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Disney Heiress Abigail Disney Calls Out Billionaires Keeping Their Wealth

April 10, 2025, 3:26 pm

Abigail Disney, granddaughter of Roy O. Disney (co-founder of the Walt Disney Company), is pushing for greater taxes on America’s wealthiest residents. The self-proclaimed philanthropist says that billionaires have no need to accumulate extra riches when they already have more than enough.

Abigail, a one-time donor of millions, is also a member of Patriotic Millionaires, a collective of wealthy Americans who believe in paying more taxes. She has spoken out about how billionaires make money simply by not moving, since their wealth increases passively over time.

I think that any billionaire who can’t survive on $999m is somehow a sociopath. Like, why? You know, a billion dollars over makes money so quickly that you can’t possibly get rid of it. And so simply by sitting on your hands, you become more of a billionaire until you’re a double billionaire. It’s a weird way to live when you have objectively more money than a person can possibly spend,” she said to The Guardian.

Abigail deliberately decided early in life to give away most of her inheritance. Through 2021, she had donated about $70 million to benefit groups such as women with HIV, women in prison, and victims of domestic violence.

She has also stood firmly against the abuse of wealth for personal advantage and power, cautioning that it threatens democracy. Addressing the Vatican, Abigail expressed her concerns:

“I feel sad and worried about how greed and selfishness can harm a country’s democracy.”

Abigail admitted that her easy life in the US wasn’t solely the product of diligent work. Rather, she attributed her good fortune to good tax policies, sheer luck, and the financial support of her grandparents.

Do You Have to Pay 10% Tax If Your Income is up to 12 lakh?

February 1, 2025, 2:41 pm

In a historic Budget session, Union Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget for 2025-2026, giving substantial relief to income taxpayers.

The Finance Minister declared that income up to Rs. 12 lakh would not be taxable for the individuals. However, the tax slabs seem to be different and claim a 10% tax on incomes up to Rs. 12 lakh. Thus, the question is: are taxpayers still liable to pay the 10% tax upto Rs. 12 lakh income?

Take a look at the new Tax Slabs:

Rs. 0 to Rs. 4 Lakhs – Nil
Rs. 4 Lakhs to Rs. 8 Lakhs – 5%
Rs. 8 Lakhs to Rs. 12 Lakhs – 10%
Rs. 12 Lakhs to Rs. 16 Lakhs – 15%
Rs. 16 Lakhs to Rs. 20 Lakhs – 20%
Rs. 20 Lakhs to Rs. 24 Lakhs – 25%
Above Rs. 24 Lakhs – 30%

Tax Rebate for People Earning Less Than Rs. 12 Lakh

The government has introduced a reduction in the slab rate and tax rebate for taxpayers with incomes up to Rs. 12 lakh (excluding special rate income like capital gains), thus making “there will be no tax payable by them,” Sitharaman confirmed in her Budget speech.

Clarification on Tax on Rs. 12 Lakh Income

Under the new tax structure, individuals earning up to Rs. 12 lakh per annum will not pay any tax. Earlier, a person earning Rs. 12 lakh would have to pay Rs. 80,000 in taxes, but now, with the proposed tax cut, the liability would be Rs. 60,000. After availing the tax rebate, only Rs. 20,000 would be left, which would be exempted. This would mean that the net tax payable would be zero for these individuals.

In simpler terms, a tax rebate of Rs. 75,000 is being granted by the government, meaning taxpayers with an annual income up to Rs. 12.75 lakh will be tax-free.

“The middle class provides strength to the economy. In recognition of their contribution, we have periodically reduced the tax burdens. I am now happy to announce that there will be no income tax up to an income of Rs. 12 lakhs,” Sitharaman said.

Tax Liabilities based on Salary

The Finance Ministry elaborated on the tax implications based on annual salaries as follows:

Those with an annual salary of up to Rs. 12 lakh will not have to pay tax.
Those earning Rs. 16 lakh annually will save Rs. 50,000 in taxes.
Those earning Rs. 20 lakh annually will save Rs. 90,000.

