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Row over Rahul: Parliament’s first week post recess one of least productive | India News

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NEW DELHI: Both Lok Sabha and Rajya Sabha were adjourned for the day on Friday due to slogan-shouting by the opposition and protests by BJP members over Congress leader Rahul Gandhi’s “democracy under threat” remarks in London recently.
The first week of the second leg of the budget session in Lok Sabha was one of the least productive as proceedings were stalled for five days in a row with BJP insisting on an apology from Rahul and the Opposition seeking a joint parliamentary committee (JPC) probe into the Adani issue.

Didn’t say anything anti-India, will speak inside Parliament if they allow: Rahul Gandhi

Didn’t say anything anti-India, will speak inside Parliament if they allow: Rahul Gandhi

Barring one occasion when the entire Rajya Sabha came together to hail Oscar awards for “Natu Natu” song from the film “RRR” and documentary “The Elephant Whisperers”, even the upper House remained in limbo through the week.

BJP leaders on Rahul Gandhi's statement: Unfortunately we are at a loss for words

BJP leaders on Rahul Gandhi’s statement: Unfortunately we are at a loss for words

Lok Sabha Speaker Om Birla urged all the MPs to bring the House in order so that the day’s business could be taken up. “You all have been sent by your electorate to take part in proceedings and not for slogan-shouting. I can’t run the house until it is in order,” Birla said before adjourning the House 15 minutes later.
In Rajya Sabha, soon after the listing of papers, Chairman Jagdeep Dhankhar said he had received 11 adjournment notices which were disallowed. Leader of Opposition Mallikarjun Kharge sought to speak but was not allowed, triggering an uproar by opposition members.
BJP chief spokesperson Anil Baluni said Congress and opposition parties were solely responsible for the current impasse in Parliament. “The statement made by Rahul Gandhi in London was an attack on Indian democracy. People of the country are agitated and so are the parliamentarians,” Baluni said and added, “The MPs not only from BJP but also a section in the opposition are petrified at the language Rahul Gandhi used on foreign soil against sovereignty and integrity of the country.”
He said there is anger across the country and Rahul Gandhi must tender an apology to the nation.
In Rajya Sabha, opposition MPs Neeraj Dangi, Akhilesh Prasad Singh, Kumar Ketkar, Syed Naseer Hussain, Amee Yajnik and Santosh Kumar P had given notices to discuss the government’s failure to constitute a JPC on charges of corporate fraud, stock market manipulation and financial mismanagement against the Adani Group.
Notices were also given by Ranjeet Ranjan, KC Venugopal, Sanjay Singh and Pramod Tiwari to discuss the government’s “questionable” role in promoting the business interests of the Adani Group. Dhankhar said Elamaram Kareem has raised a demand to discuss the Hindenburg report on the Adani Group, which has put government deposits in public-sector banks and LIC in danger.



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Hum Adani ke Hain Kaun: Congress targets PM Modi over Hindenburg report, minister hits back | India News

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NEW DELHI: Both the houses of Parliament were adjourned for the third consecutive day on Monday without transacting hardly any business over the situation having arisen out of the report published by American research organisation and short-seller Hindenburg about the shares of Adani Enterprises Ltd (AEL).

The opposition led by the Congress created pandemonium in both the Lok Sabha and the Rajya Sabha and disrupted the proceedings. This forced the presiding officers of both the houses to adjourn Parliament’s business for another day.
Alleging a scam in the shares of AEL, the opposition has been demanding a probe by a joint parliamentary committee (JPC) into the whole matter.
Parliamentary affairs minister Pralhad Joshi took to Twitter to vent out the government’s sentimets against the opposition, particularly the Congress, over the continued disruption of Parliament.
In a series of tweets, the minister said, “Classic case of sounding more loyal than the king! The facts are – Congress is least interested in letting Parliament run. They are least bothered about pro-people legislation being brought and they detest the historic productivity of Parliament under the Modi government.”

