How much of each of the following is taxable? Cheline, an actress, received a $6,400 gift bag for attending the Academy Awards Ceremony during 2019. Jon received a gold watch worth $660 for 25 years of service to his accounting firm (not a qualified award). Kerry won $1,000,000 in her state lottery. Deborah is a professor who received $30,000 as an award for her scientific research from the university that employs her.
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Answer:
The World Bank and rating agencies had initially revised India's growth for FY2021 with the lowest figures India has seen in three decades since India's economic liberalization in the 1990s. However after the announcement of the economic package in mid-May, India's GDP estimates were downgraded even more to negative figures, signalling a deep recession. (The ratings of over 30 countries have been downgraded during this period.) On 26 May, CRISIL announced that this will perhaps be India's worst recession since independence. State Bank of India research estimates a contraction of over 40% in the GDP in Q1 FY21. The contraction will not be uniform, rather it will differ according to various parameters such as state and sector.
Unemployment rose from 6.7% on 15 March to 26% on 19 April and then back down to pre-lockdown levels by mid-June.[1][2] During