The government said in Parliament that there is no proposal pending with the Centre to restore the Old Pension Scheme (OPS) for central government employees covered under the National Pension System (NPS). Finance Minister Nirmala Sitharaman said in a written reply to a question in the Lok Sabha that the government had distanced itself from OPS due to the excessive fiscal burden on the exchequer.

What is the detail

NPS is a contribution-based scheme launched for Central Government employees (except armed forces) joining service on or after January 1, 2004. He said that a committee was constituted under the chairmanship of the then Finance Secretary to suggest measures for amendment in NPS with a view to improving pensionary benefits for such employees.

The reply said that based on the Committee’s deliberations with stakeholders, the Unified Pension Scheme (UPS) was introduced as an option under the NPS, which aims to provide prescribed post-retirement benefits to Central Government employees covered under the NPS. The Finance Minister informed that the features of UPS, including the definition of family, have been designed in such a way that along with ensuring payment, the financial stability of the fund is also maintained.

Benefits to these employees

She informed that government employees opting for UPS under NPS will also be eligible for the option of receiving benefits under CCS (Pension) Rules, 2021 or CCS (Extraordinary Pension) Rules, 2023 in case of retirement on the basis of death or disability during service. Sitharaman informed that UPS was introduced as an option under NPS by the government through a notification on 24 January 2025. In a written reply to another question, the minister informed that household financial liabilities have increased by about 5.5 percentage points from March 2020 to March 2024, while household financial assets have increased by 20.7 percentage points during the same period.

Further, he pointed out that as per the latest data published by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, net domestic financial savings are set to increase from Rs 13.3 lakh crore in 2022-23 to Rs 15.5 lakh crore in 2023-24, hence it is not a systemic concern for the asset quality of Indian banks.

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The bill which was introduced earlier this year was withdrawn by the government. Now this bill will go to Rajya Sabha. Its purpose is to simplify the tax rules, reduce disputes and modernize the process. In this, many tax reliefs have been given to pensioners, investors of National Pension System (NPS) and Unified Pension Scheme (UPS).

Full tax exemption on commuted pension

Commuted pension means that the employee takes a part of his pension first as a lump sum amount. Now if this amount comes from an approved superannuation fund or a recognized pension scheme, then that amount is completely tax exempt.

This rule applies to both government and private sector employees, provided their pension plan is government-recognized. This means that you will not have to pay any income tax on the amount received as commuted pension at the time of retirement.

However, this exemption applies only to the lump sum amount received during commutation. The rest of the monthly pension is taxable under normal tax rules. This facility helps employees save tax and is financially helpful after retirement.

New rules are clear on UPS and NPS

The commuted pension portion received in the Unified Pension Scheme (UPS) will be completely tax free. Whereas, the old rules will apply in NPS i.e. on closing or exiting the scheme, 60% of the total deposit amount can be withdrawn tax free.

Retirement Benefit Account

There is a provision for Retirement Benefit Account in the new bill. These accounts will run approved funds and withdrawal from them will be tax free if the prescribed conditions are fulfilled at the time of retirement. Its purpose is to promote retirement savings in a proper manner.

Discount on family pension continues

The exemption that was already available on family pension will continue. In this, one-third of the pension or ₹ 15,000, whichever is less, will be deducted from the taxable income. This facility will be applicable on the pension received by the spouse or dependents of the deceased employee.

Rules for partial withdrawal fixed

The tax rules for partial withdrawal from pension schemes before retirement have now been clarified, which will reduce disputes and increase transparency.

According to the Finance Ministry, the purpose of these changes is to implement uniform tax rules on different pension sources, clarify the law and ensure financial security after retirement.

The post Income Tax Bill 2025: New Tax Benefits for UPS, NPS Subscribers & Pensioners first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman, while responding to a question in the Lok Sabha, said that the government has distanced itself from OPS due to its unsustainable fiscal liability on the exchequer. Let us tell you that NPS is a fixed contribution-based scheme which was launched for central government employees (except armed forces) joining service on or after January 1, 2004.

UPS option for employees covered under NPS

The Finance Minister said that with a view to improving the pensionary benefits of such employees, a Committee was constituted under the Chairmanship of the then Finance Secretary to suggest measures for amendments in the NPS. Based on the Committee’s deliberations with stakeholders, Unified Pension Scheme (UPS) has been introduced as an option under NPS with a view to providing assured post-retirement benefits to Central Government employees covered under NPS, she said.

The government introduced UPS as an option in January

Nirmala Sitharaman said that the features of UPS, including the definition of family, have been designed in such a way that fixed payments are ensured and at the same time financial stability of the fund is maintained. Further, she said that Government servants opting for UPS under NPS will also be eligible for the option to receive benefits under CCS (Pension) Rules, 2021 or CCS (Extraordinary Pension) Rules, 2023, in the event of death of the Government servant during service or his retirement on the ground of invalidity or disability. She said that UPS has been introduced as an option under NPS by the Government through a notification dated January 24, 2025.

The post Finance Minister Confirms: No Plans to Restore Old Pension Scheme first appeared on Rightsofemployees.com.

Pradhan Mantri Mudra Yojana is also a scheme of this category. Under the scheme, banks give loans up to Rs 20 lakh to people at a cheap interest rate. The important thing is that this loan is collateral-free. Let us tell you that Finance Minister Nirmala Sitharaman announced to increase the loan limit to ₹ 20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit became effective on October 24, 2024.

Four category plans

Mudra loan scheme is in four categories- ‘Shishu’, ‘Kishore’, ‘Tarun’ and ‘Tarun Plus’. The loan amount is different for each category.

Shishu: Loans up to Rs 50,000/- are available.

Kishor: Loans available from Rs 50,000/- to Rs 5 lakh.

Tarun: Covers loans from Rs 5 lakh to Rs 10 lakh.

Tarun Plus: Loans ranging from Rs 10 lakh to Rs 20 lakh are available.

Which banks provide loans?

Under the Mudra Scheme, collateral free loans up to Rs 20 lakh are provided by Member Lending Institutions (MLIs) such as scheduled commercial banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc.

10 years old plan

Let us tell you that this scheme is from ten years ago. Mudra Yojana has helped in opening more than 52 crore loan accounts, which shows a steady increase in entrepreneurial activities. The share of teen loans has increased from 5.9 percent in FY 2016 to 44.7 percent in FY 2025. 68 percent of the total beneficiaries of Mudra Yojana are women. Between FY 2016 and FY 2025, the disbursement amount of Pradhan Mantri Mudra Yojana per woman increased by 13 percent year on year to Rs 62,679.

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The Finance Minister wrote on the social media platform ‘X’, recently it has been learnt that financial institutions are charging for adding/changing the details of ‘nominee’ in PPF accounts. The ‘nominee’ has a legal right over the amount of the original account holder. He said that necessary changes have been made in the Government Saving Promotion General Rule 2018 through the notification of 2 April 2025 to remove any charge on change in the information related to ‘nominee’ for PPF accounts.

In the notification, the charge of Rs 50 for cancelling or changing the nomination for the small savings scheme run by the government has been abolished. He said, “The recently passed Banking Amendment Bill 2025 allows a maximum of 4 people to be made ‘nominees’ for payment of depositors’ money, goods kept in safe custody and safety lockers.

Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts.

Necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to remove any charges on… pic.twitter.com/Hi33SbLN4E

— Nirmala Sitharaman (@nsitharaman) April 3, 2025

How to update nominee details in PPF account?

You can change the nominee details in your PPF account by filling Form-10. It can be updated both online and offline. Some banks like SBI, HDFC and ICICI provide the facility to update details through internet banking.

Online method:

1. Log in to your bank’s internet banking portal.
2. Go to the PPF Account section.
3. Select Nominee Update or Modify Nomination.
4. Enter the new nominee details.
5. Authenticate using OTP or internet banking credentials.
6. Submit the request and save the acknowledgement.

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On February 1, Finance Minister Nirmala Sitharaman, while presenting the budget for the financial year 2025-26, announced to increase the annual limit of TDS (tax deduction at source) on rent. This will reduce the number of transactions liable for TDS, which will benefit taxpayers receiving small payments. This new rule will come into effect from the first day of the new financial year i.e. April 1.

What the rules say

According to section 194-I of the Income Tax Act, income tax should be deducted at the applicable rates while paying any amount as rent to a resident, if the rental income exceeds Rs 2.4 lakh in a financial year. However, in the Budget 2025-26, it has been proposed to increase this tax deduction limit for income in the form of rent to Rs 50,000 per month. This provision will apply to individual taxpayers or HUFs irrespective of the income.

What is the meaning

In simple terms, if land or machinery etc. is rented for a few months and the rent is more than Rs 50,000, then TDS deduction will be necessary. Increasing the annual TDS limit on rent to Rs 6 lakh will greatly benefit small taxpayers and landlords and will also reduce the compliance burden.

Let us tell you that while presenting the general budget on February 1, Finance Minister Nirmala Sitharaman made many big announcements for taxpayers. Nirmala Sitharaman had increased the tax exemption limit from Rs 7 lakh to Rs 12 lakh under the new regime. At the same time, there were many changes in the tax slab as well. Apart from this, there were some other changes including TDS.

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The post Landlords TDS annual limit: Central govt will implement new rules regarding TDS on rent from April 1. Know all details first appeared on Rightsofemployees.com.

TDS will not be deducted on income up to 10 thousand

Till now, it was mandatory for companies to deduct TDS at the rate of 10% on dividends above Rs 5,000. But under the new provision, there will be no TDS on dividends up to Rs 10,000. If the investor has provided PAN, then 10% TDS will be deducted on dividends above the new limit, but if PAN is not provided, TDS will be deducted at a higher rate of 20%. The government believes that this decision will directly benefit small investors and mutual fund unit holders. Apart from this, the process of tax payment will also be simplified.

Changes in TDS and TCS rates bring relief to taxpayers

In the budget presented for the financial year 2025-26, not only dividend income but many other rules related to TDS and TCS have also been changed and made easier.

• In fact, under section 194A, the limit of TDS on interest received on bank deposits of senior citizens has been increased from Rs 50,000 to Rs 1 lakh.
• At the same time, the limit of TDS on rent under section 194I has been increased from Rs 2.40 lakh per annum to Rs 6 lakh without any condition.
• The TCS limit on sending money abroad under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India has been increased from Rs 7 lakh to Rs 10 lakh.
• If money is sent abroad by taking a loan from the bank for studies, then TCS will not be levied on it.

Government will present new income tax bill next week

The government says that these changes in the rules of TDS and TCS have been made to simplify the tax system and help small investors. This will give investors tax relief on dividend, rent and interest, which will reduce their tax liability and increase investment. It is worth noting that after the budget, everyone’s eyes will now be on the new Income Tax Bill, which the government is going to present in the Parliament next week.

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The post TDS limit doubled on these earnings including dividends, know complete details first appeared on Rightsofemployees.com.

The government has also changed the limit for TCS and TDS. Senior citizens, landlords and professionals providing technical services will benefit the most from this. Increasing the limit for TCS will benefit those traveling abroad and those who educate children abroad. Let us know about this in detail.

New rules for TDS on interest income

According to the new rule, interest income of up to Rs 1 lakh of senior citizens in a financial year will not come under the purview of TDS . Earlier its limit was Rs 50,000. This means that if you are a senior citizen and you get interest up to Rs 1 lakh on the money deposited in the bank in a financial year, then the bank will not deduct TDS on it . The bank will deduct TDS on it only if the interest income is more than Rs 1 lakh. For other people, this limit has been increased from Rs 40,000 to Rs 50,000.

New rules for TDS on house rent

The government has also increased the limit of TDS on rental income. It has been increased from Rs 2.4 lakh per annum to Rs 6 lakh. This means that if you pay rent up to Rs 50,000 per month to your landlord, then you will not need to deduct TDS on it. Currently, if the rent exceeds Rs 20,000, the tenant has to make the payment to the landlord after deducting TDS on it.

TDS on dividend income

TDS rules have also changed for investors of stocks and mutual funds. Now TDS will be deducted only if the dividend or income received from units of mutual funds or specific companies/undertakings is Rs 10,000. Currently this limit is Rs 5,000. The limit of TDS has also been increased to Rs 10,000 for interest received on debentures issued by a public company.

New TCS rules for sending money abroad

The government has also increased the limit of TCS in the case of Liberalised Remittance Scheme (LRS). Now if a person sends money abroad, an amount up to Rs 10 lakh will not come under the purview of TCS. Currently this limit is Rs 7 lakh. Apart from this, no TCS will be levied on sending money for education loan taken from certain institutions. Currently, a charge of 0.5 percent is levied if the amount of education loan is more than Rs 7 lakh.

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The post New TDS & TCS Rules: Big news..! New rules of TDS and TCS will be implemented from April 1, know the new rule first appeared on Rightsofemployees.com.

During the budget, arrangements were made to register ‘gig workers’ on the e-shram portal. Finance Minister Nirmala Sitharaman said in the budget speech that about 1 crore gig workers will directly benefit from the facility of registration on the e-shram portal.

Gig workers will benefit

Let us tell you that gig workers include shop helpers, auto drivers, drivers, puncture repairers, shepherds, dairy owners, cattle farmers, paper hawkers, and delivery boys of Zomato, Swiggy, Amazon, Flipkart, among many others. Gig workers are people who do temporary work and change their job when they get better opportunities. For example, people working on apps like Swiggy, Zomato and Uber are gig workers. All these people can now get e-shram cards made. At the same time, after the announcement of registration on the e-shram portal in the budget speech, now the big question is how can workers register?

Let us tell you that registration on the e-shram portal can be done both ways i.e. online and offline. Gig workers can register themselves by visiting the e-shram portal https://eshram.gov.in/. After registration, they will also be given a card.

e-Shram Card Registration: How to Apply Online?

The application for the e-Shram card can be made through the CSC (Common Service Centre) or the e-Shram portal. The eligible persons can visit the nearest CSC centre and apply for the e-Shram card. They can locate the nearest CSC centre on the e-Shram Portal by entering the state and district for applying for the e-Shram card.

The process of filing the application for obtaining the e-Shram card online is as follows:

Step 1: Visit the e-Shram portal (Self-registration page).

Step 2: Enter the Aadhaar linked mobile number and the captcha code and click on the ‘Send OTP’ button.

Step 3: Enter your Aadhaar number, tick the terms and conditions and enter the OTP sent to the mobile number. Click on the ‘Validate’ button.

Step 4: Confirm the personal details that appear on the screen.

Step 5: Enter the required details, such as address, educational qualifications, etc.

Step 6: Select the skill name, nature of business and the type of work.

Step 7: Enter the bank details and select the self-declaration.

Step 8: Click on the ‘Preview’ option to verify the details entered and click on the ‘Submit’ button.

Step 9: An OTP will be sent to the mobile number. Enter the OTP and click on the ‘Verify’ button.

Step 10: The e-Shram card is generated and displayed on the screen.

The e-Shram card can also be downloaded by clicking on the download option.

Documents Required for e-Shram Card

• Aadhaar card.
• Mobile number linked with Aadhaar card.
• Bank account.

How to Download e-Shram Card?

After filing the application to obtain the e-Shram card, follow the below process to download the e-Shram card:

1. Visit the e-Shram portal.
2. Click on the ‘Already Registered’ tab and select the ‘Update Profile Using UAN’ option.
3. Enter the UAN number, date of birth, captcha code and click on the ‘Generate OTP’ button.
4. Enter the OTP received on the mobile number and click on the ‘Validate’ button.
5. Confirm the personal details that appear on the screen.
6. Click on the ‘Preview’ option to verify the details entered, and click on the ‘Submit’ button.
7. An OTP will be sent to the mobile number. Enter the OTP and click on the ‘Verify’ button.
8. The e-Shram card is generated and displayed on the screen.
9. The e-Shram card can also be downloaded by clicking on the download option.

The post Self Registration for e-Shram Card Online – step by step guide first appeared on Rightsofemployees.com.

Tax will have to be paid according to the slab on income above Rs 12 lakh annually. However, with tax planning, you can save tax even on income above Rs 12 lakh. Sometimes the tax on your salary can also be zero. Even if your annual salary is Rs 13.7 lakh, you can avoid paying any tax by following some steps.

According to tax experts, to make tax zero on income up to Rs 13.7 lakh per annum, one has to invest in the National Pension System (NPS). In the new tax regime, tax deduction is available on NPS contribution up to 14% of the basic salary (plus DA). This deduction is available under IT Act Tech Section 80CCD (2). However, this deduction is available only when the employer/company provides the facility of investing in NPS to the employee.

This is how you can save tax on an annual salary of Rs 13.7 lakh

Let’s assume that an employee’s annual salary is Rs 13.7 lakh. In this, 50% of the basic salary is Rs 6.85 lakh, so the NPS contribution at 14% will be Rs 95,900. The employee can claim tax deduction on the annual contribution of Rs 95,900 in NPS. If the standard deduction of Rs 75,000 is added to this amount, then the total deduction will become Rs 1.70 lakh. In this way, he will not have to pay any tax.

NPS was started in the year 2004.

Let us tell you that if you also want to get a big pension after your retirement, then National Pension System can be a good option for you. NPS is a government scheme, which is linked to the market. NPS was started by the government in 2004. It was opened for the general public in 2009.

The post Tax Saving: Not only ₹12 lakh… ‘0’ tax on income up to ₹13.7 lakh, see the complete calculation first appeared on Rightsofemployees.com.

Who can take advantage

Salaried employees and pensioners get the facility of getting tax exemption through standard deduction. If you choose the new tax slab to pay income tax, then you will get the benefit of standard deduction of Rs 75,000. On the other hand, salaried taxpayers get only a standard deduction of Rs 50,000 if they choose the old tax regime.

Understand with an example

Suppose you are a salaried person and your annual income is 13 lakhs and if you choose the new tax regime, then the standard deduction will be reduced by Rs 75,000. Now Rs 12,25,000 will be left, tax will be levied on it according to the slab. On the other hand, if your income is Rs 12,75,000, then according to the new tax regime, you will not have to pay income tax because income up to 12 lakhs is tax free and you will get the benefit of standard deduction of Rs 75,000. On the other hand, if you choose the old tax regime on an annual income of 13,00,000, then you will get the benefit of standard deduction of up to Rs 50,000 in the total package. In such a situation, your tax will be calculated on Rs 12,50000 instead of 13 lakhs.

