This change will apply to both public and private companies in the new tax regime. Government employees already get a deduction on employers’ contribution of up to 14%.

Deduction on 14% contribution only in the new regime

Deduction under section 80CCD (2) is available in both the old and new tax regimes for NPS . However, the deduction on 14% employer’s contribution is available only in the new income tax regime. Finance Minister Nirmala Sitharaman said in her budget speech, “In order to increase social security benefits, it is proposed to increase the deduction on employer’s contribution to NPS from 10% to 14% of the employee’s salary.” This means that taxpayers using the old regime will be able to avail the deduction only on 10% employer’s contribution (of basic salary).

Also Read: HDFC Bank has increased the interest rates on FDs for this period. Details

NPS is a government retirement scheme

National Pension System or NPS is a retirement benefit scheme of the government. Apart from people working in private companies, common people can also invest in it. When the subscriber turns 60 years old, he gets regular pension from this scheme. Under this scheme, the subscriber’s contribution is invested in different types of assets. The subscriber can use low risk and high risk investment options according to his risk taking capacity.

Interest in NPS will increase after the announcement in the budget

There are two types of accounts in NPS – Tier 1 and Tier 2. Tier 1 is a pension account, which focuses on retirement savings. Tier 2 is a voluntary savings account. Experts say that the attraction of this scheme has increased due to the Finance Minister’s decision to increase the deduction on the employer’s contribution in NPS. Now private sector employees can show more interest in this scheme.

The post Budget 2024: Employer NPS Contribution Limit Increased To 14% From 10% first appeared on Rightsofemployees.com.

Finance Minister Sitharaman made many important announcements in her budget speech of about one hour and 20 minutes. Sitharaman said in her budget speech that the budget focuses on employment, skills, MSMEs and the middle class. She said that while the global economy is still in the grip of policy uncertainty, India’s economic growth continues. The Finance Minister said that the country’s inflation remains stable and is moving towards four percent.

Special gift given to Bihar

Finance Minister Sitharaman announced the construction of highways worth 26,000 crores in Bihar. The central government has announced the construction of two new bridges over the Ganga river. The central government has made a provision to open new medical colleges in those places of Bihar where there are no medical colleges. A proposal has been sought from the Bihar government to build airports in those places where there are no airports. The central government has given 2 lakh 66 thousand crores to the Rural Development Department, and it has been announced to build a 2,400 MW power plant in Pirpainti. This will solve the power crisis in Bihar. There should be an announcement to build a six-lane highway from Purnea to Patna.

Nirmala Sitharaman also presented a statement on the estimated receipts and expenditure of the Union Territory of Jammu and Kashmir for the financial year 2024-25. After the budget speech of the Finance Minister, the proceedings of the House were adjourned for the day. Union ministers including Prime Minister Narendra Modi, Defense Minister Rajnath Singh, Home Minister Amit Shah, Road Transport Minister Nitin Gadkari and Health Minister JP Nadda were present in the Lok Sabha during the budget speech of the Finance Minister.

The post Finance Minister Nirmala Sitharaman’s full speech on Budget 2024-2025, read here first appeared on Rightsofemployees.com.

The important provision in the budget for the people who earn by renting out the house (Rental House Income) is that now the income earned by renting out the house or flat will have to be declared as income from housing property while filing income tax (Income Tax Payers). Now it cannot be shown as business income.

While presenting the budget, Finance Minister Nirmala Sitharaman mentioned an important amendment in the Income Tax Act. In which it was clarified that the income earned from renting out residential property should be shown under “Income from house property” instead of income from business or any profession.

Also Read: Fastag New Rules: One mistake and you will have to pay double toll, NHAI issued guidelines

Now you will not be able to save tax by showing wrong income

Currently, taxpayers show their rented house income as profit from business or profession in a wrong manner to reduce it. The Finance Minister had said that due to this their liability is getting reduced. This provision allows some property owners to show rent income as business income, so that deductions like maintenance cost, repairs and depreciation can be claimed. By misrepresenting the income in this manner, taxpayers reduce their taxable income significantly. Due to which they have to pay less tax.

Income from house is no longer business income

In her budget speech, Finance Minister Nirmala Sitharaman proposed that the central government will amend Section 28 to clear this situation. After which taxpayers will not be able to show income from rent as business income. Business or profession and house property will be payable under the income head. This new rule is likely to increase the tax liability of such people. The Finance Minister said that this amendment will be effective from April 1, 2025, next financial year. This new rule will prevent income tax payers from paying less tax in the name of wrong income.

The post Income Tax: Government has stopped the shortcut of saving tax on flat rent first appeared on Rightsofemployees.com.

Three major schemes have been announced to increase employment which will be brought under the Prime Minister’s ‘Employment Linked Incentive’.

This includes schemes for first time job seekers, jobs in the manufacturing sector, schemes to support companies providing employment. Along with this, the government has announced to provide skill training to 30 lakh youth in the next 5 years. Let us know about the three schemes in detail.

Scheme for first time job seekers:

First time job seekers or employees registered with EPFO ​​for the first time will be given one month’s salary in their bank account. This amount will be transferred in 3 installments which will be a maximum of Rs 15,000. It is estimated that 30 lakh youth will benefit from this scheme.

Also Read: Budget 2024: Mudra Loans Limit Raised To Rs 20 Lakh From Rs 10 Lakh- know everything

Manufacturing sector will get a boost

The Finance Minister has announced in Budget 2024 to promote employment in the manufacturing sector. The government has announced to give incentives to both the employee and the employer under this scheme. This benefit will be available to both the employee and the employer for the first 4 years of starting the employment.

Support to employers

The central government has also announced a support scheme for companies providing jobs and employers. Employers providing jobs up to one lakh per month will be given a monthly assistance of up to three thousand rupees, which will go towards the employee’s EPFO ​​contribution.

The post Budget 2024: Government will give 15 thousand in EPFO ​​account, know how ? first appeared on Rightsofemployees.com.

In her budget speech, she announced to increase the loan limit under the Pradhan Mantri Mudra Yojana launched to promote self-employment in the country. Now a loan of up to Rs 20 lakh will be given under this scheme. Earlier the maximum loan limit was Rs 10 lakh.

The central government launched the Mudra scheme in April 2015. In the last 9 years, more than 40 crore people have taken advantage of this scheme. Loans ranging from Rs 50,000 to Rs 10 lakh have been given under the Mudra scheme to those who want to start their own business or expand their business. Now, loans up to Rs 20 lakh will be given under this scheme.

Also Read: Income Tax Slab: Standard deduction increased from Rs 50,000 to Rs 75,000- check details

Who can take a Mudra loan?

