The new Income Tax Bill has been passed in the Lok Sabha. It was earlier withdrawn to incorporate certain recommendations of the Lok Sabha’s select panel. Another bill, the Taxation Laws (Amendment) Bill, was also passed in the Lok Sabha. The bill aims to provide tax exemption to subscribers of the Unified Pension Scheme. Both the bills were passed without any debate as the opposition continued to protest demanding discussion on various issues including SIR. The government has incorporated almost all the recommendations of the select committee in the new revised Income Tax Bill .

New income tax bill passed without discussion

Union Finance Minister Nirmala Sitharaman on Monday introduced the revised version of the new Income Tax Bill, 2025 in the Lok Sabha amid opposition uproar. It includes most of the recommendations from the Parliamentary Select Committee headed by BJP leader Baijayant Panda. This new bill is going to replace the old laws, Income Tax Act 1961. This bill has been approved by the Lok Sabha without discussion.

Nirmala Sitharaman told what is in the bill

While introducing the bill in the Lok Sabha, Finance Minister Sitharaman said that many suggestions were received, which were required to be incorporated to provide the correct legislative meaning. She said that improvements have been made in the nature of drafting, alignment of phrases, resulting changes and cross referencing. The earlier bill was withdrawn to avoid confusion. Now the new Income Tax Bill 2025 has been passed in the Lok Sabha.

The opposition raised questions on passing the bill without discussion

The opposition has raised questions on the passing of the new Income Tax Bill. Samajwadi Party chief and MP Akhilesh Yadav reacted to the new Income Tax Bill 2025. He said that such a big decision was taken without discussion in the House. Some new changes are going to be made in the Income Tax Bill. Everyone has seen the situation of demonetization, GST. Now America is also increasing tariffs. Business is dependent on China, we are seeing all this. Akhilesh Yadav further said that where are we taking the country? How will a developed India be created in Amrit Kaal, these are big questions.

285 suggestions included in the updated income tax bill

Earlier, while introducing the new Income Tax Bill in the Lok Sabha, Nirmala Sitharaman said that the revised bill will improve fairness and clarity. It will bring the law in line with the existing provisions. The new draft aims to provide MPs with a single, updated version, which reflects all the suggested changes. The updated Income Tax Bill 2025 incorporates 285 suggestions from the Parliamentary Select Committee.

Why was the new income tax bill introduced?

The new law aims to simplify tax processes and remove past loopholes, potentially transforming the income tax landscape in the country. Last week, the government formally withdrew the Income Tax Bill, 2025, which was introduced in the Lok Sabha on February 13 to replace the existing Income Tax Act, 1961.

These are the big changes in the Revised Income Tax Bill

According to the government, the revised bill has made extensive changes in slabs and rates to benefit all taxpayers. The new structure will reduce taxes for the middle class and leave more money in their hands, which will boost domestic consumption, savings and investment.

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If you are investing in Public Provident Fund (PPF), then there is good news for you. Union Finance Minister Nirmala Sitharaman announced on Thursday that there will be no charge for adding or changing a nominee in a PPF account. The government has made the necessary changes by issuing a notification on April 2, 2025.

Nirmala Sitharaman posted on social media platform Twitter that it has recently been noticed that some financial institutions are charging fees for adding nominee details. The nominee has a legal right over the funds of the original account holder. Therefore, the government has amended the ‘Government Savings Promotion General Rules 2018’ and abolished this fee system.

According to a government notification, the fee of Rs 50 charged for changing or cancelling a nominee under the Small Savings Scheme has now been completely waived. The Finance Minister said that under the recently passed Banking Reforms Bill 2025, a maximum of 4 nominees can be appointed for deposited money, assets in lockers or other important items.

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 update the nominee details in your PPF account by filling Form-10. This process can be done both online and offline. Some banks like SBI, HDFC and ICICI offer this facility through internet banking.

Procedure for updating nominee online:

• Login to your bank’s internet banking portal.
• Go to the PPF account section.
• Click on the option “Nominee Update” or “Modify Nomination”.
• Fill in the information of the new nominee (name, relationship, date of birth, etc.).
• Authenticate the process through OTP or login credentials.
• Submit your request and save the acknowledgement.

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Now these rules are coming into effect from April 1, 2025 with the start of the financial year. This change also includes new rules for tax deduction (TDS) and tax collection at source (TCS). Let us tell you about it in detail.

Big relief to senior citizens and homeowners

The central government had announced in the budget that the TDS deduction for senior citizens has been doubled. Earlier it was Rs 50 thousand, which has now become Rs 1 lakh. This will give them great relief. At the same time, landlords have also got a big relief. Actually, the limit of TDS deduction on rent income has been increased from Rs 2.4 lakh per financial year to Rs 6 lakh per financial year.

TCS limit on foreign transactions increased

Apart from this, the limit of TCS deduction for RBI’s Liberalised Remittance Scheme for those with transactions from abroad has also been increased. Earlier, TCS deduction was made on transactions of Rs 7 lakh from abroad, which has been increased to Rs 10 lakh.

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What did the finance minister say

While presenting the general budget on February 1, Union Finance and Corporate Affairs Minister Nirmala Sitharaman announced this. She said that we will launch special customized credit cards with a limit of Rs 5 lakh for micro enterprises registered on the Udyam portal. She further said that 10 lakh cards will be issued in the first year.

How can you register

For this, first visit the Udyam portal- msme.gov.in. Here you have to click on the Quick Links section. After this, you have to register by clicking on Udyam Registration. Here you will get detailed information about the documents required for registration and eligibility. You can register accordingly. There is a credit card facility for registered micro enterprises.

These were also announced in the budget

The credit guarantee cover for micro and small enterprises has been increased from ₹5 crore to ₹10 crore. This will enable additional credit of ₹1.5 lakh crore in five years. At the same time, the guarantee cover for startups will be doubled from ₹10 crore to ₹20 crore with a reduced fee of 1% for loans in 27 priority sectors. Apart from this, exporting MSMEs will benefit from term loans up to ₹20 crore with increased guarantee cover.

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Let us tell you that these changes will come into effect from April 1, 2025, which means that when you file your tax return in July 2025 or if you file late or in June (if you file early), then these changes will not be applicable. In July 2025, taxpayers will file tax returns for the financial year 2024-25 in which the provisions of the Finance Act 2024 will be applicable.

Let us tell you that in the Budget 2024 announced on July 23 last year, Finance Minister Nirmala Sitharaman announced new tax slab rates and also increased the limit of standard deduction under the new tax system. These changes will naturally take effect when you file your tax return in July 2025. Let us tell you what these changes are like….

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Finance Minister Nirmala Sitharaman has announced the removal of import duty on 12 critical minerals such as lithium-ion battery scrap, cobalt products, LEDs, zinc. Presenting her eighth consecutive budget on Saturday, the Finance Minister said, “I propose to completely remove custom duty on 25 critical minerals and reduce it on two others. This will promote the processing and refining of these minerals and ensure their availability for these important sectors.”

In addition, he proposed to add 35 capital goods for electric vehicle battery manufacturing and 28 for mobile phone battery manufacturing to the list. This will boost the manufacturing of lithium-ion batteries in India and create more employment opportunities.

Sitharaman said, I now propose to completely remove custom duty on cobalt powder and waste, lithium-ion battery scrap, lead, zinc and 12 other critical minerals. This will ensure availability of raw materials for manufacturing and provide employment opportunities to the youth.

Keeping in mind the long gestation period of shipbuilding, he proposed to continue the exemption in basic customs duty (BCD) on raw materials, components, consumables and parts for shipbuilding for another 10 years. Similarly, the same exemption will be extended to the ship breaking industry to enhance competitiveness.

Further, in line with the ‘Make in India’ policy and to correct the inverted duty structure, he proposed to increase the customs duty on interactive flat panel displays from 10% to 20% and reduce it to 5% on open cells and other components. He also proposed complete removal of basic customs duty on ‘Wet Blue Leather’ to promote domestic value addition and employment.

Sitharaman also proposed that not more than one cess or surcharge would be levied. She also proposed to abolish the social welfare cess levied on 82 tariff lines.

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Finance Minister Nirmala Sitharaman has given a big relief to the middle class. Now income up to Rs 12 lakh will be out of the scope of income tax. The Finance Minister said in the budget on direct tax that the spirit of justice will be given priority in the new Income Tax Bill.

Up to how much taxable income will we not have to pay tax now?

The Finance Minister said that there will be no income tax on income up to Rs 12 lakh. When standard deduction is also added to this, there will be no tax on taxable income of Rs 12.75 lakh for salaried people. The Finance Minister has said that this decision will help in reducing taxes on the middle class to a great extent. They will have the opportunity to leave more money, increase domestic consumption, savings and investment.

The Finance Minister has announced that changes are being made in the income tax slabs and rates to benefit all taxpayers. The Finance Minister has said that under the new tax system, there will be zero income tax up to an income of Rs 12 lakh. The government has paid special attention to the middle class and has improved the personal income tax system.

What did the Finance Minister announce on TDS?

The Finance Minister has said in his budget speech that changes will be made in the TDS limit to bring uniformity in it. The TDS exemption limit for senior citizens will be increased from Rs 50 thousand to Rs 1 lakh. The TDS exemption limit on rental income will be increased to Rs 6 lakh. According to the Finance Minister, the provisions of higher TDS will remain applicable in non-PAN cases. The limit for filing updated returns has been increased from two years to four years. 

What is the benefit to the elderly in case of TDS?

• What did you find? 

Tax exemption on interest

• Who got it?

to senior citizens

• How much benefit?

1. Earlier, senior citizens were not required to pay TDS on interest income up to Rs 50,000. 

2. Now TDS will not be levied on interest up to Rs 1 lakh.

What are the updates related to TDS on rent

• What did you find?

1. Earlier, TDS was not levied on rent income up to Rs 2.4 lakh.
2. Now TDS will not be levied on income up to Rs 6 lakh from rent.

• Who benefits? 

Small taxpayers who receive rental income in small amounts.

How much income was tax free before the budget?

According to the Finance Minister’s Budget 2024, earlier if the annual income of a taxpayer was Rs 7 lakh 75 thousand, then after deducting the standard deduction of Rs 75,000, his income became Rs 7 lakh annually. In such a situation, he did not have to pay any tax. This means that if a person’s monthly salary was around Rs 64000 or Rs 64500, then his income was tax free under the new tax system.

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Under this, now a standard deduction of 1 lakh has been made. Exemption on rent will also be increased from 2.5 lakh to 6 lakh. The amount of money sent abroad has also been increased to 10 lakh. TCS will now be deducted only from those without PAN. Facility of updated return has also been provided, which will benefit 90 lakh taxpayers.

Return i.e. updated return can be filed again in the assessment year of up to 4 years. The amount of exemption on donation will be increased from 5 to 10 lakh.
Now no tax will be levied on taxpayers if they have 2 properties. Till now it was limited to one property only. The limit of TDS has been increased to 10 lakh.

Gift given to the middle class:

The middle class will not have to pay any tax up to Rs 12 lakh. Till now it was only Rs 7 lakh. This has been increased by Rs 5 lakh at once and those earning up to Rs 1 lakh per month will not have to pay any tax. A tax deduction of Rs 75 thousand will also be given in this.

• Slabs changed in the new regime: The Finance Minister had also changed the slabs of the new tax regime last year. Under this, income up to Rs 3 lakh was completely exempted from tax. After this, 5% tax was imposed on Rs 3 to 7 lakh, while only 10% tax was kept on income from Rs 7 to 10 lakh. 15% tax was kept on 10 to 12 lakh and 20% tax on 12 to 15 lakh. The income tax rate on income above 15 lakh has become 30%.
• Standard deduction also increased: Finance Minister Nirmala Sitharaman has also increased the standard deduction to give relief to the common man. The government has increased the exemption of Rs 50 thousand in the form of standard deduction to Rs 75 lakh. In this way, salaried people got more exemption under income tax.
• Changes in Capital Gain Tax: The Finance Minister has also made changes in the capital gain tax on returns from investments in the stock market and mutual funds. Short term capital gain tax on selling shares or mutual funds before 12 months has been increased from 15% to 20%, while long term capital gain tax on selling units after 12 months has been increased from 10% to 12.5%. However, the exemption limit on long term capital gain tax (LTCG Tax) has been increased from Rs 1 lakh to Rs 1.25 lakh. LTCG tax on property has been reduced from 20% to 12.5%, but the benefit of indexation on it has been abolished.
• More benefits on NPS: The Finance Minister has also increased the benefits on NPS in last year’s budget. In the 2024 budget, the deduction on NPS has been increased to 14 percent. Earlier, deduction was available only on 10 percent contribution on the investment made by the employer in the private sector, now it has been increased to 14 percent. This means that up to 14 percent of the employer’s contribution will remain outside the tax purview.
• Exemption also given on ESOPs: In Budget 2024, the exemption given to employees working in multinational companies on ESOPs was doubled. Actually, employees of MNCs often get posting abroad and companies give them shares under ESOPs. Earlier the rule was that if assets worth more than Rs 10 lakh were found, it had to be disclosed. If this was not done, the government used to impose a penalty of Rs 10 lakh. Now this amount has been increased to Rs 20 lakh, which means that no penalty will be imposed for not disclosing assets up to Rs 20 lakh.

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The lessons learnt from Standup India scheme will also be incorporated in this scheme. Workshops will be organised on how to promote business online and for development of managerial skills.

The Finance Minister has said that the government will formulate a special policy to increase employment opportunities and entrepreneurship in labour-intensive sectors. A focus product scheme will be implemented to promote quality, productivity and competition in India’s footwear and leather sector. This scheme is expected to provide employment to 22 lakh people. It is also expected to generate revenue of Rs 4 lakh crore and exports of more than Rs 1.1 lakh crore.

Today, Finance Minister Nirmala Sitharaman is presenting her 8th budget. The government had already said that this budget is special for women, poor and backward classes and middle class. Many steps are being taken by the government to promote entrepreneurship in the budget. Term insurance up to Rs 2 crore for women of backward class is an example of this. Apart from this, the government has assured help to new people to start small businesses. This is expected to increase employment opportunities.

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In such a situation, it is expected that relief can be given in the budget of 2025. The government can extend the last date for filing income tax returns. Tax payers have been demanding for a long time that enough time should be given to file Income Tax Returns (ITR) after the financial year. Currently the last date for filing income tax returns is 31 July. It starts from the first day of the next financial year.

What is the complete mathematics?

Currently, the return has to be filed by 31st July. For this, they have to get their Form 16 by 15th June. In this way, the taxpayer gets only 45 days. Now some people will say that 45 days are enough. No, it takes a lot of time to collect the necessary documents. This is the reason why taxpayers want an extension in its date. In such a situation, it will be interesting to see whether there will be any change in it or not.

In case of delay, a hefty fine has to be paid

If a taxpayer files his income tax return after 31st July, then he has to pay a fine. If you file your income tax return by 30th December, then you have to pay a fine of 1 thousand. If you file it after 30th December, then you have to pay a fine of up to 5 thousand.

What are the demands?

The last date for filing income tax returns should be extended from July 31 to August 31. This will give taxpayers enough time. Apart from this, extending the last date for filing late returns to March 31 will give taxpayers a chance to properly enter the information of foreign income and tax credits. This will help them avoid fines and interest.

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Whether the limit of standard deduction is increased or the limit of 80C is increased. Here we are telling you that in the last budget 2024-25, the government had made many big announcements related to income tax, which is important for all taxpayers to know.

1. Announcement of new tax slab

In the last budget, the government changed the tax slabs in the new tax system to provide relief to taxpayers. The new tax slabs were as follows:

• Rs 0-3 lakh: 0% tax
• Rs 3-7 lakh: 5%
• Rs 7-10 lakh: 10%
• Rs 10-12 lakh: 15%
• Rs 12-15 lakh: 20%
• Rs 15 lakh and above: 30%

Due to these new slabs, taxpayers can save up to Rs 17,500 annually.

2. Increase in standard deduction

The limit of standard deduction has been increased from Rs 50,000 to Rs 75,000.

The deduction limit for family pensioners has been increased from Rs 15,000 to Rs 25,000. This will provide huge tax relief to salaried and retired employees.

