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Month: June 2024

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The government is poised to introduce a significant change in the new tax regime by potentially raising the tax exemption limit to Rs 5 lakh. This initiative aims to encourage more taxpayers to switch to the new regime, which is designed to minimize exemptions and rebates. Incentivizing the New Tax Regime Despite persistent requests to increase the highest tax slab threshold to Rs 20 lakh under the old tax regime, the government seems determined not to alter the existing rates. This strategy is intended to motivate more taxpayers to adopt the new tax regime, which discourages multiple exemptions and rebates. Boosting Consumption Through Tax Adjustments The government is exploring ways to enhance the country’s GDP growth by stimulating consumption among the middle class. Lowering personal income tax rates is a primary consideration, as indicated by several government officials. Increasing disposable income for individuals, particularly those in lower earning brackets, is expected to drive up spending. Proposed Changes in the Upcoming Budget One key proposal under review for the upcoming budget, likely to be presented in mid-July, involves increasing the tax-free income limit to Rs 5 lakh from the current Rs 3 lakh. This change will apply exclusively to those filing under the new tax regime, aiming to leave more disposable income in the hands of taxpayers. Final Decision Pending It’s important to note that a final decision on this proposal will be made closer to the budget presentation date. Understanding the New vs. Old Tax Regimes Since Budget 2020, taxpayers have had the option to choose between the traditional tax structure with its built-in provisions for lower tax incidences through specified investments and a new system offering overall lower tax rates without most deductions and exemptions. Benefits of the Old Tax Regime Under the old tax regime, taxpayers can benefit from deductions on investments under certain sections and exemptions such as house rent allowance and leave travel allowance. Limitations of the New Tax Regime Despite the advantages, the new tax regime has not gained as much traction partly due to the lack of exemptions and rebates that the older system offers. However, the new regime is simpler and aims to create a more straightforward tax filing process. Highest Tax Slab Unlikely to Change A second government official has confirmed that requests from industry representatives to reduce the highest individual income tax slab rate from 30 percent to 25 percent under the new tax regime are unlikely to be entertained. "Adjustments in higher income tax slabs are improbable as the current focus is on boosting consumption among lower-income groups," the official stated. Maintaining the Current Rates Additionally, the government appears disinclined to modify the old tax regime rates, despite appeals to increase the highest income tax slab to Rs 20 lakh from Rs 10 lakh. This decision aims to encourage more people to transition to the new tax regime. Under the new tax regime, individuals earning more than Rs 15 lakh annually fall under the highest 30-percent tax bracket. In contrast, the older regime imposes the highest slab on earnings above Rs 10 lakh. Prioritizing Tax Cuts Over Subsidies A third official highlighted the government’s preference for lowering personal income tax rates over increasing spending on subsidies and other schemes. "Tax rate reductions are seen as a more effective way to boost consumption rather than excessive spending on welfare schemes, which often suffer from leakages and fail to benefit the targeted recipients fully," the official explained. Addressing Low Consumption Growth The focus on measures to stimulate consumption comes in response to a notable slowdown in private consumption growth, currently around 4 percent—a 20-year low, excluding the pandemic year. This slowdown is occurring despite an impressive GDP growth rate of 8.2 percent in FY24. In conclusion, the government's potential move to increase the tax exemption limit under the new tax regime to Rs 5 lakh aims to bolster economic growth by enhancing consumer spending power. By prioritizing tax cuts over subsidies, the government seeks to ensure that the benefits of economic policies directly reach the individuals who need them the most. NEWS
  • June 18, 2024

