The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a&nbsp;₹6 per litre tax on exports of petrol and ATF and&nbsp;₹13 per litre on exports of diesel.This has a big impact on Mukesh Ambani backed Reliace Industries and state-owned ONGC who are the largest crude&nbsp; exporters for India.The government also slapped a ₹23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices.
The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.
The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

Breaking News: Govt raises taxes on export of ATF, diesel and petrol

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF).

Taxing times for Mukesh Ambani

The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a&nbsp;₹6 per litre tax on exports of petrol and ATF and&nbsp;₹13 per litre on exports of diesel. This has a big impact on Mukesh Ambani backed Reliace Industries and state-owned ONGC who are the largest crude&nbsp; exporters for India. The government also slapped a ₹23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices.
The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.
The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

In a bid to curtail spiralling rupee and rising trade deficit, the government has raised the basic import tax on gold sharply. The govt announced that import tax on gold will be hiked by 5 percent&nbsp; to 12.5 per cent from 7.5 per cent.India is the second-largest importer of gold globally.&nbsp;imported the most gold in a decade in 2021, according to the World Gold Council.&nbsp;As per data available India imported gold worth $ 46 billion during April-March 2022. T he imports are largely driven by the jewellery industry which grew by about 50 per cent to about $39 billion last fiscal.&nbsp;

Import tax on gold hiked from 7.5% to 12.5%

In a bid to curtail the spiralling rupee and rising trade deficit, the government has raised the basic import tax on gold sharply.

India is the world's second-largest gold importer&nbsp;

In a bid to curtail spiralling rupee and rising trade deficit, the government has raised the basic import tax on gold sharply. The govt announced that import tax on gold will be hiked by 5 percent&nbsp; to 12.5 per cent from 7.5 per cent. India is the second-largest importer of gold globally.&nbsp;imported the most gold in a decade in 2021, according to the World Gold Council.&nbsp; As per data available India imported gold worth $ 46 billion during April-March 2022. T he imports are largely driven by the jewellery industry which grew by about 50 per cent to about $39 billion last fiscal.&nbsp;

The New Wage Code would affect your take home salary and your PF savings in a big way. Editorji breaks down the Wage Code and if you are impacted by it. The government's notification on Code on Wages 2019 may reduce the take-home pay while components like PF and Gratuity might rise. This is based on the grounds that the new wage code mentions provision entailing that the employee's basic salary will be at least 50 percent of his/her net monthly CTC. Hence, if this provision comes into effect, it will mean that employees will not be able to get more than 50 percent of his/her net monthly salary in form of allowance.A big boost also comes in as the code directs companies to pay all the dues as well as the full and final settlement to employees within two days of the resignation, dismissal or retirement. Reducing the drag that many changing jobs face.What may be a sweeping change, under the new rules, daily and weekly working hours have been capped at 12 hours and 48 hours. This will allow companies to bring in 4-day workweeks, while overtime has been increased from 50 hours to 125 hours in a quarter across industries.You will not get more leave but how ou 'earn it' is set to change.  As per the wage code, employees will now earn a leave for every 20 days of work instead of 45. New employees will also be eligible to earn leaves after 180 days of employment instead of 240 days of workLabour is a concurrent subject so even as the Centre sets out its notification, the states also have to do the same for it to be applicable. So far 23 states have framed state labour codes and rules based on the new Code on Wages, 2019

New Wage Code: Your salary, PF and work timings can change from today

New Wage Code: Your salary, PF and work timings can change from today. Higher basic, lower allowance and the option of a 4-day week...it is all here. 

