Samsung Faces $601 Million Tax Demand in India

The Indian Cabinet has approved a 2% increase in Dearness Allowance (DA) for central government employees, impacting around 1.15 crore individuals, including pensioners. This hike will take effect from January 1, 2025, raising the DA from 53% to 55% of the basic pay. Union Minister Ashwini Vaishnaw highlighted that this adjustment aims to help employees cope with inflation. The financial burden of this decision on the government will be ₹6,614.04 crore annually. The increase will benefit approximately 48.66 lakh employees and 66.55 lakh pensioners, providing much-needed relief before the 8th Pay Commission is expected to be announced.

Many attendees at a recent open house session for the PM Internship Scheme wanted to know if internships would lead to jobs. Officials clarified that while internships are valuable for gaining experience, job placement is not guaranteed. The scheme offers 12-month internships with completion certificates, helping to make candidates more employable. This session attracted about 1,700 registrations and addressed over 1,750 questions. The second round of the scheme provides around 1.18 lakh internship opportunities across 735 districts, with applications closing on March 31. The government also supports interns financially through monthly stipends and grants for expenses.

Royal Challengers Bengaluru (RCB) are shining bright in IPL 2025, sitting at the top of the points table after defeating Chennai Super Kings (CSK) at Chepauk Stadium. This victory marks RCB's second consecutive win, giving them 4 points and a strong net run rate of +2.266. In contrast, CSK has dropped to 7th place with only 2 points after two matches, raising eyebrows over their lineup decisions, especially MS Dhoni batting at number 9. RCB put up an impressive total of 196 runs, while CSK struggled, finishing at just 146. Next, CSK will take on Rajasthan Royals, while RCB will face Gujarat Titans on April 2.

The US plan to impose reciprocal tariffs may not harm India significantly, according to NITI Aayog’s Pravakar Sahoo. He noted that these tariffs will target specific sectors and could even open up new export opportunities for Indian businesses. Compared to countries like China and Mexico, India is in a strong position, and historical data suggests that such tariffs often lead to increased exports for nations like India. As part of ongoing trade discussions, India and the US aim to strengthen their economic ties and boost bilateral trade significantly by 2030.

India is swiftly responding to the devastating earthquake that struck Myanmar on March 28, sending 15 tonnes of essential relief supplies. A military transport aircraft from the Indian Air Force, the C130J, took off from Hindon air force station to deliver tents, sleeping bags, blankets, ready-to-eat meals, and medical supplies. The quake, measured at a powerful 7.7 magnitude, has tragically resulted in 144 deaths and over 700 injuries. Both Myanmar and Thailand have declared emergencies as buildings collapsed due to the tremors. Prime Minister Modi expressed his concern and assured that India is ready to assist in any way possible.

A massive earthquake struck Myanmar and Thailand, claiming 694 lives in Myanmar and injuring thousands. Eyewitnesses shared their terrifying experiences, describing buildings shaking and people fleeing in panic. A resident from Kolkata, who was in Bangkok, recounted seeing skyscrapers tremble and water spilling from pools. Another eyewitness described how his bed shook and how he rushed downstairs as chaos unfolded. The earthquake, measuring 7.7 in magnitude, hit near Mandalay, with aftershocks following. While the situation in Kolkata has returned to normal, the event caused significant disruptions, including evacuation of malls and office buildings.

Several Hindu temples in the US have been vandalized with anti-India graffiti, prompting Indian Minister Kirti Vardhan Singh to address the issue in the Lok Sabha. He stated that these incidents are being treated as hate crimes and are under investigation by US authorities. The Indian government is actively engaging with the US through diplomatic channels to ensure proper action is taken against those responsible. Temple management and community groups are also seeking justice and better security for their places of worship. Similar incidents have occurred in Canada and Bangladesh, raising concerns about the safety of Hindu minorities.

Royal Challengers Bengaluru (RCB) have faced a long 18-year wait for their first IPL trophy, but they also seek their first victory against Chennai Super Kings (CSK) in Chennai since 2008. This notable win came when Virat Kohli was just starting out, and since then, RCB has lost every match in Chennai under four different captains. As they prepare for their next encounter, captain Rajat Patidar aims to break this losing streak. The pressure is on, especially with Kohli, who has yet to score against CSK in Chennai, looking to finally change the narrative for RCB fans.

OpenAI's latest GPT-4o update has created a buzz online, leading many to craft Studio Ghibli-style portraits from various images, including memes. However, this exciting feature is limited to ChatGPT Plus, Pro, Team, and certain paid subscriptions. OpenAI's CEO, Sam Altman, mentioned that high demand caused delays for free users. For those looking for free alternatives, platforms like Gemini, GrokAI, Craiyon, and Artbreeder offer similar services. Users can generate visuals by uploading images or entering specific prompts, though the results might not match the stunning quality of GPT-4o. Still, tools like Runway ML and Leonardo AI provide advanced editing options for a richer experience.