Government may increase Tax Exemption Limit to Rs 5 Lakh Under New Tax Regime

Government may increase Tax Exemption Limit to Rs 5 Lakh Under New Tax Regime, The government is poised to introduce…
Student Unions Protest NEET Exam Irregularities in Hyderabad In Hyderabad, various student unions, including the NSUI and SFI, held protests against the alleged irregularities in the NEET exam. These unions are demanding the cancellation of the NEET exam and an inquiry by a sitting judge into the alleged discrepancies. Additionally, they seek an apology from Prime Minister Narendra Modi. Student Unions Rally Against NEET Irregularities On Tuesday, the National Students’ Union of India (NSUI) and other student unions such as the Students' Federation of India (SFI), All India Students’ Federation (AISF), and Bharat Rashtra Samithi Vidhyarthi (BRSV) organized protests in Hyderabad. The NSUI, the student wing of the Indian National Congress, led a Students’ March from Narayanaguda to the Ambedkar statue at Liberty. NSUI Leads Students' March The NSUI, along with other student unions, gathered in large numbers, holding placards that read “Students March to Solve NEET Issue” and “NEET Exam Should Be Conducted Again.” They demanded the cancellation of the NEET exam due to the alleged irregularities and called for an investigation by a sitting judge. NSUI State President and MLC Venkat Balmoor expressed these demands on the social media platform X. BRSV Stages Separate Protest The BRSV, the student wing of the Bharat Rashtra Samithi (BRS), conducted a separate protest at Raj Bhavan. Activists from the BRSV squatted in front of Raj Bhavan, only to be removed by the police shortly after. BRSV President Gellu Srinivas Yadav demanded the cancellation of the NEET exam and sought responses from Telangana Union Ministers G Kishan Reddy and Bandi Sanjay Kumar. He also urged Chief Minister A Revanth Reddy to address the issue. Political Leaders Voice Concerns BRS Working President's Statement Telangana State
  • June 18, 2024

Student Unions Protest NEET Exam Irregularities in Hyderabad

Student Unions Protest NEET Exam Irregularities in Hyderabad, various student unions, including the NSUI and SFI, held protests against the…
Telangana State
  • June 18, 2024

TG CPGET 2024 Notification, Registration, Application Form, Eligibility, Exam Date

Osmania University, Hyderabad has announced the TG CPGET 2024 notification on 15 May 2024. This entrance test facilitates admission to…
Deputy Chief Minister of Andhra Pradesh, Pawan Kalyan, recently visited his camp office in Vijayawada. As he prepares to assume his new responsibilities from tomorrow, Pawan Kalyan has chosen the Water Resources Department building for his residence. Accompanying him was his close friend and renowned art director, Anand Sai, who will assist in designing the building to suit the Minister’s preferences. A Grand Welcome in Vijayawada Pawan Kalyan, the Deputy Chief Minister and Jana Sena Party leader, visited his camp office in Vijayawada today. He traveled directly from Gannavaram Airport to the guest house of the Water Resources Department, where employees warmly welcomed him. Following this, he received an honorary salute from the police. Multiple Responsibilities Await In addition to his role as Deputy Chief Minister, Pawan Kalyan will oversee the Panchayati Raj, Rural Development, Rural Water Supply, Forest and Environment, and Science and Technology ministries. He is set to begin his official duties on Wednesday, June 19. Bringing Cinema to Politics Accompanying Pawan Kalyan was Anand Sai, a well-known art director in the film industry and a close friend of the Minister. Reports suggest that Anand Sai’s presence indicates a cinematic touch to the new camp office. Pawan Kalyan has often spoken highly of Anand Sai, who has worked on several of his films, including "Tholi Prema," "Gudumba Shankar," and "Balu." Anand Sai’s Contributions Anand Sai is noted for his significant role in the reconstruction of the Yadadri Temple. Before this, he was involved in numerous films as an art director, earning a solid reputation in the industry. His collaboration with Pawan Kalyan is expected to bring a unique aesthetic to the camp office. Designing the Camp Office Anand Sai, who spent two and a half years visiting major temples across the country with the guidance of Chinna Jeeyar Swami, will now lend his expertise to the design of Pawan Kalyan’s camp office. The building is expected to feature distinct modifications, with the office on the lower floor and Pawan Kalyan’s residence on the upper floor, reflecting a blend of administrative functionality and personalized design. Andhra Pradesh
  • June 18, 2024