The New Wage Code Explained

23 states have pre-published draft rules on these laws, while the Centre has completed the process of finalising the draft rules on these codes in February 2021.&nbsp;

The New Wage Code would affect your take-home salary and your PF savings in a big way. Editorji breaks down the Wage Code and if you are impacted by it.&nbsp; The government's notification on Code on Wages 2019 may reduce the take-home pay while components like PF and Gratuity might rise. This is based on the grounds that the new wage code mentions provision entailing that the employee's basic salary will be at least 50 percent of his/her net monthly CTC. Hence, if this provision comes into effect, it will mean that employees will not be able to get more than 50 percent of his/her net monthly salary in form of an allowance.
Also read/watch| <a title="Business Briefs: Maruti's Brezza launch to hot news in a cup from Reliance" href="https://www.editorji.com/business-news/markets/business-briefs-maruti-s-brezza-launch-to-hot-news-in-a-cup-from-reliance-1656644411170">Business Briefs: Maruti's Brezza launch to hot news in a cup from Reliance</a> A big boost also comes in as the code directs companies to pay all the dues as well as the full and final settlement to employees within two days of the resignation, dismissal or retirement. Reducing the drag that many changing jobs face. What may be a sweeping change, under the new rules, daily and weekly working hours have been capped at 12 hours and 48 hours. This will allow companies to bring in 4-day workweeks, while overtime has been increased from 50 hours to 125 hours in a quarter across industries. You will not get more leave but how ou 'earn it' is set to change.&nbsp; As per the wage code, employees will now earn a leave for every 20 days of work instead of 45. New employees will also be eligible to earn leaves after 180 days of employment instead of 240 days of work.&nbsp; Labour is a concurrent subject so even as the Centre sets out its notification, the states also have to do the same for it to be applicable. So far 23 states have framed state labour codes and rules based on the new Code on Wages, 2019.&nbsp;

In the latest news updates from the world of business and finance on July 1.Reliance's hot new foray: Mukesh Ambani owned Reliance brands announced a franchise partnership with Pret A Manger to launch and build the British sandwich and coffee chain in India, marking the company's foray into the booming food and beverage industry. Reliance will open the first Pret store in Mumbai as per reports. Maruti's New Brezza: With reportedly 45,000 bookings even before the launch, the Brezza is in top gear. The new Brezza with a price tag of Rs 7.99 lakh to Rs 13.96 lakh, comes with 6 airbags, 360 degree view camera and heads up display. Swiggy's Big Incentive Delivery: Food and grocery delivery platform will be buying back shares worth $23 million issued under its employee stock option program (ESOP). Swiggy also rolled out a new program, named Buy Your Own Dollar (BYOD), wherein employees of the food delivery decacorn can choose to invest inHero vs Hero: In a boost for Pawan Munjal led Hero Moto, reports indicate that the tribunal has dismissed the application filed by Hero Electric for an interim injunction against Hero MotoCorp for using the brand ‘Hero’ for its electric vehicles.SEBI slams fine:  Penalties totaling Rs 1.6 crore were imposed on seven entities, including Kotak Mahindra Trustee Company and Managing Director of Kotak AMC Nilesh Shah and fund manager Laxmi Iyer for flouting rules pertaining to mutual funds while investing in Essel Group companies.
 

Latest business News headline on July 1 2022

Business Briefs: Maruti's Brezza launch to hot news in a cup from Reliance

What's brewing in business?

The latest business news from corporates and markets

In the latest news updates from the world of business and finance on July 1. Reliance's hot new foray: <a href="https://www.editorji.com/business-news/mukesh-ambani-resigns-as-director-of-reliance-jio-akash-ambani-appointed-chairman-1656414415695" target="_blank">Mukesh </a>Ambani-owned&nbsp;Reliance brands announced a franchise partnership with Pret A Manger to launch and build the British sandwich and coffee chain in India, marking the company's foray into the booming food and beverage industry. Reliance will open the first Pret store in Mumbai as per reports.&nbsp; Maruti's New Brezza: With reportedly 45,000 bookings even before the launch, the Brezza is in top gear. The new Brezza with a price tag of Rs 7.99 lakh to Rs 13.96 lakh, comes with 6 airbags, a 360-degree view camera and a heads-up display.&nbsp; Swiggy's Big Incentive Delivery: Food and grocery delivery platform will be buying back shares worth $23 million issued under its employee stock option program (ESOP). Swiggy also rolled out a new program, named Buy Your Own Dollar (BYOD), wherein employees of the food delivery decacorn can choose to invest in Hero vs Hero: In a boost for Pawan Munjal-led Hero Moto, reports indicate that the tribunal has dismissed the application filed by Hero Electric for an interim injunction against Hero MotoCorp for using the brand &lsquo;Hero&rsquo; for its electric vehicles.
<a href="https://www.editorji.com/business-news/lpg-cylinder-price-cut-today-19-kg-commercial-cylinder-becomes-cheaper-1656643965335" target="_blank">LPG Cylinder Price Cut Today: 19-Kg Commercial Cylinder becomes cheaper</a> &nbsp; SEBI slams fine:&nbsp; Penalties totaling Rs 1.6 crore were imposed on seven entities, including Kotak Mahindra Trustee Company and Managing Director of Kotak AMC Nilesh Shah and fund manager Laxmi Iyer for flouting rules pertaining to mutual funds while investing in Essel Group companies.

