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
March 20,2023

Belagavi, Mar 20: KPCC president DK Shivakumar said he appealed to Nirmalananda Swamiji of Adichunchanagiri Mahasamsthana Mutt to take lead against BJP’s communal agenda of creating disturbance in the society, through imaginary characters Uri Gowda and Nanje Gowda, claiming that both have killed Tipu Sultan.

He said Nirmalanandanatha Swamiji along with seers from other communities and Kannada organisations in Karnataka should undertake a movement against "acts of tampering" with history and giving a wrong message to the society. 

Shivakumar alleged BJP leaders are trying to hurt sentiments of the people by tampering with the history in a false way and said it is condemnable.

"There was a history and gazetteer about the life and death of Tipu Sultan while BJP National General Secretary C T Ravi, Higher Education Minister Dr C N Ashwath Narayan and Union Minister of State for Agriculture Shobha Karandlaje were attempting to present wrong imaginative history," he said.

Shivakumar said that Tipu Sultan was killed 200 years ago, but now BJP wants to give a new twist to the history by stating that Urigowda and Nanjegowda killed him. "We too have read the history of Tipu Sultan and no such persons existed. It's the imagination of BJP leaders and now they want to make a film on their story."

Nirmalanandanatha Swamiji should oppose such acts and stage a movement against them by taking seers of different communities and Kannada organisations with him.

"The acts of BJP leaders were to tamper with history and anti-Hindu. Wrong history was propagated by BJP's 'WhatsApp university'. The seer should not talk with the producer or director of the film or enter into any compromise. I have held talks with the seer over the phone and have been making an appeal through media,'' he stated.

Shivakumar said Chief Minister Basavaraj Bommai panicked after Congress commenced the announcement of its guarantees to the people if voted to power. 

"Bommai has been announcing schemes now which should have been implemented earlier. Now, elections could be announced anytime and he has been announcing programmes for women and youth after Congress announced them. Instead, they should have been made part of the BJPs election manifesto. BJP has been following the line of thinking of Congress," he said.

"Congress has been fixing the narrative for the Assembly election while the BJP's narrative was corruption. BJP has given the most corrupt government in the country and does not have any concern for youth and women," he added.

"Corruption in employment has led to youth being deprived of opportunities. There was the involvement of a minister and officials in corruption and MLAs acted as a conduit. BJP had been demanding evidence of corruption and Lokyukta has given it," he further said.

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News Network
March 22,2023

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New Delhi, Mar 22: Despite an erosion of 20 per cent or $21 billion in wealth, Reliance Industries' Chairman and Managing Director Mukesh Ambani continues to be at the top 10 wealthiest individuals in the world with a wealth of $82 billion, states the 2023 M3M Hurun Global Rich List.

For the third consecutive year, Ambani retained the wealthiest Asian title.

With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani and family, of Adani Group slipped to 23rd rank in the world's wealthiest from the last year's second rank.

Adani also lost the second richest Asian title in 2023.

A report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60 per cent from his peak.

Last year, it was said that Adani topped the list by adding Rs 1,600 crore per day over 2022.

The other Indian billionaires who figure in the world's top 50 richest are: Cyrus Poonawalla (global rank 46, wealth $27 billion), and Shiv Nadar and family (rank 50, $26 billion).

Interestingly, barring Poonawalla whose wealth went up by 4 per cent, the wealth of all other Indian billionaires in the global top 100 wealthiest had seen an erosion.

In stark contrast to the 2022 M3M Hurun Global Rich List, India is at the top of the league table when it comes to wealth depletion.

When countries such as China and the US had 178 and 123 billionaires, respectively, who lost more than $1 billion, India has 41 billionaires who lost more than a billion-dollar YoY in 2023 M3M Hurun Global Rich List.

In terms of number of billionaires who have added $1 billion or more over the last year, India occupies sixth rank in the list.

India added 16 billionaires and occupies the third spot, comfortably ahead of Italy which added 9 billionaires in this year's list.

The richest new entrant from India, Rekha Rakesh Jhunjhunwala and family, tops the list of top 16 new Indian entrants in 2023 M3M Hurun Global Rich List.

Over the last 5 years, Indian billionaires in 2023 M3M Hurun Global Rich List added circa $360 billion to their cumulative wealth - equivalent to Hong Kong's GDP.

"M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs," said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

"At a critical point in history, when India's GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world," said Pankaj Bansal, Director, M3M India. 

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News Network
March 15,2023

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Bengaluru, Mar 15: Karnataka Congress President DK Shivakumar today sought the arrest of Praveen Sood, the state's Director General of Police. The Congress leader claimed that the DGP had been protecting the ruling BJP government and filing cases against leaders from his party.

"This DGP is nalayak (useless). Immediately, there should be a case against him. And he should be arrested. The election commission should remove him," Mr Shivakumar said.

"He has finished three years in service. How many days do you want to keep and worship him? He has been filing cases only against Congress. He has registered more than 25 cases against us," he added.

He said that Congress will take action against him if they come back to power. Elections to the 224-member Karnataka assembly are set to be held before May 2023.

The Congress has set a target of winning at least 150 seats in the 224-member Assembly, to come to power in Karnataka, with a clear majority.

While JD(S) has already announced the first list of 93 candidates for Assembly polls, BJP and Congress are yet to announce their list.

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