After 2005, it was implemented again in 2018

In India, there was a provision of standard deduction for salaried persons before the year 2005, but it was discontinued in the budget of that year. Instead, a provision was made for deduction of Rs 19,200 in the form of transport allowance and Rs 15,000 in the form of medical allowance in some special items. But the employees were not satisfied with this. The employees believed that businessmen and consultants claim exemptions by showing many types of expenses, but salaried people have very few options. To address this complaint of the employees, the government again implemented standard deduction in the budget of the year 2018. But the exemption in the form of transport allowance and medical reimbursement was abolished.

What is the benefit of standard deduction

Standard deduction is better for employees than the exemptions in the form of transport allowance and medical reimbursement because there was more paperwork to get the exemption of transport allowance and medical reimbursement. Whereas through standard deduction, the amount is deducted directly from the gross salary of the salaried person and after this the taxable income is determined on the remaining salary.

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Actually, the new Income Tax Act will be introduced in the Parliament during the budget session. This will be a new law, not an amendment to the existing Act. Recently this draft was with the Law Ministry. The main objective of the new Income Tax Act is to make the existing Income Tax Act, 1961 easy, clear and understandable.

What changes are possible in the new Income Tax law?

– The law should be written in simple language so that common people can understand it easily.
– Unnecessary and obsolete provisions will be removed.
– Tax litigation will be reduced.
– Compliance will be made easy for taxpayers.
– For this, the Income Tax Department has received 6,500 suggestions from the public and industry for these reforms.

Let us tell you, earlier Finance Minister Nirmala Sitharaman had said that more than 65 percent of taxpayers in the country have adopted the New Tax Regime, that is, 2 out of every 3 people are filing income tax under the New Tax Regime. This data has changed a lot in the last one year, because when the government implemented the New Tax Regime in Budget 2020, people were reluctant to adopt it.

New tax regime

– ₹0-₹3 lakh: Nil
₹3-₹7 lakh: 5%
₹7-₹10 lakh: 10%
₹10-₹12 lakh: 15%
₹12-₹15 lakh: 20%
Above ₹15 lakh: 30%

Old Tax Regime

– Income from Rs 0 lakh to Rs 2.5 lakh: 0%
– Income from Rs 2.5 lakh to Rs 5 lakh: 5%
– Income from Rs 5 lakh to Rs 10 lakh: 20%
– Income above Rs 10 lakh: 30%

It is worth noting that at present, under the old tax regime, there is a provision of 30% income tax on income above Rs 10 lakh, while in the new tax regime, there is a provision of 30% income tax on income above Rs 15 lakh.

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For this reason it is also being called the budget of expectations. According to experts, the government will focus on things like health sector, GDP growth, inflation, tax slab etc. in this budget. Changes can be made in many policies to accelerate growth in the country.

Apart from this, changes can also be seen in income tax. However, what will happen in this year’s budget? This will be known only when Union Finance Minister Nirmala Sitharaman will present the country’s full budget on February 1. In this connection, let us know why this year’s budget can be memorable and what changes can be made in it?

Changes in income tax

Finance Minister Nirmala Sitharaman recently said that more than 65 percent of taxpayers in the country have adopted the new tax regime. This means that 2 out of every 3 people are filing taxes under the new tax regime. The government introduced the new tax regime in the year 2020. However, now the government’s focus is on making the new tax regime more attractive. For this reason, many changes are being made continuously in the new tax regime.

Last year, under the new tax regime, the standard deduction was increased from Rs 50,000 to Rs 75,000. In such a situation, this year the government can make the new tax regime even more attractive in the budget. According to media reports, the limit of standard deduction can be increased from Rs 75,000 to Rs 1 lakh.

At the same time, the 20 percent tax rate range is likely to be increased from Rs 12-15 lakh to Rs 12-20 lakh. This change can benefit those whose income is between Rs 15-20 lakh.

Tax Slabs

If media reports are to be believed, the government may make changes in the tax slabs in this year’s budget. It is expected that a tax rate of 30 percent may be implemented on income above Rs 20 lakh. If these changes happen, many more people will also shift from the old tax regime to the new tax regime.

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The post Budget 2025: Major Changes May In Income Tax Rules And Tax Slabs – Key Details Inside first appeared on Rightsofemployees.com.

The purpose of bringing DTC is to simplify the provisions, remove irrelevant sections and make the language more understandable for the common people. Tax experts believe that this will simplify tax laws, reduce legal disputes and make the entire process easier for taxpayers.

The committee formed to review the Income Tax Act is deciding whether the new law will be in two parts or three. The government had earlier said that the draft law would be released for public comments, but now it has been decided that the bill will first be introduced in Parliament. After this, it can be amended based on the feedback of taxpayers and experts.

According to a report in the Times of India, officials from the Finance Ministry and the Prime Minister’s Office (PMO) have worked closely with the committee to finalise the bill over the last six to eight weeks. The Finance Minister is expected to mention the
new bill in her budget speech on February 1. However, it is not yet decided whether the bill will be introduced in the first part of the session or in the second part.

Third attempt to change the Income Tax Act

This is the third attempt when an attempt is being made to rewrite the Income Tax Act. Earlier, the Direct Tax Code Bill was introduced in 2010. After this, the Modi government formed a panel of experts, but their report was not made public and the recommendations were not implemented.

Thousands of provisions have been directed to be removed in the new law. Also, sections that have become irrelevant over the years will also be excluded. The committee has also been instructed to make the language as simple as possible so that common people can understand it easily. However, the government is not including new issues in it at the moment.

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The post Budget 2025: Direct tax code may be announced in the budget, what will be its benefits, know first appeared on Rightsofemployees.com.

CBDT has now officially announced the Direct Tax Vivad Se Vishwas Scheme for this. This scheme can settle the old income tax related cases of taxpayers. This scheme of the government has come into effect from 1 October 2024. This scheme has been started to settle the pending cases related to direct tax dispute quickly. The purpose of this scheme is to settle the old income tax cases quickly.

Who can take advantage

Every person whose case is pending regarding income tax dues can take advantage of the Dispute to Trust Scheme 2024. However, those who are facing serious income tax cases like undeclared income abroad cannot take advantage of this scheme.

The Central Board of Direct Taxes (CBDT) has implemented the Direct Tax Dispute to Vishwas Scheme under the Finance Number 2 Act. During this time, the rules related to the scheme have also been implemented. 4 different forms have been given for the Dispute to Vishwas Scheme.

Benefit of lower settlement amount

The special thing about CBDT’s Direct Tax Vivaad se Vishwas Scheme is that the settlement amount of the new appellant will be less than that of the old appellant. Under this scheme, such taxpayers will also get the benefit of lower settlement amount, who will file the declaration on or before 31 December 2024.

These matters will be resolved

The Tax Vivaad se Vishwas Scheme also provides that Form 1 will be filed separately for each dispute. The payment details will have to be given in Form-3 and submitted to the designated authority along with the appeal, objection, application, writ petition, special leave petition or proof of withdrawal of claim. Form 1 and Form 3 will be submitted online by the declarant. These forms will be made available on the e-filing portal of the Income Tax Department i.e. www.incometax.gov.in.

For your information, let us tell you that about 2.7 crore tax dispute cases are pending on different legal platforms. The monetary value of tax related to these cases is about Rs 35 lakh crore.

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She will become the first Finance Minister to present the Budget for the 8th consecutive time. This will set a record for presenting the Budget the most times. Every section of the society including the common man, industry, farmers have high expectations from the next Budget. The reason for this is that the GDP growth rate has declined in the second quarter of this year. On the other hand, the common man is worried about inflation. Farmers are expecting an increase in money under the Pradhan Mantri Kisan Samman Nidhi. This process starts many months ago.

The work of preparing the Union Budget starts several months in advance every year. The Finance Ministry takes the opinion of NITI Aayog and various ministries in this regard. Their expenditure plan in the new financial year is discussed with them. After obtaining the expenditure estimates of various ministries, they are analyzed. Then on this basis, the total budget deficit is calculated. Budget deficit means the difference between the government’s revenue and expenditure.

Expenditure plans of various ministries

The government allocates funds to various ministries and departments by estimating its revenue and expenditure. Before this, an effort is also made to gather the opinion of the common man with representatives and experts from different sectors of the economy. Economists and trade unions also give their opinion on the budget to the Finance Minister. Usually, the Finance Minister holds pre-budget meetings for this. The views received in this act have been given important information for making the budget. After analyzing all the suggestions, feedback and demands, the Finance Minister finalizes the budget proposals. Then the approval of the Cabinet is sought on it.

Halwa Ceremony

is organized in the Ministry of Finance after the budget proposals are approved. This traditional ceremony is organized every year. This starts the printing of budget documents. Earlier, a large number of budget documents were printed. Now the circulation of budget documents is in electronic form. Therefore, not many copies of budget documents are printed.

Information about budget proposals to Parliament

The Finance Minister presents the budget in the Lok Sabha on a specific date. During this, she tells the members of the Lok Sabha about the government’s fiscal roadmap, fiscal policies, economic reforms, proposals for changes in taxes. She also explains that the policies of the government affect the life of the common man in some way or the other. She will also give information about the steps being taken by the government to help the economically weaker section of the society.

This time’s budget will be special.

This time Finance Minister Nirmala Sitharaman will present the budget on February 1. This will be the full budget for the financial year 2025-26. A close watch is being kept on this budget. The common man is expected to get relief in income tax. The Finance Minister may announce the new Direct Tax Code.

On the other hand, the industry hopes that the government will announce measures to increase economic growth in the budget. The focus of Prime Minister Narendra Modi’s central government is on increasing the income of farmers. Therefore, there may be some big announcement for farmers in this budget. The government may increase the money of the Prime Minister Kisan Samman Nidhi.

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What is ELI scheme?

In the Union Budget 2024, Finance Minister Nirmala Sitharaman launched the Employment-Linked Incentive (ELI) scheme. The scheme was aimed at increasing employment and encouraging companies to hire new employees. The government has divided this scheme into three parts.

Scheme A: Under this scheme, companies will get a subsidy of ₹15,000 on hiring new graduates, which will be given in three installments. This is expected to provide employment to 30 lakh youth.

Scheme B: This is specifically for the manufacturing sector. Under this, companies will get Rs 3,000 per employee per month for two years on new recruitments. For eligibility, companies have to add 50 new employees or increase their workforce by 25%.

Scheme C : This scheme will provide general incentives to increase the workforce in different industries. Not much is known about it and it will be developed further.

Why is it important to activate and link UAN?

EPFO said in a notification on 22 November 2024 that every EPFO ​​member should have an Aadhaar-linked UAN. It is necessary to activate it by logging in to the portal. Through an active UAN, employees can view PF passbook, apply for online claim, update personal information and track claim status. To avail any Direct Benefit Transfer (DBT) scheme, it is necessary to link the beneficiary’s bank account with Aadhaar, so that the benefits can be deposited directly into the bank account.

The Ministry of Labour & Employment, Government of India has directed 30th November as the last date to employers for Aadhaar-based UAN Activation of its new employees. It is important to activate your UAN to enjoy the services of EPFO such as PF, Pension, Insurance, and most… pic.twitter.com/Wb8TIW4EZN

— EPFO (@socialepfo) November 28, 2024

Process to activate UAN

Visit the EPFO ​​member portal: https://unifiedportal-mem.epfindia.gov.in/memberinterface/

Click on the ‘Activate UAN’ link. Enter your UAN number, Aadhaar number, date of birth, and mobile number linked with Aadhaar. Check that your mobile number is linked with Aadhaar.

Give consent for Aadhaar OTP verification

Click on ‘Get Authorization PIN’ and enter the OTP received on your Aadhaar-linked mobile number. The password will be sent to your registered number after activation is complete.

Employer

Employers or companies have to ensure that all their employees have completed the process of activating UAN and linking Aadhaar by 30 November 2024. So that they can avail the benefits of ELI scheme.

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Pensioners should complete this work immediately, otherwise pension will be stopped, 30th November is the last chance.

Good news for employees, you can contribute more for pension in EPFO! You will get benefit on retirement

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In this article, we will tell you how much monthly pension your child will get if you invest Rs 1000 annually.

Finance Minister Nirmala Sitharaman launched the NPS Vatsalya Scheme on 18 September 2024. This scheme was announced in the general budget. This scheme has been made for children. Under the scheme, parents and guardians will invest every year for the child, the benefit of which will be available to the children after they turn 18 years old. This is a saving-cum-retirement scheme. Actually, in this scheme, children will also get the benefit of pension after their retirement age.

How much will you have to invest every month

There is no maximum investment limit in NPS Vatsalya Yojana, but at least Rs 1,000 must be invested annually. Partial withdrawal facility is also available in this scheme. Apart from this, pension benefits are also available.

Let us tell you that this scheme is designed for children below 18 years of age. Parents or guardians invest in this scheme. But, when the child turns 18, the parents exit the scheme and the fund of NPS Vatsalya is converted into NPS Tier-1.

When does the scheme mature

NPS Vatsalya Fund matures after the child turns 18 years old. If the scheme is to be continued, it can be continued by doing KYC of the child. It works like a normal NPS scheme after the KYC of the child. However, if the entire fund has to be withdrawn after 18 years, then its rules are different.

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If the amount in the fund is less than Rs 2.5 lakh, then full withdrawal is allowed. If the amount is more than Rs 2.5 lakh, the investor can withdraw only 20 per cent and the remaining 80 per cent can be purchased as an annuity, which will be given to the child every month as pension.

Understand the calculation of NPS Vatsalya

Many investors have a question about NPS Vatsalya that how will the investment and interest be calculated in it. If you invest Rs 1,000 annually for your child, you will get a return of about 10 percent every year. According to this calculation, you have invested Rs 2.16 lakh in 18 years. You will get an interest of about Rs 3,89,568 on this investment amount. That is, after the child turns 18, a fund of Rs 6,05,568 will be accumulated.

If the fund is continued even after the child turns 18, then the fund will become worth Rs 3.83 crore at the age of 60.

How much pension will you get

After 60 years, if you buy an annuity plan from the amount of NPS Vatsalya account, it gives 5 to 6 percent interest. In such a situation, after 60 years, the investor will get an annual interest of about 19 to 22 lakh rupees. Talking about pension, about 1.50 lakh rupees can be received every month as pension.

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Union Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday (July 23) that one per cent TDS (Tax deducted at source) will be levied on the sale of immovable property worth Rs 50 lakh or more, even if the transaction involves multiple buyers and sellers.

Amid cases of misinterpretation of tax provisions, the Finance Minister tried to clarify the situation in this regard in her budget speech.

The government said that TDS at the rate of one per cent will be applicable for transfer of immovable property worth more than Rs 50 lakh involving multiple sellers or buyers. The Finance Minister mentioned the provision of TDS on sale of immovable property in his budget speech. According to the budget document, section 194-IA of the Act provides for tax deduction on payment made for transfer of immovable property other than agricultural land.

This section will be amended to make it clear. The amendments made in this regard will be effective from October 1. According to PTI, Sitharaman said, “It is proposed to clarify that in case there is more than one seller or buyer in respect of an immovable property, the payment will be the aggregate of the amount paid to all the sellers.”

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

As per legal provisions, a buyer is responsible to deduct TDS on the amount paid to a seller for the transfer of immovable property. In the Budget document, the government has proposed to amend sub-section (2) of section 194-IA to clarify that if there is more than one buyer or seller of an immovable property, the aggregate amount paid for the transfer of the immovable property shall be deemed to be its value.

Relief will be given on buying property in the name of women

Finance Minister Nirmala Sitharaman said the government will consider reducing the fee on women purchasing residential properties and making it a mandatory component of urban development schemes. Presenting the budget for the financial year 2024-25, Sitharaman said the government will encourage states to reduce the fee for properties bought by women.

In his budget speech, he said, “We will encourage states that continue to charge high stamp duty to reduce the rates for all and also consider further reducing the duty for properties bought by women. This reform will be made a mandatory component of urban development plans.” Along with this, the Finance Minister also proposed to stop mentioning Aadhaar enrollment identity in place of Aadhaar number for taxation purposes.

The post Union Budget: 1% TDS will be levied on selling property worth more than Rs 50 lakh, new rule announced first appeared on Rightsofemployees.com.

In fact, SB Yadav, General Secretary of the Central Government Employees and Workers Confederation, wrote a letter to the Cabinet Secretary of the Government of India demanding the formation of the 8th Pay Commission. The letter also raises the demand to restore the Old Pension Scheme (OPS), release 18 months’ dearness allowance and give relief to employees and pensioners stopped during the COVID-19 pandemic.

When should the 8th pay commission be implemented?

Usually the Central Pay Commission is constituted every 10 years. It recommends review and revision of salaries, allowances as well as benefits of central government employees. These recommendations are made keeping in mind inflation and other external factors. Let us tell you that the Seventh Pay Commission was constituted by the then Prime Minister Manmohan Singh on 28 February 2014 and it submitted its report on 19 November 2015. The recommendations were implemented on 1 January 2016. Accordingly, if we look at the ten-year pattern, the 8th Pay Commission should be implemented from 1 January 2026. However, no official announcement has been made on this yet.

Announcement on 8th Pay Commission possible in Budget 2024

The Central Government Employees and Staff Federation has demanded immediate formation of the 8th Pay Commission, abolition of the New Pension Scheme (NPS) and release of 18 months’ DA/DR frozen during the Covid-19 pandemic to employees and pensioners.

Let us tell you that the Union Budget 2024-25 will be presented in Parliament on July 23. This will be the seventh consecutive budget of Finance Minister Nirmala Sitharaman. The interim budget presented on February 1 took care of the financial needs of the period till the formation of the government after the Lok Sabha elections, after which the full budget is to be presented by the new government in July.

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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.

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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.

The 7th Pay Commission is currently in force in the country and the 8th Pay Commission is to be implemented after one and a half years. The central government implements a new pay commission every 10 years. Since the 7th Pay Commission was implemented in January 2016, the recommendations of the 8th Pay Commission can be implemented from January 2026. The Modi government at the Center can start preparations for the next Pay Commission soon and there is a buzz that some announcement regarding this can also be made in the upcoming budget.

