Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes.
Fully imported cars, including electric vehicles, and those assembled in India with imported parts will also become costlier with the finance minister increasing customs duty.
Following is a list of items that will become costlier:
*Cigarettes
*Kitchen chimney
*Imported bicycles and toys
*Fully imported cars and electric vehicles
*Imitation jewellery
*Compounded rubber
*Naphtha
However, certain goods will become cheaper as the government has slashed the customs duty. These are:
*Domestically-manufactured TV sets
*Shrimp feed
*Fish lipid oil used in manufacturing aquatic feed
*Seeds for lab-grown diamonds
*Machinery for manufacturing lithium ion cell to be used in electric vehicles.
Union Budget 2023: Govt doubles deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh
Union Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh.
In her Budget Speech, the minister also announced a new small savings scheme for women.
“The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh,” the minister said in her 87-minute-long speech.
She also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
Announcing a new ‘Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra’, Sitharaman said a one-time new small savings scheme, Mahila Samman Savings Certificate, would be made available for a two-year period up to March 2025.
“This will offer deposit facility up to Rs 2 lakh in the name of women or girls for two years at fixed interest rate of 7.5 per cent with partial withdrawal option,” she said.
The minister also announced that an integrated IT portal would be established for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease.
Union Budget 2023: Defence budget hiked by 13 per cent to Rs 5.94 lakh crore; New acquisitions and indigenous industry in focus
Aiming to be self-reliant in military equipment technology and to tackle rising threats from China along the Line of Actual Control, the Government today affected a hike in allocations for modernisation of military, infrastructure in the Himalayas and military projects in the proposed budget for 2023-24 presented in Parliament.
Overall, the budget for the Ministry of Defence, including the capital outlay meant for new weapons and projects, the salaries and expenses of the three armed forces, coast guard, DRDO, the Border Roads Organisation and pensions is Rs 5,93,537 crore.
It represents a Rs 68,371 crore or 13.01 percent hike over the Rs 5,25,166 crore budget estimates of the present fiscal ending March 31, 2023.
The ‘capital head’ of the defence budget for the year 2023-24 will be Rs 1,62,600 crore. This represents an increase of Rs 10,231 crore or a 6.7 percent hike over the allocation of Rs 1,52,369 crore for the present fiscal.
Pensions accounts for Rs 1,38,205 crore of the MoD budget and represent a 15.46 percent hike over this fiscal’s allocation of Rs 1,19,696 crore.
The increase caters to the upward revision of ‘One Rank, One Pension’ (OROP) for retired soldiers effected in December last year. Part of the arrears are also be paid during the next fiscal hence the hike.
The capital allocation for the IAF is Rs 57,132 crore of which Rs 15,721 crore are earmarked for aircraft and aeroengines. The Navy gets Rs 52,804 crore of which Rs 24,200 crore is for the naval fleet.
The Army gets Rs 37,231 crore as capital. These funds are for sourcing new weapons equipment planes, copters, tanks, guns, etc.
Capital Budget of Border Roads Organisation (BRO) has been increased. It will spend Rs 4500 crore in making bridges roads and tunnels in the Himalayas. Another Rs 5,000 crore will be spent by BRO from the Central Road and Infrastructure Fund for infrastructure in the Himalayas.
Also the Research and Development gets an allocation of Rs 12,850 crore. Of this, startups and academia private industry will be allowed to claim 25 per cent of defence R&D budget. Private industry will be encouraged to take up design and development of military platforms and equipment in collaboration with DRDO and other organisations.
13% more for defence as govt targets new technologies
Aiming to be self-reliant in military equipment technology and to tackle rising threats from China along the Line of Actual Control, the government today effected a hike in allocations for modernisation of military and infrastructure in the Himalayas in the proposed Budget for 2023-24 presented in Parliament.
Aiming to be self-reliant in military equipment technology and to tackle rising threats from China along the Line of Actual Control, the government today effected a hike in allocations for modernisation of military and infrastructure in the Himalayas in the proposed Budget for 2023-24 presented in Parliament.
About 13.18 per cent of the country’s Budget has been allocated to the Ministry of Defence. The MoD’s allocation, including the capital outlay meant for new weapons and projects, salaries and expenses of the three armed forces, Coast Guard, DRDO, Border Roads Organisation (BRO) and pensions is Rs 5,93,537 crore.
