Connect with us
Saturday,31-May-2025
Breaking News

Business

Nil tax till Rs 12 lakh: How taxpayers will benefit from tax slab changes in Budget 2025-26

Published

on

New Delhi, Feb 1: The big-ticket announcement by Finance Minister Nirmala Sitharaman regarding the income tax slab for an income up to Rs 12 lakh has brought wide cheers to the faces of the middle-class and taxpayers.

By bringing down their tax liability to nil, FM Sitharaman unveiled the bonanza at a time when they least expected it. However, these changes are applicable only to the New Tax Regime.

Under the proposed budgetary changes in Union Budget 2025-26, those with an income of up to Rs 12 lakh will no longer have to pay any income tax, a significant shift from the previous practice where they had to pay anywhere between Rs 60,000 – Rs 80,000.

“The New tax regime is the default regime. To avail benefits of the rebate allowable under proposed provisions of the new tax regime, only a return is to be filed otherwise no other step is required to be taken,” said an official release.

Also, there exists a standard deduction of Rs 75,000 available to taxpayers in the new regime. Therefore, a salaried taxpayer will not be required to pay any tax where his income before the standard deduction is less than or equal to Rs 12,75,000.

Below are some Q&As regarding new income tax slabs:

What was the earlier income limit for nil tax?

Earlier, the limit of income for nil tax payment was Rs 7 lakh. By increasing this limit to Rs 12 lakh, around one crore assesses who were earlier required to pay tax varying from Rs 20,000 to Rs 80,000 will now pay nil tax.

Who will benefit from changes in tax slabs?

The new tax regime applies to a person, or Hindu undivided family or association of persons [other than a co-operative society], or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2.

Accordingly, changes in tax slabs will benefit all these persons.

What benefits a taxpayer can avail?

Any individual, who earlier was required to pay a tax of Rs 80,000 (in the new regime) for an income of Rs 12 lakh, will be required to pay nil tax on such income.

Business

SEBI confirms ban on LS Industries and key individuals amid fraud probe

Published

on

Mumbai, May 31: The Securities and Exchange Board of India (SEBI) has confirmed the suspension of LS Industries, its promoter Profound Finance, and four other individuals from participating in the securities markets.

The action comes as part of an ongoing investigation into allegations of fraudulent activities and manipulation of the company’s share price.

The individuals barred include Jahangir Panikkaveettil Perumbarambathu, the promoter of Profound Finance, as well as Suresh Goyal, Alka Sahni, and Shashi Kant Sahni HUF, a Dubai-based NRI shareholder of LS Industries.

SEBI has extended the deadline for completing the investigation until November 15 and has directed all involved parties to cooperate fully with the inquiry.

Back in February 2025, SEBI had issued an interim order banning LS Industries and its associates from trading in the stock market due to suspicious activities.

The regulator also ordered Perumbarambathu to return illegal gains of Rs 1.14 crore that he allegedly earned through the sale of shares under the suspected scheme.

SEBI ‘s probe centres on LS Industries and its associates being involved in a scheme to artificially boost the company’s share price.

Despite having reported almost no revenue for three consecutive financial years (FY22 to FY24) and the first three quarters of FY25, the company’s stock surged dramatically.

Between July 23 and September 27, 2024, the share price skyrocketed from Rs 22.50 to Rs 267.50 — raising the company’s market valuation to an eye-popping Rs 22,700 crore.

This sharp rise in share price occurred without any improvement in the company’s financial performance, raising red flags.

SEBI’s interim findings noted dubious transfers of shares to Perumbarambathu and unusual trading patterns by some individuals.

The regulator stated that these factors strongly suggested a deliberate plan to mislead investors and manipulate the stock.

SEBI emphasised that it appeared, on the surface, that LS Industries and the other parties were involved in a coordinated effort to deceive the market.

“The investigation is ongoing, and the parties will remain barred from market activities until its conclusion,” the market regulator stated.

Continue Reading

Crime

Woman drug supplier arrested in Delhi’s Mangolpuri; ganja seized

Published

on

New Delhi, May 31: A woman drug supplier was arrested from Delhi’s Mangolpuri area and 427 grams of ganja was recovered from her possession, police said on Saturday.

