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<ul><li><keyword id="19912297" type="General" weightage="100" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword> wants to partner with <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to develop new <keyword id="20830356" type="General" weightage="20" keywordseo="AI-chip" source="keywords">AI chip</keyword></li><li>The discussions are in prelim stage</li><li>Nvidia hasn't announced anything officially</li></ul><br />When it comes to AI, Nvidia is one of the frontrunners in the race. In the last few months, we have heard ample reports about how much Nvidia's AI chips are in demand. Now, latest reports say that the tech giant is looking forward to partner with India and use its huge talent pool to develop a new AI chip. <br /><br />According to a report in ET, Nvidia is looking to forge a partnership with India to create a new semiconductor chip tailored to the nation’s technological needs. As per the report, this initiative was discussed earlier this year between <keyword id="19979316" type="General" weightage="20" keywordseo="Jensen-Huang" source="keywords">Jensen Huang</keyword>, Nvidia’s CEO, and Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>. The collaboration aims to blend India’s robust semiconductor design skills with Nvidia’s cutting-edge technology to meet the increasing demands of the Indian tech market.<br /><br /><div type="Article" hostid="261" msid="113902265" title="Nvidia’s ChatRTX could be your alternative to ChatGPT for reading long documents, and it doesn’t need an internet connection" mstype="2" mssubtype="0"></div><br />As Nvidia’s graphics processing unit (GPU) chips continue to play a crucial role in the AI revolution, the company’s valuation has skyrocketed, now standing as the second most valuable company globally. Ashwini Vaishnaw, India’s union minister for electronics and IT, confirmed that discussions are underway, although they remain in the early stages.<br /><br />He told ET, “Yes, we are discussing with Nvidia the development of an AI chip; discussions are at a preliminary stage.” Meanwhile, Nvidia has not said anything yet.<br /><br />With around 19% of the world’s chip designers based in India—many working for renowned global firms—Nvidia is reportedly eager to leverage this rich talent pool. The partnership would focus on developing chips that cater to specific requirements within India, including AI-driven solutions for government initiatives, enhancements in infrastructure, and support for startups. Meanwhile, <keyword id="20553835" type="General" weightage="20" keywordseo="huang" source="keywords">Huang</keyword> is scheduled to visit India soon, marking his annual trip, during which he hopes to deepen ties with the nation.<br /><br /><div type="Article" hostid="261" msid="114040583" title="I talked to an AI-powered NPC thanks to Nvidia! True to her character, she surprised me with her princess attitude" mstype="2" mssubtype="0"></div><br />The report added that the envisioned chip would be specifically tailored for Indian applications, potentially enhancing systems like the Kavach security initiative for Indian Railways. This collaboration aims to provide the government, startups, and various businesses with a chip that supports diverse applications in line with India’s AI mission. Currently, the government is working on details such as cost, benefits, and use cases related to this co-development effort.<br /><br />If this chip collaboration materialises, Nvidia plans to design the core components in partnership with firms like Arm or AMD, while Indian entities, including the <keyword id="20051560" type="General" weightage="20" keywordseo="centre-for-development-of-advanced-computing" source="keywords">Centre for Development of Advanced Computing</keyword> (C-DAC) and private firms, would handle the customisation of the top 10-20% of the chip design, the ET report added.<br />

Nvidia eyes partnership with India to develop a new AI chip, all you need to know

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. <br /><br /> Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). <br /><br /> Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. <br /><br /> Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. <br /><br /> Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". <br /><br /> The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. <br /><br /> "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. <br /><br /> During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. <br /><br /> Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. <br /><br /> Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. <br /><br /> Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. <br /><br /> The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. <br /><br /> Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. <br /><br /> "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. <br /><br /> The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. <br /><br /> They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. <br /><br /> Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. <br /><br /> Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware.<br />  <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div><br />

