As Finance Minister Nirmala Sitharaman presented the budget for the fifth time in a row, before the 2024 general election, she vowed significant tax reductions for taxpayers as well as a massive push for building infrastructure.
1. Throughout the new tax system, which will serve as the baseline, the administration has streamlined the slabs. The maximum relevant tax rate in India following surcharges has decreased from 42.7% to 39.0%, and there would be no tax on profits up to Rs. 7 lakhs per year, up from Rs. The new fiscal system is “appealing since it offers a bigger rebate. Additionally, it offers streamlined and shorter slabs, “added the minister.
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2. The new regime will reduce the number of tax brackets from seven to just five. Up to Rs. 3 lakhs of earnings will not be subject to tax. Income from 3 lakhs to 6 lakhs would be charged at 5 percent; income between six and nine lakhs will be charged at 10 percent; earnings from 9 lakhs to 12 lakhs will indeed be taxed at 15 percent; earnings within 12 and 15 blacks would be taxed at 20 percent; and revenue beyond 15 lacks would be charged at 30 percent.
3. The country would expand its strategy to resuscitate growth after Covid by spending a record-breaking 10 lakh crore, a jump of 33%, on long-term capital investment. In 2023–2024, this will be 3.3% of the GDP.
4. The government has identified seven priority sectors, including the financial sector, investment, infrastructure, youth power, green growth, and unleashing potential.
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5. The goal for agricultural loans has been raised to 20 lakh crore, and in an additional populist move, funding for the PM Awas Yojna has been boosted by 66% to more than 79,000 crores. 50 new airports, as well as helipads, have also been promised by the administration.
6. The document stated a 2.4 lakh crore outlay for the railroads, which is 4 times the budget from the previous year and the most in about a decade. When comparing it to the final year of the UPA administration under the leadership of Congress, she added, “This is approximately 9 times the expenditure made in 2013-14.”
7. All digital systems of the designated government entities will use a uniform identity called the Permanent Account Number (PAN). Through all of the Machine applications service and Aadhaar, the KYC process would be streamlined and a one-stop identity update will be developed. To make corporate operations easier, a “Unified Filing Procedure” system would be established to reduce the present duplication process for several departments.
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8. The administration will introduce a new method for resolving conflicts in the commercial sphere. According to the minister, there would be a single point of contact for the harmonization of IDs kept by various authorities.
9. The government plans to produce 5 Million tons of green hydrogen by 2030 through the Green Hydrogen Mission Programme to transition to green fuel, according to Ms. Sitharaman.
10. The updated forecast for the current fiscal will maintain the fiscal deficit objective of 6.4%. According to Ms. Sitharaman, it will be reduced to 5.9% of the GDP again for the upcoming fiscal year 2023–2024.
Subhashree Panda: A proficient content writer, editor, and researcher. With 4 years of experience and an MBA in finance, she crafts compelling narratives on global events. Her passion for diverse journalism genres resonates widely, fostering broad audience connections.
Chennai, April 16 (IANS) The Madras High Court dismissed a petition challenging BJP leader Nainar Nagendran’s nomination for the Tirunelveli Lok Sabha seat in Tamil Nadu. The division bench refused to entertain the petition, citing its late submission close to the polling date on April 19.
The petition, filed by V. Maharajan, argued that Nagendran’s nomination was accepted without considering his representation against it. Maharajan claimed the BJP candidate had withheld crucial information, including a criminal case, in his nomination papers.
Maharajan also called for action against the returning officer for negligently accepting Nagendran’s nomination. However, the court ruled in favor of Nagendran, stating that the timing of the petition was inappropriate given the impending poll date.
The first bench of the Madras High Court, comprising Chief Justice S.V. Gangapurwala and Justice J. Sathya Narayana Prasad, deliberated on the matter on Tuesday before rejecting the petition. Despite Maharajan’s concerns, the court upheld Nagendran’s nomination for the Lok Sabha constituency.
A tragic incident has shaken the Rajiv Gandhi University of Knowledge and Technologies (RGUKT) in Basar town of Telangana’s Nirmal district as a 17-year-old student, B. Arvind, allegedly died by suicide in the hostel on Tuesday, just days before the commencement of exams. The police have launched an investigation into the matter.
Hailing from Siddipet district, Arvind was a student of the Pre-University Course (PUC) second year at the institute known as IIIT Basar. This unfortunate event adds to the distressing trend of student suicides at the university, with several such incidents reported in recent years.
In February, a 17-year-old female student took her life in the hostel due to the inability to cope with the death of a relative. In 2023 alone, six students at IIIT Basar have died by suicide, highlighting a concerning pattern. The university has witnessed tragic events like a student ending his life due to homesickness and another student falling from the fourth floor under suspicious circumstances.
The alarming number of student suicides at IIIT Basar raises concerns about the mental well-being and support system available to students. The institute must address these issues promptly to prevent further tragic incidents from occurring on its campus. The authorities need to prioritize mental health support and create a safe environment for students.
Jaunpur Lok Sabha seat has become a center of attention with unexpected twists in the upcoming elections. Sreekala Reddy Singh, wife of former mafia don and MP Dhananjay Singh, will now compete on BSP’s symbol after her husband’s conviction in a kidnapping case. BJP’s Kripa Shankar Singh and SP’s Babu Singh Kushwaha were the main contenders until now.
Dhananjay Singh’s influence in Jaunpur could play a significant role as he had won in the 2009 Lok Sabha polls. The Thakur vote might split between Dhananjay Singh and Kripa Shankar Singh. With Sreekala Reddy Singh’s entry, equations have been disrupted, adding an interesting element to the election dynamics.
In a constituency known for its ‘imarti’ sweet and Chameli oil, Jaunpur faces challenges of neglect and lack of employment opportunities. Sreekala Reddy Singh, asserting her connection to the constituency, states, “Jaunpur will contest the election for me. I am their daughter-in-law and will do as the people of this constituency say.”
While Kripa Shankar Singh expresses confidence in BJP’s performance under PM Modi and CM Yogi, Babu Singh Kushwaha is relying on the support of OBCs, especially the Nishad votes in the region. The election in Jaunpur, scheduled for the sixth phase on May 25, is expected to be a closely watched contest with shifting political equations in play.
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