top of page

Important Current Affairs for CLAT-31st January 2023

5 Things expected in Budget 2023 related to Income Tax Rule

Expected things in Budget 2023 related to Income Tax Rule: Taxpayers may also receive some benefits related to the Income Tax Rule in the Union Budget 2023.

Expected things in Budget 2023 related to Income Tax Rule

The Union government’s final full budget before the 2023 Lok Sabha elections is the budget for 2023. It is anticipated that the government would take advantage of this occasion to provide a budget that is focused on job creation and investment-driven development and is growth-oriented. Taxpayers may also receive some benefits from the budget in 2023 because giving them more money could have a good effect on a number of other industries. The top five expectations for income tax rule adjustments for the benefit of taxpayers from Budget 2023 are listed below.

5 Things expected in Budget 2023 related to Income Tax Rule

The five things that are expected to change in the Union Budget 2023 related to Income Tax Rule are:

First thing expected in Budget 2023 related to Income Tax Rule: Section 80C Limit Change

The most popular way for taxpayers to reduce their tax burden is through a deduction under Section 80C of the Income Tax Act.

This chapter discusses PPF/EPF, ELSS, NSC, NPS, SSY, and other topics.

Since 2014, Section 80C’s annual deduction cap of Rs. 1.5 lakh has not been changed.

This year, the government is anticipated to raise the cap to at least Rs 2 lakh or Rs 2.5 lakh.

Even the suggestion that this cap be raised to Rs. 3 lakh has come from certain experts.

The 80C reduction has not changed for several years.

The Finance Act of 2014 established the current cap of Rs. 1.5 lakh.

The above limit should be extended to Rs 2.5 lakh due to inflationary trends.

Second thing expected in Budget 2023 related to Income Tax Rule: Basic Exemption Limit Change

The government should raise the baseline exemption amount under the Income Tax Act to Rs. 5 lakh, according to a number of tax experts.

Both the new and the previous income tax regimes now have a ceiling on basic income tax exemptions of Rs 2.5 lakhs per year.

As a result, people who make up to Rs. 2.5 lakh per year are not required to pay any taxes.

Prior budget changes effectively rendered annual income up to Rs 5 lakh tax-free.

The basic exemption cap, however, has not been altered since FY 2014–15.

The Government could also think about removing the tax on dividend payouts, reducing the tax bracket for investors, and raising the basic tax exemption level from 2.5 lakhs to 5 lakhs or more in order to put more money in the hands of our people.

People will be able to invest more money if they have more money in their pockets.

Indian Stock Markets Migrating to T+1 Settlement Cycle

Third thing expected in Budget 2023 related to Income Tax Rule: Higher Section 80D

Since the pandemic began, medical bills have risen and even become expensive.

Therefore, according to several experts, the Government should raise the Section 80D deduction cap for health insurance.

It is currently restricted to Rs 25,000.

Increased affordability and an increase in people choosing health insurance for their families and elderly parents will result from raising the threshold for section 80D tax deductions.

People are starting to think about purchasing higher-sum insured health insurance plans that offer comprehensive coverage against all diseases as a result of the Covid pandemic experience and rising hospitalisation costs.

The increase in the section 80D limit will persuade people to choose a health insurance strategy with a sufficient amount insured to protect the wellbeing of their loved ones.

India’s Forex Reserves Shrink by USD 1.268 bn to USD 561.583 bn

Fourth thing expected in Budget 2023 related to Income Tax Rule: Better Home Loan Tax Incentives

The tax exemptions on principal and interest payments on mortgages should be increased, according to some experts, and should be included in the forthcoming Budget.

For a self-occupied house, the maximum tax deduction for home loan interest payments is Rs 2 lakh every fiscal year.

But over the last five years, home prices have increased all throughout the nation.

Over the years, the nation has also seen inflation of 6% to 7%.

The tax saving threshold of Rs. 2 lakh on housing loans under section 24(b) needs to be enhanced in light of the current ranges in home prices.

Regardless of the cost of the property, the maximum must be increased to at least Rs. 3 lakhs.

Latest Income Tax Slabs In India, Indian Economy

Fifth thing expected in Budget 2023 related to Income Tax Rule: LTCG Tax Relief

Some business professionals have recommended that the government offer LTCG tax relief to retail stock and mutual fund investors in the market through Budget 2023.

If the capital gain exceeds Rs 1 lakh in a financial year, the 10% LTCG on equity will be removed, which will be advantageous.

The introduction of a tax exemption on STCG up to Rs 1 Lakh would also be great.