3. Deduction in NPS

The deduction limit on employer’s contribution to the National Pension System (NPS) has been increased from 10% to 14%. This move will promote savings in retirement funds.

4. Changes in capital gains tax

Short Term Capital Gains Tax (STCG) rate increased from 15% to 20%.

The rate of Long Term Capital Gains Tax (LTCG) was increased from 10% to 12.5%.

LTCG exemption limit on equity investments increased from Rs 1 lakh to Rs 1.25 lakh.

The purpose of this change is to encourage investors to invest for a long time.

5. TCS on luxury goods

Tax Collection at Source (TCS) was implemented on luxury goods worth more than Rs 10 lakh. This rule came into effect from January 1, 2025. Its purpose is to keep an eye on expensive transactions and prevent tax evasion. Through these changes, the government has tried to give relief to taxpayers as well as strengthen tax collection.

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Nirmala Sitharaman Budget 2025: Finance Minister Nirmala Sitharaman will present the budget for the eighth consecutive time on February 1. This time it will be the second full budget of the third term of the NDA government led by Prime Minister Modi. In every budget, the most discussed topic is the relief in income tax and the announcement regarding farmers. In the budget presented in July 2024, the Finance Minister gave relief to the middle class by increasing the limit of standard deduction to Rs 75,000 under the new tax regime. Apart from this, many steps have been taken by the government to provide relief to the middle class on various things including income tax. Income up to Rs 7 lakh is tax free

Amidst all this, the budget presented by Finance Minister Nirmala Sitharaman in the year 2023 is discussed among the middle class till date. In this budget, the biggest relief was given to the employed middle class. Taxpayers got the most benefit from the announcement made by Finance Minister Nirmala Sitharaman regarding income tax. On February 1, 2023, Nirmala Sitharaman, during her budget speech, announced not to pay any kind of tax on income up to Rs 7 lakh under the new tax regime.

Crores of salaried class got benefit

Crores of salaried class people have got the most benefit of this income tax exemption given by the government. After this, in the budget presented in July 2024, the limit of standard deduction under the new regime was increased to 75000. With this change, people earning up to Rs 7.75 lakh every year will not have to pay any kind of tax. After this change in the rule, people were in doubt as to what would happen to those earning more than Rs 7 lakh?

What is the New Tax Regime?

The New Tax Regime was first introduced by the government in the financial year 2020-21. The tax rate in this is low but some tax deductions and exemptions have been abolished under it. Under this, a standard deduction of Rs 50,000 was included in the year 2023. After one year, it was increased to Rs 75000. Under the new tax regime, there is no tax on income of 0-3 lakhs per annum. After this, 5 percent tax has to be paid on 3 to 6 lakhs, 10 percent on 6 to 9 lakhs, 15 percent on 9 to 12 lakhs, 20 percent on 12 to 15 lakhs and 30 percent tax has to be paid on income of more than 15 lakhs.

What is the old tax regime?

In the old tax regime, no tax has to be paid on annual income up to Rs 2.5 lakh. According to this, taxpayers will have to pay tax at the rate of 5% on annual income of Rs 2.5 lakh to 5 lakh. If the annual income is 5 lakh to 10 lakh, then tax will have to be paid at the rate of 20 percent. But 30 percent tax will be levied on income above Rs 10 lakh. But under this, you get many different types of tax benefits.

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This creates confusion among investors regarding tax. AMFI, an organization representing the mutual fund industry, has advised the government to eliminate the difference in tax rules. This will bring transparency in investing in mutual funds and will increase investors’ interest in investing.

There is a need to simplify the tax structure

Consultancy firm Deloitte has also advised to remove the shortcomings related to tax. It believes that there is a need to simplify the rules of GST. Currently, many medium and small businesses have to face problems in the case of GST. Deloitte says that if the government simplifies the GST framework, then compliance will increase. Increase in compliance means that the government’s revenue will increase.

The tax burden on SMEs needs to be reduced

Deloitte also says that currently the tax burden on SMEs is high. High taxes reduce the growth potential of SMEs. The government should make such tax rules for SMEs that taxes are low and they get full opportunity to expand their business. If the government provides a favorable environment to SMEs, then their investment in renewable energy and technology will increase. This will increase their productivity.

AMFI advised to simplify the tax rules for mutual funds

AMFI also says that there is a need to make major changes in India’s tax structure. Tax rules will have to be made according to international rules. This will boost economic growth. Experts say that to attract foreign investors, it is necessary to make the tax structure simple and transparent. This will also reduce cases of tax evasion. This will also increase the government’s income. Experts are of the opinion that foreign investors invest only when they see stability in tax rules.

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1. Belated/Revised Income Tax Return

The Income Tax Department has extended the deadline for filing belated/revised income tax returns for resident individual taxpayers. Its deadline was December 31, 2024. It has been extended to January 15, 2025.

2. Direct Tax Vivaad se Vishwas Scheme (DTSVS) 2024

The deadline for this scheme has been extended to January 31, 2025. This has given taxpayers additional time to settle their income tax related disputes. The government has launched this scheme to reduce the number of income tax related disputes.

3. Corporate Social Responsibility (CSR) 2024

The Ministry of Corporate Affairs has extended the deadline for filing Form CSR-2. It is mandatory for companies coming under the Corporate Social Responsibility Rules of the Companies Act, 2013 to file Form CSR-2. Now the deadline for this has been extended to March 31, 2025. This has given a lot of relief to the companies.

However, the Income Tax Department has not met all the demands of taxpayers and chartered accountants to extend the deadline. Many deadlines have not been extended beyond December 31, 2024.

The deadline for filing GSTR-9 and GSTR-9C under GST has not been extended. This has disappointed a large number of GST taxpayers.

The Income Tax Department has not extended the deadline for filing income tax returns for firms, companies, societies, NGOs etc. The deadline has not been extended for NRIs. If they have not filed or revised their income tax returns by December 31, 2024, then they will have to file an updated return and pay a penalty to the government in the form of additional tax.

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The government had given this relief in the form of standard deduction in the New Tax Regime. However, the salaried class has been demanding relief in the Old Tax Regime for a long time. The process of preparations has started from the Finance Ministry for the budget for the financial year 2025. Recently, the Finance Minister had a meeting with the officials regarding the preparations.

What will be special for the middle class in the budget?

The budget for the financial year 2025 will be presented this time on February 1, 2025. This will be the eighth budget presented by Finance Minister Nirmala Sitharaman. What will be special for the middle class in this budget? There is a discussion going on in the Finance Ministry regarding this. In the news published in Dainik Jagran regarding this, citing sources, it has been claimed that in the budget to be presented in February next year, the government can again give relief in income tax to the middle class. Let us tell you that in the middle class, the number of salaried class who pay income tax is the highest.

There is a consideration to increase the limit of standard deduction.

The news published in the newspaper claimed that this time, to give relief to the salaried class, the Finance Ministry is considering increasing the limit of standard deduction under the New Tax Regime of Income Tax. In the current financial year, under the New Tax Regime, the salaried class gets the benefit of standard deduction of Rs 75,000. Apart from this, those earning up to Rs 7 lakh annually do not have to pay any tax under the New Tax Regime.

There will be no relief in the old regime!

Sources claim that in the budget to be presented on 1 February 2025, the amount of standard deduction for the salaried class can be increased from Rs 75000 to one lakh. Sources also claimed that the government will give any kind of relief in income tax only under the new tax regime. Actually, it is being promoted by the government and the old tax regime is being discouraged. This has been indicated by the Finance Ministry on many occasions before.

Out of the eight crore income tax returns filed in the financial year 2023-24, the number of ITRs filed by those earning 5 to 10 lakh annually was 2.79 crore. Apart from this, those earning Rs 10-20 lakh filed 89 lakh ITRs. This simply means that if the government decides to give relief in income tax, then relief will be given keeping in mind about three crore taxpayers.

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Now the Central Board of Direct Taxes (CBDT) has issued a new form regarding this. It is called Form 12BAA. This form will be used by employees to inform their firm about tax deductions made from sources other than their salary. This includes income from fixed deposits, insurance commission, dividend from equity shares or information about tax deducted in purchasing a car or foreign currency etc.

This will help

Companies usually deduct TDS from salary as per the declaration of the employees, which takes into account the investments and expenses for tax deduction. However, employers did not adjust the tax paid by the employee from other sources. Now this will change with the 12 BAA Form issued by CBDT.

This will be beneficial

Through this new form, employees can reduce tax deduction from their salary by providing information about TCS deposits and TDS deducted from other sources. This move will help employees deal with cash flow problems and spend or save their income.

What changed?

The new law to inform the firm about TDS and TCS deducted from other sources has come into force from October 1 this year. Employees can inform their firm about TDS deducted from other income sources or TCS deducted while making any big expenditure. Earlier there was no specific mechanism to give this information to the employers. Now the new form issued by the department will help the employee to give this information to the employer.

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Finance Minister Nirmala Sitharaman said on Wednesday that the number of subscribers of Atal Pension Yojana (APY) has reached about seven crores. In Atal Pension Yojana, a maximum monthly pension of Rs 5,000 and an annual pension of Rs 60,000 is available. Let us know the benefits of Atal Pension Yojana.

6.9 crore people have invested in Atal Pension

Sitharaman said at a program organized on the occasion of the launch of NPS Vatsalya Yojana that the total money deposited under this scheme has increased to Rs 35,149 crore. APY is a low-cost pension scheme that guarantees a monthly minimum pension of Rs 1,000-5,000 after the age of 60 years (depending on the contribution of the subscribers). On the death of the subscriber, his spouse will be given the same pension for his lifetime. On the death of both the subscriber and the spouse, the entire money is given to the nominee. She said that since its launch in the year 2015, 6.90 crore people have subscribed to the Atal Pension Yojana and a fund of Rs 35,149 crore has been deposited.

Deposit just Rs 210 and get Rs 5000 monthly pension

You can get a maximum pension of Rs 5,000 every month after retirement i.e. after 60 years by depositing only Rs 210 every month. The name of this government scheme is Atal Pension Yojana, in which a guaranteed pension is received every month. According to the current rules, if you join at the age of 18 for a maximum monthly pension of Rs 5,000, you will have to pay Rs 210 every month. If you pay the same amount every three months, you will have to pay Rs 626 and if you pay it every six months, you will have to pay Rs 1,239. If you invest at the age of 18 to get a pension of Rs 1,000 per month, you will have to pay Rs 42 per month.

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What is Atal Pension Yojana?

The government has introduced Atal Pension Yojana in the budget 2015-16 to ensure security of income in old age. Through this scheme, the government is encouraging common people, especially those who are associated with the unorganized sector, to save as much as possible. People associated with the unorganized sector are also protected from the risk of not having income after retirement. This scheme is being run by the Pension Fund Regulatory and Development Authority (PFRDA).

You will get a pension of Rs 5,000 every month

Under the Atal Pension Yojana, subscribers get a monthly pension of Rs 1,000 to Rs 5,000. The Government of India guarantees the benefit of minimum pension. The central government contributes 50 percent of the subscriber’s contribution or Rs 1,000 annually, whichever is less. Government contribution is given to those who do not come under any statutory social security scheme and are not taxpayers. Under the scheme, pension of Rs 1,000, 2000, 3,000, 4,000 and 5,000 is available. Investment also depends on the amount of pension. Joining at a young age gives more benefits.

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Finance Minister Nirmala Sitharaman will launch the NPS Vatsalya scheme on 18 September 2024 as announced in the Union Budget 2024-25. The Finance Ministry said in a statement issued on Monday that school children will also participate in the launch event. On this occasion, the Finance Minister will launch an online platform for subscribing to NPS Vatsalya, release the scheme brochure. Also, Permanent Retirement Account Number (PRAN) cards will be distributed to new minor subscribers. Let us tell you that NPS Vatsalya programs will be organized simultaneously at about 75 places across the country.

What is the plan?

Let us tell you that NPS Vatsalya is a scheme of the Modi government. It has been brought to secure the financial future of children. The Finance Minister had said in his budget speech that parents and guardians will contribute to this pension scheme. When the child becomes an adult, this scheme can be easily converted into a normal NPS account. NPS Vatsalya offers flexible contribution and investment options, allowing parents to invest Rs 1,000 annually in the name of the child. This scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA).

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Benefits of NPS Vatsalya-

Let us tell you that NPS-Vatsalya is a financial investment that parents/guardians can make on behalf of their minor children, which is a meaningful way to provide them financial support until they start earning and investing on their own. Know other benefits of this scheme-

• Investing at a young age allows for substantial growth over time by taking advantage of compound interest.
• Your child will have a sizeable retirement fund by the time he is old enough to retire.
• Promote saving habits in children at an early age.
• Help children understand the importance of budgeting for the long term.
• When the child reaches 18, the account can easily be converted into a regular NPS account.
• Certain income tax provisions may allow contributions to NPS to be tax deductible.
• A part of the corpus can be withdrawn tax-free on retirement.

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Along with this, the demand to increase the minimum pension of employees retiring from the private sector to Rs 7500 has gained momentum. The organization of pensioners of private employees has been demanding an increase in pension for a long time. In connection with this demand, the representatives of the organization have met Finance Minister Nirmala Sitharaman.

Government is sensitive towards the needs of the elderly

During the meeting with the Finance Minister, a demand was made to increase the minimum pension to Rs 7,500 per month. According to the committee, Sitharaman assured that the government is sensitive to their needs and will try to find a way to meet their demand. The EPS-95 National Struggle Committee (NAC) includes about 78 lakh retired pensioners and 7.5 crore working employees of the industrial sector. The committee said in a statement, the Finance Minister has assured the delegation that the government is sensitive to the needs of the elderly and is seriously considering the proposal put forward by the EPFO.

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According to the pension

committee, the Finance Minister reiterated his assurance that the government is committed to ensuring financial security for pensioners and a solution will be found. Union Labor and Employment Minister Mansukh Mandaviya met EPS-95 NAC representatives this month and assured them that the government would take necessary steps to meet their demand. EPS-95 NAC members are currently protesting demanding a monthly pension of Rs 7,500 instead of the average monthly pension of only Rs 1,450.

36 lakh pensioners are getting less than Rs 1000

The committee also demands that medical facilities should also be provided to EPS members and their life partners. EPS-95 NAC President Ashok Raut said that pensioners have been demanding an increase in the minimum pension for the last eight years, but the government has not paid attention to their demands. The body had also informed recently that 36 lakh pensioners are getting less than Rs 1,000 pension every month. Raut says that despite making long-term contributions to the regular pension fund, pensioners get very little pension.

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According to the committee, Sitharaman assured that the government is sensitive to their needs and will try to find a way to meet their demand. The EPS-95 National Struggle Committee (NAC) includes about 78 lakh retired pensioners and 7.5 crore working employees of industrial sectors.

The committee said in a statement, “The Finance Minister assured the delegation that the government is sensitive to the needs of the elderly and is seriously considering the proposals put forward by the EPFO. He reiterated his assurance that the government is committed to ensuring financial security for pensioners and a solution will be found.”

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Union Labour and Employment Minister Mansukh Mandaviya had met EPS-95 NAC representatives this month and assured them that the government would take necessary steps to meet their demand.

EPS-95 NAC members are protesting demanding a monthly pension of Rs 7,500 instead of the current average monthly pension of only Rs 1,450. They also demand that EPS members and their spouses be given full medical coverage. EPS-95 NAC chairman Ashok Raut said that pensioners have been demanding an increase in the minimum pension for the last eight years, but the government has not paid heed to their demands.

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The central government made a big announcement last Saturday and announced the launch of the Unified Pension Scheme. Earlier it was being considered a way between NPS and OPS, but on Tuesday the Finance Minister clarified that it is different and better than NPS. Now people have a question in their mind that how is it so? Let us understand through calculation that if someone’s salary is Rs 50,000 per month, then how can one get more pension through UPS than NPS.

What is special in UPS?

To understand the whole calculation, first of all it is important to know what is special in the Unified Pension Scheme introduced by the government, which makes it different from NPS. So let us tell you that full pension will be available only when an employee has completed 25 years of service. The pension amount will be 50% of the average basic salary of the last 12 months. Apart from this, there is also a provision of minimum assured pension in UPS, under which a pension of at least Rs 10,000 per month will be confirmed after working for 10 years. In the family pension category in UPS, 60 percent of the pension will be given to the family on the death of the employee. Along with all these pensions, the benefit of dearness relief i.e. DR is also available.

