Business
Budget 2025: Homeowners Get Relief with Exemption from Tax on Second Self-Occupied Property
With the proposed changes, homeowners can now declare a nil valuation for up to two self-occupied properties, an increase from the previous allowance of only one.
The Budget aims to amend Section 23, sub-section (2) of the Income-tax Act, which permits the annual value of a house (or part of it) to be regarded as nil if the owner lives in it or is otherwise unable to do so.
“Currently, taxpayers can only claim the annual value of self-occupied properties as nil under certain conditions,” Finance Minister Sitharaman noted during her Budget presentation in Parliament. She emphasized that, in recognition of the challenges faced by taxpayers, the proposal allows for the inclusion of two self-occupied properties without any conditions.
Additionally, the government has proposed an increase in the annual threshold for Tax Deduction at Source (TDS) on rent from Rs 2.4 lakh to Rs 6 lakh. This adjustment is aimed at benefiting small taxpayers and landlords by lessening the number of transactions subject to TDS.
The monthly TDS limit on rent has also been raised from Rs 24,000 to Rs 50,000, equating to Rs 6 lakh annually. “I propose to streamline TDS by minimizing the number of rates and thresholds for TDS deduction,” FM Sitharaman stated in her Budget address.
She further indicated that the threshold amounts for tax deductions would be increased to enhance clarity and consistency. According to the Finance Minister, these adjustments will provide relief to small taxpayers receiving relatively modest rental incomes.
Business
Fuel Prices Hiked by Rs.3 per Litre across India
New Delhi: Petrol and diesel prices have been increased by Rs.3 per litre across the country from today. Oil marketing companies revised the rates due to the rise in global crude oil prices.
After the hike, petrol price in Bengaluru has reached Rs.106.17 per litre, while diesel now costs Rs.94.10 per litre.
The increase comes amid fluctuations in international crude oil prices and tensions in West Asia, including the Iran conflict. The fall in the value of the Indian rupee against the US dollar has also increased import costs.
The fuel price hike is expected to affect transportation and daily essentials. Transport charges for goods may rise, leading to higher prices of vegetables, fruits, milk, and other items. Bus, auto, and taxi fares may also increase.
READ MORE :Two Final-Year Engineering Students Drown in Bhadra Canal
Earlier, fuel prices were reduced before the 2024 Lok Sabha elections. In 2022, the Centre had also cut excise duty to control inflation after the Covid pandemic.
Business
Gold Prices Rise in Mangaluru; Demand for Ornaments Remains Strong
Mangaluru: Gold prices in the coastal city of Mangaluru have been reported at high levels today. The rate for 24 karat gold (99.9% purity) stands at Rs.14,962 per gram. The price for 22 karat gold (91.6% purity) is Rs.13,715 per gram. Meanwhile, 18 karat gold (75% purity) is being sold at Rs.11,222 per gram.
Mangaluru is well known for its deep cultural connection with gold. The city has a long tradition of buying and wearing gold ornaments. This tradition continues strongly even today.
Local jewellers say that demand for gold remains steady despite high prices. Many people still prefer to invest in gold for safety and long-term value. Gold is also an important part of weddings and festivals in the region.
Apart from its love for seafood, Mangaluru is also famous for its gold market. The gold trade in the city has a long history and continues to grow.
READ MORE :Mango Sheera Emerges as a Popular Summer Dessert
Buyers are advised to check the latest rates before making a purchase. They can also use a gold rate calculator to get exact pricing based on weight and purity.
Experts say that gold prices may change depending on global market trends. Customers should stay updated and make careful decisions while buying gold.
Business
Pune FDA Seizes 3,800 Kg of Adulterated Mango Pulp in Major Crackdown
In a major action against food adulteration, the Food and Drug Administration (FDA) in Pune has seized over 3,800 kilograms of mango pulp mixed with unsafe food colours.
The raid was carried out after officials received confidential information about illegal production activities in the district. Acting quickly, an FDA team traced the source to a manufacturing unit in Urse village in Maval taluka.
During the inspection, officers found that the mango pulp was being prepared using unauthorised food colours and other banned substances. These materials are not allowed under food safety rules and can be harmful to consumers.
The unit was reportedly operated by Mohammad Ekramul, also known as Akram Gulam. Authorities said the facility was violating multiple food safety regulations.
Officials immediately seized the adulterated stock and stopped further production at the site. The FDA has also begun investigating the supply chain to identify where the products were being distributed.
READ MORE:98-Year-Old Nani Turns Entrepreneur, Inspires Millions With Gujarati Snacks
Authorities warned that strict action will be taken against those involved in food adulteration. They also urged the public to stay cautious while buying food products, especially during the mango season.
Further investigation into the case is currently underway.
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