Oil marketing companies have cut the price of LPG in 19 kg cylinder by Rs 4 to Rs 7 from February 1, 2025. The special thing is that this is the second consecutive month when LPG prices have come down. OMCs revise the prices of LPG cylinders at the beginning of every month.

On February 1, the rate of LPG gas cylinder has been reduced by Rs 7. However, this is only for consumers of 19 kg commercial LPG cylinder. There has been no change in the price of domestic gas cylinder i.e. 14 kg LPG cylinder from August 1, 2024.

How much did the prices come down

According to HT report, as per the latest rate released by Indian Oil, the price of 19 kg LPG cylinder in Delhi has become Rs 1797 from today, February 1. Earlier in January, the price was Rs 1804.

This time too, there has been no reduction in the price of domestic LPG cylinders. The last reduction in the price of LPG cylinders was in August 2024. In Delhi, a 14 kg LPG cylinder is available for Rs 803. In Lucknow, the price is Rs 840.50, while in Kolkata, Mumbai and Chennai the prices are Rs 829, Rs 802.50 and Rs 818.50 respectively.

The latest price cut in LPG prices has come before the Budget 2025 speech of Finance Minister Nirmala Sitharaman. In such a situation, it is expected that the Finance Minister may revise the excise duty on petroleum products. If the Finance Minister announces any reform related to LPG or other petroleum products, it will be a big relief.

Related Articles:-

Visa-Free Destinations: Indians will get visa-free entry to 57 countries – See List Here

India’s first Vande Bharat Sleeper can be started on this route – Check route & other details

SBI’s ‘Har Ghar Lakhpati’ scheme, deposit Rs 561 every month, after 3 years…

The post LPG Cylinder Price Cut: LPG cylinder became cheaper before the budget, consumers got relief, know the new rates first appeared on Rightsofemployees.com.

This is a big question in the minds of crores of bank customers and bank employees for a long time that will the government give 2 days off to the banks in a week? If this happens, then banks will have to work 40 minutes extra in the branch every day. Till now banks work on the first and third Saturdays. Banks remain closed on the second and fourth Saturdays. There have been many discussions between the Bank Employees Association, RBI and government officials regarding 5 days working in banks. However, now it has to be seen whether the government will announce this in the budget or not?

Will banks work 5 days a week after the budget?

Till now, banks in the country are closed on all Sundays, second and fourth Saturdays. Banks get holidays except one Saturday. That is, one Saturday has to be worked and the next Saturday is working. Bank employees and bank unions have been demanding a 5-day working week for a long time. That is, banks will work from Monday to Friday and all Saturdays and Sundays will be holidays. That is, bank employees are demanding 8 holidays instead of 6 in a month. For this, an agreement has been reached between bank employee unions and Indian Banks Association (IBA). Now this entire matter is pending with the government and RBI.

Will this be the new time for opening and closing of bank branches of private-public sector banks after the budget?

According to reports, if the government approves this proposal, banking hours will increase by 40 minutes. If this happens, bank branches will open from 9:45 am. Which currently opens for public dealing at 10 am. That is, bank branches will open for public 15 minutes before their regular time. In the evening, bank branches will close at 5:30 pm. Which currently remains open till 5 pm. Currently, most banks are opened for public dealing from 10 am to 4 pm. Unions say that customer service will not be affected by the implementation of 5 days working. The working hours of bank employees can be increased by about 40 to 45 minutes per day.

Government approval awaited

In March 2024, the 9th joint note was signed between IBA and bank unions. It proposes working for 5 days a week. However, currently banks will open only for 5 days. To implement this, the approval of the Finance Ministry and the Reserve Bank of India (RBI) is required. Bank employees are hoping that the government will announce 5 days working in the budget.

The government will present the budget on February 1

The Modi government at the center will present its budget on 1 February 2025. This budget will be the first full budget of the third term of the Modi government. This budget will be presented by Finance Minister Nirmala Sitharaman in the Parliament.

Related Articles:-

• LPG cylinder: What is the price of 14.2 kg LPG cylinder in your city today, see the price here
• School Closed: Govt declared holiday for all government and private schools till 25th January. Details Here
• IMD Alert: There will be heavy rain with thunderstorms in these states in the next 24 hours
• Vande Bharat 2.0: 400 Vande Bharat Trains to be introduced in next 3 years. Key Details Inside
• Electricity Bill: Big News about Electricity bills in THIS state…

The post Bank 5 Days Working: Will the government announce in the budget that banks will remain open for five days? first appeared on Rightsofemployees.com.