Tax Relief for the Middle Class

“The new structure will significantly ease the taxes of the middle class and leave more money in their hands, boosting household consumption, savings, and investment,” Sitharaman said in her speech. The initiative is geared toward helping the middle class while also stimulating economic growth through increased disposable income.

Man’s Hilarious Prank on Fake Tax Rules Goes Viral ‘Right Hand Mein Phone Mat Pakdo…’

January 2, 2025, 2:16 pm

However, following the move by the finance ministry to up the Goods and Services Tax from 5 percent to 18 percent on caramel popcorn, this hashtag #PopcornTax blew up overnight. Union Finance Minister Nirmala Sitharaman clarified that caramel popcorn, having added sugar, is different from salted or plain popcorn, which some states had been tagging as “namkeen.” The GST Council later clarified that the tax rate for popcorn will remain the same, but the initial announcement sent shockwaves across social media in the form of widespread confusion and humor.

In a viral video, content creator Aryan Kataria used the confusion to prank people on the street with weird claims about GST rules. In the video titled “Telling people about weird GST rules,” Kataria approached people on the street who were using their phones and told them that holding the phone in their right hand would attract GST. Many were baffled but obeyed by putting their mobile phones on their left hand. Kataria then stopped an auto driver and told him that wearing open shirts would also invite GST. Aghast, the driver buttoned his shirt in obedience to the fake rule.

Watch:

View this post on Instagram

A post shared by Aryan Kataria (@katariaaryann)

While most people believed the prank, a few questioned the absurdity, with one person asking, “Isme GST lagane ka kya matlab hai?” Kataria joked that it was as sensible as raising GST on caramel popcorn. He continued his prank by informing two men that walking without their arms around each other would attract GST, whereupon they walked away, but later embraced in the suggested manner.

Social media found the prank hilarious, but users were concerned that people so easily believed the made-up rules. One commented, “People believing in it makes me really worried,” while another remarked, “Brilliant.so innovative.shows the sad state of affairs too.”

Shah Rukh Khan, Big B, or Salman: Who Tops the List of India’s Biggest Celebrity Taxpayers in 2024?

November 29, 2024, 2:31 pm

India’s celebrity scene is currently booming, with stars earning enormous amounts through their careers, endorsements, and social media. But when it comes to taxes, one name stands out as the biggest taxpayer of 2024. Any guesses? Here’s a clue: his fans call him the King.

No, it’s not Virat Kohli. It’s the Baadshah of Bollywood – Shah Rukh Khan. According to a list from Fortune India featuring celebrity taxpayers for the financial year 2024, SRK tops the chart, paying an impressive Rs 92 crore in taxes.

Following closely behind, Tamil superstar Vijay (Thalapathy) secured the second spot, contributing Rs 80 crore. Salman Khan and Amitabh Bachchan rank third and fourth, paying Rs 75 crore and Rs 71 crore, respectively. Indian cricketer Virat Kohli rounds out the top five with Rs 66 crore.

On the female side, Kareena Kapoor Khan led the pack, paying Rs 20 crore in taxes. Comedian Kapil Sharma made his mark in the television industry by paying Rs 26 crore.

Looking ahead, after a massive 2023, Shah Rukh Khan is set to appear in King, a highly anticipated film directed by Sujoy Ghosh, which will also feature his daughter Suhana Khan. Details about the project are still under wraps.

Major Financial Rule Changes From October 1: What You Need To Know

September 30, 2024, 11:11 am

A host of financial regulations and reforms are set to take effect from October 1, 2024, impacting various sectors, including small savings, health insurance, mutual funds, credit cards, and tax policies. These updates aim to improve transparency, ease the tax burden, and streamline procedures. Here’s a detailed breakdown of the most significant changes.

New Rules for Post Office Small Savings Schemes and PPF Accounts

The government has introduced new regulations for National Small Savings (NSS) and Public Provident Fund (PPF) accounts. Notably, non-resident Indians (NRIs) who have been investing in PPF accounts without declaring their status will no longer earn the usual interest. From October 1, NRI-held PPF accounts will earn zero interest, a drastic shift from the previous post office savings interest rates they enjoyed between July and September.