He alleged that In the last nine years, the Congress had disrespected all parliamentary traditions. “Their leaders prefer holidays abroad instead of attending Parliament. They have even insulted the Hon’ble President when most of their top leadership preferred to stay away from her address to both houses.”
Joshi charged the Congress with shying away from letting Parliament run. He said the Congress feared that the government would get praise for a “development-oriented” Budget and which they did not want that to happen. It was better the Congress showed some concern for tax payers’ money and let Parliament function, he said, adding that the issues being raised by the Congress have been spoken about by finance minister Nirmala Sitharaman repeatedly.
Finally, Joshi said, “Today, it is being globally acknowledged that India is a bright spot in the world economy. Congress isn’t able to digest this and thus prefers petty politics.”

The minister was responding to Rajya Sabha MP and Congress’s in-charge of communications Jairam Ramesh’s remarks about the adjournment of Parliament. “Yet again for the third day in a row, the Opposition (was) not allowed to even mention in Parliament its legitimate demand for JPC into PM-linked Adani MahaMegaScam. Adjourned till 2pm. Modi government is simply running away!”
Ramesh retorted to the parliamentary affairs minister. He said, “Surely you can do better than this, Minister avare. Fact is (the) opposition is not being allowed to even mention at 11 am its demand – a JPC into PM-linked Adani MahaMegaScam.”
Meanwhile, Ramesh has launched a campaign called HAHK (Hum Adani ke Hain Kaun) to target the Modi government. He announced that he would be asking three questions to Prime Minister Narendra Modi over the matter. The title of the drive has been derived from a 1994 Salman Khan-Madhuri Dixit starring Bollywood movie Hum Aapke Hain Kaun.
On Sunday, he said, “The eloquent silence of the PM on the Adani MahaMegaScam has forced us to start a series, HAHK – Hum Adani ke Hain Kaun. We will be posing three questions to the PM daily beginning today. Here are the first three. Chuppi Todiye Pradhan Mantriji (Break your silence prime minister).”

Ramesh issued a statement on Sunday and asked the first three questions to the PM. He said in response to the Panama Papers expose on April 4, 2016, the ministry of finance announced that the PM had personally directed a multi-agency investigative group to monitor financial flows to and from offshore tax havens.
Subsequently, Ramesh said, at the G20 summit in Hangzhou, China on September 5, 2016, the PM stated: “We need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds.”

“Investigation should be done” says Congress MP Jairam Ramesh on Adani group stocks

“Investigation should be done” says Congress MP Jairam Ramesh on Adani group stocks

He said this led to some questions that the PM could not hide from. “Vinod Adani, the brother of Gautam Adani, was named in the Panama Papers and the Pandora Papers as someone who operates offshore entities in the Bahamas and the British Virgin Islands. He is alleged to have engaged in ‘brazen stock manipulation’ and ‘accounting fraud’ via ‘a vast labyrinth of offshore shell entities’. You have spoken often about your sincerity and ‘niyat’ in fighting corruption and even subjected the nation to the heavy costs of demonetisation. What does the fact that a business entity you are well acquainted with faces serious allegations tell us about the quality and sincerity of your investigations?” Ramesh’s first question said.
His second question said: “Over the years you have misused agencies like the Enforcement Directorate, Central Bureau of Investigation and the Directorate of Revenue Intelligence to intimidate your political opponents and to punish business houses that do not fall in line with your cronies’ financial interests. What action has been taken, if ever, to investigate the serious allegations made over the years against the Adani Group? Is there any hope of a fair and impartial investigation under you?”
In the third question, the Congress MP said, “How is it possible that one of India’s largest business groups, one that has been allowed to build monopolies in airports and seaports, could have escaped serious scrutiny for so long despite persistent allegations? Other business groups have been harassed and raided for much less. Was the Adani Group essential to a dispensation that has profited from ‘anti- corruption’ rhetoric all of these years?”
On Monday, the head of Congress’s media again asked three questions to the PM, calling it HAHK-2.

