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

News Network
February 1, 2023

tax.jpg

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...

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 16,2024

Mangaluru: The Kavoor police in Mangaluru, Karnataka, have arrested three individuals from Kerala in connection with two separate cybercrime cases, including one involving extortion under the guise of a "digital arrest."

City Commissioner of Police Anupam Agrawal reported that one of the arrested individuals, Nisar, a resident of Ernakulam district, posed as a CBI officer. He allegedly threatened the complainant with arrest and extorted Rs 68 lakh. A case has been filed under sections 66 (C) and 66 (D) of the IT Act, and sections 308 (2) and 381 (4) of BNS.

In another case, the Kavoor police arrested two men, Sahil K P of Thiruvannur, Kozhikode, and Muhammad Nashath of Mappila Koyilandy, Kerala, in connection with a share trade fraud. The accused are alleged to have deceived the complainant by promising substantial profits from an investment in the stock market. Trusting the fraudsters, the complainant invested Rs 90 lakh, which was subsequently lost. A case has been registered under sections 66 (C) and 66 (D) of the IT Act, and sections 318 (4) and 3 (5) of BNS.

The accused were arrested in Koyilandi and presented before the court. The operation was carried out under the guidance of City Police Commissioner Anupam Agrawal, led by Mangaluru North Sub-Division ACP Srikanth K, Kavoor Inspector Raghavendra Byndoor, Kavoor PSI Mallikarjuna Biradara, and staff members Ramanna Shetty, Bhuvaneshwari, Rajappa Kashibai, Praveen N, and Malatesh. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 17,2024

Mangaluru: District-in-Charge Minister and Minister for Health and Family Welfare, Dinesh Gundu Rao, announced that a day-care chemotherapy centre will soon be established at District Wenlock Hospital. Speaking to mediapersons after reviewing the activities at Wenlock and Government Lady Goschen Hospital, he shared the government’s plans to enhance healthcare services in the region.

Key Initiatives Announced

•    Day-Care Chemotherapy Centre:

  • Ten beds will be reserved for cancer patients.
  • The government will collaborate with Yenepoya Hospital to provide chemotherapy treatments.
  • All required facilities for the centre are already in place, awaiting inauguration by the Chief Minister.

•    Wenlock Hospital Facelift:

  • Critical Care Block: To be built at a cost of ₹24 crore.
  • Integrated Public Health (IPH) Lab: Planned with a budget of ₹1 crore.
  • New OPD Block: As per a 2017 agreement, KMC Hospital will take up construction. Discussions with KMC management are underway.

•    Additional Requirements:

  • A new mortuary and post-mortem building.
  • Paramedical college building.
  • Modern kitchen.
  • Bridge connecting two buildings within the hospital.

•    Total facelift cost: ₹6 crore to ₹10 crore, utilizing funds from the Department of Health and Family Welfare and CSR contributions.

•    Timeline:
By December or January, priority works will be finalized. The superintendents of Wenlock and Lady Goschen Hospitals are scheduled to visit Bengaluru next week to discuss these projects.

•    MRI Fee Allegations:
The minister assured that allegations of patients being charged for MRI scans at Wenlock Hospital will be resolved at the earliest.
These measures aim to improve healthcare accessibility and infrastructure, positioning Wenlock Hospital as a state-of-the-art facility in the region.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 11,2024

udupistatue.jpg

Udupi, Nov 11: The Karkala town police in Udupi have arrested Krishna Naik, the sculptor responsible for installing a 33-foot Parashurama statue at Umikkal Hill in Bailur, Karkala taluk. 

Naik, the owner of Krish Art World and a resident of Bengaluru's Visvesvaraya Layout, was apprehended in Mahe, part of the Union Territory of Puducherry, for allegedly substituting a look-alike statue in place of a genuine bronze figure at the Parashurama Theme Park in Karkala.

Udupi Superintendent of Police Dr. Arun K confirmed the arrest, stating that Naik faces charges under Sections 420 (cheating) and 409 (criminal breach of trust) of the Indian Penal Code. 

This legal action followed a complaint lodged in June by Krishna Shetty, a resident of Nallur village, Karkala. Shetty claimed that Naik had received a payment of ₹1,25,50,000 from Udupi Nirmithi Kendra for the installation of a bronze Parashurama statue. However, Naik allegedly deceived the government by installing a replica instead.

The statue was unveiled on January 27, 2023, by then Chief Minister Basavaraj Bommai. Current Chief Minister Siddaramaiah has since ordered a CID investigation to probe deeper into the alleged fraud surrounding the statue's installation at the theme park.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.