It is a Rs 68,371 crore or 13.01 per cent hike over the Rs 5,25,166 crore Budget estimates of the present fiscal ending March 31, 2023.
The ‘capital budget’ of the MoD allocation for the year 2023-24 will be Rs 1,62,600 crore. This represents an increase of Rs 10,231 crore or a 6.7 per cent hike over the allocation of Rs 1,52,369 crore for the present fiscal. “The increase in the capital budget since 2019-20 has been Rs 59,200 crore (57%),” the MoD said.
Notably, operational allocation, which is separate from the capital budget, is Rs 90,000 crore. The MoD is expected to close critical gaps in combat capabilities and equip the forces in terms of ammunition, and sustenance of weapons and assets.
Pensions accounts for Rs 1,38,205 crore of the MoD Budget and represents a 15.46 per cent hike over this fiscal’s allocation of Rs 1,19,696 crore.
The increase caters to the upward revision of One Rank One Pension (OROP) for retired soldiers effected in December last year. A part of the arrears will be paid during the next fiscal, hence the hike
The capital allocation for the IAF is Rs 57,132 crore, of which Rs 15,721 crore are earmarked for aircraft and aero-engines. The Navy gets Rs 52,804 crore, of which Rs 24,200 crore is for the naval fleet. The Army gets Rs 37,231 crore as capital. These funds are for sourcing new weapons, equipment, planes, copters, tanks, guns, etc.
The capital budget of the BRO has been increased. It will spend Rs 4,500 crore in making bridges, roads and tunnels in the Himalayas. Another Rs 5,000 crore will be spent by the BRO from the Central Road and Infrastructure Fund for infrastructure in the Himalayas.
Also Research and Development gets an allocation of Rs 12,850 crore. Of this R&D budget, startups and private industry will be allowed to claim 25 per cent of the amount. Private industry will be encouraged to take up design and development of military platforms and equipment in collaboration with the DRDO and other organisations.
MoD outlay 13.18% of Union Budget
Rs 5,93,537-cr MoD Budget sees hike of 13.01% over present fiscal
Rs 1,62,600 cr capital for new defence acquisitions
Rs 9,500 cr allocated to border roads and bridges
Rs 12, 850 cr earmarked for research & development
The income tax (IT) cuts and slabs proposed in Budget-2023 have come as a pleasant surprise for the salaried class. This move had eluded them ever since the BJP-led dispensation wrested power in 2014. The denial had been pinching them hard, given the spiralling cost of living and inflation. The bigger slices of salaries ending up in the hands of the middle class should enhance their spending power and propel the economy forward.
However, the catch is that these proposals are applicable only to those opting for the new tax regime which was introduced in 2021, even as the old one has also continued. The plus point of the old system is the offering of tax deductions for such investments as insurance, PF and mutual funds, HRA, house/education loan, donations, etc. While the new tax regime does not offer this advantage, its allure lies in its lower tax rates imposed on comparable income slabs. Thus, being beneficial selectively, the new scheme has not enticed many taxpayers. The IT rejig is partly aimed at course correction.
So, who should opt for what? After considering the basic exemption limit which has been hiked to Rs 3 lakh from Rs 2.5 lakh, the employees who should definitely go for the new tax regime are those earning up to Rs 7 lakh for they are fully exempt from tax as compared to the Rs 5-lakh limit for nil tax in the old scheme. With its lower tax rates for the other income slabs below Rs 15 lakh, the new taxation method should also appeal to workers hard-pressed to make tax-saving investments. But those going for such savings will have to, as per their investment capacity, calculate and weigh which of the two schemes leaves them with more salary in hand. For those earning over Rs 15 lakh, the FM has offered in the new scheme a standard deduction of Rs 52,500; and a reduction in highest surcharge rate from 37% to 25%, substantially benefiting the ultra-rich. Laudably, there’s a bonanza for retiring private sector employees: a hike in tax exemption on leave encashment on retirement to Rs 25 lakh from Rs 3 lakh. Every penny counts!
Air Marshal AP Singh today took over as Vice-Chief of the Indian Air Force (IAF). He laid a wreath at the National War Memorial to honour armed forces personnel, who made the supreme sacrifice for the nation.
New Delhi, February 1
Air Marshal AP Singh today took over as Vice-Chief of the Indian Air Force (IAF). He laid a wreath at the National War Memorial to honour armed forces personnel, who made the supreme sacrifice for the nation.
