Month: July 2022

Business

Filing Your ITR By 31 July 2022 Can Save You This Much Amount

HT News

File your income tax return (ITR) for the financial year 2021-22, or assessment year 2022-23 on or before 31 July to avoid attracting penalties like late fees.

The Financial Consequences Of Missing ITR Deadline

Financial Consequences Of Missing ITR Deadline
  1. File your ITR by December 21, 2022, with a late fee according to your tax slab. The late fee for income group of up to ₹ 5 lakh is ₹ 1,000 and for over ₹ 5 lakh is ₹ 5,000. But no late fee is levied for the group whose income doesn’t exceed the basic exemption limit.
  2. Missing a deadline will attract interest on the late payment of taxes. You will pay some tax with interest and dividends. TDS deduction is made at 10%, but if you are in the 20% or 30% tax slab, the differential amount will attract the interest of 1% per month according to Section 234A.
  3. The interest rate charged will be applied retrospectively from the last date of filing ITR, July 31, 2022. Also, if the outstanding dues are paid after the 5th of any month, you will be charged an interest rate for the full month.
  4. Carrying forward losses isn’t allowed after the due date. If you are forced to sell property/shares/capital in losses during the pandemic time, the losses should be declared and filed on or before the due date.
  5. Income Tax Department could send a notice for not filing or mismatch of income/loss declared.
  6. You can apply for refunds and losses till 31 December 2022 and if you miss this deadline, you will be required to find an appeal for condonation for refund and losses carried forward.
  7. The commissioner of income tax of your ward will consider your application and approve it only
… Read the rest
Sports

Look Who Are Participating In The Chess Olympiad 2022 In Mamallapuram Chennai

HT News

All eyes will be on young Indian chess players at the 44th edition of the Chess Olympiad in Mamallapuram, Chennai. The competition began on Thursday. Top-seeded of the world including the US, Norway, Spain, and Poland are participating in the competition.

Ten Points

Chess Olympiad 2022 In Mamallapuram Chennai
  1. India is hosting the 44th edition of the Chess Olympiad in Mamallapuram, Chennai. 187 countries including the US are participating in the competition and it is a world record.
  2. The US team led by the World Championship Challenger Fabiano Caruana is leading with Elo 2771 rating followed by India (Elo 2696), Norway led by World Champion Magnus Carlsen (Elo 2692), Spain (Elo 2687), Poland (Elo 2683), and Azerbaijan (Elo 2680).
  3. India has 30 players divided into six teams participating in the Chess Olympiad. The top team includes Vidit Gujrathi, Pentala Harikrishna, Arjun Erigaisi, SL Narayanan and Krishnan Sasikiran.
  4. Arjun and Narayanan are making their debut in the international championship. Where Arjun has an excellent Elo score of 2700, Narayanan is a bankable player for the country.
  5. Harikrishna, Vidit, and Sasikiran are the most experienced players of team India. They have an excellent track record of winning matches.
  6. In the women’s competition, the Indian team leads with Elo of 2487 but it isn’t too ahead of nearest rivals Ukraine (Elo 2478) and Georgia (Elo 2475).
  7. Indian women’s team has Koneru Humpy, D Harika, R Vaishali, Tania Sachdev, and Bhakti Kulkarni as its star players.
  8. Team India 2 includes everything from youth to experience. It has Nihal Sarin, D Gukesh, R Praggnanandhaa, and Raunak Sadhwani as young players with 30-year-old B Adhiban as the oldest experienced player.
  9. The average Elo of Team India 2 is 2649 but their track record of defeating fancied opponents
… Read the rest
Technology

Do You Know What The Mysterious Object On Martian Surface Is?

HT News

A picture sent by a NASA rover from the Martian surface kept the space watchers guessing about the object seen in the image. It looked like a tangled piece of rope and it received a mixed response from the Internet community. The rover spotted the object on 12 July.

HIGHLIGHTS

• NASA’s Perseverance rover sent an image of a tangled-looking object from Mars
• It looked like a remnant robotic exploration to Mars in February 2021
• The Internet community started calling it Italian pasta

What Was That Mysterious Object?