His first question said, “Your government has a track record of bailing out failing disinvestments such as IDBI Bank, New India Assurance and General Insurance Corporation using LIC funds. It’s one thing to bail out public sector companies and quite another to use the savings of 30 crore loyal policy- holders to enrich your friends. How did LIC make such a heavy allocation to the risky Adani Group that even private fund managers had steered clear of? Is it not the duty of the government to ensure that vital public sector financial institutions are more conservative in their investments than their private sector counterparts? Or was this another case of your ‘Mann Ki Banking’ to benefit your cronies?”
In the second question, the Congress general secretary said, “The allegations of fraud and money-laundering against the Adani Group have been known for some time. There have been many questions over who are the ultimate beneficial owners of major funds investing in the Adani Group. There have been as many as four major fraud investigations including one by the Securities and Exchange Board of India (SEBI) into the true ownership of its offshore investors. Given this knowledge, did anyone in the Prime Minister’s Office, ministry of finance or the LIC itself raise any concerns about these questionable investments? Were such concerns overruled and, if so, by whom?”

Adani row: Opposition parties hold protest inside Parliament premises, demand JPC probe

Adani row: Opposition parties hold protest inside Parliament premises, demand JPC probe

Ramesh’s final question said, “After the first selloff following the Hindenburg allegations, the value of Adani Group stocks held by LIC fell by Rs 32,000 crore, bringing the value of those holdings to Rs 56,142 crore on January 27, 2023 by LIC’s own admission. Since then several Adani infrastructure stocks have further crashed by another 50%. Will you share the true extent of LIC’s losses from its Adani investments after January 24? The listed price of LIC itself has fallen by 14% in the last two weeks compared with a dip of 2% in the Nifty50 index. As LIC’s misguided Adani investments are eroding the confidence of its 34 lakh retail shareholders, What steps will you take to ease their concerns?”
While the government has not responded to these questions yet, the opposition led by the Congress is unlikely to allow the ongoing budget session to function to press for its demands for a JPC into the AEL controversy.



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Budget A “Silent strike On Poor” By Modi Government: Sonia Gandhi

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Budget A 'Silent strike On Poor' By Modi Government: Sonia Gandhi

Sonia Gandhi spotlighted sharp cuts to social security, education, health in the budget

New Delhi:

Former Congress president Sonia Gandhi on Monday said Union Budget 2023-24 is a “silent strike” on the poor by the Modi government and hits at the heart of all far-reaching rights-based legislation enacted during the UPA rule.

In an opinion piece in The Indian Express, Ms Gandhi also made an apparent reference to the allegations against the Adani Group, saying Prime Minister Narendra Modi and his ministers are resorting to loud chants of ‘vishwa guru’ and ‘Amrit Kaal’, even as “financial scandals” erupt over his “favourite and favoured businessman”.

“The prime minister’s policy to benefit his few rich friends at the expense of poor and middle-class Indians has led to continuous disasters — from demonetisation to a badly-designed GST hurting small businesses, to the failed attempt to bring about the three farm laws and the subsequent neglect of agriculture,” Ms Gandhi alleged.

“Destructive” privatisation has handed over priceless national assets to selected private hands cheaply, leading to unemployment, especially for the SCs and STs, she charged.

“Even the hard-earned savings of crores of poor and middle-class Indians are threatened as the government forces trusted public institutions like LIC and SBI to invest in poorly-managed companies owned by its chosen friends,” she said in an apparent reference to the allegations against the Adani Group.

Adani Group stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation, against the Gautam Adani-led group, which has dismissed the allegations as lies.

Opposition parties, including the Congress, have alleged that the meltdown in Adani Group shares is a scam that involves common people’s money as LIC and SBI have invested in them.

“Bereft of ideas, the prime minister and his ministers are resorting to loud chants of ‘vishwaguru’ and ‘Amrit Kaal’, even as financial scandals erupt over the PM’s favourite and favoured businessman. This will be of scant help to crores of vulnerable Indians worried about their livelihoods, savings and futures,” Ms Gandhi said.

It is now the duty of like-minded Indians to join hands, oppose this government’s harmful actions, and together build the change which people long to see, she said in her piece in the English daily.

“In the recently-concluded Bharat Jodo Yatra, yatris walked from Kanyakumari to Kashmir and interacted with lakhs of Indians from all walks of life. The voices they heard expressed deep economic distress and widespread disappointment about the direction in which India is headed,” Ms Gandhi said.

Whether poor or middle class, rural or urban, Indians are being “punished” by the triple menace of price rise, unemployment and falling incomes, she said.

