was the consensus result of “give and take all the way around” that included developing countries. “A 15% corporate tax rate is 15% more than what we have,” he said. However, the deal did fall short of US President Joe Biden's original call for a 21% minimum tax. Still, Biden tweeted his satisfaction. Here at the G20, leaders representing 80% of the world's GDP — allies and competitors alike — made clear their support for a strong global minimum tax, the president said in the tweet. With inputs from the Associated Press","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"OECD, Mathias Cormann, tax, tax deal, G20 tax deal, ","originalPublishedOn":"2021-10-30T19:42:00+00:00"}},{"node":{"id":"ulSIGsud2Wbs","slug":"what-is-wealth-tax-a-potential-way-to-fund-us-economic-social-goals","title":"What is wealth tax? A potential way to fund US' economic, social goals","postType":1,"coverMedia":"/opoyi_KcMZCLa3MJ2.jpg","coverCaption":"President Joe Biden delivers remarks at NJ Transit Meadowlands Maintenance Complex to promote his \"Build Back Better\" agenda. (Photo credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-10-29T15:41:14.823605+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eJoe Biden never endorsed an outright “wealth tax” when campaigning last year\u003c/li\u003e\n \u003cli\u003eBiden has vowed\u0026nbsp;that his programs\u0026nbsp;will not add a penny to the deficit\u003c/li\u003e\n \u003cli\u003eThis new tax would apply solely to people with at least $1 billion in assets\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1635522012791,\\\"strCount\\\":7304,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"To help pay for his big economic and social agenda, President \u003ca href=\\\\\\\"https://opoyi.com/topic/JoeBiden\\\\\\\"\u003eJoe Biden\u003c/a\u003e is looking to go where the big money is: billionaires.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Biden never endorsed an outright “wealth tax” when campaigning last year. But his more conventional proposed rate hikes on the income of large corporations and the wealthiest \u003ca href=\\\\\\\"https://opoyi.com/topic/UnitedStates\\\\\\\"\u003eAmericans\u003c/a\u003e have hit a roadblock.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"That leaves a special tax on the assets, not the income, of billionaires being proposed by a Senate Democrat as a possible vehicle to help pay for child care, universal pre-kindergarten, child \u003ca href=\\\\\\\"https://opoyi.com/topic/Tax\\\\\\\"\u003etax credits\u003c/a\u003e, family leave and environmental initiatives.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Biden has vowed\u0026nbsp;that his programs\u0026nbsp;will not add a penny to the deficit, which means selling to Congress and voters a tax on the wealthiest .0005% of Americans. Some details on the proposed billionaires tax:\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eHOW WOULD IT WORK?\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Essentially, billionaires earn the bulk of their money off their wealth. This might be from the \u003ca href=\\\\\\\"https://opoyi.com/topic/WallStreet\\\\\\\"\u003estock market\u003c/a\u003e. It could include, once sold, beachfront mansions or the ownership of rare art and antiquities. A\u0026nbsp;triceratops skeleton.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"This new tax would apply solely to people with at least $1 billion in assets or $100 million in income for three straight years. These standards mean that just 700 taxpayers would face the additional tax on increases to their wealth, according to a description obtained by The Associated Press of the proposal of Senate Finance Committee Chairman Ron Wyden of Oregon.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On tradeable items such as stocks, billionaires would still pay a tax even if they held on to the asset. They would be taxed on any increases in value and take deductions on losses. Under current law, those assets get taxed only when they're sold.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Billionaires would also face an additional tax on non-tradeable assets such as real estate and business interests once those assets are sold. During the first year of the \u003ca href=\\\\\\\"https://opoyi.com/topic/unitedstates\\\\\\\"\u003eproposed tax\u003c/a\u003e, the billionaires would also owe taxes on any built-in gains that predate the tax.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eHOW MUCH MONEY WOULD IT RAISE?\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"House Speaker \u003ca href=\\\\\\\"https://opoyi.com/topic/NancyPelosi\\\\\\\"\u003eNancy Pelosi\u003c/a\u003e estimated Sunday on CNN that the tax would raise $200 billion to $250 billion. This is a meaningful sum, but it's well shy of the nearly $2 trillion in proposed additional spending over 10 years being negotiated right now. This means that additional levies such as the global minimum tax and increased enforcement dollars for the IRS would still be needed to help close the gap.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"And the \u003ca href=\\\\\\\"https://opoyi.com/topic/Economy\\\\\\\"\u003eforecasts for revenue\u003c/a\u003e from the wealth tax are highly debatable.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“It’s just impossible to implement,” said Allison Schrager, a senior fellow at the conservative Manhattan Institute. “There’s a lot of evidence that these things don’t work, and I’ve never heard an explanation of how this could be workable.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eWHY WOULD BIDEN GO THIS ROUTE?\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The president would rather raise corporate tax rates and rates on wealthy individuals. That was his initial proposal, but he's got to appease West Virginia Sen. Joe Manchin and Arizona Sen. Kyrsten Sinema. Those are the two make-or-break Democratic votes in the evenly split Senate.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Sinema objected to higher rates, which brought the wealth tax into play as an alternative.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The idea gained steam after the publication of French economist Thomas Piketty's book “Capital in the Twenty-First Century.” Massachusetts Sen. Elizabeth Warren made a 2% wealth tax a trademark policy in the 2020 Democratic presidential primaries, and fellow candidate \u003ca href=\\\\\\\"https://opoyi.com/topic/BernieSanders\\\\\\\"\u003eBernie Sanders\u003c/a\u003e, the senator from Vermont, proposed his own wealth tax.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Biden never jumped on that bandwagon. But he did make higher taxes on the wealthy a key promise, saying no one earning less than $400,000 would pay more.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eARE BILLIONAIRES REALLY THAT RICH?\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Seems that way.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"There is a legitimate debate about the optimal forms of taxation. Is it better for the economy for the wealthy to keep their assets invested in new businesses? Or, is it better for some of their money to go to the government to help fund programs like child care, universal pre-K and shifts to renewable energy?\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"What is clear is that the wealthy do have money to tax, should the government wish to do it.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"America's billionaires have seen their collected wealth surge 70% since the start of the pandemic to over $5 trillion, according to an analysis by the pro-wealth-tax Americans for Tax Fairness and the Institute for Policy Studies Program on Inequality. That gain from March 18, 2020, to this past month is equal in size to Biden's spending plans over 10 years.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Right now, billionaires are not paying a dime in taxes on their fabulous income gains from their stock holdings during the pandemic,” said Frank Clemente, executive director of Americans for Tax Fairness. “The billionaires income tax would tax the increase in the value of those assets each year just like workers’ wages are taxed.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"There were 614 U.S. billionaires at the start of the pandemic, a total that has now grown to 745.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Part of what makes the coronavirus unique is that many poorer Americans also became wealthier, but they did so at a much slower pace than billionaires.