More than one crore employees and pensioners will benefit

Shiv Gopal Mishra, Secretary of the National Council of Joint Consultative Machinery for Central Government Employees, has written a letter to the Central Government. In this, a demand has been made for the formation of the 8th Pay Commission. The formation of the 8th Pay Commission will benefit about 49 lakh government employees and 68 lakh pensioners, that is, more than 1 crore people will be able to benefit from it.

Also Read: Good news for 1 crore central employees and pensioners! Proposal received to give 18 months’ DA arrears

Budget 2024-25 will come on 23 July

Finance Minister Nirmala Sitharaman will present the General Budget 2024-25 on July 23. The Central Government Employees Union is demanding the formation of the 8th Pay Commission in the upcoming budget. Not only this, the employees and workers have also prepared and submitted a proposal for this.

How much will the salary of employees increase

It is expected that their salary will also be increased with the increase in the fitment factor under the 8th Pay Commission. The fitment factor is the main formula that helps in calculating the salary and pay matrix of employees under the 8th Pay Commission.

What can be the fitment factor in the 8th pay commission

According to a recent report by Financial Express, the fitment factor can be set at 3.68 times. If this happens, the basic salary will increase by Rs 8000 due to the increase in the fitment factor in the 8th Pay Commission. After this, the minimum basic salary of government employees will increase from Rs 18,000 to Rs 26,000. An increase of between 25-35 percent can be seen in the total income including basic salary and dearness allowance.

What was the fitment sector in the 7th pay commission

In the 7th Pay Commission, a fitment factor of 2.57 times was introduced which increased the minimum salary by about 14.29 percent. After this, the minimum salary became Rs 18 thousand.

These things will change with the new pay commission

The 8th Pay Commission will see an increase in the basic pay, allowances, pension and other monetary benefits. First of all, the salary of the employees will increase. Since the Pay Commission itself prepares the formula for deciding Dearness Allowance (DA) for employees and Dearness Relief (DR) for pensioners and other allowances.

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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.

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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.

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.

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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.

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However, several reports suggest that Union Finance Minister Nirmala Sitharaman will present it in the second fortnight of July. According to reports, the monsoon session of Parliament is expected to begin on July 22 and is likely to last till August 9.

Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 earlier this year before the general elections. Sitharaman will present the full budget for the current financial year after becoming the Finance Minister again in NDA 3.0. During the second term of the Modi government, Sitharaman played an important role in taking forward the economic agenda of the government.

Also Read: New Telecom Act: Big News! New Telecom Act to be implemented form 26th June 2024

Record of presenting 7 consecutive Union Budgets

This will be the first Union Budget under PM Modi’s third term. Sitharaman will become the country’s first finance minister to present 7 consecutive Union Budgets, surpassing former minister Morarji Desai’s record of 6. While serving as India’s finance minister between 1959 and 1964, Desai presented 5 full budgets and one interim budget.

India’s GDP may grow at the rate of 7.2 percent in the financial year 2024-25.

Let us tell you that the Reserve Bank of India (RBI) has increased the GDP growth rate estimate for the current financial year 2024-25 from 7 percent to 7.2 percent.

The post Union Budget 2024: When will the country’s full budget be presented? Know key dates first appeared on Rightsofemployees.com.

The nominee is nominated for a specific purpose. At the same time, the heir is usually the child of the person or his wife, let us know the complete information related to it.

Finance Minister Nirmala Sitharaman had recently asked banks to enter the name of the nominee in the accounts. Due to lack of nominee, crores of rupees are lying unclaimed with the banks.

Actually, the money of the account holder who dies is transferred to the nominee (Finance Minister Nirmala Sitharaman). In such a situation, a question arises whether only the nominee is the property officer of the account holder’s property after his death. If so, then who are the successors or heirs?

Today we will talk only about the difference between nominee and successor. A nominee is created for a specific purpose. This can be made by anyone. Successors are generally members of the dynasty or family, but if a person wishes, he can appoint a person outside the family as his successor as per his wish.

The main difference between these two things is that if the name of the nominee is not registered, the bank cannot automatically declare anyone as the nominee. However, even if a person has not decided his successor, his children, wife or mother can inherit his property.

And what is the difference

As we told that nominees are made for a specific purpose and apart from that thing, they do not get any rights on any other property of any person. If a person makes someone the nominee of his bank account, then after his death that nominee will have rights only on the transactions or money of the bank account.

The nominee will not have any right on any other property. Successor is mentioned in the Hindu Succession Act 1956. All the property of the deceased is legally handed over to the heir.

More than one heir

If there is no nominee, then the property is distributed equally among the heirs of the deceased account holder. Even if an heir is already decided, this money will be divided equally among all the heirs.

There are two types of successors. Class 1 successors and Class 2 successors. Class 1 heirs include mother, widow, wife and son and daughter. Father is Class 2 successor category. The first right on a person’s property lies with his Class 1 heirs.

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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.

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.

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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.

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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.

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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.

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Many changes made in the new tax regime-

The new tax regime was announced for the first time in Budget 2020. The government had made this default tax regime in March 2023. The Finance Minister had announced that if a taxpayer does not choose any tax regime on his own, then in such a situation TDS will be deducted as per the first tax regime.

Only if you choose the old tax regime, your tax will be calculated according to that regime. Some changes were made in the new tax regime this year. After this, the basic exemption limit increased from Rs 2.5 lakh to Rs 3 lakh. The tax exemption limit has now increased from Rs 5 lakh to Rs 7 lakh. The standard tax exemption limit is Rs 50,000. In this case, you will get a total rebate of Rs 7.5 lakh in the new tax regime.

Rules changed for Debt Funds investors

This year, the Income Tax Department gave a big blow to Debt Fund investors and removed the tax exemption on Long Term Capital Gain (LTCG). In such a situation, the income earned through long term capital gain will now be included in the income and you will have to pay tax on it as per the tax slab. This new rule has come into effect from April 1, 2023.

Reduction in surcharge rate of high net individuals

This year, Finance Minister Nirmala Sitharaman gave a big relief to the people earning more than Rs 5 crore and made a big cut in the surcharge rate. It has been reduced from 37 percent to 25 percent. In such a situation, the average tax on high net individuals has reduced from 42.74 percent to 39 percent.

Tax will be levied on life insurance amount

The Central Government has changed the rules of tax on the maturity amount of life insurance policy. Earlier this amount was completely tax free, but now taxpayers will have to pay tax on premium of more than Rs 5 lakh.

Capital gains on property sale-

The central government has fixed the limit of exemption on income earned through property sale at Rs 10 crore. In such a situation, tax payers can claim income up to Rs 10 crore on income from residential property under sections 54 and 54F of Income Tax.

Old IT returns can be deleted

The Income Tax Department provides the facility to taxpayers to delete unverified IT returns of old years. In such a situation, you can easily delete those IT returns of previous years whose verification has not been completed.

30 percent tax on online gaming

The central government has decided to impose 30 percent tax on earnings through online gaming this year. This rule has come into effect from March 31, 2023. Earlier, TDS was levied on annual income of more than Rs 10,000, which has now been increased to 30 per cent.

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In Budget 2023, Finance Minister Nirmala Sitharaman had launched Mahila Samman Saving Certificate Scheme according to the needs of women. As its name suggests, this scheme has been specially designed according to the needs of women. You can get good returns by investing in this scheme in two years. Apart from this, you can get strong returns by investing in Sukanya Samriddhi Yojana for your girl child up to 10 years of age. Both the schemes have been designed according to the needs of women and by investing in them you can get strong returns. Let us know about the details of both the schemes-

Women Savings Certificate Scheme

Women of any age group can invest in this scheme and the maximum investment amount in it is Rs 2 lakh. You can avail the benefit of 7.50 percent fixed interest rate by investing money in this scheme for 2 years. Under this scheme, a rebate of Rs 1.50 lakh is available on the amount deposited under Section 80C of Income Tax. If you invest Rs 2 lakh under this scheme in December 2023, you will get Rs 2,32,044 lakh on maturity.

Sukanya Samriddhi Yojana

The Modi government at the Center had started Sukanya Samriddhi Yojana in the year 2014. This scheme was especially created keeping in mind the needs of women. Under this scheme, you can open a Sukanya Samriddhi account for a girl up to 10 years of age and get huge returns by investing Rs 250 to Rs 1.50 lakh per year.

Under this scheme, which is run in the name of the daughter, the girl can withdraw up to 50 percent of the deposited amount after crossing the age of 18 years. The entire amount can be withdrawn at the age of 21 years. By investing in this scheme, you will be free from the tension of your daughter’s education and marriage expenses. Under this scheme, the government is currently giving the benefit of 8 percent interest rate on the amount deposited.

MSSC vs SSY

Both Mahila Samman Savings Certificate and Sukanya Samriddhi Yojana schemes have been launched keeping in mind the needs of women, but the thing to note is that MSSC is a short-term savings scheme. Whereas SSY is a long term savings scheme. By investing in Sukanya account, you will be free from the tension of your daughter’s education and marriage expenses. To get higher returns in short term, you can invest in MSSC account.

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If you have an account in any bank and have also made savings there, then Finance Minister Nirmala Sitharaman had issued an order for such people recently. The Finance Minister had told banks and financial institutions that it is necessary to have the name and address of the nominee of every account holder in the records.

If any account holder does not have a nominee then he should nominate him. The Finance Minister had said that this will reduce the unclaimed amount deposited in banks after the death of the account holder.

Thousands of crores of rupees unclaimed deposits in banks

Let us tell you that thousands of crores of rupees are lying unclaimed in the banks of the country. This money belongs to such account holders who deposited money in the bank and suddenly died. This money is with the bank itself as no one was made a nominee in their account/investment. In order to return this money safely to the customers and their heirs, RBI had also launched Udgam Portal (UDGAM) in the last days.

It is necessary to add the name of the nominee in all the accounts, 
as per the rules, nomination facility is necessary for the accounts opened in all the banks and financial institutions. Nomination refers to the process of naming a beneficiary to receive the income or maturity proceeds of an investment or property. After the death of the account holder, only the person nominated on his behalf will be given the benefit on maturity. Now the question is, how can you do the work of adding nominee online? Here today we will tell about the online process of adding the name of the nominee in SBI-

Process to add nominee through net banking

– First of all go to www.onlinesbi.com and login with user and password.
Now click on the Request & Enquiries tab inside the menu.
– After this click on Online Nomination tab.
– Now select your savings account / FD in which you want to add the nominee, now click on Next.
– After this enter the name of the nominee, date of birth, address and relationship with the account holder.
– After completing the complete process, click on submit.

Process to add nominee from YONO app

– First of all login to your YONO app.
– After this go to Services & Request.
– Now here you will get the option of Account Nominee, click on it.
– After this go to Manage Nominee.
– Go to the drop down here and select the account in which you want to add nominee.
– After this, enter the details of the nominee and submit it.

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The Income Tax Department has sent notices to more than one lakh taxpayers. Finance Minister Nirmala Sitharaman gave information about this. You can get a notice by the Income Tax Department for many reasons. In which you can also get notice due to not giving correct information to the Income Tax Department, giving deduction or other kind of wrong information.

But this notice is not always sent to you by the Income Tax Department only for major mistakes. Even because of a minor mistake of yours, you can come in the eyes of the Income Tax Department. Your small mistake can become a cause of trouble. Because of which you can also get a notice (Income Tax Department Notice). That’s why you don’t have to panic on every notice.

The Income Tax Department has been giving advice

every time it is said by the Income Tax Department that you should give complete information about all your income and investments. The Income Tax Department can send you notices under different Acts. The department does two types of scrutiny. In which one can be compulsory and the other can be manual. You can avoid the notices sent by the Income Tax Department by keeping some precautions in mind.

Correct information of TDS

Whenever you file ITR, then you should fill the information of TDS very carefully. Because if the documents issued by you and the amount of TDS filled in ITR are different, then the Income Tax Department can send a notice to you.

File ITR on time

The Income Tax Department can send you a notice even if you have not filed the return. If your earned income falls in the tax slab, then you must file a return. If your property is abroad then you must file ITR. Otherwise, the Income Tax Department can send you a notice.

Undisclosed Income

Income Tax Department can now know all your income information very easily. That’s why don’t keep any undisclosed income in the return. If you hide your income then you will have to face the notice of Income Tax Department.

Mistake in return

If you make a mistake in income tax return. Many times people forget to enter important information. In such a case also the Income Tax Department can send you a notice.

What to do after getting the notice?

If you get a notice from the Income Tax Department, then you should not panic. Because sometimes you can get notice only because of small information or incomplete information given in your return. Therefore, first verify the notice by keeping patience. Along with this, give detailed information about the reason for which the notice has been received by the department within the time limit.

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This notice has been issued due to non-filing of ITR and giving wrong income information. The Finance Minister also said that these notices have been sent to those taxpayers whose income is more than 50 lakhs. In such a situation, the government hopes that by the end of this financial year all the outstanding taxes will be cleared.

According to him, the IT department is working fast to resolve these notices. He has also said that even though there has not been an increase in the income tax rates in the last few years, it has definitely increased the income tax collection. Finance Minister Nirmala Sitharaman was addressing a program at Vigyan Bhavan in Delhi yesterday on the occasion of the country’s Income Tax Day.

Notices have been sent in two categories

Significantly, the Income Tax Department has sent a total of two categories of notices to taxpayers. First are those people who have hidden income and paid less tax and second are those people who have not filed ITR despite having tax liability. Please tell that most of the cases are of those people whose income is more than 50 lakh rupees annually. All these cases can be 4 to 6 years old.

So many taxpayers filed income tax return

Speaking on the occasion of Income Tax Day, the Chairman of the Central Board of Direct Taxes (CBDT) said that for the financial year 2022-23, a total of more than 4 crore taxpayers have filed their income tax returns so far. Half of this has also been processed. It is worth noting that the date of filing ITR for the financial year 2022-23 and assessment year 2023-24 is getting closer.

In such a situation, the Income Tax Department is repeatedly advising people to file ITR on time. If you do not do this, then later people with income more than Rs 5 lakh will have to pay a penalty of Rs 5,000 and people with income less than Rs 5 lakh will have to pay a penalty of Rs 1,000. In such a situation, complete your work by July 31 to deposit the tax without penalty.

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But do you know that you are getting the benefit of 6 types of exemptions under the old tax regime. Along with this, in the new tax regime, you are getting the benefit of tax exemption on annual income up to Rs 7 lakh.

Rs 33,800 will be saved

After increasing the exemption under the new income tax regime through the Finance Minister, taxpayers with an annual income of up to Rs 7 lakh will save Rs 33,800 in tax.

Benefits of income tax There are some benefits in the new tax regime, but there is no exemption on any investment. However, standard deduction has definitely been added to the new tax regime. On the other hand, if you want investment or other exemption, then you will have to file tax according to the old tax regime. Many exemptions are available in the old tax regime. Today we are going to tell you about it…

These exemptions will be available in the old tax regime –

1. Standard Deduction – For salaried individuals, the benefit of exemption of Rs 50000 will be available

2. Section 80 CCD (1B) – Additional deduction of up to Rs 50,000 will be available for the amount deposited in NPS account.

3. Section 80TTA – This section provides a deduction of a maximum of Rs 10,000 on interest income from savings account of a bank, co-operative society or post office for an individual or a HUF.

4. Section 80D – It allows deduction on health insurance premium.

5. Section 80G – Donations made to eligible trusts and charitable institutions are eligible for deduction.

6. Section 80C – Invest in EPF & PPF, ELSS, life insurance premium, home loan repayment, SSY, NSC & SCSS and get exemption.

If you do not select, you will be part of the new tax regime.

Let us tell you that taxpayers have to pay their income tax by July 31, 2023. Meanwhile, if you do not select any of the new and old tax regime, then your TDS will be deducted under the new tax regime.

CBDT gave information

that the matter has been cleared from a circular of the Central Board of Direct Taxes. It said, “If the intimation is not given by the employee, it shall be deemed that the employee continues to be in the default tax regime and has not exercised the option to opt out of the new tax regime. In such case the employer shall deduct tax at source on the income under section 192 of the Act, at the rates provided under sub-section (lA) of section 115BAC of the Act.”

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The Sales Tax Bar Association, the oldest and largest body of tax professionals in the country, has written a letter to the Finance Minister. The organization wrote in a letter to the Finance Minister that due to the flood situation in the capital Delhi, many offices including the Income Tax office located at ITO are closed.

The Sales Tax Bar Association wrote in the letter that the last date for filing income tax return is now very close. In such a situation, it is difficult for a large number of taxpayers to submit all types of documents before the last date. In such a situation, the association has demanded the Finance Minister to extend the last date for filing income tax returns by one month till August 31, 2023.

Apart from the Finance Minister, the association has also submitted its representation to the CBDT chairman, demanding extension of the last date for filing income tax returns. Actually the problem of flood is not limited to Delhi only. Many states of North India have been affected by this natural outbreak. In which many other states are included from Himachal Pradesh.

Recently, Revenue Secretary Sanjay Malhotra had said that those whose accounts are not to be audited should file income tax returns soon. He said that the Finance Ministry is not considering extending the date for filing income tax returns. But in view of the heavy monsoon, floods and the crisis on the mountains, there is a demand to extend the date of filing income tax returns.

The Income Tax Department said that till July 18, 2023, 3.06 crore taxpayers have filed ITR. This year this milestone has been achieved 7 days earlier than last year. Out of this, 2.81 ITrups have been e-verified. 1.50 crore ITRs have been processed. The Income Tax Department has requested people to file returns soon.

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There is great news for the people who pay Income Tax. If you also pay income tax, then now you have got a big relief from the Central Government. This time an important decision has been taken by the Modi Government, after which no tax will be levied on the income of crores of taxpayers of the country. Finance Minister Nirmala Sitharaman had made a special announcement about this in Budget 2023. Let us tell you that now which people have got freedom from paying tax.

Was announced in the budget

In February, the Modi government had presented the budget, in which the Finance Minister had announced that people filing taxes under the new tax regime are now getting relief from paying taxes. The government had decided to increase the income tax exemption to Rs 7 lakh in the new tax regime. That is, now people with income up to 7 lakhs will not have to file tax.