The accused was identified as ‘M’. The arrest comes amid the Delhi Police’s ongoing crackdown on narcotics under its ‘Zero Tolerance’ policy and the broader objectives of the Nasha Mukt Bharat Abhiyan (NMBA).

Acting on a tip-off received by Constable Bajrang of Police Station Mangolpuri that a female was allegedly in possession of ganja, a raid was conducted at the specified location.

Constable Bajrang and a female staff member observed a suspicious female carrying a white polythene bag.

“On noticing the presence of police personnel, the suspect attempted to hide. However, the alert police team, with the assistance of a female staff namely W/HC Pooja, swiftly apprehended her,” said Sachin Sharma, Deputy Commissioner of Police, Outer District, New Delhi.

A polythene bag containing 427 grams of ‘ganja’ and Rs 1,470 in cash was recovered from the possession of the accused.

The accused was booked under Section 20(A) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985 at Police Station Mangolpuri.

Further investigation is underway to identify and apprehend other associates involved in the illegal drug trade, the police said.

In another case on May 29, the Anti-Narcotics Task Force (ANTF) of the Delhi Police Crime Branch arrested Jameel Ahmad, the alleged mastermind of a major drug trafficking syndicate. Ahmed has been absconding for six years.

The case dates back to June 2019, when the then Narcotics Cell (now ANTF) of the Crime Branch seized 500 kg of ganja from a truck at Metcalfe Bus Stand, Kashmere Gate.

Three persons — Aslam Khan and Mausam Khan, both from Nuh district in Haryana, and Jakam Khan from Alwar, Rajasthan — were arrested in connection with the consignment, who revealed that they had committed the crime at the behest of Ahmed.

Continue Reading

National

Delhi records wettest May; IMD issues ‘Orange Alert’ for today

Published

on

New Delhi, May 31: Delhi recorded a minimum temperature of 34.8 degrees Celsius on Saturday morning, marking one of the warmer days of the season. However, despite the high morning temperature, this May has been unusual in many ways, including below-normal daytime temperatures, unprecedented frequent rains, and the absence of any heatwave conditions.

In terms of rainfall, May 2025 has been historic for Delhi, with the capital receiving 188.9 mm of rainfall, the highest-ever rainfall recorded in the month of May. This is over 202 per cent more than the normal monthly average of 62.6 mm. In contrast, May 2024 saw just 0.4 mm of rain, which was 99 per cent below average, with not a single rainy day recorded.

According to the India Meteorological Department (IMD), this is only the third time in the last five years that Delhi has seen the mercury stay below 40 degrees Celsius throughout May. Not a single day this month recorded conditions severe enough to be classified as an intense heatwave, making it a rare exception in the typically scorching summer month.

The current spell of unusual weather is being attributed to the early arrival of the monsoon in Mumbai, which has had a ripple effect on weather systems in northern India, including Delhi. However, meteorologists have clarified that the monsoon has not yet arrived in the national Capital, even though conditions have turned significantly cooler and wetter.

The IMD has issued an ‘Orange Alert’ for Delhi-NCR tonight, warning residents to stay alert as thunderstorms and heavy rain are likely. An ‘Orange Alert’ signals potentially disruptive weather, and people are advised to prepare for sudden changes in conditions.

The forecast suggests rain accompanied by thunder and strong winds will continue across Delhi and surrounding areas till June 4. A ‘Yellow Alert’ is also in place for Saturday, with the possibility of rain showers at any time during the day.

Meanwhile, the Air Quality Index (AQI) stood at 167, placing it in the ‘moderate’ category, according to the Central Pollution Control Board (CPCB).

The AQI scale defines values between 101–200 as ‘moderate,’ while 201–300 is ‘poor,’ and 301–400 is considered ‘very poor’.

With unpredictable weather continuing, Delhi people are advised to remain cautious and plan accordingly as the city experiences one of its most unusual Mays in recent history.

Continue Reading

Trending