President Trump has made a bold move by announcing a 25% tariff on all imported cars and trucks sold in the U.S., which could shake up the auto industry. Nearly half of the vehicles sold in the U.S. are imported, and this decision aims to promote American manufacturing and create jobs. However, many auto executives are doubtful about its impact. While vehicles already in stock will not be affected, prices are expected to rise significantly, potentially increasing by 11% to 12%. This could limit the variety of cars available for consumers and hurt sales, especially for companies that rely heavily on imports.

The Income Tax Department is sending notices to salaried taxpayers who claimed House Rent Allowance (HRA) but failed to deduct tax at source (TDS) on their rent payments. These notices are a reminder for taxpayers to verify their claims and correct any mistakes before the March 31 deadline. Tenants must deduct 2% TDS on rent exceeding ₹50,000, or 31.2% if the landlord is an NRI. If you have valid HRA claims, you don’t need to file an updated return. However, failing to deduct TDS incurs penalties. The department is taking action due to increasing fake HRA claims.

India’s e-commerce market is booming, reaching around $60 billion, but growth has slowed to 10-12% from historical rates of 20%. Factors like high inflation and stagnant wages have impacted consumer spending. Despite these challenges, experts believe the sector will rebound, especially from 2025. Key growth areas include quick commerce, fashion-focused online shopping, and low-cost products. By 2030, e-retail is projected to grow to $170-$190 billion, with significant contributions from smaller cities. The rise of online shopping in these areas is changing the landscape, making it accessible for many new consumers.

Interns participating in the PM Internship Scheme have raised questions about job security after their internships. Officials clarified that while internships do not guarantee employment, they enhance job prospects. A 12-month internship leads to valuable experience and a completion certificate, making candidates more attractive to employers. The scheme has seen high interest, with over 1.27 lakh opportunities offered in its first round. Currently, 1.18 lakh internships are available across 735 districts. The government supports candidates with a monthly stipend and a one-time grant for expenses, aiming to help youth kickstart their careers.

Indian companies have set a new record in fundraising for the fiscal year 2024-25, raising an astonishing ₹3.71 lakh crore through equity and ₹11.12 lakh crore from debt markets. Fundraising via public equity surged by 92% compared to last year, indicating strong investor confidence. Notably, 78 companies raised ₹1.62 lakh crore through initial public offerings (IPOs), more than double the previous year's amount. Retail participation in IPOs grew significantly, with applications reaching over 21 lakh. The average returns for these IPOs were impressive, and a robust pipeline is expected for the next fiscal year, promising continued growth in the Indian corporate fundraising landscape.

The Indian rupee is experiencing its best monthly performance since November 2018, gaining over 2% this month. This surge is driven by seasonal dollar inflows and a decrease in negative positions against the currency. Recently, the rupee traded at 85.5875 per U.S. dollar, showing resilience against its regional peers. After a long period of outflows, foreign investments in Indian stocks and bonds have surged, totaling billions in just a few days. However, upcoming U.S. tariff announcements could impact the rupee's strength, as India considers tariff cuts on its imports from the U.S. to counter any potential effects.

Life Insurance Corporation of India (LIC) is looking to buy a stake of 30% to 45% in a health insurance company, focusing on Manipal Cigna Health Insurance as the top choice. Although no final decision has been made, discussions are ongoing. Other companies like Star Health and Niva Bupa have reacted to the news, with Star Health declining to comment on speculations and Niva Bupa stating they are unaware of any developments. LIC's CEO confirmed they are keen to enter the health insurance market, planning to make a decision soon, but regulatory approvals may delay the acquisition process.

If you use an Axis Bank credit card, getting help for your queries is easy! The bank provides several ways to contact customer care, including phone numbers and email. It’s crucial to act quickly if your card is lost or stolen to prevent unauthorized charges. For farmers and rural customers, there’s a special helpline. If you prefer writing, you can email customer care with your details for a swift response. If you’re not satisfied with the help you receive, you can escalate the issue to the nodal officer. Remember, using a credit card can lead to overspending, so always keep track of your expenses!

The Reserve Bank of India (RBI) has released the bank holiday calendar for April 2025, signaling the start of the new fiscal year. These holidays differ by state and are influenced by national, regional, and religious events. Key dates include April 1, when banks close for their yearly account finalization and the Sarhul festival in Jharkhand. Other notable holidays are Mahavir Jayanti on April 10, Ambedkar Jayanti on April 14, and Good Friday on April 18. This calendar helps individuals and businesses plan important financial transactions around these dates.