“The 2023-24 budget not only fails to address these critical challenges but also worsens them by slashing allocations meant for the poor and the vulnerable,” the chairperson of the Congress’ parliamentary party said.

“It is a silent strike on the poor by the Modi government, hitting at the heart of all far-reaching rights-based legislations enacted by the UPA government during 2004-14,” the former Congress chief said.

Ms Gandhi said that the promise of independence was of a good life for every Indian, not only to satisfy their basic needs but to have equal opportunities to empower themselves socially, economically, and politically.

The rights-based legislation of the UPA era was a deliberate cohesive step towards this goal, she added.

Rights-based laws empower citizens, and ensure it is the government’s duty to deliver on education, food, work, and nutrition, Ms Gandhi stressed.

She alleged that the prime minister makes no secret of his “dislike” for all this talk of rights.

“He began by ridiculing them in Parliament but was forced to rely on them during COVID-19. With this budget, he has rolled back funding to lows not seen in over a decade,” she said.

Rural labourers will have less work as funding for MGNREGA has been reduced by a third, bringing it below 2018-19 levels, Ms Gandhi pointed out.

“Our schools will be strapped for resources, with funding for the rebranded Sarva Shiksha Abhiyan remaining stagnant for three years in a row. Children will have less nutritious meals, as funding for mid-day meals in schools has fallen by a tenth this year,” the former Congress chief said.

This deadly combination of insufficient funding and rising inflation directly hurts the nation’s poorest and most disadvantaged, she opined.

“As expected, there has been total silence from the Prime Minister on why this attack on social schemes was needed during this crisis. Reading between the lines, we understand that the rationale is to fund capital expenditure, which the budget has sharply increased,” she said.

Experts have raised doubts about the credibility of the figures, whether the funding can be well spent, and are wary that a large portion of the funding may reach only the government’s friends and cronies, Ms Gandhi said.

However, even setting these doubts aside, there is a larger point — funding infrastructure at the expense of human development is a mistake, both in the short term and long term, the Congress leader argued.

In the long term, history teaches us that a healthy and educated population is the foundation for prosperity, Ms Gandhi stressed.

Ms Gandhi said that sharp cuts to social security, education, nutrition and health hurt the poorest today, and stunt the country’s progress tomorrow.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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United Opposition plans to take on Govt in Parliament on Adani issue | India News

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NEW DELHI: Both houses of Parliament had to be adjourned almost entirely on Thursday, the first full day of sitting of the scheduled budget session, over demands from 20-plus opposition parties to discuss the “forced investment of public institutions” in the Adani group of companies whose stocks have been routed. The united opposition also demanded a probe into the “scam,” through a Supreme Court-monitored panel or a JPC.
While chairs in both houses disallowed the demands from the opposition, Lok Sabha and Rajya Sabha were adjourned minutes after they opened in the morning and again at 2 pm in the post-lunch session.

AAP MP Sanjay Singh on demanding Parliament debate on Adani

AAP MP Sanjay Singh on demanding Parliament debate on Adani

The coordination between the opposition parties started on Wednesday night, soon after a text message from Congress president Mallikarjun Kharge to floor leaders of the like-minded opposition parties to meet in his chamber at 10 am on Thursday to chalk out a joint action plan on the Adani issue, to take on the government.

Opposition parties meet and seek a probe by a joint committee into Adani group

Opposition parties meet and seek a probe by a joint committee into Adani group

At the morning meeting, 20-plus opposition parties came on board and decided that debate on Motion of Thanks on President Address will begin in Lok Sabha and Rajya Sabha on Monday at 2 pm. It was also decided that each party will take a call on the “mode of enquiry to get to the bottom of this scam and that no state-related or any other issue will be brought up since that will provide the ruling BJP to disrupt the Houses to run away from the discussion,” according to TMC floor leaders Sudip Bandopadhya (LS) and Derek O’Brien (RS).
Most opposition parties also decided that there will be notices to the chair asking for time for specific discussion on “LIC, SBI forced to invest in questionable enterprises, savings of crores of poor & middle class at risk,” so that the issue can be brought as part of the debate on both the motion of thanks to the President’s address and the budget discussion.