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Federal Reserve data indicate that the net worth of the bottom 90% of Americans — a group that includes the middle class — rose by roughly 22%. For many Americans, the wealth increase reflected a rising stock market, higher home values and unprecedented government aid in the form of direct checks and forgivable payroll loans to small businesses.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eCAN BILLIONAIRES ESCAPE TAXATION?\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"They've found ways before.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"They can hire armadas of lawyers, accountants and others to minimize their tax burdens. The news outlet ProPublica revealed various tax shelters with IRS data earlier this year, and the recent Pandora Papers showed there is a global industry to shelter the assets of the politically powerful and extremely wealthy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The ProPublica investigation showed that Warren Buffett paid an average rate of 19%. Amazon founder Jeff Bezos paid 23%, while Tesla's Elon Musk was at roughly 30%. The top tax rate on income earned from labor is 37%, but the tax on capital gains is a lower 20% and that favors those with extreme wealth. The lower capital gains rate can also encourage more investment in new companies that help the economy grow.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A\u0026nbsp;White House analysis\u0026nbsp;in September indicated the country's 400 wealthiest families paid an average federal income tax rate of 8.2% between 2010 and 2018. The administration's fundamental message is that a rate this low is unfair because middle class families often pay a greater share of their income in taxes.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The bottom-line question for Democratic lawmakers is how to close or at least narrow the escape hatches for those with extreme wealth. It could require calculations such as the “deferral recapture amount” and other technicalities that are likely to baffle most of America. But the writing of the tax law and its enforcement will determine just how successful a wealth tax would be — and perhaps the fate of Biden's big agenda as well.\\\"}}]}","relatedPosts":null,"location":{"name":"Washington D.C., DC, USA"},"createdBy":{"name":"Joy Tirkey","photo":null,"username":"jjoytirkey","id":"9wk4mKapCqOn","role":null},"topics":[{"name":"JoeBiden","slug":"joebiden","id":"tLOXw4T5mTfp"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Wealth","slug":"wealth","id":"zyUa7wEtUWI5"},{"name":"World","slug":"world","id":"iEhRQcab92b8"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"AP","id":"8dFR8PhLJl4s","username":"associatedpress"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-10-29T15:40:13.982463+00:00","publisher":0,"sourceFeed":null,"cleanText":"To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires. Biden never endorsed an outright “wealth tax” when campaigning last year. But his more conventional proposed rate hikes on the income of large corporations and the wealthiest Americans have hit a roadblock. That leaves a special tax on the assets, not the income, of billionaires being proposed by a Senate Democrat as a possible vehicle to help pay for child care, universal pre-kindergarten, child tax credits, family leave and environmental initiatives. Biden has vowed that his programs will not add a penny to the deficit, which means selling to Congress and voters a tax on the wealthiest .0005% of Americans. Some details on the proposed billionaires tax:,HOW WOULD IT WORK?,Essentially, billionaires earn the bulk of their money off their wealth. This might be from the stock market. It could include, once sold, beachfront mansions or the ownership of rare art and antiquities. A triceratops skeleton. This new tax would apply solely to people with at least $1 billion in assets or $100 million in income for three straight years. These standards mean that just 700 taxpayers would face the additional tax on increases to their wealth, according to a description obtained by The Associated Press of the proposal of Senate Finance Committee Chairman Ron Wyden of Oregon. On tradeable items such as stocks, billionaires would still pay a tax even if they held on to the asset. They would be taxed on any increases in value and take deductions on losses. Under current law, those assets get taxed only when they're sold. Billionaires would also face an additional tax on non-tradeable assets such as real estate and business interests once those assets are sold. During the first year of the proposed tax, the billionaires would also owe taxes on any built-in gains that predate the tax. HOW MUCH MONEY WOULD IT RAISE?,House Speaker Nancy Pelosi estimated Sunday on CNN that the tax would raise $200 billion to $250 billion. This is a meaningful sum, but it's well shy of the nearly $2 trillion in proposed additional spending over 10 years being negotiated right now. This means that additional levies such as the global minimum tax and increased enforcement dollars for the IRS would still be needed to help close the gap. And the forecasts for revenue from the wealth tax are highly debatable. “It’s just impossible to implement,” said Allison Schrager, a senior fellow at the conservative Manhattan Institute. “There’s a lot of evidence that these things don’t work, and I’ve never heard an explanation of how this could be workable.”,WHY WOULD BIDEN GO THIS ROUTE?,The president would rather raise corporate tax rates and rates on wealthy individuals. That was his initial proposal, but he's got to appease West Virginia Sen. Joe Manchin and Arizona Sen. Kyrsten Sinema. Those are the two make-or-break Democratic votes in the evenly split Senate. Sinema objected to higher rates, which brought the wealth tax into play as an alternative. The idea gained steam after the publication of French economist Thomas Piketty's book “Capital in the Twenty-First Century.” Massachusetts Sen. Elizabeth Warren made a 2% wealth tax a trademark policy in the 2020 Democratic presidential primaries, and fellow candidate Bernie Sanders, the senator from Vermont, proposed his own wealth tax. Biden never jumped on that bandwagon. But he did make higher taxes on the wealthy a key promise, saying no one earning less than $400,000 would pay more. ARE BILLIONAIRES REALLY THAT RICH?,Seems that way. There is a legitimate debate about the optimal forms of taxation. Is it better for the economy for the wealthy to keep their assets invested in new businesses? Or, is it better for some of their money to go to the government to help fund programs like child care, universal pre-K and shifts to renewable energy?,What is clear is that the wealthy do have money to tax, should the government wish to do it. America's billionaires have seen their collected wealth surge 70% since the start of the pandemic to over $5 trillion, according to an analysis by the pro-wealth-tax Americans for Tax Fairness and the Institute for Policy Studies Program on Inequality. That gain from March 18, 2020, to this past month is equal in size to Biden's spending plans over 10 years. “Right now, billionaires are not paying a dime in taxes on their fabulous income gains from their stock holdings during the pandemic,” said Frank Clemente, executive director of Americans for Tax Fairness. “The billionaires income tax would tax the increase in the value of those assets each year just like workers’ wages are taxed. There were 614 U.S. billionaires at the start of the pandemic, a total that has now grown to 745. Part of what makes the coronavirus unique is that many poorer Americans also became wealthier, but they did so at a much slower pace than billionaires. Federal Reserve data indicate that the net worth of the bottom 90% of Americans — a group that includes the middle class — rose by roughly 22%. For many Americans, the wealth increase reflected a rising stock market, higher home values and unprecedented government aid in the form of direct checks and forgivable payroll loans to small businesses. CAN BILLIONAIRES ESCAPE TAXATION?,They've found ways before. They can hire armadas of lawyers, accountants and others to minimize their tax burdens. The news outlet ProPublica revealed various tax shelters with IRS data earlier this year, and the recent Pandora Papers showed there is a global industry to shelter the assets of the politically powerful and extremely wealthy. The ProPublica investigation showed that Warren Buffett paid an average rate of 19%. Amazon founder Jeff Bezos paid 23%, while Tesla's Elon Musk was at roughly 30%. The top tax rate on income earned from labor is 37%, but the tax on capital gains is a lower 20% and that favors those with extreme wealth. The lower capital gains rate can also encourage more investment in new companies that help the economy grow. A White House analysis in September indicated the country's 400 wealthiest families paid an average federal income tax rate of 8.2% between 2010 and 2018. The administration's fundamental message is that a rate this low is unfair because middle class families often pay a greater share of their income in taxes. The bottom-line question for Democratic lawmakers is how to close or at least narrow the escape hatches for those with extreme wealth. It could require calculations such as the “deferral recapture amount” and other technicalities that are likely to baffle most of America. But the writing of the tax law and its enforcement will determine just how successful a wealth tax would be — and perhaps the fate of Biden's big agenda as well.