This scheme, started in 2015, aims to provide guarantee-free funds to small businessmen and street vendors to expand their business. Under the Pradhan Mantri Mudra Loan Yojana, loans can be taken through any bank, microfinance company or NBFC. Any Indian who is doing business or wants to start his own business can take a Mudra loan.

Loan is available in three categories

Under Pradhan Mantri Mudra Yojana, loan is given in three categories. The first category is Shishu loan. In this, a guarantee free loan of Rs 50,000 is available. In the Kishore category, loan is given from Rs 50,000 to Rs 5 lakh. In the Tarun category, the government gives loan from Rs 5 lakh to Rs 10 lakh. Now this limit has been increased to 20 lakhs. That is, in the Tarun category, loan from Rs 5 lakh to Rs 20 lakh will be available.

The post Budget 2024: Mudra Loans Limit Raised To Rs 20 Lakh From Rs 10 Lakh- know everything first appeared on Rightsofemployees.com.

At the same time, the Finance Minister has increased the long term capital gain tax and short term capital gain tax on all financial and non-financial assets. Now LTCG will be taxed at the rate of 12.5%. Additionally, the exemption limit for capital gains will be fixed at Rs 1.25 lakh per annum. At the same time, STCG will be taxed at the rate of 20 percent.

Finance Minister Nirmala Sitharaman has announced a better review of the Income Tax Act 1961. She said that this will reduce disputes and litigation, she said that it is proposed to complete it in 6 months.

Also Read: Property Tips: House or land, whose registration costs more money?

New Tax Slab in Budget 2024-25

• 0-3 lakh rupees: 0
• Rs 3-7 lakh: 5%
• 7-10 lakhs: 10%
• Rs 10-12 lakh: 15%
• Rs 12-15 lakh: 20%
• Above Rs.15 lakh: 30%

The post Income Tax Slab: Standard deduction increased from Rs 50,000 to Rs 75,000- check details first appeared on Rightsofemployees.com.

Like every time, in this budget too, the eyes of taxpayers and working people will be on the changes in the income tax slab, increase in standard deduction and more relief in housing loan interest and section 80C. However, where and how much relief will Finance Minister Nirmala Sitharaman give. It will be clear after 11 o’clock. It is expected that the government can make taxpayers happy by changing the income tax slab, as well as increase the standard deduction.

Increase in income tax limit possible: There is a possibility that under the new tax system, the basic exemption limit can be increased from Rs 3 lakh to Rs 5 lakh. This decision will provide great relief to low-income group taxpayers.

Changes in the new tax regime: The government can make further changes in the new tax system to make it more attractive. This can include adjustments in the tax slabs or additional deductions.

Also Read: Budget Expectation: Finance Minister can make this announcement for railway passengers

Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.

Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.

Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.

Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.

Stocks under Rs 10 that give strong returns
Stocks under Rs 10 that give strong returnsSee ahead…

More tax exemption on home loan interest: Under Section 24(b) of the Income Tax Act, tax exemption can be claimed on interest up to Rs 2 lakh on home loan. However, there is a demand to increase this deduction to Rs 4 lakh. At the same time, some real estate experts have demanded to increase this limit to Rs 5 lakh. This will improve the property market as well as the common man.

The post Income Tax Slab: Important announcement possible on standard deduction, housing loan interest first appeared on Rightsofemployees.com.

Even in the interim budget presented at the beginning of the year, taxpayers were demanding to increase the limit of 80C. This demand is also from the budget to be presented today. If sources are to be believed, Finance Minister Nirmala Sitharaman can increase the limit of 80C to Rs 2 lakh in the budget. Now it remains to be seen what exemptions taxpayers can get from the budget.

What is section 80 in income tax?

Most taxpayers choose Section 80C as their preferred tax saving option. Under Section 80C of the Income Tax Act 1961, if individuals opt for the old tax regime, they can avail a maximum deduction of ₹1.5 lakh for the financial year 2024-25. Those who opt for the new tax regime cannot avail this deduction.

Will the 80C limit increase after 10 years?

Under Section 80C, taxpayers are allowed a maximum tax deduction of Rs 1.5 lakh. However, taxpayers can invest in one or more savings. They can save their tax through this. Now it is expected that in the first budget of the third term, the government may increase the limit of 80C to Rs 2 lakh.

The limit of 80C was increased in 2014

In 2014, the then Finance Minister Arun Jaitley had increased the Section 80C benefit limit to ₹1.5 lakh per annum. This change was among the major reliefs given in the government’s first budget. However, there has been no change in the 80C limit since then. The 80C limit has remained the same for 10 years since the last increase in 2014. Every year, many taxpayers hope that the Finance Minister will increase the Section 80C limit in the Union Budget 2024. Many believe that the 80C limit has not increased in line with income and costs, due to which many taxpayers use the entire 80C limit to save tax.

Why should the 80C limit be increased?

A person’s taxable income is calculated by subtracting 80C deductions from his total income. Any change in the Section 80C deduction limit directly affects a person’s taxable income, which will directly benefit taxpayers. Many people’s costs have increased, salaries have increased, but there has been no increase in the benefits of Section 80C. Due to this, many people take full advantage of 80C. That is why increasing the limit in Section 80C is always the first priority for taxpayers before the budget every year.

The post Budget 2024: 80C limit may increase to Rs 2 lakh, will it be announced in the budget? first appeared on Rightsofemployees.com.

Nirmala Sitharaman will present the budget on 23 July 2024 at 11 am. Government employees have special expectations from the budget. Government employees will now have to see whether the government will make an announcement in Budget 2024 regarding increasing the fitment factor, bringing the 8th Pay Commission and DA arrears of 18 months or not?

Fitment Factor

While presenting the budget, Finance Minister Nirmala Sitharaman can announce a salary hike for central employees. Government employees have been demanding salary revision for a long time. Discussions have been held several times with the government employees’ association in this matter. If the government decides to increase the fitment factor in the budget, the minimum basic salary of employees will increase from Rs 18,000 to Rs 26,000.

Also Read: New Metro line: Mumbai first underground aqua metro line starts on 24 July. check stations to time table details

Will it make an announcement regarding the 8th Pay Commission?

The government has received a proposal from employee organizations to bring the 8th Pay Commission. It is believed that the government can accept it. If this happens, the government can announce it in the budget. If the government does this, the salary of government employees working on small posts will also increase.

18 months DA arrears?

The central government used to increase the DA of central employees twice a year in January and July, but during the time of Covid, the government did not increase any dearness allowance from January 2020 to June 2021. After this, the government directly increased the dearness allowance by 11 percent on July 1, 2021. Nothing was said about the DA which was not increased three times before that.

However, then the dearness allowance was 17 percent, which was increased by 11 percent to 28 percent. Since then, central employees are expecting to get this 18 months’ DA arrears from the government. However, the government has said many times that it has no intention of giving the pending arrears of 18 months.