Govt should allow discussion on Adani-Hindenburg issue: Ambika Soni

Govt should allow discussion on Adani-Hindenburg issue: Ambika Soni

Another meeting of all opposition parties have been called by Kharge on Friday morning, however, most of the planning for the next week has been done, and hence some parties like TMC may not be present in Friday’s meeting. But all parties have planned to attend a likely gathering called by Congress at the Gandhi statue on Monday morning before the House opens to protest against misutilisation of public money.
All the parties walked down to Vijay Chowk on Thursday in a show of unity and addressed the media. Kharge also demanded that the probe into the scam should be briefed to the media daily.

Both houses of Parliament adjourned over Hindenburg's report on Adani

Both houses of Parliament adjourned over Hindenburg’s report on Adani

Apart from Congress, Trinamool Congress, Aam Aadmi Party and DMK leaders who also met for an informal round of deliberation inside the Rajya Sabha chamber after adjournment, leaders of Shiv Sena, CPM, CPI, SP, NCP, JD(U), IUML, National Conference, Kerala Congress were among those present at the meeting held at Kharge’s chamber.
In Lok Sabha, members from almost all opposition parties rushed to the Well of the House raising slogans and sought a probe into the business practices of the corporate giant. Speaker Om Birla asked members not to make unsubstantiated claims but had to adjourn the House till 2 pm as MPs were in mood to relent.

Houses adjourned to stop opposition from raising Adani issue: Congress leader Jairam Ramesh

Houses adjourned to stop opposition from raising Adani issue: Congress leader Jairam Ramesh

In Rajya Sabha, nine MPs, including Kharge, Shiv Sena’s Priyanka Chaturvedi and Aam Aadmi Party’s Sanjay Singh, gave notices under rule 267. They sought suspension of regular business to discuss the Adani group stock rout and its impact on millions of small investors as well as the hard-earned savings of crores of Indians being endangered in loss of value of investments of LIC. Chairman Jagdeep Dhankhar rejected the notices, saying they were not in order. This infuriated the opposition MPs who rose in their places to protest. Dhankhar adjourned the House till 2 pm without transacting any business. At 2 pm both House were adjourned within seconds of them opening.



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Union Budget: 10 things individual taxpayers should know

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1. To provide relief to the middle class, FM has further reduced income-tax rates under the new regime and allowed standard deduction of 50,000. Taxpayers should note that the new regime will now be a default option unless they opt for the old tax regime.
2. Currently, taxpayers with income up to 5 lakh do not pay any income tax as there is a rebate available. Now this rebate will be available to those with income up to 7 lakh under the new tax regime. With standard deduction of 50,000 available on salary income under the new regime, there will be no tax for salaried individuals on income up to 7.5 lakh.

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3. Surcharge for taxpayers with taxable income more than 5 crore has been reduced to 25% from 37% under the new tax regime. The highest tax rate for such taxpayers would now be 39% instead of 42.7% earlier.
4. Increase in tax-free leave encashment! Tax exemption ceiling on leave encashment received by nongovernment employees has been enhanced to 25 lakh from the current limit of 3 lakh. This would provide additional tax benefit to employees eligible for higher leave encashment at the time of retirement, whether on superannuation or otherwise.
5. Presumptive taxation scheme for specified professionals is presently applicable only where gross receipts are up to 50 lakh. As per the scheme, 50% of the gross receipts can be considered as taxable business profits. In order to further ease compliance and promote non-cash transactions, the scheme is now extended to such professionals earning gross receipts up to 75 lakh but only if their cash receipts are up to 5% of total receipts.
6. The conversion of gold to Electronic Gold Receipt and vice versa will not attract any capital gains tax. This will promote investments in electronic form of gold.
7. Capital gains tax deduction on purchase of new residential house restricted! Longterm capital gains arising on sale of an asset is exempt from tax if the capital gain/sale consideration is reinvested in a new residential house. Many HNIs were taking advantage of this exemption by purchasing very expensive residential houses. In order to prevent this, a cap of 10 crore has been introduced on calculating the exemption.