Currently, central government employees are paid a monthly salary of Rs 18,000 per month under the Seventh Pay Commission. Which is about 158 ​​percent more than Rs 7000 of the Sixth Pay Commission. If the central government approves the fitment factor of 2.86, then the minimum salary of government employees will increase by 186 percent to Rs 51480, which is almost three times the current salary.

According to Shiv Gopal Mishra, Secretary of the National Council of Joint Consultative Machinery, the fitment factor under the 8th Pay Commission is expected to be increased to 2.86. This is 29 basis points more than the 2.57 fitment factor of the 7th Pay Commission. If the government approves this fitment factor, the minimum salary of government employees will increase from Rs 18000 to Rs 51480, which will be an increase of 186 percent.

Pension will also increase

The increase in the fitment factor will not only increase the salary but also the pension. If the fitment factor is 2.86, then the pension will also increase from Rs 9000 to Rs 25,740. Thus, under the 8th Pay Commission, the pension is also expected to increase by 186 percent.

Likely to be announced in budget 2025-26

Although the formation of the 8th Pay Commission has not been officially announced yet, but according to media reports, it can be announced in the budget of 2025-26. The demand for the formation of the commission was also made in the budget of the year 2024-25. For this, the employees union had also met the Cabinet Secretary and Finance Ministers.

The National Council of Joint Consultative Machinery had demanded the formation of the commission in July and August 2024. In such a situation, clarity is expected after the meeting to be held in December. Earlier it was expected that this meeting could be held this month but later it was postponed to this December.

7th Pay Commission was established in 2014

Usually, a pay commission is set up every 10 years. However, there is no provision for this. This is a practice. The 7th Pay Commission was set up in February 2014 and its recommendations were implemented from 1 January 2016. Under this, the minimum basic salary was increased from Rs 7000 to Rs 18000.

At present there are more than one crore central government employees and pensioners. Now once again the employees are hopeful that there will be a big increase in their salary and pension through the 8th Pay Commission.

Related Articles:-

Weather Update- Alert for these 7 districts of THIS state, know the condition of your city…

School Timing Changed: Big relief for students! Govt of this state changed the school timings, order issued

AADHAAR Holders: Big news! UIDAI has changed the rules, now this is how wrong name can be corrected in Aadhaar Card

The post Good News: Central govt employees’ salary expected to increase by 186 %, announcement expected in budget first appeared on Rightsofemployees.com.

The Income Tax Department is confident that direct tax collections will exceed the budget target for the second consecutive year. This reflects the country’s strong fiscal position driven by robust economic growth.

Net direct tax collection increased by 15.4% from April 1 to November 10

India’s net direct tax collection, which includes corporate tax and individual income tax, rose 15.4 per cent to Rs 12.1 lakh crore during the current fiscal from April 1 to November 10, according to the latest CBDT data.

Government released tax refund of Rs 2.9 lakh crore

Gross direct tax collection during this period grew by more than 21 per cent to Rs 15 lakh crore. The government issued tax refunds of Rs 2.9 lakh crore, which is 53 per cent higher than the same period last year.

Direct tax collection target of Rs 22.07 lakh crore in the current financial year
During the current financial year, the government has set a target of direct tax collection of Rs 22.07 lakh crore. This includes Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh crore from personal income tax, non-corporate tax and other taxes.

Direct tax collection target set in the Union Budget is Rs 18.23 lakh crore

In the financial year 2023-24, direct tax collection including corporate and personal tax was Rs 19.58 lakh crore, which was Rs 16.64 lakh crore in the previous financial year. During this period, the annual growth rate was 17.7 percent. In the Union Budget 2023-24, the target of direct tax collection was fixed at Rs 18.23 lakh crore and later in the Revised Estimates (RE) it was increased to Rs 19.45 lakh crore.

Related Articles:-

IMD Cyclone Alert: Caution! IMD issued an alert, disaster will come from November 21! Details Here

Indian Railways: Is your pension stuck after retirement? No tension, know the easy way to start it

Paytm’s new service, you can make payments through the app even while traveling abroad

The post Direct tax collection may exceed the budget target of Rs 22.07 lakh crore in 2024-25 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.

