Jammu: Asserting that Jammu and Kashmir residents want the restoration of their “honour and dignity”, Apni Party chief Altaf Bukhari on Saturday demanded holding the much-delayed assembly elections in the Union Territory for the “empowerment of the people”.
“The people across Jammu and Kashmir are feeling disempowered by the bureaucratic regime. On the other hand, the unnecessary delay in holding assembly elections has given rise to a feeling of alienation among the people that needs to be addressed at the earliest,” Bukhari said at a public rally in Rajouri district.
The former minister alleged that the basic needs of the people — be it electricity, drinking water, roads, infrastructure for hospitals and educational institutions — are not available in Rajouri and its border villages due to the poor response from bureaucrats.
“As the civil administration has completely collapsed, it is the right time to restore the confidence of the people who are feeling sidelined with no elected representative or government in place,” he said.
Bukhari said the people in the Jammu and the Kashmir regions have a similar demand to restore the statehood and hold assembly elections without delay.
“If elections can be held in Karnataka, Uttar Pradesh, Bihar, Gujarat and other states and Union Territories, why are they delayed in Jammu and Kashmir?
“The people want their honour and dignity to be restored with the restoration of statehood,” he said.
Bukhari said the elected government is responsible to the people as it works for them.
“However, the babus (bureaucrats) are not answerable to the people. If we form the next government, the officials ignoring developmental works and engaging outsiders in village-level works will have to face action under the rules,” he said.
Bukhari said the Apni Party was founded to work for the welfare of the people and to protect their basic rights — be it land or jobs.
“The opposition parties created suspicion among the people following the foundation of the Apni Party as they lost their ground. These politicians were enjoying their days after the August 5, 2019, decision in the houses, guest houses and hotels but we did not remain silent.
“Unlike them, we risked ourselves and came out to represent the people,” Bukhari said, adding, “We went to Delhi to get protection for the jobs and land for the residents of Jammu and Kashmir but the other parties that ruled Jammu and Kashmir from time to time went to Delhi to get protection for their own interests,” Bukhari added.
On August 5, 2019, the Centre bifurcated Jammu and Kashmir into two Union Territories and abrogated the provisions of Article 370 of the Constitution that accorded special status to the erstwhile state.
Bukhari also slammed the political parties, including the BJP, for creating misunderstanding among the people of the two regions.
“They do divisive politics while we believe in unity and brotherhood among the people in Jammu and Kashmir,” he alleged.
Jammu: Asserting that the Narendra Modi-led government does not interfere in the affairs of the CBI, Union Minister Jitendra Singh on Saturday said it was during the UPA regime the Supreme Court had pointed out that the CBI was a “parrot in a cage”.
Singh was replying to a question seeking his reaction about the Central Bureau of Investigation (CBI) summoning former Jammu and Kashmir governor Satya Pal Malik in connection with an alleged insurance scam.
Singh told reporters after a BJP programme, “The CBI is an autonomous institution. Let it act on its investigation. Nobody can interfere with it.”
The Prime Minister Narendra Modi-led government does not interfere in the CBI’s affairs, he added.
Asked for his response on Congress leader KC Venugopal’s tweet about central agencies being the BJP’s ”lapdog”, Singh said, ”He is still carrying the mentality that used to be there during the Congress’ time.”
The Union minister also said that during the UPA regime, the Supreme Court said the CBI was a parrot in a cage.
“Post 2014, the situation has changed. In Modi ji’s government, interference in the function of the CBI does not happen. They are given full independence,” Singh said.
New Delhi: A day after Prime Minister Narendra Modi asked CBI not to spare the corrupt, independent MP Kapil Sibal on Tuesday questioned the conviction rate in the current government which was only 71 in 2016.
“PM to CBI : Don’t spare the corrupt,
March 2016 : Jitender Singh told Parliament “
But the fact is 2013 : 1136 persons convicted for corruption, 2014 : 993,
2015 : 878, 2016 : 71
“Conviction of the corrupt higher during UPA! Men may lie but facts do not lie
On Monday, the Prime Minister attacked the previous dispensations for their apparent lax attitude towards dealing with corruption and said that it was only after 2014, when the BJP-led dispensation came to power, that the malaise was dealt with severely.