The post Budget 2024: Will the Finance Minister make these 3 announcements in the budget? first appeared on Rightsofemployees.com.

Sources said some of the provisions that may be included in the amendment bill include composite license, differential capital, relaxation in solvency norms, issuance of captive license, changes in investment rules, one-time registration for intermediaries and allowing insurance companies to distribute other financial products.

You will get this facility

This move may allow the entry of different insurance companies like in the banking sector. The banking sector is currently classified as universal banks, small finance banks and payment banks. The provision of overall license will allow life insurance companies to underwrite health insurance or general insurance policies. As per the provisions of the Insurance Act, 1938, life insurance companies can provide only life insurance cover, while general insurance companies can provide non-insurance products like health, vehicle, fire etc.

Also Read: Gold Price Policy: Now the price of gold will be the same across the country, preparing to implement the One Nation One Rate Policy

Draft is ready, will be sent to the cabinet

IRDA does not allow overall licensing for insurance companies. In such a situation, an insurance company cannot provide both life and non-life products as a unit. Sources said that the draft of the bill is ready and it has to be sent to the Cabinet for approval. He said that the Finance Ministry hopes that it will be introduced in the upcoming session.

That is why the bill is being brought

Sources said that the proposed amendments mainly focus on promoting the interests of policy holders, improving returns to policy holders, facilitating the entry of more participants, promoting economic growth and employment generation, increasing the operational and financial efficiency of the insurance industry and ease of doing business. The Finance Ministry had invited comments on proposed amendments to the Insurance Act, 1938 and the Insurance Regulatory Development Act, 1999 in December 2022.

The post IRDA: Insurance Amendment Bill may be introduced in Budget 2024, you will get these benefits first appeared on Rightsofemployees.com.

In such a situation, it is expected that in this year’s general budget, the government can give a big relief to senior citizens. For this, the 50 percent discount they get on train tickets can be restored again.

Before Covid, under the government rules, male senior citizens used to get up to 40 percent discount on train tickets, while female senior citizens used to get 50 percent discount on tickets. Till the end of 2019, IRCTC used to give concession in fares on train tickets of Duronto, Shatabdi, Jan Shatabdi, Rajdhani, Mail and Express trains to male senior citizens above 60 years of age and female passengers of 58 years or above. For example, if the first AC ticket of Rajdhani train is Rs 4,000, then senior citizens used to get it for just Rs 2,000 or Rs 2,300.

Also Read: Gold Price Policy: Now the price of gold will be the same across the country, preparing to implement the One Nation One Rate Policy

Discount closed during Covid period

The discount given to senior citizens on train ticket booking by IRCTC was stopped during the Covid period. Railway services had come to a halt since the end of 2019 due to the Covid pandemic that spread across the world. Later they were restored, but the railways were incurring huge losses due to fewer passengers traveling. In such a situation, the central government had ended this special concession to cover the expenses.

What are the demands of the citizens?

Dinesh Sahu, a resident of Jaunpur, says that his son lives in Delhi. He travels by train every two to four months to meet him. Earlier, he was very comfortable with the discount on train tickets provided by the government, but after Covid, this facility was stopped. As a result, he now has to spend more money to go to his son’s place. In such a situation, he wants the government to help all senior citizens like him in the general budget to be presented on July 23 and reinstate the facility of 50 percent discount on tickets.

The post Budget 2024: Elderly appeal to Finance Minister, give 50% discount on train tickets first appeared on Rightsofemployees.com.

The central government has seen a lot of focus on Indian Railways. In such a situation, it is expected that the central government can increase the allocation of railways. Now it has to be seen whether the government fulfills the long pending demand of senior citizens in the budget or not? Senior citizens used to get 50 percent discount on railway tickets before Kovid, but it was stopped during Kovid. Will the Modi government, which has come to power for the third time, announce 50 percent discount on train tickets to senior citizens again?

Senior citizens used to get 50% discount on train tickets till the end of 2019

IRCTC used to offer concessional fares on train tickets of Duronto, Shatabdi, Jan Shatabdi, Rajdhani, Mail and Express trains to senior citizens above 60 years of age and female senior citizens above 58 years of age until the end of 2019. While male senior citizens were eligible for a 40 percent concession, female senior citizens could avail a 50 percent discount on train tickets. IRCTC then offered concessional fares for senior citizens in all categories of special express trains.

Also Read: Bank Holiday: Will banks be closed today on Saturday? Check RBI’s list of holidays

Will senior citizens get discount on train tickets again?

Till the end of 2019, senior citizens were getting 40 to 50 percent discount on the price of train tickets. If the first AC ticket of Rajdhani is Rs 4,000, then senior citizens used to get it for Rs 2,000 or Rs 2,300. Then in the end of 2019 and the beginning of 2020, Covid spread across the country and the whole world, after which this service stopped being available on IRCTC’s ticket booking window. Now senior citizens are demanding that they will get this special discount again in the budget. It is believed that Finance Minister Nirmala Sitharaman can make an announcement about this in the budget.

The post Budget 2024: Will senior citizens get 50% discount on train tickets again? know details here first appeared on Rightsofemployees.com.

The NDA government is now busy preparing for the Union Budget 2024 (full budget). Although the date of presentation of Budget 2024 is not clear yet, it is expected that Finance Minister Nirmala Sitharaman can present it in Parliament on 22 July 2024 this month. Everyone has high expectations from this budget and it also includes relief in capital gains tax. Let us know what indications are being received from the Finance Ministry regarding this?

This indication on capital gains tax

is that the general budget of Modi 3.0 is about to be presented. But people hoping for relief in capital gains tax may be disappointed this time too. According to a report published in Business Today, there is no possibility of review and simplification of the capital gains tax system at present. This proposal cannot be included in the Union Budget 2024-25.

Also Read: Sleeper Vande Bharat: This state can get 2 Vande Bharat sleeper trains, full details

It said that the industry and experts are advocating a comprehensive review and rationalisation of the capital gains tax system across various asset classes, but according to sources, there are indications that the government is currently not keen to undertake such an exercise and change the existing classification.

Long standing demand, not expected at the moment

The report quoted a person familiar with the matter as saying that this is a huge exercise, which will have an impact on various asset classes and investments. Although there has been a demand for it in the last few years, it is not being planned right now and it can be started later. Currently, capital gains tax is levied on long term and short term basis, which depends on the holding period and is different for different asset classes. This tax is levied on stocks, mutual funds and capital assets.

Industry bodies have made this demand

According to sources, this issue has been raised in the pre-budget meeting with Finance Minister Nirmala Sitharaman, but no proposal is likely to come in the budget. Industry body FICCI has appealed to simplify the capital gains tax system in terms of LTCG tax rate and STCG tax rate in its pre-budget recommendations. EY India has also called for simplifying this tax and said that the complexity in its structure should be thought about.