The government’s emphasis is on bringing more and more people towards the new tax regime instead of the old tax regime. Therefore, while presenting the budget on July 23, Finance Minister Nirmala Sitharaman can take steps like increasing the standard deduction and increasing the tax exemption limit from Rs 3 lakh to Rs 5 lakh under the new tax system. Experts say that this will increase the attractiveness of the new tax system.

With GDP growth of 8.2% in FY24, it was the third consecutive year when the economy grew at a pace of more than 7%. However, the growth of Private Final Consumption Expenditure (PFCE), on which about 60% of the economy depends, was only 4%. Experts are insisting on giving incentives to increase it.

What are the experts saying?

Deloitte India Director Tarun Garg said, ‘The government can increase the standard deduction limit from Rs 50,000 to Rs 1 lakh in the new tax regime. Deductions under 80D on health insurance premium can be included in the new tax regime. Its limit should also be increased. This will also encourage people to take adequate health insurance cover.’

Tax expert and senior chartered accountant Sushil Agarwal said, ‘There is no possibility of relief in the old tax regime as the government wants to phase it out. In the new tax regime, the tax exemption limit can be increased from Rs 3 lakh to Rs 5 lakh. Currently, those with an annual income of up to Rs 7.50 lakh do not have tax liability, it can increase to Rs 9-10 lakh. There is a situation of double taxation on dividends. First the company pays tax on it and then the person receiving it pays tax. This should be abolished.’

What changes are possible regarding NPS?

Garg said, ‘The deduction limit for employer contribution in NPS is currently 10% of the basic salary. It can be increased to 14%. This will be similar to the benefits being given to central and state government employees. Also, more cities should be included in the category of metro cities for house rent allowance. This time the government can give metro city status to Bengaluru, Pune, Hyderabad and NCR for this purpose.’ Currently, HRA exemption of up to 50% of the basic salary is available on rented house in Delhi, Mumbai, Chennai and Kolkata. For other cities, the limit is 40%.

The post Employed people Update: Basic tax exemption limit will be ₹5 lakh in the budget! Employed people in focus first appeared on Rightsofemployees.com.

The official said the interim budget estimates were based on projections for December 2023 and January 2024. Estimates will be higher in the full Budget as the dividend picture is now clearer. Let us know about the complete news.

The Finance Ministry is likely to increase the CPSE dividend estimate by Rs 5,000 crore to about Rs 53,000 crore for the current financial year 2024-25 in the full budget to be presented in July.

Also Read: Senior citizens FD: Highest FD interest is available in these banks for senior citizens

What is the estimate?

The government has estimated dividend from non-financial central public sector enterprises (CPSEs) for the current financial year at Rs 48,000 crore in the interim Budget 2024-25. “The estimate may be increased to about Rs 5,000 crore in the full budget to be presented in July,” an official said.

The government raised this much money

The official said the interim budget estimates were based on projections for December 2023 and January 2024. Estimates will be higher in the full Budget, as the dividend picture is now clearer.

The government has received Rs 4,837.25 crore as dividend from CPSEs in the current financial year. Dividend receipts stood at Rs 63,000 crore in FY 2023-24, which was Rs 59,953 crore in FY 2022-23.

The post Finance Ministry may increase CPSE dividend estimate in full budget first appeared on Rightsofemployees.com.

If you want to save tax for this financial year, there is still time. If you want to save tax before the end of the financial year, then you have only two months and a few days left. In such a situation, the easiest way is section 80C. But, apart from this, if you want to get tax exemption then there can be other good options. Today we will tell you about such options, where tax saving of up to Rs 4 lakh can be done.

There is a tax exemption of Rs 7 lakh in the new tax regime. But, in the old tax regime, the easiest way to get tax exemption is available only in Section 80C (Tax Saving Section 80C). But, here the discount is available only up to Rs 1.5 lakh. However, there are some options other than Section 80C.

1. Rebate on interest on savings account

Under Section 80TTA of Income Tax, interest received on deposits in savings account comes under the ambit of tax exemption. Tax exemption can be claimed on annual interest up to Rs 10,000. At the same time, senior citizens get tax exemption on interest up to Rs 50,000 annually under Section 80TTB on various savings accounts.

2. National Pension Scheme (NPS)

Tax exemption of up to Rs 50 thousand is available on investing in NPS. This exemption is available in section 80CCD (1B). This means that if your annual income is taxable then you can get a rebate of up to Rs 50 thousand by investing here.

