log on to thegoan.net @thegoanonline SUNDAY FEBRUARY 2, 2025 Facebook.com/thegoan The Goan E-Paper (Playstore/IOS) 12+8 pages PRICE ` 10 PANAJI MARGAO GOA VOLUME X, NO. 225 Instagram.com/thegoanonline SACHIN TENDULKAR RECEIVES BCCI’S LIFETIME ACHIEVEMENT AWARD >> 12 RNI: GOAENG/2015/65729 7TH - 13TH BROKEN HEART CONCOCTIONS FebRUARY SINGLES FORTUNE VAGATOR REBOUND ROULETTE BOOK YOUR TABLE EX BOXING ARENA 90350 61127 MIDDLE CLASS HITS TAX JACKPOT TAX FOR THOSE EARNING UP TO LAKH A YEAR NO `12 ADDITIONAL `75,000 STANDARD DEDUCTION FOR SALARIED CLASS ANNUAL LIMIT OF `2.4 LAKH FOR TDS ON RENT RAISED TO `6 LAKH LIMIT FOR TAX DEDUCTION FOR SENIOR CITIZENS DOUBLED TOP 50 TOURIST DESTINATIONS TO BE DEVELOPED PTI NEW DELHI Finance Minister Nirmala Sitharaman on Saturday announced significant income tax cuts for the middle class and unveiled a blueprint for next generation reforms for Viksit Bharat as she treaded a fine line between fiscal prudence and providing a thrust to growth. Individuals earning up to Rs 12 lakh in a year will not have to pay any taxes after she raised the exemption threshold from Rs 7 lakh. An additional Rs 75,000 standard deduction is available for the salaried class. Presenting her eighth straight budget, she also altered tax slabs for people earning above this threshold to help save up to Rs 1.1 lakh in taxes for those with income up to Rs 25 lakh in a year. The raising of the rebate leads to 1 crore people not having to pay any tax, she said. The overall tax slab regig will benefit 6.3 crore people, or more than 80 per cent of taxpayers. “The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household con- sumption, savings and investment,” Sitharaman said presenting what was dubbed as ''reformist'' budget for the next fiscal in Lok Sabha. The Budget for April 2025 to March 2026 fiscal (FY26) proposed to raise foreign investment limit in insurance sector to 100 per cent from current 74 per cent and continued spending spree on infrastructure while raising allocations for social sectors as well as providing for measures for poor, youth, farmers and women. All this she did while managing to stick to the fiscal consolidation roadmap, projecting a fiscal deficit of 4.4 per cent of the GDP in FY26 as against an estimated 4.8 per cent in the current year ending March 31. Commenting on the an- NEW TAX REGIME: WHO SAVES HOW MUCH NEW DELHI In a major relief to the common man, Union Finance Minister Nirmala Sitharaman on Saturday announced that people with incomes of up to Rs 12 lakh will not have to pay a single rupee in income tax. Further, under the new income tax regime, a standard deduction of Rs 75,000 is also available. With the introduction of this change, salaried individuals with an annual income of up to Rs 12.75 lakh will have zero tax liability un- Gross taxable Current Proposed Income tax income income tax income tax saved after payable payable Budget 2025 0 `12,75,000 `83,200 ` 83,200 ` 15,00,000 `1,30,000 ` 97,500 ` 32,500 ` 16,00,000 `1,53,400 ` 1,13,100 ` 40,300 ` 20,00,000 ` 2,78,200 ` 1,92,400 ` 85,800 ` 24,75,000 ` 4,26,400 ` 3,12,000 ` 1,14,400 ` 25,00,000 ` 4,34,200 ` 3,19,800 ` 1,14,400 nouncements, Prime Minister Narendra Modi said it is a “people's budget” that fulfils the dreams of every Indian and said that it is a “force-multiplier” that will boost consumption, investment and growth. “The Budget lays a strong foundation to increase savings and make citizens partners in >Continued on P8 der the new tax regime. But will they, along with others with no tax liability, be required to file an income tax return (ITR)? ITR filing is mandatory for individuals whose income exceeds basic exemption limit, which is Rs 2.5 lakh under old tax regime and Rs 4 lakh under the new tax regime. Tax experts say that tax return filing obligations are based on income level and not on the tax liability. In other words, even if a taxpayer’s liability comes down to zero due to