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. <br /><br /> According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. <br /><br />The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. <br /><br />Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. <br /><br />Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. <br /><br />Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. <br /><br />As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. <br /><br />Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. <br /><br />Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. <br /><br />In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. <br /><br />"UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. <br /><br />If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. <br /><br />RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. <br /><br />BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. <br /><br />The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. <br /><br /> "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. <br /><br /> "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

Former president Donald Trump has said Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> will meet him next week during his upcoming three-day visit to the US. While the Republican presidential candidate slammed India as an "abuser" on the issue of import tariffs, he described Modi as a "fantastic man". <br /><br /> PM Modi will be visiting the US from September 21 to 23. <br /><br /> Speaking on Tuesday at his first public appearance following the recent apparent assassination attempt, Trump said Modi will meet him next week when he is in the US. <br /><br /> "So when India, which is a very big abuser. He (Modi) happens to be coming to meet me next week, and Modi, he's fantastic. I mean, fantastic man. A lot of these leaders are fantastic," Trump said, reiterating that India imposes heavy tariffs on imports. <br /><br /> The former president revealed the information as he spoke about trade and tariffs while responding to a question at a town hall meeting in Flint, Michigan. <br /><br /> He went on to say, "These people are the sharpest people. They're not a little bit backwards...You know the expression, they're at the top of their game, and they use it against us. But India is very tough. Brazil is very tough....China is the toughest of all, but we were taking care of China with the tariffs."  <br /><br /> "So we're going to do a reciprocal trade. If anybody charges us 10 cents, if they charge us USD 2, if they charge us a hundred per cent, 250, we charge them the same thing. And what's going to happen? Everything's going to disappear, and we're going to end up having free trade again. And if it doesn't disappear, we're going to take in a lot of money," he said. <br /><br /> Modi will begin his trip with the <keyword id="23214075" type="General" weightage="20" keywordseo="Quad-Leaders-Summit" source="keywords">Quad Leaders' Summit</keyword> being hosted by President Joe Biden in Wilmington, Delaware. The summit will be attended by Prime Minister Anthony Albanese of Australia and Prime Minister Kishida Fumio of Japan. <br /><br /> Modi will then travel to New York and address a mega community event in Long Island on September 22. He will address world leaders at the landmark Summit of the Future event at the UN headquarters the next day. <br /><br /> Modi's visit comes less than two months before the US heads into presidential elections with Trump and Democratic presidential nominee Vice President Kamala Harris in the race for the top job. <br /><br /> The US general elections will take place on November 5.

Trump says PM Modi will meet him during US visit, calls him 'fantastic'