Earlier the limit was 5 lakhs, let us tell you that the government had told that from now on, if anyone files tax under the new tax regime, he will not have to pay tax on income up to Rs 7 lakhs. Earlier this limit was Rs 5 lakh, which was increased to Rs 7 lakh in February. People with higher salary have benefited from the increase in tax exemption.

Apart from this, you will also get the benefit of standard

deduction in the new tax regime. Salaried and pensioners now file tax under the new tax regime, then they will get an additional benefit of Rs 50,000. In such a situation, after earning seven lakh rupees annually in the new tax regime, a rebate of 50 thousand rupees will also be available under the standard deduction.

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Giving information, the Finance Minister has said that now no tax will be levied on your income. Many such facilities are being provided by the Central Government, taking advantage of which you will not have to pay any tax on that income. A guideline has been issued by the government regarding this.

Which income will not be taxed

Although income up to Rs 2.5 lakh is tax free, but apart from this, there are many such incomes on which you do not have to pay a single rupee tax. Let us tell you which income is your tax free.

Gratuity is not taxed.

If a employed person leaves his company after 5 years in any organization, then he gets the benefit of gratuity. This amount is completely tax free. If we talk about government employees, then their amount up to 20 lakhs is tax free. At the same time, the amount of up to 10 lakhs of private employees is tax free.

There will be no tax on PPF and EPS, apart from this, there is no tax on PPF money. The interest received on this, the amount received on completion of the maturity period, all three are tax free. Along with this, if the employee withdraws his EPF after working continuously for 5 years, then he does not have to pay tax on this amount also.

There will be no tax on such gifts, apart from this, if you have received any family property, cash or jewelry from your parents, then it is exempt from tax. There is no tax on such gifts. If he wants to earn by investing the amount received from his parents, then he will have to pay tax on the income earned from it.

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Giving information, the Finance Minister has told that now no tax will be levied on your income. The Central Government has told that even a single rupee tax will not be levied on any kind of income. A complete guideline has been issued regarding this.

Will not have to pay tax

Although income up to Rs 2.5 lakh is tax free, but apart from this, there are many such incomes on which you do not have to pay a single rupee tax. Let us tell you which income is your tax free.

Gratuity is not taxed.

If a employed person leaves his company after 5 years in any organization, then he gets the benefit of gratuity. This amount is completely tax free. If we talk about government employees, then their amount up to 20 lakhs is tax free. At the same time, the amount of up to 10 lakhs of private employees is tax free.

There will be no tax on PPF and EPS, apart from this, there is no tax on PPF money. The interest received on this, the amount received on completion of the maturity period, all three are tax free. Along with this, if the employee withdraws his EPF after working continuously for 5 years, then he does not have to pay tax on this amount also.

There will be no tax on such gifts, apart from this, if you have received any family property, cash or jewelry from your parents, then it is exempt from tax. There is no tax on such gifts. If he wants to earn by investing the amount received from his parents, then he will have to pay tax on the income earned from it.

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Interest is being received at the rate of 7.5 percent on the amount deposited in MSSC. In this scheme, women can invest a minimum of Rs 1000 and a maximum of Rs 2 lakh. In this scheme, after two years, the entire money is received by including the deposit amount and interest. If you are also thinking of investing in this scheme, then know here how much return you will get by investing 100000, 1.50000 and 200000 rupees.

How much return on investment of one, one and a half and two lakhs

According to the Mahila Samman Saving Certificate Calculator 2023 (Mahila Samman Saving Certificate Calculator 2023), if you invest Rs 1,00,000 in this scheme at 7.5 percent interest rate, you will get Rs 1,16,022 at the time of maturity.

On the other hand, if you deposit Rs 1,50,000, then you will get Rs 1,74,033 after two years. If you invest Rs 2,00,000, then after two years at 7.5 percent interest rate, you will get Rs 32,044 as interest on the invested amount. In this way you will get a total of Rs 2,32,044 on maturity.

Where will the account be opened

If you also want to invest in Mahila Samman Bachat Patra Yojana, then you can open an account in the post office or authorized banks. Women of any age can invest in it. Guardian account can be opened in the name of a minor girl. While opening the account, you will have to fill Form-1, as well as KYC documents like Aadhaar card, PAN card and colorful photo etc. will be required.

Can take advantage of the scheme till 2025

At present, this scheme has been started for 2 years, that is, the benefit of this scheme can be availed till the year 2025. While opening the account, you have to fill Form-1. Whereas at the time of maturity, you can withdraw the amount by depositing Form-2. On the other hand, if you want to withdraw money from the account before the maturity period, then you get this facility after 1 year. In this case, you can withdraw up to Rs 40,000 by submitting Form-3.

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If you have not linked your Aadhaar with PAN before March 31 and after that double the penalty has been deducted from you for linking, then you are entitled to get the amount of the fine. The government has already extended the PAN-Aadhaar linking deadline from March 31 to June 30. Finance Minister Nirmala Sitharaman has made it clear in a press conference on Thursday that the penalty amount can be increased only after the deadline for PAN-Aadhaar linking is over. He said that there is still time left for this.

Deadline left, get the link done now

Explain that till March 31, 2022, the linking of Aadhaar-PAN was being done for free. Last year, a late fine of Rs 500 was being imposed from April 1, which was increased to Rs 1000 from July 1, 2022. Apart from this, it was also being said that PAN will become inactive if Aadhaar is not linked before June 30 this year.

While trying to solve this confusion, Finance Minister Nirmala Sitharaman said that the time to link Aadhaar-PAN was given earlier also. Whenever possible, Aadhaar-PAN should be linked. There is still time left to link them, they should be linked now. He said that if the deadline for linking is over, then the amount of the fine will increase.

Government extended the deadline

Let us tell you that on March 28, a statement issued by the Ministry of Finance had said that the person holding the PAN will have to link it with the Aadhaar number or else be ready to face the consequences. It also includes Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) deducted.

It was said in the statement that under the provisions of the Income Tax Act-1961, every person who has been issued PAN on July 1, 2017 and also has an Aadhaar number, then payment of a prescribed fee for both of them on or before March 31, 2023 It is very important to link after doing this. Failure to do so will increase the amount of fine under this Act from April 1. After this, the government extended the deadline for PAN-Aadhaar linking to 30 June even before the last date of 31 March.

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These days the discussion of Rs 2000 note is being seen everywhere. These notes have reduced considerably in the last few years. Have banks been given any order by the Reserve Bank regarding Rs 2000 notes? Finance Minister Nirmala Sitharaman herself has made a big disclosure about this in the Parliament.

Many questions asked in Parliament

Let us tell you that these days it is being seen that instead of 2000 rupees, more notes of 500 and 200 rupees are coming out from the ATMs of the banks. Is the government planning to remove 2000 rupee notes from the market? This issue has been raised in the Parliament. In the Lok Sabha, MP Santosh Kumar has asked many questions to the Finance Minister, to which the Finance Minister himself has answered.

Finance Minister gave information

Finance Minister Nirmala Sitharaman disclosed in Parliament that according to the annual report of RBI, the total value of Rs 500 and Rs 2000 notes at the end of March 2017 and by the end of March 2022 is Rs 9.512 lakh crore and Rs 27.057 lakh. It was crores.

Along with this , the Finance Minister has also told that no such instructions have been issued by the Reserve Bank to the banks. It is decided by the bank itself as to which denomination to insert the note and when. Along with this, the Finance Minister said that according to the annual report of RBI, Rs 2000 note has not been printed since the year 2019-20.

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New tax system will increase the investment limit of senior citizen scheme

The government has proposed to double the investment limit in the Senior Citizens Savings Scheme. The new limit will be revised from existing Rs 15 lakh to Rs 30 lakh. At present, you can start investing in Senior Citizen Savings Scheme by depositing a minimum amount of Rs.1000. Senior Citizen Savings Scheme is a popular investment option due to high interest rates, tax benefits and monthly-quarterly interest payouts.

As a government-backed savings instrument, if you are 50 or 60 years old and are a retired employee, you can take advantage of the Senior Citizen Savings Scheme. Senior Citizen Savings Scheme has a tenure of 5 years, which is given the option to extend it by three years. Similarly, under the Post Office Monthly Income Scheme, the deposit limit through single account can be increased from Rs 4.5 lakh to Rs 9 lakh and joint account limit can be increased to Rs 15 lakh.

Tax exemption benefits

Now since both the schemes help in increasing the secure and regular income of the senior citizens, increasing the limit of investment in these savings schemes will give the senior citizens another source of regular income. Apart from this, a tax exemption of Rs 5 lakh has been proposed under the new tax regime in Budget 2023, which can prove beneficial in terms of tax payment.

Advantages of new-old tax system

There are two different systems of income tax in India. These include the old tax system and the new tax system. The old tax regime can give you the benefit of some tax deductions and exemptions, which are not available under the new tax regime. Taxpayers are given an option to choose the tax regime every year. However, no option is provided to taxpayers on business income.

understand the whole thing like this

A senior citizen earns interest from a fixed deposit of Rs 1 lakh. His taxable rental income is 3 lakhs. Considering that he has earned interest at the rate of 8% per annum from the Senior Citizen Savings Scheme. What, then, would be the impact of different scenarios under the new tax regime proposed under Budget 2023?

How to get benefit

Before the budget the senior citizen has deposited Rs 15 lakh and after the budget they will deposit additional amount to the extent of Rs 30 lakh. In such a situation, you will see that there is no possibility of any impact on tax with the current income. Apart from this, there will be no additional benefit from the proposed new tax regime. However, if additional deposits are made, their income increases.

Now if additional amount is deposited in the Senior Citizen Savings Scheme, then they will be benefited under the new tax regime as compared to the old tax regime. Now under the new tax regime, the investor will not have to pay any tax, but under the old tax regime, a tax of Rs 29,120 will have to be paid on additional investment of Rs 15 lakh.

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Now under the Finance Bill 2023, tax exemption has also been given on income of more than Rs 7 lakh. For this, amendments have been made in the Finance Bill. Under this, individuals earning income slightly above the tax free income of Rs 7 lakh will have to pay tax only on the additional income.

The Finance Bill 2023 has been approved by the Parliament and it will become effective from 1 April. In this, some relief has been given to taxpayers under the new tax regime through amendment.

The Finance Ministry explained the rules, while clarifying the provision of Finance Bill 2023, the Finance Ministry has said that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then there is no tax liability on him. But if the income becomes Rs 7,00,100, then the tax liability becomes Rs 25,010. That is, due to additional income of only Rs 100, taxpayers have to pay tax of Rs 25,010. In view of this problem of taxpayers, it has been proposed to give minor relief through amendment in Finance Bill 2023.

Taxpayers will get the benefit of small margin

Let us understand this relief given by the government to the taxpayers through an example. Suppose your income is Rs 7,00,100 means Rs 7 lakh 100 means your income is Rs 100 more than tax free income. Now you have to pay tax of Rs 25,010 because of the excess of just Rs 100. The government has given relief to such taxpayers. Under the new proposal, if your income is Rs 7,00,100, then they will not have to pay tax of Rs 25,010. Rather, they will have to pay tax only on Rs 100. Tax experts have told according to the calculation that individual taxpayers whose income is up to Rs 7,27,777 can get the benefit of this provision.

Income up to Rs 7 lakh was tax-free in the budget.

In Budget 2023, Finance Minister Nirmala Sitharaman had announced that now those earning up to Rs 7 lakh will not have to pay any tax. Earlier, after adopting the tax exemption options, no tax had to be paid up to 5 lakhs. But the new tax regime will give an additional benefit of Rs 2 lakh.

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He has decided to set up a committee under the Finance Secretary to look into the issue of pension. The committee will put forward such an approach on pension which can meet the needs of the employees while maintaining fiscal prudence. This approach will be equally designed for both the central and state government.

When was NPS implemented

The existing National Pension Scheme, or New Pension Scheme, was launched in 2003 and came into force on January 1, 2004. Unlike the old pension scheme, NPS was based on a contributory system on which the pension amount was provided by the government. It was introduced to provide old age income security and convert small savings into investments in a financially stable manner.

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Even after increasing the tax limit, if your income is coming in the tax category, then you can save tax by making multiple claims under the old tax system. You can also save tax by claiming house rent allowance under the old tax regime.

It is important to understand how much tax salaried individuals can save on House Rent Allowance (HRA) and the rules for claiming it.

What is HRA

House Rent Allowance (HRA) is an allowance given by a company to an employee in lieu of payment of house rent expenses. HRA is included in the salary component that the company gives to the employee. An employee drawing salary under regulation number 2A of the Income Tax Act is eligible for HRA exemption under section 10(13A) of the Income Tax Act. This exemption is not given under the new tax regime.

Calculating Tax Exemption on HRA

50% of Basic Pay + DA for metro cities
40% of Basic Pay + DA for non-metro cities
Actual rent paid is less than 10% of Basic Pay + DA

What are the benefits of HRA

Those people who do not live in their own house and live in a rented house are benefited through HRA. For HRA i.e. House Rent Allowance, people have to give information to their employer after which they can claim HRA.

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Answering a question on the new tax regime in the press conference held after the RBI board meeting, he said that more deductions have been made for the people in the new tax regime, which saves more money in their hands. The new tax regime lightens the tax burden on the people. Sitharaman said that the government had already asked to reduce the tax rate and make it easier.

The Finance Minister participated in the Customary Central Board of Directors meeting of RBI on Saturday after the Union Budget 2023-24. After this meeting, Sitharaman has said this in the press conference regarding the new tax regime. RBI Governor Shaktikanta Das was also present along with the Finance Minister in this meeting and the subsequent press conference.

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After the announcement of the Finance Minister, especially middle class salary employees are looking for saving options to save tax. However, only those who have opted for the old tax regime will get tax relief through savings. If you have not done this, then from April 1, 2023, the new tax system will be implemented by default. In such a situation, apart from 80C, there are many options related to savings to save tax.

National Pension Scheme

National Pension Scheme (NPS) is a good option to save and save tax. Along with this, this system also secures your old age. Under section 80CCD (1B), if you invest in the National Pension Scheme, you get an additional tax rebate of up to Rs 50,000. If someone has crossed his annual investment limit of Rs 1.50 lakh, he can get tax exemption by investing up to Rs 50,000 in a financial year in NPS.

Tax exemption on home loan

Home loan is a good option to save tax. Tax exemption can be availed on home loan interest up to Rs 2 lakh. For this, the taxpayer will have to tell about the loan and its EMI and interest payment while filing the return.

Let us tell you that you will get this exemption only when you are living in that unit or that unit should be in your name. Under section 80TTA of Income Tax, you can get relief from TDS in interest up to Rs 10,000 in a financial year. This rule applies to all bank’s savings accounts. If you have more than one savings account, the taxpayer is advised to calculate the interest earned from all the accounts. At the same time, senior citizens can get tax exemption of up to Rs 50 thousand in interest under section 80TTB.

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Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said on Sunday that several crore PANs have not yet been linked to Aadhaar, but this work is expected to be completed by the end of the March 31 deadline.

Individual PANs not linked with Aadhaar will be declared inactive after March 31, 2023. Individual PANs not linked with Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time to March 31, a fee of Rs 1,000 will have to be paid to link PAN with Aadhaar.

Several awareness campaigns were conducted regarding linking of PAN with Aadhaar, the
CBDT Chief said, “Many awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If Aadhaar is not linked to PAN by the stipulated time, then that holder will not be able to get tax benefits as his PAN itself will not be valid after March.

The CBDT has made it clear in a circular issued last year that once the PAN becomes inactive, the person concerned will have to face all the consequences prescribed under the Income Tax Act. This includes situations like non-filing of income tax returns and non-processing of pending returns.

Along with the announcement of making PAN a common identifier, he said that the budget announcement to make PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that business establishments will now be able to use PAN as a common identifier in the digital system of government agencies.

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Senior citizens can file their Income Tax Returns under Old Tax Regime or New Tax Regime. Both the options will be available when they go to file ITR for assessment year 2023-24. There is no change in this regard. However, the new tax regime will appear as the default regime on the e-filing website. Senior citizens will also have the option of going for the old tax regime.

Which tax slab and rate will be applicable?

If you are filing ITR this year (for Assessment Year 2023-24 or Financial Year 2022-23), then the applicable tax slab and return filing rates will be the same as last year.

Tax slabs and rates for senior citizens-

New Tax Regime Slabs and Rates for ITR Filing in AY2023-24 (FY 2022-23) Rs
0 to
Rs 2.5 Lakh – Rs 0 to Rs 2.5 Lakh – 5% Above Rs 2.5 Lakh Rs
5 Lakh to Rs 7.5 Lakh – 12,500 Rs.5 lakh + 10% above
Rs.7.5 lakh to Rs.10 lakh – Rs.37,500 + 15% above Rs.7.5
lakh Rs.10 lakh to Rs.12.5 lakh – Rs.75,000 + 20% above Rs.10 lakh from
Rs.12.5 lakh 15 Above Rs.15 lakhs – Rs.1,25,000 + 25% above
Rs.12.5 lakhs Above Rs.15 lakhs – Rs.1,87,500 + 30% above Rs.15 lakhs

Old Tax Regime Slabs and Rates for ITR Filing in AY2023-24 (FY2022-23) Rs.3 Lakh-
0 Rs.3-5 Lakh-
5% Above Rs.3 Lakh Rs.5-10 Lakh- Above
Rs.10,000 + Rs.5 Lakh 20%
above Rs 10 lakh – Rs 1,10,000 + 30% above Rs 10 lakh

New Tax Regime Slabs and Rates for ITR Filing in AY2024-25 (FY 2023-24)- Rs
0-3 Lakh- 0
Rs 3-6 Lakh- 5%
Rs 6-9 Lakh- 10% Rs
9-12 Lakh- 15%
Rs 12-15 lakh – 20% Above
Rs 15 lakh – 30%

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Now it is clear that the focus of the government will be on the new regime of income tax. You should not be surprised if the government announces the closure of the old regime in the next few years. Apart from increasing the exemption limit, the Finance Minister has reduced the number of slabs. Income tax rates have been reduced. Not only this, he has also announced standard deduction for the people working in the new regime.