Addressing a gathering while inaugurating the diamond jubilee celebrations of the Central Bureau of Investigation (CBI), Modi said that unfortunately India got a legacy of corruption at the time of Independence and lamented the fact that instead of removing it, “some people kept nourishing this malady”.
He recalled the “scams and the prevailing sense of impunity just a decade ago, when the UPA dispensation was in power”.
“This situation led to the destruction of the system and an atmosphere of policy paralysis brought the development to stand still,” he said.
After 2014, the Prime Minister reiterated that the priority of the government was to instill faith in the system and for this, the government started taking action against black money and benami property in mission mode and started inflicting damage on the corrupt as well as the reasons behind the corruption.
Yale University professor and renowned scholar on fascism Dr Jason Stanley said that India’s ruling Bharatiya Janata Party (BJP) under Prime Minister Narendra Modi mimics the Nazi playbook.
“Modi’s far-right supporters and other Hindu supremacists celebrate their connections with Nazis. The RSS (Rashtriya Swayamsewak Sangh) explicitly says, ‘We want to do to Muslims what the Nazis did to Jews,” Dr Stanley said.
RSS is a Hindu militant organization and progenitor of Hindutva/Hindu supremacist ideology. BJP is its political wing.
Dr Stanley’s remarks came at the Indian American Muslim Council (IAMC) event held on Sunday in Woodbridge, New Jersey, commemorating the 21st anniversary of the Gujarat pogrom.
The pogrom took place during the reign of the current Prime Minister Narendra Modi who was then the chief minister of Gujarat.
The state had witnessed widespread communal riots which started on February 28, 2002, a day after the Godhra train burning incident that claimed 59 lives.
The pogrom that it triggered killed at least 1,044 people, on record. Giving details, the Central government informed the Rajya Sabha in May 2005 that 254 Hindus and 790 Muslims were killed in the post-Godhra riots.
The event also featured a panel discussion on ‘Hindu Far-Right in India and the US’ where Dr Stanley argued that BJP’s recent Citizenship Amendment Act could be used to strip Muslims of Indian citizenship, just as the Nuremberg laws were used by Nazis to strip German Jews of citizenship.
“Modi’s visions of a pure Hindu past also mirror the idealized Aryan past envisioned by Adolf Hitler. I don’t need to uncover connections between Modi and prior fascist regimes. They are clear and explicit. Both RSS and BJP were central examples in my 2018 book ‘How Fascism Works,” Dr Stanley said.
Imran Dawood, a British Muslim man who was stabbed and left for dead during the Gujarat pogrom, echoed Stanley’s condemnation of Modi’s policies. Two of Dawood’s uncles and a family friend were burned alive during the riots.
“This trauma will always be with me, but I won’t be defined by it. Going forward, we must denigrate the hateful ideology that allowed the pogrom to happen. We must oppose the BJP’s ongoing, destructive bulldozer policies. Bulldozers must be used constructively for humanity, not to destroy humanity,” Dawood said.
The IAMC slammed the Modi regime over regularly sending bulldozers to illegally demolish Muslim homes which they stated have since become an international symbol for Modi and his Bharatiya Janata Party (BJP)’s Islamophobic policies.
Dawood’s condemnation of bulldozer policies resonated with the local Muslim community, which just last year witnessed a bulldozer decorated with pictures of Modi and Uttar Pradesh chief minister, a Hindu monk, Yogi Adityanath paraded through Edison, New Jersey on Indian Independence Day.
Imran Dawood’s uncle, Yusuf Dawood, recounted how excited his nephew had been to finally vacation in India, to taste its food, see the Taj Mahal, and learn about the land his parents loved — only to find himself brutally stabbed and saddled with the shattering loss of two uncles and a friend.