3. Health Insurance (80D)

There is tax exemption on health insurance premium in section 80D of Income Tax. Who is included in the policy, what is their age, you can claim tax exemption from ₹ 25,000 to ₹ 1 lakh. You can claim Rs 25000 each for yourself and your parents.

4. Home Loan (80EE)

There are two types of tax exemptions available on home loan repayment. There is tax exemption up to ₹ 1.5 lakh under 80C on the principal amount. At the same time, under Section 24, there is tax exemption on interest up to a maximum of ₹ 2 lakh. Apart from this, the government gives additional exemption on home loan interest under Income Tax Section 80EE to those buying their first house. There should not be any other house in your name. Under this section you can claim additional tax up to Rs 50,000. The condition is that the price of the property should be less than Rs 50 lakh and the loan should be Rs 35 lakh or less.

5. Exemption on donation to charitable institute

If you do charity, you can save tax on this also. Exemption on charitable amount can be claimed under Section 80CCC of Income Tax. Donation made to a recognized charitable institution comes under the ambit of tax exemption. However, exemption is not available on the entire donation. You can avail tax exemption on amounts more than Rs 200.

The post Income Tax Saving: Income tax will be saved up to Rs 4 lakh, know how? 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.

A senior officer of the Income Tax Department said that there will be no increase in tax exemption under the new tax regime in the interim budget 2024. Announcements regarding the budget will be made on 1 February. Earlier, it was being said in some media reports that for taxpayers in the new tax regime, the limit of personal income tax rebate in vote-on-account can be increased from the current Rs 7 lakh to Rs 7.5 lakh.

No rebate plan in income tax exemption

An Income Tax Department official told Moneycontrol on the condition of anonymity that there is no plan to give rebate in income tax exemption. Last year, Finance Minister Nirmala Sitharaman had increased the income tax rebate limit for taxpayers from Rs 5 lakh to Rs 7 lakh under the new tax regime. The basic exemption limit was increased to Rs 3 lakh from the earlier Rs 2.5 lakh. The central government also started a deduction of Rs 15,000 for family pension.

Benefit of standard deduction of Rs 50000:

Standard deduction was introduced under the new tax regime for salaried class, pensioners and family pensioners in the budget of 2023. In the old tax regime, salaried class and pensioners are also given the benefit of standard deduction of Rs 50,000. Another official said that it is also expected that in the interim budget, the Center may announce TDS exemption on foreign credit and debit card spends up to Rs 7 lakh every financial year.

The new tax regime was introduced with a concessional rate by changing the tax slab as compared to earlier. It was applicable to all taxpayers including Hindu Undivided Families (HUF) and Union of Persons (NOP). In Budget 2023, personal income tax rules were simplified and income tax slabs were reduced from 7 to six. Let us know about the income tax levied under the new tax regime-

> There will be no tax on income up to Rs 3 lakh.
> 5% tax up to income of more than Rs 3 lakh – Rs 6 lakh.
> Above Rs 6 lakh and up to Rs 9 lakh it is 10 percent.
> From Rs 9 lakh to more than Rs 12 lakh, this tax is 15 percent.
> 20 percent tax on income between Rs 12 lakh to Rs 15 lakh.
> 30 percent tax on annual income above Rs 15 lakh

It has been made clear by the government that those who choose the new tax regime. They will not be able to avail various types of exemptions and deductions including HRA, LTA, 80C, 80D. Currently, different types of exemptions are available under the old tax regime.

The post Income Tax Limit: There will be no change in income tax slab in the budget, check details first appeared on Rightsofemployees.com.

PFRDA Chairman’s statement

Amidst all the expectations and debates, PFRDA Chairman has also made a big comment regarding the pension scheme. Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty was participating in a program in Mumbai on Friday. While talking to the media on the sidelines of the programme, he talked about NPS.

Currently discount is available up to this limit

The pension regulator chief said that the contribution made by employers in NPS should be made tax free up to 12 percent of the employee’s basic salary. At present, in the pension scheme for employees enrolled in NPS under private sector individual or corporate scheme, employers get tax exemption only on an amount equal to 10 percent of the basic salary.

Get benefits like government employees

Mohanty said that he has favored bringing the tax benefits on employer contribution in NPS at par with the 12 percent limit in EPF. He said that it should ultimately go up to 14 percent of the basic salary like that of government employees. Currently, under EPF rules in the private sector, contributions up to 12 percent of basic salary and dearness allowance are exempted from tax.

What does the income tax law say?

