According to the new notification, three percent interest will be charged if the full amount is not deposited by the due date. As per the existing rules, now a minimum of three months’ interest will have to be paid. This reform clarifies the provisions of the Income Tax (No. 2) Bill, 2025, which replaces the Income Tax Act of 1961.

The Finance Ministry on Tuesday issued a correction notification changing the provision for interest recovery on underpayment of advance tax under the new Income Tax Bill. After this change, the calculation of interest on delay in advance tax payment will be in accordance with the provisions of the current Income Tax Act, 1961.

Provision of 3% interest recovery

According to the new notification issued by the government, if a taxpayer does not deposit the full amount of advance tax by the due date, then three percent interest will be charged on it. This interest will be applicable on the amount underpaid and it will be calculated on the basis of the due date of the respective quarter.

Existing rules for payment of advance tax

As per the current rules, taxpayers who owe tax of Rs 10,000 or more are required to pay advance tax in four installments. The dates for these installments are June 15, September 15, December 15 and March 15. If the taxpayer pays less than the prescribed amount on any of these dates, interest becomes payable.

Old provision in the bill passed in Lok Sabha

The Income Tax (No. 2) Bill, 2025, passed in the Lok Sabha on Monday, earlier had a provision that if the taxpayer makes the short payment on the next day of the quarterly due date, then only one per cent interest for one month would be charged. This provision was different from the existing tax law and was creating confusion.

Clarity provided by reform notification

According to Sandeep Jhunjhunwala, partner at consultancy firm Nangia Andersen LLP, the amendment notification has been issued to bring the old provision in line with the current law. Now it is clear that if the advance tax shortfall is made good even a day before the due date, a minimum of three months’ interest will have to be paid.

Sweeping changes to the new law

The Income Tax (No. 2) Bill, 2025 will completely replace the six-decade-old Income Tax Act, 1961, when it comes into force. The new law will be simplified and more understandable by reducing the number of chapters and sections.

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The Finance Ministry issued a circular on July 2, 2025, saying, “During the year 2025-26, interest will be paid at the rate of 7.1 per cent on deposits in the General Provident Fund and other similar funds. This rate will be effective from July 1, 2025.”

On which funds is this interest applicable?

The following Provident Fund schemes will come under this interest rate-

• General Provident Fund (Central Services)
• Contributory Provident Fund (India)
• All India Services Provident Fund
• State Railway Provident Fund
• General Provident Fund (Defense Services)
• Indian Ordnance Department Provident Fund

The post Finance Ministry announced the interest rate for GPF July to September quarter; check details first appeared on Rightsofemployees.com.

The government is considering increasing the limit of insurance on customer deposits in bank accounts. Currently, depositors get insurance protection on an amount of up to ₹ 5 lakh. This limit can be increased to ten lakh rupees. According to a report by Business Standard, this limit can be increased in the coming six months. A senior official of the Finance Ministry informed on the condition of anonymity that the government is working actively in this direction.

Deposit insurance is the security amount that the depositor gets in case of bankruptcy of the bank. Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly owned subsidiary of the Reserve Bank of India. It manages deposit insurance in the country’s commercial banks, regional rural banks, local banks and cooperative banks. Earlier in February, Financial Services Secretary M Nagaraju had said that the proposal to increase deposit insurance is being considered and the Finance Ministry will notify it after the Cabinet takes a decision.

The official said that the Finance Ministry is considering several important aspects before deciding the new limit. It is being seen how many account holders will benefit from increasing the insurance limit, how much of the total deposit amount will come under this purview and how much guarantee the government is in a position to give for this. Apart from this, the final decision will also depend on the current income level and the currently insured deposits.

In response to a recent question on this subject, RBI Governor Sanjay Malhotra said that there is no formal proposal in this regard yet. He said that the current deposit insurance limit is ₹ 5 lakh, which was increased from ₹ 1 lakh about five years ago. Today, about 97% of bank account holders are covered under this limit.

Insurance limit increased many times before

The deposit insurance scheme in India was introduced in 1962, when the limit was fixed at ₹1,500 per depositor. It was then increased from time to time. It was increased to ₹20,000 in 1976, ₹30,000 in 1980 and ₹1 lakh in 1993. Later, it was increased to ₹5 lakh in February 2020 due to the Punjab & Maharashtra Cooperative Bank crisis.

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Union Labor and Employment Minister Mansukh Mandaviya has given important information related to the launch of EPFO ​​ATM card and mobile app. Mansukh Mandaviya said that the mobile app and debit card facility of the Employee Provident Fund Organization will be launched by May-June of this year.

Know the latest updates on EPFO’s mobile app

The Union Minister also informed that the entire IT system will be upgraded under EPFO ​​2.0. Work is going on regarding this and it is expected to be completed by the end of January. In this episode, the EPFO ​​3.0 app will be launched by May-June 2025 i.e. by the middle of the year, through which EPFO ​​subscribers will be able to get banking facility. In particular, it will centralize the entire system of EPFO ​​and make the claim settlement process easier.

Discussions continue between the Finance Ministry and the Reserve Bank

According to sources in the Ministry of Labor, discussions are going on between the Finance Ministry and the Reserve Bank of India to provide banking facilities to the subscribers of the Employees’ Provident Fund Organization from anywhere in the country through EPFO ​​3.0. As soon as this is implemented, EPFO ​​​​members will be able to get access to debit cards and withdraw their PF funds from ATMs.

