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Tax reforms for the jobless and penniless, and triumph of Gandhi’s legacy in the US

The best cartoons of the day, chosen by the editors at ThePrint.
A man pushes a wheelchair towards Northwestern Memorial Hospital in Chicago, Illinois, U.S. | Photographer: Christopher Dilts | Bloomberg

‘Raise our taxes’, millionaires around the world are asking their govts. Here’s why

A group of around 80 wealthy people, called Millionaires for Humanity, warn that coronavirus could push millions of people into poverty, further straining health-care systems.
People wear masks as a precaution against coronavirus | PTI File Photo

Modi govt is considering easier loans, tax rules to help economy fight coronavirus

The Finance Ministry is considering extending loan tenors and relaxing bad-debt norms for small firms.
(Photo for Representation)

We’ve cut rates but you can’t miss goals – finance ministry tells tax officials

Finance ministry exhorted tax officials to meet direct tax mop-up target of Rs 13.4 lakh crore through a video conference on 16 Dec to help boost public finances.
Defence Minister Rajnath Singh with the Rafale fighter jet (representational image) | Photo: Twitter

India shouldn’t terrorise us with taxes & customs, Rafale engine maker tells Rajnath Singh

CEO of Safran Aircraft Engines, the manufacturer of Rafale jet engines, also revealed plans for $150 million investment in India towards training and maintenance.
Punjab Finance Minister Manpreet Singh Badal dellivering a speech in assembly during the budget session

Punjab ministers, leader of opposition not to pay income tax on perks, state to pitch in

Punjab assembly passes 3 bills that exempt ministers from paying IT on perks & house allowance, finance minister says govt 'correcting anomaly'.
Two thousand rupee banknotes (representational image) | Photo: Dhiraj Singh | Bloomberg

2 weeks after budget, stock markets in free-fall, Rs 2.8 lakh crore market cap wiped out

Nirmala Sitharaman’s refusal to offer any respite to foreign portfolio investors from the super-rich tax has made the markets slump to a 2-month low.
Plastic straws | www, needpix.com

People make it so hard to ditch plastic straws

Eliminating plastic straws offers a case study in how simple solutions can be devilishly tricky to implement, thanks to behavioural quirks. Economics, though, offers a straightforward answer.
Sensex has risen more than 12% from its March low fueled by buying from local mutual funds | Adeel Halim/Bloomberg

Nirmala Sitharaman’s budget wipes $30 billion off Indian stocks as doubts on tax linger

A higher surcharge on the super rich has spooked non-resident and overseas funds as it also applies to trusts used by foreign funds to invest.

What is revenue deficit, fiscal expansion? Here’s a budget dictionary to crack the jargon

The Budget is upon us and so are terms such as revenue deficit, fiscal expansion & Public Sector Borrowing Requirement. Here's a dictionary to unscramble them.

On Camera

Retiring early can be bad for the brain

Retiring early and working less has many benefits, such as reduced stress, better diets and more sleep. But as we found, it also has adverse effects.
File photo | RIL chairman Mukesh Ambani | Sanjit Das/Bloomberg

Reliance Retail gets $1 billion from Silver Lake for 1.75% stake

Reliance announced on 9 Sept that the California-based private equity firm with stakes in technology-related companies will pay the amount as part of the deal.

Defence

Representational image | Indian soldiers at the Line of Control in Jammu and Kashmir | PTI

No ‘major’ build-up at LoC but Pakistan pushing new Chinese-made assault rifles into Kashmir

Security forces have recovered EMEI Type 97 NSR rifles, manufactured by Chinese firm Norinco, which they believe were dropped into J&K through drones.
Narendra Modi and Amit Shah | File photo: T. Narayan | Bloomberg

Partners dispensable in Modi-Shah construct if they do not bring additional votes

In the Modi-Shah construct, if partners do not bring additional votes, they are dispensable. However old or loyal, either they become supplicants, or die.