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"38.9072","longitude":"-77.0369","name":"Washington D.C., DC, USA","city":"Washington"},"keywords":"What is a wealth tax, wealth tax joe biden, Joe biden build better back campaign, all about wealth tax","originalPublishedOn":"2021-10-26T09:00:00+00:00"}},{"node":{"id":"bkKO6Cnx2q1E","slug":"why-some-us-lawmakers-arent-buying-democrats-idea-for-taxing-billionaires","title":"Why some US lawmakers aren't buying Democrats' idea for new wealth tax","postType":1,"coverMedia":"/opoyi_DWh_pYFuL.jpg","coverCaption":"President Joe Biden participates in a CNN town hall at the Baltimore Center Stage Pearlstone Theater, Thursday, Oct. 21, 2021, in Baltimore. (Photo: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-10-26T23:01:01.108795+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eDemocrats' idea for a new billionaires’ tax has run into criticism\u003c/li\u003e\n \u003cli\u003eIt's estimated to total at least $1.75 trillion over 10 years\u003c/li\u003e\n \u003cli\u003ePresident Joe Biden has said new taxes would hit only those earning more than $400,000 a year, or $450,000 for couples\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1635287617971,\\\"strCount\\\":7419,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Democrats' idea for a \u003ca href=\\\\\\\"https://opoyi.com/what-is-wealth-tax-a-potential-way-to-fund-us-economic-social-goals\\\\\\\"\u003enew billionaires’ tax\u003c/a\u003e to help pay for President \u003ca href=\\\\\\\"https://opoyi.com/topic/JoeBiden\\\\\\\"\u003eJoe Biden\u003c/a\u003e's social services and climate change plan has quickly run into criticism as too cumbersome, with some lawmakers preferring the original plan of simply raising the top tax rates on corporations and the wealthy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"With the revenue side of the package deeply in flux, Democrats are at a standstill trying to wrap up negotiations on Biden's overall package. But party leaders insisted Tuesday a broad deal remains within reach as they rush to show progress before the president departs later this week to global overseas summits.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"House Speaker Nancy Pelosi told lawmakers during a caucus meeting they were on the verge of \\\\\\\"something major, transformative, historic and bigger than anything else” ever attempted in Congress, according to a person who requested anonymity to share the private remarks.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Senate Majority Leader Chuck Schumer opened the Senate with a simple message: “We're working to get it done.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/joe-biden-positive-on-budget-deal-joe-manchin-ok-with-wealth-tax\\\\\\\"\u003eJoe Biden 'positive' on budget deal; Joe Manchin ok with wealth tax\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"However, vast differences among Democrats remain over the basic contours of the sweeping proposal and how to pay for it. It's now estimated to total at least $1.75 trillion over 10 years, and could still be more.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Resolving the revenue side is key as the Democrats scale back what had been a $3.5 trillion plan, insisting all the new spending will be fully paid for and not pile onto the debt. Biden vows any new taxes would hit only the wealthy, those earning more than $400,000 a year, or $450,000 for couples.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The White House had to rethink its tax strategy after one key \u003ca href=\\\\\\\"https://opoyi.com/search/posts/Democrats\\\\\\\"\u003eDemocrat\u003c/a\u003e, Sen. Kyrsten Sinema, D-Ariz., objected to her party's initial proposal to raise tax rates on wealthy Americans by undoing the Trump-era tax cuts on those earning beyond $400,000. Sinema also opposed lifting the 21% corporate tax rate. With a 50-50 Senate, Biden has no votes to spare in his party.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Instead, to win over Sinema and others, the White House has been floating a new idea of taxing the assets of billionaires and another that would require corporations to pay a 15% minimum tax, regardless of if they show any profits. Those both appear to be gaining traction with another pivotal Democrat, Sen. Joe Manchin, D-W.Va., who told reporters he supported new ways to ensure the wealthy to pay their “fair share.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/elon-musks-net-worth-is-now-more-than-exxonmobils-market-cap\\\\\\\"\u003eElon Musk's net worth is now more than ExxonMobil's market cap\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Democrats on the Senate Finance Committee, led by Sen. Ron Wyden of Oregon, are prepared to roll out the tax revenue plan in a matter of days. It is likely to include other revenue-raising tax measures, including a plan to beef up the IRS to go after tax scofflaws.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Here's the heart of it: Americans read over the last few months that billionaires were paying little or no taxes for years on end,” Wyden said at the Capitol.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The billionaires’ tax is being modeled on a 2019 bill from Wyden to treat assets as income. Another idea, up to a 3% ultra-rich surtax, has been proposed by Sen. Elizabeth Warren, D-Mass.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Under Wyden’s emerging plan, the billionaires’ tax would hit the wealthiest of Americans, fewer than 1,000 people. It would require those with assets of more than $1 billion, or three-years consecutive income of $100 million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A similar billionaire’s tax would be applied to non-tradeable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/explained-how-bitcoin-price-and-inflation-are-co-related\\\\\\\"\u003eHow Bitcoin price and inflation are co-related\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Overall, the billionaires’ tax rate has not been set, but it is expected to be at least the 20% capital gains rate. Democrats have said it could raise $200 billion in revenue that could help fund Biden's package over 10 years.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Senate Republican leader Mitch McConnell called it a “hare-brained scheme” and warned of revenue drying up during downturns. Some Republicans indicated such a tax plan could be challenged in court.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"But key fellow \u003ca href=\\\\\\\"https://opoyi.com/white-house-democrats-reworking-key-aspects-of-joe-bidens-2-trillion-plan\\\\\\\"\u003eDemocrats \u003c/a\u003eare also raising concerns, saying the idea of simply undoing the 2017 tax cuts by hiking top rates was more straightforward and transparent.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Under the House's bill from the Ways and Means Committee, the top individual income tax rate would rise from 37% to 39.6%, on those earning more than $400,000, or $450,000 for couples. The corporate rate would increase from 21% to 26.5%. The bill also proposed a 3% surtax on wealthier Americans with adjusted income beyond $5 million a year.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The panel's chairman, Rep. Richard Neal, D-Mass., said Monday evening that he told Wyden that the implementation of the senator's proposed billionaire's plan is “a bit more challenging.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Neal suggested that the House's proposal was not off the table despite Sinema's objections. In fact, he said, “our plan looks better every day.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Once Democrats agree to the \u003ca href=\\\\\\\"https://opoyi.com/more-than-130-countries-reach-deal-on-corporate-minimum-tax\\\\\\\"\u003etax \u003c/a\u003eproposals, they can assess how much is funding available for Biden's overall package to expand health care, child care and other climate change programs.