What will be the PF withdrawal limit?

One important thing to keep in mind is that subscribers will not get the opportunity to withdraw their entire PF amount and contribution through EPFO ​​ATM card. For this, a withdrawal limit will be imposed so that EPFO ​​members cannot withdraw all the money at once. One important thing is that for this withdrawal limit, you will not need to take permission from EPFO ​​beforehand, whereas earlier it was necessary to take permission from EPFO.

What will be its benefit?

The biggest advantage of these updates and initiatives will be that they will bring a lot of relief to EPFO ​​subscribers and they will not need to fill long forms to withdraw their own money. Apart from this, they will also not have to visit the EPFO ​​office.

The post EPFO ATM Card: Biggest update regarding EPFO’s ATM card and mobile app launch – Check Details Immediately first appeared on Rightsofemployees.com.

It said, “The interest rates on various small savings schemes for the fourth quarter of the financial year 2024-25 will remain unchanged from the rates notified for the third quarter of the financial year.

According to the notification, deposits under Sukanya Samriddhi Yojana will get an interest rate of 8.2 percent. The rate on three-year fixed deposits will remain at 7.1 percent being offered in the third quarter. Interest rates on Public Provident Fund (PPF) and Post Office Savings Deposit Schemes have also been retained at 7.1 percent and four percent respectively. The interest rate on Kisan Vikas Patra will be 7.5 percent and investments will mature in 115 months.

The interest rate on National Savings Certificate (NSC) will remain at 7.7 percent for the period January-March 2025. Like the third quarter, investments in Monthly Income Scheme will get 7.4 percent interest. There has been no change in interest rates for the last four quarters. The government last made changes in some schemes for the fourth quarter of FY 2023-24. The government notifies interest rates on small savings schemes run by post offices and banks every quarter.

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The post New PPF Interest Rate: Govt has released the New rates of saving schemes like PPF-NSC, check it out instantly first appeared on Rightsofemployees.com.

Last year, from April 1, 2023 to November 30, 2023, the Income Tax Department had issued a tax refund (ITR Refund) of Rs 2.03 lakh crore.

In a statement issued by the Finance Ministry, it was said that the acceleration in the refund process this year reflects the concrete efforts of the Ministry and the Central Board of Direct Taxes (CBDT) has played an important role in achieving this feat.

The Finance Ministry in its year-end review said that 26.35 per cent of IITRs for FY 2024-25 have been settled within just one week of processing, as against 22.56 per cent during FY 2023-24. This year-on-year jump not only reflects the capacity of the system but also the active participation of taxpayers in adhering to the deadlines.
According to data, at its peak this year, the Income Tax Return portal handled over 900 filings a second and around 70 lakh ITRs (Income Tax Returns) in a day.

Record 1.62 crore ITRs processed in a day

The statement further said that a record 1.62 crore ITRs have been processed in a day for the assessment year 2024-25. The highest number of 69.93 lakh ITRs were issued on 31 July 2024. As of November 22, about 8.50 crore ITRs have been submitted. This is 7.32 percent more than the ITRs submitted last year.

“The Central Board of Direct Taxes strives for greater transparency by timely release of data and assists taxpayers through timely awareness campaigns,” the statement said.

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The aim of these suggestions is to promote more transparency in the transfer policy of public sector banks. According to a consultation issued to the heads of PSBs, the Department of Financial Services has asked the banks to incorporate these suggestions in their respective ‘transfer policy’ with the approval of their boards and take immediate action for its implementation from 2025-26.

The consultation said, “PSBs are also advised to send a copy of the revised policy to this department as soon as possible.” It said that the transfer policy has been reviewed to promote more transparency and to formulate a uniform and non-discretionary policy.

These changes include banks automating the transfer process and developing an online process for this with features to give location preference options to employees. The letter said, “Women employees should be transferred to places, stations, areas as close as possible.”

The Finance Ministry said that complaints regarding violation of transfer policy should be addressed carefully. Banks are encouraged to complete the transfer process by June every year, unless required for promotion or administrative reasons, and it has been asked to avoid mid-year transfers.

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If this plan is implemented, banks will remain closed on all Saturdays and Sundays. Currently, banks are closed only on all Sundays and second and fourth Saturdays. This can prove to be a big milestone in the banking system. This step will be an important step towards creating a better work life balance for banking professionals. There is a consensus on this issue between the Indian Banks Association (IBA) and employee unions. Bank employees have been demanding 5 days working for a long time.

This will be the new time for opening and closing of banks

If the government approves this plan, bank employees will get Saturday and Sunday off. This will increase the daily working hours by 40 minutes. In most areas, banks open from 9:30 am to 5:30 pm, but this time may soon change to 9 am to 5:40 pm. However, some branches still keep public hours from 10 am to 4 pm.

Banks will remain open for 40 minutes extra from Monday to Friday

An agreement has been reached between the Indian Banks Association (IBA) and employee unions. Bank employee unions have said that this will not reduce the hours of customer service. For this, there is also a proposal to increase the working hours by 40 minutes. In December 2023, a Memorandum of Understanding was signed between IBA and bank unions for public and private sector banks. After this, on March 8, 2024, IBA and All India Bank Officers Confederation issued a joint note, giving information about working 5 days a week and weekend holidays.

When will the government allow banks to remain closed for two days?