This is the big difference between NPS-UPS

Talking about the big difference between the National Pension Scheme and Unified Pension Scheme, where in NPS the employee contributes 10 percent of his salary and the contribution given by the government is 14 percent, the total amount deposited in the NPS account is equal to 24 percent of the employee’s salary. On the other hand, in UPS, the employee contributes only 10 percent, but the contribution from the government is not 14 percent, but 18.5 percent. Overall, 28.5 percent of the salary will be deposited in the UPS account.

Also Read- UPS scheme: How many government employees will get the benefit of UPS? Details are here

Calculation of pension

Now let’s talk about how an employee can get more pension through UPS than NPS. So let’s understand this on the basis of a calculation.

On the basis of a salary of Rs 50,000 in NPS, the employee’s monthly contribution will be Rs 5,000 at the rate of 10 percent and 14 percent of this will be Rs 7,000 to the government. This will make the amount deposited in the NPS account Rs 12,000. National Pension Scheme is a scheme linked to the stock market, in which on making contribution, up to 60 percent of the amount is given as lump sum at the time of retirement and the remaining 40 percent amount is given as annuity. Let us assume that it gives 8% return and the deposit increases by 3% annually and the annuity gives 6% return, then in 35 years the total fund in NPS will be Rs 3,59,01,414. Out of this, annuity of around Rs 1.43 crore will have to be purchased. According to this, you will get Rs 77,000 as pension every month. Let us tell you that due to being market linked, the return can increase or decrease.

Pension will be made in this way in UPS

At the same time, the entire fund of the account in UPS will remain with the government. In return, the employee will be given 10% of the salary in lump sum on completion of every 6 months of service. There will be 70 half-years in a 35-year job. If we consider the average salary of Rs 50,000, then Rs 30,000 will be given for every half-year. In this way, on completion of 60 years, a total of Rs 21 lakh will be received in lump sum. However, this amount will also increase with the increase in salary. Apart from this, the pension will be 50 percent of the average basic salary of the last 12 months.

If we calculate 35 years of service, the starting salary is Rs 50,000 and suppose by the last 12 months of service your basic salary becomes Rs 1,00,000, then your pension amount will be Rs 50,000 per month and if 50% dearness relief (DR) is added to it as per the current rate, then the total pension becomes around Rs 100000. In such a situation, UPS will give more pension than NPS. It is better for those who retire soon, but they will not get the return through investment like NPS.

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In this, the Finance Minister discussed with the banks on many issues like increasing deposits in banks, digital payment, cyber security, credit products and schemes. The Finance Minister instructed all government banks to focus on customer service and pay special attention to customers from rural and semi-urban areas. Nirmala Sitharaman said that cooperation should be increased between banks, government, regulators and security agencies regarding fraud and cyber security.

Banks should pay special attention to PM Surya Ghar and Vishwakarma Yojana

Finance Minister Nirmala Sitharaman said that banks need to take swift action to implement the budget announcements. The Finance Minister said that banks should pay special attention to the PM Surya Ghar Free Electricity Scheme and PM Vishwakarma Yojana. The meeting was attended by the heads of all the banks including Secretary Vivek Joshi and M Nagaraju and officials of the Department of Financial Services.

Asset quality of banks improved, NPA also decreased

Nirmala Sitharaman has expressed satisfaction over the performance of public sector banks in the financial year 2024. She said that the asset quality of the banks has improved. Also, the net NPA has also come down to 0.76 percent. The net profit of the banks has been Rs 1.45 lakh crore. Along with this, they have distributed a dividend of Rs 27,830 crore. Along with this, the banks have also successfully raised capital from the market. The credit growth of the banks is also excellent. But now they will have to work fast on increasing the deposits.

👉 Union Finance Minister Smt. @nsitharaman chairs meeting to review performance of Public Sector Banks #PSBs in New Delhi

👉 Various financial parameters such as #DepositMobilisation, #DigitalPayments and #CyberSecurity, Implementation of new credit products/ schemes and Access… pic.twitter.com/Gfzmp1EuSd

— Ministry of Finance (@FinMinIndia) August 19, 2024

Do not be negligent in giving loan closure document to the customer

The Finance Minister asked the banks to pay special attention to the customers. Also, he asked to pay special attention to the changes taking place in the banking sector. All banks should keep making changes in their IT systems from time to time in view of cyber threats. Apart from this, all banks should work on increasing financial support to MSMEs. The Finance Minister instructed all the banks to work following the guidelines of the Reserve Bank of India (RBI). Also, all documents should be made available on time to the customers who terminate the loan.

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The Finance Minister was answering a supplementary question during Question Hour in Rajya Sabha on the issue of public sector banks collecting a penalty of about Rs 8,500 crore from customers for not maintaining the minimum balance in their accounts in five years.

There is no need to maintain minimum balance in savings account

Sitharaman said that the provision of keeping a minimum balance in a bank account does not apply to Pradhan Mantri Jan Dhan accounts and basic accounts of poor people. It is only for those who are expected to have a minimum balance at a certain level. In a written reply to a question in the Lok Sabha, it came to light that public sector banks recovered about Rs 8,500 crore in this item in five years from FY 2019-20.

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Minister of State for Finance Pankaj Choudhary also told the Lok Sabha last month that public sector banks had collected Rs 2,331 crore from depositors as penalty for not maintaining average monthly minimum balance in their accounts in the financial year 2023-24.

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The Finance Minister has increased the standard deduction by 50 percent along with the change in the tax slab under the New Tax Regime. Now under the new tax regime, you can claim Rs 75,000 instead of Rs 50,000 as standard deduction. Apart from this, now 10 percent tax will have to be paid on income of 7 to 10 lakhs. Earlier, 10 percent tax had to be paid on income of 7 to 9 lakhs.

After the increase in standard deduction, under the New Tax Regime, you will not have to pay a single rupee tax on an income of Rs 7.75 lakh. But if your income is more than this i.e. Rs 10.50 lakh, can you save income tax? The answer is yes, you will not have to pay a single rupee tax on an annual income of Rs 10.50 lakh. If you also want to save income tax, then for this you will have to select the Old Tax Regime.

There will be a direct benefit of Rs 49,400.

In the old tax regime, you can claim many types of exemptions. On the other hand, if you go to the new tax regime, then you will have to pay 15 percent tax on this income. Under this, 15 percent tax has to be paid on income of 10 to 12 lakhs. After standard deduction, the tax on this income becomes Rs 49,400. Let’s know how you can save this tax in the old tax regime?

No tax on income up to Rs 2.50 lakh

Under the old regime of income tax, there was no tax on income up to Rs 2.5 lakh. But here we will tell you how you can avoid income tax liability on income up to Rs 10.5 lakh. That is, you will not have to pay even a single rupee tax on income up to Rs 10.5 lakh. Let’s know how?

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1. If your annual income is Rs 10.50 lakh, then how can you avoid paying income tax? Here we will tell you the complete calculation of this. On this income, you will first get a discount of Rs 50 thousand under standard deduction. Due to this, your taxable income of Rs 10.50 lakh is reduced to Rs 10 lakh.

2. Now out of the income of Rs 10 lakh, you can claim savings of up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Under Section 80C, you can claim investments made in LIC, PPF, Sukanya Samriddhi children’s tuition fees, mutual funds (ELSS) and EPF. Under this, you can also claim the principal amount of home loan. In this way, your taxable income is reduced to Rs 8 lakh 50 thousand.

3. After this, you can claim Rs 2 lakh under Section 24B of the Income Tax Act. You get this exemption on the interest amount of home loan. After claiming these two lakh rupees, your taxable income is reduced to Rs 6.50 lakh.

4. After this, you can claim medical health insurance up to Rs 25000 under section 80D for tax saving. If your parents are senior citizens, then you can claim Rs 50000 for their health insurance. In this way, if you claim a premium of Rs 75000, then your taxable income will be reduced to Rs 5.75 lakh.

5. Now you can invest Rs 50,000 in National Pension System (NPS) to reduce your tax liability. You can claim this under 80CCD (1B). That means now your taxable income here has come down to Rs 5.25 lakh. You can reduce it even further.

6. After this, if you donate Rs 25,000 to any organization or trust, you will get the benefit under Income Tax Section 80G and your taxable income will be reduced to Rs 5 lakh.

7. On income between Rs 2.50 lakh and Rs 5 lakh, tax of Rs 12,500 is levied at the rate of 5%. But the government gives you a rebate on this. In this way, your tax is reduced to zero rupees.

Let us tell you that under the old tax regime, there is a provision of 5% tax on income of Rs 2.5 lakh to Rs 5 lakh. After this, there is a provision of 20% tax on annual income of Rs 5 to 10 lakh. Apart from this, there is a tax liability of 30% on annual income of Rs 10 lakh and above.

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

Special gift given to Bihar

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

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

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

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

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

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

Income from house is no longer business income

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

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After this change, now under the New Tax Regime, those earning Rs 7.75 lakh annually will not have to pay even a single rupee tax, but if your salary is Rs 10 lakh, then let us know how you can save tax on your entire income and will not have to pay even a single rupee tax.

You won’t have to pay a single rupee tax on earning 10 lakhs

If you want to save the entire amount on earning 10 lakhs, then you will have to leave the new tax regime and choose the option of old tax regime, in which many types of exemptions will have to be claimed, but if you do not claim tax exemption, then according to the tax slab under the old tax regime, you will have to pay 20 percent tax. However, if you claim tax exemption, then you can save the entire tax on earning 10 lakhs.

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How can you save tax in the old tax regime? 

• Under the old tax regime, a rebate of up to Rs 50,000 is available as standard deduction. In such a situation, now tax will be levied on Rs 9.50 lakh. 
• By investing in schemes like PPF, EPF, ELSS, NSC, you can save tax of Rs 1.5 lakh under Income Tax Section 80C. Now you will have to pay tax on Rs 8 lakh. 
• If you invest up to Rs 50,000 annually in the National Pension System (NPS), then under section 80CCD (1B) you are given an extra tax exemption of Rs 50,000. Now if you deduct another Rs 50,000, then tax will be levied on Rs 7.50 lakh. 
• If you have taken a home loan, you can save up to Rs 2 lakh on the interest under Section 24B of Income Tax. If you subtract another Rs 2 lakh from Rs 7.50 lakh, the total tax income will be Rs 5.50 lakh. 
• You can save tax up to Rs 25,000 by taking a medical policy under section 80D of income tax. This health insurance should have your name, your wife’s name and your children’s name. Apart from this, if you buy health insurance in the name of your parents, you can get an extra deduction of up to Rs 50,000. 
• In such a situation, if you subtract 75 thousand from 5.50 lakh, then the total tax liability will be 4.75 lakh, which will be below the old tax regime limit of Rs 5 lakh. This means that you will not have to pay a single rupee tax on an annual income of 10 lakh. 

How much tax will have to be paid on earning 10 lakhs in the new tax regime?

Even though Finance Minister Nirmala Sitharaman has changed the tax slab in the new tax regime and increased the standard deduction, you will still have to pay tax on earning 10 lakhs. You cannot avail tax exemption by investing under the new tax regime. In such a situation, let us know how much tax will have to be paid if your income is Rs 10 lakh annually and you choose the new tax regime? 

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The Railway Budget is expected to provide funds for the expansion of the metro network, Namo Bharat Corridor, Vande Bharat trains, high speed corridors and economic corridors.

The railway budget will be announced during the budget to be presented on 23 July. Let us tell you that before the year 2017, the budget was presented twice in the country – one railway budget and the other general budget. In the year 2016, the Modi government merged the railway budget with the general budget and with this a system that was going on for 94 years came to an end.

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Will the railway fare increase or decrease?

In February this year, the railways had brought the ticket prices to the pre-Covid level. In such a situation, there is no hope of reducing the prices in the budget.

Finance Minister may announce new bullet train project

An announcement regarding new bullet train corridor is expected in the budget. The budget is expected to provide funds for expansion of metro network, Namo Bharat Corridor, Vande Bharat trains, high speed corridor and economic corridor.

Senior citizens expected to get concession in fares

The issue of railway fares for senior citizens was also in the news during the recent Lok Sabha elections. The demand for giving concession in fares to senior citizens has started increasing. It is expected that senior citizens may get relief in the matter of railway fares in the budget.

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Union Finance Minister Nirmala Sitharaman has tabled the Economic Survey in the Lok Sabha today. According to the Economic Survey report, the growth rate of the Indian economy is expected to be 6.5-7 percent in 2024-25. The estimated growth rate for the financial year 2024-25 is lower than the economic growth rate of 8.2 percent estimated for the previous financial year 2023-24.

At the same time, the Reserve Bank of India (RBI) has estimated the GDP growth rate to be 7.2 percent for the financial year ending March 31, 2025. According to the report, private investment will increase in the coming times due to the strong position of companies and banks.

The document presented in Parliament by Finance Minister Nirmala Sitharaman said, “…The review has projected real GDP growth rate to be 6.5 to seven percent (with variation in both directions). Keeping in mind the fact that market expectations are at a high level. ”

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What has been said about inflation?

On inflation, the government has said that it has been successful in controlling it on a large scale. But the inflation rate has increased due to the rise in the prices of some food items. The government has said that the trade deficit has reduced during the financial year 2024. At present, it is 0.7 percent of GDP.

The Economic Survey says that the healthcare and education sector has improved due to the efforts of the government. The government is focusing on sustainable development. Special attention is being paid to women.

The Economic Survey report says that 54 percent of the diseases in India are caused by not eating the right food. The report says that along with a balanced diet, there is a need to move towards a different diet.

So what is Economic Survey?

Economic Survey is an account of the previous financial year. It is a comprehensive report. This report is prepared under the direction and guidance of the Chief Economic Advisor of India. It is tabled in the Parliament a day before the budget. This report reveals the economic health of the country.

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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.

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Every sector hopes that this budget will bring some relief news for them. Talking about the insurance industry, it believes that there is a need to reduce the cost of insurance products. Also, to expand it as much as possible, tax rates should be reduced. Be it health insurance or life insurance, it is necessary to impose minimum tax of GST on them.

Shriram General Insurance Company’s Executive Director and CIO Ashwani Dhanawat says, “We hope that the government will focus on several key sectors necessary for economic growth and public welfare in the upcoming budget. We welcome the possibility of a high budgetary allocation for the insurance sector. This will enhance IRDAI’s ability to provide comprehensive coverage and effective solutions to a large population in achieving its ‘Insurance for All’ mission.”

Vivek Jain, Head of Investments, Policybazaar.com, says, the insurance sector has a lot of expectations from the budget. Especially, taxation for pension products should be reconsidered. To make retirement policies more attractive, the insurance industry is demanding the government to give pension products the same tax benefits as the National Pension System (NPS). This will help ensure a secure financial future for the elderly of India.

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GST reduced, deduction limit increased

Ashwini Dhanawat says, healthcare costs are constantly increasing. In view of this, we hope that the deduction limit for health insurance premium will be increased. This will provide relief to the policyholders. Apart from this, there is a need to reduce GST on health insurance policies. This will make these essential products cheaper and will make them accessible to more and more people.

Rishabh Garg, Head (Term Insurance) of Policybazaar says, the scope of tax deduction under section 80C should be increased. It has been 1.5 lakhs for a long time. Apart from this, the GST rate should be reconsidered. Currently it is 18% for health and term insurance. This limit should be reduced to 5%.

The industry says that the tax deduction limit for health insurance premium should be increased. Especially for individuals, their spouses and dependent children, the tax limit should be increased to Rs 50,000 and for senior citizen parents, the limit should be increased to Rs 1 lakh. Also, Health Savings Account (HSA) should be tax free. These changes will encourage health and wellness.

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

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

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Discount closed during Covid period

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

What are the demands of the citizens?

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

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The opposition has been supporting the Old Pension Scheme for a long time. Opposition governments in many states have also promised to bring back the old pension scheme. The Modi government does not seem to be in favor of this. But preparations to change the National Pension Scheme (NPS) to give higher pension to the employees have been going on for a long time.

Now it is expected that the government can make a big announcement related to this in the budget to be presented on July 23. The government can offer guaranteed returns in NPS. According to a report of the Times of India, central government employees can be promised to get 50 percent of their last salary as pension.