Additionally, the changes will also impact other small savings schemes, including Sukanya Samriddhi accounts.

HDFC Infinia Credit Card Reward Points Limited for Redemptions

HDFC Bank is tightening its rules regarding the redemption of reward points for its premium Infinia credit cardholders. Starting October 1, cardholders will be limited to redeeming reward points for only one Apple product per quarter. Moreover, redemption of points for Tanishq vouchers will also be capped at 50,000 points per calendar quarter.

Previously, there were no such limits, allowing cardholders to redeem their points freely.

RBI Introduces Key Facts Statement (KFS) for Loan Borrowers

From October 1, banks and non-banking financial companies (NBFCs) will be required to issue a Key Facts Statement (KFS) to all retail loan borrowers. This document will clearly outline the effective cost of the loan, including fees and hidden charges, ensuring transparency and aiding borrowers in understanding their financial obligations. The move is aimed at eliminating confusion caused by unclear interest rates and hidden fees.

Health Insurance to Offer Shorter Waiting Periods and Better Claims

Health insurance policyholders will benefit from new regulations set by the Insurance Regulatory and Development Authority of India (IRDAI). Policies issued before March 2024 must comply with the new product guidelines by September 30, offering reduced waiting periods for pre-existing conditions (from four to three years) and shorter moratorium periods (reduced from eight to five years). These changes will also be incorporated into existing policies upon renewal.

Special Surrender Values for Endowment Policyholders

Policyholders of endowment plans will now receive special surrender values when exiting their policies early, starting October 1. This change ensures that even those who exit after just one year will receive a partial refund of their premiums, a stark contrast to the previous system where early exits often resulted in losing all premiums paid.

Mutual Fund Unit Repurchases Exempted from 20% TDS

The 20% tax deducted at source (TDS) on mutual fund unit repurchases will be waived from October 1. This tax change, announced in the 2024-25 Union Budget, aims to ease the tax burden on investors, making mutual fund investments more attractive.

Direct Tax Vivad Se Vishwas Scheme Launched

The Direct Tax Vivad Se Vishwas Scheme, 2024, will come into force on October 1, offering taxpayers a simplified way to resolve tax disputes. The scheme, introduced in the Union Budget, allows for lower settlement amounts for new appellants and reduces litigation costs. Those filing declarations by December 31, 2024, will benefit from even lower settlement amounts.

Share Buyback Tax Structure Revised

A major change in the buyback tax structure will shift the tax liability from companies to shareholders. Previously, companies were taxed at 20% on buybacks, but starting in October, buyback proceeds will be taxed as dividend income for shareholders, affecting their personal income tax calculations.

This change could significantly increase tax obligations for shareholders, especially employees benefiting from Employee Stock Option Plans (ESOPs) who plan to exit through buybacks.

SEBI Streamlines Bonus Issue Trading Process

The Securities and Exchange Board of India (SEBI) has accelerated the trading process for bonus issues. Starting October 1, bonus shares will be available for trading just two days after the record date, down from the current two-week waiting period. This streamlining move is designed to improve market efficiency and speed up shareholder access to bonus shares.

These financial reforms, which take effect from October 1, aim to enhance transparency, provide relief to borrowers and policyholders, and streamline processes in various sectors. With the evolving financial landscape, investors, borrowers, and policyholders should stay informed to make the most of these changes.

Kamala Harris’s Economic Proposal: New Affordable Homes and Tax Cuts for 100 Million Americans

August 17, 2024, 4:40 am

Vice President and Democratic presidential candidate Kamala Harris recently presented her economic campaign proposal in North Carolina. She described her plan as creating an “opportunity economy” centered on benefiting the middle class.

In Raleigh, Harris emphasized that salaries should support a good quality of life for families, ensuring that no child lives in poverty. She also highlighted that people should be able to retire with dignity and join unions if they choose.