An alumnus of the National Defence Academy, Defence Services Staff College and National Defence College, the Air Marshal was commissioned into the fighter stream of the IAF on December 21, 1984. He is a qualified flying instructor and experimental test pilot with more than 5,000 hours of flying experience.
He was also Project Director (Flight Test) at the National Flight Test Centre looking after the flight testing of the Light Combat Aircraft (Tejas). He has succeeded Air Marshal Sandeep Singh, who retired yesterday after more than 39 years of service.
Meanwhile, Marshal RGK Kapoor today assumed charge of the Central Air Command. Air Marshal Kapoor was commissioned into the fighter stream of the IAF in June 1986.
He was Assistant Chief of the Air Staff Operations and Space when the Balakot air strike took place in February 2019. He has also served as India’s Defence and Air Attaché at the Indian embassy in Washington. — TNS
Has 5,000 hours of flying experience
Air Marshal AP Singh was commissioned into the fighter stream of the IAF on December 21, 1984
The officer is a qualified flying instructor and experimental test pilot with more than 5,000 hours of flying experience
The Air Marshal is a recipient of the Param Vishisht Seva Medal and Ati Vishisht Seva Medal
In addition to the rejig in personal income tax slabs, the Union Budget imparted another feel good factor by promising to reduce red tape. These would include an end to harassment for KYC (Know Your Customer) updation, making PAN a “common identifier for all digital systems of specified government agencies through a legal mandate” and easier claim to own funds impounded and pooled by regulators.
The KYC process will be simplified by adopting a ‘risk-based’ instead of the ‘one-size-fits-all’ approach, the Finance Minister announced. However, KYC rules are already ‘risk-based’ as per the RBI which has directed an update once every two years for high-risk customers, once every eight years for medium-risk customers and once every 10 years for low-risk customers. If there is no change in status, address or identity, low-risk customers can also update KYC through simple self-certification. Sitharaman also announced that a “one- stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity’’. However, it is not clear whether the old DigiLocker will continue or a new one will be required. For businesses, a law would enable the use of PAN as the common identifier for all digital systems of specified government agencies.
Also, an integrated IT portal would be established for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority (IEPFA) with ease. It is not known whether this means that the existing online system for such a purpose will be revamped or replaced by a new one. At the same time, this assurance remains to be extended to reclaiming bank deposits, PF, post office deposits, National Savings Schemes and mutual funds.
The Budget announced two “Vivad se Vishwas” schemes for MSMEs. One will return 95 per cent of the forfeited amount in case of failure to execute contracts during the Covid period and another is a voluntary settlement scheme where there is a court case.
The Supreme Court on Tuesday ruled that armed forces can take action against their officers for adulterous acts, as it clarified the landmark 2018 judgement that decriminalised adultery.
A five-judge Constitution bench headed by Justice K M Joseph said its 2018 judgement was not concerned with the provisions of the armed forces acts.
The top court, on a plea filed by NRI Joseph Shine, in 2018 had struck down Section 497 of the Indian Penal Code dealing with the offence of adultery, holding it unconstitutional.
The Tuesday order by the bench, also comprising justices Ajay Rastogi, Aniruddha Bose, Hrishikesh Roy, and C T Ravikumar came after Additional Solicitor General Madhavi Divan, appearing for the Centre, submitted a plea seeking clarification of the 2018 judgement.
The Ministry of Defence (MoD) had moved the apex court for an exemption to armed forces from the September 27, 2018 judgement striking down adultery, saying it may hinder action against officers who indulge in such actions and can cause ‘instability’ within the services.
“In view of the aforesaid (2018) judgment, there will always be a concern in the minds of the army personnel who are operating far away from their families under challenging conditions about the family indulging in untoward activities,” the application said.
Decriminalisation of adultery won’t be applicable in armed forces, rules SC
Observing that military discipline will be affected if there is an army with “completely loose morals”, the Supreme Court on Tuesday ruled that the armed forces can take action against their officers for adulterous acts and decriminalisation of adultery would not stand in the way of initiating disciplinary proceedings.
Clarifying its landmark 2018 judgement which had struck down Section 497 of the IPC that criminalised adultery, a five-judge Constitution bench headed by Justice K M Joseph said the verdict was not concerned with the provisions of the armed forces acts.