The Indian contingent of the <keyword id="20420017" type="General" weightage="100" keywordseo="paris-paralympics" source="keywords">Paris Paralympics</keyword> on Thursday morning left from their hotel at the national capital in New Delhi to meet Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>.<br /><br />Earlier on Tuesday, the Indian contingent of the <keyword id="19916613" type="General" weightage="20" keywordseo="paris" source="keywords">Paris</keyword> Paralympics returned back to India after their record-breaking performance at the multi-sport event.<br /><br />Speaking to ANI, Paris Paralympics bronze medalist <keyword id="20359922" type="General" weightage="20" keywordseo="simran-sharma" source="keywords">Simran Sharma</keyword> said that it is a matter of pride for the contingent since they will be meeting <keyword id="19899320" type="General" weightage="20" keywordseo="pm-modi" source="keywords">PM Modi</keyword>.<br /><br />"It feels great, this is a matter of pride for us. PM speaks to us even before we leave to play our game. He makes athletes feel special. Perhaps that is why we are receiving a lot of support and the medal tally is improving and we won 29 medals. I am gifting my spikes, that I used while sprinting, to him," Simran said.<br /><br />Star para javelin-thrower Sumit Antil said that PM Modi has motivated them in the past.<br /><br />"The entire contingent is very happy and excited. He motivated us in the past and today we will come back motivated for our upcoming events. The way in which he supports the athletes, it feels like a family. Meeting him feels good...," Antil said.<br /><br />Paris Paralympics gold medalist <keyword id="20036346" type="General" weightage="20" keywordseo="harvinder-singh" source="keywords">Harvinder Singh</keyword> said that he was happy to meet to PM Modi.<br /><br />"I feel very happy. I have returned after becoming a champion in para-archery at Paris Paralympics. This is a historic medal for the country. I am happy to be meeting the PM today. I am taking one of my arrows that I used in the final, as a gift for the PM," Harvinder said.<br /><br />Para-discus thrower Yogesh Kathuniya said that meeting with PM Modi will help them in the long run.<br /><br />"There is a lot of excitement that we will celebrate our victory with him (PM Modi). It feels great that a Prime Minister holds one-to-one interaction with you. We will talk, even about the time to come. That fills a spark in our life. This will help us in the long run...I am taking my discus to him as a gift...," Kathuniya said.<br /><br />Paris Paralympics gold medalist Navdeep Singh said that the Indian contingent is very proud to have the opportunity to meet PM Modi.<br /><br />"It feels great. We are meeting the Prime Minister of the country. We feel proud that we have received the opportunity to meet him. I am excited and delighted...," Navdeep said.<br /><br />Paralympian-archer <keyword id="20121984" type="General" weightage="20" keywordseo="sheetal-devi" source="keywords">Sheetal Devi</keyword> said that PM Modi has always been "motivating and blessing" the Indian contingent.<br /><br />"I am very happy that we are all going to meet PM Modi...He has been motivating and blessing us. I am delighted...," Sheetal said.<br /><br />The Indian contingent concluded its Paralympics campaign in Paris on Sunday with a record haul of 29 medals, including seven golds, nine silvers, and 13 bronzes. The 29-medal tally is the most by India in the history of the Paralympics. Following the conclusion of the landmark campaign, India surpassed its record medal tally of 19, which was achieved at the Tokyo 2020 Paralympics. India ended the marquee event in the 18th position.<br />

