Times of India

An elderly couple, Raghavan (92) and Bharatiyamma (90), were found charred in their Alappuzha home after their son, Vijayan (60), allegedly set the house on fire. Police arrested Vijayan, who confessed to the crime, citing a property dispute and the difficulty of caring for his parents. He was reportedly intoxicated during the incident.

Controversy surrounds pacer Harshit Rana's concussion substitution for Shivam Dube during the fourth T20I between India and England, with former players questioning the decision's fairness. Notably, Ravichandran Ashwin and Zaheer Khan argue that Ramandeep Singh would have been a more appropriate replacement, urging review of concussion rules by cricket authorities.

Canadian Prime Minister Justin Trudeau announced 25% tariffs on $155 billion in US imports, retaliating against Donald Trump's new tariffs on imports from Canada, Mexico, and China. Additionally, Trudeau stated that duties on $30 billion worth of US alcohol and fruit will begin Tuesday, aligning with the implementation of US tariffs.

Vasant Panchami, marking the onset of spring and honoring Goddess Saraswati, will be celebrated on February 2, 2025. People wear yellow clothes, prepare sweets, and engage in cultural activities. The shubh muhurat for rituals is from 07:09 am to 12:35 pm. This day signifies new beginnings in education and the arts, celebrating wisdom and creativity.

Finance Minister Nirmala Sitharaman's 8th budget focuses on boosting consumption through significant tax giveaways while targeting a lower fiscal deficit. Key proposals include reducing regulations, decriminalizing provisions, and increasing FDI limits in the insurance sector to stimulate economic growth.

The Budget presentation this year has clear political undertones, targeting key states Delhi and Bihar ahead of elections. It includes tax benefits for Delhi's middle class and various developmental projects for Bihar, highlighting the Modi government's strategic efforts to secure voter support.

Ahead of PM Modi's US visit, India's budget lowered import duties on Harley-Davidson bikes, signaling improved trade relations. Meanwhile, President Trump plans to impose hefty tariffs on Mexico, Canada, and China to curb fentanyl flow and illegal immigration. His move might increase consumer costs and provoke retaliatory actions from these countries.

The higher tax exemption limit and the revamped central KYC system, combined with the government's focus on ease of doing business, are expected to boost mutual fund investments. The new income tax slabs are set to increase disposable income, encouraging higher savings and investments.

India plans to amend the Atomic Energy Act and the Civil Liability for Nuclear Damage Act to develop 100 GW of nuclear energy by 2047. This move aims to attract overseas investment and private sector participation, with an allocation of Rs 20,000 crore for small modular reactors.

Budget 2025 introduces higher thresholds for tax deducted at source (TDS) and tax collected at source (TCS), aiding small taxpayers and gig workers. TDS on dividend income's limit rises from Rs 5,000 to Rs 10,000, and for gig workers from Rs 30,000 to Rs 50,000. Additionally, TCS on remittances under LRS increases from Rs 7 lakh to Rs 10 lakh.

The Budget proposals led to a muted response on Dalal Street, with the Sensex closing slightly up and Nifty down. Extreme bullish sentiment in certain sectors was balanced by strong selling in others. Market experts believe the Budget's long-term policies will positively impact the economy and stock market.

A significant Budget amendment will limit the period for carrying forward losses to the residuary period post-amalgamation from April 1, 2025. This change may affect M&A plans, with some areas needing clarification. However, efforts to expedite merger approvals bring some optimism.

The new tax regime offers significant benefits for income up to Rs 12 lakh (Rs 12.75 lakh for salaried), surpassing the old regime's appeal despite deductions. Choosing the old regime makes sense for higher incomes if substantial investments in tax-saving schemes are made. At Rs 20 lakh and above, the new regime shows substantial savings over the old.

In the 87th Tata Steel Chess Tournament 2025, R Praggnanandhaa won his sixth game, Arjun Erigaisi secured his first victory, and Gukesh settled for a draw. Highlights included Praggnanandhaa's win over Alexey Sarana and Abdusattorov's defeat by Erigaisi. Key draws were achieved by Leon Luke Mendonca and Pentala Harikrishna. Gukesh leads the standings with Praggnanandhaa.

Budget 2025 amends Section 23 of the Income Tax Act, allowing taxpayers to claim the annual value of up to two self-occupied properties as nil, without any condition. This simplification applies if the properties are used for the owner's residence or cannot be occupied due to employment, with the provision for two house properties remaining unchanged.

The recent Budget announcement provides that annual incomes up to Rs 12.75 lakh for salaried employees will not be taxed, considering standard deduction. However, increments to Rs 14 lakh or Rs 15.3 lakh could push individuals into higher tax slabs, significantly affecting their take-home pay despite the salary hike.

The tenure for filing updated tax returns has been extended from two to four years, allowing taxpayers more time to correct discrepancies. However, steep additional taxes of up to 70% apply for delayed filings. The updated returns cannot be used to claim missed tax benefits or adjust losses. Nearly 90 lakh taxpayers have already utilized this facility.