Budget: Voluntary vehicle scrapping policy announced to phase out old vehicles

Agencies
February 1, 2021

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New Delhi, Feb 1: Union Finance Minister Nirmala Sitharaman on Monday announced a voluntary vehicle scrapping policy to phase out old and unfit vehicles under which the personal vehicles will undergo a fitness test in automated centres after 20 years while the commercial vehicles will undergo the test after 15 years.

"We are separately announcing a voluntary vehicle scrapping policy to phase out old and unfit vehicles. This will help in encouraging fuel-efficient, environment-friendly vehicles. Thereby, reducing vehicular pollution and oil import bill," said Sitharaman in the Parliament while presenting the Union Budget 2021-22.

"Vehicle should undergo a fitness test in automated fitness centres after 20 years in case of personal vehicles and after 15 years in case of commercial vehicles," she added.

In Part A of Budget 2021, the Union Finance Minister laid out a vision for Atmanirbhar Bharat to strengthen the vision of Nation First, doubling farmers' income, strong infra, women's empowerment, healthy India, good governance, education for all, inclusive development.

The Union Budget 2021-22 proposals rest on six pillars: Health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India reinvigorating human capital innovation and R&D minimum government, maximum governance.

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News Network
February 1,2025

The Union Budget 2025 has brought significant revisions to the income tax structure, aiming to address long-standing demands of middle-class taxpayers, particularly salaried individuals. The newly proposed tax slabs and rebate enhancements are expected to provide substantial relief, making taxation more streamlined and beneficial for the majority.

REVISED INCOME TAX SLABS

The proposed tax slabs under the new regime are as follows:
•    Income up to Rs 4 lakh – Nil
•    Rs 4-8 lakh – 5%
•    Rs 8-12 lakh – 10%
•    Rs 12-16 lakh – 15%
•    Rs 16-20 lakh – 20%
•    Rs 20-24 lakh – 25%
•    Above Rs 24 lakh – 30% (plus applicable cess and surcharge)

Currently, the tax slabs under the new regime are:
•    Income up to Rs 3 lakh – Nil
•    Rs 3-7 lakh – 5%
•    Rs 7-10 lakh – 10%
•    Rs 10-12 lakh – 15%
•    Rs 12-15 lakh – 20%
•    Above Rs 15 lakh – 30%

ENHANCED REBATE UNDER SECTION 87A

The budget proposes an increase in the income cap for availing the rebate under Section 87A from Rs 7 lakh to Rs 12 lakh, while the rebate amount will rise from Rs 25,000 to Rs 60,000. This effectively means that individuals earning up to Rs 12 lakh annually (or Rs 1 lakh per month) will not have to pay any income tax under the new regime, excluding special rate income such as capital gains.

Additionally, salaried taxpayers can benefit from the standard deduction of Rs 75,000, pushing the tax-free income threshold to Rs 12.75 lakh.

Recent data suggests that 78% of taxpayers have already transitioned to the new tax regime. With these latest reforms, the government anticipates an even greater shift towards the default new regime.

TDS AND TCS RATE RATIONALISATION

The government has proposed selective rationalisation of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates, which include:

•    Senior Citizens’ Interest Income – The tax deduction threshold will be increased from Rs 50,000 to Rs 1 lakh.

•    TDS on Rent – The annual exemption cap will rise from Rs 2.40 lakh to Rs 6 lakh.

•    TCS on Foreign Remittances – The threshold cap will increase from Rs 7 lakh to Rs 10 lakh.

Additionally, the higher 20% TDS deduction will now apply only in cases where the PAN is inoperative, ensuring that compliant taxpayers do not face undue deductions. These adjustments are expected to ease compliance burdens for taxpayers.

UPDATED TAX RETURN FILING WINDOW EXTENDED TO 4 YEARS

Currently, taxpayers can file an updated return within 24 months from the end of the relevant assessment year, provided it results in additional tax payments. The new proposal extends this window to 48 months, offering taxpayers more flexibility to rectify their tax filings and remain compliant.

The Union Budget 2025’s tax reforms reflect a concerted effort to reduce the financial strain on taxpayers while simplifying the taxation process. These changes mark a significant shift in the government's approach to personal taxation, with a clear emphasis on inclusivity and fairness.

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News Network
January 27,2025

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The Uniform Civil Code (UCC), a law that has faced long-standing criticism from the Opposition, will officially come into effect in Uttarakhand on January 27, making it the first state in independent India to put into effect such a law.

According to the state’s chief minister Pushkar Singh Dhami, the government has completed all preparations to implement the law, including getting approval of the rules for the implementation of the Act and training of officials concerned. The rationale given for the law is that it will bring about ‘uniformity in the society and ensure equal rights and responsibilities for all citizens.’

"UCC is just an offering made by our state in the great 'yagya' being performed by the Prime Minister to make the country a developed, organised, harmonious and self-reliant nation," PTI quoted Dhami as saying in a statement.

The BJP had made a promise to implement the Uniform Civil Code in Uttarakhand in the run-up to the 2022 assembly polls.These polls saw the party storming to power for a second consecutive term, something never done by any other party in the state since its creation in 2000.

According to CM Dhami, the historic mandate was because of the party's commitment to passing the UCC.

