Business
New Income Tax Bill: Modi Govt To Replace 60-Yr-Old Income Tax Bill, Cabinet Discussion Likely On Friday

New Delhi: The new income tax bill, to be introduced in Parliament next week, will not have long sentences, provisos and explanations, Finance Secretary Tuhin Kanta Pandey said on Thursday.
The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said.
The new bill, which was announced by Finance Minister Nirmala Sitharaman in her Budget speech, will also incorporate the changes made in income tax rates, slabs and in TDS provisions made in the Budget for 2025-26.
“When you see next week a new income tax Bill, you will see a very different Bill. The way we write laws is undergoing a change. You will see very less of those long sentences you will not see probably the proviso, explanations..,” Pandey said at a PHD Chambers event here.
Pandey said the new bill will not put any new taxes, or any new burden.
“We are also not changing policy in a big way. We do not want to create any unstable situation,” Pandey added.
The new law would be simple. “Laws are not supposed to be meant for only legal professionals. It is for citizens to understand,” Pandey added.
The new income tax bill, which will replace the Income Tax Act, 1961, has been drafted within 6 months and efforts have been made to simplify the language to help taxpayers understand. Also, the new law has been made concise, removing old provisions thereby making it less bulky.
Business
S. Korean top court rejects Meta’s appeal over user data sharing fine

Seoul, March 13: South Korea’s top court on Thursday rejected social media giant Meta’s appeal against a 6.7 billion-won ($4.6 million) fine imposed by the data protection watchdog for sharing user information without their consent, judicial sources said.
In November 2020, the Personal Information Protection Commission (PIPC) fined Meta, formerly known as Facebook, after its probe found that the personal information of at least 3.3 million South Korean users had been provided to third parties without their knowledge from May 2012 to June 2018, reports Yonhap news agency.
In response, Meta filed a lawsuit in March 2021, disputing the fine, claiming the information sharing was made upon the users’ agreement and it did not induce them to agree.
The Supreme Court, however, found the PIPC’s measures lawful and dismissed the case, upholding lower court rulings made in October 2023 and September last year, according to the sources.
With the top court’s ruling, the PIPC said it would proceed with enforcing corrective measures, which had been suspended due to the ongoing lawsuit.
Last year, Meta Platforms Ireland lost a legal battle to defy the South Korean data protection watchdog’s decision to slap a fine for providing users’ personal information to other operators without consent.
Meta then filed a complaint against the ruling, claiming the information sharing was made upon the users’ agreement and it did not induce them to do so.
According to the PIPC’s investigation, the personal information of a user’s Facebook friends was provided to other operators without their knowledge when someone uses another operator’s service through Facebook login.
The compromised information included their academic background, family and marriage status.
The watchdog also said Meta had not been cooperating with the probe by belatedly submitting data and providing false documents.
Business
KTM 390 Duke Gets Cruise Control & New Ebony Black Color – Price at Rs 2.95 Lakh

KTM has introduced fresh updates to its popular 390 Duke, enhancing its appeal in the streetfighter segment. The motorcycle now comes equipped with cruise control as a standard feature, adding to rider convenience on long rides. Additionally, KTM has expanded the color choices by introducing a new Ebony Black variant alongside the existing Electronic Orange and Atlantic Blue options
KTM has retained the price of the 390 Duke at Rs 2.95 lakh (ex-showroom, Delhi), ensuring that high-performance motorcycling remains within reach for enthusiasts. The bike is powered by a 399cc LC4c engine, delivering 46 PS and 39 Nm of torque.
The KTM 390 Duke now comes equipped with cruise control, making highway rides more effortless. Riders can set their desired speed using the left-handlebar switches, with the system monitored through the TFT display. This feature optimizes engine management and electronic controls to enhance efficiency and stability.
Known as ‘The Corner Rocket,’ the 390 Duke stands out with its aggressive styling and precise handling. The Gen-3 model also boasts fully adjustable suspension, reduced unsprung mass, and improved dynamics for better traction and control. With multiple ride modes, launch control, cornering ABS, and supermoto ABS, it continues to deliver an unmatched performance experience.
The Gen-3 KTM 390 Duke gets fully adjustable suspension, allowing riders to fine-tune compression and rebound damping at the front, while the rear offers rebound damping and preload adjustment. The bike also comes with Motorcycle Traction Control (MTC) and selectable ride modes – Street and Rain – for different road conditions. A 3D IMU enables cornering traction control, adding to its safety and handling precision. Additional features include launch control, Quickshifter+, cornering ABS, and Supermoto ABS, making it a well-equipped machine for spirited riding.
Business
Maharashtra Budget 2025: State Govt To Fund Modern Ferry Boats On Gateway-Mandwa-Elephanta Route Near Mumbai For Safer Travel

Mumbai: The Maharashtra government introduced a new policy in its 2025-26 budget to provide financial assistance for the purchase of modern ferry boats on the Gateway of India-Mandwa-Elephanta Island ferry route. This move is intended to enhance passenger safety, particularly as ferry traffic to these popular tourist destinations surges on weekends. The initiative addresses long-standing demands from ferry operators to replace aging wooden boats, which are costly to maintain and pose significant safety risks.
State Govt’s Decision Comes After Gateway Tragedy
Currently, numerous passenger ferries operate on this route, many of which are aging wooden vessels. Ferry boat associations have repeatedly called for financial aid to modernise the fleet, citing safety concerns and high operational costs.
The government’s decision follows the tragic ferry accident near Gateway of India on December 18, 2024, where 15 people lost their lives after a speedboat operated by Navy personnel collided with a wooden ferry. The incident shed light on the vulnerabilities of older boats and fueled demands for a safer fleet.
Using Wooden Boats For Water Travel Poses High Risk
Reports citing experts have highlighted that wooden boats are more susceptible to structural damage in accidents compared to modern vessels. Unlike road transport, where the Motor Vehicles Act imposes a 15-year operational limit on vehicles, the Inland Vessels Act does not specify an age cap for boats. Instead, wooden boat licences are renewed annually after retrofitting, which involves replacing old parts and wood to keep them functional. However, safety concerns remain, prompting the push for modern vessels.
Despite the introduction of catamarans on the route, the transition to a fully modern fleet has been slow due to high costs. According to report, Sardar Mirza Jamalundin Mahdakar, President of the Gateway Elephanta Jal Vahatuk Sahakari Sanstha stated that the cost of a single catamaran is approximately Rs 7-8 crore, making it difficult for operators to afford without government support. Unlike road transport, water transport in Maharashtra has historically lacked subsidies, further delaying the adoption of safer, more advanced boats.
Massive Funding For Improving Maharashtra’s Coastline Region
In addition to this new policy, the state budget has also allocated funds for key maritime infrastructure projects. A floating jetty will be constructed at Kashid in Raigad district to facilitate better coastal connectivity. Additionally, the government has announced a large-scale infrastructure initiative worth Rs 8,400 crore, backed by external funding, to improve facilities in Maharashtra’s coastal districts.
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