LPG Gas Cylinder Price Cut Today: The price of 19-kg LPG cylinder has been slashed from July 1. The LPG cylinder is cheaper by Rs 198 in Delhi, 182 in Kolkata by Rs 190.50 in Mumbai and Rs 187 in Chennai. 

LPG Gas Cylinder Price Cut Today : 19-Kg Commercial Cylinder becomes cheaper

19-Kg Commercial Cylinder becomes cheaper, The price of a 14.2-kg domestic cooking cylinder has remained unchanged after two hikes in May. 

LPG Cylinder Price Cut 

19 kg commercial cylinder will be cheaper by Rs 198 per bottle

LPG Gas Cylinder Price Today: The price of 19-kg LPG cylinder has been slashed from July 1. The LPG cylinder is cheaper by Rs 198 in Delhi, 182 in Kolkata by Rs 190.50 in Mumbai and Rs 187 in Chennai.
The price of a 14.2-kg domestic cooking cylinder has remained unchanged after two hikes in May.&nbsp;
From today, the 19 kg commercial cylinder will be cheaper by Rs 198 per bottle. The price of a 19 kg commercial cylinder will now be Rs 2021 as against the earlier price of Rs 2,219 per bottle in Delhi, while in Kolkata it will be priecd at Rs 2140 instead of Rs 2,322 in Kolkata, Rs 1981 instead of Rs 2,171.50 in Mumbai and Rs 2186 instead of Rs 2,373 in Chennai.
Meanwhile, the rates of domestic <a href="https://www.editorji.com/business-news/lpg-cylinder-price-cut-today-19-kg-commercial-cylinder-becomes-cheaper-1656643965335" target="_blank">LPG cylinders</a> have remained high, putting pressure on consumers. The rate of domestic cylinders has remained idle since May 19, trading at Rs 1,003 in the national capital.
Also Watch / Read: <a href="https://www.editorji.com/business-news/personal-finance/gst-changes-your-household-budget-hit-here-is-what-is-more-expensive-1656557848088" target="_blank">47th GST Council Meet Highlights</a>

Twitter has reportedly received a 'last warning' from the Indian government to comply with IT rules or face severe consequences. The Economic Times reports that the Ministry of Electronics and Information Technology’s (MeitY) highlighted that Twitter India “repeated failed to act on the content take-down notices sent.' As per reports the govt had issued notices on June 6 and June 9 to take down content, which the microblogging site did not comply with. On June 27 another stern “one one last opportunity” notice has been sent to Twitter's compliance officer as per ET. The government has warned Twitter that it will lose its intermediary status if it does not comply with the country’s IT rules giving a deadline of July 4. 

Twitter given 'last warning' by the Indian government 

The government has reportedly warned Twitter that it must comply with the latest IT Rules by July 4

Twitter vs Indian Govt: Content take-down battle

The microblogging platform failed to comply with notices sent on June 6 and June 9.