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“We are almost there,” White House press secretary Jen Psaki said Tuesday.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Democrats were hoping Biden could cite major accomplishments to world leaders later this week. They are also facing an Oct. 31 deadline to pass a related $1 trillion bipartisan infrastructure package of roads, broadband and other public works before routine federal transportation funds expire.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"After months of start-and-stop negotiations, disputes remain over far-reaching investments as Democrats work on resolving the disputes between centrists and progressives that have stalled the bill.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Among the unresolved provisions: plans to expand Medicare coverage with dental, vision and hearing aid benefits for seniors; child care assistance; free pre-kindergarten; and a new program of four-weeks paid family leave.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The White House floated a new climate change strategy beefing up incentives for agriculture and industrial sites to use cleaner energy sources after Manchin rejected an earlier plan.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Pelosi said she expected an agreement by week’s end, paving the way for a House vote on the $1 trillion bipartisan infrastructure bill. The Senate had approved that over the summer, but the measure stalled during deliberations on the broader Biden bill.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"But Rep. Pramila Jayapal, D-Wash., the chair of the Congressional Progressive Caucus whose support will be crucial for both bills, said lawmakers want more than just a framework for Biden's plan before they give their votes for the smaller infrastructure package.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“We want the whole bill,” Jayapal told The Associated Press. “We want to vote on both bills at the same time.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"___\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Associated Press writers Farnoush Amiri, Hope Yen and Colleen Long contributed to this report.\\\"}}]}","relatedPosts":null,"location":{"name":"Washington D.C., DC, USA"},"createdBy":{"name":"Hamid","photo":null,"username":"hamid","id":"U6be2RQGqHgp","role":null},"topics":[{"name":"JoeBiden","slug":"joebiden","id":"tLOXw4T5mTfp"},{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"Wealth","slug":"wealth","id":"zyUa7wEtUWI5"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"World","slug":"world","id":"iEhRQcab92b8"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"AP","id":"8dFR8PhLJl4s","username":"associatedpress"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-10-26T23:00:00.980262+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Democrats' idea for a new billionaires’ tax to help pay for President Joe Biden's social services and climate change plan has quickly run into criticism as too cumbersome, with some lawmakers preferring the original plan of simply raising the top tax rates on corporations and the wealthy. With the revenue side of the package deeply in flux, Democrats are at a standstill trying to wrap up negotiations on Biden's overall package. But party leaders insisted Tuesday a broad deal remains within reach as they rush to show progress before the president departs later this week to global overseas summits. House Speaker Nancy Pelosi told lawmakers during a caucus meeting they were on the verge of something major, transformative, historic and bigger than anything else” ever attempted in Congress, according to a person who requested anonymity to share the private remarks. Senate Majority Leader Chuck Schumer opened the Senate with a simple message: “We're working to get it done.”,Joe Biden 'positive' on budget deal; Joe Manchin ok with wealth tax,However, vast differences among Democrats remain over the basic contours of the sweeping proposal and how to pay for it. It's now estimated to total at least $1.75 trillion over 10 years, and could still be more. Resolving the revenue side is key as the Democrats scale back what had been a $3.5 trillion plan, insisting all the new spending will be fully paid for and not pile onto the debt. Biden vows any new taxes would hit only the wealthy, those earning more than $400,000 a year, or $450,000 for couples. The White House had to rethink its tax strategy after one key Democrat, Sen. Kyrsten Sinema, D-Ariz. objected to her party's initial proposal to raise tax rates on wealthy Americans by undoing the Trump-era tax cuts on those earning beyond $400,000. Sinema also opposed lifting the 21% corporate tax rate. With a 50-50 Senate, Biden has no votes to spare in his party. Instead, to win over Sinema and others, the White House has been floating a new idea of taxing the assets of billionaires and another that would require corporations to pay a 15% minimum tax, regardless of if they show any profits. Those both appear to be gaining traction with another pivotal Democrat, Sen. Joe Manchin, D-W.Va. who told reporters he supported new ways to ensure the wealthy to pay their “fair share.”,Elon Musk's net worth is now more than ExxonMobil's market cap,Democrats on the Senate Finance Committee, led by Sen. Ron Wyden of Oregon, are prepared to roll out the tax revenue plan in a matter of days. It is likely to include other revenue-raising tax measures, including a plan to beef up the IRS to go after tax scofflaws. “Here's the heart of it: Americans read over the last few months that billionaires were paying little or no taxes for years on end,” Wyden said at the Capitol. The billionaires’ tax is being modeled on a 2019 bill from Wyden to treat assets as income. Another idea, up to a 3% ultra-rich surtax, has been proposed by Sen. Elizabeth Warren, D-Mass. Under Wyden’s emerging plan, the billionaires’ tax would hit the wealthiest of Americans, fewer than 1,000 people. It would require those with assets of more than $1 billion, or three-years consecutive income of $100 million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold. A similar billionaire’s tax would be applied to non-tradeable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold. How Bitcoin price and inflation are co-related,Overall, the billionaires’ tax rate has not been set, but it is expected to be at least the 20% capital gains rate. Democrats have said it could raise $200 billion in revenue that could help fund Biden's package over 10 years. Senate Republican leader Mitch McConnell called it a “hare-brained scheme” and warned of revenue drying up during downturns. Some Republicans indicated such a tax plan could be challenged in court. But key fellow Democrats are also raising concerns, saying the idea of simply undoing the 2017 tax cuts by hiking top rates was more straightforward and transparent. Under the House's bill from the Ways and Means Committee, the top individual income tax rate would rise from 37% to 39.6%, on those earning more than $400,000, or $450,000 for couples. The corporate rate would increase from 21% to 26.5%. The bill also proposed a 3% surtax on wealthier Americans with adjusted income beyond $5 million a year. The panel's chairman, Rep. Richard Neal, D-Mass. said Monday evening that he told Wyden that the implementation of the senator's proposed billionaire's plan is “a bit more challenging.”,Neal suggested that the House's proposal was not off the table despite Sinema's objections. In fact, he said, “our plan looks better every day.”,Once Democrats agree to the tax proposals, they can assess how much is funding available for Biden's overall package to expand health care, child care and other climate change programs. “We are almost there,” White House press secretary Jen Psaki said Tuesday. Democrats were hoping Biden could cite major accomplishments to world leaders later this week. They are also facing an Oct. 31 deadline to pass a related $1 trillion bipartisan infrastructure package of roads, broadband and other public works before routine federal transportation funds expire. After months of start-and-stop negotiations, disputes remain over far-reaching investments as Democrats work on resolving the disputes between centrists and progressives that have stalled the bill. Among the unresolved provisions: plans to expand Medicare coverage with dental, vision and hearing aid benefits for seniors; child care assistance; free pre-kindergarten; and a new program of four-weeks paid family leave. The White House floated a new climate change strategy beefing up incentives for agriculture and industrial sites to use cleaner energy sources after Manchin rejected an earlier plan. Pelosi said she expected an agreement by week’s end, paving the way for a House vote on the $1 trillion bipartisan infrastructure bill. The Senate had approved that over the summer, but the measure stalled during deliberations on the broader Biden bill. But Rep. Pramila Jayapal, D-Wash. the chair of the Congressional Progressive Caucus whose support will be crucial for both bills, said lawmakers want more than just a framework for Biden's plan before they give their votes for the smaller infrastructure package. “We want the whole bill,” Jayapal told The Associated Press. “We want to vote on both bills at the same time.”,___,Associated Press writers Farnoush Amiri, Hope Yen and Colleen Long contributed to this report.