Let us act to cool the planet. More trees, more 365 day green cover, more natural.
Kargil Vijay Diwas.
Donald Trump does not want Google, Microsoft et al to hire Indians.
Discovery: Human brain emits faint light signals that can pass through the skull and may change in response to mental activity. Ultraweak photon emissions (UPEs) might serve as a non-invasive way to monitor brain function. Photoencephalography. UPEs are a million times fainter than visible light.
Organisational elections have concluded in 28 of the BJP’s 36 state units. It can, now, elect a new party chief. New Governors are coming in. A Union cabinet reshuffle is also envisaged. Vice President stepped down and new one is expected soon. Modi may not step down although he crosses 75 in September. However, some serious internal readjustment, ideological or otherwise, within the ruling establishment seems to be happening. We have to wait and see.
At the same time, Prime Minister Narendra Modi has just overtaken Indira Gandhi’s record of becoming India’s second-longest-serving Prime Minister in one go. PM Modi completes 4,078 days in office. Together in Gujarat an at Centre, Modi has headed elected governments for 24 years, longest by any Prime Minister so far, winning six consecutive elections – 3 in Gujarat and 3 at Centre.
Income Tax. Taxation has been a function of sovereign states since ancient times. Some one-sixth of the income earlier. British collected tax from types of income – income from landed property, including agricultural income; income from professions and trade; income from securities, annuities and dividends; income from salaries and pensions. Capital Gains tax, wealth tax, Expenditure tax, Gift tax were added post-independence. Currently the Income-tax Act, 1961, with 298 sections and 14 schedules, is in force. Agricultural income (rent, revenue from agricultural land; income from agriculture, and processing; income from farm house; income from nursery; mixed agricultural and business income) is tax-exempt. According to the New Tax Regime, effective from financial year 2020-21, individuals can opt for reduced tax rates with no option for claiming exemptions & deductions. Currently, we can choose between the old tax regime and the new tax regime.
However, IT Act 1961 with 65 amendments so far is expected to be replaced by New Income Tax Act, or Direct Tax Code, with about 23 chapters and 16 schedules, effective April 2026. It will be less complex, with its simplified language, deleting obsolete and redundant provisions. It introduces a standardized ‘tax year of 12 months’. Tax slabs and rates of new tax regime continue. Tax deducted at source would be on various incomes including salaries, professional fees, interest income, and rent. Presumptive taxation for businesses up to Rs.3 Crore, with 6-8% of turnover as taxable income; and for professionals up to Rs.75 lakh, with 50% of receipts to be declared as income. Virtual Digital Assets, crypto currencies could be treated as assets, and may be taxed.
Can the old tax regime go fully soon? Can we less slabs of taxation? Can we combine GST, income tax etc., into one so that citizens tax transactions and tax filings do not become a hassle? Maybe only banking/expenditure/ minimum alternate tax systems etc. Can we free 90% category at least?
Yes, we can. If we coexist, flowing. Hassle-free everywhere. In N? krshisukhayoga for 7L.