New Delhi, July 31 (IANS) Around six crore income tax returns have been filed in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers a lower rate of tax but fewer deductions, Revenue Secretary Sanjay Malhotra has said.

Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said initially some apprehensions were raised in some sections as to whether people would shift to the simplified tax regime.

However, the large percentage of taxpayers preferring to adopt the new regime reflects a positive response and the successful transition to the simplified system, he pointed out.

The new tax regime, introduced to simplify the tax process, offers lower tax rates compared to the previous regime but provides fewer exemptions and deductions. Malhotra highlighted that the move towards this regime aims to reduce compliance burdens and make the tax system simpler for individuals to deal with.

He also said that the comprehensive income tax review announced in the Budget for 2024-25 is aimed at making the tax law simpler.

“We will come up with a draft and then we will seek suggestions from stakeholders,” Malhotra added.

Currently, the country has two personal income tax regimes. In the old income tax regime, the tax rates are higher but taxpayers can claim exemptions and deductions which is a relatively more complicated process. The new tax regime is simpler as it allows the taxpayer to avail of a lower tax rate without the process of filing for deductions.

As much as 58 per cent of corporate tax has come from the simplified tax regime in FY23.

Finance Minister Nirmala Sitharaman has also announced in the Union Budget that a comprehensive review of the Income-tax Act, 1961 would be undertaken which would be completed in six months.

“The purpose is to make the Act concise, lucid, easy to read and understand,” she said, The Finance Minister also said that the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences.

Besides, the two tax exemption regimes for charitable trusts will be merged into one.

–IANS

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New Delhi, July 31 (IANS) India saw 21 per cent growth in data centre absorption in the first half this year — from 778 megawatts (MW) capacity in H1 2023 to nearly 942 MW in H1 2024 — as demand for edge data centres surged from tier 2 and 3 cities, a report showed on Wednesday.

Approximately 71 MW of IT capacity was added across key data centre micro-markets in the January-June period, according to Savills India, a global real estate advisory firm. Concurrently, the market witnessed transactions of around 200 MW in IT capacity during this period.

The market is expected to grow to approximately 400 MW IT capacity by the end of 2024.

The demand was driven by hyper scalers, banking, financial services and insurance (BSFI), IT and ITeS and service sectors, all relying heavily on data centre operators for colocation and related services, the report mentioned.

“We project a strong demand for data centre capacity in India by the end of 2024, with an estimated requirement of 400 MW across major cities,” said Srihari Srinivasan, Director and Lead Data Centre Services, Savills India.

While supply is expected to reach 350 MW during the same period, data centre operators are expanding their service offerings beyond colocation to include networking, cloud solutions, specialised hardware like GPUs, and other managed services.

Mumbai led the data centre market with a substantial 54.9 per cent share of the total capacity, followed by Chennai (12.3 per cent), Bengaluru (8.2 per cent) and Pune (7.2 per cent).

Hyperscalers accounted for 22 per cent of the total stock, while enterprises held 10 per cent.

The remaining 68 per cent was utilised by a combination of hyper scalers and enterprises, showcasing a diverse utilisation pattern within the data centre industry, the report said.

“This growth is being driven by surging internet usage, the rise of 5G and the need for ultra-low latency for mobiles, which is also creating a growing demand for edge data centres in specific areas,” Srinivasan added.

Furthermore, the increasing adoption of AI and IoT across various industries is fueling the need for data centre services, with GPU-powered solutions playing a key role in addressing these demands.

–IANS

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New Delhi/Aizawl, July 31 (IANS) The National Investigation Agency (NIA) chargesheeted an accused in a pan-India illegal arms and ammunition trafficking case linked with Myanmar-based insurgent groups, sources said on Wednesday.

NIA sources said that the chargesheet against Lalngaihawma was filed before the NIA Special Court, New Delhi on Tuesday under various sections of the IPC, Arms Act, Explosive Substance Act, and Unlawful Activities (Prevention) Act.

Lalngaihawma has been charged with active involvement in the network operating in the northeast region, along with other parts of the country.

NIA had registered the case on December 26, 2023, against him and others on the basis of inputs that some Mizoram-based entities were engaged in the illegal trafficking of arms, ammunition, explosives etc. in the northeastern region of the country.

Investigations by the agency so far have revealed that Lalngaihawma had established strong linkages with Myanmar-based insurgent groups.

With their help, he used to receive arms, ammunition and explosives for supply to various insurgent and criminal groups.

Lalngaihawma had also received huge funds through various channels, including his Myanmar-based associates.

NIA further found that the accused had established a nexus with licensed arms dealers.

He used the nexus to pilferage non-prohibited bore weapons and ammunition, besides trafficking prohibited bore weapons.

Further investigations in the case are in progress.

–IANS

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New Delhi, July 31 (IANS) Bharatiya Janata Party (BJP) has lined up a series of events, including the ‘Har Ghar Tiranga’ campaign, from August 11 to August 15 on the occasion of the 78th Independence Day.

As part of the ‘Har Ghar Tiranga’ campaign, BJP leaders and workers will take out marches across the country from August 11 to August 14.

The party will observe ‘Vibhajan Vivishika Diwas’ on August 14 to remember the horrors of Partition. Earlier in 2021, Prime Minister Narendra Modi had announced that August 14 would be observed as Partition Horrors Remembrance Day.

Similarly, BJP will leaders and workers will take part in the campaign and ensure that the Tricolour is hoisted at homes, offices and shops of the people from August 13 to August 15.

In his 112th ‘Mann Ki Baat’ on July 28, Prime Minister Narendra Modi also called upon all Indians to participate in the ‘Har Ghar Tiranga Abhiyan’ to celebrate Independence Day.

The PM highlighted the growing trend of taking selfies with the national flag and sharing them on social media.

Encouraging participation, he urged citizens to upload selfies with the Tricolour on ‘harghartiranga.com’.

The Prime Minister also invited people to send their suggestions for the upcoming Independence Day address via the MyGov or NaMo App.

Meanwhile, the Ministry of Defence, on Independence Day on August 15, will undertake a massive tree plantation drive across the country under which 15 lakh saplings will be planted as part of the ‘Ek Ped Maa Ke Naam’ campaign.

–IANS

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Jaipur, July 31(IANS) Rajasthan-designate Governor Haribhau Kisanrao Bagde will take oath on Wednesday at 4 pm in a ceremony which will be organised at Raj Bhavan.

Rajasthan Chief Justice Manindra Mohan Srivastava will administer the oath to the designated Governor.

Chief Minister Bhajan Lal Sharma, Assembly Speaker Vasudev Devnani, members of the Council of Ministers and MLAs will be present at the oath ceremony.

Leader of the Opposition (LoP) Tika Ram Jully and other special guests will also attend the ceremony.

Following the oath-taking ceremony, the Chief Minister will organise a dinner for the incumbent and former Governors.

Bagde reached Jaipur on Tuesday and was received by Chief Minister and Assembly Speaker Vasudev Devnani.

He was also given a guard of honour at the airport and Raj Bhavan.

Deputy Chief Minister, Chief Secretary, Director General of Police UR Sahu and other administrative officials also welcomed the Governor.

The Governor-designate worshipped Lord Shiva at the Raj Bhavan and offered water and Prasad and Bilwa leaves at the Raj Rajeshwar temple in the Raj Bhavan.

He also met Governor Kalraj Mishra at the Raj Bhavan.

–IANS

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