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"38.9072","longitude":"-77.0369","name":"Washington D.C., DC, USA","city":"Washington"},"keywords":"Democrats, billionaires’ tax, tax criticism, Joe Biden, Wealthy","originalPublishedOn":"2021-10-26T15:55:00+00:00"}},{"node":{"id":"rKEeT8K6l2gW","slug":"child-tax-credit-tussle-reflects-debate-over-work-incentives","title":"Child tax credit tussle reflects debate over work incentives","postType":1,"coverMedia":"/opoyi_CZ2gIYWTe6x.jpg","coverCaption":"Senate Majority Leader Chuck Schumer, D-N.Y., holds a news conference to talk about the benefits of the Child Tax Credit, at the Capitol in Washington. (Photo Credit: AP)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-10-23T12:14:52.298827+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eDemocratic lawmakers have pushed to make permanent an expanded child tax credit\u003c/li\u003e\n \u003cli\u003eThe fight for a legacy making policy equivalent to the social security for children is ongoing\u003c/li\u003e\n \u003cli\u003eThe expanded child tax credit payments that began in July had no impact on labor\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1634991229091,\\\"strCount\\\":7722,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"To supporters of the child tax credit, there has always been an \\\\\\\"aha moment\\\\\\\" — the recognition that as little as a few hundred dollars a month could be life-changing.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"For Colorado Sen. Michael Bennet, it was several years ago when he was working as Denver's school superintendent. One high schooler kept falling asleep in morning classes. When Bennet asked why he was so exhausted, the student said he worked the midnight shift at McDonald's so that his family had enough money.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read -\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/whats-in-and-whats-out-as-democrats-reshape-joe-bidens-2-trillion-bill\\\\\\\"\u003eWhat's in, and what's out, as Democrats reshape Joe Biden's $2 trillion bill\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"For Connecticut Rep. Rosa DeLauro, it was the childhood memory of her parents being evicted and finding their furniture on the street.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Bennet and DeLauro are among the Democratic lawmakers who have pushed to make permanent an expanded child tax credit, which President \u003ca href=\\\\\\\"https://opoyi.com/topic/joebiden\\\\\\\"\u003eJoe Biden's\u003c/a\u003e \u003ca href=\\\\\\\"https://opoyi.com/topic/coronavirus\\\\\\\"\u003ecoronavirus\u003c/a\u003e relief package transformed into a monthly payment that would be available to almost any child. But Biden could not convince even enough of his fellow Democrats that they should extend these payments through 2025, and in negotiations for his broader package of economic and social programs he appears to have settled for a one-year extension that runs through next year.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Despite the concession, the president is still fighting for a legacy-making policy that could become the equivalent of Social Security for children. Biden dubbed the start of payments in July as “historic,” saying that the reduction to child poverty would be transformative and that he intended to make the credit permanent.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The steady evolution of the child tax credit reflects a fundamental split on how lawmakers think about human nature. Do payments from the government make people lazier or give them the resources to become more responsible? Established with bipartisan support in 1997, the credit has changed in ways that challenge many of the assumptions of political identities, as Democrats would be the ones calling on Republicans to cut taxes.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Republican critics and West Virginia Sen. Joe Manchin — the decisive Democratic vote — worry that the payments could discourage parents from working, while supporters say the money would make it easier to afford the child care and transportation needed to find jobs.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“It’s a flat-out tax cut for ordinary people,” Biden said in a Wednesday speech in Scranton. “That’s what it does. I make no apologies for it.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The continuation of the payments of at least $300 a month per child is as much about a political transformation as an economic one.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read -\u0026nbsp;\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/joe-biden-highlights-middle-class-values-of-his-2t-spending-package\\\\\\\"\u003eJoe Biden highlights middle-class values of his $2T spending package\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"For the purposes of the federal budget, it is a tax cut aimed squarely at the middle class as median family incomes are at $86,372. The credit's evolution since being created in 1997 speaks to the power of using the tax code for social policy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"It allows \u003ca href=\\\\\\\"https://opoyi.com/topic/democrats\\\\\\\"\u003eDemocrats\u003c/a\u003e to claim the mantle of middle-class tax cutters, while Republicans who oppose the idea could be criticized for favoring tax hikes on this key group of voters ahead of the 2022 elections. That is a sharp reversal from the Ronald Reagan-era identity of Republicans as committed to tax cuts for aiding growth.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“A lot of its initial success was that it did fit into the frame of tax relief,” said Gene Sperling, a Biden aide who worked on economic policy in both the Clinton and Obama White Houses. “This is one place where progressives have over a period of 30 years kind of won the conceptual war.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The child tax credit was initially bipartisan, a unique policy overlap between former President Bill Clinton and former House Speaker Newt Gingrich.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/republicanparty\\\\\\\"\u003eRepublicans\u003c/a\u003e made it part of their 1994 “Contract with America,” a list of polices that former Georgia Rep. Gingrich rode to the House speakership. Gingrich said in an interview that former Illinois Rep. Henry Hyde, a staunch abortion opponent, emphasized that the GOP needed to show that it cared about children after they were born, not just when they were in the womb. The tax credit was the chosen vehicle.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Clinton separately proposed it in December 1994 in his “middle class bill of rights” speech. The convergence ultimately led to the 1997 overhaul of welfare that established a $500 tax credit for children. Future administrations expanded the credit. But until this year the credit was not “fully refundable” — which meant that parents with low incomes might not earn enough to receive the full payment.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"What Biden and Democratic lawmakers did with their coronavirus relief package was remove that limit, effectively turning the tax credit into a monthly child allowance. Their planned extension would make this change permanent.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read -\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/us-president-joe-biden-wife-jill-seen-flouting-washington-dc-indoor-mask-mandate\\\\\\\"\u003eBidens seen flouting Washington DC indoor mask mandate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Gingrich and Republicans say people would quit their jobs because they would be able to receive payments without working, depriving children of working parents who can serve as role models.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He calls that “an enormously dangerous thing for our culture.