A spokesman for NASA’s Jet Propulsion Laboratory told AFP that they had been discussing where that was from. There had been speculation that the object seen in the image could be a piece of cord from the parachute or from the landing system that lowers the rover to the ground.

What Is Mysterious About That Object?

The first sighting of the reported remnant of the rocket propulsion system was on 12 July but it was gone within four days when the Perseverance returned to the same place. It was probably carried away by the wind that might have come from the rocket-powered landing system.

The experts said that the accumulating trash was a small price to pay for the noble scientific goals … Read the rest

International News & Politics

The US Economy Is Under Recession But India Is Safe

HT News

Reuters polls of economists predict a slowdown in the global economy including the US which is the largest economy in the world. But they say India faces no such threat.

Ten Points

US Economy Is Under Recession
  1. The report forecasts a 3% slowdown in the global economy followed by 2.8% the next year compared to the 3.5% and 3.4% in the last quarterly poll in April.
  2. The poll covered 48 economies out of which 77% were downgraded for the next year only, 13% are left unchanged, and 10% upgraded.
  3. The poll covered the top 19 global banks out of which 11 are forecast to see inflation returning next year.
  4. The remaining 8 banks will remain safe. They include the Fed, the European Central Bank, the Bank of England, and the Reserve Bank of India.
  5. The US Federal Reserve is expected to increase rates by another 75 basis later this week. It is an indication of inflation being at a four-decade high of 9.1%.
  6. The US has only a 40% chance of seeing recession but it is sharply up from three months ago. The chances of recession have also risen for the euro zone and Britain.
  7. Inflation forecasts for 48 economies show no quick relief from a cost of living in those countries. The inflation report of 90% of the economies has been upgraded for the next year and over 45% for 2024.
  8. Recessionary dynamics are increasingly evident in the forecast. Nathan Sheets, the chief global economist at Citi, forecast the major economies including the US slipping into recession.
  9. Nathan Sheets further maintained that the timing of recession could vary and the effect could be relatively mild.
  10. Noted Ethan Harris, global economist at Bank of America Securities, said that the economists
… Read the rest
Technology

Race To 5G Auction Becomes More Interesting With Gautam Adani Joining The Bidders

HT News

With Gautam Adani joining the bidders for the fifth-generation airwaves in India, the battle for supremacy in the digital space has become more interesting. While Mukesh Ambani-led Jio Infocomm Ltd. is seen as the highest bidder, analysts say that Adani’s entry into the telecommunication sphere could raise the bar for others.

HIGHLIGHTS

• The Modi government is expected to raise 1.1 trillion rupees from the sale of fifth-generation airwaves
• Ambani and Adani are among the prominent bidders for the airwaves
• Adani doesn’t plan to enter the consumer mobile space presently dominated by Ambani

What Is Offered In 5G Sale?

The government has offered 72 gigahertz of airwaves in various frequency bands ranging from 600 megahertz to 26 gigahertz. The airwaves are offered for 20 years. Also, the bidders are allowed to pay the total amount in 20 equal installments with no upfront payment. A local rating company ICRA Ltd. has put the figure for the airwaves sale at 1.1 trillion rupees ($14 billion).

5G Auction Becomes More Interesting With Gautam Adani Joining

How Much The Bidders Have Deposited For The Auction?

Mukesh Ambani deposited the highest amount 140 billion rupees followed by Bharti Airtel’s 55 billion rupees and Vodafone Idea’s 22 billion rupees. Adani Data paid only 1 billion rupees. Adani’s modest bidding has surprised the experts and stirred speculation about his plans.

Why Did Adani Data Pay The Smallest Bidding Amount?

Gautam Adani needs airwaves only to create a private 5G network and not to become a full-service wireless operator like others. But experts see it as Adani’s entry into the sectors traditionally associated with Mukesh Ambani.

How Would The Auction Help India?