To reduce living costs, Harris pledged to cut unnecessary bureaucracy, investigate anti-competitive practices in the food industry, and propose a federal ban on price gouging.

Harris noted that inflation had dropped below 3% for the first time since March 2021. She criticized high food prices despite improved supply chains and record profits for big food companies. She acknowledged that while many businesses are contributing positively to the economy, some are not, and she stressed the need for action.

Her comments came ahead of the Democratic national convention in Chicago, where more details about her economic agenda are expected. North Carolina, a key battleground state, was last won by a Democratic candidate in 2008. Recent polls suggest it remains competitive for 2024.

Harris shared her personal experience working at McDonald’s and her efforts as California’s attorney general to lower drug prices and tackle predatory lending. She promised to address housing shortages by building 3 million new affordable homes and ensuring they go to working and middle-class Americans rather than investors.

She criticized corporate landlords and the financial sector for making home ownership and rentals difficult for regular people. Harris vowed to fight for laws against anti-competitive practices and proposed a $25,000 grant for first-time homebuyers.

Additionally, Harris plans to offer tax cuts to over 100 million Americans, including restoring the earned income tax credit, child tax credit, and providing a $6,000 tax credit for new parents.

Harris contrasted her proposals with Donald Trump’s FairTax plan, which aims to replace income tax with a national sales tax. She argued that Trump’s tax policies favor billionaires and corporations, increase the national deficit, and disproportionately benefit the wealthy. She concluded by stating that actions reveal who a person truly supports.

IMF Asks Pakistan to ‘Impose’ Tax on Monthly Pensions

May 20, 2024, 12:34 pm

The International Monetary Fund (IMF) mission has reportedly urged Pakistani authorities to implement a tax on monthly pensions exceeding Rs 100,000, as per ARY News sources. Additionally, the IMF is pressing for pension reforms as part of the “new bailout program,” with policy discussions set to commence soon as negotiations between Pakistan and the IMF approach their final stages.

The IMF has emphasised that a tax on monthly pensions above Rs 100,000 is one of the main components of the proposed loan programme. According to ARY News, it is expected that this legislative demand—which aims to tax wealthy pensioners—will be granted.

As discussions between Pakistan and the IMF continue, it is clear that the new rescue plan would include strict economic measures. Pakistan isn’t planning to look for another loan programme; it’s still committed to the IMF loan programme.

To qualify for the “new bailout program,” Pakistan will need to exercise fiscal discipline by reducing spending and deficits in accordance with IMF guidelines, as per sources.

Recently, the IMF mission proposed an increase in the general sales tax (GST) to 18 percent, as reported by ARY News. This demand was raised during multiple rounds of discussions between Pakistani authorities and the IMF for a fresh loan.

Sales tax collection in Pakistan is currently handled by both the national and provincial governments. The IMF mission outlined problems with this system and recommended that the federal government take complete responsibility for it. In addition, the IMF suggested hiking the tax to 18 percent on goods and services and terminating the GST exemptions.

The creation of a distinct regulatory agency and changes to the insurance industry were additional demands made by the IMF during the fourth round of negotiations. The fund also suggested three state-owned insurance companies be privatised.

Presently, an IMF delegation is in Pakistan, as the country seeks another program from the global lender to address its financial crisis.

This Is Why Inheritance Tax is not a Practical Solution for India’s inequality in Wealth Distribution

April 25, 2024, 3:38 pm

Inheritance tax, also known as estate tax, has been proposed as a tool to tackle wealth inequality in India. However, implementing such a tax may not be practical due to several challenges and potential negative consequences. Here are some reasons why inheritance tax may not be the most effective approach to address wealth distribution issues in India.

1. Impact on Businesses:

One major concern with inheritance tax in India is its potential impact on businesses, particularly family-owned enterprises. Levying a significant tax on inherited wealth could create difficulties in transferring assets and businesses to the next generation. This may force businesses to sell off assets or downsize operations to cover the tax burden, potentially affecting growth and job creation.