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Backing that argument is a paper by University of \u003ca href=\\\\\\\"https://opoyi.com/topic/chicago\\\\\\\"\u003eChicago\u003c/a\u003e economists that assumes the expanded tax credits would cause 1.5 million parents to ditch their jobs because the credits would no longer be tied to working.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“It’s a policy that’s been transformed from one that encourages self reliance and work to one that doesn’t,” said Bruce Meyer, the University of Chicago professor who co-wrote the analysis.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"However, real world economic data shows no correlation between the payments and people leaving work so far. Researchers at Columbia University have found that the expanded child tax credit payments that began in July had no impact on labor and that models claiming otherwise are overly simplified. Workers often need to spend money in order to get a job, they reason.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“You have to make an investment in order to be able to work,” said Elizabeth Ananat, an economist at Barnard College who co-wrote the Columbia paper. “You do have to get your car fixed. You have to get your phone turned back on. You have to buy a month supply of diapers in order to secure your spot in the preschool.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Democratic lawmakers believe the payments reduce poverty and improve educational outcomes, making it more likely that the children will hold steady jobs as adults.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read -\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/donald-trump-lashes-out-at-meghan-mccain-calls-her-bully-and-lowlife\\\\\\\"\u003eDonald Trump lashes out at Meghan McCain, calls her 'bully' and 'lowlife'\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Colorado Sen. Bennet backed the idea of a child tax credit after he found as a school administrator that more resources were needed to ensure kids had the stability to succeed.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Most of the parents are working incredibly hard, some of them working two and three jobs. And no matter what they do, they couldn’t keep the kids out of poverty,” Bennet said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"DeLauro says the breakthrough on expanding the credit came as a result of the coronavirus showing how economically fragile many families are and Biden's own choice as a presidential candidate to support the policy. She believes that beneficiaries will keep their jobs because work is part of who they are.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“People identify themselves by their work,\\\\\\\" she said.\\\"}}]}","relatedPosts":null,"location":{"name":"Washington D.C., DC, USA"},"createdBy":{"name":"Gauri Gaur","photo":null,"username":"gauri","id":"1S0Xf9laf5Mf","role":null},"topics":[{"name":"UnitedStates","slug":"unitedstates","id":"Lgr3hTOPJ0yv"},{"name":"Democrats","slug":"democrats","id":"Vmz6UbCXmH4g"},{"name":"JoeBiden","slug":"joebiden","id":"tLOXw4T5mTfp"},{"name":"Potus","slug":"potus","id":"5BTMPTHtZ1tA"},{"name":"US","slug":"us","id":"0JelBm6rMusZ"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"AP","id":"8dFR8PhLJl4s","username":"associatedpress"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-10-23T12:13:48.790148+00:00","publisher":0,"sourceFeed":null,"cleanText":"To supporters of the child tax credit, there has always been an aha moment — the recognition that as little as a few hundred dollars a month could be life-changing. For Colorado Sen. Michael Bennet, it was several years ago when he was working as Denver's school superintendent. One high schooler kept falling asleep in morning classes. When Bennet asked why he was so exhausted, the student said he worked the midnight shift at McDonald's so that his family had enough money. Also Read - What's in, and what's out, as Democrats reshape Joe Biden's $2 trillion bill,For Connecticut Rep. Rosa DeLauro, it was the childhood memory of her parents being evicted and finding their furniture on the street. Bennet and DeLauro are among the Democratic lawmakers who have pushed to make permanent an expanded child tax credit, which President Joe Biden's coronavirus relief package transformed into a monthly payment that would be available to almost any child. But Biden could not convince even enough of his fellow Democrats that they should extend these payments through 2025, and in negotiations for his broader package of economic and social programs he appears to have settled for a one-year extension that runs through next year. Despite the concession, the president is still fighting for a legacy-making policy that could become the equivalent of Social Security for children. Biden dubbed the start of payments in July as “historic,” saying that the reduction to child poverty would be transformative and that he intended to make the credit permanent. The steady evolution of the child tax credit reflects a fundamental split on how lawmakers think about human nature. Do payments from the government make people lazier or give them the resources to become more responsible? Established with bipartisan support in 1997, the credit has changed in ways that challenge many of the assumptions of political identities, as Democrats would be the ones calling on Republicans to cut taxes. Republican critics and West Virginia Sen. Joe Manchin — the decisive Democratic vote — worry that the payments could discourage parents from working, while supporters say the money would make it easier to afford the child care and transportation needed to find jobs. “It’s a flat-out tax cut for ordinary people,” Biden said in a Wednesday speech in Scranton. “That’s what it does. I make no apologies for it.”,The continuation of the payments of at least $300 a month per child is as much about a political transformation as an economic one. Also Read - Joe Biden highlights middle-class values of his $2T spending package,For the purposes of the federal budget, it is a tax cut aimed squarely at the middle class as median family incomes are at $86,372. The credit's evolution since being created in 1997 speaks to the power of using the tax code for social policy. It allows Democrats to claim the mantle of middle-class tax cutters, while Republicans who oppose the idea could be criticized for favoring tax hikes on this key group of voters ahead of the 2022 elections. That is a sharp reversal from the Ronald Reagan-era identity of Republicans as committed to tax cuts for aiding growth. “A lot of its initial success was that it did fit into the frame of tax relief,” said Gene Sperling, a Biden aide who worked on economic policy in both the Clinton and Obama White Houses. “This is one place where progressives have over a period of 30 years kind of won the conceptual war.”,The child tax credit was initially bipartisan, a unique policy overlap between former President Bill Clinton and former House Speaker Newt Gingrich. Republicans made it part of their 1994 “Contract with America,” a list of polices that former Georgia Rep. Gingrich rode to the House speakership. Gingrich said in an interview that former Illinois Rep. Henry Hyde, a staunch abortion opponent, emphasized that the GOP needed to show that it cared about children after they were born, not just when they were in the womb. The tax credit was the chosen vehicle. Clinton separately proposed it in December 1994 in his “middle class bill of rights” speech. The convergence ultimately led to the 1997 overhaul of welfare that established a $500 tax credit for children. Future administrations expanded the credit. But until this year the credit was not “fully refundable” — which meant that parents with low incomes might not earn enough to receive the full payment. What Biden and Democratic lawmakers did with their coronavirus relief package was remove that limit, effectively turning the tax credit into a monthly child allowance. Their planned extension would make this change permanent. Also Read - Bidens seen flouting Washington DC indoor mask mandate,Gingrich and Republicans say people would quit their jobs because they would be able to receive payments without working, depriving children of working parents who can serve as role models. He calls that “an enormously dangerous thing for our culture.”,Backing that argument is a paper by University of Chicago economists that assumes the expanded tax credits would cause 1.5 million parents to ditch their jobs because the credits would no longer be tied to working. “It’s a policy that’s been transformed from one that encourages self reliance and work to