Deputy Chief Minister Pawan Kalyan Cinematic Touch to His Vijayawada Camp Office

Deputy Chief Minister Pawan Kalyan Cinematic Touch to His Vijayawada Camp Office, With Pawan Kalyan’s recent electoral success and appointment…
Unique record: Cadaver liver transplants save two lives in one day in Hyderabad Telangana State
  • June 18, 2024

Cadaver Liver Transplants Save Two Lives in Hyderabad

In a remarkable achievement, the South Asian Liver Institute in Hyderabad conducted two cadaver liver transplants within a single day,…
The Telangana government is taking significant steps to modernize its Industrial Training Institutes (ITIs) by upgrading them into Advanced Technology Centres (ATCs). This ambitious initiative aims to equip the youth with advanced skills to meet the evolving needs of the industrial sector. The project, valued at Rs 2,324.21 crore, marks a pivotal move towards fostering a highly skilled workforce in the state. Foundation Stone for ATCs Laid by Chief Minister On Tuesday afternoon, Chief Minister A Revanth Reddy will lay the foundation stone for the ATCs at Mallepally ITI. This event signifies the commencement of the transformation of ITIs into ATCs. The primary objective is to enhance the skill set of the youth, aligning their capabilities with the industrial requirements for skilled manpower. This initiative reflects the Chief Minister’s commitment to making Telangana a hub for skilled labor, thereby boosting employment opportunities. Strategic Partnership with Tata Technologies Limited To ensure the success of this project, the Telangana government has entered into a strategic 10-year Memorandum of Understanding (MoU) with Tata Technologies Limited (TTL). Under this agreement, 65 ITIs across the state will be upgraded to ATCs. This collaboration is set to revolutionize vocational training by introducing state-of-the-art equipment and advanced technology. Comprehensive Training Programs The upgraded ATCs will offer extensive training programs. TTL has deployed 130 experts to provide specialized training. Annually, these centers will train 5,860 individuals in six long-term courses. Additionally, 31,200 people will benefit from short-term courses each year. Over the past decade, ITIs have trained 1.5 lakh individuals. With the upgrade to ATCs, it is projected that four lakh people will be trained in the next ten years. Significant Financial Investment The total cost of upgrading ITIs to ATCs is Rs 2,324.21 crore. The state government will contribute Rs 307.96 crore, which is 13.26% of the total cost. TTL will provide the remaining Rs 2,016.25 crore, accounting for 86.74% of the investment. This substantial financial commitment underscores the importance of the project and the anticipated positive impact on the state’s workforce. Role of ATCs as Skill Development and Technology Hubs The ATCs will serve dual purposes. They will function as training centers offering various courses to enhance the skill sets of the youth. Simultaneously, they will act as technology hubs, providing support to aspiring entrepreneurs in small, micro, medium, and large-scale industries. This dual role ensures that the ATCs contribute significantly to the overall economic development of Telangana. Employment Opportunities through TTL In addition to training, TTL will also facilitate job placements for individuals who complete courses at the ATCs. This partnership is expected to create numerous job opportunities, further driving the state’s employment growth. Conclusion The Telangana government's initiative to upgrade ITIs to ATCs is a forward-thinking move aimed at addressing the growing industrial demand for skilled manpower. By partnering with Tata Technologies Limited and making a substantial financial investment, the state is set to transform its vocational training landscape. This project not only promises to equip the youth with advanced skills but also positions Telangana as a key player in the industrial sector, fostering economic growth and employment opportunities. Telangana State
  • June 18, 2024

Telangana Government Upgrades ITIs to Advanced Technology Centres to Meet Industry Demands

The Telangana government is taking significant steps to modernize its Industrial Training Institutes (ITIs) by upgrading them into Advanced Technology…
Vijayawada Metro Rail Project Hyderabad Auto Rickshaw stunt in hitech city Pawan Kalyan Movies are for fun That is not life Pawan Kalyan Throw Away The Mike BRS MLA Prakash Goud Joins Congress