Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
The Supreme Court raised concerns about a potential stalemate in Tamil Nadu due to the Governor's delay in assenting to bills passed by the state assembly. The court questioned the Governor's actions, noting that he should have communicated his concerns about the bills' constitutionality to the state government. The case focuses on the delicate balance of power between the state government and the Governor, highlighting the importance of open communication and transparency in the legislative process.
A bench comprising Justices J B Pardiwala and R Mahadevan said, "He (the governor) seems to have adopted his own procedure. He says, 'I withhold assent, but I will not ask you to reconsider the bill'. It does not make sense to keep withholding assent and not send it to the legislature, thereby frustrating the provision of Article 200."
The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday. In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
The government has also listed three new bills for the session -- 'The Protection of Interests in Aircraft Objects Bill, 'Tribhuvan Sahkari University Bill', and the 'Immigration and Foreigners Bill'.
The joint committee of Parliament examining the Waqf (Amendment) Bill submitted its report to Lok Sabha Speaker Om Birla on Thursday. The panel adopted the report by a majority vote, with changes suggested by members of the ruling BJP. Opposition members, who submitted dissent notes, called the exercise an attempt to destroy Waqf boards and termed the bill an attack on the constitutional rights of the Muslim community.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
On Sunday, February 9, 2025, US President Donald J Trump became the first sitting US president to attend a Super Bowl, making an appearance at Super Bowl LIX in New Orleans.
All opposition members of the parliamentary panel on the Waqf Amendment Bill were suspended for a day on Friday amid continuous protests and accusations against Chairman Jagdambika Pal of steam-rolling through the proceedings.
In a first, the 'Aero India' mega event will witness participation of two of the world's most advanced fifth-generation fighter aircraft equipped with stealth capabilities -- the Russian Su-57 and the American F-35 Lightning II, the Defence Ministry said on Sunday.
Ministry mulls graded funding for sports federations
The UK Home Office has announced a crackdown on illegal working across the country, targeting restaurants, nail bars, convenience stores, and car washes. In January, Immigration Enforcement teams conducted record-breaking raids, arresting 609 individuals, a 73% increase from the previous year. The crackdown comes as the government introduces new legislation aimed at tackling criminal gangs that facilitate illegal immigration. The Home Office highlights the dangers of illegal migration and the exploitation of vulnerable individuals while emphasizing its commitment to safeguarding workers and removing foreign criminals.
The BJP's victory in the Delhi Assembly elections has sparked speculation over who will lead the next government. Several prominent leaders, including Pravesh Verma, Ashish Sood, Pawan Sharma, Vijender Gupta, and Satish Upadhyay, are in the running for the chief minister's post. The party's national leadership is expected to make the final decision, leaving the contenders in a state of anticipation.
The Delhi government is embroiled in multiple litigations with the Lieutenant Governor in the Supreme Court including its plea challenging the Centre's law establishing pre-eminence of the LG over the elected dispensation in controlling services in the national capital.
On Wednesday, protests erupted across the United States in response to President Donald Trump's recent actions.
The government wants the AI Summit to give it an early start in becoming part of any global body setting policies for the emerging technology.
The proposed legislation on Emigration (Overseas Mobility (Facilitation and Welfare) Bill, 2024) seeks to replace the Emigration Act of 1983 with a view to facilitate the circular mobility of people intending to emigrate for overseas employment.
Billionaire Gautam Adani's younger son Jeet on Friday married fiance Diva Shah at a small and intimate, traditional ceremony with a close group of friends and family in attendance.
'There is need for India-specific pricing.' 'Google, Microsoft and others also have different pricing.' 'It is important for OpenAI to think on these lines as the global pricing may not work in the Indian context.'
The Tirumala Tirupati Devasthanams (TTD), the custodian of Lord Venkateswara Swamy temple, has barred 18 employees from participating in all religious activities for allegedly partaking in non-Hindu activities. The decision has been defended by the Andhra Pradesh government, citing the need to protect the religious sentiments of Hindu devotees. The move has sparked debate, with some supporting the TTD's stance and others criticizing it as discriminatory.
The weaker rupee will push the country's import bill due to higher payments for crude oil, coal, vegetable oil, gold, diamonds, electronics, machinery, plastics, and chemicals, economic think tank GTRI said on Friday. Citing an example, it said the depreciating domestic currency will increase India's gold import bill, especially as global gold prices have jumped 31.25 per cent, rising from $65,877 per kg in January 2024 to $86,464 per kg in January 2025.
Info Edge (India) topped expectations in its October-December quarter (Q3) results, posting strong revenue and profit growth. Its shares have rallied as much as 6.14 per cent in two days. The technology holding company's revenue rose 15.2 per cent year-on-year (Y-o-Y) to Rs 722.3 crore, driven by robust performance across its key verticals, particularly its recruitment business.
