Top headlines: Income in US on I-T radar, Sri Lanka cabinet resigns

Union Minister Piyush Goyal says people are looking at India as an emerging global superpower. More on this in our top stories.

The Central Board of Direct Taxes (CBDT) has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets. The Cabinet in Sri Lanka has resigned succumbing to pressure from protests over the country's economic crisis. Scroll further down for more on these and other top stories this morning.

Income in US on I-T radar in FY23, non-disclosure to invite action

Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). Read more
 

India is open for biz; to expand global footprint, says Piyush Goyal

Since February, India has inked two key trade pacts — with the United Arab Emirates and Australia — in line with its revamped foreign trade strategy. Piyush Goyal, Union minister for commerce and industry, tells Shreya Nandi in an interview that this indicates India’s openness to business, and that the country wants to expand its international footprint. He also said the government will soon find a solution to payments-related challenges being faced by exporters amid the Russia-Ukraine war. Read more

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

Sri Lanka's Cabinet of Ministers resigned with immediate effect late on Sunday night, as the country experienced its worst economic crisis of all time. Speaking to reporters, Education Minister and Leader of the House, Dinesh Gunawardena said the Cabinet ministers handed over their resignations to Prime Minister Mahinda Rajapaksa. Read more

As EVs catch fire, lithium ion batteries remain at the heart of the problem

Over the past week or so, images of electric two-wheelers going up in flames have sparked concern over the safety of these vehicles. And days after an Ola Electric scooter caught fire and caused a social media uproar about the growth-at-all-costs nature of unicorn companies, two-wheelers of two more electric vehicle (EV) startups — Okinawa and Pure — suffered the same fate.
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Cryptocurrency exchanges feel pinch as India's new tax regime starts

Domestic cryptocurrency exchanges have witnessed a sharp fall in volumes on the first three days of April following the implementation of the new tax regime. The fall in volumes is between 15 and 55 per cent among various crypto exchanges. Even the number of visitors on these exchanges has fallen. Read more