2. Risk of Tax Evasion:

Introducing an inheritance tax in India could lead to an increase in tax evasion. Wealthy individuals might use complex legal structures or offshore accounts to shield their assets from taxation, undermining the tax’s effectiveness in redistributing wealth. Enforcing and administering such a tax could present significant challenges, possibly resulting in loopholes and evasion.

3. Economic Consequences:

Inheritance tax could have broader economic implications in India. It might discourage savings and investment, as individuals may choose to spend or transfer their wealth to avoid the tax. This could impede capital formation and economic growth, impacting overall prosperity and development. Furthermore, the potential outflow of capital to countries with more favorable tax regimes could worsen these challenges.

4. Compliance and Administrative Burden:

Implementing an inheritance tax requires robust administrative mechanisms to ensure compliance and prevent tax evasion. In a country as diverse and complex as India, enforcing such a tax could be challenging and resource-intensive. The compliance costs for both taxpayers and the government may outweigh the tax’s benefits, making it a burdensome and inefficient policy measure.

5. Consideration of Alternatives:

Instead of relying solely on inheritance tax, policymakers in India could explore alternative measures to promote inclusive economic growth and equitable wealth distribution. This could involve tax system reforms, targeted social programs, investments in education and skill development, and initiatives to encourage entrepreneurship and innovation among marginalized communities.

While inheritance tax may seem like a viable solution to wealth inequality in India, its practical implementation faces significant challenges and potential drawbacks. Policymakers should carefully consider the broader economic and social implications of such a tax and explore a comprehensive set of policy measures to promote equitable wealth distribution and sustainable economic development in the country.

Wealth Redistribution Row: Sam Pitroda Clarifies Position on Inheritance Tax

April 24, 2024, 12:09 pm

Sam Pitroda, Chairman of Indian Overseas Congress, recently discussed the rationale behind wealth redistribution in a country, citing the example of the US inheritance tax. He emphasized that such policies are not solely in the interest of the super-rich but also benefit the public. Pitroda highlighted the difference between the US, where a portion of wealth is taxed upon inheritance, and India, where wealth can be inherited in full.

Following the attention his comments received, Pitroda clarified that his remarks had been distorted to divert focus from important issues. He reiterated that his mention of the US inheritance tax was simply an example and not a proposal for India.

In response, BJP leaders criticized Pitroda’s statement, with Amit Malviya expressing concern over the implications of a potential inheritance tax for hardworking individuals. Shehzad Poonawalla accused the Congress of wanting to seize a significant portion of individuals’ earnings upon their death.

The debate on wealth distribution was ignited by Rahul Gandhi’s announcement of a survey to assess wealth distribution across various demographics in India. The Congress manifesto highlights the growing inequality between the rich and the poor, emphasizing the need for social and economic justice.

In contrast, Prime Minister Narendra Modi accused the Congress of attempting to extend reservations based on religion and conspiring to redistribute wealth among a select few. He criticized the Congress for allegedly stifling religious practices under its rule.

Sam Pitroda issued a clarification regarding his recent statement on inheritance tax, asserting that his remarks have been twisted to deflect attention from the core issues. He wrote on X, “It is unfortunate that what I said as an individual on inheritance tax in the US is twisted by Godi media to divert attention from what lies PM is spreading about Congress manifesto. PM’s comments Mangal Sutra & gold snatching is simply unreal.”

It is unfortunate that what I said as an individual on inheritance tax in the US is twisted by Godi media to divert attention from what lies PM is spreading about Congress manifesto. PM’s comments Mangal Sutra & gold snatching is simply unreal.

— Sam Pitroda (@sampitroda) April 24, 2024

“I mentioned US inheritance tax in the US only as an example in my normal conversation on TV. Can I not mention facts? I said these are the kind of issues people will have to discuss and debate. This has nothing to do with the policy of any party including congress,” he further added.

I mentioned US inheritance tax in the US only as an example in my normal conversation on TV. Can I not mention facts ? I said these are the kind of issues people will have to discuss and debate. This has nothing to do with policy of any party including congress.