“The police lied to us and told us our relatives were missing. They knew they were dead. Our vision of India was changed from one moment to the next,” Yusuf said. “We must not let Hindu supremacists’ vision of hatred destroy our own values.” He also recounted how the police in Gujarat had failed to gather signatures to witness statements, effectively nullifying scores of eyewitness accounts.
Aakashi Bhatt, daughter of jailed whistleblower and former senior police officer Sanjiv Bhatt, recounted how the current regime had sentenced her father to life in prison for speaking out against PM Modi’s complicity in the pogrom.
“Justice has been systematically delayed and intentionally denied,” Bhatt said. “We live in Modi’s India now, where rapists and murderers walk free, but an honest officer must live in prison. In Modi’s India, a fair day in court is not afforded to the honest and upright. The Indian judiciary has been systematically dismantled to assure that Modi cannot face trial and whistleblowers go to jail.”
Bhatt also pointed to the example of Haren Pandya, who was murdered shortly after speaking out about Modi’s complicity, and RB Sreekumar, who was also arrested for whistleblowing.
Renowned activist and Executive Director of Polis Project Suchitra Vijayan, who is also the author of the award-winning book “Midnight’s Borders,” further characterized Modi and the BJP’s vision of India. “Modi’s Hindutva [Hindu nationalism] is based on an exclusionary idea of what it means to be Hindu. A Hindu is not a Muslim, is not a Christian. Hindu Supremacy is foundational to the BJP and RSS,” said Vijayan.
She explained how failures by previous governments to deal with communal violence in India cleared the ground for present Hindu supremacist violence. “What we saw in Gujarat was a continuation of previous attacks. But we must remember that what happened in Gujarat never ended. It goes on every day in India. Statistics prove attacks against Muslims continue to grow under Modi’s rule,” she said.
Azad Essa, a journalist at Middle East Eye and author of “Hostile Homelands,” a recent book on Modi’s international religious nationalist influences, explained how Hindu supremacists exported their agenda to the United States.
“We have to remember that numerous high-profile RSS members were banned from India in the 1970s. Then its members came to the US and started spreading their ideology here. So we see the Hindu Swayamsewak Sangh, the Vishwa Hindu Parishad of America, and later the Hindu America Foundation continuing to influence American politicians with a covert Hindu supremacist agenda,” Essa said.
He noted how these US-based Hindu supremacist organizations weaponize the term Hinduphobia to denigrate anyone critical of Modi’s policies.
The event closed with a lively discussion between the audience and panellists. Panellists recounted the victories of the civil rights movement, one of the only mobilizations in the world to successfully challenge an ethnic supremacist regime without resorting to mass violence.
Members of the African-American community shared their support for the event and called for the defeat of the Hindutva movement in India, the US, and elsewhere.
SRINAGAR: In anticipation of imposing property tax being on Jammu and Kashmir from fiscal 2023-24, the administration has literally posed a quiz – how to calculate property tax.
This is the main Srinagar city called the down-town where congested housing is the norm. KL Image: Bilal Bahadur
The order issued said that five per cent of the taxable annual value (TAV) will be charged as property tax in residential structs and six per cent in the case of residential structures. But how to calculate the TAV? For this, the notification has offered a formula, which is being discussed almost everywhere, especially in Srinagar.
The formula is:
Taxable Annual Value (TAV) = MTF x LVF x ARF x FF x UTF x CTF x AGF x SF x OSF
But calculating the individual parameters in the complex multiplication is also challenging. It looks more like an inorganic chemistry chain reaction rather than a mathematical calculation.
The order has given details about what these terms are and how much of value should they be carrying. Here it is:
MTF is Municipality Type Factor. Its value shall be entered in the formula as follows:
Municipal Council – 0.75
Municipal Committee – 0.5
LVF is Land Value Factor. It is one-tenth of the unit area value of land in Rs lakh per kanal of land as notified under J&K Preparation and Revision of Market Value Guideline Rules, 2011 as on 1st April of the base year of that block of three years. e.g. for the first block from 1st April 2023 to 31st March 2026, if the per kanal value of land as on 1st April 2023 as per the aforementioned value guidelines is Rs 60 lakh, it be entered as 6 in the above calculation and shall continue to be entered as 6 during the three financial years of the block.