What is capital gains tax and where is it applicable?

As per the Income Tax law, Capital Gains Tax is payable on profits earned from the sale of both movable and immovable assets. Capital gains tax on equity, loans and real estate is applicable at different rates and periods, which helps in understanding whether the gain is short-term or long-term.

The post Budget 2024: Will there be relief on capital gains tax? These are the big indications first appeared on Rightsofemployees.com.

After the formation of NDA government at the center once again, the wait for the presentation of the full budget is on. Now the government has announced the date of presenting the general budget. Let us tell you that this time the full budget will be presented on 23rd July.

Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget,…

— Kiren Rijiju (@KirenRijiju) July 6, 2024

Giving this information, Parliamentary Affairs Minister Kiren Rijiju said that on the recommendation of the Government of India, the Honorable President of India has approved the proposal to convene both the Houses of Parliament for the Budget Session, 2024 from July 22, 2024 to August 12, 2024 (subject to the exigencies of parliamentary work). At the same time, the Union Budget, 2024-25, will be presented in the Lok Sabha on July 23, 2024.

The post General budget: Government has announced the date for presenting the general budget first appeared on Rightsofemployees.com.

For the financial year 2024-25, individuals opting for the old tax system can avail tax deduction of up to Rs 1.5 lakh under 80C. This option is not available in the new tax system. The limit of 80C was last increased in 2014 by the then Finance Minister Arun Jaitley.

Under 80C, you can claim tax deduction on different types of investments and expenses. This includes life insurance premium, PPF, ELSS mutual funds, tuition fees, payment of home loan principal, etc.

Why should the limit be increased?

However, with inflation and rising incomes over the past decade, the 80C limit is being considered inadequate. People argue that the Rs 1.5 lakh limit gets exhausted very quickly due to rising costs.

Also Read: RBI imposed a fine of ₹ 1.31 crore on PNB, cancelled the license of one bank

Tax experts say that increasing the limit of 80C will help people increase their savings and save tax. This will also help in achieving financial goals like retirement planning, children’s education and buying a house.

Increasing the 80C limit will reduce the tax burden on people and give them a sense of financial security. This becomes even more important in this era of inflation after the pandemic.

What needs to be done to make a claim?

To claim deduction under 80C, you have to fill the details of investments and expenses in your Income Tax Return (ITR) form. Your total taxable income is calculated by deducting the deductions made by you. It

remains to be seen whether Finance Minister Nirmala Sitharaman pays heed to this demand of the common man and increases the limit of 80C in the upcoming budget or not.

The post Why should the Finance Minister increase the 80C limit in Budget 2024? first appeared on Rightsofemployees.com.

This time the budget can also open a box of relief for the working people. It is being speculated that along with increasing the scope of income tax exemption, the government can also give an additional tax exemption of 50 thousand to the employed people.

Although the industry is demanding all kinds of facilities and exemptions. But, it is believed that the Finance Minister can take two decisions related to personal tax in the budget. This will directly benefit the salaried person and they will save thousands of rupees. It is also being said that the change in tax will be made only under the new regime. The government intends to promote the new regime and is preparing to add more and more taxpayers to it.

Standard deduction may be doubled.

Analysts say that the government can double the standard deduction, giving a big relief to the salaried people. Currently, a standard deduction of Rs 50,000 is available every financial year. This is given in lieu of the expenses of the salaried people and no document is required for this. It is being said that now this limit will be doubled to Rs 1 lakh. This means that the salaried people will get a direct tax exemption of Rs 1 lakh.

Also Read: Rainfall Report! Alert issued for heavy rain in these districts for the next four-five days, know the condition of your city

Direct tax exemption of 5 lakhs

Finance Minister Nirmala Sitharaman can make another announcement regarding tax in this year’s budget. It is speculated that the basic exemption can be increased from 3 lakhs to 5 lakhs. In the new tax regime, the basic exemption is 3 lakhs right now, while in the old regime it is only 2.5 lakh rupees. By increasing this exemption to 5 lakhs, people from low income to high income earners will be able to save thousands of rupees in tax.

Zero tax on income up to Rs 8 lakh

If the government increases the standard deduction from Rs 50,000 to Rs 1 lakh, then the tax exemption available under the new regime will also increase from the current Rs 7.5 lakh to Rs 8 lakh. Those earning more than this will also benefit if the basic exemption is increased to Rs 5 lakh. After this decision, the tax calculation will start from earnings above Rs 5 lakh. If we go by the current slab, there is a 5% tax on income from Rs 3 lakh to Rs 6 lakh, which will be levied after Rs 5 lakh. This simply means that while earlier there was a tax of Rs 15,000 at the rate of 5% on income from Rs 3 lakh to Rs 6 lakh, now the tax will be only Rs 5 lakh.

The post Budget 2024: Finance Minister can take these 2 decisions related to personal tax in the budget first appeared on Rightsofemployees.com.

According to media reports, they have demanded from the Finance Minister to increase the amount of PM-Kisan installment from the current Rs 6,000 to Rs 8,000 annually in the Union Budget. He has asked to give all subsidies directly to the farmers through Direct Fund Transfer (DBT) in Budget 2024.

Benefits of PM Kisan Yojana

Under the PM Kisan Yojana, eligible farmer families across the country receive Rs 6,000 annually. Its payment is made in three installments every four months through direct fund transfer. More than 11 crore farmers across the country have received a total payment of more than Rs 3.04 lakh crore so far. The total amount of payment to the beneficiaries since the launch will exceed Rs 3.24 lakh crore.

The government has recently given the 17th installment

In fact, Narendra Modi’s first decision after assuming the post of Prime Minister for the third time was to release the 17th installment of PM Kisan Yojana to eligible farmers. This installment benefits 9.3 crore farmers and about Rs 20,000 crore was given in it. Farmers get this money in three installments throughout the year. Each installment consists of Rs 2,000 and an annual amount of Rs 6,000.

These people do not get benefit in PM Kisan Yojana

If a farmer takes land on rent from another farmer and does farming. Then in such a situation, he also does not get the benefit of the scheme. Land ownership is necessary in PM Kisan. On the other hand, if a farmer or someone in the family holds a constitutional post, then he does not get the benefit. Not only this, professionals like doctors, engineers, CAs, architects and lawyers also cannot avail the benefits of the scheme. Even if they are farmers. Along with this, retired employees who get a monthly pension of more than Rs 10,000 also do not get its benefit.

The post PM Kisan Yojna: In Budget 2024, the government can increase the amount given under PM Kisan Samman Nidhi first appeared on Rightsofemployees.com.

What is standard deduction?

Standard deduction is a fixed amount that taxpayers can deduct from their taxable income without having to provide proof of expenses. It reduces the taxable income and hence reduces the overall tax liability.