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8. Sum received under a life insurance policy (including bonus on such policy) is exempt from tax if the premium amount does not exceed 10% of the actual capital sum assured in any year. This tax exemption will now not be available where the aggregate annual premium payable by the individual for life insurance policies issued on or after April 1, 2023 exceeds 5 lakh. Proceeds received on death of the insured person will continue to be tax exempt.
9. Foreign remittances and sale of overseas tour packages will have higher TCS rates! There is a requirement to collect tax at source (TCS) on certain foreign remittances and on sale of overseas tour packages. The current rate of 5% TCS on these remittances has been enhanced to 20%. Also, the limit of 7 lakh for TCS to be applicable on foreign remittances (other than for education and medical treatment) has been removed.
10. Game over! It is clarified that net winnings from any online gaming platform is taxable and subject to TDS. From July 1, 2023, the minimum threshold of 10,000 for deducting TDS does not apply to winnings from online games. This will result in transparency in taxation of online gaming.



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Adani companies crash FM Sitaraman’s B-day party

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It was a rough ride on Dalal Street. The market initially gave a thumbs up to the Budget proposals on Wednesday and pushed the sensex up by over 1,200 points soon after the FM’s speech was over with the index nearing the 61k mark. However, strong selling in Adani stocks affected trade sentiment in mid-session and brought the whole market down after a report said that Credit Suisse had stopped accepting bonds issued by the group companies as collateral. As a result, the index dived nearly 2,000 points from the day’s high. However, bargain hunting late in the session, mainly by foreign portfolio investors, helped the sensex close with a modest gain of 158 points at 59,708 points.
According to Kotak Mahindra Mutual Fund MD Nilesh Shah, through the Budget proposals, the FM aims to achieve fiscal prudence with lower deficit and the path has been set till FY26. “Consumption is supported through tax cuts. Investment outlay is enhanced. Budget numbers are realistic to enhance the (government’s) credibility,” Shah said. “The Budget could have focused more on asset monetisation but that can be pursued otherwise also depending upon market conditions,” he added.
During the day, FPIs turned net buyers after selling aggressively in the three previous sessions, during which they had net sold stocks over $2 billion. During the day’s session, foreign funds were net buyers at Rs 1,785 crore, BSE data showed. Domestic funds too were net buyers with a net inflow figure of Rs 529 crore.
According to HDFC Securities MD Dhiraj Relli, market players were happy since it was a growth-oriented Budget and the way the finance minister clearly spelt out the maths behind the proposals. The FM also didn’t have any proposal that was negative for any sector except for insurance, he said.
“Fear and concerns related to the Budget that exist in the run-up to any Budget is behind the market and hence we saw a relief rally soon after the FM’s speech was over,” Relli said. “I expect the government’s capex plans would be front-loaded,” he said.
Although D-Street investors were bullish about the long-term impact of the Budget and blue chips closed with gains, strong selling was visible outside of the index stocks. As a result, the selling left investors poorer by nearly Rs 4 lakh crore with the BSE’s market capitalisation now at Rs 270 lakh crore.