The Uniform Civil Code journey in Uttarakhand

The Uttarakhand state cabinet cleared a proposal to form an expert panel on the Uniform Civil Code in March 2022 in the first cabinet meeting after winning the assembly elections. The panel, headed by retired Supreme Court Judge Ranjana Prakash Desai, was constituted on May 27, 2022 to prepare the draft of the UCC.

The Desai committee submitted a comprehensive draft in four volumes, prepared after one and a half years of dialogue with different sections of the state's population. It was sent to the state on February 2, 2024 and just a few days later, the Uttarakhand assembly passed the UCC bill. President Droupadi Murmu gave it her assent in March 2024, nearly two years after the initial proposal.

Another expert committee was at work after that, headed by former chief secretary Shatrughna Singh. It was formed to frame the rules and regulations for the implementation of the Act. The Sinha committee submitted its report to the state government late last year.

The state cabinet gave its approval recently and authorised the chief minister to decide a date for its implementation. Dhami decided the date to be January 27, 2025, a day after the country celebrated its 76th Republic Day.

What is in the Uttarakhand UCC?

The Uniform Civil Code Act of Uttarakhand will govern and regulate the laws relating to marriage and divorce, succession, live-in relationships and related matters.

It sets equal marriageable age for men and women, grounds of divorce and procedures across all religions, and bans polygamy and 'halala'.

Doon University Vice Chancellor Surekha Dangwal, who was part of the panel that drafted the UCC and was among those who framed the rules for its implementation, described to PTI the provisions aimed at bringing about gender parity in matters of marriage, divorce and succession, treating all children as legitimate including those born of void or voidable marriages, simplifying the process of preparing a will and regulating live-in relationships as the most outstanding in the UCC. She termed gender parity across all religions as the spirit of UCC.

According to Duggal, the UCC makes registration of all marriages and live-in relationships mandatory. She also said that the government has created facilities to help people register their marriages online so that they do not have to run around government offices for it.

"Another remarkable feature of the UCC is that it treats all children as legitimate. We have in fact totally done away with the term illegitimate in the context of children," she said. The UCC also makes a special provision for defence personnel called "privileged will" which can be made both in writing or by word of mouth.

Any soldier or air force personnel engaged in an expedition or actual warfare or a mariner at sea can make a privileged will for which rules have been kept flexible.

UCC criticism

Opposition leaders have criticized the UCC, arguing that it may lead to societal division along religious lines and might be impractical and overly ambitious.
The debate surrounding the UCC extends beyond Uttarakhand, as Article 44 of the Indian Constitution advocates for a uniform civil code across the country. Prime Minister Narendra Modi has referenced the Supreme Court's direction on the need for a common code, stressing that fulfilling the vision of the Constitution's framers remains a national goal.

Uttarakhand's implementation of the UCC is likely to set a precedent, with other states potentially following suit. The success of the law's implementation will depend on its ability to balance individual rights and social harmony.

As Uttarakhand stands at the forefront of this legal revolution, the coming weeks will offer a clearer picture of how the UCC will be received, both in the state and across India. The state's experience with the UCC will undoubtedly shape the future of personal law reform in the country.

What is the implementation process?

Shailesh Bagauli, secretary (home), stated that the government will issue two notifications: one for the implementation of the UCC and another for the rules and regulations, officially launching the UCC in the state.

Dhami had promised to implement the UCC if re-elected during the 2022 state polls. After becoming CM, he appointed a five-member committee led by Justice Ranjana Prakash Desai to draft the code, which received feedback from over 2.3 lakh people, representing nearly 10% of Uttarakhand's families.

The 740-page draft was presented to the chief minister on February 2, 2024, approved by the cabinet on February 4, tabled in the assembly on February 6, and passed the following day. Governor Lt Gen Gurmit Singh (retd) approved the bill on February 28 and President Droupadi Murmu subsequently signed it on March 11.

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Agencies
February 3,2025

The Indian rupee plummeted to a historic low of 87.29 per dollar on Monday. This decline is attributed to escalating trade tariffs imposed by US President Donald Trump amid global market uncertainties.

Having already depreciated over 1.5% this year, the rupee's latest tumble is regarded as a repercussion of tariff measures enforced by the US government. The currency opened with a substantial gap-down of 43 paise, hitting a low of 87.29 before rebounding to 87.13 following a Reserve Bank of India (RBI) intervention. 

Currency expert KN Dey explained to ANI that the tariff war, ignited by the US against Canada, Mexico, and China, is responsible for the rupee's decline. KN Dey noted, "Rupee opened with a gap of 43 paisa which was one of the highest gap openings, touched a new low of 87.29, but is now trading at 87.13 due to RBI intervention."

The situation remains fluid as President Trump has also hinted at possible tariffs on BRICS nations, including India. KN Dey cautioned, "Though Trump has been threatening BRICS countries also, it remains as to when he would press the button. This could be a knee-jerk reaction on the Rupee, but it's better to wait and watch for a couple of days." 

On a broader scale, this pressure on the rupee is mirrored by a strengthening US dollar against global currencies. Monday saw the Canadian dollar and Mexican peso dip to multi-year lows and the Chinese yuan weaken to a historic low. The US government announced an imminent 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods.

Market analysts suggest this may be a short-term reaction, with investors advised to observe how circumstances develop. The unfolding situation is anticipated to shape market movements significantly.

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