Riddhima remembers ‘papa’ Rishi on birth anniversary, says ‘Raha is mini you’

The Higher Education Department has issued a notification in this regard. 

"Universities and colleges coming under the Bhubaneswar Municipal Corporation shall remain closed on 17.09.2024 (Tuesday) because of the visit of Prime Minister of India for the Inauguration of 'SUBHADRA YOJANA', read the notification. 

Letter has been written to all Principals of Colleges and Vice-Chancellors of Universities in the city. As many as 50 colleges, universities, and deemed to be universities will remain closed in the capital city tomorrow. 

Notably, Prime Minister Narendra Modi will inaugurate the flagship women welfare programme, SUBHADRA, at a special event at Janata Maidan on his birthday tomorrow. He is scheduled to arrive in the city at around 9 am. 

Because of his visit, the entire route from the Airport to Janata Maidan and the event ground has been declared 'No Drone Zone/No Flying Zone," 

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The government has raised the income tax exemption limit to Rs 7 lakh. The standard deduction for salaried individuals has been increased to Rs 75,000, and the exemption limit for family pensions has been raised to Rs 25,000.

Also, a comprehensive review of income tax regulations is underway to simplify and streamline the tax system.

According to Finance Minister Nirmala Sitharaman, within the next few months, there will be a new Tax Code or a new Income Tax Act aimed at reducing litigation.

The Tax Code will be simplified in line with the three goals set by Prime Minister Modi -- seamless, painless and faceless. The Finance minister also said that 72 per cent of all the taxpayers have moved to the new and simpler tax system.

As the number of income tax returns (ITRs) filed surged to a record 7.28 crore in the assessment year 2024-25, the processing time has also been reduced significantly in the last decade, which is a transformative shift in the tax assessment methodologies in the country.

According to Finance Minister Sitharaman, the average processing time of ITR has been reduced from 93 days in 2013 to 10 days now, thereby making refunds faster.

Meanwhile, the Union Cabinet, chaired by PM Modi, has approved the Unified Pension Scheme (UPS) for central government employees. This scheme will be effective from April 1, 2025. Under UPS, central government employees can choose between the Unified Pension Scheme (UPS) and the National Pension Scheme (NPS).

State governments will have the option of choosing between all three schemes, including the Old Pension Scheme (OPS).

Under the UPS, if a government employee retires after serving for 25 years, 50 per cent of his basic salary for the last 12 months will be given as a pension.

The special thing about this scheme is that it has provisions for an assured pension. If a government employee works for 10 years, at least a Rs 10,000 pension will be paid by the government with indexation benefits.

There is also a provision for family pension. If the employee dies after retirement, his family members will receive 60 per cent of his pension.

A lump sum amount (apart from gratuity) will also be given on retirement in UPS. It will be calculated as one-tenth of the basic salary and dearness allowance (DA) for every six months of service. More than 23 lakh Central government employees will benefit from this.

In the first 100 days of Modi 3.0, the government has also revised rank-wise pensions under the One Rank One Pension (OROP) scheme for retirees from the Army, Navy, Air Force and other defence units, as well as for family pensioners, effective July 1, 2024.

(IANS)

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At 9:44 am, Sensex was up 258 points or 0.31 per cent at 83,149 and Nifty was up 81 points or 0.32 per cent at 25,437.

In an early trading session, Sensex and Nifty both made a new all-time high of 83,184 and 24,445.

Buying was also seen in midcap and smallcap stocks. Nifty midcap 100 index was 300 points or 0.50 per cent at 60,334 and Nifty smallcap 100 index was 69 points or 0.36 per cent at 19,575.

In the Sensex pack, NTPC, Axis Bank, Tata Steel, Kotak Mahindra, JSW Steel, Bajaj Finserv, L&T, Bajaj Finance, HDFC Bank, Titan and Sun Pharma were the top gainers. HUL, Nestle, TCS and HCL Tech were top losers.

Among the sectoral indices, PSU Bank, fin service, metal, realty, pvt bank and infra were major gainers. IT and FMCG were the major laggards.

According to the market experts: "Globally equity markets will be focused on the Fed rate action on Wednesday which is likely to influence the stock market trend in the near-term. The first-rate cut by the Fed in four years is a foregone conclusion, the only uncertainty is about the extent of the rate cut, that is, whether the cut will be 25 bp or 50 bp. The market will also be keenly watching the Fed commentary on the evolving economic outlook."

"Since the undertone of the Indian equity market continues to be bullish, it makes sense to remain invested. Among sectors, IT and pharma are showing strength," they added.

Mixed trading is taking place in global markets. Tokyo, Shanghai and Hong Kong are in the red. Seoul, Jakarta and Bangkok are in green. US stock markets closed in the green Friday.

The foreign institutional investors (FIIs) bought equities worth Rs 2,364 crore September 13, while domestic institutional investors also bought equities worth Rs 2,532 crore on the same day.

(IANS)

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