In September 2024, the All India Bank Officers Confederation (AIBOC) in a post on X urged the Ministry of Finance and the Prime Minister’s Office to approve the proposal quickly. AIBOC said that this is necessary for the welfare of bank employees and to increase the efficiency of the banking sector. According to reports, bank employee unions expect the government to issue a notification by the end of this year or early 2025.

The government last gave two Saturdays off in 2015

Once approved, Saturdays will be recognised as official holidays under Section 25 of the Indian Unions Act. Currently, banks are closed only on second and fourth Saturdays. Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement in 2015, the RBI and the government had agreed with the IBA and declared second and fourth Saturdays as holidays.

Bank employees will benefit

After the new list is released, customers will have to verify the hours of operation of local branches. The final decision of the central government can help in maintaining the work life balance of bank employees across India. A senior bank official said that the 5-day working week will be very beneficial for bank employees, helping them to recharge and increase their productivity. Banking professionals have been eagerly waiting for the government’s approval for a long time. The government is expected to take a decision by December 2024.

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There is big news for government employees. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds. From October 1, 2024 to December 31, 2024, GPF and other similar funds will get interest at the rate of 7.1 percent. For the October-December 2024 quarter, the government has not changed the interest rates on GPF and similar linked funds.

Government fixed GPF rates for October-December 2024

This has been announced according to the Department of Economic Affairs (DEA) of the Ministry of Finance on 3 October 2024. General Provident Fund deposits and similar funds will get interest at the rate of 7.1 percent in the October to December quarter. The government has not made any change in the interest rates.

Interest on GPF is same as that on PPF

GPF is getting the same interest rate as PPF. GPF rates are same as Public Provident Fund (PPF) rates. All the funds mentioned below will also get interest at the rate of 7.1 percent.

These are also other provident funds like GPF

1. General Provident Fund (Central Services).

2. Contributory Provident Fund (India).

3. All India Service Provident Fund

4. State Railway Provident Fund

5. General Provident Fund (Defence Service)

6. Indian Ordnance Department Provident Fund

7. Indian Ordnance Department Factories Provident Fund

8. Indian Naval Dockyard Workers (Provident Fund).

9. Defence Services Officers Provident Fund.

10. Armed Forces Personnel Provident Fund.

What is General Provident Fund (GPF)?

General Provident Fund is a type of Provident Fund which is given only to the Central Government employees of India. Everyone in the government can deposit a part of their salary in the General Provident Fund. When the employee retires, he gets the money and interest accumulated during his period. The Finance Ministry reviews the GPF interest rate every quarter.

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The post GPF Interest Rate: Govt has fixed the rates of GPF, this much interest will be given in October-December first appeared on Rightsofemployees.com.

You must have opened an account in Public Provident Fund (PPF). Till now you used to get double benefit in this account. Firstly, you used to get full interest by opening it in your name and secondly, you used to get interest by opening an account in the name of your minor child. But, today i.e. from October 1, 2024, the government has stopped this dual benefit on PPF account. Now if you have opened an account in the name of the child, then you will not get PPF interest till he/she turns 18 years old.

If we look at the guidelines issued by the Department of Economic Affairs of the Finance Ministry, it is known that a new rule has come into effect on PPF from October 1. This will not only affect the accounts of minors, but NRIs will also have to follow the new rule on PPF accounts. The new rule also applies to more than one account opened by you. We are telling you about all these effects one by one.

What has changed regarding minor accounts?

The biggest update related to PPF has been done regarding minor accounts. If you have opened a PPF account in the name of a child below 18 years of age, then now the government will not give the full PPF interest on it. Let us tell you that currently 7.1 percent interest is being given on PPF. Under the new rules, till the minor completes 18 years of age, this account will be given the same interest as Post Office Savings Account, which is currently 4 percent. After completing 18 years of age, complete control of the account will come to the child and then 7.1 percent or whatever is the PPF interest, will be given on it.

Maturity period has changed

The government has issued another update regarding the PPF account of minors. Under the new guidelines, now the maturity date of the PPF account opened in the name of a minor will be counted from the day he becomes an adult i.e. the day he completes 18 years of age. This change has been made so that after becoming an adult, he can manage his account well.

If you have more than one account…

Another change related to PPF account has come into effect from today. If you have more than one PPF account, then a new rule for calculating interest will be applicable on it. In this, only the account which has been opened earlier will be allowed to invest Rs 1.5 lakh annually and on this you will be given PPF interest i.e. 7.1 percent return. If the total balance of all the accounts is less than 1.5 lakh, then the money of the remaining accounts will also be transferred to the primary account and interest will be given on it. But, if the total balance is more than 1.5 lakh, then you will not get any interest on the additional amount. The special thing is that apart from the primary and secondary account, no interest will be given in any other account, no matter what your limit is.

Big blow to NRIs

The government has made a big change regarding the PPF account of NRIs. The new guideline states that if NRIs do not give clear information about citizenship in their Form H, then no interest will be given on their accounts after September 30, 2024. Till then, they will get the same interest on PPF account as the post office savings account, which is 4 percent.

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Small Savings Scheme Interest Rate: Government’s big announcement on interest rates of small savings schemes

The post PPF New Rule : Finance Ministry has issued a new guideline regarding PPF account, know the new rule first appeared on Rightsofemployees.com.

The government’s decision on the interest rates of small savings schemes including PPF, Sukanya and NSC has come. The government has not made any change in the interest rates of small savings schemes including PPF for the third quarter starting from October 1.

