Headlines: US income on the IT radar, Sri Lanka government resignation

The Central Board of Direct Taxes (CBDT) has set a strict target and timeline for investigating tax evasion matters, particularly those involving undeclared foreign assets. Sri Lanka’s cabinet has resigned after succumbing to pressure from protests over the country’s economic crisis. Scroll down for more information on this and other top stories this morning.

US income on the IT radar in fiscal year 23, non-disclosure call to action

Indians with undisclosed income in the United States (US) may face court action under the Black Money (Undisclosed Foreign Income and Foreign Assets) and Taxation Act, 2015, this fiscal year. Also, those named in the global leaks may be sought, exposed, and prosecuted, according to the Central Board of Direct Taxes (CBDT) internal business plan for fiscal year 23. Read more

India is open for business. To expand the global footprint, says Piyush Goyal

Since February, India has signed two major trade agreements – with the United Arab Emirates and Australia – in line with its revised foreign trade strategy. Beyush JoyalThe Union Minister of Trade and Industry said Shreya Nandi In an interview, this indicates India’s openness to business, and that the country wants to expand its international presence. He also said that the government will soon find a solution to the payment challenges that exporters face in the midst of the Russo-Ukrainian war. Read more

Sri Lankan government resigns amid protests over economic crisis; PM to stay

Sri Lanka’s cabinet immediately resigned late Sunday night, as the country experienced its worst-ever economic crisis. Speaking to reporters, Education Minister and Parliament Speaker Dinesh Gunawardena said the cabinet ministers had handed over their resignations to Chief Minister Mahinda Rajapaksa. Read more

While electric vehicles burn, lithium-ion batteries remain at the heart of the problem

Over the past week or so, images of two electric bikes catching fire have raised concerns about the safety of these vehicles. And days after the Ola Electric scooter caught fire and caused a stir on social media about the nature of growth at any cost for unicorns, two electric vehicle (EV) startups — Okinawa and Pure — suffered the same fate. .
Read more

Crypto exchanges feel the pinch as India’s new tax regime kicks in

Local cryptocurrency exchanges experienced a sharp drop in volumes in the first three days of April following the implementation of the new tax regime. The drop in trading volumes ranges between 15 and 55 percent between the various cryptocurrency exchanges. Even the number of visitors in these exchanges has decreased. Read more

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