Business

FM Sitharaman to Present Income Tax Bill Today; Lok Sabha Adjourned Until 2 PM

Published

1 year ago

February 13, 2025

Finance Minister Nirmala Sitharaman is set to present the new Income Tax Bill in the Lok Sabha on Thursday as part of ongoing tax reforms aimed at simplifying and clarifying tax provisions to enhance understanding and minimize potential legal disputes.

The Budget Session of Parliament commenced at 11 a.m., but the Lok Sabha was adjourned until 2 p.m. due to protests from opposition members on various matters. The Finance Minister is anticipated to introduce the Income Tax Bill in the Lower House later today.

The Income Tax Bill is being condensed to 622 pages, featuring 536 clauses. It will replace the antiquated 64-year-old law, which spans 823 pages and contains 819 sections. This proposed legislation aims to simplify legal jargon by incorporating straightforward terms—such as substituting ‘assessment year’ with ‘tax year’—and will eliminate several convoluted provisions to increase clarity and reduce the possibility of legal conflicts. Some outdated clauses will also be removed as part of this simplification effort.

This new legislation will take precedence over the Income Tax Act of 1961, which has expanded significantly due to numerous amendments over the past sixty years. It is expected to come into effect on April 1, 2026.

The main goal is to simplify tax laws, making them more transparent, easier to interpret, and more taxpayer-friendly. By replacing complex regulations with clearer terms, the initiative hopes to minimize legal disputes and foster voluntary compliance among taxpayers.

After its introduction in the Lok Sabha, the Bill will be forwarded to the Parliamentary Standing Committee on Finance for further review.

Importantly, the bill will not alter existing tax slabs or reconsider the current tax rebates; its focus is on making the legislation from the last six decades more accessible and understandable.

“This reform marks a significant advancement in modernizing India’s tax framework, providing increased clarity and efficiency. The bill promises a more streamlined and user-friendly tax system, facilitating easier compliance for citizens and businesses while building trust in the system,” stated Rohinton Sidhwa, Partner at Deloitte India.

Business

Fuel Prices Hiked by Rs.3 per Litre across India

Published

8 hours ago

May 15, 2026

Namma Kudla

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.

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

Published

2 weeks ago

May 4, 2026

Namma Kudla

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.

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

Published

1 month ago

April 15, 2026

Namma Kudla

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.

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.