Also Read: Jio Plans Price Hike: All these new increased rates of Jio plans will be applicable from tomorrow, July 3, 2024

Current proposals and past budget measures

Finance Minister Nirmala Sitharaman had proposed a standard deduction of Rs 50,000 for salaried and pensioners under the new tax regime in the budget for the last financial year. Increasing the limit of standard deduction can reduce the taxable income of all salaried taxpayers. The move is aimed at providing relief to people from rising expenses and financial challenges.

For the financial year ending March 31, 2024, the last date for individuals to file their income tax returns (ITR) is July 31, 2024. However, the process of filing ITR can be a bit daunting, especially for individual taxpayers who find it difficult to understand the various sections and things required to file their ITR.

The post Budget 2024: Standard deduction limit can be increased to Rs 1 lakh in the budget first appeared on Rightsofemployees.com.

India is set to announce its full budget for the financial year 2024-25. People from different sectors are eagerly waiting for the government’s fiscal roadmap. This year’s budget is particularly important as the country is grappling with economic recovery after the pandemic. It aims to maintain growth by stabilizing inflation, and strives for equitable development. According to media reports, the Finance Ministry is considering the possibility of increasing the standard deduction limit for income tax payers under the new tax system.

What is standard deduction?

Standard deduction refers to a specific portion of your total income that is not taxable. It is a broad estimate of all tax deductions that can be claimed by a salaried employee. All people with taxable salaries are eligible for standard deduction. It is aimed at relieving employers from the efforts involved in collecting bills from employees to claim tax exemptions. However, according to reports, the government is retaining the old system with exemptions.

Existing Standard Deduction

In the Budget 2023, Finance Minister Nirmala Sitharaman introduced a standard deduction of Rs 50,000 for salaried taxpayers and pensioners under the new tax regime, which became the default option unless you opted out.

Currently, individuals with taxable income of more than Rs 3 lakh have to pay 5 per cent income tax.

The report says that higher standard deduction will benefit all salaried taxpayers, including the upper class. However, this will lead to some revenue loss for the government.

The post Employed people may get a gift, standard deduction limit expected to increase – Budget 2024 first appeared on Rightsofemployees.com.

Modi government can give good news to crores of taxpayers in its third term. The government can increase the limit of 80C from Rs 1.50 to Rs 3 lakh. Many taxpayers choose section 80C as their preferred tax saving option. Under Section 80C of the Income Tax Act 1961, if individuals opt for the old tax regime, they can avail a maximum deduction of Rs 1.5 lakh for the financial year 2024-25. Those who opt for the new tax regime are not eligible to avail this deduction.

The limit was increased in the year 2014

In 2014, the then Finance Minister Arun Jaitley increased the 80C benefit limit to Rs 1.5 lakh per annum. This change was one of the major forms of relief given by the government in its first budget. However, there has been no change in the 80C limit since then. This marks a decade since the last increase in 2014. Every year many taxpayers hope that the Finance Minister will increase the Section 80C limit in the Union Budget 2024. Many believe that the 80C limit has not increased in line with income and costs. Due to this difference, many taxpayers use the entire 80C limit to save tax.

Also Read: Top 10 countries with the most ultra wealthy individuals

What is the benefit of Section 80C?

The maximum tax deduction allowed to taxpayers under Section 80C is Rs 1.5 lakh. However, taxpayers can invest in one or more savings schemes to save tax. Deductions under Section 80C are available only to individuals and Hindu Undivided Families (HUFs). Taxpayers can claim deductions for investments in savings schemes or for payments of investments and expenses falling under the 80C category.

Why should the Section 80C limit be increased?

A person’s taxable income is calculated by deducting the 80C deduction from his total income. Any change in the Section 80C deduction limit directly affects a person’s taxable income. Taxpayers will get the direct benefit of this. The cost of many people has increased. Salaries have increased, but the benefits of Section 80C have not kept pace. Due to this, many people take full advantage of 80C. That is why increasing the limit in Section 80C is always the first priority for taxpayers before the budget every year.

The post Section 80C Limit: Govt will increase section 80C limit under old tax regime budget 2024 ? Check Here first appeared on Rightsofemployees.com.

The government believes that due to tax relief, people will have more savings, which they will use to buy other things. This will increase consumption in the country and the already strong GDP growth will get further momentum. Let us tell you that the government will present the Budget 2024-25 in the second fortnight of July.

The government is considering raising the exemption limit from income tax slabs from Rs 3 lakh to Rs 5 lakh in the upcoming budget, an official said. This change will apply only to those who file income tax returns under the new tax system. The aim is to leave more money in the hands of low-income people for spending.

Also Read: Post Office Super scheme, You will get monthly income of Rs 20,500 for full 5 years

It is important to mention here that the final decision in this regard will be taken when the budget date comes closer. The government first implemented the new tax system in Budget 2020. The rates of this tax system are lower than the old tax system. However, taxpayers do not get the benefit of many types of deductions and exemptions in tax. While filing income tax returns, taxpayers have the option to choose either the new or the old tax system.

Under the old tax regime, taxpayers were eligible for tax exemptions on various investments, insurance, house allowance and leave travel allowance etc. under various sections of the Income Tax Act.

Another official said that industry representatives have requested to reduce the maximum rate of income tax slab from 30 percent to 25 percent under the new tax system. However, this demand is unlikely to be considered by the government.

“There is no possibility of a change in the upper limit of income tax slabs as at the moment there is a need to boost consumption for the lower income group,” the official said. He added that changes in the rates of the old tax slabs are also unlikely to be considered.

The post Budget 2024: Government may raise tax free income to rs 5 lakh. Report first appeared on Rightsofemployees.com.

What will come out of Finance Minister Nirmala Sitharaman’s box for them this time? Will they get exemption from standard deduction? Will the discount on NPS increase? Will NPS be included in the new tax regime? Will the tax exemption limit increase? Will the tax free income limit of Rs 7 lakh be increased? If sources are to be believed, this wish of the taxpayers may be fulfilled. Yes, the limit of tax free income can increase from Rs 7,00,000 to Rs 7,50,000.

Will taxpayers get Modi’s guarantee?

Taxpayers have a guarantee this time from the Modi government. India’s budget is going to be presented tomorrow on 1 February 2024. Taxpayers have many expectations from Finance Minister Nirmala Sitharaman’s interim Budget 2024.

According to sources, Modi government may give some more relief to taxpayers. Currently, in the new tax regime no tax has to be paid up to Rs 7 lakh. Now the government can increase it to Rs 7.50 lakh. At the same time, the government can also give a separate tax slab to women, in which no tax will have to be paid up to Rs 8 lakh.

Budget will be presented tomorrow

Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country.

In such a situation, the government can make many announcements about salary classes. The government’s focus is to increase focus on the new tax regime. More and more people have to be connected with it. This time it is expected that the government will announce the new tax and more people will choose it.