ARF is the Area Factor. It is the built area or the vacant area in respect of which the tax liability is being calculated, as the case may be, in square feet. In the case of Property tax on built area, it refers to the total covered area of that floor in square feet. In case of areas with winter snowfall, the area of the attic shall not be counted in the built-up area. In the case of Property tax on vacant land not appurtenant to a building, the area of the vacant land in square feet shall be entered. In the case of Property tax on vacant land appurtenant to a building, the area to be entered in the formula shall be the area, in square feet, in excess of two times the built-up area of the ground floor.
FF is Floor Factor. For calculating the liability of different floors and vacant land abutting the building, the floor factor shall be entered in the formula as follows.
Residential buildings including flats:
Other buildings: 1
Ground floor 1
First floor 0.8
Second floor 0.7
Third floor and above 0.5
Vacant land 0.1
Basements for all types of buildings: 0.5
UTF is Usage Type Factor. For vacant land appurtenant to a building, it shall be the same as that of the building itself. Where different portions of a building are put to different uses, property tax for the built-up area as well as the taxable vacant appurtenant area shall be separately calculated, proportionately, for each area under a particular use. The value to be entered in the formula for different usage types shall be as follows:
Residential apartment/ flat 2
Residential House 2.5
Industrial (Manufacturing) 5
Institutional/Public/Semi-Public 7
Commercial, except 3-star and above Hotels: 12
towers & hoardings
3-star and above hotels, 15
towers & hoardings.
CTF is the Construction Type Factor. Its value shall be entered in the formula as follows, based on the predominant and substantive nature of the construction:
RCC construction 1
Pucca (without RCC) construction 0.9
Prefabricated structure 0.8
Kuccha/Bamboo/Wood/Tin Structure 0.6
AGF is Age Factor. The value for this factor shall be entered in the formula as follows:
a.
0-20 years old
1.00
b.
20-30 years old
0.90
C.
30-40 years old
0.80
d.
40-50 years old
0.70
e.
50-60 years old
0.60
f.
More than 60 years old
0.50
SF is Slab Factor. The value of slab factor shall be entered in the formula as follows based on the total built-up area calculated as indicated at 3 above.
Residential houses/ apartments
i. Upto 1000 sft – 0
ii. Above 1000 sft upto 1500 sft. – 0.75
iii. Above 1500 sft upto 2000 sft – 1.0
Above 2000 sft upto 2500 sft – 1.15
Above 2500 sft upto 5000 sft – 1.30
Above 5000 – 1.5
Other usage types
Upto 100 sft – 0.50
Above 100 sft upto 250 sft – 0.75
iii. Above 250 sft upto 500 sft 1.00
Above 500 sft upto 1000 sft 1.15
Above 1000 sft upto2500 sft 1.30
Above 2500 sft upto 5000 sft 1.5
VII. Above 5000 sft 2.0
OSF is Occupancy Status. The value of this factor for built-up properties shall be entered in the formula as follows:
We are very happy that after 43 years, this is the first time that the world is really engaging with the people who represent an alternative to this regime. The paradigm has changed — and the way we see governments taking action — including Germany. For the oppressed, this is incredibly empowering. We want to explain that everything is tied to this regime: whether it’s the nuclear threat, terrorism, Iranian-made drones attacking Ukraine or more and more refugees coming to an already saturated Europe. Not to mention that Iran could be the exporter of gas for your energy needs, so you wouldn’t have to worry every winter what Putin is going to do next. But that depends on us winning this fight.
Europe, and especially the U.S., are already putting sanctions on Iran. Should they continue the strategy of maximum pressure or what else could they do to support the opposition?
The next level would be to target the Islamic Revolutionary Guard Corps to go after specific individuals and their assets abroad. However, you should also start building a policy of maximum support. For instance, one of the most vital elements for Iranians is access to internet to bypass the censorship of the regime. That kind of technological assistance must be sent in. Another idea is creating a strike fund to compensate Iranian workers who go on strike, because this is the quickest way to paralyze the system.