Twitter has reportedly received a 'last warning' from the Indian government to comply with IT rules or face severe consequences. The Economic Times reports that the Ministry of Electronics and Information Technology&rsquo;s (MeitY) highlighted that Twitter India &ldquo;repeated failed to act on the content take-down notices sent.' As per reports the govt had issued notices on June 6 and June 9 to take down content, which the microblogging site did not comply with. On June 27 another stern &ldquo;one last opportunity&rdquo; notice has been sent to Twitter's compliance officer as per ET. The government has warned Twitter that it will lose its intermediary status if it does not comply with the country&rsquo;s IT rules giving a deadline of July 4.&nbsp;

Would you taste a beer made out of urine? Well, people are Singapore are drinking and praising it.  
A company named, NEWBrew has taken the message of being environment-friendly too seriously and in collaboration with NEWater, Singapore’s brand of drinking water recycled from sewage is making beers. 
People who have sampled NEWBrew, say they find that it’s a refreshing, light-tasting ale that’s perfect for Singapore’s tropical climate.
According to reports, Singapore's national water agency PUB says the new beer is part of an effort to educate Singaporeans on the importance of sustainable water use and recycling.
The first batch of NEWBrew is already sold out on tap at Brewerkz restaurants and the company expects stocks at supermarkets will run out by the end of July. 

A new high! Beer made out of sewage water in Singapore

A new 'high' for sustainability, as beer is now being brewed using waste water. Will you toast to it?

Sustainable beer, now with sewage water 

Singapore&rsquo;s NEWater is made by disinfecting sewage with ultraviolet light and passing the liquid through advanced membranes to remove contaminant particles&nbsp;

A new 'high' for sustainability, as beer is now being brewed using waste water. Simply speaking sewage water is being used to make beer by a startup who is getting big praise for it.&nbsp;
Since 2003, a program called NEWater has developed a treatment system to renew the water consumed by the population. NEWBrew is the latest offering from the program in collaboration with PUB - toasting a new unique craft drink&nbsp;
People who have sampled NEWBrew, say they find that it&rsquo;s a refreshing, light-tasting ale that&rsquo;s perfect for Singapore&rsquo;s tropical climate.
According to reports, Singapore's national water agency PUB says the new beer is part of an effort to educate Singaporeans on the importance of sustainable water use and recycling.
The first batch of NEWBrew is already sold out on tap at Brewerkz restaurants and the company expects stocks at supermarkets will run out by the end of July.&nbsp;

Tech Mahindra CEO Salary: Tech Mahindra managing director and chief executive CP Gurnani's salary for FY22 jumped 189% to Rs 63.4 crore as per a filing from the company. 

Tech Mahindra CEO salary surges 189% 

The take-home if you are a tech boss is getting bigger and bigger, here is what Tech Mahindra boss is earning after a 189% hike. 

This tech boss got almost a 190% hike last year 

Tech Mahindra said Gurnani's remuneration was Rs 21.9 crore in FY21

Tech Mahindra CEO Salary: The take home if you are a tech boss is getting bigger and bigger. Tech Mahindra managing director and chief executive CP Gurnani's salary for FY22 jumped 189% to Rs 63.4 crore as per a filing from the company.&nbsp;
In its annual report for the fiscal, <a href="https://www.editorji.com/business-news/leaders-discussion-microsofit-tech-mahindra-talk-about-india-s-digital-roadmap-1645020132321" target="_blank">Tech Mahindra</a>, India's fifth-largest IT exporter said Gurnani's remuneration, including salary, stock compensation benefits and post-employment benefits was Rs 21.9 crore in the year-ago period.
<a href="https://www.editorji.com/business-news/personal-finance/gst-changes-your-household-budget-hit-here-is-what-is-more-expensive-1656557848088" target="_blank">47th GST Council Meet Highlights</a> Gurnani's salary was 1,188.74 times the median salary of Rs 5.27 lakh in Tech Mahindra. The median salary declined by 1.04 per cent during the fiscal.
Among Gurnani's peers, <a href="https://www.editorji.com/business-news/markets/stock-alert-tcs-q4-preview-earnings-today-1649655234845" target="_blank">TCS </a>chief Rajesh Gopinathan saw a 26 per cent rise in his compensation to Rs 25.75 crore in FY22, while Infosys' Salil Parekh witnessed a 43 per cent jump to Rs 71.02 crore.

India's most valued startup is on a sacking spree after 300 employees were laid off coding unit WhiteHat Jr reports indicate that the edtech giant acquired Toppr, is also shedding over 300 employees from it's workforce. Reports indicate that over 300 Toppr employees were informed about the layoffs over a phone call from the HR and were asked to 'resign' with immediate effect or would be handed a termination letter. Toppr's employee exits come just a day after almost the same number were let go off in WhiteHat Jr. A company Byju's acquired two years ago. 