The Department of Economic Affairs of the Finance Ministry issued a circular on Monday in this regard, which said that like the second quarter, the interest rates on small savings schemes will remain the same in the third quarter as well. Let us tell you that no change has been made in the interest rates for the last three quarters. The government last made changes in some schemes for the fourth quarter of the last financial year.

What did the government say

The Ministry of Finance said in a press release on September 30, 2024, “The interest rates on various small savings schemes for the third quarter of the financial year 2024-25, starting from October 1, 2024 and ending on December 31, 2024, will remain unchanged for the second quarter of the financial year 2024-25.” Let us tell you that the government notifies the interest rates every quarter for these small savings schemes run by post offices and banks.

How much interest on which scheme-

According to the notification, interest on deposits under Sukanya Samriddhi Yojana will continue to be 8.2 per cent as before while the interest rate on three-year fixed deposits will remain at 7.1 per cent.

Apart from this, interest rates for PPF and Post Office Savings Deposit Scheme will also remain at 7.1 percent and 4 percent respectively.

The interest rate on Kisan Vikas Patra will be 7.5 percent and this investment will mature in 115 months. Whereas the interest rate on National Savings Certificate (NSC) will be 7.7 percent.

In the October-December quarter also, the investors of Post Office Monthly Income Scheme will get interest at the rate of 7.4 percent as before.

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According to Finance Ministry sources, FATF wants that when a transaction is done through a credit card, complete information of both the spender and the recipient should be easily available.

A system should be developed that can help in getting information about the person making the transaction and the recipient in real time whenever required. Many credit cards are not even linked to a bank account, so complete information about the spender is not always easily available.

Credit card charges may increase in future

According to Finance Ministry sources, the regulator is in talks with the companies operating credit cards in India regarding this and the credit card companies will bear the cost of this change. This may increase the credit card charges in the future.

According to the Finance Ministry, the speed of transactions will not be affected by the changes being made to bring transparency. Currently, the credit card mainly has the name of the user and the country can also be traced from their number.

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According to the Finance Ministry, FATF also wants to increase transparency in online transactions during foreign travel and India is also in favour of this. Currently, there are many payment aggregators whose standards need to be raised and efforts are being made to bring all of them under the regulatory purview. These aggregators are not as transparent as banks. RBI is working in this direction.

According to the Finance Ministry, India has also started trying to bring transparency in those non-financial institutions through which financial transactions are done indirectly at the global level. According to the Ministry, financial exchange takes place at the global level through institutions like jewellery purchase and sale, casinos, chartered accountant firms etc.

India is a victim of terrorist funding

FATF is a group of 40 countries and countries that do not follow its recommendations can face financial sanctions at the global level. This group evaluates the financial system of member countries. On September 19, FATF is going to release a report on the evaluation of India’s financial system.

India will play an important role in stopping terrorist funding. According to Finance Ministry sources, India is going to play a leading role in stopping terrorist funding at the global level from the platform of FATF. According to the Finance Ministry, India has been a victim of terrorist funding and India has worked a lot on the model of terrorist funding and has also achieved success in stopping this type of funding.

Pakistan was put on the grey list by FATF

India will give the world a model of those examples and other measures to stop terrorist funding. It was India that had informed FATF about the terrorist funding happening in Pakistan, after which Pakistan was put on the grey list by FATF.

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The post Credit card transaction: There may be a change in online and credit card transaction rules first appeared on Rightsofemployees.com.

Big news has come for those who invest money in post office small savings schemes like PPF, SSY and NSS. The government is going to change the rules related to these schemes, which will be implemented from October 1. If you have also invested or are investing in these schemes, then this news is important for you. Earlier this week, the Department of Economic Affairs under the Union Finance Ministry has issued guidelines regarding the new rules.  

The Finance Ministry has issued a guideline regarding small savings accounts. It states that if any account is found irregular, it should be sent for necessary regularization by the Finance Ministry in compliance with the established rules. Under the guidelines, the department has issued six new rules, which are for National Savings Scheme, Public Provident Fund (PPF) and Sukanya Samriddhi Account. 

Rules are divided into these six categories 

• Irregular National Savings Scheme (NSS) accounts 
• Public Provident Fund (PPF) account in the name of a minor 
• When multiple PPF accounts are opened 
• PPF accounts opened by NRIs 
• Sukanya Samriddhi Account opened by grandparents instead of guardian

1. Irregular NSS Account

It is divided into three categories.  First – Rules under two NSS-87 accounts opened before DG’s order (2 April 1990). The prevailing scheme rate will be applicable on the first account opened, while the prevailing POSA rate with a rate of 200 bps on the outstanding balance will be applicable on the second account. The deposit amount in both these accounts should not exceed the annual limit. If excess deposit is made, it will be returned without interest. From October 1, 2024, both accounts will get zero percent interest rate. 

The post Post Office Scheme New Rule: These 6 new rules will be applicable for PPF, SSY schemes from October 1 first appeared on Rightsofemployees.com.

The Revenue Department of the Finance Ministry has issued a notification under the Prevention of Money Laundering Act, allowing 15 reporting entities to undertake Aadhaar-based KYC (Know Your Customer) process.

These firms are involved

The 15 entities also include JM Financial Services, Arihant Capital Market, SMC Global Securities, Aditya Birla Money, RK Stock Holding, Monarch Networth Capital, RKSV Securities, Comfort Securities and OPG Securities Pvt Ltd.