Indian contingent of Paris Paralympics to meet PM Modi today

<ul><li>No changes, or announcements for the old tax regime</li><li>FMlowered the tax burden by increasing the standard deductions in the new regime </li><li>Tax slabs also revised under the new regime</li></ul> <keyword id="7706673" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> presented the Union <keyword id="18656923" type="General" weightage="20" keywordseo="budget-2024-25" source="Orion">Budget 2024-25</keyword> in the parliament recently, unveiling the Narendra Modi-led government’s budget for the fiscal year 2024-25. While the government announced some changes to direct taxation, including revised tax slabs for the new tax regime, most experts called the budget lackluster. <br /><br /> Nitin Chaudhary, Founder of NC Financial Advisory Services highlights his disappointment, noting that this Budget has actually been not at all impactful as it was expected to be. <br /><br />"It is more of a Budget for Coalition rather than any common man and tax payer. Neither there was any major drastic change in allocation as such and nor there was any major relief and tax benefits that was passed on to the tax payer.<br />There is a slight change in the tax slab rate owing to which there will be a very limited benefit to the tax payer in terms of tax outflow", continued Chaudhary.<br /> <br /><h2>Changes in new tax regime</h2>In a bid to make the new tax regime more lucrative, the FM proposed to hike the standard deduction limit to Rs 75,000 from earlier Rs 50,000, exclusively under the new tax regime. Similarly, the deduction available for family pension is also proposed to be increased from Rs 15,000 to Rs 25,000.<br /><br />More than two-thirds of taxpayers have availed of the new <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">Income Tax</keyword> regime, as per <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The FM announced a review of the comprehensive tax regime. Per FM, under the new regime, taxpayers will be able to save up to Rs 17,500 as taxes, annually.<br /><br />The government has revised the tax rate structure for the new regime, which are now as follows -<br /><br /><h2>New income tax slab rates</h2><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income slabs<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 to 3L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 to 7L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 to 10L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 to 12L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12 to 15L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Above 15L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Prior to the changes announced today, the new tax regime was structured as follows:<br /><br /><h2><table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 850.594px; font-family: Merriweather; letter-spacing: 0.121826px; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"><tbody><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Income Slab (In Rs)</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Tax Rate</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>Up to 3,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>No Tax</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>3,00,001 - 6,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>5%</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>6,00,001 - 9,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>10% (Tax Rebate up to Rs 7 lakh)</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>9,00,001 - 12,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>15%</strong></td></tr><tr><td class="se-table-selected-cell" style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>12,00,001 - 15,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>20%<br /></strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>Above 15,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>30%</strong></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /></h2>Says T Manish, Research Analyst, SAMCO Securities, "FM announces revised tax rate under new tax regime, apart from the above slab revisions, the Standard deduction from 50,000 to 75,000 for individuals opting for new tax regime. This would result in savings of around Rs. 17500 in net taxes in the hands of individual. This would benefit directly to the companies in FMCG segment such as HUL, ITC, Dabur, Nestle and second order beneficiaries would be suppliers to these FMCG giants such as Polyplex, Uflex. Further, increased saving would also boost the inflow to wealth management (AMC’s)in the form of SIP's, and to Stock broking companies through brokerage".<br /><br /><h2>Capital gains simplified</h2>FM also moved to rationalise and simplify short-term capital gain (STCG) tax. Going ahead, STCG on specific financial assets will be charged at 20%, while the remaining financial and other non-financial assets will be charges as per applicable rates. This threshold was set at 15% previously.<br /><br />The long-term capital gains tax on financial and non financial assets was raised from its earlier threshold of 10% to 12.5%. However, the exemption limit under LTCG has been enhanced. This means that now, all long-term capital gains tax earned during the year to the tune of Rs 1,25,000 will be tax exempt. This limit was earlier set at Rs 1,00,000. Specified listed financial assets will be considered long-term provided they have been held for more than 12 months.<br /><br />As Anand Rathi, Co-founder of MIRA Money notes, the FM aims to send a clear message to the investors: avoid short term trading and leveraging. This is reflected in the increased security transaction taxes on futures and options,<br />which is a positive step. However, the increase in short term capital gains tax from 15% to 20% is a notable drawback for many traders.<br /><br />"Previously, if your capital gain was 2 lakh rupees, 1 lakh was exempted, and you had to pay 10% on the remaining 1 lakh, amounting to 10,000 rupees. Now, with the same 2 lakh rupees capital gain, you would pay<br />12.5% tax on the remaining 75,000 rupees after the exemption, which is beneficial", Rathi explained. <br /><br /><br />                        <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div><br /><h2>Higher tax on F&amp;O trading</h2>In a bid to stop fund inflows into speculative trading, the securities transaction tax (STT) on trading in futures and options was increased. While STT on options was increased from 0.062% to 0.1%, while the STT on futures was raised from 0.0125% to 0.02%. While this might seem as a  major setback to those trading in futures and options, experts opine that this is unlikely to significantly trading volumes in the segment. Note that this change is set to come into effect starting October 1, 2024. <br /><br />Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&amp;O segment. We can expect more measures in the F&amp;O space in the days to come". <br /><br /><h2>Other tax changes</h2><ul><li>The TDS rate on e-commerce operators has been reduced from 1% to 0.1%</li><li>Angel tax, the tax levied on the capital raised via the issue of shares by unlisted companies has been abolished.</li><li>TDS payable on insurance commission reduced from 5% to 2%, starting 1st October, 2024.</li><li>TDS payable on rent paid over Rs 50,000 to be reduced from 5% to 2%. </li></ul><br /><strong>SEE ALSO:<br /></strong>        <br />          <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>          <div type="Article" hostid="261" msid="111952160" title="Sitharaman announces cut in customs duty on gold, silver to 6%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div><br />

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