rebates or deductions, they must file an ITR, reflecting their zero tax liability. Filing ITR helps in maintaining a clean financial record and can be beneficial in securing loans, visas etc. Budget boost for Goa, larger devolution of funds from Centre’s tax & duties pool D EDUCATION INCOME TAX OTHERS Streamlined e-visa facilities, visa fee waivers for select tourist groups Special focus on spiritual, heritage tourism PPPs in medical tourism under ‘’Heal in India’’ initiative Safe Tourist Destination for Women scheme UDAN scheme to connect 120 new destinations Infra expansion at five new IITs to house 6,500 more students Centre of Excellence in AI for education 50,000 Atal Tinkering Labs in govt schools New income tax bill to be tabled next week Time for filing updated returns extended Rs 12 lakh rebate to benefit 1 crore more people Scheme for footwear, leather sectors; jobs for 22 lakh people New initiatives to strengthen climate resilience, energy transition Import duties on 25 critical minerals removed India Post to have 1.5 lakh rural post offices INFRASTRUCTURE 3-year projects can be implemented in PPP mode Over 100 new places to get regional airports Six new schemes for farmers, KCC limit raised to Rs 5 Lakh Focus on Tur, Urad & Masoor with ‘’Mission for Aatmanirbharta in Pulses’’ Comprehensive programme for vegetables and fruits Upto PTI PANAJI espite critic that there seemingly is not much for Goa in the Union Budget, specially from Opposition politicians, perusal of the financial statement presented to Parliament by the Union Finance Minister Nirmala Sitharaman on Saturday shows a larger devolution of funds from the Centre’s tax and duties kitty. In fact the State’s exchequer will be richer by Rs 5,490.62 crore in the upcoming financial year as the budget estimates have recorded it as TOURISM AGRICULTURE Zero tax, but you still need to file ITR THE GOAN I NETWORK UNION BUDGET: IN A NUTSHELL ON PAGES 8, 9, 10 Detailed coverage of Union Budget Union Budget a boost for Goa’s economy, says GCCI Goa industry captains, business associations give thumbs up the amount Goa will get as its share of the Union taxes and duties. While in percentage of the total tax and duties proceeds of the Centre, Goa’s share works out to the same 0.386% it was entitled to in the current fiscal which will end on March 31, in real terms it is over Rs 500 crore more than the quantum of tax funds it got (or is to get by March 31). For the 2024-25 fiscal year, Goa’s net share of the Centre’s tax and duty collections stands at Rs 4,967.38 crore, which is Rs 523 crore less than the Rs 5,490 crore estimated in the budget presented by Finance Minister Sitharaman on Saturday. This estimated amount includes Rs 1,533.17 crore from corporate tax share, Rs 2,045.70 crore from income tax share, Rs 1,598.46 crore from Central GST, Rs 252.72 crore from customs, Rs 52.50 crore from central excise duties, and Rs 7.91 crore from other taxes and duties. Another Budget 2025 initiative which could benefit Goa through the spinoffs from it is the modified ‘Udaan Scheme’ which Sitharaman said will be launched to improve regional >Continued on P8 HEALTH 10,000 new medical seats 36 life-saving medicines exempted from custom duty Daycare cancer centres in district hospitals Healthcare facilities for gig workers MAKE IN INDIA National Manufacturing Mission to provide policy support & monitoring framework Mission to support clean technology manufacturing Nuclear Energy Mission for research & development
The new Goa, with a broader profile of people from different parts of India and the world, needs not just a strong local paper but a complete paper. The Goan on Saturday will connect to and be a viable and comprehensive read for locals, other Indians in Goa, NRI and foreigners. It will also be a bridge for Goans in other parts of India all over the world to their home land. The Goan is published by Goa's most reputed industrial houses.