one that doesn’t,” said Bruce Meyer, the University of Chicago professor who co-wrote the analysis. However, real world economic data shows no correlation between the payments and people leaving work so far. Researchers at Columbia University have found that the expanded child tax credit payments that began in July had no impact on labor and that models claiming otherwise are overly simplified. Workers often need to spend money in order to get a job, they reason. “You have to make an investment in order to be able to work,” said Elizabeth Ananat, an economist at Barnard College who co-wrote the Columbia paper. “You do have to get your car fixed. You have to get your phone turned back on. You have to buy a month supply of diapers in order to secure your spot in the preschool. Democratic lawmakers believe the payments reduce poverty and improve educational outcomes, making it more likely that the children will hold steady jobs as adults. Also Read - Donald Trump lashes out at Meghan McCain, calls her 'bully' and 'lowlife',Colorado Sen. Bennet backed the idea of a child tax credit after he found as a school administrator that more resources were needed to ensure kids had the stability to succeed. “Most of the parents are working incredibly hard, some of them working two and three jobs. And no matter what they do, they couldn’t keep the kids out of poverty,” Bennet said. DeLauro says the breakthrough on expanding the credit came as a result of the coronavirus showing how economically fragile many families are and Biden's own choice as a presidential candidate to support the policy. She believes that beneficiaries will keep their jobs because work is part of who they are. “People identify themselves by their work, she said.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"38.9072","longitude":"-77.0369","name":"Washington D.C., DC, USA","city":"Washington"},"keywords":"United States, child tax, democratic lawmakers, democrats, republicans, joe biden, potus, white house, law, child tax credit, government, united states, us, usa, united states of america, america, politics, news ","originalPublishedOn":"2021-10-23T12:13:48.790141+00:00"}},{"node":{"id":"eZa88CtZJvdr","slug":"what-is-itr-why-should-you-file-your-tax-returns","title":"What is ITR, why should you file your tax returns","postType":1,"coverMedia":"/opoyi_IxJHY7cxC.jpg","coverCaption":"ITR is a form used by taxpayers to declare their gross taxable income (Photo Credit: Representational Image/Pixabay)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-10-22T08:37:45.175755+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eAll banks and NBFCs demand ITR receipts for loan approval\u003c/li\u003e\n \u003cli\u003eITR is authentic proof of an individual's income\u003c/li\u003e\n \u003cli\u003eITR filing is madatory to claim TDS refund\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1634891864517,\\\"strCount\\\":3408,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Income tax return is a form used by taxpayers to declare their gross taxable income for a given financial year. This includes details of income sources and determining their income tax slab. It helps to claim deductions or exemptions and determine the annual tax liability.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"For an individual whose annual income is above the basic exemption limit of Rs 2.5 lakh, it is mandatory to file their income tax returns. Even when there is no tax liability, an income tax return (ITR) must be filed if the total income exceeds the above-mentioned threshold. If your income is below the threshold then also you can file the returns voluntarily.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/income-tax-refund-know-how-to-check-itr-status-and-intimation-notice?utm_source=copy-share\u0026amp;utm_medium=web\u0026amp;utm_campaign=none\\\\\\\"\u003eIncome Tax Refund: Know how to check ITR status and intimation notice\u003c/a\u003e.\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Even if you are not mandatorily required to file an ITR here are the benefits of filing the income tax return you should know:\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eEasy Loan Approval\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"When you apply for home and car loans all banks and NBFCs will demand ITR receipts of the last three years. ITR is authentic proof of an individual's income. It is a mandatory document for loan approval.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/check-out-5-great-pension-plans-with-maximum-benefits?utm_source=copy-share\u0026amp;utm_medium=web\u0026amp;utm_campaign=none\\\\\\\"\u003eCheck out 5 great pension plans with maximum benefits\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eClaim Tax Refund\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"When TDS (Tax deducted from source) is deducted from your income even when your total taxable income is less than the basic exemption limit and you have zero tax liability for that financial year. In such a case, you will have to claim a TDS refund for which it is mandatory to file an Income Tax Return.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/post-office-schemes-check-out-the-best-interest-rate-for-you?utm_source=copy-share\u0026amp;utm_medium=web\u0026amp;utm_campaign=none\\\\\\\"\u003ePost Office Schemes: Check out the best interest rate for you\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eFaster Visa Processing\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Most embassies \u0026amp; consultants ask for copies of your income tax returns for the past couple of years at the time of the visa application. It is one of the mandatory documents and hence it is always recommended to file your ITR regularly.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/check-out-5-great-pension-plans-with-maximum-benefits?utm_source=copy-share\u0026amp;utm_medium=web\u0026amp;utm_campaign=none\\\\\\\"\u003eCheck out 5 great pension plans with maximum benefits\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eCompensate Your Losses\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"If you file the return within the due date, you will be able to carry forward losses to subsequent years, which can be used to set off against the income of subsequent years. This means you can deduct certain losses from the relevant income which will help you reduce your tax liability of the future income. You cannot carry forward your losses from the current financial year to the next financial year without the filing of the ITR.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/why-mutual-funds-is-a-better-investment-option-than-stocks?utm_source=copy-share\u0026amp;utm_medium=web\u0026amp;utm_campaign=none\\\\\\\"\u003eWhy mutual funds is a better investment option than stocks\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAvoid Penalty\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Income Tax department levies a penalty under section 234F if you do not file your income tax return. Filing ITR on time avoids unnecessary penalties.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":null,"username":"devanshu","id":"tsxWjhDTYvrx","role":null},"topics":[{"name":"ITR","slug":"itr","id":"g5hsfRByCOk2"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"IncomeTaxReturn","slug":"incometaxreturn","id":"CpQzyJ1oXxxb"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"ITAct","slug":"itact","id":"bbHPfnW48x5M"},{"name":"Loans","slug":"loans","id":"zfEaEycqSE1k"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"TaxCredit","slug":"taxcredit","id":"EM2bw5rlSN6K"},{"name":"taxonomy","slug":"taxonomy","id":"fgEmmYTTFGHe"},{"name":"TaxFiling","slug":"taxfiling","id":"JcpAOaPdAktp"},{"name":"TaxSavings","slug":"taxsavings","id":"6yGCC8vVMpTt"},{"name":"taxpayers","slug":"taxpayers","id":"nAtpdvWSLlKn"},{"name":"Money","slug":"money","id":"upNlvoTnRROF"},{"name":"MoneyMatters","slug":"moneymatters","id":"J2NIZPXj0grm"},{"name":"LoanApps","slug":"loanapps","id":"RniK35us4ymo"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-10-22T08:37:43.980398+00:00","publisher":6,"sourceFeed":null,"cleanText":"Income tax return is a form used by taxpayers to declare their gross taxable income for a given financial year. This includes details of income sources and determining their income tax slab. It helps to claim deductions or exemptions and determine the annual tax liability. For an individual whose annual income is above the basic exemption limit of Rs 2.5 lakh, it is mandatory to file their income tax returns. Even when there is no tax liability, an income tax return (ITR) must be filed if the total income exceeds the above-mentioned threshold. If your income is