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
July 19,2024

Mangaluru/Udupi, July 19: Amid continuous heavy rains in Karnataka's coastal region, the district administrations of Dakshina Kannada and Udupi have declared a holiday for all schools and pre-university colleges on Saturday, July 20.

In response to the persistent rainfall over the past few days, the disaster management authority has implemented several precautions. All Anganwadis, primary and high schools, and pre-university colleges (up to 12th grade), including government, aided, and unaided private institutions, will remain closed.

Parents are urged to keep their children away from low-lying areas, lakes, seashores, and riverbanks. Fishermen have been warned against venturing into the water. Taluk-level officers are required to remain at their headquarters, and district-appointed nodal officers must stay alert and respond to public complaints. Tahsildars have been instructed to maintain constant communication.

Relevant department officers have been directed to open and prepare rescue centers at the taluk level. Emergency services are available 24/7 via the toll-free control room number 1077 and the following telephone numbers: 0824-2442590 (Dakshina Kannada) and 0820-2574802 (Udupi).

As a precaution, both residents and tourists are strictly prohibited from approaching beaches, rivers, and waterfalls and are advised against taking photos and videos in these areas.

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
July 17,2024

ricefhief.jpg

Kalaburagi, July 17: BJP leader Manikanth Rathod has been arrested in connection with theft of rice meant for Anna Bhagya scheme, police said on Wednesday.

The Shahapur police arrested Rathod from his residence in the district headquarter town of Kalaburagi.

"Manikanth has been arrested in connection with the theft of 6,077 quintals of rice worth more than Rs two crore from a government warehouse in Shahapur in Yadgir district," the sources said.

The BJP leader was summoned by the police to appear before it for questioning, which he ignored due to which he was arrested.

Rathod had contested the 2023 assembly election on the BJP ticket against Congress president Mallikarjun Kharge's son Priyank Kharge and lost.

Anna Bhagya scheme offers 10 kg food grains to each member of the family belonging to the economically weaker sections of the society every month.

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
July 19,2024

uppinangady.jpg

Microsoft has announced an investigation into the Azure cloud server outage in the US and other parts of the world.

The outage caused temporary grounding of flights of low-cost carrier Frontier Airlines in the US.

"Our systems are currently impacted by a Microsoft outage, which is also affecting other companies. During this time booking, check-in, access to your boarding pass, and some flights may be impacted. We appreciate your patience," the company said on X.

Now, the ground stop has been lifted, and the company is in the process of resuming flight operations.

In India, SpiceJet, IndiGo, Air India Express and Akasa Airlines also faced difficulties. Most of the passengers were unable to do their web checkin online.

"Due to infrastructure issues with our service provider, some of our online services, including booking, check-in and manage booking services will be temporarily unavailable," Akasa Airlines said in a statement.

"Our systems are currently impacted by a Microsoft outage, which is also affecting other companies. During this time, booking, check-in, access to your boarding pass, and some flights may be impacted. We appreciate your patience," said IndiGo on X.

"As our systems are impacted by an ongoing issue with Microsoft Azure, we are experiencing high volumes at contact centre. Please contact us only if your travel is within 24 hrs," added IndiGo.

"Global digital infrastructure issues with cloud services are temporarily impacting operations across multiple airlines, airports and other businesses globally. As a result, our website, reservation and airport check-in systems are also impacted. Please plan your travel and keep sufficient time in hand for airport procedures. We regret the inconvenience and appreciate your patience and understanding during this time," said Air India Express on X

Currently, the affected airlines are doing manual check-ins and boarding processes at the airports.

Down under, Sydney Airport in Australia is facing service outage. It has requested the passenger to leave home early to avoid delays.

"A global technical outage has impacted some airline operations and terminal services. Flights are currently arriving and departing however there may be some delays throughout the evening.   We have activated our contingency plans and deployed additional staff to our terminals.   If you're travelling today make sure you leave plenty of time to come to the airport and check with your airline regarding the status of your flight," Syndney Airport posted the message on X.

"CrowdStrike, the cybersecurity firm that services numerous industries, was down across parts of the world Friday morning, halting news broadcasts and grounding flights," reported reported.

"I am aware of a large-scale technical outage affecting a number of companies and services across Australia this afternoon. Our current information is this outage relates to a technical issue with a third-party software platform employed by affected companies," said the office of Australia's National Cyber Security Coordinator Michelle McGuinness on X. 

Hong Kond Airport is facing IT service outage and has now switched to manual check-in and boarding processes.

Air France and Paris airports are also facing similar issues, reported Reuters. Add to that, Paris Olympic committee said that its IT operations have been impacted by a global cyber outage.

"We have activated contingency plans in order to continue operations," the organising committee said in a statement.

Taiwan's two major airlines, China Airlines and Eva Air, have been spared are unaffected.

Even Microsoft 365, which offers access to Word, SharePoint Online, OneDrive for Business, Teams, Intune, PowerBI, Microsoft Fabric, Microsoft Defender, Viva Engage and other productivity tools has become inaccessible to clients around the world, including major cities across India.

The Microsoft 365 service health status reads-- "Users may be unable to access various Microsoft 365 apps and services".

Indian Government's statement 

“MEITY (Ministry of Electronics and Information Technology) is in touch with Microsoft and its associates regarding the global outage. The reason for this outage has been identified and updates have been released to resolve the issue. CERT is issuing a technical advisory. NIC network is not affected,” said Ashwini Vaishnaw, Minister for Railways, Information & Broadcasting, Electronics & Information Technology, Government of Bharat. 

Computers with CrowdStrike cybersecurity applications are struck with Blue Screen of Death (BSoD) issue.

Indian Computer Emergency Response Team has recommended user to follow the process shared by CrowdStrike on Reddit below:

Step 1: Boot Windows into Safe Mode or the Windows Recovery Environment.

Step 2: Navigate to the C:\Windows\System32\drivers\CrowdStrike directory

Step 3: Locate the file matching “C-00000291*.sys” and delete it.

Step 4: Boot the host device normally. This should fix the BSoD problem. 

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.