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New Income Tax rules to be effective from April 1: Tax on crypto-assets to filing of updated IT return, here are 7 major changes in IT rules

From the filing of the updated returns, income tax on crypto-assets to tax relief for cooperatives and startups as well as for Covid-19 treatment, here are 7 major changes in the Income Tax rules.

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New Income Tax rules to be effective from April 1

The new measures in the Union Budget 2022 related to income tax (IT) will enter into force on April 1, 2022, for the next fiscal year 2022-23. From the filing of the updated returns, income tax on crypto-assets to tax relief for cooperatives and startups as well as for Covid-19 treatment, here are 7 major changes in the Income Tax rules.

  1. Tax on Crypto assets and Crypto gifts

The budget 2022 which introduced a provision for a 30 percent tax on the transfer of digital assets will now be effective from April 1, 2022. The Budget also included a provision for a 1 percent TDS on payments made in relation to the transfer of cryptos/digital assets beyond a limit of INR 50000 per year for specified persons. Specified persons/HUFs will be compelled to have their finances audited as a result of the IT Act. If you receive a cryptocurrency or other virtual digital asset as a gift, it will be subject to taxation as a gift.

  1. Filing of updated IT Return

A new provision permits taxpayers to file an updated return if they make any error, omission, or make a mistake on their income tax returns. Taxpayers now have two years from the end of the relevant assessment year to file an updated return.

  1. Tax of Provident Fund account

From April 1, the Central Board of Direct Taxes (CBDT) will adopt Income-tax (25th Amendment) Rule 2021. It means that the Employee Provident Fund (EPF) account will have a tax-free contribution limit of up to Rs 2.5 lakh. The interest income will be taxed if the payment is higher than the above-mentioned amount.

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  1. Tax relief for people with disability

The new regulations provide for the availability of an annuity or lump sum to a differently-abled individual during the subscriber’s lifetime, i.e. after the latter’s parent or guardian reaches the age of 60.

  1. Tax relief for Covid-19 treatment

Individuals who have received monetary assistance for COVID therapy will be eligible for tax relief under the provision, which will take effect on April 1, 2020. The money received by the relatives of COVID victims will be tax-free up to INR 10 lakh. This applies to families who received the money within 12 months of the deceased person’s death.

  1. Surcharge on LTCG

Long-term capital gains on the sale of listed stock or mutual funds are currently subject to a 15 percent surcharge. This cap will apply to long-term capital gains on all assets beginning April 1, 2022.

  1. Tax relief for Startups

Startups founded before March 31, 2022 will receive an additional year of tax benefits in addition to the three years already granted (out of 10 years from incorporation).

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Google reduces 10% of managerial staff to enhance efficiency and ‘Googleyness’

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Google has pruned its managerial workforce, reducing it by 10% in a move aimed at streamlining operations and redefining its corporate culture in a year-long push. This pruning, part of a broader efficiency drive, includes a 10% cut at manager, director, and vice president levels.

Reports indicate that during an all-hands meeting, CEO Sundar Pichai outlined the rationale behind the decision, emphasizing the need for efficiency and redefining the company’s core values, often referred to as “Googleyness.”

A Google spokesperson revealed that some affected employees would transition to individual contributor roles, while others faced role eliminations. These adjustments come amidst growing challenges in the tech industry, particularly with rapid developments in artificial intelligence (AI) and fierce competition from rivals like OpenAI.

The AI race and Google’s response

The tech giant has recently intensified its focus on AI innovations, unveiling Gemini 2.0, its most advanced AI model yet. Sundar Pichai described the new model as heralding a “new agentic era” in which AI systems are designed to comprehend and make decisions about the world.

This announcement boosted Google’s stock, which surged by over 4% following the news, a day after a 3.5% increase attributed to breakthroughs in its quantum chip technology.

Previous layoffs in 2024

The latest layoffs mark Google’s fourth round of job cuts in 2024. Earlier in January, Google eliminated several hundred positions in its global advertisements team. In June, its cloud unit also saw workforce reductions. By January of this year, Google had already cut 12,000 roles, equivalent to 6.4% of its global workforce.

In a letter addressed to employees during the earlier layoffs, Pichai took responsibility for the decisions, stating that the company had experienced dramatic growth that required adjustments to sustain operations. Despite efforts, he acknowledged the process could have been managed better.

Redefining ‘Googleyness’

At the same meeting, Pichai stressed the need to revisit and reshape the concept of “Googleyness.” This term, often used to define the company’s unique culture and hiring philosophy, will now play a pivotal role in transforming corporate dynamics to adapt to new challenges.

The adjustments highlight Google’s commitment to staying competitive while reshaping its operational framework to remain aligned with its long-term vision.

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Zomato introduces Food Rescue feature

“We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage,” he said.

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Zomato has introduced a new feature called Food Rescue to minimise food wastage, announced the food delivery platform CEO Deepinder Goyal on Sunday.

Announcing the new feature on X, Goyal said the decision, to introduce the new feature, was taken to prevent the tremendous amount of food wastage due to order cancellation on the platform.

Committed to minimising food wastage, the Zomato boss said: “We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage.”

Goyal said despite having stringent policies, and a no-refund policy for cancellations, more than 4 lakh perfectly good orders get cancelled, for various reasons by customers.

He said the top concern for the online food delivery platform, the restaurant industry, and even the customers who cancel these orders, is to somehow save the food from going to waste.

With the launch of the new feature, Food Rescue, cancelled orders will now pop up for nearby customers, who can grab them at an unbeatable price, in their original untampered packaging, and receive them in just minutes.

According to Zomato, the cancelled order will pop up on the app for customers within a 3 km radius of the delivery partner carrying the order. To ensure freshness, the option to claim will only be available for a few minutes.

The online food delivery platform will not keep any proceeds except the required government taxes and the amount paid by the new customer will be shared with the original customer (if they made payment online) and with the restaurant partner.

Orders containing items sensitive to distances or temperature such as ice creams, shakes, smoothies, and certain perishable items, will not be eligible for Food Rescue.

Restaurant partners will continue to receive compensation for the original cancelled order, plus a portion of the amount paid by the new customer if the order is claimed, the company said. “Most restaurants have opted in for this feature, and can opt of it easily whenever they want, directly from their control panels,” it added.

The delivery partners will be compensated fully for the entire trip, from the initial pickup to the final drop-off at the new customer’s location, it said.

Food Rescue will show up on the customers’ home page automatically if there’s a cancelled order available for them to grab. The Customers have to refresh the home page to check for any newly available orders which need to be rescued.

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Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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