Four chip plants entailing Rs 4.6k crore investment in AP, Odisha, Punjab get govt nod
The projects will come up in Odisha, Punjab and Andhra Pradesh, IT & electronics minister Ashwini Vaishnaw said. The proposals were approved under the India Semiconductor Mission, which initially started the country's semiconductor manufacturing push with an outlay of Rs 76,000 crore to provide support for those setting up chip manufacturing facilities. "This is a new industry that we have started in India, and we were able to make a breakthrough after trying for decades previously.
We will build upon this," Vaishnaw said.
The Cabinet also approved US chip major Intel-backed 3D Glass semiconductor manufacturing unit in Odisha with an investment of Rs 1,943 crore. The plant will be set up by Heterogenous Integration Packaging Solutions with an annual production capacity of five crore units. Vaishnaw said the project will be backed by US firm Lockheed Martin as well.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
4 minutes ago
- Hans India
Prawn farmers seek govt help
Ongole: The leaders of prawn farmers' associations from the south coastal districts have demanded that the government supply electricity at Rs 1.50 per unit, reduce the price of soy feed by Rs 15 per kg, and immediately take measures to rescue them from the tariffs imposed by Trump. The district leaders of the prawn farmers from Tirupati, Nellore, Prakasam, Bapatla, Guntur, and Krishna met in Ongole on Tuesday, as Prakasam district Prawn Farmers Association president Duggineni Gopinath presided over the meeting. They discussed the plight of prawn farmers and the effect of tariffs imposed by the Trump administration on India, and passed resolutions. Observing the reduction in price of soy and other raw materials used to manufacture feed for the prawns, the farmers demanded that the government see the companies reduce at least Rs 15 per kg in the price of the feed, and supply electricity to all prawn ponds at Rs 1.50 per unit. They demanded an MSP of Rs 250 per 100 count Vanamai prawns, Rs 400 per 30 count Vanamai, Rs 470 per 30 count of Tiger prawns, and provide a bonus if the exporters didn't pay the price. They also asked the government to introduce prawns in the menu of meals at government schools, hostels, and Anganwadi centres. The farmers also demanded that the government ensure that about 30 percent of the prawns procured by exporters are sold in local markets, provide loans at a 50 percent subsidy to establish processing units, and encourage exports to Australia, South Korea, and European countries to reduce dependency on the US and China. The Prawn Farmers Association state vice-president, K Srinath Reddy, assistant secretary, M Venkateswara Rao, presidents, secretaries, and leaders from the district associations also participated in the meeting.
Mint
4 minutes ago
- Mint
NBCC India to Interglobe Aviation: 8 Key stocks to trade ex-dividend today, 13 August 2025
Dividend Stocks 2025: NBCC India, Interglobe Aviation, Brigade Enterprises, Container Corporation, Godrej Consumer Products, Page Industries, Pidilite Industries, and Sun TV Network are among 8 key stocks to trade ex-dividend today, 13 August 2025. These companies, along with many others, have set August 13, 2025 as the record date for identifying and approving a list of eligible shareholders for dividends. To be considered an eligible shareholder for dividends under the T+1 settlement method, investors must have purchased stock in these companies at least one day prior to the record date. NBCC India—NBCC India declared its first interim dividend of Rs. 0.21 (21%) per equity share of Rs. 1 for the fiscal year 2025-26. InterGlobe Aviation (Indigo)—Recommended a dividend of ₹ 10/- (100%) for each equity share with a face value of ₹ 10/-, subject to shareholder approval at the upcoming AGM. Dividends shall be paid within 30 days of declaration at the AGM to be held on 20 August 2025. Brigade Enterprises Ltd.—The record date for the final dividend of Rs. 2.50/- (25%) per equity share with a face value of Rs. 10/- for 2024-2025 had been fixed by Brigade Enterprises on Wednesday, August 13, 2025. If announced in the AGM, the final dividend will be paid by Friday, September 12, 2025, after deducting relevant taxes at the source. Container Corporation of India Ltd.: The Board of Container Corporation has declared an interim dividend of 32% (Rs.1.60 per equity share with a face value of Rs.5/-), totaling Rs.121.86 crores for FY 2025-26. The record date for payment of the interim dividend is August 13, 2025. The interim dividend will be paid to stockholders on or after August 24, 2025. Godrej Consumer Products Ltd—For fiscal year 2025-26, Godrej Consumer Products declared an interim dividend of Rs. 5/- per share (500% on equity shares with a face value of Re. 1/- each). The Record Date for determining stockholders eligible to receive the dividend is Wednesday, August 13, 2025. The dividend will be paid on or before Saturday, September 6, 2025. Page Industries Ltd.—On August 7, 2025, the company declared its first interim dividend for 2025-26 of Rs.150/- per equity share. The record date for the interim dividend payment is August 13, 2025. The dividend will be paid on or before September 5, 2025. Pidilite Industries— A dividend of ₹ 10/share had been declared by Pidilite Industries. Sun TV Network Ltd- A Dividend of ₹ 5/Share had been recommended by Sun TV Network Ltd Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
4 minutes ago
- Time of India
Section 87A rebate rule correction: No income tax till income of Rs 12.75 lakh for salaried individuals except this income