Under the current income tax rules, employers can show NPS contribution up to 10 percent of their employee’s basic salary as business expense. This helps them to save tax. Employees can also avail tax benefits under section 80 CCD (2) of the Income Tax Act on the employer’s contribution equal to 10 percent of their salary. This benefit is available in both the new and old tax system.

The post Pension Rules: Employer contribution limit should be 12% says PFRDA chairman first appeared on Rightsofemployees.com.

The government increases Dearness Allowance (DA) twice a year. The government increases this dearness allowance in January and July. Looking at the inflation, it is expected that the government may increase the DA Hike by 3 percent this time.

DA arrears of 18 months

The government did not increase the DA of government employees from January 2020 to June 2021. After that, the government had increased the dearness allowance by 11 percent from July 2021. Nothing was said about the DA arrears of these 18 months. The employees union has been demanding arrears of 18 months for a long time. If the media reports come down, then the government can issue DA arrears of 18 months soon.

Fitment factor

Government employees are also demanding to increase the fitment factor. It is being said in the media reports that the government can give it as a New Year gift. The government is planning to increase the fitment factor after Budget 2023.

The rate of fitment factor is currently around 2.6 percent and the employees are demanding the government to increase it to 3.7 percent. If this is done, there will be a huge increase in the salary of the employees. Experts say that after the hike, the basic pay will increase from Rs 18,000 to Rs 26,000. The government last increased the fitment factor in 2016.

The post DA arrears: Good news for employees! Government employees will get 3 gifts in the budget, these allowances will increase first appeared on Rightsofemployees.com.

Budget 2023: Since the year 2014, when the Modi government took over the reins of the country, many important decisions have been taken by the government. Along with this, there have been many such decisions in these decisions, through which old practices have also been broken by the government. One such decision was taken by the Modi government in its first term. This decision was regarding the budget and an old practice was broken by the Modi government. After this, he was also appreciated in the country.

Union budget

Actually, earlier the general budget presented by the central government was different and the railway budget was different. But an important decision in the Modi government was taken in the year 2017 regarding the budget. During that time, it was decided by the Modi government that now the general budget and railway budget will not be presented separately and both will be presented together.

Railway budget

The decision to present the general budget and the railway budget together is counted among the major decisions of the Modi government and the practice that has been going on for 92 years was also broken by the Modi government, due to which the Modi government took Seeing the big decisions, the country was also shaken. Let us inform that in 1924, a separate railway budget was started through the British. Whereas the merger of Railway and General Budget does not affect the functional autonomy of Railways but helps in increasing the capital expenditure.

Budget

The 92-year-old tradition of presenting the country’s general budget and railway budget separately was ended by the then Finance Minister Arun Jaitley in the Modi government. In the year 2017, Jaitley presented the country’s first combined budget by combining the general budget and the railway budget. The change was based on several recommendations from various stakeholders and allowed the government to take a more holistic approach towards the transport sector.

The post Budget 2023! Modi government took such a big decision regarding the budget after 92 years, the whole country was shaken first appeared on Rightsofemployees.com.

Income tax slabs are different for different income groups. At the same time, people can pay income tax according to two slabs. In these one Old Tax Regime is included and there is also another New Tax Regime.

Tax Regime

The Finance Minister had introduced the new tax regime in the Union Budget 2020, wherein there is an option for individuals and HUFs (Hindu Undivided Families) to pay tax at lower rates without claiming deductions under various sections. Tax rates are different in Old Tax Regime and New Tax Regime. However, if the age of a taxpayer is less than 60 years, then he does not have to pay any tax on Rs 2.5 lakh annually.

Income Tax After this, taxpayers below the age of 60 years have to pay 5% tax on annual income between Rs 2.5 lakh and Rs 5 lakh. However, these people also get a tax rebate of 5 percent. But some people have been given tax exemption by the government even on higher annual income.

They are given tax exemption up to an income of 5 lakhs. In fact, the New Tax Regime rates have not been differentiated on the basis of age. However, under the Old Tax Regime, no tax is levied on an annual income of Rs 3 lakh for senior citizens, whose age is between 60 and 80 years. On the other hand, for Super Senior Citizens, whose age is more than 80 years, no tax has to be paid on annual income of Rs 5 lakh.

The post Income Tax: Good news before the budget! These people will get tax exemption of Rs 5 lakh first appeared on Rightsofemployees.com.