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Accordingly, grants/subsidies received from the central government; fees/subscriptions including RTI fees, tender fees, sale of scrap, PVC cards; authentication, enrolment and update service charges; fixed/term deposits; and interest on bank deposits earned by the UIDAI will be exempt from income tax.

There will be no tax for five years

A notification to this effect was issued by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance. It said that this notification will be applicable for the assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029.

What is UIDAI?

UIDAI is a statutory authority established under the provisions of the Aadhaar Act, 2016 to ensure compliance with the Aadhaar Act and to make rules and regulations consistent with the Act.

This notification will be effective subject to the condition that UIDAI will not engage in any commercial activity; the nature of activities and specified income will remain unchanged throughout the financial year.

The post UIDAI has been exempted from paying income tax for 5 years – Know all Details first appeared on Rightsofemployees.com.

The GST Council last month recommended providing a new optional facility through the GSTR-1A form to allow taxpayers to amend details and/or declare additional details in the GSTR-1 form for a tax period.

However, GSTR-1A has to be filed before filing returns in GSTR-3B for this tax period. The Finance Ministry notified the GSTR-1A form on July 10. Rajat Mohan, Executive Director, business consultancy firm Moore Singhi, said that the Central Board of Indirect Taxes and Customs (CBIC) has significantly enhanced the GST compliance framework with the optional facility of GSTR-1A form.

These will be the benefits

He said, “By providing the facility of timely correction, Form GSTR-1A ensures that the correct tax liability is auto-populated in Form GSTR-3B, thereby reducing errors and leading to a streamlined compliance process.”

Abhishek Jain, Head of Indirect Tax and Partner, KPMG, said that the provision to allow correction in GSTR-1 is a welcome move. This will help businesses to prevent unwanted disputes (especially inadvertent errors) arising on regular matching between GSTR-1 and GSTR-3B.

Taxpayers with annual turnover up to Rs 5 crore can file GSTR-1 within the 13th day of the end of the quarter, while GSTR-3B is filed between the 22nd and 24th day of the next month. Let us tell you that the GST Council makes changes from time to time regarding the Goods and Services Tax in its meetings. In this, the interests of the customers as well as the traders are also kept in mind.

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There is good news for government employees. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds. From April 1, 2024 to June 30, 2024, GPF and other similar funds will get interest at the rate of 7.1 percent. Earlier, for the January-March 2024 quarter also, the government has not changed the interest rates on GPF and similar linked funds.

The government has fixed the rates of GPF

On June 10, 2024, according to the Department of Economic Affairs (DEA) of the Ministry of Finance, it has been announced that during the year 2024-2025, the money deposited by the subscribers for the General Provident Fund and similar funds will get interest at the rate of 7.1 percent from April 1, 2024 to June 30, 2024. The government has maintained the interest rates this time as well as last time. GPF is getting the same interest as PPF. The rate of GPF runs like the rates of Public Provident Fund (PPF). All the funds mentioned below will also get interest at the rate of 7.1 percent.

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These are also provident funds

1. General Provident Fund (Central Services).

2. Contributory Provident Fund (India).

3. All India Service Provident Fund

4. State Railway Provident Fund

5. General Provident Fund (Defence Service)

6. Indian Ordnance Department Provident Fund

7. Indian Ordnance Department Factories Provident Fund

8. Indian Naval Dockyard Workers (Provident Fund).

9. Defence Services Officers Provident Fund.

10. Armed Forces Personnel Provident Fund.

What is General Provident Fund (GPF)?

General Provident Fund is a type of provident fund which is given only to Indian government employees. Everyone in the government can deposit a part of their salary in the General Provident Fund. When the employee retires, he gets the money and interest deposited during his period. The Finance Ministry reviews the GPF interest rate every quarter.

The post GPF Interest Rate Update: Finance Ministry has announced the interest rates for GPF and other provident funds first appeared on Rightsofemployees.com.

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

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

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

What is the estimate?

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

The government raised this much money

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

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

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The ‘Department of Expenditure’ of the Finance Ministry has issued a relief order for government employees. The office memorandum issued on April 1 states that if any amount has been deposited in an employee’s account under overpayment, it will not be recovered. In this case, the limit of overpayment amount has been kept at Rs 2 lakh. If money has been transferred to a government servant’s account by mistake, he will not be troubled.

If there has been overpayment, it has been made mandatory to issue an order for its recovery within a month. The Finance Ministry has cited Rule 15 of the Delegation of Financial Powers Rules (DFPR), 2024 in this matter. It states that government employees may be exempted from recovery of overpayments made by a ministry or department. However, for this the concerned department will have to follow certain conditions.

Overpayment cases go on for a long time

Cases of overpayment keep coming to light in various ministries and departments of the Central Government. In some cases notice is given soon, while in many cases the files keep rotating from one table to another for a long time. Many such cases have come to light in which an employee retires, but his overpayment case is not resolved. After retirement, recovery is demanded from him. In May 2022, the Supreme Court had said in a judgment that additional payment made to an employee cannot be recovered after his retirement on the ground that he was given increment due to some mistake.

What does the Supreme Court order say?

