Income tax relief expected on Monday

29 Jan 2021 Editorial Team

Discussions during the Budget 2021 exercise have indicated that taxpayers may get a relief of Rs 50,000 to Rs 80,000 in the total tax liability in the upcoming budget.

The government is likely to increase standard deduction under the old income tax regime and change slabs under the new tax regime. The new income tax regime was introduced in the last budget. Currently, the standard deduction is up to Rs 50,000. Sources said the standard deduction limit might be increased to place more money in the hands of taxpayers.

Under the new regime, income tax will be applicable at a lower rate, but taxpayers will forgo certain permissible exemptions and deductions available under the old regime.

4th Indian Cement Review Conference 2021

17-18 March

Click for event info

Make in Steel 2021

24 February

Click for event info

Currently, under the new regime there is no tax on income up to Rs 2.5 lakh; for income between Rs 2.5 lakh and 5 lakh tax rate is 5%; 10% from Rs 5 to 7.5 lakh; 15% from Rs 7.5 to 10 lakh, 20% from Rs 10 to 12.5 lakh; 25% from Rs 12.5 to 15 lakh and 30% for Rs 15 lakh and above. These tax slabs are applicable for all individual taxpayers up to 60 years of age.

Feedback from tax experts suggests there is not much enthusiasm among taxpayers for the updated system. As per Budget 2021 expectations, some changes may be announced in the new regime's slab rates giving more headroom for taxpayers to save taxes.

Image Source

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..