Palestinians ‘burned alive’ as Israeli warplanes bomb Khan Yunis tents

Governor Thaawarchand Gehlot returned to the State Government the Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Ordinance, 2025, suggesting that the ordinance will benefit borrowers while no provision has been made to provide protection to lenders.

Sources in the government said that the Governor felt the need for a detailed discussion on the ordinance in the legislature. Since the budget session will commence in March 2025, he advised the government to discuss the issue during the session, instead of bringing in the ordinance in a hurry.

The Governor advised the State Government to deliberate on the issue in detail and bring an effective enactment in the interest of the affected people and to protect their rights.

Following alleged harassment by microfinance companies seeking repayment of loans, more than a dozen borrowers had committed suicide in Karnataka. To check the harassment from MFIs, the government has proposed the ordinance.

The Raj Bhavan is of the opinion that it is the duty of the State to protect the vulnerable persons of the society. But, it is also necessary to protect the lawful and genuine rights of the persons who have lent to needy persons within the existing laws with proper checks and balance mechanism.

Mr Gehlot noted: “If all the pending loans with interest as on date is discharged, the lawful and genuine lenders may face trouble. Further, they have no remedy to recover their pending amounts, which may lead to legal battle.”

Mysuru: On Monday night, tensions escalated in front of Mysuru's Udayagiri Police Station as thousands gathered to protest a controversial social media post. The post, which critics say portrayed Muslims negatively, featured images resembling political figures Rahul Gandhi, Aravind Kejriwal, and Akhilesh Yadav, and was titled "three idiots." The post also showed a person performing namaz with Arabic script prominently displayed, further intensifying the allegations of communal insensitivity.

Protesters blocked Mahadevapura Main Road and, at times, resorted to stone pelting directed at the police station, police vehicles, and public property. In response, law enforcement used batons and tear gas to disperse the crowd. The ensuing clashes resulted in injuries to several people, including both protestors and police personnel.

By Tuesday morning, normalcy had largely returned. Senior officials—including ADGP R. Hitendra, Police Commissioner Seema Latkar, and DCPs M. Muthuraj and S. Janhnavi—visited the police station to review the situation. Security was significantly increased around the area, and civic workers from the Mysuru City Corporation cleared stones and debris left behind by the demonstrators.

Police have initiated a suo moto case and arrested 32-year-old Suresh, a resident of Kalyangiri Nagar, in connection with the incident. The unrest not only disrupted pedestrian movement but also significantly hampered traffic on Mahadevapura Main Road and its intersections, with city buses bearing the brunt of the blockade.

Despite initial dispersal following police action, the mob reconvened within minutes. It was only around midnight, after assurances from senior police officials—including DCP Muthuraj—that strict action would be taken against those responsible, that the protesters finally dispersed.

Speaking to media on Tuesday morning, ADGP R. Hitendra confirmed that seven police personnel were injured during the stone pelting and announced that a special team had been formed to identify and apprehend the instigators. “The mob was misled by certain individuals who believed that the accused, who shared the derogatory post, would be let off. We will probe thoroughly to determine who is behind this incident,” he stated. 

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.