A bench of Justice S A Nazeer and Justice Vikram Nath had said, stay on recovery of additional payment is allowed by the courts. This is not because of any right of the employees, but under judicial discretion to save the employees from the hardship caused to them. If the additional amount has not been paid due to any misrepresentation or fraud by the employee, if the excess payment was made by the employer by applying an incorrect principle of calculation of pay and allowances or on the basis of any particular interpretation of the rule which subsequently If found incorrect, the overpayment made is not recoverable. The Supreme Court had said that a government servant, especially one in the lower ranks of the service, spends whatever amount he receives for the maintenance of his family. The Supreme Court held that where the employee knows that the payment received by him exceeds the amount due or has been wrongly paid or where the wrongful payment is soon discovered, the court will not give him relief against recovery.

As per the Office Memorandum of the Finance Ministry, the Financial Advisor ‘FA’ will send the file of overpayment to the Secretary of the concerned Ministry/Department. In that the FA will recommend that the extra payment be waived. Such cases will be dealt with under Rule 15 of the Delegation of Financial Powers Rules (DFPR), 2024. The Departmental Administrator and any other subordinate authority in the Government of India to whom powers may be entrusted by or under a special order of the President may waive recovery of the amount overpaid.

What are the conditions?

In this case the department will have to follow certain conditions. The date of issue of order for recovery of overpayment will be an important input for taking decision regarding rebate. Such order for recovery of overpayment should be issued within one month from the date of detection of overpayment. According to Rule 15 of DFPR 2024, a department of the Government of India can waive recovery of overpayment up to Rs 2 lakh.

Ministries/Departments should examine all proposals as per the provisions prescribed in Rule 15 of DFPR. They should verify that in cases of exemption, there is no serious negligence on the part of any Government servant which may require disciplinary action by a higher authority.

Financial advisors recommend discount cases

If any Ministry/Department believes that the loss caused by overpayment is due to any defect in the existing rules or procedures, it will be brought to the notice of the Department/Ministry with the authority to amend such rules or procedures. Guidelines in this regard have also been issued by DOPT.

The orders issued on 02.03.2016 by the Administrative Ministry/Department will be strictly followed while considering exemption of additional payments made to Government servants. Each case of exemption should be recommended by a financial advisor. It must be approved by the Administrative Secretary.

In cases where waiver of recovery arises from a court direction, the Ministries/Departments should satisfy themselves that there are reasonable justifications for not challenging such court direction. If any recovery, which has subsequently been waived, is due to misinterpretation of rules or procedures, the Ministry/Department will review all the cases held similarly to examine the need for waiver of recovery in future cases.

can do. In case of misinterpretation of rules or procedures, the Ministry/Department will take appropriate measures to ensure that such deficiencies are rectified. If any inquiry has been conducted to fix responsibility, the final report as well as the action taken by the Ministry may be placed on record.

If misinterpretation of rules or procedures (for example, incorrect pay fixation) remains undetected for a long time, the Ministry/Department may place on record appropriate justification as to why such cases were not noticed during regular reviews. In this matter, internal audit, etc. files should be looked into. Cases involving exemption from recovery of more than Rs 2 lakh should be referred to DoPT.

Such cases may be sent along with the filled checklist (attached to this Office Memorandum) along with a detailed note including the information given at Para-3. DoPT says that even if any recovery order has been given by the court, study it thoroughly. See that the employee keeps his word. There is no fault of his and the court order is worth challenging, so challenge it. Meaning, no harm should be caused to the government employee.

LIC Pension Scheme : Invest once in this scheme of LIC, you will get a pension of Rs 12000 every month.

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Income Tax Update: There is a lot of discussion on social media regarding the new tax regime. Now the Finance Ministry has given clear information regarding the tax regime. For the last few days, many misleading things were being seen on social media regarding the new tax regime.

Along with this, it was being told that there is going to be a change in the tax regime from April 1, 2024, but the Finance Ministry has made it clear by tweeting that there is not going to be any change in the tax regime.

Finance Ministry gave information
The ministry has said that no new changes have been made from April 1, 2024. A revised new income tax system was implemented for the people in the financial year starting from April 1, 2023, under which the tax rates are “much lower”. However, it does not have the benefit of various exemptions and deductions (except the standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) like the old system.

It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that:

👉 There is no new change which is coming in from 01.04.2024.

👉 The new tax regime under section 115BAC(1A) was… pic.twitter.com/DtKGkK0D5H

— Ministry of Finance (@FinMinIndia) March 31, 2024

The ministry has said that the new tax regime is the ‘default’ tax system. However, taxpayers can choose the new or old tax system as per their convenience as per their convenience… The option to opt out of the new tax system is available till the filing of return for the year 2024-25.

How much is the tax?
In the new tax regime, there is no tax on annual salary of Rs 0-3 lakh. After this, 5% tax is levied on income of Rs 3 to 6 lakh, 10% on income of Rs 6 to 9 lakh, 15% on income of Rs 9 to 12 lakh, 20% on income of Rs 12 to 15 lakh and 30% on income above Rs 15 lakh. Apart from this, 4% is charged as Health and Education Cess.

If you do not choose the tax regime then…
Let us tell you that if any taxpayer forgets to select his tax regime or does not select the tax regime, then his new tax regime will automatically be implemented. After this, your tax will be automatically deducted as per the new tax regime.

Tax slab in old tax regime-

• 0 to ₹2.5 lakh = 0
• ₹2.5 lakh to ₹5 lakh = 5%
• ₹5 lakh to ₹10 lakh = 20%
• Above ₹10 lakh = 30%

RBI Gave New Update! 97.69 percent of ₹2,000 notes returned to the banking system

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New Delhi. The government had released the GDP figures for the December quarter of the current financial year (India Q3 GDP) on Thursday (29 February). The country’s GDP growth in the third quarter was at the rate of 8.4%. At the same time, now good news has come in the matter of GST collection. In fact, according to the data released by the Finance Ministry on Friday, due to increase in domestic transactions, GST collection in February increased by 12.5 percent to more than Rs 1.68 lakh crore.