— Sam Pitroda (@sampitroda) April 24, 2024

Pitroda also said, “Who said 55% will be taken away? Who said something like this should be done in India? Why is BJP and media in panic?”

Who said 55% will be taken away ? Who said some thing like this should be done in India ? Why is BJP and media in panic ?

— Sam Pitroda (@sampitroda) April 24, 2024

Rishi Sunak paid effective tax rate of 23% on £2.2m income last year

February 10, 2024, 11:47 am

Rishi Sunak’s tax summary for 2023 reveals he paid over £500,000 in taxes after realizing a £1.8 million profit from his investment in a US fund. The report, released by the prime minister, discloses a tax bill of £508,308 for the financial year 2022-23 on total earnings and gains of £2.23 million. Sunak’s effective tax rate in the UK was 23%, lower than the top rate of 45%, due to some income being taxed at source in the US and the capital gains tax rate being 20%.

Despite the freeze on tax thresholds and the temporary rise in national insurance, Sunak has maintained unchanged headline rates on capital gains during his tenure as chancellor and prime minister. His salary as prime minister, £139,477, accounts for only 7% of his total income for the year. Additionally, he received a £276,218 dividend and £17,189 in interest on savings and investments in the US.

Questions may arise about Sunak’s preference to hold a significant portion of his wealth in the US rather than the UK. His investments, as per his accountants’ summary, were managed under a “blind management arrangement,” where he didn’t directly receive the gains as income but was still liable to pay tax on them.

Jeremy Hunt, the chancellor, also published his tax return concurrently, indicating a tax payment of £117,418 on an income of £208,547 and a capital gain of £208,058. Hunt’s earnings included rental income of £27,370 and dividend income of £35,997.

Sunak’s personal wealth and connections to the US have been subjects of scrutiny. He faced criticism in 2022 for holding a US green card while in office and for his wife’s non-dom status. The prime minister and his family own multiple properties, including a Grade II-listed manor in his constituency, equipped with a new heated swimming pool that necessitated an upgrade to the local electricity network.

Robert Palmer, the executive director at Tax Justice UK, highlighted disparities in the tax system, noting that individuals earning primarily from their wealth, like the prime minister, are taxed at much lower rates than those relying on labor income. There’s a call for reforms to ensure equitable taxation between income from work and income from wealth.

Avoid Penalties: Income Tax Warning – Dec 31 Last Date for ITR!

December 29, 2023, 12:33 pm

The Income Tax Department has issued a warning to taxpayers who missed the July 31 deadline to file their Income Tax Return (ITR) for the financial year 2022-23. Through a post on social media platform X, the department emphasized that these taxpayers must file the belated/revised ITR by December 31, 2023, marking it as the “last chance” for the financial year. The department clarified the distinction between revised and belated ITRs.

The post on X read, “Kind Attention Taxpayers, 31st December 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date.”

Kind Attention Taxpayers,

31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024.

Hurry! File your ITR before the due date.

Pl visit https://t.co/uv6KQUbXGv #FileNow pic.twitter.com/S6HRuxYGBg

— Income Tax India (@IncomeTaxIndia) December 28, 2023

Additionally, the department provided a link to its website, offering comprehensive information on filing ITRs.

The Income Tax Department introduced mandatory filing of the return of income for every individual from the assessment year 2020-21. It outlined three main conditions for individuals obligated to pay income tax: those depositing ₹1 crore or more in one or more current accounts, incurring aggregate expenditure exceeding ₹2 lakh for foreign travel, and having an aggregate expenditure surpassing ₹1 lakh for electricity bills.

The department emphasized that failure to file the income tax return within the stipulated time permits the filing of a belated return under Section 139(4) of the Income Tax Act. For belated ITRs, individuals are required to use the forms specified for a particular assessment year.