The Finance Minister has said that salaried people whose annual income is Rs 15.5 lakh or more will get a standard deduction of Rs 52,500 annually under the new tax regime. Earlier, no standard deduction was available in the new tax regime. Only people employed in the old tax regime get the benefit of standard deduction. It is Rs 50,000 per annum.

The standard deduction was introduced by the government in the Union Budget 2018. However, the transport allowance and medical reimbursement were withdrawn by the government instead. Till the financial year 2017-18, a taxpayer could claim Rs 19,200 as transport allowance.

He could also claim medical reimbursement of Rs 15,000 annually. For this, the working people had to submit the medical bill to the finance department of the company. Earlier the standard deduction was only Rs 40,000. Then in the interim budget 2019, it was increased to Rs 50,000. The concept of standard deduction is not new. The government used to give this deduction to the salaried class in the financial year 2004-05. Then it was scrapped.

On February 1, Finance Minister Nirmala Sitharaman has announced to give the benefit of standard deduction in the new income tax regime. Its purpose is to attract taxpayers towards the new tax regime. The government wants more and more taxpayers to use the new tax system instead of the old tax system. That is why the Finance Minister has said that now the new tax regime will be the default tax regime.

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Let us tell you that the budget before the Lok Sabha elections is the last full budget of the second term of the Modi government. This budget before the 2024 Lok Sabha elections is being considered very important. This budget of India is going to be presented at a time when the world’s major economies have slowed down and are heading towards a possible recession.

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Only 23 days after the presentation of the budget, Russia attacked Ukraine and the war that started between the two countries is still going on. But this war put the whole world in trouble. There was a huge jump in the prices of all other commodities including crude oil. The prices of food and drink skyrocketed, especially wheat and edible oil. And its effect was also seen in India.

In April 2022, the retail inflation rate reached 7.79 percent. And after that remained above 7 percent for several months.  From petrol diesel to cooking gas and PNG-CNG became expensive. After the rise in the inflation rate, the Reserve Bank of India started making loans expensive, then the EMI of the people became expensive. Firstly, the common man was troubled by inflation, on top of that the banks made the EMI expensive 5-6 times. Due to which the budget of every household has deteriorated.

In such a situation, the eyes of the taxpayers are on the fifth budget of the second term of the Modi government. The question arises whether the Modi government will give relief to the taxpayers by reducing the tax rate.

There is no benefit of tax rebate on income above 5 lakhs.

During the meeting with the stakeholders regarding the budget, the stakeholders have demanded the Finance Minister to reduce the tax burden on common taxpayers and rationalize it. At present, no tax has to be paid on income up to Rs 2.50 lakh. But 5% tax has to be paid on income from Rs 2.50 to Rs 5 lakh.

Those whose income is less than Rs 5 lakh, the government gives tax rebate of up to Rs 12,500 under rule 87A. That is, those with taxable income less than Rs 5 lakh do not have to pay any tax. But if the taxable income of a taxpayer is more than Rs 5 lakh and less than Rs 10 lakh, then he has to pay 20% tax directly. Such people do not even get the benefit of Rs 12,500 tax rebate under 87A. And 20 percent tax has to be paid on income above 5 lakhs and 30 percent tax on income above 10 lakhs.

Relief to corporate, burden on taxpayers!

For example, if a taxpayer’s taxable income is Rs 7 lakh, then he has to pay tax of Rs 52,500, and if someone’s taxable income is Rs 12 lakh, he has to pay tax of Rs 1,72,500. Actually taxpayers have to pay 20% tax directly after 5%. There is no middle tax slab of 10 per cent. That’s why there is a demand to rationalize the tax slabs. The government has reduced the corporate rates in 2019 but has not given any relief to the common taxpayers. While taxpayers have had to face inflation since the Corona period in the last few years.

Chances of reduction in tax slab rate!

In such a situation, taxpayers want the government to change the tax slab rate. It is not at all fair to collect 20% income tax directly after 5%. Tax experts are demanding to increase the income tax exemption limit from Rs 2.50 lakh to Rs 5 lakh and to impose 10% tax on income between Rs 5 to 10 lakh. Anyway, this is the last full budget of the Modi government before the Lok Sabha elections, in such a way taxpayers hope that the Modi government will not disappoint them.

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One of the main reasons for this is that the Lok Sabha elections are to be held next year, in view of which the central government can make populist announcements. The Union Finance Minister will present the budget from 11 am on Wednesday.

It is noteworthy that since 2014, there has been no change in any slab regarding income tax exemption. That’s why it is expected that the government can end the drought of 9 years this time. However, in the 2020 budget, Finance Minister Nirmala Sitharaman had announced to implement a new alternative tax system.

Income tax rates likely to be simplified 

In Budget 2020, Finance Minister Nirmala Sitharaman announced a new alternative tax regime with higher tax slabs and lower tax rates. But the tax payers did not get much relief from the new tax system. Therefore, the demand for reducing the tax rate applicable to individual taxpayers still remains, as there is a huge difference between the corporate and personal tax rates.

Increase in Basic Exemption For individuals up to the age of 60 years, income up to Rs 2.5 lakh is tax free. For taxpayers in the age group of 60-80 years and for those above 80, the exemption limit is Rs 3 lakh and Rs 5 lakh respectively. Many tax experts believe that it needs to be increased.

According to Archit , founder and CEO of tax and investment platform Clear, it has been almost a decade since the exemption limit was amended. Archit Gupta believes that taxpayers are expecting relief in the form of either an increase in the basic exemption limit from Rs 2.5 lakh to Rs 5 lakh or a reduction in tax rates. He said that taxpayers also expect that deduction under section 80C and 80D will be increased.

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Finance Minister Nirmala Sitharaman can make a new announcement in this budget to increase the salary of the employees. According to the information received from the sources, it has been almost 8 years since the Seventh Pay Commission was implemented. In such a situation, there are hopes of getting a lot in the budget to woo them. The question is whether the 7th Pay Commission will end? Or will the formation of a new pay commission be announced? Or can a new formula be invented?

7th Pay Commission will end!

This year or the next year both are special from the point of view of central employees. This year, something special can come out of the budget for them. At the same time, the general elections of the country are to be held next year. In such a situation, the government will leave no stone unturned to woo them.

Experts believe that the government will make an announcement to increase the salary of central employees in the full budget before the 2024 elections. It has been almost 8 years since the 7th Pay Commission was implemented and the year 2024 is the time for the new Pay Commission to be constituted. But, the government does not want this.

She wants to abolish the Pay Commission and create a new system for the employees. With this, the basic pay structure of the employees can be revised every year. In such a situation, a new formula can be announced to increase the salary in the budget.

Will the next pay commission come after the 7th pay commission?

There is discussion in the corridors of the organization that the government will have to bring the next pay commission. Because, in the 7th Pay Commission, the employees got very less salary hike. In such a situation, it is very important to revise his salary. But, the government has made it clear that at present they do not have any proposal regarding the formation of a new pay commission.

This gesture is in some other direction. The intention of the government is to give good increment to the government employees on the lines of private employees. If sources are to be believed, a committee of the government is considering this. In such a situation, it is being argued that the government can make any announcement related to this in the budget.

Salary will increase every year instead of 10 years

For the last several decades, the Pay Commission has been formed for the central employees. In this, according to the recommendations, their basic salary was increased on the basis of fitment factor. But, while implementing the 7th Pay Commission, the government made its intention clear. The then Finance Minister Arun Jaitley believed that there was discrimination against the employees.

The officer class gets a lot of benefit in salary revision. At the same time, the hands of low level employees do not feel anything. The minimum salary was increased in the 7th Pay Commission. Let us tell you, on the basis of fitment factor, revision is done in basic salary i.e. minimum salary. That’s why Arun Jaitley argued that now instead of 10 years, the benefit of salary increment should be given to the employees every year.

Dearness allowance is a big advantage

Under the 7th Pay Commission, employees get many big benefits in the salary component. The most important and big role in this is that of dearness allowance. Dearness allowance is revised every 6 months. For the last several years, good salary has increased every time in the review of dearness allowance.

That’s why the government will keep the dearness allowance applicable even after making a new system. It is certain that the dearness allowance will continue to be revised in the same way as it has been happening now. Now the employees are waiting for the budget. It will be clear only after the budget that how much and how his salary will be increased.

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There is a possibility that she can make a new announcement in this budget to increase the salary of the employees. The last time the 7th Pay Commission came 8 years ago. In such a situation, will the government announce the 8th Pay Commission or will it make a new arrangement in its place. There can be a big announcement on this too.

What will be the announcement of 8th Pay Commission?

According to political analysts, there are general elections for Parliament in the country next year. In these elections, the stand of central employees matters a lot. Therefore, the government will leave no stone unturned to woo this class. It is believed that before the next parliamentary elections, the government will definitely make some big announcement related to increasing the salary of central employees.

New system can be made for salary hike

At the same time, the employees’ organizations are demanding the announcement of the 8th Pay Commission for themselves. He says that in the last 7th Pay Commission, the employees got very less salary hike. However, instead of this, the government is considering making such an automatic system for the employees, so that the salary of the employees is automatically revised every year. For this, the government can make a big announcement in the upcoming budget.

The government has made its intention clear

The intention of the government is that instead of announcing the 8th Pay Commission for government employees, they should be given good increments like private sector employees. For this, a committee of the government is also considering it. The government has also made it clear that no proposal related to setting up a new pay commission is currently under consideration with it. In such a situation, the possibility of setting up a new pay commission seems less likely at present.

What will be the stand of the government on dearness allowance

Employees were given many benefits in the 7th Pay Commission, which came into force about 8 years ago. Under this, the dearness allowance of the employees gets revised every 6 months. Because of this, the salary of the employees has been increasing automatically accordingly. Now the eyes of the workers are on the fact that even after the implementation of the new system, the automatic revision of dearness allowance will continue as before or some kind of change will be made in it. Everyone’s eyes are now on this issue.

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In such a situation, people have high expectations from the budget. Along with this, changes are going to come in the rules related to the bank. Let’s see the complete list of these rules.

General budget will be presented

Finance Minister Nirmala Sitharaman is going to present the budget (Budget 2023) for the financial year 2023-24 on February 1, 2023. The whole country is watching it with great expectations. Decisions that give relief to the common man are being expected in the budget.

Extra charge will be applicable for paying rent by credit card.

Paying rent through credit card is going to be costly. Actually, the holders of Bank of Baroda Credit Card have got a big shock. The company has announced that it will charge 1 per cent fee on Rent Payments through credit cards. This rule will be effective from February 1, 2023.

LPG prices

The prices of LPG gas cylinders are reviewed on the first of every month. In these, increase and reduction are possible on the first date of every month. It is expected that there will be no change in the prices.

Tata Motors increased the prices of passenger vehicles by 1.2 percent

The country’s leading automobile manufacturer Tata Motors has announced to increase the prices of passenger vehicles. The increased prices will be effective from February 1, 2023. According to the company, on an average basis, the price of passenger vehicles with petrol and diesel engines will increase by 1.2 per cent depending on the model and variant.

If you are driving such a vehicle in Noida, be careful!

Under the scrapies policy, the Transport Department has now started taking strict action in Gautam Budh Nagar as well. Now 15 year old petrol and 10 year old diesel vehicles will be seized and scrapped in Noida and Greater Noida from February 1, 2023. Earlier, on the orders of NGT, the Transport Department had canceled the registration of a large number of petrol and diesel vehicles.

Now these vehicles will be caught and confiscated. After people showed no interest in the scrappage policy issued by the Central Government, the Transport Department has decided to take strict action.

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This time people have many expectations before the budget. In such a situation, here we are going to talk about some budget expectations, which can be announced by Finance Minister Nirmala Sitharaman in this budget and people can also get relief from them.

Tax related announcements

Income tax related announcements are one of the keenly watched things in the budget as it affects the people and the exchequer of the government at large. It is expected that the government can provide relief to individual taxpayers by increasing the tax exemption or exemption limit. In the Union Budget 2023-24, there is also a demand to increase the limit of deduction under Section 80C from Rs 1.5 lakh at present.

Fiscal Deficit

Fiscal deficit is one of the important metrics to follow among the markets and policy makers. This reflects the health of the government’s finances and its dependence on borrowing. As per the new data available, India’s fiscal deficit during April-November 2022 stood at Rs 9.78 lakh crore or 58.9 per cent of the target for the entire fiscal year. In the same period last year, the deficit stood at 46.2 per cent of the target for the entire FY22. Fiscal deficit is the difference between the expenditure and revenue of the government.

Disinvestment target The budgeted disinvestment target for the current financial year 2022-23 is Rs 65,000 crore. Of this, the government has so far raised about Rs 31,000 crore by selling its equity in central public sector enterprises. In the last four years, the government has been continuously missing the budgetary target.

 In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman had earlier set a disinvestment target of Rs 1.75 lakh crore, which was later revised to Rs 78,000 crore. However, the mop-up in 2021-22 was only Rs 13,531 crore. India’s mega IPO LIC IPO was seen in the current financial year. Now, privatization of two state-owned banks and a general insurance company is pending.

Capital expenditure

In the last budget 2022, capital expenditure was encouraged to support the economy affected by the epidemic. At the same time, some reports say that Finance Minister Nirmala Sitharaman may unveil a big spending plan for private investment for the financial year 2023-24. The government is expected to continue with its plan to increase capital expenditure in the upcoming budget 2023-24 with a special focus on states’ expenditure on capital assets.

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The reason for this is also that this is the last full budget of the government before the elections. In such a situation, it is expected that the Finance Minister will give some relief to the employed people in view of the rising inflation rate after the pandemic.

Tax expert recommended for this time’s budget, tax expert has recommended to increase the limit of standard deduction for the job profession. Experts say that the Finance Ministry should give tax rebate for the working class. In fact, it has become necessary to give relief due to the increase in expenditure on transport, rent etc. due to the reopening of the office. Not only this, at the time of the epidemic, some companies had asked the employees to vacate the rented house and go back to their hometown.

Standard deduction will be 75 thousand rupees!

Now when the companies are calling back the employees. Returning again to Delhi-NCR or other cities to join office has increased the cost of many things. In such a situation, there is a need to update the amount of standard deduction. It is expected from the Union Budget this time that the Finance Minister can increase the standard deduction from Rs 50,000 to Rs 75,000. This will give the needed relief to the taxpayer.

What is Standard Deduction

A limit has been fixed by the Ministry of Finance to give tax relief to the salaried person on all kinds of expenses. The standard deduction of Rs 40,000 on account of medical expenses, transport allowance etc. has been reintroduced in the year 2018-19. Earlier, to give relief from income tax to the salaried class, Rs 19,200 and Rs 15,000 were given as transport allowance and medical allowance. Together these two were a deduction of Rs 34,200.

After this the standard deduction was increased to Rs 40,000 and later it was increased to Rs 50,000. This flat amount is reduced from the gross salary of the taxpayer. There is relief from this tax. It is deducted from the salary of every employed person. There is no need for any kind of claim to get exemption under this.

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The government had announced a subsidy of Rs 200 for up to 12 cylinders in May last year under the PM Ujjwala Yojana. In the budget (Budget 2023), the government can announce to extend the subsidy for up to 12 gas cylinders by one year. According to media reports, the government may extend this scheme by one more year to increase the LPG coverage to 100 percent.

Government may increase subsidy on gas cylinder

Finance Minister Nirmala Sitharaman had given a subsidy of Rs 200 per cylinder to 9 crore beneficiaries under the PM Ujjwala Yojana to reduce the burden of inflation. The subsidy will put an additional burden of Rs 6,100 crore on the exchequer in the current financial year. However, the subsidy may be extended for next year as the reduction in global commodity prices and energy prices is likely to reduce the burden on the government in terms of lower subsidy bill.

The budget will be presented on February 1

Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 on 1 February. At the same time, the Economic Survey will be presented on 31 January. This budget will be the last full budget of the Modi government because after this the Lok Sabha elections are to be held in the middle of the year 2024. In such a situation, it is believed that the budget can be populist.

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Therefore, this time it is expected that Finance Minister Nirmala Sitharaman will give many gifts to the people this time. If sources are to be believed, there is a possibility of change in the current income tax slab in this year’s budget. Income tax payers also hope that in the budget, the government will try to woo the middle class by increasing the income tax limit.

Even in the last budget, it was expected that the government would give tax relief to the middle class. But, this was not done. Reviewing Budget 2022, TV Mohandas Pai, chairman of Aerin Capital Partners and renowned financial expert, said that Finance Minister Nirmala Sitharaman has turned the budget into a ‘transformational budget’ by not giving tax relief to the middle class. It is expected that this time the Finance Minister will not let this opportunity pass.

If the income tax limit is increased by changing the income tax slab, then the middle class will be benefited the most. The middle class faced the biggest problem in Kovid-19. Most of the jobs in this category went during the Corona period. This class also spent the most on health.

Now the Indian economy has recovered to a great extent from the effect of Corona. The income of the government is increasing. This has raised hopes that this time the government will definitely give tax relief.

In March 2022, Finance Minister Nirmala Sitharaman had told that a total of 8,13,22,263 people have filed income tax in the assessment year 2020-21 i.e. 2019-20 financial year. If we consider only four members in the family of an income tax payer, then there are 32 crore people, whom we can call middle class.

The middle class is the engine of consumption in the Indian economy. This is the population that buys cars and takes home loans. They are the main taxpayers of India and also the consumers.

Experts say that if the government increases the income tax limit by changing the income tax slab in the budget, then more money will come in the hands of the middle class of the country. This will also increase consumption. This will not only benefit the country’s economy, but BJP can also get political advantage in the general elections to be held in the year 2024.

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In this, measures like changing the tax slab and increasing the scope of exemption can be taken. When Finance Minister Nirmala Sitharaman will present the country’s budget next week on February 1, most of the eyes will be on the job profession. Taxpayers have been waiting for a new exemption for a long time and there is scope for changes in the income tax slab as well. Experts believe that this time some big announcements can be made regarding taxpayers.

Most of the conversation is taking place regarding the slabs included in the old regime of income tax. At present, up to 2.5 lakhs, a direct tax exemption is available, while income from 2.5 to 5 lakhs is taxed at the rate of 5%. However, it is returned to the taxpayers. That is, earning up to 5 lakhs becomes completely tax free.