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Even in the current scheme, employees who stay invested for 25-30 years are getting good returns. Especially those employees who have joined after 2004. According to the report, the Somanathan Committee has studied the international practice of pension as well as the pension policy of the Andhra Pradesh government. This committee has assessed the impact of guaranteed returns.

Somanathan committee was formed last year

The government has been taking steps for a long time to make NPS attractive. The government is seriously considering that central government employees should get 50 percent of their last salary as pension. After an announcement by Finance Minister Nirmala Sitharaman, a committee was formed in the year 2023 under the chairmanship of Finance Secretary TV Somanathan. The job of this committee is to find ways to improve pension benefits under NPS without bringing back the old pension scheme. This committee was formed last year after the Congress announced to bring back the old pension scheme in many states. At that time the central government had refused to bring back the old pension scheme.

Difference between OPS and NPS

In the old pension scheme, government employees get half of their last salary adjusted with the recommendations of the Pay Commission as pension. In the old pension scheme, employees do not have to make any contribution for pension. Whereas the National Pension Scheme is a contribution based pension scheme. In this, the employee has to contribute 10 percent of his basic salary and the government contributes 14 percent. This amount is invested in various investment options and the employee gets pension from it.

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In this budget, the Central Government Employees Union has also sent a proposal to the Cabinet Secretary which includes many demands. Out of all the demands of the employees, the formation of the 8th Pay Commission is one of the most prominent demands. In a letter written to the Cabinet Secretary on July 6, the Confederation of Central Government Employees and Workers has made several demands before the Budget 2024. Apart from this, a proposal has also been given to the government for the formation of the 8th Pay Commission. The Modi government, which came to power for the third time, can constitute the Eighth Pay Commission in the budget.

8th pay commission may be announced in the budget

The budget may bring good news for government employees. The central government has received a proposal to form the Eighth Pay Commission before the full budget of 2024. The proposal of the 8th Pay Commission has been sent to the Modi government. So that the Pay Commission can review the basic salary, allowances, pension and other benefits for central government employees and pensioners.

The government received the proposal of 8th Pay Commission

Shiv Gopal Mishra, secretary of the National Council of Employees (Joint Consultative Machinery for Central Government Employees), has written a letter to the Cabinet Secretary, urging the government to come up with the 8th Pay Commission. A Central Pay Commission is constituted every 10 years. It examines the existing salary structure, allowances and benefits of central government employees, suggests necessary changes based on factors such as inflation.

7th pay commission came in 2014

The 7th Pay Commission was introduced by former Prime Minister Manmohan Singh on 28 February 2014. Its recommendations came into effect from 1 January 2016. This will be the first time a new pay commission will be constituted during the tenure of the Modi government. As per the usual ten-year interval, the 8th Central Pay Commission is proposed to begin from 1 January 2026. However, the government has not yet announced its formal formation.

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After the Modi government came to power for the third consecutive time, the expectations of individual taxpayers have increased significantly from the full budget to be presented on July 23, 2024. This time the budget is expected to focus on the middle class. In this budget, it is expected that many big announcements can be made by the government to provide relief to the National Pension Scheme (NPS) members. In this budget, the tax exemption limit on NPS contribution can be increased to 12 percent, currently it is 10 percent.

Benefit of deduction under the old regime

Investment in NPS (National Pension Scheme) gets the benefit of deduction of income tax under the old regime. It is a saving scheme run by the government to provide security in old age. It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). The money deposited in it and the interest received on it is tax free. But a little tax is levied while withdrawing the money. Now PFRDA has recommended increasing the tax exemption. The regulator says that in terms of tax, there should be equal opportunities for companies and employers contributing to NPS just like EPFO, right now there is inequality in it.

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Facility to deposit up to 10% of salary

Under NPS (National Pension Scheme), salaried class people can deposit up to 10% of their salary. Businessmen can deposit up to 20% of their total earnings. This is a benefit available under section 80CCD(1) of the Income Tax Act. In the old tax regime, this can be clubbed with the limit of Rs 1.5 lakh available under section 80C. If you are in the old tax regime, you can additionally avail deduction of up to Rs 50,000 on the amount voluntarily deposited in NPS. This is available under section 80CCD(1B) of the Income Tax Act.

Two benefits of increasing the limit of NPS

In Budget 2024, the additional deduction of up to Rs 50,000 that salaried taxpayers get for voluntary contribution to NPS is available only under the old tax regime. It is expected that the government will implement this deduction in the new tax system as well. There will be two benefits of this. First, taxpayers will be able to get the benefit of additional deduction even in the new tax regime. Second, along with the new tax regime, there will be more investment in retirement schemes as well.

If the contribution increases, the in-hand salary will be less!

Currently, deduction regarding employer’s contribution (maximum 10%) is given under both the old and new tax regimes. The government can consider increasing this limit to 12%. If this happens, it will be like a discount of up to 12% in PF contribution. This can benefit all salaried class taxpayers. However, due to increase in employer’s contribution, the amount of salary received by the employee may be less. Efforts are now being made to make the new tax regime the preferred tax regime. In this, you get a lower tax rate, but for this you have to give up the exemptions on some things.

Apart from this, the government can consider increasing the limit of standard deduction of Rs 50,000 available under the new tax regime to Rs 75,000. This will benefit the salaried class, irrespective of which tax regime they have selected. In view of inflation and rising prices, it can be implemented by the government in Budget 2024. To make the new tax regime more attractive, the government can consider some changes.

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

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

Why should the limit be increased?

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

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

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

What needs to be done to make a claim?

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

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

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

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

Standard deduction may be doubled.

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

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Direct tax exemption of 5 lakhs

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

Zero tax on income up to Rs 8 lakh

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

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In the meeting with Finance Minister Nirmala Sitharaman, labor organizations have demanded the formation of Old Pension Scheme (OPS), 8th Pay Commission and increase in tax exemption in the full budget. Apart from this, labor organizations have also demanded to stop the privatization of government companies and stop the New Pension Scheme (NPS).

In the memorandum given by the labour organisations in the meeting held with Finance Minister Nirmala Sitharaman on Monday, it has been said that a social security fund should be set up by the government for the workers of the unorganised and agricultural sector, so that they can get a minimum pension of Rs 9,000 per month and other medical, educational benefits etc.

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They have demanded that all the existing vacancies in the central government departments and government companies should be filled. Apart from this, the practice of contract and outsourcing should be stopped.

Budget: GST should be removed from food items and medicines

The workers’ organizations further said that instead of burdening the general public through GST on essential food items and medicines, corporate tax, increase in property tax and inheritance tax should be implemented. Representatives of 12 workers’ organizations including INTUC, AITUC, CITU, AIUTUC, TUCC and UTUC participated in the meeting. The Bharatiya Mazdoor Sangh (BMS) separately submitted a memorandum with its demand.

They demanded to increase the scope of MNREGA and guarantee 200 days of work to every family. It has also been said to link the work of agriculture and allied sectors with MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act). The workers’ organization has also demanded to increase the criteria of Ayushman Bharat Yojana from Rs 1.20 lakh to Rs three lakh.

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This will benefit the employees working in the educational institutions of the state. He said that the administrative departments have been ordered to issue a notification to implement the recommendations of the Sixth Pay Commission for the employees of aided institutions and employees retired from aided schools.

Financial data of three years will be examined

In a statement issued by the Finance Minister, it was said that the administrative departments will examine the financial data of the last three years of all the aided schools and colleges, so that correct information about their losses can be obtained and a detailed proposal can be sent stating the financial implications. He said, ‘After considering the proposal of the administrative departments, the Finance Department will give financial approval to these institutions.’ Recently, teachers had protested outside the house of Chief Minister Bhagwant Mann demanding a salary hike.

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These people will get benefit

In a press note issued by the government, Cheema said that this decision of the government will benefit the employees of aided schools and colleges under the School Education, Technical Education and Industrial Training departments, non-teaching staff of these institutions under the Higher Education Department and retired employees of aided schools.

Earlier, the Bhagwant Mann government of Punjab had announced to increase the dearness allowance by 4 percent in December 2023. With this, the dearness allowance of government employees in the state increased from 34 percent to 38 percent. This increase was implemented from December 1, 2023. This has increased the burden of Rs 1100 crore on the government treasury.

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In his budget speech, the minister said that we have to spend a large amount on pension, which is continuously increasing year after year. We have brought new reforms in the pension scheme, which will make it like some of the best pension systems in the world.

The minister said that we have brought a new pension system for new employees. In which the employees are also asked to deposit a part of their salary in the pension fund every month, and the government will deposit some part in it. Talking about the financial pressure on the employees due to this pension fund, the minister said that we know that inflation is high, due to which we will increase the salary of the employees by 25 percent. This new pension system of Pakistan is similar to the Indian new pension scheme, in India people are continuously protesting against this pension system.

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This budget of the government of Pakistan is of 67.84 billion dollars, in which they have expressed hope of achieving an economic growth rate of 3.6 percent in this financial year. This budget can help Pakistan, which is constantly facing economic problems, to get a new bailout package from the IMF.

Pakistan has set a target of spending about 2.1 trillion Pakistani rupees on its army. Along with this, it has set a target of spending 1 trillion Pakistani rupees on the pension fund. Let us tell you that in the world market, 1 dollar is equal to 278.60 Pakistani rupees.

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The reason is that on Wednesday (May 22), RBI has decided to transfer an amount of Rs 2,10,874 crore outright from its additional funds to the Central Government. This decision was taken in the meeting of the Central Board of RBI under the chairmanship of Governor Dr. Shaktikanta Das, which is the largest amount given by it to the government as dividend.

There has been a lot of controversy on this issue before

The issue of giving dividend to the central government from the surplus fund of RBI was quite controversial in the past. Former RBI Governor Dr. Urjit Patel had opposed this proposal of the government, due to which he had to resign. Later, the government constituted a committee under the chairmanship of former RBI Governor Dr. Bimal Jalan, on the basis of whose recommendations the process of giving dividend was started.

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This is how RBI earns huge amount of money

RBI earns huge income from the business of buying and selling government securities, interest received on lending to banks and bonds etc. RBI keeps a part of it as Contingent Risk Buffer (CRB) for emergency situations. Dr. Jalan Committee had fixed the level of 5.5 to 6.5 percent for CRB. Now RBI has told that when the condition of the economy was not good due to the Covid epidemic, CRB was kept at 5.5 percent. Now the situation is much better, so it has been decided to increase the buffer level to 6.5 percent for the year 2023-24.

Apart from this, an additional amount of Rs 2,10,874 crore has been transferred to the Central Government. In the year 2018-19, an amount of Rs 1.71 lakh crore and in the year 2019-20, an amount of Rs 57,128 crore was given to the Center under this head. It has started playing an important role in the revenue collection of the Central Government. The noteworthy fact is that in the year of general elections, RBI has given a record dividend.

Will help in reducing the loss

It was expected that the Center would get a dividend of approximately Rs 1 lakh crore from RBI, but the actual amount is double this. Even in the interim budget presented on February 01, 2024, an adjustment of Rs 1.02 lakh was made as dividend from RBI. On this basis, Finance Minister Nirmala Sitharaman has calculated to keep the fiscal deficit at 5.1 percent in the year 2024-25. But with GST collection exceeding Rs 2.10 lakh crore in April 2024 and now huge dividend from RBI, it is expected that the fiscal management which had derailed after the Covid pandemic will now appear more agile. The level of fiscal deficit as a proportion of GDP may go down to below five percent.

The new government will get relief in June

Better estimates are coming in about the country’s economic growth rate than before, due to which the tax collection aspect is also expected to be better this year. In such a situation, RBI’s dividend will give a lot of comfort to the government coming to power in June. Industrialist Anand Mahindra is also a member of the RBI’s central board. He has written on social media that, “It was great to attend the central board meeting and I am with other directors in giving a record dividend. It should be noted that this record dividend amount has been given after increasing the CRB ratio from six percent to 6.5 percent. I thank the RBI Governor and all the others in his team. ”

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Finance Minister Nirmala Sitharaman in her interim budget speech for 2024-25 announced withdrawal of outstanding direct tax demand up to Rs 25,000 up to assessment year 2010-11 and Rs 10,000 from assessment year 2011-12 to 2015-16. The total tax demand involved in this is around Rs 3,500 crore.

The Central Board of Direct Taxes (CBDT) issued this order to implement the announcement made in the interim budget for 2024-25. CBDT has said in the order that till January 31, 2024, a maximum limit of Rs 1 lakh per taxpayer has been fixed for waiving off such outstanding tax demands related to income tax, property tax and gift tax.

The limit of Rs 1 lakh includes the principal amount of tax demand, interest, penalty or fee, cess, surcharge. However, this exemption will not be applicable to demands made against tax collectors deducting tax under the TDS (tax deducted at source) or TCS (tax collected at source) provisions of the Income Tax Act.

No entitlement to any claim of ‘credit’ or ‘refund’: Manish Bawa, partner, Nangia Anderson India, said the instructions make it clear that this exemption does not entitle taxpayers to any claim of ‘credit’ or ‘refund’ Is. Additionally, the exemption will not affect ongoing, planned or potential criminal legal proceedings against the taxpayer and does not provide any immunity under any law.

Sitharaman had said in the budget speech, “A large number of small direct tax demands are pending in the books of accounts. Many of those demands are older than 1962. This causes trouble to honest taxpayers and creates problems regarding refunds.

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One Nation One Income Tax: To impose indirect tax, GST was implemented in the country from July 1, 2017 on the basis of the principle of One Nation One Tax. Now only one tax GST is collected on goods and services. So is One Nation One Income Tax going to be implemented in the country now?

Actually the echo of this question has been heard in the Parliament. This question was asked by Finance Minister Nirmala Sitharaman in Rajya Sabha. In response to which the Finance Minister did not say anything directly but he told the House that he is ready to discuss this issue.

Confusion among taxpayers

During Question Hour in Rajya Sabha on 6 February 2024, BJD MP Sulta Dev asked that if One Nation One GST is prevalent in the country, then why One Nation One Income Tax is not being implemented? He said that at present both New Income Tax and Old Income Tax regime are in vogue, due to which there is a lot of confusion among the taxpayers.

The complications of a total of 3 to 54 crore taxpayers in the country who pay income tax have increased. He asked the Finance Minister when it would be simplified. It has been three years since the new income tax regime was implemented, so will One Nation One Income Tax be implemented?

Finance Minister ready for discussion

Finance Minister Sitharaman did not give any direct answer to this question. He said, this question is being asked that if One Nation One Tax can be implemented for indirect tax also, then why not for direct tax? The Finance Minister said, this is a very important issue on which I am ready to discuss.

New tax regime came in 2020-21

While presenting the budget on February 1, 2022, the Finance Minister announced the introduction of a new income tax regime which was implemented from the financial year 2020-21. When the new income tax was implemented, there was no benefit of deduction or tax exemption on savings or investments. There was no provision for tax exemption on home loan or mediclaim. Even the benefit of standard deduction of Rs 50,000 was not being given to the taxpayers.

Due to which taxpayers had to pay more tax under the new tax regime. But to make the new regime attractive, while presenting the budget for the financial year 2023-24 on February 1, 2023, the Finance Minister made major changes in the new income tax regime. In the new income tax regime,

taxpayers with income up to Rs 7 lakh do not have to pay tax, whereas in the old tax regime this limit is Rs 5 lakh. The benefit of standard deduction for salaried class and pensioners was included in the new regime. Now the new income tax regime has become the default tax regime.

Doesn’t encourage savings!

In fact, the old tax regime is very complex due to various types of tax exemptions and deductions, which is difficult for the taxpayers to understand and many times they give wrong information, after which they have to make rounds of the Income Tax Department and sometimes get into legal disputes.

also get trapped. Whereas due to the absence of this provision in the new income tax regime, taxpayers cannot give wrong information to get deduction. However, the old tax regime encourages taxpayers to invest and save taxes, which is not the case in the new income tax regime.

Demand has been rising for the first time too

The issue of One National One Income Tax has been raised in Parliament but it is being discussed for a long time. Bibek Debroy, Chairman of the Prime Minister’s Economic Advisory Committee, had recently said that to achieve the goal of tax reforms, it is very important to eliminate all types of tax exemptions in income tax.

