PWC, a professional-services firm, reckons that AI could add almost $16trn to global economic output by around 2030 (compared with 2017). McKinsey, a consulting firm, separately arrived at a similar figure, but now reckons this could rise by another 15-40% because of newer forms of AI such as large language models. Yet Africa, which has … Read more
Union Finance Minister Nirmala Sitharaman on Tuesday responded to Budget 2024-25 debate in Lok Sabha and slammed Opposition parties for ‘misleading claims’ that the Budget has provided funds only to Bihar and Andhra Pradesh and nothing to other states. “If a state’s name is not mentioned in Budget speech, it doesn’t mean that no money … Read more
The allotment for Trom Industries IPO is expected to be finalised today. Investors can check their allotment status through the registrar, KFin Technologies. The IPO, which was open from July 25 to July 29, received a solid response from all investor categories. The retail portion was subscribed to 483 times, the NII portion 751 times, … Read more
The Income Tax Department’s repeated reminders about the July 31 income tax returns (ITR) filing deadline are important. With more than four crore ITRs already submitted for AY 2024-25, it’s evident that many taxpayers are attentive to their tax responsibilities. To check the status of your income tax refund online using only your PAN card, … Read more
Google became one of the world’s largest companies by building the world’s most popular internet search engine. But the advent of AI has spawned an army of rivals ready to upstage its monopoly. Now, with OpenAI showcasing SearchGPT, should Google be scared? Is SearchGPT really novel? Not really. Microsoft’s Bing—incidentally powered by OpenAI’s generative pre-trained … Read more
Higher basic customs duty rates wherever introduced to protect the domestic industry from global competition, cannot continue perpetually, Central Board of Indirect Taxes and Customs (CBIC) chairperson Sanjay Agarwal said in an interview. The CBIC chairperson said that increased domestic production of mobile phones have resulted in reducing the import duty on finished mobile phones … Read more
Oil prices dropped by over $1 per barrel on Monday following statements from Israeli officials who expressed a desire to prevent a full-scale conflict in the Middle East while addressing a lethal rocket attack in the Israeli-occupied Golan Heights over the weekend. By 11:17 a.m. EDT (1517 GMT), Brent futures for September delivery had fallen … Read more
Despite successfully filing your income tax returns or ITR for this assessment year, your tax refund may be delayed, a social media user claiming to be a Chartered Accountant said. CA Anand Luhar, who claims to be associated with the Institute of Cost & Works Accountants of India (ICWAI), in a post on X (formerly … Read more
Mr Pichai is not alone. New Street Research, a firm of analysts, estimates that Alphabet, Amazon, Meta and Microsoft will together splurge $104bn on building AI data centres this year. Add in spending by smaller tech firms and other industries and the total AI data-centre binge between 2023 and 2027 could reach $1.4trn. The scale … Read more
Amid concerns about the removal of the indexation benefit for property sales under the Long Term Capital Gains (LTCG) tax, there will be no reconsideration of the changes made in the Union Budget, according to news agency ANI. “There will be no rethink on LTCG provisions made in the budget as it is beneficial for … Read more