The Income Tax Department has warned taxpayers that not reporting foreign assets or income in their income tax return (ITR) could lead to a fine of up to Rs 10 lakh. The warning comes as the deadline for filing belated and revised ITRs approaches, with the final date being December 31. Taxpayers are encouraged to report all relevant foreign assets and income to avoid penalties under the Black Money Act.
Domestic air travel crossed 500,000 passengers for the first time on Sunday, driven by affordable fares, a long weekend, and the wedding season. A total of 5,05,412 passengers flew on 3,173 flights that day. Passenger numbers have stayed high, consistently reaching over 4.9 lakh daily. Airlines have benefitted from cheaper fares and more flights, which helped boost demand after the Diwali season.
Mangaluru is working to become a key IT hub, but better global air connectivity is essential for its growth. Industry leaders say more international flights and partnerships between airlines could improve access to global markets. Right now, Mangaluru mainly connects to West Asia, and traveling further requires connections through Bengaluru or Mumbai.
Taiwan's MediaTek, already a leader in India's smartphone chipset market, is expanding its focus to the automotive sector. The company has partnerships with OEMs like Tata Motors and Skoda Auto for its Dimensity Automotive platform and is collaborating with JioThings to innovate in the two-wheeler electric vehicle (EV) space. MediaTek sees India as a key market and hub for R&D, aiming to tap into both the smartphone and automotive sectors.
ByteDance, the company behind TikTok, is now worth $300 billion despite the uncertainty around a possible ban in the U.S. The company is offering to buy back shares at $180 each. A U.S. law requires ByteDance to sell TikTok by January 2024, or the app could be banned.
Narayana Murthy, founder of Infosys, emphasizes putting employee welfare before high executive salaries. He calls for "compassionate capitalism," where business leaders focus on meeting the basic needs of their lowest-paid workers first. Murthy also warns about uncontrolled tech growth, advocates for job creation in rural areas, and promotes responsible use of AI.
Republican Senator Cynthia Lummis from Wyoming has introduced a bill that would sell part of the Federal Reserve’s gold to buy 1 million Bitcoin, aiming to reduce the national debt. The purchase would cost about $90 billion. Lummis argues that the plan wouldn’t impact the U.S. balance sheet since gold certificates could be swapped for Bitcoin. Despite support from Trump and some crypto-friendly lawmakers, critics are concerned about Bitcoin's volatility and whether the bill will pass in Congress.
The new fourth-generation Maruti Suzuki Dzire brings a fresh design, better safety features, and updated technology. It now comes with a 1.2-litre engine, six airbags as standard, and a 5-star Global NCAP safety rating. The cabin is spacious and feels premium, while the driving experience is smooth. With a focus on comfort and safety, the Dzire remains an affordable family car, starting at ₹6.79 lakh.
India needs 2,500 universities to get 50% of students enrolled in higher education, says NITI Aayog CEO BVR Subrahmanyam. Right now, the country has 1,200 universities, but only 29% of eligible students are enrolled. He also highlighted India’s growing digital and financial infrastructure, with plans to turn the country into a USD 30 trillion economy by 2047.
Two Democratic US senators are calling for an investigation into Elon Musk’s connections with Russian officials and his role in SpaceX contracts. They are worried about national security risks linked to Musk’s communication with Russia and the potential impact on government contracts. The senators have asked the Departments of Defense and Justice to look into whether Musk’s ties with Russia should affect his ability to continue working with the government.