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One sector that was hit hard by the Budget was life insurance. To plug a tax loophole that was being used by rich investors to enjoy tax arbitrage, the FM imposed a tax on returns from some savings products sold by life insurance companies. As a result, HDFC Life and ICICI Prudential Life Insurance lost 11% each, Max Financial lost 10%, SBI Life lost 9%, while LIC closed with an 8% loss.
According to Relli, the sharp drop in stock prices of these companies was a knee-jerk reaction to the FM’s proposals. “These stocks are now being re-rated and some of these companies would now need to have a re-look at their business model.”
One of the notable gainers in the stock market was ITC, which gained despite the Budget proposing a marginal rise in one of the cesses that cigarette companies pay. The stock gained 2.6% to close at Rs 361, a life-high level. Other sensex gainers included Tata Steel, ICICI Bank and TCS, while the laggards included Bajaj Finserve, SBI and IndusInd Bank.
In the forex market, the rupee continued to weaken, mainly on the back of the massive FPI selloff in the stock market in the last few sessions. As a result, the rupee closed at 81.93 to the dollar, weaker by 43 paise over the day.
For Thursday, two developments will decide the market’s trend. The late Wednesday decision by the Adani Group to call off its Rs 20,000-crore FPO is expected to have some major impact on the stock market, especially the group’s stocks.
Second, late on Wednesday the US Federal Reserve is set to announce its decision on interest rates in the world’s largest economy.
FPO holders had lost 32% before share allotment
Thanks to a massive 28. 5% slide in the Adani Enterprises stock in Wednesday’s session, investors who had bailed out its Rs 20,000-crore follow-on public offer (FPO) were already staring at a loss of nearly 32% on their investment. The extreme volatility led to the company’s decision late on Wednesday night to call off the entire offer.
On the BSE, Adani Enterprises closed at Rs 2,129, a 31. 6% discount to the lower limit of the FPO price band of Rs 3,111-3,276. Plus, stock prices of all the other nine Adani companies also closed lower after a report said that Credit Suisse, one Europe’s major banks, had stopped accepting bonds issued by the group companies as collateral. They also valued these bonds at nil.
Most group stocks hit the lower circuit level and closed around that mark. The slide had started on January 25 after a US-based short-seller Hindenburg releaseda report about the group, alleging corporate fraud and stock manipulation. Adani Group denied any such corporate malfeasance and in turn accused Hindenburg of having ulterior motives.



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Income Tax Rebate Limit Up From Rs 5 Lakh To Rs 7 Lakh In New Regime

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New Delhi:

The central government today made the much-awaited mega announcement on increasing the earnings level up to which no income tax is payable: Rs 7 lakh a year from the 2023-24 financial year. It was Rs 5 lakh so far.

Under a new five-slab structure, those making even a rupee above it will have to pay tax — though they will get exemptions already available, such as life insurance premium and long-term mutual funds. 

If you make more than Rs 7 lakh a year, there will be five tax slabs now, applicable on the taxable income calculated after all exemptions

  • Taxable income of Rs 0-3 lakh (after all exemptions) will be nil;
  • Rs 3 lakh to 6 lakh will be taxed at 5 per cent;
  • Income above Rs 6 lakh, up to Rs 9 lakh, will be taxed at 10 per cent;
  • Above Rs 12 lakh, up to 15 lakh, will attract a 20-per-cent tax; and
  • Income above Rs 15 lakh a year will be taxed at 30 per cent.

After listing out the new slabs, the minister also announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime.

She got to the tax bit near the very end of her 87-minute speech: “Now, I come to what everyone is waiting for — personal income tax. I have five major announcements to make in this regard. These primarily benefit our hard-working middle class.”

The first one was about rebate. “Currently, those with income up to Rs 5 lakh do not pay any income tax in both Old and New tax regimes. I propose to increase the rebate limit to Rs 7 lakh in the New tax regime,” she declared, as ruling alliance members thumped their desks.

“The second proposal relates to middle-class individuals. I had introduced, in the year 2020, the new personal income tax regime with six income slabs starting from Rs 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs 3 lakh,” she added.

Earlier, taxable income — calculated after all usual exemptions — up to Rs 2.5 lakh attracted zero tax. Now that goes up to Rs 3 lakh. 

She gave an example: “An individual with an annual income of Rs 9 lakh will be required to pay only Rs 45,000.” This was Rs 60,000 under the calculations applicable up to this financial year.

She also extended the benefit of Standard Deduction while calculating taxable income of the salaried class and pensioners, including family pensioners: “Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500.”

She also brought down the highest applicable tax rate in India — from 42.74 per cent to 39. This was her fourth announcement on personal income tax. 

“Lastly, the limit of Rs 3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was Rs 30,000 per month. In line with the increase in government salaries, I am proposing to increase this limit to Rs 25 lakh,” she said.

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Oil companies to cushion fuel price shock as crude tests $120

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NEW DELHI: State-run fuel retailers are expected to cushion the blow on consumers as the government seeks to limit the impact of a surge in oil prices after benchmark Brent crude crossed the $119 a barrel mark.
The retailers are losing about Rs 20-22 a litre on petrol and diesel as they have not raised pump prices since November 4, when the Indian Basket – the mix of crude bought by them – was at $83/barrel. On Wednesday, it stood at $111.99, the highest since September 2012, in step with the oil price rally set off by the Russia-Ukraine conflict.