The Aam Aadmi Party (AAP), led by Arvind Kejriwal, suffered a major setback in the Delhi Assembly elections, losing to the Bharatiya Janata Party (BJP). The loss marks a significant blow to Kejriwal's national ambitions and raises questions about the future of the party. The AAP had been in power in Delhi for the past 10 years and had also formed a government in Punjab. Despite the defeat, the party still holds 13 MPs from Punjab and Delhi. The article examines the factors that contributed to the AAP's defeat, including allegations of corruption, poor civic facilities, and the BJP's relentless attacks. It also explores the impact of the loss on Kejriwal's national aspirations and the party's future.
The Tamil Nadu government has argued in the Supreme Court that Governor R N Ravi's repeated withholding of assent to bills passed by the state legislative assembly would lead to the failure of the democratic system in India. The top court has questioned the delay by the Governor in granting assent to several bills passed by the state assembly and asked why governors should wait for parties to move the court with their grievances. The court has also said that the Governor cannot refer bills passed by the legislature and re-adopted by it for presidential assent.
Two years after his dismissive stance on India's AI potential raised eyebrows here, OpenAI CEO Sam Altman on Wednesday gave a ringing endorsement to Artificial Intelligence momentum in the country -- and billed India as an important market not just for the new-age technology itself but for the ChatGPT creator as well. In New Delhi on Wednesday, Altman -- while sharing dais with Union IT minister Ashwini Vaishnaw -- said India is the second biggest market for the company and that Open AI had tripled its users here in the last year.
'Once filed, it cannot be revised or rectified.'
A Republican lawmaker has introduced a House Joint Resolution to amend the US Constitution to allow a president to be elected for up to three terms. The move is aimed at facilitating a third term for President Donald Trump. Congressman Andy Ogles, who introduced the resolution, stated that the amendment would ensure the continuation of Trump's "bold leadership" and provide him with the resources to "correct the disastrous course" set by the Biden administration. He highlighted Trump's decisive leadership and his ability to "restore America to greatness." Ogles also praised Trump's actions in tackling the crisis at the southern border, lifting oil and gas drilling restrictions, ending birthright citizenship for children born to illegal aliens, and withdrawing the United States from the World Health Organization.
Australian captain Sam Kerr who has Indian ancestry, has pleaded not guilty to one count of racially aggravated harassment.
The party had won 67 seats in the 2025 assembly polls and 62 in the 2020 elections.
'The steel industry expects the government to decide on safeguard measures from dumping post-Budget'
The BJP government in Gujarat has formed a five-member committee, headed by a retired Supreme Court judge, to assess the need for the Uniform Civil Code (UCC) in the state and to draft a bill for the same. The committee will submit its report within 45 days. The decision has sparked debate with the Opposition claiming it is an attempt to divert attention from pressing issues ahead of the upcoming local body polls, while the government insists the UCC will protect the rights of tribal communities. The committee will consult with religious leaders, including those from the Muslim community.
Finance Minister Nirmala Sitharaman on Saturday presented Union Budget 2025-26, envisaging an expenditure of Rs 50,65,345 crore, an increase of 7.4 per cent over the current fiscal.
Manchester City's spending of more than 180 million pounds ($223.58 million) was the second-biggest outlay ever worldwide by a club in the January transfer window.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
'Going forward, the encouragement would be to move to the new tax regime.'
President Donald Trump has said that birthright citizenship was primarily intended for the children of slaves and not for the whole world to "come in and pile" into the US. Trump issued an executive order against birthright citizenship on his first day in office, which was struck down by a federal court in Seattle the next day. Trump has said that he would appeal against it and is confident that the Supreme Court will rule in his favor. A group of Republican Senators introduced a bill in the US Senate to restrict birthright citizenship to the children of illegal immigrants and non-immigrants on temporary visas. They argue that birthright citizenship is a major pull factor for illegal immigration and a weakness for national security.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
Opposition parties have called for a discussion in Parliament on the Maha Kumbh tragedy and the UP government's alleged focus on VIPs rather than the common pilgrims. Union minister Kiren Rijiju has stated that the Business Advisory Committee will decide on the agenda of the Budget Session, which will start from January 31. The Session will commence with President Droupadi Murmu addressing the joint sitting of Lok Sabha and Rajya Sabha. The Union Budget will be presented on February 1.
Maratha activist Manoj Jarange ended his five-day indefinite fast after government representatives assured him that several of his demands, including the reactivation of the Shinde Committee, would be fulfilled. Jarange, who has been demanding reservation for the Maratha community in government jobs and education, warned that members of the community would march to Mumbai if the demands were not met. The government has assured that all cases against Maratha protesters would be withdrawn, while separate sections would be set up for issuing "Kunbi " certificates for the community members. The Economically Backward Section provisions for Marathas would also be implemented, while compensation would be released for those community members who lost their lives during the quota agitation.
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