But, as soon as your income goes above 5 lakhs, the tax rate on it directly increases four times to 20 percent. Experts estimate that the maximum number of employed people also fall in this slab. If changes are made here, a large number of people will get relief.

What can happen, the rate

expert estimates that this time the government can add a new slab to the old tax regime along with the change in the new regime. This change will be for taxpayers with income ranging from Rs 5 lakh to Rs 7.5 lakh. It is estimated that the tax rate on this income can be reduced to 10 or 15 percent, which is currently 20 percent. It happens that lakhs of salaried taxpayers will get a big help in saving tax.

Relief even on earning more than 10 lakhs!

Income tax experts say that this time the benefit of tax exemption can be availed not only in the 20 per cent bracket, but also those earning more than 10 lakhs. Currently, income above 10 lakh is directly taxed at 30 per cent. It is being speculated that in this bracket, the slab of 30 per cent can be reduced to 25 per cent. Only a few days are left for the budget to come and this time the most awaited is regarding income tax.

Will the tax exemption limit also increase?

Experts also estimate that this time, along with changing the tax slab, the government can also increase the exemption limit on all types of investments. This includes investment schemes like NPS, PPF and ELSS. Tax exemption on PPF and increasing the investment limit to Rs 3 lakh are being speculated, which is currently only Rs 1.5 lakh annually.

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People are hopeful that many tax relief announcements can be made by the government in this budget and tax slabs can be changed. On February 1, 2023, the budget speech will be given in Parliament by Finance Minister Nirmala Sitharaman.

Budget 2023 In such a situation, we are going to give you information about the tax slab before the budget. At present, tax is collected according to two tax slabs. In this, the name of one is Old Tax Regime and the name of the other is New Tax Regime. Today we are going to update you about the amount on which 5% tax is levied in both the tax slabs.

Income Tax First talk about Old Tax Regime, then if your age is less than 60 years, then according to the financial year 2022-23, you will have to pay 5% tax on income between Rs 2.5 lakh to Rs 5 lakh per annum. On the other hand, if your age is between 60 to 80 years, then you will have to pay 5% tax on income from Rs 3 lakh per annum to Rs 5 lakh per annum.

Income Tax Slab Apart from this, if tax is to be filed according to the New Tax Regime according to the financial year 2022-23, then people of all ages will have to pay 5% tax on income between Rs 2.5 lakh to Rs 5 lakh per annum.

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However, before this, Aham is going to tell you a special thing about the budget. Income tax Whoever’s income is taxable, he has to file income tax in the country. There are currently two tax systems in the country. The name of one is Old Tax Regime, while the name of the other is New Tax Regime. In both the tax systems, different taxes are paid on different incomes. At the same time, a special thing is also hidden in both these income tax slabs.

Income Tax Slab

Under the financial year 2022-23, many slabs have been given in the New Tax Regime in the country. There are 5 percent, 10 percent, 15 percent, 20 percent, 25 percent and 30 percent slabs on the basis of income. Income tax is filed on different income according to different slabs. If tax is filed under this slab, then no exemption is also available.

On the other hand, on the basis of tax slabs for the financial year 2022-23, if the Old Tax Regime is seen, then the difference will be seen in it. In Old Tax Regime, tax is collected at the rate of 5%, 20% and 30%. In such a situation, it is to be noted that there is no slab of 10% in the Old Tax Regime. In this, after 5%, income tax is collected directly at the rate of 20%.

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Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) is going to do something special this time which has never happened in history till date. The budget is presented in the Parliament House According to the information received from the sources, the government can present the budget this time in the new Parliament House.

Let us tell you that the construction work of the new Parliament House is almost complete and it is expected to be completely ready by the end of January. That’s why preparations have also started for the upcoming budget session to be held in the new Parliament House.

The decision has not been taken

yet Let us tell you that till now no decision has been taken on this. The final decision is yet to be taken, but the Lok Sabha Secretariat has started making new identity cards for MPs of different parties to enter the new Parliament House.

The President will address the House on January 31 The budget session will begin on January 31 and is likely to continue till April 6 with a break between February 14 and March 12.

According to tradition, on January 31, the first day of the budget session, President Draupadi Murmu will address a joint sitting of both the Houses of Parliament. On February 1, Sitharaman will present the budget for the financial year 2023-24.

Action on other days may take place in the old Parliament House.

According to sources, efforts are being made to keep both the President’s address and the Union Budget in the new building of the Parliament House. If needed, the proceedings of the remaining days of the new House can be conducted in the old Parliament House. Sources said that the fence between the existing and the new Parliament House has been removed.

Work is being done on exterior decoration The work of exterior decoration of the new Parliament House has started and if there is no technical problem then this time’s budget session can be started from the new Parliament House. If this is not possible due to some technical fault, then an attempt will be made to conduct the second phase of the budget session in the new Parliament House.

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The government has made a big change in the ITR rules. From now on, certain people will not have to file income tax returns. Finance Minister Nirmala Sitharaman had announced this in the budget.

The Finance Ministry has announced that from now onwards such senior citizens above 75 years of age will not have to file income tax returns. Let us tell you that those senior citizens who have only pension or interest from the bank, then they will not have to file ITR. The Finance Ministry has given information about this by tweeting.

Under which act will you get the benefit?

The government has told that a new section Section 194P has been added to the Income Tax Act, 1961, under which senior citizens will get this benefit.

As announced in Budget FY 2022-23, senior citizens above 75 years of age, having only pension and interest income, are now exempted from filing Income Tax Return. #PromisesDelivered pic.twitter.com/iuyIzyQPnJ

— NSitharamanOffice (@nsitharamanoffc) January 5, 2023

CBDT has given the information While giving the information, the Central Board of Direct Taxes has told that a notification has been issued regarding this. Apart from this, amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q and this sector has been operationalized.

The last date to start manufacturing has been extended by 1 year for full tax benefits as promised . Now its last date has been made 31 March 2024. The Income Tax Act provides many concessions and exemptions along with making provisions for tax on the income of the citizens. Tax payers also get a lot of relief from these concessions and exemptions. Keeping this in mind, an important decision was taken by the Modi government in the budget of 2018.

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This has raised the expectations of taxpayers. Experts say that this budget will be the last full budget of the Modi government before the Lok Sabha elections next year. That’s why the Finance Minister can take measures to give relief in the matter of tax to the middle class people.

Finance Minister Nirmala Sitharaman will present the Union Budget on 1 February . Currently, if an investor’s profit from shares or equity mutual funds is less than Rs 1 lakh in a financial year, then he does not have to pay any tax. He has to pay 10% tax on profit above Rs 1 lakh. Tax experts say that this limit is too low. Keeping in mind the inflation, increasing income, it needs to be increased to Rs 2.5 lakh. This will also increase the interest of investors in schemes of shares and equity mutual funds.

Basic Exemption and 80C limit should be increased

After the formation of Narendra Modi’s government at the center, the basic exemption limit for a person up to 60 years of age was increased to Rs 2.5 lakh in the budget 2014. After that, the government has not made any changes in it, while due to inflation, the real income of the people has been greatly affected. So the government needs to increase it in the Union Budget 2023.

The limit under Section 80C of the Income Tax Act has also remained at Rs 1.5 lakh since then. Experts say that there is a need to increase this limit to provide relief to the middle class people. Apart from this, the benefit of tax deduction on medical expenses also needs to be given to all types of taxpayers. Again companies are laying off their employees. This is especially seen in the technology sector.

In such a situation, the standard deduction is expected to increase for young taxpayers. Currently, the standard deduction is Rs 50,000 in a financial year. It needs to be increased. Young taxpayers are also expecting a reduction in tax rates from the government.

Relief from capital gains on investment in debt

Investors say that the government should reduce the tax rates on capital gains from investing in debt. Long term capital gains in debt funds are currently taxed at 20 per cent. Short term capital gains are taxed as per the tax slab of the investor. Finance MinisterUnion Budget 2023 may announce a reduction in capital gains tax rates for debt investments.

Pension income should be tax-free

There has been a demand for making pension income tax-free for a long time. Life insurance companies and PFRDA also believe that a large number of people will be benefited by keeping pension income out of the purview of income tax. At present, pension income and annuity of retired people are taxed. Annuity purchased through the pension policy of the National Pension Scheme and life insurance comes under the ambit of income tax.

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This will be the last full budget of the government before the 2024 Lok Sabha elections. That’s why the government’s effort is also to please everyone from the salaried class to the farmers. On the other hand, every section is pinning a lot of hopes on the Modi government. In the last few years, the Modi government has made many changes regarding the budget. A change in that was made by the government keeping in mind the tax payers. But even today the situation regarding it is not clear among many people.

The claim of tax exemption in 7-10 ways in the old tax regime

was a change in the alternative income tax system introduced by the government in the General Budget 2020-21. The system of new tax regime and old tax regime was started in 2020-21 by Finance Minister Nirmala Sitharaman. Tax pair has to select any one of these two. Meanwhile, Finance Minister Nirmala Sitharaman said on Friday that people of low income group can claim tax exemption in 7-10 ways in the old tax regime.

Government brought another tax system

in 2020 Actually, the ‘New Tax Regime’ introduced in 2020 is different from the traditional tax system (Old Tax regime) that has been running since independence. In the old tax regime, you can claim various types of deductions including 80C, 80D, HRA. But you cannot claim any kind of deduction in the new tax slab. Finance Minister Nirmala Sitharaman also said that in 2020, the government brought another system with the old tax regime. There is no exemption in this, but it is simple and the tax is less. The Finance Minister said that I had to make seven slabs so that there are low rates for the people of low income group.

Income up to Rs 2.5 lakh tax free

In the new tax regime, income up to Rs 2.5 lakh is tax free. After this, 5 percent on income from 2.5 lakh to 5 lakh rupees, 10 percent on income from 5 lakh to 7.5 lakh rupees, 15 percent on income from 7.5 lakh to 10 lakh rupees, on income from 10 lakh to 12.5 lakh rupees. 20 per cent, 25 per cent on income between Rs 12.5 lakh to Rs 15 lakh and 30 per cent on income above Rs 15 lakh.

It is also important to understand this tax system.

Similarly, under the old tax system, income up to Rs 2.5 lakh is tax free. After this, 5 percent tax is levied on income between Rs 2.5 lakh and Rs 5 lakh. Income between Rs 5 lakh and Rs 10 lakh is taxed at 20 per cent and income above Rs 10 lakh and above is taxed at 30 per cent. Sitharaman said that the benefits of the old tax regime have not been removed, rather the new exemption-free tax regime is an alternative form of the income tax return system.

Old Tax Regime

Income up to 2.5 Lakh—-0% Tax
Income up to Rs 2,50,001 to 5 Lakh—-5% Tax Income
up to Rs 5,00,001 to 7.5 Lakh—-20% Tax
7 Income
from Rs.10,00,001 to Rs.10 lakhs —-20%
tax
30% tax on income above Rs.

New Tax Regime

Income up to 2.5 lakhs—-0% tax
Income from 2,50,001 to 5 lakhs—-5% tax
Income from 5,00,001 to 7.5 lakhs—-10% tax
7 Income
from Rs.10,00,001 to Rs.10
lakh—–15%
tax 30% tax on income above Rs.

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This year, taxpayers are expecting from Budget 2023 that they can be given some relief. Some experts are expecting that the rates for tax slabs may be changed in the upcoming budget 2023. At the same time, many people are also saying that the income tax rates and slabs which were applicable in the assessment year 2022-23, can remain applicable in the new assessment year (AY 2023-24) as well. Let us tell you that Finance Minister Nirmala Sitharaman will present the budget on 1 February 2023.

According to media reports, the government may increase the income tax exemption limit from the existing Rs 2.5 lakh to Rs 5 lakh in the budget of 2023-24. Significantly, this will be the last full budget of this tenure of the Modi government. General elections will be held in the year 2024. It is expected that in the budget, the Finance Minister will try to woo the middle class by increasing the income tax limit.

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Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

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Everyone’s eye remains on the tax slab in the budget. At present there are two slabs of income tax in the country. There are different provisions in both of these. If someone’s salary is 50 thousand, then how much tax will be deducted on the new or old tax slab, let us tell you about this.

Two slabs of tax

Talk about the change in tax slabs, in the last few budget sessions people have felt disappointed. At present there are two tax systems in the country. The first system is called Old Tax Slab. For the purpose of giving relief to the taxpayers, in the year 2020, the government had brought a new tax slab, so that there would be ease in ITR filing. For this a new system was also started. However, despite bringing the new slab, the government had retained the old tax slab.

How much tax from old system on 50 thousand salary

If the monthly salary is 50 thousand rupees and there is no other source of income then the annual income will be 6 lakh rupees. If you choose the old system, then a deduction of up to Rs 1.5 lakh is available under Section 80C of Income Tax (IT Act 80C). Employed people also get the benefit of standard deduction of Rs 50,000.

In the old system, there is no tax on income up to 2.5 lakhs. 5% tax has to be paid on income between Rs 2.5 lakh to Rs 5 lakh. But after the rebate of Rs 12,500 it becomes zero. That is, according to this slab, no tax will have to be paid on income up to Rs 5 lakh.

5,00,000(Income) – 5,00,000(Net Tax Deduction)= 0 Tax

How will tax be saved on an income of 6 lakhs in the new tax system?

In the new tax system, income up to Rs 2.50 lakh is tax free, but after that Rs 2.5 lakh will be taxed at 5%, which works out to Rs 12,500. A tax of Rs 24,400 is levied on salary up to Rs 6 lakh. If the income is more than Rs 5 lakh to Rs 1 lakh, then that amount of Rs 1 lakh will come in the bracket of 10%. A tax of Rs 10,000 will be made on this. Also, a cess of 4% will be levied on the calculated tax. If the tax is Rs 12,500, then the cess will be Rs 900.

How will the income of 6 lakh be tax free?

Under 80C, a rebate of up to Rs 1.5 lakh is available. For this you can invest in NSC, ELSS, PPF and EPF. Apart from this, if you invest Rs 50,000 in the National Pension System (NPS), then you will get an additional deduction of Rs 50,000 under 80CCD (1B). Home loan borrowers can save Rs 2 lakh separately.

Income 6,00,000-1,50,000 (PPF, EPF)= 4,50,000
4,50,000-50,000 (NPS)= 4,00,000
4,00,000-2,00,000 (Home Loan) = 2,00,000 (Tax Free)

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Before the budget, the Finance Minister said that the central government will continue to work for the middle class. She said that she herself is from the middle class, so she understands the problems and pressures of this class. He also said that the BJP-led NDA government (NDA Govt.) has not imposed any new tax on the middle class in any budget.

Let us tell you that most of the tax payers are from the middle class only. The Finance Minister said that no new tax has been imposed on the middle class family by the Modi government. He said that those earning up to Rs 5 lakh have been kept out of the purview of income tax by the government.

In the upcoming budget also, the government will continue to work for the middle class. Sitharaman said that middle class families use public transport the most. Keeping this in mind, Metro was brought to more than 27 places. India’s largest population from the middle class, the Finance Minister said that many middle class people are going towards the cities in search of jobs. We are continuously focusing on Smart City.

The largest section of India’s population is associated with the middle class. In such a situation, a lot of expectations are being made from the budget on 1st February. This is the last full budget of the current government before the 2024 Lok Sabha elections. In such a situation, it is expected that new announcements can be made by the government regarding income tax, health and jobs.

On behalf of the employed people, there has already been a demand from the Finance Minister to increase the income tax exemption limit and increase the investment limit under section 80C. In this budget, the standard deduction limit can be increased from 50 thousand to 75 thousand by the government.

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Earlier, the demands of all business associations and experts have also come before the Finance Minister. The Terrapanth Professional Forum has presented its suggestions regarding the budget to the Ministry. In such a situation, the government is expected to increase the tax limit.

TPF has demanded from Minister of State for Finance Pankaj Chaudhary that income up to five lakh rupees should be kept out of the tax limit. Along with this, suggestions have also been given regarding export promotion and GST. At the same time, it has also been demanded that the limit of tax exemption and investment of some schemes should be increased, which includes savings schemes like PPF.

TPF’s suggestions regarding the budget

TPF’s national president Pankaj Oswal said that suggestions have been made to improve the economy of the society and the country. TPF has demanded that exemption should be given in the tax slab up to Rs 5 lakh, that is, no tax should be charged on income up to Rs 5 lakh. Along with this, the standard deduction should be increased from Rs 50 thousand to Rs 1 lakh.

Demand for increasing the limit of PPF

TPF National President Pankaj Oswal has said that the limit of PPF should be increased from Rs 1.5 lakh to Rs 3 lakh per annum. Along with this, there has been a demand to increase the tax exemption of Rs 1.5 lakh to Rs 3 lakh under Section 80C of Income Tax. If the government does this, then common citizens can get huge benefits.

Expectation of exemption under Section 80TTA of Income Tax It is also expected to increase the exemption under Section 80TTA of Income Tax. Taxpayers are demanding that the tax exemption of Rs 10,000 under section 80TTA be increased to Rs 50,000. At the same time, common citizens are also expected to get exemption on things like children’s education and health insurance. Let us inform that the report given by TPF to the Ministry of Finance has been welcomed.

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Finance Minister Nirmala Sitharaman has shared many ways to save tax, through which you can save lakhs of rupees. Let us tell you how you can save tax up to Rs 8 lakh.

Apart from this, you will also get the benefit of exemption on home loan under section 24 (b) of the Income Tax Act . In this, you will get the benefit of exemption only on the interest paid on your behalf. You can claim tax exemption on interest up to Rs 2 lakh in this

Discount will be available on auto loan If you buy any electric vehicle under section 80EEB of the Income Tax Act and you have taken this vehicle on loan, then you will get a discount of up to Rs 1.5 lakh on it.

Exemption will be available in section 80C.

You can take advantage of the exemption of up to Rs 1.5 lakh under section 80C. Through this, you can claim exemption by investing money in many schemes including LIC policy, PPF, EPF, NSC.

Apart from all these, you will also get the benefit of exemption under 80C on the principal amount of the home loan. You cannot get more than Rs 1.5 lakh discount in this. Even if you have claimed any deduction earlier under 80C, you will get the maximum benefit of only 1.5 lakh.