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Simultaneously, the dollar has appreciated to Rs 75.75 from Rs 74.34 on November 4, contributing to widening the gap between cost and retail prices of petrol and diesel. Fuel prices are linked to their global markers and dollar exchange rate, while crude prices are a key factor in the spread.
One way to reduce the burden on consumers could have been tax cuts by the Centre and state governments, just as they had done in November. But given the uncertainty of the situation, it is not on the immediate agenda, sources told TOI.
There are various estimates doing the rounds, with some pointing to $150 being a possibility, and the government does not want to use up all the ammunition immediately while being acutely aware of the need to protect households from a massive shock.
Besides, oil is a major source of tax collection for the Centre and the states. Given the uncertainty over the mega initial public offer by Life Insurance Corporation, the Centre is keen on ensuring revenues are not hit significantly so that it stays within the fiscal deficit target of 6.9% of GDP.
There is also an assessment in the government that prices will cool down once the tensions ease, although the current price is something that was not budgeted for, given the Budget assumption of $70-75 a barrel.
Although India’s supplies are not affected, Russia is the largest oil exporter. Its gas exports account for 34% of global supplies. The conflict has given rise to the insecurity of supplies as the western sanctions are forcing consumers to shun Russian oil due to shipping and insurance issues. Some estimates put the loss of Russian supplies at 2.5 million barrels.
There is no way this quantity can be replaced in an already tight market, especially after the OPEC+ grouping, which includes Russia, on Wednesday refused to speed up production hikes. The market is looking at a breakthrough in US-Iran nuclear talks that will allow Iranian oil to flow.
Speculators are having a field day in the meantime, sending crude to $120 levels on Thursday, the highest in over a decade. Prices softened to around $115 a barrel around 7 pm India time.



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Union Budget 2022: Make life less taxing with these tips

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NEW DELHI: Union Budget 2022-23 eased certain compliances for taxpayers. Even though there was no change in income tax slabs or standard deduction limit, the ease in compliance process and capping of surcharge at 15% on long-term capital gains (LTCG) have been welcomed by the industry.
Based on a trust-based governance mechanism, the Finance Bill has now allowed taxpayers to file an updated return within two years from the end of the relevant assessment year from three months at present. However, taxpayers do have to pay the price for omissions or mistakes in the form of additional tax.
Union Budget 2022: Complete coverage
Here are some tips that can help taxpayers:
1) Pay premium and save tax
The pandemic has taught us how important health insurance is. While you do have to pay those premiums, you can claim deduction of up to Rs 25,000 (Rs 50,000 for senior citizen) under section 80D for medical insurance paid for you and your family.
If you insure your parents, you get additional deduction of up to Rs 50,000 if they are 60 or above. No such deduction is allowed for parents-in-law yet.
If premium paid on your policy is providing cover for more than one year, the deduction shall be allowed on a proportionate basis.

2) Covid relief exempt
Any amount received by an individual from his/her employer or from any other person for treatment of any illness relating to Covid will not be taxable.
Also, any amount received by the family of an individual on his/her death due to illness related to Covid will not be taxable if such amount is received within 12 months of death (cap of 10L for payments received from persons other than employer)

3) EPF advance tax-free
Considering the need for funds in the pandemic, govt had said people can claim ‘non-refundable advance’ from PF account to the extent of basic wages & DA for 3 months or up to 75% of amount outstanding in account, whichever is less.

Employees’ Provident Fund Organisation has clarified that tax is not applicable on any advance (including Covid advance). But no notification has been issued.
As per general rule, PF withdrawal after completion of 5 years of continuous service may be considered as exempt subject to other conditions.

4) No returns for 75-plus
Resident senior citizens, aged 75 or above, earning only pension and bank interest income (from the same bank where pension is credited) are not required to file income tax return.
On the basis of the declaration submitted by such a taxpayer, bank has to compute taxable income and deduct tax thereon. Such relief is not available if the senior citizen has more than one bank account or has income other than pension and bank interest.
(With inputs from EY)



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