With this, the total gross GST collection in the first 11 months of the current financial year has reached Rs 18.40 lakh crore. This is 11.7 percent more than the tax collection during the same period of the last financial year.

👉 ₹1,68,337 crore gross #GST revenue collected during February 2024; records Year-on-Year (Y-o-Y) growth of 12.5%

👉 Average monthly gross collection for FY2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY2022-23

👉 Gross #GST collection reaches ₹18.40 lakh crore for… pic.twitter.com/JeQge9OUNT

— Ministry of Finance (@FinMinIndia) March 1, 2024

Average monthly GST collection in FY24 is Rs 1.67 lakh crore.

The average monthly GST collection in the current financial year (FY24) has been Rs 1.67 lakh crore, which is more than Rs 1.5 lakh crore in the last financial year. The ministry said in a statement, ‘The gross GST revenue collected in February, 2024 is Rs 1,68,337 crore, which is 12.5 percent more than the same month of 2023.’

Reason for increase in GST collection:

Behind this strong growth in tax collection, 13.9 percent increase in duty from domestic transactions and 8.5 percent increase in GST from import of goods played an important role.

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The E-V branch of the Expenditure Department of the Finance Ministry has responded to the said letter last week. It said that the committee constituted under the chairmanship of Secretary/SE, Ministry of Finance, on the issue of NPS, has held two rounds of detailed discussions with the Staff Side of National Council (JCM) in this regard. The Committee has taken note of the valuable suggestions from the Side of the National Council. The points mentioned in the letter sent by NJCA on January 11 have already been placed before the committee.

‘NPS’ without guarantee is not acceptable

Restoration of Old Pension Scheme Joint Forum/National Joint Council of Action convener Shiv Gopal Mishra had written a letter to the Finance Ministry demanding restoration of old pension. Mishra said, we have requested the government several times that the old pension should be implemented.

‘NPS’ scheme without guarantee is not acceptable to government employees. The central government will have to end it. Nothing less than the restoration of the ‘old pension scheme’ which was defined and guaranteed to government employees is acceptable. In his letter, Shiv Gopal Mishra had mentioned the employees of the Central Government, including Railways, Defence, Postal, Income Tax, Accounts and Audit, Central Secretariat, ISRO and DAE etc.

Apart from these, the letter also demanded to bring autonomous organizations, central paramilitary forces, government employees of all states, employees of UT areas, primary teachers, high school teachers, higher education department, college and university teachers under the ambit of old pension. Was.

Situation on OPS will be clear in the interim budget

Sources say that in the interim budget to be presented on February 1, the situation will become clear whether government employees will come under the ambit of old pension or NPS will continue. The Central Government will not reinstate OPS, but a draft to make NPS more attractive can be seen in the interim budget.

Ten percent of the employees’ money and 14 percent of the government’s money are being deposited in NPS, the government can make major changes in this. The government is making efforts to add the word ‘guaranteed’ in the old pension, which gives an assurance to the employees, in the NPS as well. If DA/DR rates are increased, something new may be seen on how the employees can get partial benefit in NPS.

Agreed to indefinite strike

AIDEF General Secretary C. Sreekumar says, if the ‘old pension’ is not implemented before the Lok Sabha elections, the BJP will have to suffer the consequences. Including employees, pensioners and their relatives, this number crosses ten crores. This number is decisive to cause a major upset in the elections.

This is why employee organizations are now contacting various political parties. If they accept the demands of the employees, then the support of ten crore votes can go in favor of the concerned political party. Two major employee organizations of the country, Railways and Defense (Civil), have given their consent for an indefinite strike. In the strike ballot, 96 percent of the 11 lakh Railway employees are ready to go on indefinite strike if OPS is not implemented. Apart from this, 97 percent of the four lakh employees of the Defense Department (Civil) are in favor of the strike.

Government silent even after ‘Relay Hunger Strike’

Government employees had recently warned of a nationwide indefinite strike demanding restoration of old pensions in the country. Central employee organizations had conducted ‘Relay Hunger Strike’ across the country from January 8 to January 11.

Its purpose was to warn the government. National Joint Council of Action (NJCA) convenor Shivgopal Mishra had warned the government on the last day of the ‘Relay Hunger Strike’ that there would be no protest for the reinstatement of OPS. The government is forcing us to go on an indefinite strike. If an atmosphere like the 1974 railway strike is created in the country, the central government will be responsible for it.

A meeting of all employee organizations will be called soon. In that meeting, the date of the indefinite strike across the country will be decided. In case of strike, operation of trains and buses will stop. There will be no work in the offices of central and state governments.

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Notification has also been issued in this regard. Besides, LIC has also informed the stock market about this. The new rules have come into effect from December 6. It is noteworthy that in September 2023, the Finance Ministry had made several announcements for LIC agents and employees.

The Finance Ministry had announced increase in gratuity limit and family pension and restoration of renewal commission for the benefit of LIC agents and employees. Now a notification has been issued to increase gratuity from Rs 3 lakh to Rs 5 lakh, increase the rate of family pension to 30 percent and reintroduce renewal commission.

