E-tailers' Tax Evasion🚨, Byju's Forex Violation Notice⚖️
E-tailers' Tax Evasion🚨, Byju's Forex Violation Notice⚖️
Battle Against Deepfakes, TCS's Legal Setback, Funding Deals and the Unseen Yet Imminent and a lot more.
Hello folks🙋🏻♂️,
Welcome to Rise & Shine, where hope and patience intertwine in the fabric of our journey.
"Just because something has not arrived yet does not mean it's not coming."
In the symphony of life, these words resonate as a gentle reminder that the absence of a desired outcome at this moment does not negate its eventual arrival.
Join us in exploring the beauty of anticipation, acknowledging that the seeds of our aspirations, though unseen, are germinating beneath the surface.
In this edition, let's cultivate a sense of trust in the unfolding of our stories, knowing that what is meant to be will find its way.
Tech Updates
Income Tax department detects Rs 10,000 crore tax evasion by etailers💸🚨
In a significant crackdown, the Income Tax Department has reportedly exposed tax evasion amounting to a whopping Rs 10,000 crore over three years by online retailers operating through social media giants like Instagram and Facebook. Notices have already been dispatched to 45 such pan-India brands, with the promise of more actions to come.💼🔍
ED Issues ₹9,362 Crore Forex Violation Notice for Byju’s ⚖️💸
Byju’s, the prominent edtech giant, finds itself in hot water as the Enforcement Directorate (ED) delivers a significant blow. The ED has served show cause notices to Byju’s parent company, Think & Learn, and its CEO Byju Raveendran. The charges allege a staggering ₹9,362.35 crore in violations under the Foreign Exchange Management Act (FEMA).⚠️📚
Government Eyes Deepfake Solutions: Meeting with Social Media Giants on the Cards 🤖🛑
In a bid to tackle the rising menace of deepfakes circulating on the internet, the Indian government is set to engage in crucial talks with top-level executives from social media platforms and other internet intermediaries. The discussions, scheduled for Thursday, will delve into the implementation of standardized procedures (SOPs) to counter the proliferation of deceptive deepfake content. 🤝🌐
TCS Faces $125 Million Blow in Q3 Earnings Due to US Lawsuit Setback⚖️💥
Tata Consultancy Services (TCS) is gearing up for a substantial hit in its Q3 earnings, with a whopping $125 million allocated to address the fallout of a trade secret lawsuit by Epic Systems. The US Supreme Court's dismissal of TCS's appeal has added a layer of complexity to the financial landscape.🚀💼
Funding Deals
Fintech firm Scapia raised $23 million in its Series-A funding round led by Elevation Capital and 3STATE Ventures. The round also saw participation from its existing investors, Matrix Partners India and Tanglin Venture Partners.
Baaz Bikes, a full-stack electric vehicle ecosystem for gig workers, has raised $8 million in a Series A funding round led by Singapore-based Big Capital.
Virtual spiritual app Vama has raised $1.5 million in a seed round led by Wavemaker Partners.
Hanto, a managed commercial real estate solutions provider, has secured Rs 15 crore in seed funding led by Anurag Jain (Founder, KredX) and other angel investors in a mix of equity and debt to fund growth and expansion across India.
Vendor-digitization platform Bizongo has acquired FactoryPlus, a digitisation app for MSME factories.
Tweet of the day🐥
As we conclude this edition, carry with you the assurance that "Just because something has not arrived yet does not mean it's not coming."
Life unfolds in its own time, and your dreams, aspirations, and endeavors are on a unique journey of their own. Embrace the present, trust in the process, and have faith that the future holds the fulfillment of your hopes.
Thank you for being part of our community, where together, we navigate the waves of uncertainty with hopeful hearts, knowing that the best is yet to come.
Feel free to share it with someone who could use a little inspiration. Let's pass on the good vibes and make someone's day!
Thanks for reading till the end!
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