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ET Daily Rundown (ET Online)

A tax cut on cards this Diwali?

02:28 Min | October 21, 2019, 5:34 PM IST
There's a growing buzz that could be the next big thing the FM may have lined up for Diwali. Maharashtra and Haryana went to polls and other news from the day. Tune in!
Transcript
Big polling day today.

Maharashtra and Haryana went to polls, it was lukewarm when this podcast was recorded, not a lot of people turned up.

But I guess by the time the day's wrapped up, the numbers should be fairly decent.

From the looks of it, it's going to be an easy win for the BJP in both the states with Congress missing in action.

Uttar Pradesh too is seeing a mini assembly election of sorts, with bypolls on 11 seats.

Bypolls are being held in 53 seats across 17 states and one union territory. The counting of votes will take place on Thursday.

No guesses there.

Hi this is Sakshi Prashar and with is Deepshikha Rahi welcome to ET’s daily rundown.

So what's mood like the week before Diwali?

Dull I presume. The slowdown stories arent helping but yes there is a sliver of hope.

Sliver of hope?

In personal income taxes.

There's a growing buzz that could be the next big thing the FM may have lined up for Diwali, to put more money in hands of the common man.

A 5%, 10% and 20% structure, against the prevailing 5%, 20% and 30% would be a welcome move.

That's right. More money in hand, more money to spend, more help the economy will get which is currently in a tailspin.

Point is do we have the fiscal room, considering we just did the big corporate tax move?

Merrill Lynch says if Nirmala Sithraman's got to make you happy with a tax cut it will cost her Rs 1.75 lakh crore, of which Rs 1 lakh crore will be borne by the centre and the rest by the states in a devolution ration of 58:42

Money is a problem right now.

It is. Money draws money.

That brings us to the big story of the day. A whistleblower has alleged that Infosys bended rules to show good numbers.

An anonymous group calling itself “ethical employees” has complained to the board of Infosys and the US SEC alleging that the company is taking ‘unethical’ steps to boost short-term revenue and profits.

In the letters, the complainants have cited how they were asked not to fully recognise visa costs and were pressured to not immediately recognise $50 million in reversals in a contract.

Undisclosed margins and forced revenue recognition?

Well, for more on that you need to log on to the economictimes.com

Script : Deepshikha Rahi
Hosts: Deepshikha Rahi, Sakshi Prashar
Producer: Sakshi Prashar

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