Non-filing of even the belated ITR may result in adverse consequences, including the inability to carry forward losses (excluding income from house property), levy of interest under Section 234A, imposition of fees under Section 234F, and the loss of entitlement to exemptions under Sections 10A and 10B. Additionally, deductions under Part-C of Chapter VI-A will not be available. Section 234F mandates a penalty of ₹5,000 (or ₹1,000 for small taxpayers), and a 1% per month penal interest under Section 234A applies to pending income tax payments. Verifying the filed ITR within 30 days is crucial, as any unverified ITR will be considered as not filed by the Income Tax Department.

Tax devolution of more than Rs 1.40 lakh crore to states

March 11, 2023, 2:23 pm

The government on Friday released the 14 installment of tax devolution of more than Rs 1.40 lakh crore to states. Uttar Pradesh received the highest installment of Rs 24,783 crore among all states.

As per data by the Controller General of Accounts, the Center has devolved Rs 6.68 lakh crore to states in the current financial year during April-January, up 22.4 percent from last year. Currently, 41 percent of taxes collected by the Center are devolved in 14 installments among states in a financial year. In August and November 2022, the Center released an advance installment each in addition to the regular monthly installment of tax devolution to states, helping ease the fiscal pressure on states.

“The Union Government has released the 14th installment of tax devolution to state governments, amounting to Rs 1,40,318 crore today, as against the normal monthly devolution of Rs 70,159 crore,” the finance ministry said in a statement on Friday. This is in line with the commitment of the Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure, it read.

The budget for 2022–23 projected tax devolution to states of Rs 8.17 lakh crore, which was then scaled up to Rs 9.16 lakh crore in the revised estimates, up from Rs 8.98 lakh crore devolved last year.

UDF MLAs protest against Kerala government over fuel tax

February 9, 2023, 1:44 pm

The opposition Congress-led UDF MLAs on Thursday in Kerala protested against the government at the state Legislative Assembly for not withdrawing the fuel and alcohol taxes that were included in the budget.

V D Satheesan, the leader of the opposition in the state assembly, organised a march of UDF legislators from the MLA hostel to the assembly, claiming that the state government is looting the people.

Kerala Finance Minister KN Balagopal tabled the budget in the state assembly on February 2. He said that the Centre’s help to the state has been reduced, so the expectation of a financial crisis can’t be denied this year.

Speaking to media persons, Satheesan criticised the allegedly arrogant behaviour of the LDF government and declared that the UDF would intensify its protests both inside and outside the assembly.

The opposition MLAs reached the assembly with placards and raised slogans criticising the Kerala government led by Pinarayi Vijayan for failing to provide relief to the common people who are feeling the heat due to the price rise on alcohol and fuel.

Meanwhile, the youth wing of the Congress party demonstrated against the Kerala budget in Kochi today, and they fought with the police personnel, who used water cannons to disperse the demonstrators.

The enraged Congress workers stormed the streets and set fire to tyres near police barricades set up to stop the protesters. Later, the cops lathi-charged to disperse them.

Satheesan asked the state government to think about the fuel tax because the prices of petrol and diesel have already put a burden on the common man.

The Congress leader went on to say that we have been protesting inside and outside of the assembly for the last few days. Not to talk of opposition, even the general public thinks that the government should be forced to remove some of the taxes. But the state government is not ready to listen.

Industrialists’ reaction on Union Budget 2023

February 1, 2023, 4:21 pm

Taxation, finance

Amit Gupta, MD, SAG Infotech

45% of ITRs are completed within 24 hours, and the Common ITR form will be available soon. Furthermore, to enhance the IT grievance redressal mechanism, and to increase the presumptive taxes limitations at Sec 44AD – Rs.3 crore and Sec 44ADA – Rs.75 lakhs. Income tax incentives for businesses with Startups have been extended by a year till 2024. – Incorporation Date – From 31.3.2023 to 31.3.2024 – 80IAC. Small Income Tax appeals will be handled by 100 joint commissioners. Furthermore, startups can carry forward their lost benefit from 7 to 10 years.