He said that tax exemption makes life complicated, increases expenditure on compliance and also increases legal disputes. However, Revenue Secretary Sanjay Malhotra has clarified that the government has no plans to phase out the old income tax regime.

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

Will the standard deduction increase to Rs 90,000?

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

What is standard deduction?

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

This is the history of standard deduction

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

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

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But, how far these expectations will be fulfilled will be known only after the presentation of the budget. According to earlier information received from sources, good news is coming for the employed. Changes may be seen in the budget regarding House rent allowance (HRA).

What is going to happen for the employed?

If sources in the Finance Ministry are to be believed, there are preparations to provide big relief to those working in different cities. Good news may come especially for those living in cities like Bangalore and Pune. In Budget 2024, the Finance Minister can make changes in the tax exemption available under HRA. At present, the scope of tax exemption available to those working in non-metro cities can be increased. Apart from metro cities, announcement is also possible for residents living in other cities.

Preparation to increase the scope of tax exemption in HRA

In the current system, rules have been made for metro and non-metro cities regarding house rent allowance. In 4 metro cities, up to 50% tax exemption is available under HRA by combining Basic-DA. At the same time, in other cities there is a provision of 40% discount in HRA including Basic-DA. Now in the budget, the HRA exemption limit for people living in non-metro cities can also be increased by 50 percent. Apart from this, the exemption of Rs 60 thousand available in HRA every year for non-salaried individuals can also be increased.

Non salaried people can get gift

The limit of tax exemption on HRA for non-salaried individuals is Rs 60 thousand. This can be increased in the budget. At present, under section 80GG, non-salaried individuals get tax exemption on House Rent Allowance i.e. HRA. The limit per month is Rs 5000 and the maximum in a financial year is Rs 60 thousand. Consideration can be given to increasing this limit.

How to get Income Tax deduction in HRA?

The condition for claiming income tax on HRA is that the taxpayer lives in a rented house. Tax exemption from HRA (House rent allowance) can be claimed under Section 10 (13A) of the Income Tax Act. The total taxable income is calculated by deducting HRA from the total income.

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The progress of banks in achieving the targets set for various government schemes including Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-up India, Pradhan Mantri Mudra Yojana (PMMY) will be discussed in the meeting on Saturday, sources said. Will be reviewed. This is probably the last full review meeting before the presentation of the Budget 2024-25 and the general elections next year.

Improving customer service and cyber security

Sources said that in the meeting she will also discuss measures to improve customer service and cyber security. The Finance Minister will also review the financial inclusion, credit growth, asset quality and business growth plans of banks for the next financial year. The status of non-performing assets (NPAs) and recovery will also be discussed.

According to Reserve Bank of India data, the gross non-performing assets of scheduled commercial banks have declined in the last three years. It was Rs 8,35,051 crore (gross NPA ratio 7.33 per cent) as on March 31, 2021, which reduced to Rs 7,42,397 crore (gross NPA ratio 5.82 per cent) as on March 31, 2022, and Rs 5,71,544 crore as on March 31, 2023. (Gross NPA ratio has come down to 3.87 percent).

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

Exemption was available till the end of 2019

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

Demand of senior citizens to get discount on train tickets again

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

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

Finance Minister Nirmala Sitharaman will announce in the budget

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

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

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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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In the order given by the Finance Minister, it was asked to ensure that all their customers nominate their successor. This will help in reducing the unclaimed money amount. This order of the Finance Minister comes after the step taken by the RBI recently when the central bank had launched a portal to identify the amount of thousands of crores of rupees lying unclaimed in the banks.

Write the name of the successor and also give the address

Sitharaman said at the Global Fintech Fest (GFF) here, ‘I want the banking system, financial ecosystem, mutual funds, share market, everyone to keep in mind that when a customer transacts money. So organizations have to think about the future and decide where they (customers) nominate their successor, give their name and address.

35,000 crores unclaimed

According to a report, there is an unclaimed amount of more than Rs 35,000 crores in the banking system. While such total money is being told to be more than one lakh crore rupees. Sitharaman also said that ‘tax haven country’ and ’round tripping’ of money are a threat to the responsible financial ecosystem. RBI had also launched the Udgam Portal (UDGAM) to safely return this money to the customers and their heirs.

The purpose of launching this portal was to find out the unclaimed money deposited in banks for a long time. Through the portal launched for the convenience of the public, it will be easy to find the unclaimed amount deposited in different banks. On the portal launched by RBI recently, SBI, PNB, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, Information about unclaimed deposits is available in DBS Bank India Ltd and Citi Bank.

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Major changes have been made in the Sukanya Samriddhi Yojana by the Central Government, which will have a direct impact on the account holders. This scheme was started by the Modi government in the year 2015. By opening an account in this scheme, you can make a big fund for your daughter and you can spend this money for your daughter’s education or marriage. Now the central government has made a big change in this scheme.

Government changed the rules

In the current financial year, the government has changed an important rule related to Sukanya Yojana. From now on, to invest in a scheme like Sukanya Samriddhi, you must have PAN and Aadhaar card. From now on both these cards have been made mandatory.

Let us tell you that this number is necessary to open an account, from now on you must have Aadhaar number or Aadhaar enrollment form to invest in this scheme. If you do not have this enrollment form or Aadhaar number at the time of opening the account, then you will be in trouble. Along with this, it is also necessary to provide proof of enrollment slip for Aadhaar number.

Aadhaar will have to be given within 6 months

Apart from this, the government has also told that within 6 months from the date of opening the account, you will have to give information about the Aadhaar number. Earlier investment was made in this scheme without Aadhaar, which has now been changed.

Ministry of Finance issued notification

Information has been given by issuing notification in this regard from the Ministry of Finance. Giving information, Nirmala Sitharaman has told that while opening an account in post office schemes like Sukanya Samriddhi, you have to submit PAN card or Form 60. If you have not submitted PAN at that time, then you can get it submitted within 2 months under certain circumstances.

Let us tell you what documents you will need to open an account in the Small Savings Scheme from now on-

>> You must have Aadhaar number or Aadhaar enrollment slip
>> Apart from this, passport size photographs should be there
>> PAN number, if existing investors do not submit PAN card and Aadhaar card by 30 September 2023, then their account will be banned from 1 October 2023.

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Finance Ministry tweeted

The Finance Ministry said in its official tweet on Thursday 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 they do not need to file ITR. For this, a new section Section 194-P has been included 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.

What is amendment

According to the Central Board of Direct Taxes, this section has been operationalised. 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

What did the finance minister say

Finance Minister Nirmala Sitharaman had said, “Now that we are in the 75th year of our country’s Independence Day, we will continue our journey with enthusiasm. We will reduce the burden of tax compliance on senior citizens above 75 years of age in the country. For such senior citizens whose income comes from pension and interest, we propose that they should be exempted from filing Income Tax Return. The bank in which they have an account That bank will deduct the tax that is due on their income.

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Investment limit increased from 15 lakh to 30 lakh

In this budget, Finance Minister Nirmala Sitharaman had made a big announcement for senior citizens along with implementing the new tax regime. Under this, the investment limit in Senior Citizen Savings Scheme (SCSS) was increased from Rs 15 lakh to Rs 30 lakh.

With this change, senior citizens are getting more return on investment than before. In the quarter ending September, the interest rate has been increased to 8.2 percent. It was 8 percent in the previous quarter. Before that, its interest rate was 7.6 percent and the investment limit was Rs 15 lakh.

Earlier there was a benefit of 9500 every month, due to increasing the maximum investment limit and increasing the interest rate, the income earned by senior citizens every month in the form of interest has more than doubled from before. Earlier, investing Rs 15 lakh in the scheme fetched Rs 20.70 lakh on maturity at 7.6 percent interest. Which used to be 1.14 lakhs annually and 9500 rupees monthly.

Now there will be a benefit of Rs 20500.

On increasing the investment limit to Rs 30 lakh from the Finance Minister and increasing the interest rate to 8.2 percent, on the maturity of five years, a total of Rs 42.30 lakh will be received with interest of Rs 12.30 lakh. If calculated on its annual basis, then it becomes 2 lakh 46 thousand rupees and 20500 rupees on monthly basis. That is, after the announcement of the Finance Minister, now senior citizens will get Rs 20,500 as compared to the earlier Rs 9,500.

What is the scheme

‘Senior Citizen Savings Scheme’ is run by the government for the elderly citizens of the country. The purpose of starting this scheme is to provide financial help to retired persons. Under the scheme, senior citizens get money in the form of interest every month.

In the Tax Rebate

Senior Citizen Savings Scheme of up to 1.5 lakh, the government revises the interest rate on a quarterly basis. In this, both husband and wife can open a single account or joint account with each other. The special thing is that under Section 80C of the Income Tax Act, you can get tax rebate of up to Rs 1.5 lakh on investing in it.

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After the arrival of Modi government in the country, many changes have come. Due to these changes, people in the country have also got many types of relief. At the same time, it is also very important for the people in the country to fill the income tax return. It is very important for those whose income is taxable to fill ITR. At the same time, this time a lot of exemption has also been given by the Modi government in the income tax return, through which people will also be helped in saving tax. Let’s know about it…

Tax free income

In Budget 2023, Finance Minister Nirmala Sitharaman announced that income up to Rs 7 lakh will be tax-free under the new system. However, concerns were expressed as to what would happen to taxpayers who were earning marginally above Rs 7 lakh. Regarding this, Sitharaman said that the government has taken note of such concerns and now income up to Rs 7.27 lakh has become tax-free due to the introduction of minor relief provisions under the new tax regime.

Standard Deduction

The finance minister said, “Under the new regime, no income tax will be payable on annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.” Apart from this, to make the new system attractive, a standard deduction of Rs 50,000 was announced in Budget 2023.

Exemption

Sitharaman said that now standard deduction of Rs 50,000 has also been started under the new income tax regime. Standard deduction facility is available to salaried employees. Apart from this, the exemption limit on medical expenses of senior citizens has been increased from Rs.30,000 to Rs.50,000. Also, life saving drugs and cancer drugs have been exempted from GST.

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In the budget 2023-24, the Modi government at the center has made many changes to make the new tax regime attractive. Since then, the interest of many people has increased in this tax regime. On Friday, Finance Minister Nirmala Sitharaman has once again praised the new tax regime. The Finance Minister said that the new tax regime has given maximum relief and benefits to the middle class people. He said that people of this class are getting tax exemption on an annual income of Rs 7.27 lakh.

Those earning a little more than Rs 7 lakh will also get tax exemption

The Finance Minister has said that the Modi government at the Center is trying to take every section of the country along. In such a situation, keeping in mind the middle class of the country, the government has given income tax exemption to people earning up to Rs 7 lakh. This exemption is available under the new tax regime.

After this decision of the government, many people of the country did not believe in it. There was a question in the mind of some people that if a person’s income is more than Rs 7 lakh, will he have to pay tax? In such a situation, we talked continuously to consider this matter. After this, it was decided that no tax would have to be paid if the income is just a little more than Rs 7 lakh. For example, a person earning Rs 7.27 lakh annually will not have to pay any tax.

Standard deduction available on income of Rs 50,000

Nirmala Sitharaman also said that earlier people were not getting the benefit of standard deduction in the new tax regime, about which many complaints were coming. In such a situation, keeping in mind the needs of the people, we have also made a provision for standard deduction up to Rs.50,000.

The budget for MSMEs has been increased manifold

Praising the steps taken by the government for Micro, Small and Medium Enterprises, the Finance Minister said that its budget has increased 7 times in the last 9 years. In the financial year 2013-14, this budget was Rs 3,185 crore, which has now been increased to Rs 22,138 crore in 2023-24. This shows how committed the government is to promote the small industries of the country. Along with this, he said that under the public procurement policy, the government is making 33 percent of the total purchases from MSMEs.

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The Finance Minister of West Bengal said that the GST Council has agreed to levy 28 percent GST on all three types of sports. Apart from this, consensus has been reached in the GST Council on many other issues as well.

Online gaming has been brought under the ambit of GST law in the GST Council meeting held at Vigyan Bhawan, Delhi. Finance Minister of West Bengal said that 28% GST will be imposed on online gaming, horse race and casino. Till now 18 percent GST rate was applicable, which has been increased by 10 percent. Earlier, in the last meeting of the Group of Ministers, there was a broad agreement on taxation on all three activities, which has been passed in the GST Council.

A group of top online gaming firms has urged the Central Board of Indirect Taxes and Customs (CBIC) through the FICCI gaming committee not to increase the GST rate for the sector from 18% to 28%. The companies said that this would be extremely harmful for the existence of the online gaming industry. Because no business operation can survive with such high taxation.

GST Council agreed on these matters

• It was also agreed in the GST meeting that imported medicine for cancer will be kept out of the purview of IGST.
• It was agreed to cut the GST rate on food and drink items in cinema halls.
• The council has also agreed on giving GST share to the consumer state on the registration of vehicles.
• The Central Board of Indirect Taxes and Customs (CBIC) said that in the investigation it was found that 25 percent GST accounts do not exist or have disappeared after tax evasion of 15 thousand crores.

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Tax bracket starts from 2.5 lakhs

Generally, under the old tax regime, if someone is 60 years or less, then you have to pay tax as per rules on income above Rs 2.5 lakh annually. That is, you have to pay income tax on income above Rs 2.5 lakh per annum. According to the rules of the Ministry of Finance, 5 percent tax is deducted on the annual income of Rs 2.5 lakh to Rs 5 lakh. This was announced by the Finance Minister during the budget speech.

Extra discount of 50 thousand rupees

If your age is more than 60 years and less than 80 years, even then you come in tax break on income of more than 3 lakhs annually. For people of this age, the limit of exemption from income tax is up to 3 lakhs. That is, you will have to pay tax on income of more than 3 lakhs. Under the old tax regime, people of this age are given an additional rebate of Rs 50,000 by the government.

2.5 lakh extra discount to these people.

Some people have also been kept in the category of Very Senior Citizen. People above 80 years of age are included in this category. Extra exemption has also been given to people who are 80 years or more in filing tax. People of this age limit come in the tax bracket only on annual income of more than five lakh rupees. This is the reason that these people get an additional exemption of Rs 2.5 lakh as compared to normal taxpayers.

Apart from this, for example, if your annual income is Rs 10 lakh and you claim up to Rs 5 lakh under income tax exemption, then you will have to pay zero tax on the remaining income of Rs 5 lakh. Although your taxable income is 2.5 lakhs, but due to the exemption of Rs 12,500 on this, you have to pay zero tax.

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Many times you have to make many rounds to get a loan from the bank. Has this ever happened to you? If yes then this news is of your use. After the order given by the Finance Minister last days, you will get relief from going around the banks. Ever since Finance Minister Nirmala Sitharaman made this announcement, the banking system has already been made flexible for the customers. Union Finance Minister Nirmala Sitharaman has ordered to make the banking system customer friendly.

Said to make the banking system simple

The Finance Minister talked about making the banking system simple according to the needs of the bank customers. After such changes, more and more customers will be able to connect with banks. The Union Finance Minister had said during a meeting that banks should pay attention to the facilities of the customers. This will make the process of taking a loan easier. The Finance Minister also told the banks that the standards of lending should be correct.

During this, 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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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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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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The Reserve Bank of India (RBI) said that in every district of the country, the bank will conduct a special drive for 100 days to settle the top 100 accounts with unclaimed deposits. RBI said in a statement that this campaign of banks will start from June 1, 2023.

Campaign will be run for 100 days

The amount lying dormant in bank accounts for 10 years is called unclaimed deposit. Banks transfer these accounts to the ‘Depositor Education and Awareness Fund’ of the Reserve Bank if they remain unclaimed for a long time. All banks will identify 100 lead accounts in each district of the country for settlement of such accounts. This campaign will run for 100 days.
Announcement to make portal

RBI had also recently announced to make a centralized portal for settlement of unclaimed deposits. Public sector banks had transferred an unclaimed amount of about Rs 35,000 crore to the Reserve Bank till February 2023. This amount was deposited in those accounts in which there was no transaction for 10 years or more. The unclaimed amount was linked to 10.24 crore accounts.