below the threshold then also you can file the returns voluntarily. Also Read | Income Tax Refund: Know how to check ITR status and intimation notice. ,Even if you are not mandatorily required to file an ITR here are the benefits of filing the income tax return you should know:,Easy Loan Approval,When you apply for home and car loans all banks and NBFCs will demand ITR receipts of the last three years. ITR is authentic proof of an individual's income. It is a mandatory document for loan approval. Also Read | Check out 5 great pension plans with maximum benefits,Claim Tax Refund,When TDS (Tax deducted from source) is deducted from your income even when your total taxable income is less than the basic exemption limit and you have zero tax liability for that financial year. In such a case, you will have to claim a TDS refund for which it is mandatory to file an Income Tax Return. Also Read | Post Office Schemes: Check out the best interest rate for you,Faster Visa Processing,Most embassies \u0026 consultants ask for copies of your income tax returns for the past couple of years at the time of the visa application. It is one of the mandatory documents and hence it is always recommended to file your ITR regularly. Also Read | Check out 5 great pension plans with maximum benefits,Compensate Your Losses,If you file the return within the due date, you will be able to carry forward losses to subsequent years, which can be used to set off against the income of subsequent years. This means you can deduct certain losses from the relevant income which will help you reduce your tax liability of the future income. You cannot carry forward your losses from the current financial year to the next financial year without the filing of the ITR. ,Also Read | Why mutual funds is a better investment option than stocks,Avoid Penalty,The Income Tax department levies a penalty under section 234F if you do not file your income tax return. Filing ITR on time avoids unnecessary penalties.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"itr, income tac return, what is its, how to file its, benefits of itr, why is itr mandatory, how to file itr, loan approval, it documents","originalPublishedOn":"2021-10-22T08:37:43.980386+00:00"}},{"node":{"id":"1w67L0gJZljR","slug":"dearness-allowance-hiked-by-3-for-central-government-employees","title":"Dearness allowance hiked by 3% for central government employees","postType":1,"coverMedia":"/opoyi_M7G5oRxrH.jpg","coverCaption":"Employees' DA has now been raised to 31 percent with the latest rise(Photo credit: Representational/ Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2021-10-21T11:38:12.298475+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eUnion Cabinet has announced a 3% increase in the DA and DR for central government employees and pensioners\u003c/li\u003e\n \u003cli\u003eEmployee's DA has now been raised to 31%\u003c/li\u003e\n \u003cli\u003eDA is provided to compensate for inflation\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1634816290798,\\\"strCount\\\":2651,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Union Cabinet on Thursday announced a 3% increase in the dearness allowance (DA) for central government employees, effective July 1, 2021. Along with DA, the Centre has agreed to increase the dearness relief (DR) for pensioners by 3%. Over 48 lakh central government employees and more than 65 lakh pensioners would benefit from the decision. The cost to the exchequer of the revised DA and DR increases will be about Rs 9,488.70 crore per year.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read|\u003ca href=\\\\\\\"https://opoyi.com/more-than-130-countries-reach-deal-on-corporate-minimum-tax\\\\\\\"\u003e\u0026nbsp;More than 130 countries reach deal on corporate minimum tax\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Employees' DA has now been raised to 31 percent with the latest rise. The 11% rise in the DA rate is expected to put more money in the pockets of Central Government employees. It should be noted, however, that any increase will be based on the employees' basic pay.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/petrol-diesel-prices-hiked-again-sees-fresh-all-time-high\\\\\\\"\u003ePetrol, diesel prices hiked again, sees fresh all-time high\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As an example: Assume an employee is paid Rs 100 per month as basic pay. He received Rs 17 in DA at a rate of 17%. Now his DA is increased to 31%, so he will get 31% of his basic pay Rs 100 which equals Rs 31.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/how-to-apply-for-a-ration-card-online\\\\\\\"\u003eHow to apply for a ration card online?\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"A central government employee should verify their monthly basic salary, which is determined by the 7th pay commission pay matrix, to see how much their monthly payment would rise after DA restoration. They are recommended to examine their current DA after reviewing their monthly basic salary,\\\\\\\" Shiv Gopal Mishra, Secretary- Staff Side, National Council of JCM, remarked on the 7th pay matrix.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/post-office-monthly-income-scheme-heres-all-you-need-to-know\\\\\\\"\u003ePost Office Monthly Income Scheme: Here's all you need to know\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Notably, DA is provided by the government to its employees to compensate for inflationary increases in the cost of living. It is generally revised twice a year, on January 1 and July 1. DR is the same as dearness allowance, and it is paid to central government pensioners.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/ppf-account-new-rule-allows-multiple-deposits-in-a-month-check-details-here\\\\\\\"\u003ePPF account: New rule allows multiple deposits in a month, check details here\u003c/a\u003e\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"DA is always computed as a percentage of an employee's basic salary. This is then added to the base salary, as well as other salary components, to arrive at the total salary of an employee.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"CentralGovernment","slug":"centralgovernment","id":"99PfSOvjRrPJ"},{"name":"Tax","slug":"tax","id":"BcSeucLdEVr2"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-10-21T11:10:00.375620+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Union Cabinet on Thursday announced a 3% increase in the dearness allowance (DA) for central government employees, effective July 1, 2021. Along with DA, the Centre has agreed to increase the dearness relief (DR) for pensioners by 3%. Over 48 lakh central government employees and more than 65 lakh pensioners would benefit from the decision. The cost to the exchequer of the revised DA and DR increases will be about Rs 9,488.70 crore per year. Also Read| More than 130 countries reach deal on corporate minimum tax,Employees' DA has now been raised to 31 percent with the latest rise. The 11% rise in the DA rate is expected to put more money in the pockets of Central Government employees. It should be noted, however, that any increase will be based on the employees' basic pay. Also Read| Petrol, diesel prices hiked again, sees fresh all-time high,As an example: Assume an employee is paid Rs 100 per month as basic pay. He received Rs 17 in DA at a rate of 17%. Now his DA is increased to 31%, so he will get 31% of his basic pay Rs 100 which equals Rs 31. Also Read| How to apply for a ration card online?,A central government employee should verify their monthly basic salary, which is determined by the 7th pay commission pay matrix, to see how much their monthly payment would rise after DA restoration. They are recommended to examine their current DA after reviewing their monthly basic salary, Shiv Gopal Mishra, Secretary- Staff Side, National Council of JCM, remarked on the 7th pay matrix. Also Read| Post Office Monthly Income Scheme: Here's all you need to know,Notably, DA is provided by the government to its employees to compensate for inflationary increases in the cost of living. It is generally revised twice a year, on January 1 and July 1. DR is the same as dearness allowance, and it is paid to central government pensioners. Also Read| PPF account: New rule allows multiple deposits in a month, check details here,DA is always computed as a percentage of an employee's basic salary. This is then added to the base salary, as well as other salary components, to arrive at the total salary of an employee.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"dearness allowance, da increased, how to calculate da, dr pensioners increased, da rate 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