Byju's big layoffs continue; another 300 gone from a unit

India's most valued startup, edtech giant Byju's is on a sacking spree 

A new chapter for Byju's: An ode to layoffs

Recent acquisitions - Toppr and WhiteHat Jr enforce layoffs of over 1400 employees in one week

India's most valued startup is on a sacking spree after 300 employees were laid off coding unit WhiteHat Jr reports indicate that the edtech giant acquired Toppr, has also asked over 1000 employees to go.&nbsp; Reports indicate that over 1000 Toppr employees were informed about the layoffs over a phone call from the HR and were asked to 'resign' with immediate effect or would be handed a termination letter without any notice period. "I am part of the Chemistry subject matter expert. My entire team has been laid off. Toppr has promised 1 month salary for those who resign and no salary for those who don't," a Toppr employee, who did not wish to be named, told PTI. Toppr's employee exits comes in the same week as another Byju's unit WhiteHat Jr. sacked over 300 employees. The coding platfom was acquired by Byju's during the pandemic and has already booted out over 600 employees in two rounds of 'restructuring'.&nbsp;

GST Council Meet Highlights : The 47th GST Council meeting chaired by Finance minister Nirmala Sitharaman made some sweeping changes. 



GST Council Meet Highlights, GST changes: Here is what is more expensive and what just got cheaper

In the meeting, it was decided to bring more items under the ambit of GST.

GST rate changes: Hotel to hospitals, everything to cost more 

In the meeting, it was decided to bring more items under the ambit of GST.

GST Council Meet Highlights: The <a href="https://www.editorji.com/business-news/personal-finance/gst-changes-your-household-budget-hit-here-is-what-is-more-expensive-1656557848088" target="_blank">47th GST Council meeting</a> chaired by Finance minister Nirmala Sitharaman made some sweeping changes.
Here are some of the announcements that will tax your household budget-:
<ul>
<li>If it is packaged it is taxable! All packaged non branded food as well such as rice, atta, snacks will attract 5% GST</li>
<li>Your cheque books are going to cost you more as 18% GST will be levied on charges for issuance of cheques by the bank</li>
<li>Stay healthy as being hospitalised is also getting costlier; 5% GST on hospital beds will be imposed on room rent (excluding ICU) above Rs.5000 per patient per day by the hospital.</li>
<li>Budget hotels will not longer be budget as from no tax to 12% GST will be imposed if room rent is less than Rs 1000/night.&nbsp;</li>
<li>Tailoring is going to get more taxing - as the GST imposed on stitching your next textile has been raised to 12% from the previous 5%.&nbsp;</li>
<li>Cooking was already expensive and now eating too will cost you more as the GST on cutlery - your spoons, forks and knives has been raised to 18% from 12%</li>
<li>Expect your packaged juices to milk boxes to get more expensive has the GST council has raised the tax on 'Tetra Pack' to 18% from 12%&nbsp;</li>
<li>If you are a fan of leather clothing or textiles or accessories well now be ready face a 12% tax payout vs 5% earlier.&nbsp;</li>
</ul>
<a href="https://www.editorji.com/business-news/gaming-and-gambling-same-gst-council-likely-to-slap-28-tax-reports-1656296267507" target="_blank">Gaming and gambling same - GST council likely to slap 28% tax: reports</a>

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Beauty brand Revlon has filed for bankruptcy as high debt along with rising inflation and supply shocks is breaking the balance sheet to a point beyond repair. 
According to reports, the 90-year-old company has been facing stiff competition from digital-native upstart brands, with supply chain disruptions hurting its ability to service demand. 
The bankruptcy caps a tumultuous period for the company, which suffered during the pandemic and faced years of declining sales as consumer tastes changed and upstart brands ate into its market share. 
Revlon, which faces stiff competition from digital-native upstart brands has a long-term debt of $3.31 billion, as of end-March.
 