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What is unclaimed amount

According to information, this amount belongs to those people who have failed to close their current or savings accounts or have failed to inform banks to encash matured FDs. Deceased depositors whose nominees or legal heirs have failed to file a claim against the bank or banks. The amount of such people is kept in the banks like this only.

RBI had given this information earlier also

RBI had said last month that a centralized portal related to this would be prepared in three-four months. With this, depositors and beneficiaries can get information about unclaimed deposits lying in different banks. The 27th meeting of FSDC was attended by all financial sector regulators including RBI Governor Shaktikanta Das. This was the first meeting of the FSDC after the presentation of the budget for 2023-24.

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Finance Minister Nirmala Sitharaman had made income up to Rs 7 lakh tax free while making changes in the new tax regime. While making changes in the new tax regime, the government has exempted income up to Rs 7 lakh from tax. Now the government has given another relief to the taxpayers. Under the Finance Bill 2023, tax exemption has also been given on income above Rs 7 lakh. You think that the government has changed the slab or changed the taxable income, let us tell you that nothing like this has happened. The government has given only marginal relief to those people whose income is a little over Rs 7 lakh.

Income above Rs 7 lakh also out of tax net

The Lok Sabha has approved the Finance Bill 2023. After this amendment, taxpayers have got some relief under the new tax regime. The new rule will come into force from 1 April 2023. Giving detailed information about the new relief, Finance Minister Nirla Sitharaman said that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then he does not have to pay any tax.

It is exempt from tax, but if someone’s income becomes Rs 7,00,100, then he will have to pay Rs 25,010 after calculating under the tax slab. That is, for an increase of only Rs 100 in income, taxpayers have to pay tax of Rs 25 thousand 1 hundred. The government has given minor relief to such taxpayers. So that those people can get relief, whose income is slightly more than the scope of tax free income.

It should be mentioned here that the information has not yet been received on how much this relief will be given. The government has proposed to give minor relief in the Finance Bill.

Minor relief to these people in income tax

To clear the picture of this relief, let us understand with an example. Suppose your income is Rs 7,00,100 means Rs 7 lakh 100. That is, his income is only Rs 100 more than the tax free income. That is, because of only Rs 100, he has to pay tax of Rs 25,010.

The government has given relief to such people by giving minor relief. 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 only Rs 100 tax.

This relief was found in the budget

In the announcement of Budget 2023, the government gave relief to the taxpayers who adopted the new tax regime. The government made income up to Rs 7 lakh tax free. The government’s intention behind this was that more and more people should adopt the new tax regime. It is also important to know here that no exemption is given on investment in the new tax regime.

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A new update related to the ambitious scheme ‘Atal Pension Yojana’ launched by the Modi government for the laborers of the unorganized sector has come to the fore. More than 1.19 crore new shareholders have been added to this scheme of the government in the year 2022-23, which shows an increase of 20 percent on an annual basis. This information was given by the Ministry of Finance.

It was told by the Finance Ministry that in 2021-22, the number of new shareholders associated with the scheme was 99 lakhs. This time there has been a tremendous increase in the shareholders joining ‘Atal Pension Yojana’. In a statement issued by the ministry, it was told that by March 31, 2023, the number of shareholders associated with this scheme of the central government has increased to 5.20 crore.

Under the Atal Pension Yojana, the subscriber gets a minimum guaranteed pension ranging from Rs 1,000 to Rs 5,000 for the whole life after attaining the age of 60 years. The pension amount depends on the annual investment made by the account holder. Earlier, a major change was made in this scheme last year by the Modi government.

What is Atal Pension Yojana

As per the current rule, if you are an Indian citizen and your age is between 18-40 years and you have a savings account in a bank or post office, then you can apply for APY. Let us tell you that after investing in the Atal Pension Yojana (APY), there is a provision to get a pension of up to Rs 5,000 every month after the age limit. Under the new change, people filing ITR in this scheme cannot open an account. This scheme was started especially for the employees of the unorganized sector.

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Sitharaman also mentioned the efforts to bring down the price of fuel and natural gas. He said that these are imported in the country. Due to Covid and Russia-Ukraine war, fuel prices are high in the global markets.

Excise duty

Finance Minister Nirmala Sitharaman said, “The Prime Minister had directed us in November 2021 to cut the excise duty on fuel itself. Due to this an announcement was made during Diwali. After that in June, 2022 again we cut the excise duty. Due to all these reasons, the price of fuel softened to some extent.

Dearness

Responding to questions about inflation and measures to bring it down, the finance minister said, “But when we talk about fuel or natural gas, we need to understand one thing. These products are imported and especially due to the Kovid epidemic and the subsequent Russia-Ukraine war, the prices have increased and despite this the imports are going on. At the center level, we have cut excise duty to bring down its price.

Inflation

He said that the Group of Ministers keeps an eye on essential goods and their prices. Additional stock was issued as per the situation. Sitharaman said that when the price of rice increased, we released rice from the buffer stock. The central government is continuously taking steps to bring down the prices. This is the reason that consumer price index based inflation has come down from 6 per cent to 5.8 per cent. Inflation has increased due to supply-related problems at seasonal level, which is being continuously monitored and measures are being taken to bring it down.

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The Finance Minister said that a time limit should be fixed for disposal of such applications. The Finance Minister said that CBDT should increase its efforts to make taxpayers aware while expanding its reach. The Finance Minister discussed three important issues in the meeting with the CBDT.

Got information about 3 crore people

During the meeting of the Finance Minister, there was talk on increasing the number of taxpayers. Along with this, discussions were held on pending disciplinary action against Income Tax officials and condonation of delay under the Income Tax 1961 Act. During this, the Finance Minister was informed that there has been a jump of more than 1100 percent in the information to be reported due to getting new data source of financial transactions from Dividend, Interest, Share, Mutual Fund and GSTN. Information about 3 crore people has been received from this.

TDS code increased from 36 to 65

The new TDS codes have increased from 36 to 65 in the last eight years. The effect of this was that in 2015-16 where 70 crore transactions were reported. Its number has now increased to 144 crores. The number of unique deductees almost doubled from 4.8 crore in 2015-16 to 9.2 crore. The contribution of personal income tax to GDP has increased. It was 2.11 percent in 2014-15, which has now increased to 2.94 percent.

asked to finalize the proceedings

During this, the Finance Minister asked to expedite the review of the ongoing action against the employees and officers of the Income Tax Department. On behalf of the Finance Minister, CBDT was asked to finalize such action. Nirmala Sitharaman emphasized that the CBDT should take appropriate action on all applications filed by taxpayers in a timely manner.

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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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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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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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Demand is being made on behalf of crores of central and state government employees to restore the old pension. Some state governments have accepted the demands of the employees regarding this. But the Central Government is trying to find a middle ground regarding the old and the new pension scheme.

In view of this, Finance Minister Nirmala Sitharaman, while presenting the Finance Bill on Friday, said in the Lok Sabha that there is a need to reform the National Pension System (NPS). A committee will be formed under the leadership of the Finance Secretary. The Finance Minister proposed to constitute a committee to improve NPS in the matter related to the pension of government employees.

The committee will be constituted under the leadership of the Finance Secretary. The question is, what steps can the government take to find a middle ground amid the long-standing demand of the employees to restore the old pension (OPS)? Sources say that the government is trying to find a way through which the employees can be made happy without putting extra burden on the exchequer.

Trying to find a middle way

Sources say that Modi government is planning to find a middle way on the demand of old pension (OPS). The government is considering two options. As a first option, it is being considered that government employees should be given guaranteed pension at about 50% of the last salary received under NPS. With the implementation of this rule, changes can be made in the existing NPS without putting much burden on the exchequer.

There can be change in NPS in this way

Sources related to Finance Ministry also say that there can be change in NPS in such a way that after retirement the employee will get 41.7% amount as a lump sum amount. The remaining 58.3% amount was received on the basis of annuity. From the analysis it is found that if the 58.3% corpus made up of Central/State Government contribution (14%) is annuitised, the pension in NPS can be around 50% of the last drawn salary. No official statement has been given by the government.

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PAN card is also used for identification and financial transactions, but sometimes people make one or more PAN cards by mistake. This time in the budget, Finance Minister Sitharaman has also made a big announcement regarding the PAN card. In Budget 2023, the Finance Minister has given a new identity to the PAN card. He has said that now the use of PAN card will be common for all. Now you can use PAN card as a Common Identifier. Along with this, any business can also be started with PAN card only.

In such a situation, it is very important that your PAN card remains active. For this, PAN card holders are advised to link their Permanent Account Number (PAN) with Aadhaar card number by March 31, 2023. If you do not link your PAN with Aadhaar before this deadline, then your PAN card can also be deactivated. Along with this, you will also have to pay Rs 1,000 for linking PAN with Aadhaar.

These PAN card holders will have to pay Rs 10,000.

Further, if the person presents a PAN card, which is no longer valid, then under section 272N of the Income Tax Act 1961, the Assessing Officer may direct that such person pay Rs 10,000 as penalty. Will pay an amount of Rs.

Jail can also happen for these reasons.

Many times people make one or more PAN cards by mistake. Although these PAN cards are made only on the basis of correct identity and details, but before 2016 the Income Tax Department had received many complaints. In these complaints, it was revealed that he had more than two PAN cards.

If you also have more than one PAN card, then it would be better for you to surrender them. The Income Tax Department says that if a person has more than one PAN card, then there is a minimum punishment of 6 months and a minimum fine of Rs 10,000. This punishment and fine can both increase.

This is how you can get the link online

First of all go to the website of Income Tax.
Enter the name, PAN number and Aadhaar number as given in the Aadhaar card.
Tick ​​the square if only the year of birth is given in the Aadhaar card.
Now enter the captcha code.
Now click on the Link Aadhaar button,
your PAN will be linked to Aadhaar.

This is how you can link through SMS,

you have to type UIDPAN on your phone. After this, write the 12 digit Aadhaar number. Then write the 10 digit PAN number. Now send the message mentioned in step 1 to 567678 or 56161.

How To Activate Inactive PAN An inactive PAN card can be activated. For this you have to do an SMS. You will have to go to the message box and enter the 10-digit PAN number from your registered mobile, then enter the 12-digit Aadhaar number by giving a space and send an SMS to 567678 or 56161.

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There was a demand from the MPs of the opposition parties that a JPC should be constituted regarding this matter. The Finance Bill 2023 was passed amid much hue and cry. During this, Finance Minister Nirmala Sitharaman said that there is a need to improve the National Pension System implemented for government employees.

Will be formed under the leadership of the Finance

Secretary The Finance Minister said that I propose to constitute a committee to look into the matter related to the pension of government employees. This committee will be constituted under the leadership of the Finance Secretary. Earlier, he said that such representations have been received that there is a need for reform in the National Pension System (NPS) applicable to government employees. Apart from this, the Finance Minister said that credit card payments are not being accepted on foreign visits under the Liberalized Remittance Scheme (LRS). This should also be seen by RBI.

Finance Bill 2023 proposes to exempt from capital gains tax debt

mutual funds that invest less than 35 percent of their assets in equity, according to reports. It is proposed to keep such investors separate from long term capital gains tax. In this way only short term capital gain tax will be applicable on mutual funds. Holders of such mutual fund schemes, who invest 35 per cent of their assets in equity shares after getting the approval of the House, will be taxed as per the slab.

Demand to restore the old pension scheme

Let us tell you that there is a demand from the central and state government employees to restore the old pension scheme. The old pension (OPS) has been restored by the governments of Himachal Pradesh, Punjab, Chhattisgarh, Rajasthan and Jharkhand. Employees of some other states are planning to go on strike demanding restoration of old pension. Meanwhile, a strict warning has been issued by the Central Government for the employees. On behalf of the central government, a warning was given to protest or sack the employee who went on strike.

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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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This is the discussion everywhere from the road to the Parliament. For the last few years, the Rs 2000 note has gradually disappeared from the market and ATMs. However, 2000 rupee notes are still seen in big cash deals. But, it is far from the reach and pocket of the common man. What is the matter after all? Has the government prohibited putting 2000 rupee notes in ATMs or has any instruction been given to the banks by the RBI? Why 2000 rupee note is missing from ATM? This has been revealed in the annual report of RBI. At the same time, the Finance Minister has openly put forth its complete truth in the Parliament.

The issue of Rs 2000 raised in the Lok Sabha

In fact, instead of Rs 2,000, more Rs 500 and Rs 200 notes are being dispensed from ATMs of banks. In such a situation, it is believed that there is a preparation to remove the 2,000 note gradually. It has been claimed in many reports that SBI has instructed to remove only the cassettes for keeping Rs 2000 notes from all its ATMs. However, there was no confirmation of this news. Now the same issue has been raised in the Parliament as well. In the Lok Sabha, MP Santosh Kumar asked four questions to the Finance Minister. These four questions were on note ban and 2000 rupee note issued after that.

MP Santosh Kumar asked a total of 5 questions to the Finance Minister

1- Rs 500 and Rs 2000 notes worth about Rs 9.21 lakh crore issued after demonetisation have gone out of circulation, is there any data on this?
2- If yes, then the government should clarify why this happened and for what reason?
3- Have currency notes been converted into black money again? If yes, then the government should give its clarification on this?
4- Has RBI imposed any restriction on banks to issue Rs 2000 notes from ATMs? If yes, then its information should be given.
5- From which date RBI has stopped printing of Rs 2000 currency notes?

Finance minister told the whole truth

Finance Minister Nirmala Sitharaman has also given a written reply to this. In response to the first three questions, he said that no such information or data exists. According to the annual report of the Reserve Bank of India (RBI), the total value of ₹500 and ₹2000 banknotes at the end of March 2017 and at the end of March 2022 was ₹9.512 lakh crore and ₹27.057 lakh crore.

No instructions given to banks

In response to the fourth question, the Finance Minister said – No instructions have been given to banks not to fill ₹ 2000 notes in Automated Teller Machines (ATMs). Banks themselves decide when and which denominations of notes to put in ATMs. Banks take a decision based on the past record of the ATM, consumer needs and seasonal trends. In response to the fifth and last question, 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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Keeping this in mind, Union Minister of State for Finance Bhagwat K Karad has made an appeal to the bank staff. Appealing for further improvement in banking service, he said that banks should work considering customers as God. Earlier, Finance Minister Nirmala Sitharaman had also asked to simplify the banking system in a meeting with the bank heads.

Move towards reducing the problem points

Addressing the ‘Customer Conference’ program organized by Bank of Maharashtra (BoM) this week, Karad said that banks should improve their customer service. Along with this, progress should also be made in the direction of reducing the problem points. He also asked the customers to be helpful in repaying the loans, so that the financial condition of the banks remains good.

Regarding Kisan

Credit Card (KCC), he urged all the banks including BoM to take this scheme to more farmers. He said that the banking sector needs to help small and marginal farmers, youth and women entrepreneurs and act as a catalyst of growth. Let us tell you that with this order of the Union Minister, the work related to the banking sector is expected to be done more easily in the banks in the coming times.

State Bank of India (SBI), ICICI Bank, HDFC Bank and Punjab National Bank have the highest customer base in the country. In such a situation, the customers of these banks will get the benefit of the order of the Finance Minister.

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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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Meanwhile, now a demand is being made on behalf of the railway employees to implement the Old Pension Scheme. Many states have already decided about this and they have also started it in their states. Meanwhile, a big statement has come from Union Finance Minister Nirmala Sitharaman. The Finance Minister clearly said that the money of the New Pension Scheme (NPS) cannot be given to the state governments for old pension (OPS).

In a post-budget discussion at a hotel in Jaipur, Sitharaman said that if a state government has decided to restore old pension thinking that it will get NPS money from the Centre, Rajasthan government is demanding transfer of money . , then it will not be found. Let us tell you that the Old Pension Scheme has been implemented in Rajasthan from April 1, 2022. Only after that the Congress government of the state is demanding to transfer the money deducted under the New Pension Scheme (NPS).

The money will be given to the employees only.

After this, the old pension scheme was implemented by the Himachal government on the lines of Rajasthan. The Finance Minister clarified that the money deducted from the salary under NPS belongs to the employees. This will be given to them at the time of retirement or when the employee needs this money, it will be given to them. The money collected will not be given in the hands of the state governments. When the right time comes, then it will be given to the employees.

