Budget 2023: Major shakeup in Income Tax slabs; new tax regime to be default

News Network
February 1, 2023

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Finance Minister Nirmala Sitharaman on Wednesday announced major changes to the personal income tax structure in the country.

The major announcements are as follows:

1. Tax rebate limit increased to Rs 7 lakh from Rs 5 lakh in new tax regime.

2. Tax slabs have been reduced to five. Revised Tax slabs: Rs 0-3 lakh: 0 per cent; Rs 3-6 lakh: 5 per cent; Rs 6-9 lakh: 10 per cent; Rs 9-12 lakh: 15 per cent; Rs 12-15 lakh: 20 per cent; Rs 15+ lakh: 30 per ce

3. Extensionof the benefit of standard deduction under the new tax regime to the salaried class. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500.

4. Highest surcharge rate reduced from 37 per cent to 25 per cent in new tax regime. This would result in reduction of the maximum tax rate to 39 per cent, from 42.74 per cent earlier.

5. The Rs 3 lakh limit for tax exemption on leave encashment on retirement of non-government salaried employees was increased to Rs 25 lakh.

Sitharaman further announced that the new Income Tax regime would become the default tax regime in India.

She also announced the streamlining of the filing process for I-T returns, tax relief for cooperative societies, benefits for startups, among others.

More to follow...

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News Network
April 25,2025

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New Delhi: In the wake of the deadly terror strike in Pahalgam that claimed 26 lives, Union Home Minister Amit Shah on Friday personally reached out to the Chief Ministers of all states, instructing them to take immediate action to identify and deport Pakistani nationals who are overstaying in India beyond the newly imposed visa deadlines, according to official sources.

During the calls, Shah emphasized the urgency of locating any Pakistani nationals still residing in their respective states and ensuring their departure in compliance with the fresh directives. He also made it clear that while overstayers must be deported, Hindu Pakistani nationals holding valid long-term visas are exempt from these measures and should not face any action.

This directive follows India’s sweeping decision to revoke all visas issued to Pakistani nationals from April 27 onwards. Medical visas, however, will remain valid only until April 29. The government has also urged all Indian citizens currently in Pakistan to return home at the earliest.

Furthermore, as part of its comprehensive response to the April 22 terror incident, India has withdrawn Pakistani access to the SAARC Visa Exemption Scheme (SVES). Pakistani nationals currently in India under SVES were given a 48-hour deadline—until Friday—to leave the country.

The Home Minister had just returned from a two-day visit to Jammu and Kashmir and attended a high-level Cabinet Committee on Security (CCS) meeting in Delhi, where key decisions were taken, including suspending the Indus Waters Treaty with Pakistan.

Meanwhile, External Affairs Minister S. Jaishankar and Foreign Secretary Vikram Misri briefed foreign envoys about the nature of the Pahalgam attack and the measures India is undertaking in its aftermath.

Addressing a public gathering in Bihar, Prime Minister Narendra Modi condemned the attack and asserted that India will "identify, track, and punish" every terrorist and their "backers," vowing to pursue the perpetrators to the "ends of the earth."

The government has also begun consultations with both ruling and opposition political parties, seeking unity on national security even as questions were raised regarding potential lapses that led to the attack.

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Agencies
April 22,2025

US President Donald Trump's administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125 billion e-commerce market, the Financial Times reported on Tuesday, citing industry executives, lobbyists and US government officials.

The US plans to push Prime Minister Narendra Modi’s government for a level playing field on e-commerce in wide-ranging talks on a US-India trade agreement set to also cover sectors from food to cars, the newspaper reported.

It did not mention what measures the Trump administration expects from the Indian government.

Amazon and Walmart operate in India through local units but face restrictions on holding inventory and directly selling to consumers, unlike domestic firm Reliance, which can open physical stores and leverage its vast retail network to reach customers across the country.

Amazon and Walmart did not immediately respond to Reuters' requests for comment.

India and US are in the middle of chalking out a trade deal as part of New Delhi's efforts to avoid US tariffs.

US Vice President JD Vance also met with Indian Prime Minister Narendra Modi on Monday, as officials in New Delhi expect to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by Trump on April 9 for major trading partners.

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News Network
April 16,2025

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The United States has reportedly approved a new shipment of thousands of powerful munitions to the Israeli regime, further reinforcing its military arsenal as Tel Aviv is said to be readying for “vigorous expansion” of its genocidal war on the Gaza Strip.

Citing unnamed Israeli officials, Hebrew-language outlet Ynetnews reported that the Israeli air force was set to receive more than 3,000 bombs from the US in the coming weeks.

According to the report, the munitions are to be delivered to “boost readiness” for a major offensive being planned by the Israeli army’s Southern Command.

Over 10,000 additional bombs are also expected to arrive in the near future, replenishing Tel Aviv’s stockpiles as it pushes forward with its regional military adventurism that has seen it escalate its deadly attacks on Lebanon and Syria, besides the war on Gaza.

The shipment is part of a broader arms package that includes MK-84 bombs, powerful 2,000-pound munitions that have already been linked to mass civilian casualties in Gaza.

A similar transfer, which was initially halted by the previous US administration, was unfrozen earlier this year under Donald Trump’s second tenure as president, enabling the Israeli regime to resume large-scale deployment of the destructive weapons.

Rafah encircled 

The regime’s minister for military affairs Israel Katz has announced that Tel Aviv was now preparing to “vigorously” broaden its assault on besieged Gaza.

As part of the escalation, Israeli forces have recently captured the so-called “Morag Corridor,” a strategic route connecting the southern Gaza cities of Rafah and Khan Younis.

Israeli military officials had declared on 12 April that Rafah, the last refuge for over a million displaced Palestinians, was now completely surrounded.

The Israeli army’s 36th Division, including the 188th Armored Brigade and Golani Infantry Brigade, reportedly advanced from both northwest and southeast axes towards the area.

Additionally, the army’s “Gaza Division” is operating along the Philadelphi Corridor, adjacent to the Gaza-Egypt border, amid the regime’s continued allegations that the stretch of land is used to transfer arms to Gaza’s Hamas resistance movement.

Death toll rises 

The intensified genocidal campaign has come at a staggering human cost. Since March 18, at least 1,630 Palestinians have been killed and more than 4,300 wounded across the Palestinian territory due to relentless Israeli bombardments and ground incursions.

Entire neighborhoods in Rafah and other southern areas have been flattened, with displaced civilians again forced to flee, this time with nowhere left to go.

Across the entire territory, essential infrastructure has been decimated, exacerbating the already dire conditions for over two million Palestinians trapped under blockade.

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