This skin care brand files for bankruptcy 

The 90-year-old company has been facing stiff competition from digital-native upstart brands, with supply chain disruptions hurting its ability to service demand 
 

Revlon struggled to compete with newer brands that advertise heavily on social media

Beauty brand Revlon has filed for bankruptcy as high debt along with rising inflation and supply shocks is breaking the balance sheet to a point beyond repair.&nbsp;
According to reports, the 90-year-old company has been facing stiff competition from digital-native upstart brands, with supply chain disruptions hurting its ability to service demand.&nbsp;
The bankruptcy caps a tumultuous period for the company, which suffered during the pandemic and faced years of declining sales as consumer tastes changed and upstart brands ate into its market share.&nbsp;
Revlon, which faces stiff competition from digital-native upstart brands has a long-term debt of $3.31 billion, as of end-March.
&nbsp;

Android Automotive is an operating system that can power a car's instrument cluster and infotainment system.

BMW cars will adopt Android Automotive from 2023

Android Automotive is an operating system that can power a car's instrument cluster and infotainment system.

From March 2023, BMW will start developing its BMW Operating System 8, an infotainment software based on Google&rsquo;s Android Automotive.&nbsp;
The company now joins other prominent automakers such as Volvo, Honda, General Motors and Ford in announcing the development of Android Automotive-based car infotainment systems.
BMW&rsquo;s current infotainment system is based on Linux.&nbsp;
Android Automotive is a full-fledged operating system for cars that can be built into instrument clusters and infotainment systems. It is not to be confused with Android Auto, which only connects your phone to your car's dashboard.
Also watch: <a title="5 problems with viral 'flying hotel' design: nuclear-powered giant plane impossible to make?" href="https://www.editorji.com/tech-news/5-problems-with-viral-flying-hotel-design-nuclear-powered-giant-plane-impossible-to-make-1656588701924">5 problems with viral 'flying hotel' design: nuclear-powered giant plane impossible to make?</a>

Ahead of assembly elections in Gujarat and Himachal Pradesh later this year, the government approved the issuance of the 21st tranche of electoral bonds, which will be open for sale from July 1 to 10.
Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding.  
State Bank of India SBI, in the 21st Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches with effect from July 1 to 10. 
The authorised SBI branches include those in Lucknow, Shimla, Dehradun Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai.
According to provisions of the scheme, electoral bonds can be purchased by a person who is a citizen of India or entities incorporated or established in India.
Registered political parties that have secured not less than 1 per cent of the votes polled in the last election of Lok Sabha or legislative assembly are eligible to receive electoral bonds.

Explained: What are electoral bonds, issue opens July 1

Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding.  

State Bank of India SBI, in the 21st Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches with effect from July 1 to 10

Ahead of assembly elections in Gujarat and Himachal Pradesh later this year, the government approved the issuance of the 21st tranche of electoral bonds, which will be open for sale from July 1 to 10.
Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding. &nbsp;
State Bank of India SBI, in the 21st Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches with effect from July 1 to 10.&nbsp;
The authorised SBI branches include those in Lucknow, Shimla, Dehradun Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai.
According to provisions of the scheme, electoral bonds can be purchased by a person who is a citizen of India or entities incorporated or established in India.
Registered political parties that have secured not less than 1 per cent of the votes polled in the last election of Lok Sabha or legislative assembly are eligible to receive electoral bonds.

Facebook-parent Meta has reportedly warned employees of &ldquo;serious times&rdquo; ahead as it shared in an internal memo that it was time to be 'lean and mean' to face headwinds. Reuters reported that Meta chief product officer Chris Cox detailed the company&rsquo;s financial dilemma in an internal memo just a month after the company froze hiring to curtail costs. Here is what the internal memo stated:&nbsp;I have to underscore that we are in serious times here and the headwinds are fierce. We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets. We must prioritize more ruthlessly, be thoughtful about measuring and understanding what drives impact, invest in developer efficiency and velocity inside the company, and operate leaner, meaner, better exciting teams. - Chris Cox, Chief Product Officer.&nbsp;Reports on Reuters also stated that Mark Zuckerberg in the Q&amp;A that followed said that the tech giant is cutting down it's hiring targets for engineers next year from 10,000 to 6,000.&nbsp;