The post Tax Free income: Tax free income limit may increase from Rs 7,00,000 to Rs 7,50,000, check details first appeared on Rightsofemployees.com.

Currently, a subscriber’s contribution to NPS up to Rs 50,000 gets deduction under section 80CCD (1B). But this facility is available only in the old regime of income tax. Taxpayers using the new regime do not get this deduction. This is in addition to the tax benefit of Rs 1.5 lakh available under Section 80C in the old tax regime.

NPS will be made attractive

Pension fund regulator PFRDA has demanded EPFO-like tax rules on employer’s contribution. Currently, the tax rules on employer’s contribution are different for NPS and EPFO. In NPS, only up to 10 percent of the employer’s contribution to the employee’s corpus (fund) is exempt from tax. This is 10 percent of basic pay and dearness allowance. On the other hand, in EPFO, a total of 12 percent contribution to the employee’s corpus is exempted from tax. For a long time, experts have been demanding to eliminate this difference in tax rules.

The post Budget 2024: Tax rebate of up to Rs 100,000 will be available on NPS ? Benefit in both new and old tax regimes first appeared on Rightsofemployees.com.

Elections are going to be held in the country in a few months. In such a situation, the government can make big announcements for central employees. The government may make populist announcements regarding salaries for government employees in the budget. Employees are hoping that the government can accept their demands regarding salaries. Now it has to be seen whether the government will announce in Budget 2024 regarding increasing the fitment factor, bringing 8th Pay Commission and 18 months DA arrears or not?

Will the Finance Minister make these 3 announcements on February 1?

While presenting the budget on February 1, Finance Minister Nirmala Sitharaman may announce salary increase for central employees. Government employees have been demanding salary revision for a long time. This matter has been discussed several times with the government employees’ association. If the government increases the fitment factor in the budget, then the minimum basic salary of the employees will increase from Rs 18,000 to Rs 26,000.

Will she announce anything regarding the 8th Pay Commission?

The government can announce the 8th Pay Commission in the Union Budget 2024. If the government does this, the salary of government employees working on small posts will also increase. However, the government has earlier said that it is not currently considering bringing the Eighth Pay Commission. But this is an election year, so the government can give good news to the employees on this occasion.

18 months DA arrears

The central government increases the DA of central employees twice a year in January and July, but during the time of Covid, the government did not increase any dearness allowance from January 2020 to June 2021. After this, the government directly increased the dearness allowance by 11 percent on July 1, 2021.

Nothing was said on DA not being increased thrice before that. However, at that time the dearness allowance was 17 percent, which was increased by 11 percent to 28 percent. Since then the central employees are expecting to get this 18 months DA arrears from the government. However, the government has said many times that it has no intention of paying the pending arrears of 18 months.

The post 8th Pay Commission: The government can announce the 8th Pay Commission in the Union Budget 2024 first appeared on Rightsofemployees.com.

Pension fund regulator PFRDA has sought “parity” with the Employees’ Provident Fund Office (EPFO) on the taxation front for contributions by employers. It is expected that some announcements in this regard are expected to be made in the interim budget.

Finance Minister Nirmala Sitharaman may present the interim budget on 1 February. This will be his sixth budget.

This is the hope regarding NPS

At present there is a disparity in the contribution of employees and employers. In NPS, 10 percent tax exemption is given on basic salary and dearness allowance. Whereas, in case of EPFO it is 12 percent.

Deloitte As per budget expectations, to promote long-term savings through NPS and reduce the tax burden for senior citizens above 75 years of age, the annuity portion of NPS has been made tax free for holders from the age of 75 years onwards. should go.

Apart from this NPS can be included with interest and pension. This will ensure that senior citizens above 75 years of age do not need to file returns if they have NPS income. Currently, lump sum withdrawal of 60 percent is tax free.

There is also a demand to provide tax benefits for NPS contributions under the new tax regime.

Till now, an individual’s contribution up to Rs 50,000 to NPS under Section 80CCD (1B) is deductible under the old tax regime, but it is not under the new tax regime.

Committee formed for government employees

With regard to government employees, the government last year constituted a committee under Finance Secretary TV Somanathan to review the pension system and suggest measures for its betterment. The panel report is still awaited.

This committee will suggest whether any changes are necessary in the existing framework and structure of the National Pension System (NPS) applicable to government employees. This panel will suggest measures

The post Budget 2024: Tax exemption rates for NPS may increase in this budget first appeared on Rightsofemployees.com.

The salaried class is expecting the Standard Deduction to increase over a period of time. It has been almost five years since the standard deduction was revised. The standard deduction was last changed in the year 2019. The budget of 2024 will be only an interim budget and the Finance Minister has already said that there will be no major announcements in the budget. There are reports that the government may increase the standard deduction to Rs 90,000 in the budget.

Will the standard deduction increase to Rs 90,000?

Currently the standard deduction limit is Rs 50,000. Many tax experts believe that this will now increase to Rs 90,000. That is, the government can increase this limit from Rs 50,000 to Rs 90,000 in the interim budget. If this happens, it can prove to be a big saving for taxpayers.

What is standard deduction?

Standard deduction is a flat deduction the salaried class can avail of from taxable income without showing any expenditure or saving. Its objective is to achieve parity between taxpayers who receive income through salaries and income from business. Last year, the government also added standard deduction to the new tax regime. At present, standard deduction is available in both the old tax regime and the new tax regime.

This is the history of standard deduction

Standard deduction was first introduced in India in 1974. According to the history of standard deduction, this deduction is given to salaried class and pensioners to cover their expenses. It was removed in 2004–2005 to simplify taxation. It was then re-introduced in the Union Budget in 2018 and fixed at Rs 40,000 for salary class employees and pensioners.

In the interim budget presented on 1 February 2019, the standard deduction limit was increased to Rs 50,000. However, this was limited to the old tax system. In Budget 2023, it was combined with the new tax regime. Standard deduction of Rs 50,000 was allowed in the new tax regime. Now this is available on both new and old tax regime.

The post Standard deduction Limit: Will the standard deduction increase to Rs 90,000? first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman was appointed as India’s first full-time woman Finance Minister after the Bharatiya Janata Party (BJP) won the second consecutive general election in 2019. Despite being the first woman finance minister to hold the full-time role, Sitharaman is only the second woman to present the budget.

First woman to present the Union Budget

Former Prime Minister Indira Gandhi was the first woman to present the Union Budget of India for 1970–71. He took over the role after the resignation of the then Finance Minister Moraji Desai. During this period, Gandhiji was the Prime Minister and she also achieved the title of the first woman Finance Minister of India. However, she held the post for a short period until Yashwantrao Chavan took over the finance portfolio in March 1971.

