LS passes Finance Bill with 64 amendments

Mumbai: No-frills airline

IndiGo is expecting to fly

100-million passengers and is planning to have 350 aircraft in its fleet in the next fiscal. At the same time, the airline is looking to end the current fiscal with around 306 planes in the fleet with the passenger volume estimated at over 85 million. The number of destinations is expected to go up to 115, with around 10-15 destinations likely to be added in the network during the year, as against 104 in FY23, as per the presentation. —PTI

GOLD CLIMBS `70 PER 10 GM; SILVER

JUMPS `520/KG

New Delhi (PTI): The Lok Sabha on Friday approved The Finance Bill 2023 with 64 official amendments including providing tax relief to some taxpayers opting for new tax regime, and removing long-term tax benefit for debt mutual funds to bring them at par with other interest earning instruments.

In a relief to taxpayers opting for deductions and exemption-free new tax regime, individuals earning marginally higher income than no-tax ceiling of ` 7 lakh will continue to pay nil tax.

Under the new tax regime with effect from April 1, if a taxpayer has an annual income of ` 7 lakh s/ he pays no tax. But if s/he has income of ` 7,00,100 s/ he pays tax of `25,010.

Thus an additional income of `100 leads to tax of ` 25,010. The amendment provides that the tax payable should not be more

New Delhi: Gold price climbed `70 to `59,450 per 10 grams in the national capital on Friday amid gains in prices of precious metal internationally. The yellow metal had closed at `59,380 per 10 grams in the previous trade. Silver also jumped `520 to `70,500 per kilogramme. “Spot gold prices in the Delhi markets traded at `59,450 per 10 grams, up Rs 70 per 10 grams,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. —PTI

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z Under the new tax regime with effect from April 1, if a taxpayer has an annual income of `7 lakh s/he pays no tax. But if s/he has income of `7,00,100 s/he pays tax of `25,010 than the income that exceeds `7 lakh. This means, an individual having income up to ` 7,27,700 could stand to benefit from this

Govt to introduce GPS-based toll system: Gadkari

New Delhi (PTI): The government will introduce new technologies including GPS-based toll collection systems in the next 6 months to replace existing highway toll plazas in the country, Union minister Nitin Gadkari said on Friday.

The move is aimed at reducing traffic congestion and charging motorists for the exact distance travelled on the highways, Gadkari said.

Gadkari further said state- owned NHAI's toll revenue is currently `40,000 crore and it is going to soar to ` 1.40 lakh crore 2-3 years.

z The Finance Bill, which includes tax proposals for the fiscal year beginning April 1, was passed without a discussion in parliament z Other amendments include raising the tax rate on royalty and fee for technical services from 10% to 20% marginal relief.

Other amendments include raising the tax rate on royalty and fee for technical services from 10% to 20%.