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Gujarat: HC suspends 10-year jail term of man convicted for cow slaughter

The Gujarat High Court (HC) has suspended the 10-year imprisonment awarded by a sessions court to a man identified as Salim Makrani for allegedly slaughtering a cow. The single-judge bench of Justice RP Dholaria ordered the immediate release of Salim Makarni, the Dhoraji man whom the Dhojari bench of Rajkot district and sessions court had convicted of cow slaughter and sentenced to 10-year imprisonment on July 7, 2019. As per media reports, the HC asked Makarni to execute a personal bail bond of Rs 10,000 and one surety of like amount for his release from jail while he pursues his appeal against the session court judgment. Earlier on January 29, 2019, police had booked Makarni after his neighbour Satar Koliya had filed a complaint and alleged that Makrani stole his 2-year-old calf, slaughtered it and prepared biryani to serve guests on the occasion of the marriage of his daughter. Src: https://bit.ly/2kn87Lc

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New Delhi: 5 Afghan nationals swallow heroin capsules to smuggle them in India, held

The Indira Gandhi International Airport (IGIA) officials have apprehended five Afghan passengers, who have been ingested 370 high purity heroin capsules for smuggling into India. As per IGIA Customs and Special, the officials hospitalised the five accused and recovered the drug worth Rs 15 Cr. It further said that based on specific intelligence indicating that these five accused have ingested capsules containing a narcotic substance, the accused were intercepted in a joint operation by officers of the Air Intelligence Unit and Preventive Branch, IGIA Customs and Special Cell. As per media reports, all the accused have been placed under arrest following the relevant provisions of the Narcotic Drugs and Psychotropic Substances. Src: https://bit.ly/2mnaP40

Sensex zooms past 2,000 points after Finance Minister announces measures to slash corporation taxes on domestic companies

After Finance Minister Nirmala Sitharaman announced to slash corporation taxes on domestic companies in a bid to revive the sagging economy, domestic equity benchmark BSE Sensex rose over 2,000 points in the morning session today. As per media reports, after the announcement, the 30-share index zoomed 1904.06 points, or 5.28%, to 37,997.53 at 12:00 IST, while broader Nifty rose to 362.95 points, or 3.39%, to 11,067.75. The report further said that top gainers in the Sensex pack included Maruti, M&M, HDFC Bank, Tata Motors, Yes Bank, L&T, ICICI Bank, Bajaj Auto, and RIL, rallying up to 9%. Today’s announcement was the latest in a series of measures announced by the govt in the past few weeks to provide a boost to growth that has fallen to a six-year low of 5% in June quarter. Src: https://bit.ly/2lXI51M


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Finance Minister Nirmala Sitharaman announces to reduce 'Corporation tax'

In a bid to boost the economy, Finance Minister Nirmala Sitharaman has announced major tax cuts in Corporation tax. Here are the highlights - 1. All Domestic Companies will have Corporation tax at the rate of 22% (effective rate 25.17 % including cess and surcharge) but it will go under the subject to the condition that these companies do not avail any tax exemptions. No Minimum Alternative Tax (MAT) would be imposed. 2. Any domestic manufacturing company, incorporated post October 1, 2019 will be charged 15% tax (effective rate 17.01%). No MAT will be imposed on companies started before. This is only for companies who avails no tax exemptions or incentives 3. To provide relief to companies that continue to avail exemptions and incentives, the rates of MAT has been reduced from 18.5% to 15% 4. Enhanced surcharge introduced by the Finance Act 2019 would not be applied to capital gains arising out of sale of equity or share in a company/unit of equity oriented fund or unit of business trust liable for securities transaction tax. 5. Increased surcharge won’t apply on capital gains of sale of securities including derivates in the hand of Foreign Portfolio Investors. 6. No tax on buyback of shares in a case of listed companies which already have made a public announcement of buyback before 5th July 2019 7. The Finance Minister also expanded the scope of Corporate Social Responsibility activities. Now the companies can spend 2% of the money on a state or central govt incubators, PSUs, universities, IITs, public-funded entities. Do you think slashing corporate tax rate will serve as a major move to revive economy? Will it help companies in India? Let us know your views in comment section! Src:https://bit.ly/2msvnbD

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