The 5G auction is seen as a great … Read the rest

International News & Politics

Is Google Co-Founder Divorcing His Wife For Elon Musk?

HT News

Tesla owner Elon Musk reacted to a Wall Street Journal report that alleged he had an affair with the wife of Google co-founder Sergey Brin. But Elon Musk denied the allegation saying that he and Sergey were friends and he had seen Nicole Shanahan twice in three years and both times with many other people around. Nothing romantic, Musk tweeted on the WSJ report.

HIGHLIGHTS

• WSJ alleged Elon Musk had an affair with Nicole Shanahan
• Sergey Brin had filed for divorce with Nicole Shanahan in January
• Elon Musk had also broken up with his singer girlfriend Grimes
• Tesla boss also apologized to Mr. Brin for the affair according to eyewitnesses

What Did Wall Street Journal Report About Elon Musk?

The WSJ reported that Elon Musk had an affair with Nicole Shanahan, wife of his friend and Google co-founder Sergey Brin. The report further said that the affair started with Musk meeting Nicole Shanahan at the Art Basel event in Miami in early December 2021. Art Basel is a multiday event attended by wealthy people from across the globe.

Did Elon Musk Apologize To Sergey Brin?

Elon Musk met Sergey Brin at a party on Sunday night where he dropped to one knee in front of Brin and apologized for the transgression. He even begged for forgiveness according to people at the party. Elon Musk has admitted that he met Sergey Brin at a party last … Read the rest

Cricket Sports

Big Decisions Await At The ICC Annual Conference In Birmingham

HT News

The ICC could decide on the future of Afghanistan cricket during the annual conference starting in Birmingham, England this weekend. The board will also confirm hosts for four women’s global events for 2023-27. Also, the T20 leagues v/s international cricket could be raised at the conference.

HIGHLIGHTS

• Hosts of women’s 2023-27 events will be confirmed on 26 July
• The rights of men and women are unbundled and will be sold separately
• PCB’s letter to ICC on T20 cricket could come into discussion
• The board will also finalize the process for the ICC chairman election

Who Will Get Rights To Women’s Cricket Events For 2023-27?

Women’s Cricket Events For 2023-27

The ICC has finalized half a dozen events including two T20 World Cups, one 50-over World Cup, and one T20 Champions Trophy for women’s cricket during 2023-27. Also, for the first time, the board will sell women’s rights separately from men’s rights. The rights for TV, digital, and TV and digital combined will be sold for four years and the board plans to maximize the profit.

What Is The Question Of T20 Leagues Threatening International Cricket?

Pakistan Cricket Board (PCB) shot a letter to the ICC sharing their concern about the proliferation of domestic leagues sucking time for international cricket. While it is for the member countries to decide on both the bilateral series as well as T20 league windows, one Full Member of the board has raised concern over domestic leagues encroaching on the international calendar.

What Will ICC Decide On Afghanistan Cricket?

The question of women’s cricket in Afghanistan came to light when the deputy head of the Taliban’s cultural commission Ahmadullah Wasiq said that cricket wasn’t necessary for women … Read the rest

News & Politics

How Did Droupadi Murmu Poll 64.03% Votes In Presidential Elections?

HT News

Droupadi Murmu, former Governor of Jharkhand, is the President-elect of India. She’s the first tribal woman to reach the highest constitutional post in the country. She received over 60% of the total votes. Droupadi Murmu will take oath on July 25.