Nirmala Sitharaman is India’s first full-time woman finance minister.

When ministers had to step down, prime ministers took over the finance portfolio. It began with Jawaharlal Nehru, the first Prime Minister of India, who read the Union Budget of 1948 after T.T. Krishnamachari was found guilty on corruption charges. Now Nirmala Sitharaman is the first full-time woman Finance Minister of India.

He presented India’s first budget

The first Indian budget was presented on 7 April 1860 by James Wilson, a Scottish economist of the East India Company. RK Shanmukham Chetty presented the first budget of independent India on November 26, 1947.

How long was the longest budget speech?

Finance Minister Nirmala Sitharaman holds the record for the longest speech for the Union Budget 2020, which lasted 2 hours and 42 minutes. His budget speech for FY23 lasted for about 1.5 hours. For the interim Budget 2024, the Finance Minister has already warned not to expect any major announcement.

The post Who is the first woman to present the budget in India? first appeared on Rightsofemployees.com.

Experts are hopeful that the government may provide relief to salaried class and small taxpayers in the budget. In this budget, the basic exemption limit of tax can be increased from Rs 2.5 lakh to Rs 3.5 lakh. The last change in this was in the year 2014. 10 years ago it was increased from Rs 2 lakh to Rs 2.5 lakh. Some organizations have demanded to increase this limit to Rs 5 lakh.

No change since last 10 years

There has been no change in the existing basic exemption of Rs 2.5 lakh for the last 10 years. The standard deduction of Rs 50,000 was introduced three years ago. This also applies only to the salaried class. If the basic exemption limit is increased then it will save more money in the hands of the middle class. This will also increase consumption and economic growth. If changes are made by the government, it will benefit a large section of around 7 crore tax payers.

Exemption under section 80C

Currently, exemption of up to Rs 1.5 lakh is available under Section 80C of Income Tax. Organizations like the Institute of Chartered Accountants of India are demanding to double this exemption limit. According to them, small savings schemes, insurance policy buyers and mutual fund investors will benefit the most from increasing the limit of 80C. For the last several years, there has been a demand from experts to increase the 80C limit.

Will standard deduction also increase?

Currently, a benefit of Rs 50,000 is available as standard deduction. In view of rising inflation, there is a demand to increase its limit to Rs 70 thousand or Rs 1 lakh. Small tax payers will benefit the most from increasing the standard deduction limit.

Under the new tax regime, the basic exemption limit has been increased from Rs 2.5 lakh to Rs 3 lakh with an increase of Rs 50,000. If you choose the new tax regime for the financial year 2023-24, then it is not necessary to file returns if your taxable income is less than Rs 3 lakh. This change allows those selecting the new tax regime to save up to Rs 15,000 (30% of Rs 50,000) during ITR filing. On the other hand, the old tax regime gives a basic exemption of Rs 2.5 lakh.

The post Budget 2024: The basic exemption limit can be increased from Rs 2.5 lakh to Rs 3.5 lakh, know complete details first appeared on Rightsofemployees.com.

Is there scope for changes in the old tax?

In the budget, everyone wants that some changes should be made in the old income tax regime. According to the new tax regime, the taxable income limit should be increased to Rs 7 lakh. The government’s focus is that taxpayers choose the new tax regime, so there is less scope for changes in the old tax regime. The government also would not like to reduce the income from income tax. So the government will have to maintain a balance on both sides.

The expectations of taxpayers are that the limit in the old tax regime should be increased, but the chances of this happening are less. Most of the taxpayers are hoping that the government increases its limit to Rs 7 lakh.

There should be discount on home loan

To boost the real estate sector and fulfill people’s dream of owning their own home, the government needs to increase the rebate on home loans. The government needs to increase the rebate on home loan interest to Rs 5 lakh. This will also give a boost to the real estate sector. Also, people will be more motivated to buy their house.

Some changes are needed in the new tax regime

Salary class home loan takers are reluctant to migrate from the old tax regime to the new tax regime. In such a situation, what should the government do to target the salary class? On this he said that the government should include exemption for home loan taxpayers in the new tax regime. More people would like to move towards the new tax regime.

The post Budget 2024: Can home loan buyers get exemption in the new tax regime? first appeared on Rightsofemployees.com.

This demand has increased even more when last year the government added the standard deduction with the new tax regime. It has been almost five years since the standard deduction was revised. The standard deduction was last changed in the year 2019.

Although the budget of year 2024 will be only an interim budget, still the middle class salary class is sitting with high expectations. It is expected that Finance Minister Nirmala Sitharaman may give some relaxation on some taxes. Will the standard deduction be increased by Rs 50,000 in Budget 2024?

What is standard deduction?

Standard deduction is a flat deduction the salaried class can avail of from taxable income without showing any expenditure or saving. Its objective is to achieve parity between taxpayers who receive income through salaries and income from business. At present, standard deduction is available in both the old tax regime and the new tax regime.

Standard deduction was introduced for the first time in the year 1974

Standard deduction was first introduced in India in 1974. As per the history of Standard Deduction, this deduction was available to salaried individuals and pensioners to cover some of their expenses. It was removed in 2004–2005 to simplify taxation. It was re-introduced in the Union Budget in 2018 and fixed at Rs 40,000 for salary class employees and pensioners.

In the interim budget presented on 1 February 2019, the standard deduction limit was increased to Rs 50,000. However, this was limited to the old tax system. In Budget 2023, it was combined with the new tax regime. Standard deduction of Rs 50,000 was allowed in the new tax regime.

Why should the standard deduction be increased by Rs 50,000 in Budget 2024?

There are several reasons for increasing the standard deduction limit from Rs 50,000. Many tax experts believe that it needs to be increased from Rs 50,000 to Rs 1,00,000. People need to increase the standard deduction to cope with inflation and increase disposable income.

The post Standard deduction limit: Big relief to employed people, Standard deduction limit may increase to Rs 1,00,000, check details first appeared on Rightsofemployees.com.

Know when the economic survey will come

The economic survey of the country will be presented on January 31, a day before the presentation of the budget. The economic survey prepared by the Chief Economic Advisor and his team attached to the Finance Ministry will be presented on January 31. This will be placed before the Parliament on the last date of January during the budget session of the Parliament.

Is this an interim budget or vote on account?

In the interim budget, there is a discussion on how much money the government has to meet the country’s expenses in the election year and how it will be used and this is called vote on account.

This year’s accounts are very important

This budget becomes very important just a few months before the end of the second term of the Modi government. Lok Sabha elections are going to be held this year and before that this will be a very important document to tell the financial condition of the country. In the election year, two budgets are presented in the country, out of which the first budget is presented by the current government and the second budget is presented after the formation of the new government.