You will get exemption from health insurance You can also save tax through health insurance. You can claim premium under section 80D. You get a discount of up to Rs 25,000 in this. If you have got your parents’ health insurance done, then you will get a full tax exemption of Rs 50,000.

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For the last few years, the government has not given relief to the taxpayers in the budget. In such a situation, in the upcoming budget 2023, along with taxation, senior citizens are expected to get exemption.

In the upcoming budget, senior citizens can be given concession in rail fare. During the Covid-19 epidemic, these people are not being given tax exemption. Till now, Railway Minister Ashwini Vaishnav has not made any promise to give exemption to senior citizens on rail fare. In such a situation, the common man hopes that in the last session of his second term, Finance Minister Nirmala Sitharaman can announce a rebate in rail fares.

Railways made tremendous profit

In the last few months, Railways has earned tremendously. According to the data presented by the Railways, during April 2022 to December 2022 i.e. during 9 months, Railways has earned 48,913 crores only from rail fares. At the same time last year, 71 percent earnings have increased in this period. Due to the strong earnings made by the Railways, it is expected that senior citizens can get a discount on the fare.

How much discount did senior citizens get?

Before the Corona period, railway employees were given exemption in fare, but due to Covid it has been stopped since 2019. Since then, elderly people have not been able to get exemption in rent. Earlier, persons above 60 years of age were given 40 per cent concession in fares, while women above 58 years of age were given 50 per cent concession in fares.

53 percent discount on rail passenger fare Answering a question in the Parliament, the Ministry of Railways had said that on an average 53 per cent discount is given to all passengers traveling by railways. Apart from this, Railways also gives relaxation to Divyangjan, students and patients. The Railway Minister had said in Parliament that in 2019-20, Railways has given a subsidy of Rs 59,837 crore on passenger tickets. This means that on an average 53 per cent concession has been given.

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Therefore, this time it is expected that Finance Minister Nirmala Sitharaman will give many gifts to the people this time. If sources are to be believed, there is a possibility of change in the current income tax slab in this year’s budget. Income tax payers also hope that in the budget, the government will try to woo the middle class by increasing the income tax limit.

Even in the last budget, it was expected that the government would give tax relief to the middle class. But, this was not done. Reviewing Budget 2022, TV Mohandas Pai, chairman of Aerin Capital Partners and renowned financial expert, said that Finance Minister Nirmala Sitharaman has turned the budget into a ‘transformational budget’ by not giving tax relief to the middle class. It is expected that this time the Finance Minister will not let this opportunity pass.

If the income tax limit is increased by changing the income tax slab, then the middle class will be benefited the most. The middle class faced the biggest problem in Kovid-19. Most of the jobs in this category went during the Corona period. This class also spent the most on health.

Now the Indian economy has recovered to a great extent from the effect of Corona. The income of the government is increasing. This has raised hopes that this time the government will definitely give tax relief.

In March 2022, Finance Minister Nirmala Sitharaman had told that a total of 8,13,22,263 people have filed income tax in the assessment year 2020-21 i.e. 2019-20 financial year. If we consider only four members in the family of an income tax payer, then there are 32 crore people, whom we can call middle class.

The middle class is the engine of consumption in the Indian economy. This is the population that buys cars and takes home loans. They are the main taxpayers of India and also the consumers.

Experts say that if the government increases the income tax limit by changing the income tax slab in the budget, then more money will come in the hands of the middle class of the country. This will also increase consumption. This will not only benefit the country’s economy, but BJP can also get political advantage in the general elections to be held in the year 2024.

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Especially the central employees hope that in the budget of the financial year 2023-24, the government can take some decision on the outstanding dearness allowance of 18 months. Amidst the apprehensions of a new wave of Corona coming, the expectation of central employees has increased considerably. Now the question arises whether the Finance Minister will announce the release of funds for the payment of the outstanding Dearness Allowance (DA) of the central employees?

Decision expected on fitment factor

According to media reports, it is expected that in the Union Budget 2023, a decision may be taken on the payment of the outstanding dearness allowance for 18 months. Although no announcement is made regarding the salary of government employees in the budget, but in the last complete final budget of the Modi government, the central employees are hopeful that the government can include the expenditure of 18 months’ outstanding dearness allowance in its budget. Huh.

How is the remaining 18 months DA left?

Let us tell that the increase in dearness allowance is announced twice a year by the central government for its employees. Since February 2020, when the whole world was devastated by the Corona epidemic and all economic activities came to a standstill, the central government did not increase the dearness allowance from January 2020 to June 2021. After this, on July 1, 2021, the government had increased the dearness allowance by 11 percent.

Before that the government did not increase the dearness allowance three times. Although, before January 2020, the dearness allowance of government employees was 17 per cent, but after increasing the DA by 11 per cent in July 2021, it reached 28 per cent. At the same time, the central employees are expecting payment of DA arrears of 18 months.

Government has refused

However, the government has refused to pay dearness allowance for 18 months to the central employees. According to media reports, Rajya Sabha MP Naran Bhai J Rathwa had asked a question in the Parliament whether the government will pay 18 months’ arrears of dearness allowance to central employees?

In response to this, Minister of State for Finance Pankaj Chowdhary had said that many applications have come in relation to giving dearness allowance and dearness relief for 18 months to central government employees and pensioners, but the government is not yet considering giving DA and dearness relief. Is.

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The reason for this is also that this is the last full budget of the government before the elections. In such a situation, it is expected that the Finance Minister will give some relief to the employed people in view of the rising inflation rate after the pandemic.

Tax expert recommended for this time’s budget, tax expert has recommended to increase the limit of standard deduction for the job profession. Experts say that the Finance Ministry should give tax rebate for the working class. In fact, it has become necessary to give relief due to the increase in expenditure on transport, rent etc. due to the reopening of the office. Not only this, at the time of the epidemic, some companies had asked the employees to vacate the rented house and go back to their hometown.

Standard deduction will be 75 thousand rupees!

Now when the companies are calling back the employees. Returning again to Delhi-NCR or other cities to join office has increased the cost of many things. In such a situation, there is a need to update the amount of standard deduction. It is expected from the Union Budget this time that the Finance Minister can increase the standard deduction from Rs 50,000 to Rs 75,000. This will give the needed relief to the taxpayer.

What is Standard Deduction

A limit has been fixed by the Ministry of Finance to give tax relief to the salaried person on all kinds of expenses. The standard deduction of Rs 40,000 on account of medical expenses, transport allowance etc. has been reintroduced in the year 2018-19. Earlier, to give relief from income tax to the salaried class, Rs 19,200 and Rs 15,000 were given as transport allowance and medical allowance. Together these two were a deduction of Rs 34,200.

After this the standard deduction was increased to Rs 40,000 and later it was increased to Rs 50,000. This flat amount is reduced from the gross salary of the taxpayer. There is relief from this tax. It is deducted from the salary of every employed person. There is no need for any kind of claim to get exemption under this.

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Apart from increasing the tax exemption limit, new income tax slabs can also be launched for taxpayers, but in the midst of all this, you can take advantage of tax exemption in many other ways. On behalf of Finance Minister Nirmala Sitharaman, a list has been issued that in what ways you can save your tax.

Rebate will be available on home loan

If you have also taken a loan from the bank for the construction of a house, then you will get a discount on the interest of up to Rs 2 lakh in the monthly installment. Along with this, you will get the benefit of rebate on loans up to Rs 30,000 for home repairs. You will get this exemption under section 24B of Income Tax.

Exemption is available on NPS investment

Those who invest in NPS get the benefit of exemption under section 80CCD (2D). This exemption is available to all tax slabs. You get a separate benefit under 80C on investing up to 10% of the basic salary.

Exemption will be given on interest. Interest received from post office or bank deposits also gets the benefit of exemption in ITI. If you are getting interest less than Rs 10,000, then you can get tax exemption on that too. At the same time, you have to pay tax on getting more than 10,000 interest.

Tax exemption will also be available on donation Apart from this, you can also take advantage of tax exemption on donation. By donating to various funds notified by the government, you get the benefit of tax exemption on 100% of the amount. You get the benefit of this exemption under 80G.

You will get exemption on health insurance You also get tax exemption on the premium of health insurance. You can get income tax exemption on this amount. In this, you get the benefit of tax exemption on premium up to Rs 25,000. At the same time, if you can take advantage of a discount of up to Rs 30,000 on the insurance of senior citizens.

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Finance Minister Nirmala Sitharaman has said that it is the clear vision of the Modi government to empower the people along with improving their lives by fulfilling their basic needs. Sitharaman said at a book release function on Friday that this government has a clear perception about ‘what is empowerment’ versus ‘what is entitlement’. If you are thinking of empowering people, then there is no need for entitlement. If you meet their basic needs then people find their way to make their life better.

Watch: Smt @nsitharaman‘s full address at the launch of the book titled ‘Reform Nation’ authored by Shri @gchikermane in New Delhi. @PIB_India @MIB_India @FinMinIndia https://t.co/F6dYqHIku6

— NSitharamanOffice (@nsitharamanoffc) January 7, 2023

Income Tax

In this function, Nirmala Sitharaman said that in order to ensure low rates for the people of low income group, an alternative income tax system with seven tax slabs has been brought through the government. He said that along with the old tax system, the government has come up with an alternative system in which there is no exemption, but it is simpler and has lower tax rates. He said that in the old tax regime, each taxpayer could claim around 7-10 exemptions and the income tax rates ranged between 10, 20 and 30 per cent depending on the income bracket.

Income tax slabs

Sitharaman said, “I had to make seven slabs so that there are lower rates for people in the lower income group.” In the general budget 2020-21, an alternative income tax regime was introduced, in which individuals and Hindu undivided families (HUFs) HUF) were taxed with lower rates. However, other tax exemptions like rent allowance, housing loan interest and investment under 80C are not given in this arrangement.

There’s a clear spirit in this govt about what is empowerment vs what is entitlement. If you’re looking at empowering people, there’s no entitlement. You give them fundamental requirements & people then find their own course to improve their living.

– Smt @nsitharaman. pic.twitter.com/Xtrj0rzjOF

— NSitharamanOffice (@nsitharamanoffc) January 7, 2023

Income tax slab rate

Under this, the total income up to Rs 2.5 lakh is tax free. After this, five per cent on total income from Rs 2.5 lakh to Rs five lakh, 10 per cent on total income from Rs five lakh to Rs 7.5 lakh, 15 per cent on income from Rs 7.5 lakh to Rs 10 lakh, from Rs 10 lakh Income up to Rs 12.5 lakh is taxed at 20 per cent, income from Rs 12.5 lakh to Rs 15 lakh is taxed at 25 per cent and income above Rs 15 lakh is taxed at 30 per cent.

Income tax return

Income up to Rs 2.5 lakh is tax free even under the old tax regime. After this, income between Rs 2.5 lakh and Rs 5 lakh is taxed at 5 per cent, while between Rs 5 lakh and Rs 10 lakh, 20 per cent tax is levied. After this, income above Rs 10 lakh is taxed at 30 per cent.

Tax on income Sitharaman said that the benefits of the old tax regime have not been removed, rather the new exemption-free tax regime is an alternative form of the income tax return system. He said that to end the harassment, the tax department has made arrangements for ‘faceless’ assessment of income tax returns.

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In a tweet on Thursday, the Finance Ministry told about its budget promise that senior citizens above 75 years of age, who have only bank pension account and interest on bank account as their only source of income, now need to file ITR. No need. For this, a new section Section 194P has been added in the Income Tax Act, 1961. This section is applicable from April, 2021. Some rules have been amended regarding this and banks have been informed about it.

According to the information released by the Central Board of Direct Taxes, this section has been operationalized. For this, a notification has been issued regarding the related forms and conditions. Along with this, necessary amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q.

Relief for Senior Citizens!

Section 194P inserted in IT Act, 1961 exempting senior citizens above 75 years of age, having only pension & interest income, from filing ITR. Specified banks & relevant forms notified.#PromisesDelivered pic.twitter.com/KHQOIyQabr

— Ministry of Finance (@FinMinIndia) January 5, 2023

Finance Minister Nirmala Sitharaman had announced this in her budget address saying that “Now that we are in the 75th year of Independence Day of our country, we will continue our journey with more enthusiasm. We are more than 75 years old in the country.” Will reduce the burden of tax compliance on senior citizens of India. For such senior citizens whose income is from pension and interest, we propose to exempt them from filing income tax returns. The bank in which they have an account, that bank The amount of tax that will be made on the income, he will deduct the tax.”

In fact, this rule has already been implemented that senior citizens above 75 years of age receiving pension and interest income on the same bank account are exempted from not filing ITR. If his income is taxable, then the bank can deduct tax from his account. Regarding this, it has been said that section 194P is now operationalized and banks have been notified about the changes in their declaration form and other related forms.

Please tell here that there will be no change in the rules of common taxpayer and their ITR form.

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Especially the salaried people who are troubled by inflation, as well as the loan has also become expensive for them. Along with inflation, expensive EMI is robbing people’s pockets. Heavy tax burden on him. In such a situation, the question arises whether the Finance Minister will take any major step to give relief from inflation and reduce the tax burden on the people? Will the Finance Minister increase the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh in the upcoming budget?

Income tax burden on salaried people.

At present, those whose annual taxable income is up to Rs 2.5 lakh do not have to pay any tax on this income. Those whose income is between Rs 2.50 to Rs 5 lakh, then they are liable to pay tax at the rate of 5% i.e. Rs 12500. But under Rule 87A of Income Tax, the government gives a tax rebate of Rs 12,500. That is, those whose taxable income is less than Rs 5 lakh do not have to pay any tax.

But those whose taxable income is more than Rs 5 lakh by even one rupee, they do not get the benefit of this rebate. Such people are not only worried about inflation, but they are also worried about the cost of EMIs after increasing the repo rate of RBI. On top of that expensive food items, inflation of milk, expensive LPG, petrol-diesel and CNG-PNG have ruined the budget.

Tax exemption limit should be Rs 5 lakh!

According to Ved Jain, former president of ICAI, in 2014, the minimum tax slab limit was Rs 2.50 lakh and the maximum limit was Rs 10 lakh. But it has been so many years that no change has been made in the minimum and maximum level of the tax slab.

He said that now the time has come to give relief to the people by changing the income tax slab. He said that the income tax exemption limit should be increased from Rs 2.50 lakh to Rs 5 lakh annually. Also, the maximum limit of tax slab should be increased from Rs 10 lakh to Rs 20 lakh. Currently, taxable income above Rs 10 lakh is taxed at 30 per cent.

Changes in tax slabs will benefit the economy

According to Ved Jain, the Indian economy has developed tremendously after 2014. BSE Sensex and NSE Nifty have touched new heights. There has been a tremendous jump in the tax collection of the government. Consumption has also increased during this period. But there is one thing in which the government has not changed that is the income tax slab.

No change has been made in the tax slab during this period. He said that the government’s effort is to increase the tax base, due to which the number of people filing income tax returns has increased. This is the reason why the government has not made any change in the minimum slab rate of income tax. He said that if the government increases the tax slab, then taxpayers will spend the savings in the form of tax and invest in the purchase of essential things, which will benefit the economy. This will accelerate the economic development of the country.

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New tax regime may be applicable

According to the information received from the sources, the government wants to have a uniform tax system across the country, due to which it is believed that the implementation of the New Income Tax Regime can be announced this time.

Tax rates can be cut

In the Budget 2020-21, Finance Minister Nirmala Sitharaman announced a new tax regime, in which tax rates were reduced without exemptions and deductions. Let us tell you that in the assessment year 2021-22, about 5.8 crore people had filed taxes, but less than 5 percent of these people had adopted the new tax system. For this reason, the government can also announce a reduction in tax rates in this budget.

To make the income tax system popular, the Ministry of Finance is considering to cut its rates. Experts believe that there should be only one tax system in the country, in which taxpayers get exemption and it should be very simple.

Exemption is available in the old tax system

Taxpayers get many types of exemptions in the old tax system. In this, exemption is available including House Rent Allowance (HRA), Leave Travel Allowance (LTA) and many sections of the Income Tax Act, 1961. At the same time, many exemptions are available under section 80C including insurance, ELSS, provident fund, PPF.

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This will be the last full budget of the government before the 2024 Lok Sabha elections. That’s why the government’s effort is also to please everyone from the salaried class to the farmers. On the other hand, every section is pinning a lot of hopes on the Modi government. In the last few years, the Modi government has made many changes regarding the budget. A change in that was made by the government keeping in mind the tax payers. But even today the situation regarding it is not clear among many people.

The claim of tax exemption in 7-10 ways in the old tax regime

was a change in the alternative income tax system introduced by the government in the General Budget 2020-21. The system of new tax regime and old tax regime was started in 2020-21 by Finance Minister Nirmala Sitharaman. Tax pair has to select any one of these two. Meanwhile, Finance Minister Nirmala Sitharaman said on Friday that people of low income group can claim tax exemption in 7-10 ways in the old tax regime.

Government brought another tax system

in 2020 Actually, the ‘New Tax Regime’ introduced in 2020 is different from the traditional tax system (Old Tax regime) that has been running since independence. In the old tax regime, you can claim various types of deductions including 80C, 80D, HRA. But you cannot claim any kind of deduction in the new tax slab. Finance Minister Nirmala Sitharaman also said that in 2020, the government brought another system with the old tax regime. There is no exemption in this, but it is simple and the tax is less. The Finance Minister said that I had to make seven slabs so that there are low rates for the people of low income group.

Income up to Rs 2.5 lakh tax free

In the new tax regime, income up to Rs 2.5 lakh is tax free. After this, 5 percent on income from 2.5 lakh to 5 lakh rupees, 10 percent on income from 5 lakh to 7.5 lakh rupees, 15 percent on income from 7.5 lakh to 10 lakh rupees, on income from 10 lakh to 12.5 lakh rupees. 20 per cent, 25 per cent on income between Rs 12.5 lakh to Rs 15 lakh and 30 per cent on income above Rs 15 lakh.

It is also important to understand this tax system.