Indian Council of Historical Research Rejected Inclusion of Muslim dynasties in Exhibition

The Indian Council of Historical Research (ICHR) organized an exhibition on Medieval Indian Dynasties by a division of the Union Ministry of Education.

The Indian Council of Historical Research (ICHR) organized an exhibition on Medieval Indian Dynasties by a division of the Union Ministry of Education and featured 50 different dynasties in the exhibitions. In the exhibition of the Indian Council of Historical Research no Muslim dynasty was displayed.

Indian Council of Historical Research Rejected Inclusion of Muslim dynasties in Exhibition- Key Points

The ICHR organized the exhibition at Lalit Kala Akademi titled ‘Glory of Medieval India: Manifestation of the unexplored – Indian dynasties, 8th-18th Centuries.

The Indian Council of Historical Research organized an exhibition that was inaugurated by the Minister of State Education Dr. Rajkumar Ranjan Singh.

Muslim dynasties like Bahmani and Adil Shahi were not part of the exhibition since no Muslim dynasty was displayed in the exhibition.

ICHR member secretary Professor Umesh Ashok Kadam informed that he does not consider Muslim dynasties as a part of Indian dynasties.

According to Kadam, Muslims came from the Middle East and did not have a direct connection with Indian culture.

However Islamic dynasties were undoubtedly a part of Indian history, Kadam noted that the past should not be dominated by the Mughal or Sultanate dynasties.

Kadam also noted that Islam and Christianity came to India in the medieval period and they uprooted the civilization and destroyed the knowledge system.

According to the ICHR, the exhibition will soon be shown across the country to educate people about India’s past.

The exhibits depict Ahom, Chola, Rathor, Yadav, Kakatiya, and other dynasties, highlighting their founders, capital cities, dates and architecture, art, and culture of India.

President of India Awarded RPF/RPSF Personnel with Jeevan Raksha Padak Awards

The President of India Droupadi Murmu has awarded the RPF/RPSF personnel with Jeevan Raksha Padak awards to Jaipal Singh, Head Constable/ Northern Railway.

The President of India Droupadi Murmu has awarded the RPF/RPSF personnel with Jeevan Raksha Padak awards to Jaipal Singh, Head Constable/ Northern Railway, Surendra Kumar, Constable/Northern Railway, and Bhuda Ram Saini, Constable/7th BN/RPSF.

President of India Awarded RPF/RPSF Personnel with Jeevan Raksha Padak Awards- Key Points

On 12.05.2022, in the jurisdiction of Nizamuddin Railway Station between Rly. Km 1532/13 to 1532/25, at about 16:10 hrs BTPN wagon no. 40121185538 caught fire due to technical reasons.

During that time about 1000 (one thousand) persons were working at the site.  An atmosphere of fear was created after seeing the fire taking a dreadful form.

To save their lives, the workers started running here and there in a fit of desperation. Head Constable Jaipal Singh, Constable Surendra Kumar, and Constable Buddha Saini were posted on duty.

Without caring for their own life, they extinguished the fire taking the dreadful form of a BTPN wagon full of highly inflammable material (Naphtha) with the help of a fire extinguisher.

Fire would have spread to a total of 18 BTPN wagons filled with a highly inflammable substance (Naphtha), causing a major accident, threatening the lives of thousands of people, and causing damage to railway property worth billions of rupees.

Mr. Jaipal Singh, Mr. Surendra Kumar, and Mr. Budhram Saini have saved about 1000 human lives and railway property worth billions by risking their lives, which is commendable work.

Unilever appoints Hein Schumacher as new CEO

Unilever has announced the appointment of Hein Schumacher as its new Chief Executive Officer. Hein will replace Alan Jope, who announced in September 2022 his intention to retire from Unilever.

Unilever has announced the appointment of Hein Schumacher as its new Chief Executive Officer. Hein will replace Alan Jope, who announced in September 2022 his intention to retire from Unilever. Hein is currently CEO of the global dairy and nutrition business Royal FrieslandCampina and became a Non-Executive Director of Unilever in October last year. He will begin as Unilever CEO on 1 July 2023, after a one-month handover period.

Career and experience: Hein Schumacher

Hein is a business leader with an excellent track record across multiple leading companies in the consumer goods industry. As CEO of Royal FrieslandCampina, an €11bn turnover business operating in over 40 countries, he has delivered significant portfolio and organisation change as part of transforming it into a more focused, growth-driven and sustainable business.

Prior to joining Royal FrieslandCampina as CFO in 2014, Hein worked for H.J. Heinz for over a decade – during a time of significant change at the company – across the US, Europe and Asia. In his last four years at Heinz, he was based in China, where he led a turnaround of the Asia Pacific zone. Hein began his career in finance at Unilever, before joining Royal Ahold NV.