Know the special dates of the budget session

The date of Budget 2024 has been revealed with the announcement of the dates of the budget session of Parliament. The next session of Parliament, which will be the budget session, will run from 31 January to 9 February. It will start with the President’s address on January 31. The Economic Survey will be presented in Parliament on the same day and the Interim Budget 2024 will be presented on the next day.

The post Budge 2024 Presenting Schedule: Finance Minister Nirmala Sitharaman will present the interim budget on this day, check here first appeared on Rightsofemployees.com.

Now senior citizens are demanding up to 50 percent discount on train tickets in the budget. He is hoping that the government will start giving him this relaxation again. Elections are going to be held in the country after the budget next year, so it is expected that this time the government can announce discount in train tickets for senior citizens in the budget.

Exemption was available till the end of 2019

In India, IRCTC used to offer concessional fares in all categories of special express trains for senior citizens. Till the end of 2019, IRCTC used to provide fare concession to senior citizens above 60 years of age and female senior passengers aged 58 years and above on train tickets of Duronto, Shatabdi, Jan Shatabdi, Rajdhani, Mail and Express trains. While male senior citizens were eligible for a concession of 40 per cent, female senior citizens could avail 50 per cent discount on train tickets.

Demand of senior citizens to get discount on train tickets again

By the end of 2019, senior citizens could get 40 to 50 percent discount on train ticket prices. If the first AC ticket of Rajdhani is Rs 4,000, then the senior citizen could get it for Rs 2,000 or Rs 2,300.

Then at the end of the year 2019 and the beginning of the year 2020, Covid spread in the country and the whole world, after which this service stopped being available on the ticket booking window of IRCTC. Now senior citizens are hoping that they will get this special discount again in the budget.

Finance Minister Nirmala Sitharaman will announce in the budget

Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country.

In such a situation, the government can make announcements to cash in on its vote bank, especially senior citizens. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can definitely make some special announcements for its vote bank.

The post Budget 2024: Senior citizens are going to get up to 50% discount on train tickets again? first appeared on Rightsofemployees.com.

Budget 2024: Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can make many announcements to cash in on its vote bank, especially for the salary class. The government can make an announcement regarding bringing labor laws in the budget. The government has been planning to implement the labor law across the country for a long time, but due to lack of consensus among the states, there is a delay in implementing the law. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can make some special announcements for its vote bank.

What is Labor Code i.e. Labor Law?

In India, 29 Central Labor Laws are divided into 4 codes. The rules of the code contain 4 labor codes like Wages, Social Security, Industrial Relations and Occupation Safety and Health and Working Conditions etc. So far 23 states have prepared these draft laws. Apart from the Centre, it is also necessary for the state governments to notify these rules, only then they will be implemented.

There will be holiday for 3 days a week

According to the rules of labor law, companies will have the right to increase the working hours to 12 hours but then they will get one more day off. Then in that case the employees will get leave for 3 days straight, not just one or two days.

Salary will decrease but PF received on retirement will increase.

According to the new rules, basic salary should be 50% or more of the total salary. This will change the salary structure of most employees. Due to increase in basic salary, PF and gratuity money will be deducted more than before. That is, the salary received may be less than before. Deducting more money from PF during job will result in more money after retirement.

The post Budget 2024: You will get 3 days leave in the new year but salary will reduce! Government will announce new rules in the budget first appeared on Rightsofemployees.com.

Budget 2024: Use of electric vehicles is increasing rapidly. The government is also emphasizing on increasing the use of electric vehicles. This will reduce the demand for petrol and diesel. Very little crude oil is produced in the country. Therefore the government has to import more than 80 percent of crude oil. A lot of foreign exchange is spent on this. Also, pollution increases due to the use of petrol and diesel. In September this year, the number of registered electric vehicles (EV) in the country was a little more than 27 lakh. EV sales in the third quarter this year stood at 3,71,214 units. This is 40 percent more than the same period a year ago. Finance Minister Nirmala Sitharaman introduced EVs inUnion Budget on February 1, 2023 Many steps were taken to promote

There will be benefit from the production of EV batteries in the country

Sitharaman had doubled the budget of FAME Scheme-2. It was announced to continue the concession on duty on EV batteries. FAME means Faster Adoption and Manufacturing of Hybrid and Electric Vehicles. The Finance Minister had reduced the custom duty on lithium-ion batteries from 21 percent to 13 percent. This brought a lot of relief to battery manufacturing companies. Besides, this has strengthened the efforts to increase the production of EV batteries in the country. Earlier, the government had also announced to bring EV batteries manufacturing under the PLI scheme. Experts believe that if batteries for electric vehicles are produced in India, their cost will reduce. This will affect the prices of EV. Currently, the share of battery in the price of EV is very high.

EV sales will increase by reducing tax on EV spare parts

The government had taken major steps to promote electric vehicles in Budget 2023. But, experts believe that the issue of GST rate on EV spare parts has not been resolved yet. The GST rate on electric vehicles is 5 percent. But, EV spare parts (except batteries) currently attract 28 percent tax. Experts believe that the government needs to reduce it soon. Reducing this will reduce the maintenance charges of EV. This will increase people’s interest in buying electric vehicles.

The post Budget 2024: Nirmala Sitharaman had made these big announcements for electric vehicles in Budget 2023. first appeared on Rightsofemployees.com.

Budget 2024 : The Government of India provides insurance cover to the common people. This insurance cover is given to the common people through the Pradhan Mantri Jan Arogya Yojana i.e. Ayushman Bharat (PMJAY) scheme. Government may increase PMJAY insurance cover in Budget 2024. Currently, the government provides insurance cover of Rs 5 lakh to the common people under this scheme. The government can increase the insurance cover of PMJAY from Rs 5 lakh to Rs 10 to 15 lakh.

Government will increase insurance cover

The government can increase the insurance cover available under PMJAY from Rs 5 lakh to Rs 10 to 15 lakh. Also, under this scheme, a target can be set to include 60 crore people in health cover. Modi government had announced Ayushman Bharat in Budget 2018. Under this scheme, two targets were set, first to provide insurance cover of Rs 5 lakh annually to 10 crore families and second to build one lakh health and wellness centres.

These benefits are available under PMJAY

Under the scheme, free treatment facility is available in any government and private sector hospital of the country. Checkup can be done 7 days in advance and after discharge. Under the scheme, treatment of corona, cancer, kidney, heart disease, dengue, chikungunya, malaria, dialysis, knee etc. can be done.

Budget will be presented on 1 February 2024

Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1, 2024. He has made it clear that there will be no big announcements in this budget. He has said that big announcements will have to wait till next year’s full budget. The full budget will come in July. Lok Sabha elections are going to be held in April-May 2024. After this, the new government formed at the Center will present the full budget.

The post Budget 2024: Common people will get good news! Modi government will increase insurance cover to Rs 15 lakh in the budget first appeared on Rightsofemployees.com.