How would you send the money to Iran in times of U.S. sanctions against financial transfer?
Frozen assets of the regime can be used, which is the Iranian people’s money. That money can be repurposed. We’re not asking for Germans to put money in the Iranian people’s pocket. It’s just a matter of making the decision to use the assets which are already there. I’m sure there should be some options of making exceptions to the sanctions to bring the money to the people, not to the dictator.
Are you disappointed that Europe didn’t list the Revolutionary Guards as a terror organization yet?
Well, our Spanish friend [Josep Borrell, the European Union’s foreign policy chief] is not helping too much, is he? There must be a legal way to do that. Whatever it takes, but that’s our expectation. The IRGC is a legalized mafia. It not only has the control of the economy, but it is also a paramilitary instrument, the backbone of the regime’s leader, [Ayatollah Ali] Khamenei. The Islamic Republic deploys troops, tanks, and artillery, not to fight a foreign invader, but to kill its own people. The EU cannot say that they stand for freedom and human rights and at the same time does not sanction the biggest instrument of repression.
How crucial is the listing for the success of a revolution?
It is necessary in order for defections to occur. We would like to reduce the level of human losses by showing the military that they can be part of the future, especially those who haven’t committed heinous crimes. The more they see that they are also targeted, it will give them more incentive to switch sides.
How likely is it that they will do so?
The top echelon of the IRGC is like the top of the Politburo during the Soviet Union. They are benefiting from their financial control and corruption. But that doesn’t trickle down to the lower ranks. The average guy is working two jobs to make ends meet. In the hearts the military is prepared to come towards the people. But to do so they need to have a clear sense of the alternative and understand the crucial role that they could play during the transition to maintain law and order. We need them for that. But for this, they must see that the world is supportive of that change.
Do you see cracks within the Islamic regime?
The cohesion of the regime is Khamenei himself. He has been desperately trying to promote his son as his successor, which is very difficult to achieve once he’s gone. There are already many splinters within what we call the tent of the leader. There’s a rift and it affects the IRGC as well. Meanwhile, there’s a large number of what we refer to as the gray layer — people who are undecided. Former reformists are now coming to the scene saying we have to move beyond reform.
You and other prominent figures of the opposition in exile lately presented the idea of a common charter for transition. Is it written yet?
It’s been 95 percent finalized. We are very close to announcing it. But first we want to make sure that it passes the approval of the people back in Iran. The charter is addressing the minimal conditions that the biggest width of the secular democratic forces can agree upon. The instrument that will make the final decision should be the Constituent Assembly. There might be some differences of opinion, which we leave for a new parliament to decide. Important now is: What do we do when the regime collapses? We have groups that are focusing, for instance, on the economy, judicial issues, and transitional justice.
Can you tell us the first sentence of the charter?
I don’t have a sentence for you, but a concept of what I’ve learned having traveled to so many different countries. There are three fundamentals — demands that any human being on this planet, regardless of nationality or culture, will have. The first one is freedom and a true sense of liberty. The second is participation. And the third, which, I think is even more important than the first two, is dignity. These principles are embedded in the Declaration of Human Rights, which is the reference text that hopefully Iran’s future constitution will be based on.
How many people in Iran are you approaching for signature?
It’s a very broad approach. The messaging is mostly through social media. We have constant Zoom calls or Google Meets with people inside, activists, political prisoners. It’s a direct dialogue. Then it gets dispersed among their own networks in universities, among teachers. The student movement is very important.
Why did it take more than 40 years for the opposition to work together?
I wish it happened 40 years ago. That was the first time I mentioned in an article that we must have a referendum and a constituent assembly to decide the future. But sometimes it takes time, and there is the factor of religion. Today, clerics have lost complete respect, mosques are empty and that’s because of those who have used religion as a pretext to commit crimes. A lot of people that are devoted Muslims in Iran don’t want that. They had to learn it the hard way.
And why was there no unified opposition in exile earlier?