Finance Minister spoke on free schemes

In response to the question of free schemes given by the state government, Sitharaman said, ‘When the financial condition of the government is good, you run such schemes. Make provision for them in your budget. If the economic condition of your state is not good, then you are not making provision in the budget, for that you are taking loan. This is not correct. Who will give this money?’

He said, to bring such schemes, the states should raise money from their own resources, should earn from tax. States are passing their burden on someone else to run free schemes… This is totally wrong.

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The investment limit has been increased in two schemes considered most beneficial for senior citizens. These include Senior Citizens Savings Scheme ( SCSS ) and Post Office Monthly Income Scheme ( POMIS ). Some people say that the Finance Minister has made these announcements in view of the Lok Sabha elections to be held next year. Whatever may be the objective of the government, it is certain that the common people of the country will get its benefit. especially SCSSWith the increase in the investment limit, a retired person can get a pension of Rs 40,000 per month along with his wife. Let us know how it will happen.

What is scss?

First of all, it is important for you to know the special things about SCSS. Any person who has attained the age of 60 years can open SCSS account in the post office. You can open this account alone or you can open a joint account with your wife. This account can be opened initially for five years. After completion of five years, its period can be extended for three years.

What is the rule now?

At present, an individual is allowed to invest Rs 15 lakh in SCSS. After opening the husband’s account, the wife can also open a separate account. In this way, combining both, now Rs 30 lakh is allowed in SCSS. Many senior citizens are taking advantage of this scheme. This scheme is very popular among retired people. The reason for this is that it is very good in terms of money security. It gets a kind of guarantee from the central government. Elderly people pay more attention to the safety of their money than returns.

What has been announced in the budget?

Nirmala Sitamaran has announced major changes in SCSS in Union Budget 2023 . On February 1, 2023, he said in the budget speech that the limit of Senior Citizens Savings Scheme (SCSS) is being increased. It is being increased from Rs 15 lakh to Rs 30 lakh. This change will come into effect from April 1, 2023.

The government has not yet issued its notification. But, it is expected that she will release soon. After this change, an elderly person will be able to invest Rs 30 lakh in SCSS. He will be able to invest an additional Rs 30 lakh by opening a separate account in the name of his wife. In this way both husband and wife together will be able to invest Rs 60 lakh in this scheme.

This is how you can get a pension of Rs 40,000 per month

Right now the interest rate of SCSS is 8 percent. In this way, the quarterly interest of an account becomes Rs 60,000. Every month it comes to Rs 20,000. If the husband opens a separate account in the name of his wife, the interest increases to Rs 1.20 lakh every quarter.

In this way every month it comes to Rs 40,000. You have to keep in mind that you can withdraw the interest amount quarterly. Secondly, SCSS is included in the small savings schemes of the government. The government decides about the interest rate of these schemes every quarter. Therefore, the interest rate may increase or decrease slightly depending on the financial market conditions.

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Finance Minister Nirmala Sitharaman had announced that in the new tax regime, tax will not be charged on annual income up to Rs 7 lakh. At the same time, now the ITR form has also been updated for the income tax return for the financial year 2022-23, in which some changes have also been made.

Income Tax Return

This time the Income Tax Department has notified Income Tax Return Form (ITR 1-6) and Income Tax Verification Form (ITR V) for the assessment year 2023-24. These forms will be used for filing return of income made in the financial year 2022-23. The last date for filing ITR for the assessment year 2023-24 is 31 July.

ITR Forms

Compared to previous years, the Income Tax Department has notified ITR forms ahead of time. At the same time, some changes have also been made in the ITR form, about which it becomes very important to know. Let us know what changes have been made in the ITR form this time.

These five changes have been made

• If you have earned any income from crypto and other virtual digital assets (VDA) in the financial year 2022-23, then you will have to report such income in a separate schedule provided in the new ITR form.
• Trading accounts now have the option to disclose turnover and income from intra-day trading.
• An option of Disclosure has also been added for persons opting for the new tax regime under section 115BAC of the Income Tax Act.
• Taxpayers have to disclose whether they are Foreign Institutional Investors or Foreign Portfolio Investors.
• A new questionnaire has been added in ITR 3 and ITR 4, in which information has to be given regarding the New Tax Regime in previous years.

While income tax, tax experts say that early notification of ITR forms is a welcome step as it will give taxpayers enough time to prepare their required information. At the same time, the new ITR forms will be applicable from 1 April 2023. At the same time, individual taxpayers will be able to file tax till 31 July 2023 this year.

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On the other hand, if a child or teenager below 18 years of age earns income from any source (YouTube, Social Media or others), he will also have to pay tax. For this, his income should come under the purview of taxable income. Although there is a ban on child labor in India, but nowadays children are earning huge amount in many other legitimate ways which comes under the ambit of tax.

If this is not done, the Income Tax Department can issue a notice to the parents. The Income Tax Department has put the income of a minor child (ITR on Minor Child Earnings) or money received as gifts, property, investment etc. in the tax net. Let us know what are the rules….

Over 4800 minors filed ITR

Age is no excuse when it comes to filing Income Tax Return (ITR). Many taxpayers are not aware that children/minors also have to pay tax and file returns if they are earning some income. In the financial year 2022-23 till January 31, 2023, more than 4800 minors below the age of 18 years filed their ITR.

What does the income tax law say According to Sujit Bangar, founder of Taxbuddy, ‘Income tax rules say that persons below the age of 18 years are considered minors and are taxed differently. Minors are not required to file their own tax returns, and their income is clubbed with the income of their parents or legal guardians,” under section 64(1A) of the Income Tax Act for persons under 18 years of age. The children’s money will be clubbed with the parent’s income tax return. This means that the income tax return on the child’s wealth will have to be filed by the father.

When is the exemption available

If the child earns less than Rs 1,500 in a year, it will be added to the parent’s income, and exemption under section 10(32) will be available on income up to Rs 1,500. So no tax will be levied in such a case. This income may include interest income, dividend income etc. If the income is more than Rs 1500 in a year, then this income will be considered as the income of the parents, and the parents will have to pay tax here. However, a tax exemption of Rs 1,500 per year per child is available to parents on the income of minors.

According to experts, if a minor is generating income through influencer marketing or other means, then it is considered the responsibility of the parent or guardian to pay tax on behalf of the minor. However, if the income of the minor exceeds the basic exemption limit in a financial year, which is currently Rs 2.5 lakh, then the minor will have to pay tax on the excess amount.

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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.

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, along with making provisions for tax on the income of citizens, also provides many concessions and exemptions. 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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According to the changes and new schemes announced in the budget, an old couple can get a pension of up to Rs 70,000 every month. The government has increased the investment limit in Post Office Monthly Income Scheme (POMIS) and Senior Citizen Saving Scheme (SCSS). So much so that the Finance Minister has started Mahila Samman Saving Certificate (MSSC) especially for women.

Another savings scheme is already running for senior citizens, namely Pradhan Mantri Vaya Vandana Yojana (PMVVY). By investing Rs 1.1 crore in all these schemes, a senior citizen couple can get a pension of Rs 70,500.

How much investment and return

Earlier, a person could invest a maximum of Rs 15 lakh in this scheme. It has now been increased to 30 lakhs. This means that a couple can invest Rs 60 lakh in it. The government gives a return of 8% on this and its tenure is 5 years. The couple invests Rs 30 lakh in Pradhan Mantri Vaya Vandana Yojana. Its tenure is 10 years and the returns are 7.4 per cent.

Couples can invest a total of Rs 18 lakh in the monthly income scheme of the post office. Its tenure is 5 years, on which the return is 7.1 percent. Mahila Samman Savings Certificate, which is a new scheme of the government, has a tenure period of 2 years and can invest up to Rs 2 lakh every year. The return in this is 7.5 percent. Your total investment is Rs 1.1 crore. The return on this will give you a pension of Rs 70,500 every month.

Tax and lock-in plans Amol Joshi of Rupee Investment Services says that these schemes are very tempting but one of the drawbacks is that you have to pay tax on its returns. However, people who do not have any other source of income can move to the new tax regime as there is no tax on personal income up to Rs 7 lakh. This means that the interest received from these schemes will be tax free for 2 people.

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Senior Citizen Saving Scheme Calculator: Many such provisions have been made by the government for the common man in this budget. Finance Minister Nirmala Sitharaman has made a tremendous announcement in the 2023 general budget for senior citizens along with giving relief to income tax payers under the new tax regime. Under this, the maximum investment in Senior Citizen Savings Scheme (SC SS) has been increased to Rs 30 lakh. Earlier this limit was Rs 15 lakh.

Interest rate also increased

For the quarter ending March 31, 2023, the interest rate on this scheme has been increased to 8 percent by the government. Before January 1, 2023, interest was available on this government scheme at the rate of 7.6 percent per annum. In view of increasing the maximum investment limit and increasing the annual interest rate, the income earned by senior citizens every month in the form of interest will double from before.

How much will be the benefit

Earlier, on investing Rs 15 lakh in this scheme, at the rate of 7.6 percent, Rs 20.70 lakh was received at the time of maturity. Which is 1.14 lakh per annum and 9.5 thousand per month. But on increasing the investment limit and interest rate, depositing Rs 30 lakh will get a total of Rs 42 lakh with interest of Rs 12 lakh on maturity of five years. It is 2.4 lakhs on annual basis and 20 thousand rupees monthly. That is, in comparison to the earlier nine and a half thousand rupees, now senior citizens will be able to get 20 thousand.

Wwhat is the plan

The ‘Senior Citizen Savings Scheme’ is run by the government for the elderly citizens of the country. The purpose of starting this scheme is to provide financial help to retired persons. Under the scheme, senior citizens get money in the form of interest every month.

Tax rebate up to 1.5 lakh

In the Senior Citizen Savings Scheme, the interest rate is revised on a quarterly basis by the government. In this, both husband and wife can open a single account or joint account with each other. The special thing is that under Section 80C of the Income Tax Act, you can get tax rebate of up to Rs 1.5 lakh on investing in it.

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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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TDS will not be deducted if withdrawn after five years. TDS will be deducted on the entire amount withdrawn from the PF account before five years. Not only this, PF contribution of more than Rs 2.50 lakh in a year will come under tax net.

An important change has been made regarding TDS in the budget. If you withdraw money from your PF account after April 1, 2023, now you will have to pay TDS at 20% instead of 30%. Whether your account is linked to PAN card or not. If you withdraw from EPF before 1 April 2023, you will have to pay TDS as before.

TDS is not applicable after 5 years.

If an account holder withdraws money within 5 years, he has to pay TDS. At the same time, no TDS will be levied on withdrawal of money after 5 years. Finance Minister Nirmala Sitharaman had informed in the budget that the limit of Rs 10,000 for TDS has also been removed.

Understand the new rule like this According to media report, tax expert Balwant Jain says that if PAN is not linked to Aadhaar, then PF withdrawal tax will have to be paid if the withdrawal is made before five years of opening the PF or EPF account. If the PF account is linked to the PAN card of the account holder, no TDS will be levied on the withdrawal amount. The amount that will be withdrawn from PF will be added to the total taxable income of the account holder for that year and will be taxed as per the income tax slab of the PF account holder.

Balwant Jain says that if the PF account is not linked to the PAN card of the account holder, then TDS is deducted on the net amount available in his PF account. Currently the TDS rate is 30 percent, which will be reduced to 20 percent from April 1, 2023.

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Finance Minister Nirmala Sitharaman announced this in the budget on Wednesday. This reduction in tax deducted on withdrawal from Employees’ Provident Fund is going to help those salaried individuals whose PAN is not updated in EPFO ​​(Employees’ Provident Fund Organisation) records.

TDS is deducted on EPF withdrawals within five years of account opening As per the current income tax laws, TDS is deducted on EPF withdrawals within five years of account opening. If PAN is available with EPFO, TDS is deducted at the rate of 10 per cent if the withdrawal amount exceeds Rs 50,000. However, you can claim its refund.

As per Budget 2023, many low paid employees do not have PAN and thus TDS is being deducted at the maximum rate in their cases under section 192A. In case of failure to furnish PAN, 10 per cent less tax will be deducted. An EPF account holder can submit Form 15H or Form 15G to the EPFO ​​to ensure that no TDS is deducted on withdrawals from the EPF account. Form 15G is for people below 60 years of age and Form 15H is for people above 60 years of age.

TDS will be applicable if withdrawn before five years

TDS is not deducted if the withdrawal is less than Rs 50,000 from EPF before the completion of 5 years. But if more than Rs 50 thousand is withdrawn before the completion of the period of 5 years, then TDS will be deducted. Even if one changes jobs and continues with old EPF, TDS is not deducted on withdrawals, provided the condition of 5 years and Rs 50,000 is met.

IT Portal to be set up to receive

unclaimed shares and dividends You can take back unclaimed shares and unpaid dividends. A special portal will be created for this. CA KP Singh says that this step taken by the government will benefit the people and the claim process will be easy. The final dividend is declared at the end of the financial year.

Common ITR form will come soon

, announcement has been made in the budget for those filing income tax returns. Common ITR form will be available soon. Apart from this, the government is also planning to enhance the IT grievance redressal mechanism. Most ITRs are processed within 24 hours. But this work will be done more quickly with the new form.

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At the same time, many new schemes have also been started by the Central Government in this budget. Although some important changes were expected in the old schemes being run by the government through the people, but the government did not make any changes in them.

PPF Scheme People had high expectations from the budget this time and efforts have also been made by the government to fulfill the expectations of the people. At the same time, Public Provident Fund i.e. PPF scheme is being run by the Central Government.

People were hopeful that this time in the budget, an announcement could be made by the government to increase the limit of PPF scheme. People have been demanding for a long time to increase the maximum investment limit that can be deposited in the PPF scheme in a financial year. Although the expectations of the people remained the same.

PPF Investment

Finance Minister Nirmala Sitharaman did not announce any change regarding PPF in the budget speech 2023. In such a situation, the expectations of the PPF account holders have also suffered a setback. At present, the same benefit that was being available in PPF earlier, will continue to be available in future also. The maximum investment limit in PPF in a financial year will remain Rs 1.5 lakh.

Tax exemption

Apart from this, currently interest is paid on PPF at the rate of 7.1 per cent. At the same time, the tax benefit available in the PPF scheme will also remain the same as before and people will also be able to get tax exemption from the PPF scheme like before.

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 The Finance Minister has tried his best to give a lot to the salaried middle class in this budget. When the Finance Minister started announcing the personal income tax in the budget, it took some time for people to understand it. But later she justified her statement that she understands the aspirations of the middle class.

The goal of making the new tax regime attractive is that under the new tax regime, those earning up to Rs 3 lakh will not need to file ITR. Earlier this limit was Rs 2.5 lakh. It has been increased by Rs 50,000 on behalf of the Finance Minister. This is the reason that now it will not be necessary to file ITR for those earning up to 3 lakhs. Actually the aim of the government is to make the new tax system more attractive. Earlier, those earning up to 2.5 lakh were exempted from ITR.

Proposal to make the new tax regime a default

Due to the promotion of the new tax regime, it has been proposed to make the new tax regime a default. Now whenever you start filing income tax return, you will automatically be under the purview of the new tax regime. If you want to file income tax under Old Tax Regime, then you have to select Old Tax Regime for this.

Along with the country, the eyes of the world were also focused on this budget. In the budget, along with pleasing the middle class, the Finance Minister has also taken care of the farmers. The biggest change has been made by Nirmala Sitharaman regarding income tax. For the first time, the government has made changes in the new tax regime. In this, instead of the earlier 7 tax slabs, they have been reduced to 4. Now you will not have to pay any tax on income up to 7 lakhs.

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There has been no increase in it for the last several years. The last time the 80C limit was increased was in 2014-15. Finance Minister Nirmala Sitharaman made no mention of it while presenting the budget on Wednesday.

Will the limit of section 80C increase or not? There was a lot of discussion about it before the budget. However, Finance Minister Nirmala Sitharaman did not mention anything about this section of the Income Tax Act.

In the news of increase in the tax exemption limit under the new income tax regime, no one paid any attention to this aspect. The Finance Minister did not say anything about this, so it has a meaning. Those who will remain in the old income tax regime in the financial year 2023-24 can claim deduction under this. The maximum deduction that can be claimed under this section of income tax is Rs 1.5 lakh.

