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Budget 2023: Amid exemption in income tax, picture of 31-year-old tax slab goes viral | WATCH

In the general budget presented today, Finance Minister Nirmala Sitharaman has announced a big relief for taxpayers and has kept income up to 7 lakhs out of tax

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Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has presented the general budget for 2023-24. This time the Finance Minister presented the budget for the 5th time. The common man has been taken full care of in this budget. Big relief has been given to the biggest taxpayers by giving exemption in the tax slab. Now no tax will have to be paid on income up to Rs 7 lakh. Taxpayers will be given this exemption under the new tax system.

In the midst of great relief to the taxpayers, a picture is going viral on social media. This picture is of the tax slabs released during the 1992 budget. The change in tax slabs in 1992 and today can be gauged from this picture.

Watch the viral photo here:

Photo of 1992 tax slab

PV Narasimha Rao’s government in 1992 is called the father of liberalisation in the country. Manmohan Singh, who was the Finance Minister in Rao’s government, presented the budget, which opened the way for economic reforms in the country. In this budget, the tax slab was divided into three parts.

Read Also: Budget 2023: Nirmala Sitharaman outlines 7 priorities, calls them saptarishis

What was tax slab in 1992?

Now, let’s talk about the picture which is in discussion. In this picture shared by a Twitter handle, information about the tax slab of 1992 has been given. Its caption reads New Income Tax Slab in the 1992 Budget. No tax up to Rs 28,000. 20 per cent tax from Rs 28001 to Rs 50000. 30 per cent tax from Rs 5,0001 to Rs 1,0000. 40 per cent income tax on income above Rs 1 lakh. Along with this, a photo of Indian Express has also been shared.

This tweet has gone viral. Till now hundreds of users have liked this picture. A user wondered what will be the tax on 10 lakhs.

What is the tax slab today?

In the general budget presented on February 1, 2023, Finance Minister Nirmala Sitharaman has announced a big relief for taxpayers and has kept income up to 7 lakhs out of tax. Under the new income tax slab, taxpayers will not have to pay any tax on income between 0 to 3 lakh rupees. 5 per cent for Rs 3 to 6 lakh, 10 per cent for Rs 6 to 9 lakh, 15 per cent for Rs 9 lakh to 12 lakh, 20 per cent for Rs 12 to Rs 15 lakh and 30 per cent for income above Rs 15 lakh . It is obvious that compared to today’s budget of 1992, the exemption for tax at that time was very less.

Budget 2023: Middle class woes memes flock the social media platforms

Budget 2023: No tax on income up to Rs 7 lakh, revised tax slabs for new regime

India News

Pawan Khera gets pre-arrest bail from Supreme Court in case linked to Himanta Sarma’s wife

Supreme Court grants relief to Pawan Khera, protecting him from arrest in a politically sensitive defamation case.

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Congress leader Pawan Khera has been granted anticipatory bail by the Supreme Court of India in a case related to his remarks about Himanta Biswa Sarma’s wife, Riniki Bhuyan Sarma.

The top court’s decision provides Khera protection from arrest while the investigation continues in the matter, which includes allegations of defamation and forgery.

Case stems from remarks and allegations

The case originates from statements made by Khera during a press conference, where he alleged that the Assam Chief Minister’s wife held multiple foreign passports and had undisclosed assets abroad. These claims were strongly denied by both Sarma and his wife, who described them as false and politically motivated.

Following the remarks, a complaint was filed, leading to an FIR under various provisions, including defamation and related charges.

Legal journey before Supreme Court relief

Khera had earlier faced setbacks in lower courts, including the rejection of his anticipatory bail plea by the Gauhati High Court. He subsequently approached the Supreme Court seeking protection from arrest.

During the proceedings, Khera argued that arrest in the case was unnecessary and would amount to humiliation rather than justice.

What the court’s decision means

The Supreme Court’s order grants interim protection, ensuring that Khera cannot be arrested immediately while legal proceedings continue. The case will now proceed as per law, with investigations and hearings expected to continue in the coming weeks.

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Karnataka clears internal quota for scheduled castes, cabinet approves revised formula

Karnataka has approved a new internal quota system for Scheduled Castes, redistributing the 15% reservation and enabling recruitment to resume.

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The Karnataka government has approved a revised internal reservation formula for Scheduled Castes (SCs), marking a significant policy decision aimed at ensuring fair distribution of benefits among sub-groups.

The decision was taken during a special cabinet meeting led by Chief Minister Siddaramaiah. The approved formula redistributes the existing 15% SC reservation into three internal categories.

Under the new structure, 5.25% reservation each has been allocated to the “left-hand” and “right-hand” SC groups, while 4.5% has been earmarked for other Scheduled Caste communities, including nomadic groups.

Recruitment to resume after policy clearance

With the cabinet giving its nod, the government is expected to restart long-pending recruitment processes. Officials indicated that fresh notifications will be issued under the revised quota system, allowing hiring to move forward.

The move is expected to unlock thousands of government job vacancies that had been on hold due to the absence of clarity on internal reservation.

Decision shaped by legal constraints

The revised quota formula has been structured to comply with the Supreme Court-mandated 50% ceiling on total reservations. Earlier, the state had proposed increasing the SC quota to 17% and Scheduled Tribes (ST) quota to 7%, but this could not be implemented due to legal limitations.

As a result, the government retained the SC reservation at 15% and proportionately adjusted the internal distribution among sub-categories.

Shift from earlier quota structure

The new formula replaces the earlier proposed 6:6:5 distribution model. The cabinet revised these figures proportionately to align with the 15% cap, resulting in the current 5.25:5.25:4.5 structure.

The classification divides SC communities into three groups to address disparities in access to reservation benefits across sub-castes.

Aim to ensure equitable representation

The government has said the decision is intended to bring more balance and fairness in reservation benefits among different SC communities. The categorisation is expected to improve representation of relatively underrepresented groups within the SC category.

The cabinet’s approval is seen as a key step in addressing long-standing demands for internal reservation among Scheduled Castes in the state.

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LPG rules change from May 1: Commercial cylinder prices hiked, dual connections restricted

From price hikes to stricter connection rules, major LPG changes from May 1 impact both households and businesses across India.

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LPG price hike

Several important changes related to LPG cylinders have come into effect from May 1, impacting both consumers and businesses across India. The most significant update is a sharp increase in commercial LPG cylinder prices, while new restrictions aim to curb misuse of connections.

According to latest updates, the price of a 19-kg commercial LPG cylinder has been increased by Rs 993, taking the rate in Delhi to around Rs 3,071.50. This steep hike is expected to impact restaurants, hotels, and small businesses that rely heavily on commercial gas.

Domestic LPG prices remain unchanged

Despite the increase in commercial cylinder rates, there has been no change in domestic LPG cylinder prices. Household consumers will continue to pay the existing rates for 14.2-kg cylinders, providing some relief amid rising fuel costs.

Dual LPG connections under scrutiny

Authorities have tightened rules around LPG usage, particularly targeting dual or multiple connections. The move is aimed at preventing misuse and ensuring fair distribution of subsidised cylinders. Reports indicate that stricter monitoring mechanisms, including eKYC verification and tracking systems, are being implemented.

New delivery and booking rules likely

Changes are also being introduced in the LPG booking and delivery system. Consumers may need to follow updated procedures such as OTP-based delivery verification and revised booking intervals. These steps are designed to improve transparency and reduce fraudulent practices in cylinder distribution.

Global factors driving price increase

The rise in commercial LPG prices is largely linked to global energy market disruptions. Ongoing geopolitical tensions have pushed crude oil prices higher, leading to increased fuel costs worldwide.

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