Siddaramaiah seeks concessions for NRI, PIO community in union budget

CD network
January 8, 2017

Bengaluru, Jan 8: Karnataka Chief Minister Siddaramaiah today urged the Union Government to announce suitable concessions for the NRI and PIO community in the general budget, in the backdrop of recent global developments.

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"The event is being held in the backdrop of many a far-reaching change across the world. Particularly, the recent changes in the United States of America and the United Kingdom raise questions on effective movement of skilled workers across borders," Siddaramaiah said.

"It would not be out of place to urge theUnion Government, the Finance Ministry in particular, to beconscious of these changes and announce suitable concessions for the NRI and PIO Community in the General Budget to be presented shortly," he said.

Siddaramaih was speaking at the inauguration of Pravasi Bharatiya Divas Convention here that was attended by Prime Minister Narendra Modi, Portugal Prime Minister Antonio Costa and Suriname Vice President Michael Ashwin Adhin,among others.

He also drew the Prime Minister's attention to the resolutions passed in the Global Convention of the Global Organization of People of Indian Origin (GOPIO), held in Bengaluru recently, seeking extension of time till December 30, 2017, for NRIs and PIO to exchange and deposithigh denomination specified bank notes in Reserve Bank of India or State Bank of India.

Pitching Karnataka as the investment destination by listing various measures taken by his government, theChief Minister referred to the NRI policy brought out bythe state.

"I am glad to share with you that we have announced the NRI Policy of Karnataka, just two days ago, with a vision to play a catalytic role in achieving sustainable linkages in the globe, so that, a progressive, prosperous, robust and vibrant Karnataka is built," he said.

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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 22,2025

yellapuraccident.jpg

Yellapura: A devastating accident occurred early Wednesday morning in the Uttara Kannada district of Karnataka, leaving at least 10 people dead and several others critically injured. The tragedy unfolded near the Kageri petrol station in Yellapur when a truck carrying fruits and vegetables plunged into a valley and overturned.

The truck, which was transporting over 40 traders, was en route from Savanuru in Haveri district to Kumta market in Uttara Kannada. Among the passengers were fruit vendors heading to the Yellapura fair to sell their produce. The accident occurred on the Savanur-Hubballi road, as confirmed by M. Narayana, the Superintendent of Police of Uttara Kannada.

“At approximately 5:30 a.m., the truck driver attempted to give way to another vehicle and veered too far to the left, causing the truck to fall into a valley approximately 50 meters deep,” said SP Narayana.

Victims have been identified as:

Fayaz Imam Saab Jamkhandi (45)

Wasim Virullah Mudageri (35)

Ijaz Mustak Mulla (20)

Sadiq Bhasha Farash (30)

Ghulam Hussain Jawali (40)

Imtiaz Mamajafar Mulakeri (36)

Alfaaz Jafar Mandakki (25)

Jilani Abdul Jakhati (25)

Aslam Babuli Benny (24)

Immediate Response

Upon receiving information about the accident, police rushed to the scene and coordinated the rescue operations. The injured were swiftly transported to KIMS Hospital in Hubballi for treatment. Tragically, eight individuals died on the spot, while another succumbed to critical injuries shortly after. The absence of a protective wall on the road in the valley has been highlighted as a contributing factor.

“Many passengers sustained serious injuries, and the death toll could rise,” said police officials. Investigations are ongoing to determine the exact cause of the accident.

Community in Mourning

This tragic incident has left the local community in shock, as families and friends mourn the loss of lives. Authorities are urging caution and have reiterated the need for safety measures on roads in vulnerable areas. Further updates on the condition of the injured are awaited.

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News Network
January 22,2025

israeljenin.jpg

Israeli forces have killed at least eight Palestinians and injured 35 others in an attack on the occupied West Bank city of Jenin, prompting Hamas to call for full mobilization of Palestinian youths against the occupation forces.

Palestinian media reported that the regime’s forces, backed by helicopters, raided Jenin and its refugee camp on Tuesday morning following several drone strikes.

The spokesman for the Palestinian security forces, Anwar Rajab, said in a statement that Israeli forces had "opened fire on civilians and security forces, resulting in injuries to several civilians and a number of security personnel, one of whom is in critical condition".

Israel’s military also confirmed that its soldiers, police and intelligence services had begun an operation, which Benjamin Netanyahu, the prime minister, described as a "large and significant" operation to "eradicate terrorism.”

The attack on Jenin, where the regime’s forces have carried out multiple raids and large-scale incursions over the past year, comes only two days after the start of a long-awaited ceasefire between Israel and the Palestinian resistance movement Hamas.

Hamas said in a statement that people in Gaza “mourn the martyrs of Jenin who fell to the fire and bombardment of the occupation.”

The resistance group also urged Jenin’s “rebellious youth to mobilize and escalate confrontations with the Israeli army.”

Hamas said that the offensive “launched by the occupation in Jenin will fail, just like all its previous military operations against our people,” in Gaza.

The resistance group, which fought Israeli forces for 741 days in the besieged Gaza Strip, said its unprecedented operation against the occupied territories in October 2023, was “the final nail in the coffin of the collapsing Israeli regime.”

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