Air Marshal A.P. Singh to be new Vice Chief of Indian Air Force

Air Marshal A P Singh has been appointed as the new Vice Chief of the Indian Air Force. He will succeed Air Marshal Sandeep Singh, who will retire from service.

Indian Air Force

Air Marshal A P Singh has been appointed as the new Vice Chief of the Indian Air Force. He will succeed Air Marshal Sandeep Singh, who will retire from service. Air Marshal A P Singh is currently serving as the Air Officer Commanding-in-Chief of the Central Air Command. He will take charge as the Vice Chief on 01st Feb 2023. He was commissioned into the fighter stream of the IAF on December 21, 1984.

Career and Experience of Air Marshal A P Singh 

Air Marshal A P Singh is an alumnus of National Defence Academy, Defence Services Staff College and National Defence College. He is a Qualified Flying Instructor and an Experimental Test Pilot with more than 4,900 hours of service flying on a variety of fixed wing and rotary wing aircraft.

His operational tenures include being the Flight Commander and Commanding Officer of a MiG 27 squadron and Air Officer Commanding of an air base.

As a test pilot, he has served in Aircraft and System Testing Establishment in various ranks and capacities.

He also led the MiG 29 Upgrade Project Management Team in Moscow, Russia. He was the Project Director (Flight Test) at National Flight Test Centre looking after the flight testing of Light Combat Aircraft Tejas and Air Defence Commander at the South Western Air Command.

Prior to taking over as Air Officer Commanding-in-Chief of the Central Air Command, he was Senior Air Staff Officer at the Eastern Air Command.

Joe Biden Nominates Indian-American Astronaut Raji Chari for US Air Force Brigadier General Post

Indian-American astronaut Raja Chari was nominated by US President Joe Biden for the post of Air Force brigadier general.

Indian-American astronaut Raja Chari was nominated by US President Joe Biden for the post of Air Force brigadier general. The nomination has yet to be confirmed by the US Senate. The senate approves all senior civilian and military appointments, according to the US Defense Department. Brigadier General (BG) is a one-star General Officer rank of the United States Air Force.

More About This Development:

Air Force Col. Raja J Chari for appointment to the grade of brigadier general. Chari is currently serving as the Crew-3 commander and astronaut, National Aeronautics and Space Administration, Johnson Space Center, Texas.

Who is Raja Chari:

Raja Chari is a US Air Force Colonel, who is 45 years old and earned a master’s degree in aeronautics from the Massachusetts Institute of Technology (MIT).

Chari is also graduated from the the US Naval Test Pilot School in Patuxent River, Maryland.

In his career, Chari has served as the commander of the 461st Flight Test Squadron and the director of the F-35 Integrated Test Force at Edwards Air Force Base in California.

The National Aeronautics and Space Administration (NASA) and European Space Agency made Chari the Commander of the SpaceX Crew-3 mission to the International Space Station (ISS).

As a pilot, Chari has over 2,500 hours of flight time in his career.

Govt Switches Bonds with RBI in a Cash-neutral deal

The Indian government bought back bonds maturing in 2024 from the Reserve Bank of India, while also issuing bonds maturing in 2032 worth a similar quantum, the central bank said.

The Indian government bought back bonds maturing in 2024 from the Reserve Bank of India, while also issuing bonds maturing in 2032 worth a similar quantum, the central bank said. The transaction involved buying back a security maturing in FY2024/25 from the Reserve Bank and issuing fresh security for equivalent market value, to make the transaction cash neutral. The transaction was carried out using Financial Benchmarks India Pvt Ltd. (FBIL) prices.

More About The RBI-Govt Cash Neutral Deal:

The government bought back 6.18% bonds maturing in 2024 worth 226.10 billion rupees ($2.78 billion) at a price of 98.62 rupees while it issued 8.28% 2032 bonds worth 210.26 billion rupees to the RBI at 106.05 rupees.

Before this switch, New Delhi had switched bonds worth over 820 billion rupees this financial year, below its target of 1 trillion rupees.

Need of This Transaction:

India is likely to undertake bond switch auctions with the RBI to meet its target for fiscal. Government of India has been undertaking conversion with the objective of smoothening its liability profile as well as for market development. 

What Is Cash Neutral:

The term cash neutral refers to an investment strategy that involves the sale and purchase of securities in an investment portfolio that results in zero net cash. Sales and purchases in a cash-neutral strategy effectively cancel each other out. Keeping portfolios cash neutral means having capital fully deployed in investments at all times.

bottom of page