Democracy

Is India Being Divided for Political Gains? During his visit to Rae Bareli, Congress leader Rahul Gandhi strongly criticized the ruling BJP government, accusing it of diverting attention from pressing public issues like inflation and labor rights. He argued that a country filled with hate can never truly develop. Speaking at a public event, he…

Why is a New Income Tax Bill Needed? The existing Income Tax Act, 1961, has undergone multiple amendments over the years, making it complex and difficult to interpret. The government wants to modernize tax laws by simplifying the language and removing outdated clauses. Instead of modifying tax rates, the focus is on making tax rules…

Why is the Supreme Court concerned about EVM verification? The Supreme Court’s concern stems from a petition stating that the ECI’s method of verifying EVMs does not align with its earlier ruling. The court had allowed losing candidates (who finished second or third) to request verification of EVM microchips but did not mention erasing or…

Key Highlights: How Will This Programme Benefit India’s Workforce? The Skill India Programme has been extended and restructured to help India build a future-ready workforce. With a budget of ₹8,800 crore, the initiative will run from 2022-23 to 2025-26 and will focus on technology-driven training to meet the demands of modern industries. The government has…

Key Highlights: India’s Progress in Poverty Reduction Recent Household Consumption Expenditure Surveys (HCES) for 2022-23 and 2023-24 indicate a significant socio-economic shift. US-based economist Karan Bhasin, who was involved in analyzing the data, called it a major achievement, highlighting that over 9 crore people moved above the poverty line in just one year. Three major…

Which Tax Regime is More Beneficial for You? The government has made major changes to the new tax regime, reducing the tax burden for middle-class individuals. Now, anyone earning up to ₹12.75 lakh (including ₹75,000 standard deduction) won’t pay any tax. Additionally, a new 25% tax slab has been introduced for incomes between ₹20 lakh…

Summary: The Union Budget 2025 strives to strike a delicate balance between providing tax relief to the middle class and maintaining capital expenditure and fiscal consolidation. Budget documents indicate that the government expects a marginal reduction in subsidy expenses compared to the previous year’s projections. Despite implementing tax cuts, the fiscal deficit-to-GDP ratio is forecasted…

Summary: Finance Minister Nirmala Sitharaman, in the latest Union Budget announcement, provided substantial relief to the middle class by introducing a complete tax exemption for incomes up to Rs 12 lakh under the new tax regime. Salaried employees, benefiting from a standard deduction of Rs 75,000, can enjoy a tax-free income limit of Rs 12.75…

Increased Tax Deduction on Interest Income: The limit has been raised from ₹50,000 to ₹1 lakh, easing the financial burden on senior citizens. Tax-Free NSS Withdrawals: Withdrawals from old National Savings Scheme (NSS) accounts will be tax-exempt from August 29, 2024, as these accounts no longer earn interest. NPS Vatsalya Tax Benefits: Senior citizen-specific NPS…