Similarly, under the old tax system, income up to Rs 2.5 lakh is tax free. After this, 5 percent tax is levied on income between Rs 2.5 lakh and Rs 5 lakh. Income between Rs 5 lakh and Rs 10 lakh is taxed at 20 per cent and income above Rs 10 lakh and above is taxed at 30 per cent. Sitharaman said that the benefits of the old tax regime have not been removed, rather the new exemption-free tax regime is an alternative form of the income tax return system.

Old Tax Regime

Income up to 2.5 Lakh—-0% Tax
Income up to Rs 2,50,001 to 5 Lakh—-5% Tax Income
up to Rs 5,00,001 to 7.5 Lakh—-20% Tax
7 Income
from Rs.10,00,001 to Rs.10 lakhs —-20%
tax
30% tax on income above Rs.

New Tax Regime

Income up to 2.5 lakhs—-0% tax
Income from 2,50,001 to 5 lakhs—-5% tax
Income from 5,00,001 to 7.5 lakhs—-10% tax
7 Income
from Rs.10,00,001 to Rs.10
lakh—–15%
tax 30% tax on income above Rs.

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New tax regime may be applicable

According to the information received from the sources, the government wants to have a uniform tax system across the country, due to which it is believed that the New Income Tax Regime will be implemented this time. can be announced.

Tax rates may be cut In the budget 2020-21, Finance Minister Nirmala Sitharaman had announced a new tax regime, in which tax rates were reduced without exemptions and deductions. Let us tell you that in the assessment year 2021-22, about 5.8 crore people had filed taxes, but less than 5 percent of these people had adopted the new tax system. For this reason, the government can also announce a reduction in tax rates in this budget.

There should be only one tax system in the country. In order to make the income tax system popular, the Ministry of Finance is considering to cut its rates. Experts believe that there should be only one tax system in the country, in which taxpayers get exemption and it should be very simple.

Exemption is available in the old tax system Taxpayers get many types of exemptions in the old tax system. In this, exemption is available including House Rent Allowance (HRA), Leave Travel Allowance (LTA) and many sections of the Income Tax Act, 1961. At the same time, many exemptions are available under section 80C including insurance, ELSS, provident fund, PPF.

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The business class including the employed, farmers have various expectations from this budget. From the Ministry of Finance, from the first budget of independent India till now, tax payers have been given various facilities as well as tax slabs have been changed from time to time. New tax regime and old regime have been started by the Modi government for the tax payers.

Income tax exemption for annual income up to 2.5 lakh

. There is also a big difference in the tax slabs of both the regimes. According to a figure, most of the tax payers choose the old regime only. In both the regimes, annual income up to Rs 2.5 lakh is exempted from income tax. But there is a tax of 5 percent on income from 2.5 lakh to 5 lakh. In the old regime, 20 percent tax has to be paid on income between Rs 5 lakh to Rs 10 lakh annually. An annual income of 10 to 15 lakhs or more is taxed at 30 percent.

Let’s talk today if your annual income is Rs 10 lakh and you live on rent. Apart from this, if you invest the entire Rs 1.5 lakh under Section 80C of Income Tax, then today we calculate your tax.

Here is the complete math

1. If your annual income is Rs 10 lakh, then after reducing the standard deduction of Rs 50,000 given by the Ministry of Finance, your taxable income reduced to Rs 9.50 lakh.
2. After this it is considered that you have saved up to Rs 1.5 lakh under Section 80C of Income Tax. In this you can claim Tuition Fee, LIC (LIC), PPF (PPF), Mutual Fund (ELSS) and EPF (EPF) etc. In this way your taxable income has come down to Rs.8 lakh.
3. On House Rent Allowance (HRA) up to one lakh rupees, you do not need to give the PAN card of the landlord. If you pay this much rent, then your taxable income comes down to Rs 7 lakh. You will have to pay tax on this amount.
4. Rs 12,500 was taxed at the rate of 5 per cent on income between Rs 2.5 lakh to Rs 5 lakh. After this, 40 thousand tax was done on the income of 5 to 7 lakhs at the rate of 20 percent. In this way, from 2.5 lakh to 5 lakh, the total tax was Rs 52,500.
5. Now on this you will have to pay cess at the rate of 4 percent, which is Rs.2,100. In this way, your total income tax on salary of 10 lakhs is Rs 54,600.

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With the beginning of the new year, the discussion has also started regarding the upcoming budget. This time the budget session is expected to start from January 31 and continue till April 6. Finance Minister Nirmala Sitharaman is expected to present the budget this time on February 1, 2023.

Income Tax Payers have high hopes from this budget. Salaried Clauses are hopeful that along with giving relief to the tax payers from the Modi government, changes will also be made in the income tax slab.

There will be more money to spend in hand In the report of IANS, quoting sources, it has been claimed that this time the income tax exemption limit can be increased from Rs 2.5 lakh to Rs 5 lakh. If this step is taken by the government then people will have more money to spend. This will encourage consumption in the coming times, due to which the economic situation is expected to improve. This step will also encourage investment.

Exemption up to 5 lakhs for super senior citizens

Let us tell you that at present no income tax has to be paid by the government on income up to Rs 2.5 lakhs. Senior citizens in the age group of 60 years to 80 years get this exemption up to an income of three lakh rupees. At the same time, the exemption limit for super senior citizens above 80 years is Rs 5 lakh.

The pre-budget consultation was started by Finance Minister Nirmala Sitharaman on 21 November. During this, Union Minister of State for Finance Bhagwat Karad and top officials also took part in it. During this also there was discussion on increasing the income tax exemption limit. Apart from this, this time the limit of investment available under 80C can also be increased.

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Income Tax Slab: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year. Preparations are going on in full swing for the budget across the country, in such a situation, everyone from the middle class to the employed is expecting a big tax relief this time.

While giving information, Finance Minister Nirmala Sitharaman

has said that from now on many people will have to pay only 5% tax. Whether you adopt the new tax regime or the old tax system, but now you will not have to pay heavy tax.

Who will have to pay 5 percent tax

Let us tell you that people with income between 2.5 lakh to 5 lakh will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.

The slab of tax free income may increase,

let us tell you that this time in the budget, the government can increase the scope of tax free income. At present, lakhs of people get the benefit of tax exemption up to Rs 2.5 lakh only. This limit can be increased from 3 to 5 lakhs. This time the government can give big benefits to crores of taxpayers.

The last change happened in 2014. The last

time in the year 2014, the government had increased the tax limit. Earlier this limit was Rs 2 lakh, which was increased to Rs 2.5 lakh. With this decision of the government, people get more money to invest.

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The taxpayers of the salaried class are expecting changes in income tax slabs and reduction in surcharge from the upcoming Union Budget 2023-24. Let us tell you that the budget session will start on January 31 and Finance Minister Nirmala Sitharaman will present the budget on February 1.

1. More tax exemption on investment under 80C

Section 80C is the most important section for saving tax for the employed. Increasing the exemption limit under this section means that more and more people have to get relief. Please tell that at present, the exemption available under Section 80C is Rs 1.5 lakh. It is expected that in Budget 2023, under Section 80C, the government can increase the deduction limit to Rs 200,000 annually.

2. Standard deduction limit expected to be increased The standard

deduction limit for salaried employees under section 16 (ia) of Income Tax is Rs 50000 per annum. In the up
coming budget, it is expected that due to rising inflation, the government will change the provision of section 16 (IA) and increase the standard deduction limit to Rs 75,000 annually.

3. Change in tax

slab According to media reports, 25 percent tax is being demanded on income of more than 20 lakhs in tax slab. Similarly, there is a demand to increase the tax to 20 percent on the income of 10 to 20 lakhs. In the current tax slab, up to Rs 2.5 lakh is not taxed. 2.5 to 5 lakh is 5 percent, from 5 to 7.5 lakh is 20 percent tax. Similarly, 20 percent tax is levied from 7.5 lakh to 10 lakh. In which change has been demanded.

4. Deduction limit expected to increase

From Budget 2023, it is expected that the government may increase the deduction limit under Section 80CCD(1B) from Rs 50,000 to Rs 100,000 annually to encourage investment in retirement plans.

5. There will be a change in the 2 year old tax system

According to media reports, the government is considering increasing the tax exemption limit in the 2 year old tax system. This will give relief to taxpayers and they will have more money for investment.

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Finance Minister Nirmala Sitharaman is going to give a big gift to the taxpayers in the budget this time. At present the limit is Rs 2.5 lakhs, let us tell you that at present no tax has to be paid on annual income up to Rs 2.5 lakhs, the government is planning to increase the limit to Rs 5 lakhs. That is, if your annual income is also Rs 5 lakh, then you will not have to pay any tax.

The last change took place in 2014.

This will be the last full budget of the second term of the central government, which will be presented by the Finance Minister. After this, elections are to be held in the year 2024, so it is believed that the government can give big relief to the middle class this year. Before this, the last change in the limit of personal tax exemption was made in the year 2014.

Arun Jaitley had increased the limit

Earlier, Finance Minister Arun Jaitley had announced to increase this limit from Rs 2 lakh to Rs 2.5 lakh, but this time it is expected that this limit can be increased to Rs 5 lakh.

According to media reports, there will be a change in the 2-year-old tax system
, the government is considering increasing the limit of tax exemption in the 2-year-old tax system. This will give relief to taxpayers and they will have more money for investment.

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According to sources, the Finance Minister has been admitted to the private ward of AIIMS at 12 noon on Monday. 63-year-old Sitharaman has been admitted due to health problems.

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This time the central government is doing big planning regarding Income Tax. Finance Minister Nirmala Sitharaman will present the Budget 2023 on February 1, 2023, and this year a plan is being made to make major changes regarding tax, which is expected to provide great relief to taxpayers. If you also pay tax or come in the tax slab, then it is important for you to know what kind of changes the Central Government is going to make in the tax rates this time.

What is the opinion of the expert?

Many experts believe that the government can make changes in the tax slab in many ways. At the same time, many people believe that the rates and slabs of income tax will remain applicable which were implemented in the assessment year 2022-23.

What kind of tax exemption will be available?

Let us tell you that at present 2 types of arrangements are applicable in the country. You can choose according to yourself whether you have to pay tax in the new regime or in the old regime… but this time what kind of tax relief will the government give to the general public. It is very important to see this.

Income Tax Slabs and Rates 2023 (New Regime)

>> On annual income up to Rs 2.5 lakh – Zero tax
>> On annual income up to Rs 2.5-5 lakh – 5% tax
>> Annual income up to Rs 5-7.5 lakh On – 10% tax
>> On annual income up to Rs 7.50-10 lakh – 15% tax
>> On annual income up to Rs 10-12.5 lakh – 20% tax
>> On annual income up to Rs 12.5-15 lakh – 25% tax
>> 30% tax on annual income up to Rs 15-20 lakh >> 30% tax
on annual income above Rs 20 lakh

Income Tax Slabs and Rates 2023 (Old Regime)

>> On annual income up to Rs 2.5 lakh – Zero tax
>> On annual income up to Rs 2.5-5 lakh – 5% tax
>> Annual income up to Rs 5-10 lakh On – 20% tax
>> On annual income up to Rs 10-20 lakh – 30% tax
>> On annual income above Rs 20 lakh – 30% tax

The rate of 30 percent will be reduced to 25 percent , every year some special provisions are made in the budget by the government to give great relief to the income tax payers. This time the government is planning to make a major revision in the rates of income tax, after which tax payers will get a big relief. It is believed that the government can reduce the maximum rate of 30 percent to 25 percent and increase the maximum tax limit to 20 lakhs.

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Many decisions have been taken in the 48th meeting of the GST Council. Revenue Secretary Sanjay Malhotra gave information about the decisions taken after the end of the 48th meeting of the GST Council. He told that in these, the GST Council has agreed to keep some of the irregularities being done in compliance out of the category of crime. Along with this, it has been decided to double the limit for initiating prosecution to Rs 2 crore.

In this 48th GST Council Meeting, there hasn’t been any tax increase on any item. No new taxation has been brought in. Everything that has been done is to issue clarifications where ambiguity of interpretations prevailed.

– Smt @nsitharaman. pic.twitter.com/rb3RGzaotL

— NSitharamanOffice (@nsitharamanoffc) December 17, 2022

No decision was taken on these, while no decision could be taken on making a system to prevent tax evasion in Pan Masala and Gutkha business. After the meeting, Sanjay Malhotra said that the GST on online gaming and casinos was not discussed in this meeting, because the Group of Ministers (GoM) headed by Meghalaya Chief Minister Conrad Sangma had discussed this issue a few days ago. submitted its report. Due to paucity of time, the report could not be given to the members of the GST Council.

Tax rate on husk of pulses, including chilka and concentrates, has been reduced from 5% to nil.

– Revenue Secretary Shri Sanjay Malhotra while elaborating on outcomes of 48th GST Council Meeting. pic.twitter.com/PR5tUmTfxN

— NSitharamanOffice (@nsitharamanoffc) December 17, 2022

With this, Revenue Secretary Sanjay Malhotra informed that the council has increased the limit for initiating prosecution for irregularities in compliance with the GST law and agreed to increase it from Rs 1 crore to Rs 2 crore. Is. At the same time, it was decided to abolish GST on the peel of pulses. Till now 5% GST was levied on the peel of pulses.

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Less than 60 days are left for the presentation of the budget for the new financial year. On February 1, 2023, Finance Minister Nirmala Sitharaman will present the country’s general budget in the Parliament. Like every time, farmers and job professionals have the highest expectations from this budget.

Amidst the record level of inflation, there are many challenges in front of the Finance Minister regarding the budget this time. However, the figures for November are going to give some relief regarding inflation. Along with giving relief in the tax slab, many more demands are being made from the job profession for a long time. Let us know about the expectations of the salaried class from the budget this time. It is expected that this time the Finance Minister will not disappoint the salaried class.

Expectation of relief in income tax

The first and biggest demand of the salaried class is regarding tax exemption. Crores of employed have been demanding for a long time to increase the scope of basic exemption of Rs 2.5 lakh. The expert had expressed the hope of increasing the scope of basic exemption last time also. But this time it is expected that the Finance Minister will make an announcement in favor of the employed. The Finance Minister can increase the basic exemption from Rs 2.5 lakh to Rs 3 lakh.

Demand for changes in tax slabs When

asked about the expectations of the salaried class from the budget this time, Tapati Ghosh, partner, Deloitte says that the salaried class is expecting changes in the tax slabs. There is a demand for 25 percent tax on income above 20 lakhs. Similarly, there is a demand to increase the tax to 20 percent on the income of 10 to 20 lakhs. In the current tax slab, up to Rs 2.5 lakh is not taxed. 5 percent from 2.5 to 5 lakhs, 20 percent tax from 5 to 7.5 lakhs. Similarly, there is 20 percent tax from 7.5 lakh to 10 lakh.

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This is the lowest interest rate in the last 40 years. Earlier in 1977-78, EPFO ​​had given 8 per cent interest and thereafter it was 8.25 per cent or more.

12 per cent deduction on the salary of an employee is made for the EPF account. If we talk about the employer, 8.33 percent of the deduction made by him goes to EPS (Employees Pension Scheme), while the remaining 3.67 percent goes to EPF.

If your basic salary is 25 thousand rupees, then the total contribution of both the company and the employee in the EPF every month will be around Rs 3918. At the same time, you will get Rs 2082 every month in the EPS account.

Lowest interest rate in 40 years

EPFO has announced an interest of 8.1 percent for the financial year 2022. Finance Minister Nirmala Sitharaman had defended the cut in the interest rate on PF, saying that the EPFO ​​has a central board which decides what rate is to be given to them.

He hasn’t changed it for a while. But now they have reduced it from 8.4 per cent to 8.1 per cent. In the financial year 2019-2020, 8.5% interest was given. Interest was also received at the rate of 8.5% in 2020-2021, while 8.65% in the financial year 2018-19, 8.55% in 2017-18, 8.65% in 2016-17 and 8.8% in the financial year 2015-16. was.

check balance online

You do not need to go anywhere to know your PF account balance. You can check your balance sitting at home. For this, you can know your balance by visiting the official website of EPFO, epfindia.gov.in.

After visiting this site, click on e-passbook. After clicking on it, you will have to fill your UAN number, password and captcha. By doing this, you will see the information related to the PF account. Here you will see the member ID. If you select it, then you will start seeing your PF balance on the E-Passbook.

missed call and sms

You have to make a missed call on 011-22901406 from the number linked to your PF account. Immediately after making a missed call, you will receive a message on your register number, in which PF balance information will be given. You can check PF account balance through SMS.

For this your UAN number should be registered with EPFO. First of all send EPFOHO UAN and SMS to 7738299899 from the registered mobile number. You will have to select the option for the balance information in the language in which it is available. For example, for Hindi, you will have to message by writing EPFOHO UAN HIN.

Check balance through app

For this, first you have to download the UMANG app. After that register your phone number and login to the app.

Go to ‘Service Directory’ by going to the menu given in the top left corner. Here search for EPFO ​​option and click on it. After going to View Passbook here, check the balance through your UAN number and OTP.

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This year’s record collection

According to government data, the GST collection in the month of July has increased by 28 percent compared to the same period last year. In the month of July, Rs 1,48,995 crore has come to the government treasury from the GST collection. At the same time, the GST collection last month was Rs 1,44,616 crore. The GST collection in July 2021 was Rs 1,16,393 crore.

The loopholes have been removed: Sitharaman

Significantly, direct tax collection has increased by 49.02 percent on an annual basis to Rs 14.09 lakh crore in 2021-22. The government had set a target of direct tax collection of Rs 14.20 lakh crore for the financial year 2022-23. The Finance Minister said that the government has resolved many pending issues and infrastructural loopholes related to direct taxes have been removed. The Finance Minister said that the reforms made by the government in recent years have made the tax system trust-based.

Increase in number of income tax returns

Sitharaman said that taxpayers have affirmed the trust-based tax system and said that this tax collection has further improved, which is evident from the increase in the number of income tax returns. Not only this, he said that technology has been effectively used to enhance taxpayer service and transparency, speed up departmental processes.

Department made positive changes

On this occasion, Minister of State for Finance Pankaj Choudhary has also told that the responsibility of the tax department is not only limited to efficient and effective tax administration but it is also its responsibility to honor honest taxpayers. The department has proved itself to be an organization by providing time bound services to the taxpayers and adopting positive changes. The number of people filing tax returns has increased, which shows the efficiency of the department.

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