WHAT’S COOKING IN SITHA’S RASOI?

...WORKING CLASS EXPECTS A HEALTHY KHICHDI

tax regime was brought into practice in 2020-21, as per reports, only 18.75% Indians had opted for this regime while around 60% of the taxpayers chose to opt for the regular tax structure. In order to make the new I-T regime popular, Sitharaman should be concentrating in this sector and include some changes and give more sops to the working class in this regard.

WIDER SCOPE FOR 80C

It is now time to widen the scope of the popular weapon for the working class to “earn” some money. Section 80 C offers people deductions on several fiscal instruments like the LIC, ELSS, PPF etc and thus the number of people availing this facility is growing by the minute. However, the limit of `1.5 lakh in 80C has not changed for years. This is one sphere where the working class would expect Sitharaman to consider. Talking of standard deduction, the working class is also expecting a hike in this sector which is currently pegged at `50,000.

Tax Filing Ease And Faster Tax Refund

IN-DEPTH NEMESIS CATCHES UP WITH DUBIOUS SPIRITUALIST ASARAM BAPU

Nemesis finally caught up with the self-spiritual guru Asaram Bapu who, at one time, had bigwigs dancing to his tune. He was sentenced to life imprisonment for raping a Surat-based woman at his ashram in Gujarat. He was earlier sentenced to life imprisonment in 2018 for raping a teenaged girl from UP’s Shahjehanpur in 2013.

That Asaram was more of a criminal than a holy man was apparent from the way his goons attacked key witnesses, some of whom, including his doctor and cook, were shot dead. Asaram’s men had even tried to track down the 16-year-old victim from her hometown.

ROBIN ROY

is

writer

The

Senior Journalist and former Managing Editor,

First India

With around 400 days to go for the Lok Sabha, this is, in all probability, the last full fledged budget by Nirmala Sitharaman before the General elections and as usual the common man who loves to hope against hope is again hoping to get a slice of the moon in their own terms!

The common man who is always on the receiving end as far major expenditure is concerned, hopes that the government will spell something for the working class on the last budget before the big polls

It may be noted that there have been no changes in the Income-Tax rates since 2017-2018 and despite the introduction of the new tax regime in 2020-21, most people still go in for the old tax regime. This is one sector, where the working class will expect some relief and a big announcement

What Senior Citizens Expect

Senior citizens may also be looking at issues and hoping that Sitharaman may consider their wishes too...

l Those who possess health insurance can currently claim tax deductions up to `50,000 on the premium they pay under Section 80D. However, senior citizens are now eyeing the limit to be pegged at `1 lakh.

l Senior citizens also are expecting the government to increase the basic Income-Tax

Rationalise Tds And Produce More Buyers

It may be noted that there have been no changes in the Income-Tax rates since 20172018 and despite the introduction of the new tax regime in 2020-21, most people still go in for the old tax regime. This is one sector, where the working class will expect some relief and a big announcement… In this article, we shall discuss the existing scenario and the expectations vis-à-vis.

ECONOMIC SURVEY’S CHEERY OUTLOOK

By increasing the I-T slab, the working class must be allowed to save money and thus the budget must ensure that people have the capacity to buy in order to contribute to the economy of the nation and keep it moving. GST is a subject that affects one and all indirectly. Thus, the rates of commodities commonly used by the common man should be reduced. The provisions of the Capital Gains and Tax Deduction at Source (TDS) should be rationalised.

Tax Versus Relax

According to the current regime, if one’s taxable income is up to `5 lakh per annum, he

The Economic Survey 2022-23 projects a robust image of the economy with the economy seen to be growing at 6.5 per cent in 2023-24 lower than 7 percent growth this fiscal.

The economy is predicted to perform better once the Russia-Ukraine war is over. The war, along with the pandemic, has been the biggest disrupter of the global economy and crippler of supply chains. In its latest report on World Economic Outlook the International Monetary Fund predicted a 6.1 growth in Indian economy in 2023 but said that India will grow at 6.8 percent in 2024. The IMF called India a bright spot and will grow fastest. The worst, Chief Econom- exemption limit to `5 lakh from the current Income-Tax slab of `3 lakh. l Senior citizens hope that the government would raise the deduction against their medical expenses. Currently, senior citizens can avail of an annual deduction of up to `50,000 on medical expenses. or she doesn’t come under the tax purview. And in the scenario, where the taxable income goes above ` 5 lakh, 20% rate is applicable. This is a huge matter of concern for those who fall under the tax bracket of ` 10 lakh per annum. Consider this, if the working class intends to go for the new tax regime, it would mean that they give up the deductions available under Section 80 C, exemptions like HRA and others. This will not only increase the taxable income and thus the amount of tax payable too. So, people are expecting a decrease in these tax rates.

CHANGE NEEDED IN NEW I-T REGIME

It may be recalled that the new

The Economic Survey 2022-23 projects a robust image of the economy with the economy seen to be growing at 6.5 per cent in 2023-24 lower than 7 percent growth this fiscal ic Adviser V. Ananth Nageswaran said, is behind us. However, due to recession in major economies could suppress demand and global trade, the Indian economy could also be impacted. Rising dollar and “strong domestic demand amidst high commodity prices will raise India’s total import bill and

In 2022, it took almost two to three months for the tax refunds to actually happen, which had sent taxpayers into a tizzy. The CBDT, however, has been considering and has already proposed a single ITR form for all while ITR-1 and ITR- 4 will remain. This may reduce the processing time of the tax return filings and also assist taxpayers to receive refunds faster.

Sops For Those In Wfh Sector

Since the pandemic and widely after that, working from home has become a norm in today’s parlance and it is now the new normal. While if someone is on WFH he/she doesn’t need to travel to the workplace it saves a great deal on the travelling for the working class, but when it comes to other expenses like setting up a working station, dedicated wi-fi zone and proper machines to keep people linked with their offices. To maintain this, part of which is monthly expenses like the electricity and the internet cost, for those involved in WFH, they hope to hear about some goodies from the finance minister of the D-day.

THE VIEWS EXPRESSED BY THE AUTHOR ARE PERSONAL contribute to unfavourable developments in the current account balance,” the CEA said. At present the current account deficit (CAD) stands at 4.4 percent. If the CAD widens, the rupee will come under further pressure.

On a brighter side the Economic Survey numbers, about which “the government has become more transparent”, instill hope about the country’s bright future.

Two of the several standout points of the Survey are about increased expenditure on health which was about 2.1 percent of the GDP from 1.6 percent in 2021. Thrust on rural development is the other high point. Together with performance of other sectors they strengthen the hope for a bright future.

It is shocking that despite his conviction thousands still believe that Asaram is a pious man. It is some of these devotees who were involved in the killings of key witnesses. The unscrupulous guru, like many other spiritualists, exploited the gullible seekers of knowledge and put Hindu religion to shame. Sadly, such dubious gurus will keep popping up.

Spiritual Speak

Three things can not hide for long: the Moon, the Sun and the Truth. Buddha

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