Internal memo revealed! Facebook to make bit cuts in hiring

Internal Facebook memo asks for ruthless prioritizing - 'time to be lean and mean' to face headwinds. Details here 

Meta Memo: 'Be Lean and Mean'; hiring targets cut

The note comes from chief product officer Chris Cox and outlines the company&rsquo;s priorities and challenges&nbsp;

Facebook-parent Meta has reportedly warned employees of &ldquo;serious times&rdquo; ahead as it shared in an internal memo that it was time to be 'lean and mean' to face headwinds. Reuters reported that Meta chief product officer Chris Cox detailed the company&rsquo;s financial dilemma in an internal memo just a month after the company froze hiring to curtail costs. Here is what the internal memo stated:&nbsp; I have to underscore that we are in serious times here and the headwinds are fierce. We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets. We must prioritize more ruthlessly, be thoughtful about measuring and understanding what drives impact, invest in developer efficiency and velocity inside the company, and operate leaner, meaner, better exciting teams. - Chris Cox, Chief Product Officer.&nbsp; Reports on Reuters also stated that Mark Zuckerberg in the Q&amp;A that followed said that the tech giant is cutting down it's hiring targets for engineers next year from 10,000 to 6,000.&nbsp;

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:- 
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st. 
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022. 

From PAN to crypto TDS; all rules changing from July 1

Three major changes to income tax rules are going to be applicable to different taxpayers

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:-&nbsp;
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st.&nbsp;
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022.&nbsp;

It may be a funding winter for startups but the news around the biggest of them all; Byju's is giving onlookers chills. From hundreds being fired from recently acquired units to a delay in a billion-dollar payment, the next chapter in Byju's success story is a cautionary tale. At $22 billion Byju's is India's most valued startup and the edtech giant has been on a warpath of acquisitions which are now proving to be a painpoint. News of delayed payment set-off alarms on cash flow issues for the Bangalore based startup. Reports indicate that Byju’s asked for extending the deadline for making parts of the payments for a ~$1 billion acquisition of Aakash, a 34-year-old chain of physical coaching centres, it announced over a year ago.But having spent $2.5 billon on acquisitions, Akash's deal is not the only one that turning to be a bother reportedly. In one week alone, units acquired by Byju's have fired over 1500 employees as per media reports. From coding platform WhiteHat Jr and exam-prep platform Toppr (both pandemic buys for Byju's) the layoffs have been sudden and largescale. The company has maintained, this is a 'restructuring' not a cost cutting and also disputed the number of employees affected. Byjus is not alone in the sacking spree, 30 startups in 6 months have let go of over 10,000 employees in India. 

Is Byju's in big trouble?

Is India's most valued startup Byju's in big trouble? News of delayed payments and large sacking has onlookers worried 

Byju's behind on payments, cutting costs?

Cuts hundreds of jobs and delays a big payment for acquisition.&nbsp;

It may be a funding winter for startups but the news around the biggest of them all; Byju's is giving onlookers chills. From hundreds being fired from recently acquired units to a delay in a billion-dollar payment, the next chapter in Byju's success story is a cautionary tale.&nbsp; At $22 billion Byju's is India's most valued startup and the edtech giant has been on a warpath of acquisitions which are now proving to be a painpoint.&nbsp; News of delayed payment set-off alarms on cash flow issues for the Bangalore based startup. Reports indicate that Byju&rsquo;s asked for extending the deadline for making parts of the payments for a ~$1 billion acquisition of Aakash, a 34-year-old chain of physical coaching centres, it announced over a year ago. But having spent $2.5 billon on acquisitions, Akash's deal is not the only one that turning to be a bother reportedly. In one week alone, units acquired by Byju's have fired over 1500 employees as per media reports. From coding platform WhiteHat Jr and exam-prep platform Toppr (both pandemic buys for Byju's) the layoffs have been sudden and largescale. The company has maintained, this is a 'restructuring' not a cost cutting and also disputed the number of employees affected.&nbsp; Byjus is not alone in the sacking spree, 30 startups in 6 months have let go of over 10,000 employees in India.&nbsp;

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