Tax exemption can be given on income of ₹ 10.5 lakh: Announcement possible in the budget, Government said – Indian economy will grow by 6.5% in FY25

Yesterday the news of change in taxation was in the headlines. In the budget of the new financial year, the government can give the gift of tax exemption to individual taxpayers. Modi 3.0 in its second budget is considering cutting income tax rates for people earning Rs 10 lakh 50 thousand annually.

The Government of India has estimated India’s Gross Domestic Product (GDP) growth at 6.5% for the financial year 2024-25. At the same time, Indian Railways’ online ticket booking portal IRCTC and its app went down due to technical problems. People had to face this during the immediate peak time.

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1. Tax exemption can be given on income up to ₹ 10.50 lakh: Announcement possible in Budget 2025-26, changes in old tax regime and capital gains tax also expected.

Narendra Modi government can provide relief to individual taxpayers in the budget for financial year 2025-26. According to a Reuters report, Modi 3.0 is considering cutting income tax rates for people earning Rs 10 lakh 50 thousand annually in his second budget.

Due to the general elections, two budgets, interim and full, were presented for the financial year 2024-25. In the July 2024 budget, Finance Minister Nirmala Sitharaman had expanded the income tax exemption slab and increased the standard deduction for all taxpayers.

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2. Indian economy will grow at the rate of 6.5% in FY25: Growth had declined to a 21-month low in the second quarter.

The Government of India has estimated India’s Gross Domestic Product (GDP) growth at 6.5% for the financial year 2024-25. This estimate has come down due to decline in gross fixed capital formation and private consumption during the September quarter.

Earlier, International Monetary Fund i.e. IMF had maintained its estimate of 7%. At the same time, the GDP estimate for the financial year 2025-26 has also been maintained at 6.5%. On October 9, RBI had retained India’s GDP growth forecast for FY25 at 7.2%.

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3. IRCTC website and app down, 2500 complaints report: Ticket booking could not be done due to outage, people got angry on social media.

Indian Railways’ online ticket booking portal IRCTC and its app went down due to technical issues. People had to face this during the immediate peak time. Due to technical glitches during peak booking hours, there was more difficulty in booking Tatkal tickets.

According to the report of outage tracking platform DownDetector, around 2500 users reported outage cases at 10.25 am. At this time, complaints of outage on the platform were at their peak. Although the problems were resolved after some time, complaints of outage from many cities of India went viral on the internet.

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4. Kawasaki KLX 230 dual-sport motorcycle launched, price ₹ 3.30 lakh: Features like disc brake with switchable ABS, competes with Royal Enfield Himalayan

Two-wheeler maker Kawasaki India has launched its first road-legal dual-sport motorcycle KLX230 in the Indian market. The bike is equipped with features like disc brakes with switchable ABS and all LED lighting setup. The motorcycle is offered with a single variant and two color options. This includes lime green and battle gray colors.

Its ex-showroom price has been kept at Rs 3.3 lakh. Booking of the bike had already been started. Now it is officially available for sale in India. Its delivery will take place early next year. It will compete with Hero XPulse 200 4V and Royal Enfield Himalayan in India.

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5. Honda SP160 launched, starting price ₹ 1.21 lakh: Sporty bike has digital display and dual disc brakes, competes with Apache RTR160

Right after updating the Activa 125 and SP125, Honda Motorcycle and Scooters India (HMSI) has launched the updated model of SP160. The company has made changes to the engine in the sporty bike as per the OBD2B emission norms.

The bike now comes with some cosmetic changes and features like Bluetooth connectivity, navigation, digital instrument cluster and dual disc brakes. The bike will also run on E-20 petrol.

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