The government can take a big decision on the salary of the employees, after which there will be a direct increase of Rs 95,000 in the salary. The special thing is that this increase in the salary of the employees will be lump sum. This time the government is planning to give a big gift to the employees on the new year.

Fitment factor may be revised in the budget

Along with this, news is coming that in this budget, the government can also revise the fitment factor. At present, no official information has been received regarding this.

At present, the employees get the fitment factor according to 2.57, which is demanded to be increased to 3.68. If this happens, then the minimum salary of the employees will directly increase from Rs 18,000 to Rs 26,000.

How will the calculation be done?

Talking about the calculation, if your minimum salary is Rs 18,000, then excluding all other types of allowances, you are getting Rs 46260 as fitment factor according to 2.57. On the other hand, if the government increases it in the budget, then it can be 3.68, which will be calculated on the basic salary of Rs 26,000.

95680 rupees will come in the account

According to the salary of Rs 26,000, if the fitment factor is calculated at 3.68, then according to this the employees will get Rs 95680 in lump sum. There will be a bumper increase in the salary of the employees and the money can be transferred to the account in one go.

How much was the salary increased last time?

Let us tell you that the last time the central government had increased the fitment factor, then the salary of the employees had increased three times. The salary of the employees was directly increased from 6000 to 18000. This time if the government accepts the demand of the employees, then the salary will increase from 18,000 to 26,000.

The post 7th Pay Commission: Fitment factor may be revised in the budget, Employees, Rs 95,000 will come into their account first appeared on Rightsofemployees.com.

The Finance Minister has completed meetings with various parties regarding the preparations for the next financial year’s budget. If these suggestions are implemented by the Finance Ministry, then the salaried people will be benefited the most.

Different suggestions given regarding the budget include reduction in personal income tax, preparing programs for employment generation, increasing spending to boost the economy and promoting some industries. Suggestions have been received. The brainstorming on the budget started with a meeting with the industry from 21st November. It concluded on 28 November with discussions with economists. The budget for the financial year 2023-24 will be presented in the Parliament on 1 February.

Suggestion to reduce tax on electric vehicles

According to the information of the Ministry of Finance, different representatives gave many suggestions regarding the budget. It includes suggestions to bring urban employment guarantee program to increase employment opportunities, system of green certification to help MSMEs and rationalization of income tax.

Apart from this, plans to improve domestic supply system, reduce tax on electric vehicles, measures to promote India as a center for green hydrogen are included.

More than 110 representatives from various parties were involved , apart from this, suggestions were also given like bringing the unorganized sector employees under the ambit of social benefit scheme for children, ESIC.

Various parties also gave suggestions like continuation of public expenditure, fiscal consolidation and reduction in customs duty. The ministry said, ‘More than 110 representatives from seven different parties attended the eight meetings.’ Sitharaman said that the suggestions will be carefully considered while preparing the budget for the financial year 2023-24.

The post Financial Year 2023-24: Taxpayers will get big relief in the budget, Finance Minister’s plan was revealed in this meeting! first appeared on Rightsofemployees.com.

Discussion will be held regarding the budget Finance Minister Nirmala Sitharaman will hold a meeting with the finance ministers of the states on Friday. In this meeting the budget will be discussed and suggestions will also be taken.

The budget will be presented on February 1.

This meeting is being called by the government for prior suggestions, on the basis of which the budget for the next year i.e. the financial year 2023-24 will be presented. This time also the government will present the budget on 1 February.

Meeting will be held with state finance ministers on 25th tomorrow i.e. on 25th November Nirmala Sitharaman will hold a pre-budget meeting with state finance ministers. On Monday too, Sitharaman held a meeting with industry heads, infrastructure and climate change experts regarding the budget.

The meeting will be online on Tuesday Along with this, the Finance Minister will hold an ‘online’ meeting on Tuesday with representatives of agro processing industry, financial and capital market sectors to further agriculture. On November 24 i.e. today, apart from service sector and business organizations, experts related to education, health, water and sanitation sectors will be met.

This will be Sitharaman’s fifth budget

This is Finance Minister Sitharaman’s fifth and last full budget before the general elections to be held in April-May in 2024. To overcome the problem of inflation and to further the employment, the government can take many new decisions. Along with this, there is a possibility of more than 8 percent economic growth in the economy and special steps will be taken for this.

The post Breaking news ! Finance Minister Nirmala Sitharaman will take this big decision before the budget, check details first appeared on Rightsofemployees.com.