The refund has been enhanced to Rs 7 lakh under the new tax scheme. The new information technology system will act as the default tax regime. Tax assessors will still be able to choose from the prior regime. Salaried and pensioners: the new system’s standard deduction for taxable income exceeding Rs.15.5 lakhs is Rs.52,500. The new system will decrease the six income categories to five: basic exemption up to three lacs, 3-6 lakh 5%, 6-9 lakh 10%, and 9-12 lakh 15%. 12-15 lakhs is 20%, whereas 15 lakhs or over is 30%.

Real Estate

Nakul Mathur, MD, Avanta India

In the union budget, GOI has once reiterated its commitment to infrastructure development, urban growth, and the housing for all program. The effective capital expenditure will be INR 13.7 lakh Crores, forming 4.5% of the GDP. Likewise, the outlay for PM Aawas Yojna has been increased by 66% to INR 79,000 Crores. The thrust towards infrastructure development in the form of roadways, power, healthcare, railway corridors, water supplies, affordable housing programs, etc. will drive economic growth. This in turn will push demand for housing, urban communities, construction activities, office spaces, etc.

START UPS

Ridhima Kansal, Director, Rosemoore

The Union Budget this year has a slew of incentives towards the start-up ecosystem, which highlights GOI’s unwavering commitment towards building a powerful & prolific start-up ecosystem in the country. The total fund allocated for start-ups has been close to 1000 Crores. Out of this, 283 Crores have been allocated to the seed fund. This is a marked increase from the past budget, when INR 100 Crores were allocated. GOI has also embarked on an agritech fund to further support, agritech start-ups in India. A new Data governance policy will also be unveiled which will give an institutional framework to use anonymous data. These are all laudable steps.

EDUCATION

Sushma Sharma, Director – Career Success Strategy, Veative Group:

Being a part of the world’s fifth-largest economy, which has fostered a growing ecosystem for startups, is a source of great pride. An optimistic view of the future informs the government’s plan to transition to a knowledge and technology-based economy. In addition to providing a significant boost to growth and job creation, the economic agenda for this year also includes the commendable announcement of the establishment of a national digital library for children and adolescents, which will go a long way toward recouping the educational ground lost during the pandemic.

In India, overall youth employability has grown to 48.7% over the previous year. The most employable age group was determined as 22-25 years old. However, what we are overlooking is that 51.3% of students are still trying to find suitable work. Yet, 88.4% of students are seeking internship, guidance & upskilling to kickstart their careers.

We, at Veative Group, are proud to have played an integral role in India’s ongoing digital transformation by providing innovative tools that broaden and deepen students’ access to education and skill-building. As advocates for the use of technology in the classroom, we have built the largest library of immersive and interactive educational content in the world and are pushing to install virtual reality (VR) laboratories in classrooms across India. Our goal as educators is to prepare students for the future, so we’re excited about the new initiatives funded by the federal budget for education.

Retail

Dinesh Pratap Singh, Co-Founder, WoodenStreet:

The new scheme announced by the Finance Minister falling under PM VIshwakarma Kaushal Samman for artisans and craftsman will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain. This will further include financial support and also access to advanced skill training, knowledge of modern digital techniques, brand promotion, linkage with local and global markets, digital payments, and social security. It will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections.

Manufacturing

Dinesh Pratap Singh, Co-Founder, WoodenStreet:

The indirect tax proposals announced for manufacturing will aim to promote exports, boost domestic manufacturing, and enhance domestic value addition. Also, the new co-operatives that commence manufacturing activities till fiscal year 224 will get the benefit of a lower tax rate of 15 per cent, which eventually will promote the growth of manufacturing in the co-operative sector.

Digital India – Technology

Ankita Dabas, Chief Growth Officer, Veative Group

The budget brings laser sharp focus to AI led skill-development by announcing the establishment of three centres of artificial intelligence. As pioneers of immersive learning solutions, Veative Group has invested 1 million+ manhours since 2016 to create a digital ecosystem in AR/VR, applications for training and development, along with making educational content in VR available globally. We are all set to launch the world’s first careers metaverse later this year, giving school-going learners an opportunity to connect with future employers and emerging careers. We are with the govt in making India a leading digital force of reckoning in the world.