It’s not that we didn’t want to come together. The dynamics of political change in Iran today are far more geared to the demand of the street as opposed to some groups who were lined up based on ideological preferences. The opposition had to reinvent itself — in the sense that what we do or say today must be relevant to the people on the street.
One of the groups not represented in the unified opposition is one that calls itself the biggest Iranian opposition group in exile — the Mujahedeen-e-Khalq. What role, if any, do they play? Do you and other opposition figures talk with them as well?
To me, the biggest problem is that they have their own internal limitations of having an open dialogue with any other democratic forces. It’s a little bit of a cult mentality that prohibits its members from free dialogue. As such, participating in an open process is almost impossible for them, because the minute they commit to that, they will collapse internally. Political inclusion is based on accepting democratic rules. If these principles that will be in the charter are something they are willing to sign up for, why not? But that’s up to them. To this day, they have never wanted to actually accept that.
Your family was part of the monarchy. How can people trust that you will be part of a democratic process?
First, because they know that I’m my own man and that no son or daughter could be held accountable for whatever their parents did. I was 17 years old when I left my country. And all I’ve been saying since is “Hey, I’m not running for any office here.” I’m simply trying to see a transition where people get to decide. This is a much more valuable role that I can play without being entangled in the patterns of state or governance.
We also need a cultural change, and democratic culture is not impregnated in the nation. I can contribute more to that direction because I lived 40 years of my life in free countries, in America, in France, visiting countries like Germany. Helping with the educational process is much more my interest than to be sitting at the table with a bunch of ministers and deciding policies of the day, or even being stuck in the palace as a symbolic leader, muzzled and not free to speak my mind. I’m not fighting for your freedom to be the first victim of it myself.
Several hundred thousand people signed an online petition to give you the power of attorney. What do you make of that?
A lot of people understand how crucial my role can be in a transition. But that has nothing to do with whether we have a republic or a monarchy in the future. People automatically assume that I’m the candidate for the monarchy. Not necessarily. If my choice is between a secular republic elected by the people versus an institution that is still based on hereditary transition, I cannot reconcile that with democratic norms.
The negotiations for a new nuclear deal are stalled but Iran is enriching uranium as we speak. Is there any advice you’re giving foreign leaders on how to deal with this?
Our argument is: The best way for you to eliminate the danger once and for all is to eliminate the regime. Because how trustworthy was the regime before, even after signing some agreement? During the Obama administration, we saw the released funds going to the various brigades in Lebanon or Syria instead of serving the country’s interests. Time is running out. And we have an opportunity now with the Iranian people themselves to put an end to the problem once and for all.
In Israel, there was lately a very large military exercise together with the U.S. People are talking about the so-called military option to end Iran’s nuclear program …
… which is a nightmare. Particularly at a point when the people of that nation say, “Hey, we are in the streets, help us get rid of the regime.“ How did we put an end to apartheid? At some point, we came to the defense of those who wanted an end to it. How did we put an end to [Gen. Wojciech] Jaruzelski in Poland? By helping Lech Walesa and company in their Solidarity movement.
Why shouldn’t Iran be part of the same rationale? We are already putting our lives on the line and losing people every day. Work with us. You have the best army in place: the people. The minute this regime goes, we’ll be working hard to achieve stability. We need to work with the Israelis, with the Arab neighbors. We need to work with the Europeans on energy matters and security matters.
Can you imagine going back to Iran?
I see myself in a trailer traveling the four corners of the country, camping out just to interact with people. That’s how you can feel what people really want and then show them ways to be more impactful in decision-making. I think the secret to established democracies is that their citizens are proactive. It’s very hard to insert a mentality of proactiveness in a very traditional Middle Eastern culture which always sits back and says, “somebody do something for me.” But this generation is not waiting anymore.
[ad_2]
#son #Irans #shah #Islamist #regime #splintering
( With inputs from : www.politico.com )
New Delhi: Government has tried to simplify the taxation regime in the budget, be it corporate tax or personal tax, Revenue Secretary Sanjay Malhotra said on Thursday.
Addressing a post-budget discussion organised by industry body FICCI, Malhotra further said that the government’s thrust is on improving trust, having tax rates without increasing the tax cuts and on certainty and stability.