The top court in 2018 had struck down the 158-year-old anti-adultery law, saying it was unconstitutional as it dented the individuality of women and treated them as “chattel of husbands”.
The Tuesday order by the bench, also comprising justices Ajay Rastogi, Aniruddha Bose, Hrishikesh Roy, and C T Ravikumar, said it is not as if this court approved of adultery
“This Court was neither called upon nor has pronounced on Sections 45 and 63 of the Army Act and corresponding provisions of the other Acts. We only make this position clear and dispose of the application (filed by the Centre),” the bench said.
“If you are going to have an army with completely loose morals, then what will happen to the discipline. Military discipline will be affected.” At the outset, Additional Solicitor General Madhavi Divan, appearing for the Centre, submitted that a plea seeking clarification of the September 27, 2018 judgement has been filed by the Ministry of Defence for an exemption to armed forces, saying it may hinder action against officers who indulge in such actions and can cause ‘instability’ within the services.
“In view of the aforesaid (2018) judgment, there will always be a concern in the minds of the army personnel who are operating far away from their families under challenging conditions about the family indulging in untoward activities,” the application filed by the ministry said.
Divan stated that she wanted to show how this can impact the operational efficiency and readiness of the armed forces.
“It is not about Victorian morality, mine is a simple case of military discipline, operational efficiency for the armed forces. What section 497 looked at was the offence of adultery in the context of preserving marriage as a social institution. The object was to control the sexuality of the wife to preserve the bloodline and so it was struck down.
“We are on a different note. We want to show how this can impact the operational efficiency and readiness of our armed forces…We are concerned with operational efficiency which has a direct nexus with security of the nation,” she said.
The ASG said the message that seems to have gone down is that extra-marital affair by personnel in the armed forces is a permissible conduct.
“Why do we have court martial, independent criminal justice system in armed forces..because we need to act quickly…these are matters of discipline. When matters are pending all over the country, it is disturbing the cohesion of units…It breeds uncertainty.”
The law officer argued that in the armed forces its personnel are ready to die at the command of officers.
“It requires a different kind of mindset to get people to follow your every command. You have to set that example since they have to be ready to lose life at your command. But the command structure gets disrupted if your boss behaves inappropriately,” she said.
The Centre’s submission was opposed by advocate Kaleeswaram Raj, appearing for Joseph Shine, who had filed the petition seeking the repeal of Section 497 of the IPC. Raj submitted that no omnibus order should be passed.
The counsel appearing for intervenors in the case contended that proceedings against army personnel need to be considered on a case-to-case basis.
“Suppose there is an ongoing marital disputes and a complaint is made, wouldn’t it be required to look into the facts and circumstances of the case,” one of the lawyers said.
The top court had earlier said that armed forces must have some kind of mechanism for disciplinary proceedings against their officers for adultery as “this is a conduct that can shake up the life of officers”.
It had said adultery creates “pain” in a family and it should not be treated in a lighter manner.
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FAUJI HEART
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INDIAN DEFENCE FORCES
DEFENCE FORCES INTEGRATED LOGO
FORCES FLAGS
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Droupadi Murmu
DEFENCE MINISTER
Minister Rajnath Singh
CHIEF OF DEFENCE STAFF (2nd)
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INDIAN FORCES CHIEFS
CHIEF OF ARMY STAFF(29th)
GENERAL MANOJ PANDE, PVSM, AVSM, VSM, ADC
CHIEF OF AIR STAFF(26th)
Air Chief Marshal VR Chaudhari PVSM AVSM VM ADC
Chief of the Naval Staff (CNS)
Admiral R Hari Kumar, PVSM, AVSM, VSM, ADC
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GOC-in-C CENTRAL COMMAND
LT GEN YOGENDRA DIMRI, AVSM,VSM
GOC-in-C Eastern Command
LT GEN RANA PRATAP KALITA, UYSM, AVSM, SM, VSM,
GOC-in-C Southern Command
Lt Gen Ajai Kumar Singh, AVSM, YSM, SM, VSM
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Flag Officer Commanding in Chief, Western Naval Command
ice Admiral R Hari Kumar, PVSM, AVSM, VSM
Flag Officer Commanding in Chief, Eastern Naval Command
Vice Admiral Biswajit Dasgupta, AVSM, YSM, VSM
Flag Officer Commanding in Chief, Southern Naval Command