Ten Highlights Of The Big Story

Droupadi Murmu Poll 64.03% Votes In Presidential Elections
  1. Droupadi Murmu received 2,824 votes with a value of 6,76,803 or 64.03%. Her closest rival Yashwant Sinha received 1,877 votes with a value of 3,80,177 or 35.97%. The minimum value of votes needed for a victory is 5,43,000.
  2. Prime Minister Narendra Modi along with BJP chief JP Nadda congratulated Ms Murmu for her victory. Droupadi Murmu (64) is the youngest and India’s first president to be born after independence.
  3. PM Modi praised Droupadi Murmu as an outstanding MLA and minister. She had an excellent tenure as Jharkhand Governor. He further said that he was certain she would be an outstanding President who would lead from the front and strengthen India’s development journey.
  4. Yashwant Sinha also congratulated Droupadi Murmu on her victory. He said he hoped that as the 15th President of India she would function as the custodian of the constitution without any fear or favor.
  5. Congratulatory messages from governors, cabinet ministers, chief ministers, and leaders of political parties including Congress chief Sonia Gandhi, West Bengal Chief Minister Mamata Banerjee, and NCP chief Sharad Pawar started pouring in for Droupadi Murmu.
  6. Celebrations broke out in Rairangpur in Odhisha, the hometown of Ms Murmu.
  7. With Droupadi Murmu, the NDA sent a huge political message to the tribal community that has distanced itself from the BJP. Also, it divided the opposition by bringing non-aligned parties including Naveen Patnaik’s Biju Janata Dal and Jaganmohan Reddy’s YSR Congress on board.
  8. The presidential
… Read the rest
Technology

This Site Has 4,800 Incidents Of People Reporting Issues With MS Teams

HT News

Thousands of Microsoft users had a difficult time with MS Teams as the popular messaging app went down for unknown reasons reported an outage tracking website. MS Teams helps businesses in internal communication, messaging, telecommunication, and organizing their workflow.

HIGHLIGHTS

• MS Teams went down affecting thousands of users including big businesses
• An outage tracking website reported a broken connection to an internal storage service
• The website also reported issues with Microsoft Office 365
• Microsoft said it had identified the downstream impact and taken action

Who Reported The Outage?

The Redmond, Washington-based company reported that it found a broken connection to an internal storage service on a deployment. But the company did specify the number of users affected by the disruption. Microsoft said that it was investigating the matter.

Downdetector.com which tracks disruptions with the help of status reports from reliable sources including user-submitted errors has over 4,800 incidents of people reporting issues with MS Teams on Thursday. It further said that more than 1,457 users were still affected by the outage. The website also showed more than 150 incidents of people reporting problems with Microsoft Office 365.

How Did Microsoft React To The Outage Reporting?

Microsoft React To The Outage Reporting

First of all, the company tweeted that it was investigating the disruption, and then came another tweet saying that the downstream impact to multiple Microsoft 365 services with MS Teams integration such as MS Word, Office Online, and SharePoint Online had been identified.

Microsoft said that it had rerouted a portion of traffic to provide some relief within the environment. But Microsoft isn’t the only company facing outages. Last October, a disruption at Meta Platforms kept … Read the rest

News & Politics

What Is 43A In Special Economic Zones Rules, 2006?

HT News

The government announced new work-from-home (WFH) rules for special economic zone (SEZ) units on Tuesday. The Department of Commerce has allowed WFH in SEZ units for one year and up to 50% of total employees.

HIGHLIGHTS

• SEZ units can now extend WFH for one year for up to 50% of employees
• The new rules were notified under section 43A in Special Economic Zones Rules, 2006
• SEZ units already working under WFH are provided a transition period of 90 days to get approval
• WFH can be extended one year at a time by the DC at the request of units

What Are The New WFH Rules?

New WFH Rules

The commerce ministry added section 43A in Special Economic Zones Rules, 2006 on industry demand. The SEZ units have been demanding a countrywide uniform WFH policy for a long time. The new rules will apply to specific categories of employees in SEZ units. According to the new rules, WFH is extended for one year period only and a maximum of 50% of total employees including contractual employees. But flexibility is allowed at the request of SEZ units.

The new rules apply to the following categories of employees:

• Employees of IT/ITeS SEZ units
• Employees who are temporarily incapacitated
• Employees who keep traveling and who work offsite

The SEZ units are directed to provide equipment and security connectivity for WFH to perform authorized operations of the respective units and the permission to take out the equipment is co-terminus with the permission granted to the employee by the government notification.

SEZ units whose employees are working from their homes are provided a transition days period to … Read the rest