Academy Empower your mind, elevate your skills When do salaried taxpayers get Section 87A tax rebate New regime: The rebate under the new regime has been raised to Rs 60,000 for resident individuals with taxable income upto Rs 12 lakh, but incomes taxed at special rates (STCG under 111A, LTCG under 112) will not be eligible for Section 87A rebate. The rebate applies only to slab‑rate income upto Rs 12 lakh. The rebate under the new regime has been raised to Rs 60,000 for resident individuals with taxable income upto Rs 12 lakh, but incomes taxed at special rates (STCG under 111A, LTCG under 112) will not be eligible for Section 87A rebate. The rebate applies only to slab‑rate income upto Rs 12 lakh. Old regime: The tax rebate under the old regime will be the same as FY 2024-25, i.e., Rs 12,500 if total taxable income (including STCG) upto Rs 5 lakh. Section 87A tax rebate is not available for special rate incomes like STCG Enhance the limit of total income for rebate in clause (a) and (b) of first proviso under section 87A, on which the income-tax is payable as per the rates of income-tax under sub-section (1A) of section 115BAC, from Rs 7,00,000 to Rs 12,00,000 and the limit of rebate in clause (a) of first proviso to section 87A from Rs 25,000 to Rs 60,000. Rationalise the first proviso to section 87A by inserting a new proviso so as to provide that the deduction under the first proviso, shall not exceed the amount of income-tax payable as per the rates provided in sub-section (1A) of section 115BAC. Further, as mentioned above, such rebate of income-tax is not available on tax on incomes chargeable at special rates (for e.g.: capital gains u/s 111A, 112 etc.)." Pg-13 of Budget 2025 explanatory memorandum How the tax-free income structure under the new tax regime works The taxpayer earns a total taxable income, including salary, of Rs 12.75 lakh. He opts for the new tax regime under Section 115BAC. A standard deduction of Rs 75,000 is claimed (as per the new tax regime, which allows a higher deduction than the old tax regime). After the deduction, the taxable income stands at Rs 12 lakh. Tax payable on Rs 12 lakh is Rs 60,000, per the income tax slab rates under the new tax regime announced in the Budget 2025. The taxpayer claims the Section 87A tax rebate of Rs 60,000, reducing the net tax liability to nil. 1. Section 115BAC-The new tax regime Clause (i): Applicable for financial year 2023-24 Applicable for financial year 2023-24 Clause (ii): Applicable for financial tear 2024-25 Applicable for financial tear 2024-25 Clause (iii): Applicable from financial year 2025-26(inserted via the Finance Act, 2025). 2. Tax Rebate under Section 87A 3. Standard deduction under Section 16 Section 87A tax rebate does not apply to special income like short term capital gains (STCG) under the new tax regime. So even if your salary income is below Rs 12.75 lakh, your entire STCG will be taxed at the applicable special rate without any benefit of Section 87A tax rebate. This change in rule for Section 87A tax rebate was announced by the finance minister in Budget 2025 and it is applicable from FY there was a mistake in the drafting of the Income Tax Act, 1961 for FY 2025-26 (AY 2026-27) prior to the August 2025 amendments, in regard to standard deduction. Specifically, the error was with clause (iii) of Section 115BAC(1A) of the Income Tax Act, 1961. In short, because of the enahanced standard deduction of Rs 75,000 as announced in Budget 2025, salaried taxpayers earning up to Rs 12.75 lakh were not required to pay any tax. However, this drafting error prevented salaried taxpayers from claiming only Rs 50,000 as standard a positive note, the government has corrected this drafting error by amending the Income Tax Act 1961, and now the standard deduction is back to being available for up to Rs 75,000, which means it applies to salary incomes up to Rs 12.75 lakh in the new tax Minister Nirmala Sitharaman said before Lok Sabha on August 13, 2025 "Providing clarity for the new Income Tax regime, where standard deduction of Rs. 75,000 will be clarified for salaried individuals."Naveen Wadhwa, Vice President, Research and Advisory Division, Taxmann explains about the drafting error with standard deduction which is now fixed: 'I had pointed out that proviso to Section 16(ia) gave a reference to clause (ii) of section 115BAC(1A), which applies to the assessment year 2025-26, but did not mention clause (iii), which governed the assessment year 2026-27. Due to this omission, the enhanced standard deduction of Rs. 75,000 under the new tax regime failed to be available for the current financial year 2025-26. However, in the latest Taxation Laws (Amendment) Bill, 2025 as passed by the Parliament, this drafting error is fixed.'Chartered Accountant Abhishek Soni, co-founder, Tax2Win, explains that from Budget 2025 (applicable FY 2025‑26/AY 2026‑27), Section 87A rebate can be availed as under:Soni explains: "Salaried taxpayers earning up to Rs 12.75 lakh would not have to pay taxes due to Rs 75,000 standard deduction and increased limit under Section 87A rebate in new tax regime. However, this increased limit will be applicable for ITR filing in FY 2025-26."The explanatory memorandum to Budget 2025 said this: "From assessment year 2026-27 onwards, for an assessee, being an individual resident in India whose income is chargeable to tax under the sub-section (1A) of section 115BAC, it is proposed to,–Naveen Wadhwa, breaks down of how the tax-free income works under new tax regime:According to Wadhwa, these three provisions determine how tax-free income is determined:The Finance Act , 2023, introduced Section 115BAC(1A), which provides revised income tax slab rates for taxpayers who opt for the new tax regime. It classifies rates under three clauses:Wadhwa says: "These income tax slab rates define the taxation framework for a particular financial year under which a taxpayer's income is computed."To ease the tax burden, the Finance Act, 2025 increased the Section 87A tax rebate, raising the threshold for tax-free income from Rs 7 lakh to Rs 12 lakh. Consequently, tax liability for incomes up to Rs 12 lakh is effectively reduced to zero.A critical component of the tax-free income computation is the standard deduction. Initially, the deduction for salaried employees was Rs. 50,000, but the Finance (No. 2) Act 2024 introduced an enhanced deduction of Rs. 75,000 under a new proviso to Section 16(ia) under the new tax regime.