When was the limit increased last time?

The Section 80C limit was last increased in the financial year 2014-15. It was then increased by Rs 50,000. This was increased from Rs 1 lakh to Rs 1.5 lakh. It helps in tax saving. The amount invested can be claimed under this section under the old income tax regime. Some people are not able to claim deduction under 80C.

For such people, the government had started a new system with lower tax rates. It was announced in the financial year 2020-21. From April 1, 2020, people had the option to opt for the old tax regime and claim deductions and exemptions. Otherwise, opt for the new regime with a lower tax rate. However, the benefit of deduction and exemption cannot be taken in the new income tax regime.

Benefits available on certain investment products

To claim deduction under section 80C, one needs to spend or invest in certain instruments. They are mentioned in the Income Tax Act. Employees’ Provident Fund (EPF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), Sukanya Samriddhi Yojana, National Savings Certificate, etc. are among the products that get the benefit of deduction under 80C. Similarly, this deduction is also available on the expenditure on children’s tuition fees, life insurance policy as well as repayment of home loan principal.

Different types of investment products also have different features under 80C. Their returns, liquidity and tax on returns are different. It is important to look at these features before investing.

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During the budget speech, the Finance Minister said that now the KYC process will be simplified. It will be made fully digital by talking to the financial system. Finance Minister Sitharaman further told in his speech that PAN will be identified for all digital systems. Unified Filing Process will be setup.

One stop solution and will be done for identity and address. It will be a one stop solution through Digi Locker and Aadhaar. There will be data in one place through the common portal, different agencies will be able to use it. Due to this, there will be no need to give data repeatedly, but for this the consent of the user will be very important.

BankBazaar CEO Adil Shetty on simplification of KYC process said, “Simplification of KYC process was necessary to support Digital India. It is a very good decision. Every financial regulator will now review and update the Master KYC.” Will issue. Access to data will be easy through the National Data Governance Policy.

What did the Finance Minister say in the budget speech?

Finance Minister Sitharaman said that the Indian economy has become more formalized, witnessing significant growth in digital payments. The country offers immense attractions to domestic and foreign tourists, there is immense potential to be tapped in tourism.

The Finance Minister said that to realize the vision of Make in India and Make AI work for India, 3 Centers of Excellence for Artificial Intelligence will be set up in top educational institutions. An expert committee will be constituted to make the infrastructure classification and financing framework suitable for Amrit Kaal.

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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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But the announcement made by the Finance Minister for the tax payers is a bit complicated. Finance Minister Nirmala Sitharaman announced that there will be no tax on income up to Rs 7 lakh. But in reality this change has been made in the new tax regime. While no change has been made in the old tax regime.

The government promoting the new tax regime,

if you have already claimed income tax exemption under the old tax regime, then you have not benefited in any way. But if you have claimed till the financial year 2022 under the new tax regime, then you will get a direct benefit. That is, the benefit of this tax regime will be for those with higher salary. The Finance Minister said during the budget speech that now the default new tax regime will remain. Actually, the new tax regime is being promoted continuously by the government, under which this change has been made.

Understand the old tax regime

if you have selected the boy default new tax regime, then it will be heavy on your pocket and you will have to pay tax accordingly. You cannot claim any kind of tax exemption in the new tax regime. Whereas in the old tax regime, Rs 2 lakh can be claimed under 80C and NPS, Rs 2 lakh on home loan interest, medical insurance of Rs 25,000 under 80D and checkup of Rs 5,000. Apart from this, you can claim medical insurance premium of up to 50 thousand for senior citizens. Apart from this, standard deduction of 50 thousand rupees is also available in it. That is, you do not have to pay any tax on income up to Rs 10 lakh in this.

Understand the change of the new tax regime

the benefit of selecting the new tax regime will be only for those people whose annual income is up to Rs 7 lakh. You will have to pay tax as soon as you go above this. That is, if you have bought your own house and invest in a savings scheme, then the old regime is still beneficial for you. The Finance Minister has said that no tax will be levied on income up to Rs 7 lakh. But if your income is more than 7 lakhs, then you will not have to pay any kind of tax up to three lakh rupees. From three to six lakhs you will have to pay 5 percent tax and from 6 to 9 lakhs you will have to pay 10 percent tax.

Now this will be the tax calculation in the new tax regime

On income up to 0 to 3 lakh – zero tax
Income from 3 to 6 lakhs – 5% tax
Income from 6 lakh to 9 lakh – 10% tax
9 lakh to 12 lakh-15% tax
12 lakh to 15 lakh – 20% tax
30% income tax on above 15 lakhs

Old tax regime

Income up to 2.5 lakh – zero tax
Income from 2.5 lakh to 5 lakh – 5% tax
Income from 5 lakh to 10 lakh – 20% tax
Income from 10 lakh to 20 lakh – 30% tax
Income above 20 lakh – 30% tax

According to the Finance Minister, this time when you will pay income tax through the Income Tax website, you will get boy default new regime selected from old and new tax regime. Earlier, the old tax regime boy was selected by default. Here you have to be careful in the selection of tax regime.

If your income is more than 7 lakhs and you invest in different schemes, then you will have to continue the old tax regime. If you have left the new tax regime selected here, then you will have to pay heavy tax.

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Finance Minister Nirmala Sitharaman has made a big announcement regarding Income Tax Slab Rates. If you also pay tax, now the Finance Minister has made major changes in the tax slab. The government has abolished the old tax slab. From now on you will have to pay tax under the new slab.

Let’s see the new tax slabs-

>> 0 to 3 lakh – 0 percent
>> 3 to 6 lakh – 5 percent
>. 6 to 9 lakh – 10% tax
>> 9 to 12 lakh – 15% tax
>> 12 to 15 lakh – 20%
>> above 15 lakh – 30%

Exemption increased in the new tax regime

Finance Minister Nirmala Sitharaman has made several announcements for the benefit of taxpayers. In these, regarding income tax, the Finance Minister announced that under the new tax regime, the rebate has been increased on income up to Rs 7 lakh. Earlier this rebate was available up to Rs 5 lakh. Along with this, the income tax slab has also been increased. Now no tax will be levied up to Rs 7 lakh. Salaried people will get benefit from this.

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Let us tell you that the people of this central government scheme are given subsidy to build houses. Now the government has once again announced to increase the budget in this. This will benefit those people, whose house has not yet been built or they are planning to build a house.

Before the economy became more organized than before, the Finance Minister started the budget speech at 11 am. Presenting the budget in the Lok Sabha, he said that due to the progress of the country, India’s head is rising high in the world. He said that the Indian economy has become more organized than before. India has emerged as the 5th largest economy in the world. Per capita income has more than doubled. He told that Rs 2.2 lakh crore was transferred to 11.4 crore farmers.

Our growth rate is estimated at 7.0%

The Finance Minister said that our growth rate for the current year is estimated at 7.0%, the highest among all major economies despite the massive global recession due to the pandemic and war. He said that the Indian economy is on the right track, moving towards a bright future.

Apply for PM Awas Yojana like this

– First of all go to the official website pmaymis.gov.in
– You will find the option of ‘Citizen Assessment’ on the top of the website. Click on it.
Here you will get many options. You choose the option according to your stay.
After this you have to fill the Aadhaar number and click on check.
After this an online form will open.
Fill the information sought in this form.
After filling the application, once again read the complete information. Submit after you are satisfied.
After submitting, an application number will be displayed on your screen. Take a print out of it and save it for future.

Who gets the benefit of this scheme?

Under the Pradhan Mantri Awas Yojana, any person with an income of less than three lakhs who does not have any house can take advantage of it. For this, assistance of 2.50 lakh is given. In this the money is given in three installments. First installment of 50 thousand. Second installment of 1.50 lakhs. Whereas, the third installment is given for 50 thousand. The state government gives 1 lakh out of a total of 2.50 lakh rupees. At the same time, the central government gives a grant of 1.50 lakhs.

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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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Its direct impact has fallen on the pocket of the general public. Today, on February 1, the country’s Finance Minister Nirmala Sitharaman is going to present the last full budget (Budget 2023) of the second term of the Modi government. The Finance Minister will give her budget speech in Parliament at 11 am. Today is a very important day because of the Union Budget 2023. Today we tell you which financial rules have changed with the change of month. Let’s know about this-

Today Finance Minister Nirmala Sitharaman will present her budget for the financial year 2023-24. Taxpayers, business class etc. people from all walks of life have high hopes from this budget. Common people have hope that the government will take some necessary steps to reduce inflation in the country through this budget. The budget will be presented at 11 am.

3. Tata Motors car became expensive

India’s largest car manufacturer Tata Motors has decided to increase the price of its passenger vehicles. The company has decided to increase the prices of both petrol and diesel vehicles by up to 1.2 per cent. The new rates are applicable from today. In such a situation, you will have to loose more pocket to buy Tata’s car.

4. Important news for drivers in Noida!

If you live in Noida and Greater Noida, then know that the Noida administration has banned the use of old vehicles under the scrappage policy. From February 1, 2023, you will not be able to drive 15 years old petrol vehicles and 10 years old diesel vehicles in the city. If someone is caught doing this, then a heavy fine can be imposed on him.a

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Will Finance Minister Nirmala Sitharaman make these three announcements for government employees in the budget today? In the budget, the Finance Minister will announce to give DA arrears of 18 months. Along with this, to increase the salary, the Finance Minister will announce to increase the fitment factor in the budget. With the completion of these three demands, there will be a significant increase in the salary of government employees.

Received 18 months DA arrears

At the time of Kovid, the government did not give DA arrears of 18 months. The government did not increase DA for 18 months from January 2020 to June 2021. The government had frozen it. After this, the government had directly increased the DA by 11 percent on July 1, 2021, but did not say anything about not increasing or increasing DA for 18 months. The employees are expecting that the government will give DA of 18 months in the budget.

Government will increase the fitment factor

Central government employees have been demanding for a long time an increase in the fitment factor linked to salary hike. Government employees are demanding the government to increase the fitment factor from 2.57 percent to 3.68 percent. If the government accepts this demand, the minimum basic salary of the employees will increase from Rs 18,000 to Rs 26,000. That is, the minimum salary will directly increase by Rs 8,000.

Government may increase dearness allowance

The government increases Dearness Allowance (DA) twice a year on January 1 and July 1. This time the employees are expecting that the government will increase the DA along with the budget. At the end of September last year, the government had increased the dearness allowance by 4 per cent to 38 per cent. This time it is expected that the government can increase the DA by 3 to 4 percent. If this happens, DA will increase to between 41 to 42 percent and there will be a big increase in salary.

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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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Government employees have been demanding for a long time to bring the 8th Pay Commission. There are 4 days left for the budget to be presented. The most discussed among the government employees is whether the government will announce the introduction of the 8th Pay Commission in the budget 2023 .

Government can bring 8th pay commission in the budget

Central employees are expecting an announcement regarding the 8th Pay Commission in the budget. If the government announces this, then there will be a big increase in the salary of government employees. If this happens, the salary of government officials from the bottom level to the top level will increase.

How will the employees benefit

The salary, pay scale and allowances of the employees are fixed on the basis of pay commission. Right now the 7th Pay Commission is going on in the country and salaries are being received on the basis of that. If the government brings the 8th Pay Commission, then there will be a significant increase in the salary of the government employees. The fitment factor will also increase smoothly. Due to its increase, the increase in salary is automatically fixed.

Pay commission comes in 10 years

Pay commission for the employees is implemented after every ten years. So far this pattern has been seen in the implementation of 5th, 6th and 7th Pay Commission. The employees had earlier estimated that the 8th Pay Commission would be set up in the year 2023 and its recommendations could be implemented in 2026.

Government will make populist announcements

Being the last full budget of the Modi government, people of all sections are expecting it to be special. General elections are due in mid-2024. In such a situation, this budget is being expected to be populist. This time in the general budget, government announcements can be made for every section and salary class. Central employees are also placing their old demands in front of the Finance Minister, which they hope will be fulfilled in this budget.

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If the government accepts the three demands of the employees, there will be a huge increase in the salaries of the central employees. This includes increase in DA of employees, DA arrears of 18 months and increase in fitment factor. This time the government employees are hopeful that the government will definitely include their three things in the Union Budget 2023.

Three demands of government employees from the budget

In the budget to be presented on February 1, there is little hope of making an announcement directly regarding the salary of the central employees, but the government can make an announcement regarding the 7th Pay Commission. Can announce allocation in the budget to increase the salary of the employees.

Government should give DA arrears of 18 months

To deal with inflation in the budget, the government will give some relief to the employees. If the Modi government accepts the three demands related to the salaries of the employees in the budget, then there can be a big increase in their salaries. Out of this, the first demand is regarding DA arrears of 18 months. During the time of Kovid, the government did not increase DA for 18 months from January 2020 to June 2021. Then the government had increased the DA by 11 percent on July 1, 2021, but did not say anything about DA not increased for 18 months. Since then government employees are expecting that they will get DA arrears of 18 months.

The fitment factor should be revised

Central government employees have been demanding increase in fitment factor for a long time. With the increase in the fitment factor, the minimum basic pay of the employees will be increased from Rs 18,000 to Rs 26,000. That is, the minimum salary will increase by Rs 8,000 directly. The employees are demanding the government to increase the fitment factor from 2.57 per cent to 3.68 per cent.

Dearness allowance should be increased with the budget

The government increases Dearness allowance (DA) twice a year in January and July. Government employees have been demanding that the first hike in DA of the year should be done along with the budget to be presented on February 1 or later. So that, before Holi, their salary can be increased. If media reports are to be believed then the government can increase DA between 3 to 5 percent. Right now the DA is 38 per cent.

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All industries, businessmen, taxpayers, experts etc. are sending their expectations from the budget to Finance Minister Nirmala Sitharaman through different mediums. Private sector employees also have high hopes from this budget.

Private sector employees are expecting some reduction in tax burden. He wants the National Pension System limit for him to be increased to 14 per cent at par with government employees. Experts believe that this will help private employees in planning their retirement. At present, government employees are eligible for enhanced deduction up to 14% of basic salary in NPS under section 80CCD (2) of the IT Act.

At present, the limit of NPS contribution is 10 percent.

At present, the limit for private sector employees is only 10 percent. Experts believe that due to the lower limit, private sector employees may be less enthusiastic to choose NPS as a retirement investment.

What is NPS

The National Pension System, operated under the National Pension System Trust, is a government-run investment scheme that gives the subscriber the option to decide the preferred allocation across various asset classes. NPS offers two types of accounts Tier-1 and Tier-2.

The budget session is starting from January 31.

Significantly, this time the budget session of the Parliament will start from January 31, 2023, on which day President Draupadi Murmu will address the joint sitting of Lok Sabha and Rajya Sabha. The session will have 27 sittings and will continue till April 6. The first phase of the session will be from January 31 to February 14. After a break of about a month, the second phase of the budget session will start from March 12 and will continue till April 6.

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This is the reason that the government is expected to present a populist budget, in which important announcements can be made for farmers, salary class, middle class people. Finance Minister Nirmala Sitharaman can make this important announcement in the budget for taxpayers and common people.

80C exemption on investment up to 1.50 lakhs

The Finance Minister had said a few days back that she understands the problems of the middle class. The government is considering increasing the tax exemption limit under 80C in the budget. It is believed that Finance Minister Nirmala Sitharaman may announce an increase in the 80C limit on the budget day. Savings and investment options like insurance, FDs, bonds, home loan principal and PPF come under 80C. At present, under 80C, an investment of Rs 1.50 lakh is exempted. Now it can be increased to Rs 2 lakh.

Standard deduction limit may increase

It is expected that the government may increase the standard deduction limit in the budget. From the year 2019, the standard deduction remains at Rs 50,000. It is believed that the government may increase it to Rs 1,00,000. Also, the government can increase the limit of income tax exemption. At present, income up to Rs 2.50 lakh is not taxed. The government can increase this limit.

Tax relief can be available on LTCG

Through Budget 2023, the government may provide relief in Long Term Capital Gain Tax (LTCG) to retail mutual fund and stock investors in the market. Removal of LTCG on equity will increase investment in equity. Currently, if the profit exceeds Rs 1 lakh in a financial year, then 10% long-term capital gain is levied on it. This time it is expected that the government can give some relief in this.

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