Central Board for Direct Taxes (CBDT) chairperson Nitin Gupta, who was also present on the occasion, said that the government has tried to prevent leakage of revenue through appropriate changes.
“Our approach to the budget, on the customs side, is of simplification. We have brought down the number of rates from 21 to 13,” Vivek Johri, chairperson, Central Board of Indirect Taxes and Customs (CBIC) said during the interactive session on the Union budget.
“We have once again looked at exemptions in the budget which are no longer needed. Also, we have carved out exceptions for the condition exemptions in the law,” Johri said further.
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has brought about ‘substantial changes’ in its structure for the benefit of the middle class.
The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21.
Speaking to reporters after presentation of the Budget, Sitharaman said this is a Budget which has beautifully balanced both growth considerations and fiscal management.
Capital investment has never seen double-digit announcement of Rs 10 lakh crore, which includes Rs 1.3 lakh crore being given to states, which is going to give a big leg up to infrastructure development, she added.
The Budget focusses on public sector continuing the good tradition of capital investment in infrastructure and also attending to MSMEs, which are the engines of growth.
So, she said, “we can sustain the capital infrastructure expenditure from the government and simultaneously in the private sector, give a push and impetus to MSMEs and not forgetting the middle class individuals who need that kind of tax breaks and relief in taxation.”
She emphasised that the macroeconomic conditions have been kept in mind and fiscal consolidation has not been kept at the backburner.
On the direct taxes, the finance minister said the country has been waiting for a regime which is simplified and easy in compliance.
“The personal income tax has had substantial changes (in the Budget) which will benefit the middle class. The new taxation regime has now got greater traction and incentive so that people can now unhesitatingly move to the new regime from old,” the finance minister said.
As per the changes proposed in the Budget, no tax would be levied on people with annual income of up to Rs 7 lakh under the new tax regime but it made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA.
In what is being seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided, the finance minister in her Budget for 2023-24 allowed a standard deduction of Rs 50,000 under the new regime.
The old tax regime provides for a similar deduction and no tax on income up to Rs 5 lakh.
Sitharaman said the government wants to make the new tax regime attractive enough and compliance should not be burdensome on taxpayers. However, if someone feels the old regime is more beneficial, he/she can continue in it.
“The ultimate interest is to make the simpler (new) regime more attractive,” Sitharaman said.
Revenue Secretary Sanjay Malhotra said majority of individual taxpayers would find it more attractive to shift to the new regime.
Malhotra, however, did not give details on the number of taxpayers who have migrated to new tax regime since 2020-21.
Under the revamped new tax regime, no tax would be levied for income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent.
“I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500,” Sitharaman said.
Asked about the fight against inflation, the finance minister said both Wholesale Price Index (WPI) and Consumer Price Index (CPI) have moderated due to measures taken by the government.
“We take inflation related steps as and when things develop. So the government is sensitive to inflation and takes appropriate action when required,” she said.
In a bid to moderate prices of wheat, state-owned FCI recently announced that it will sell 25 lakh tonnes of wheat to flour mills, private traders and other bulk consumers through e-auction out of the total 30 lakh tonnes approved by the government.
On fiscal consolidation, Sitharaman said the government is on track to meet 4.5 per cent fiscal deficit target by 2025-26, as per the Fiscal Responsibility and Budget Management (FRBM) Act.
Talking about the record borrowing programme of the government, Finance Secretary T V Somanathan assured that the market borrowing number is “firm”.
The government plans to borrow a record Rs 15.4 lakh crore from dated securities in FY24 to meet its expenditure requirement to prop up the economy.
This is higher than the total borrowing of Rs 14.21 lakh crore for the current financial year ending March 31, 2023.
Somanathan also said the debt-to-GDP ratio is not unsustainable and it will come down with growth in revenue and economy.
Finance Minister Nirmala Sitharaman announced that the income tax rebate is extended on income up to Rs 7 lakhs in the new tax regime.
“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs,” the Finance Minister announced.