Term insurance cover also increased

According to a report  the term insurance cover for agents was Rs 3,000 to Rs 10,000, which has been increased to Rs 25,000-1,50,000. This will provide better security cover to the families of the agents. Approval has also been given to give family pension at the rate of 30 percent to the families of LIC employees.

Renewal commission reinstated

By making changes in the LIC (Agents) Rules 2017, not only has the gratuity limit for LIC agents been increased from Rs 3 lakh to Rs 5 lakh, but the renewal commission has also been restored. This reinstatement will provide a lot of relief to the agents. Now LIC has considered the re-appointed agents also entitled to receive renewal commission. As per the current LIC rules, agents are not entitled to renewal commission on any business under the old agency.

Important contribution of agents in increasing business

LIC is the largest insurance company in the country. LI has an agent network across the country. About 13 lakh agents of LIC have an important contribution in increasing the business of the company. The market capitalization of LIC is around Rs 5 lakh crore.

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Finance Ministry issued notification

In a recent notification, the Finance Ministry gave information about the decision on the interest of GPF i.e. General Provident Fund. The notification was issued late Thursday evening. According to the notification, 7.1 percent interest will be given on GPF during the March quarter, which was also 7.1 percent in the December quarter. This means that there has been no change in the interest rates of GPF.

Interest on these provident funds also remains stable

Apart from GPF, other similar provident funds will also get interest at the rate of 7.1 percent in the March quarter. According to the notification, the names of the provident funds on which this decision is applicable are – General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, General Provident Fund (Defence Services). ,

Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen’s Provident Fund, Indian Naval Dockyard Workmen’s Provident Fund, Defense Services Officers’ Provident Fund and Armed Forces Personal Provident Fund.

What is GPF…

GPF is a type of provident fund, which is available only to government employees. EPF and PPF are equivalent for private sector employees. A fixed part of the salary of a government employee goes to GPF, provided he is not suspended. The employee’s contribution to GPF stops 3 months before superannuation.

Earlier I was getting this much interest

The government notifies GPF interest rates every quarter. There has been no change in the interest rates of GPF since 2020-21. Before that, in the first quarter of the financial year 2019-20, 8 percent interest was being given on GPF, which kept decreasing further. The interest on GPF has been 8 percent most of the time since 2007. Meanwhile, in 2012-13, the highest interest rate on GPF was 8.80 percent.

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Will the income tax slab change?

According to sources associated with the Finance Ministry, a change in the income tax slab may be seen in the budget to provide relief to the taxpayers. However, there will not be much change. But, some relaxation is possible for people of a particular salary group. Talking about the old tax regime, there are a total of 5 slabs of income tax in the current system. Among these, income up to Rs 2.5 lakh comes in tax free category. After this, there is 5 percent tax on income between Rs 2.5 lakh to Rs 5 lakh.

At the same time, 20 percent tax has to be paid directly on income of Rs 5 lakh to Rs 10 lakh. 30 percent tax is levied on income between Rs 10 lakh to Rs 20 lakh and those with income above Rs 20 lakh also have to pay 30 percent tax. At the same time, in the new tax regime, till now salary up to Rs 7 lakh comes under the tax free ambit. Bigger relaxation can be given in this. This can be increased to Rs 10 lakh. There will be no change in the old tax regime. This step can be taken to rationalize the new tax regime.

What will be in the new income tax slab?

If sources in the Finance Ministry are to be believed, the salary structure of up to Rs 10 lakh will be in focus in the budget. There is a possibility of change in this. Currently, salary up to Rs 10 lakh comes in two tax slabs. The first is Rs 6 to 9 lakh, on which there is 10 percent tax. Whereas, 9 lakh to 12 lakh on which there is 15 percent tax. In such a situation, an attempt may be made to convert the two tax slabs into one slab of Rs 10 lakh. There is a plan to impose 10 percent tax on this also. In this, the slab of Rs 6-9 lakh can be changed.

Will people with income of Rs 15 lakh also benefit?

In the current tax system, in the new regime, 20 percent tax is levied on those with income of Rs 15 lakh. Meaning, if we look at up to Rs 10 lakh, tax is levied at the rate of 10 and 15 percent. At the same time, there is 20 percent tax on Rs 15 lakh. There is a possibility that the 15 percent slab may be abolished. 10% tax should be levied directly on income up to Rs 10 lakh and 20% tax should be levied on income between Rs 10 to 15 lakh.

In such a situation, the tax burden on those falling in the 10 to 12 percent slab will increase, but there will be huge relief up to Rs 10 lakh. If sources are to be believed, the plan is to break the slab and make it more attractive than the old regime. However, other relaxations will not be available in this.

If salary is above Rs 15 lakh then there is no benefit

Be it new tax regime or old tax regime, in both the structures, people with salary above Rs 15 lakh have to pay 30 percent tax. The situation will remain similar in the coming days also. There is no intention to give any special exemption to this income group.

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The Finance Ministry informed after the meeting that interest rates on small savings schemes have been increased by 0.20 percent for the January-March 2024 quarter. In the notification issued by the Ministry on December 29, it has been said that the interest rates on 3 year time deposits i.e. Post Office FD have been increased by 10 basis points. Now instead of 7 percent, you will get 7.10 percent interest on it. The new interest rate will be implemented only for the last quarter of the current financial year.

How much interest increased on Sukanya:

It is clearly stated in the notification that the interest rates on Sukanya Samriddhi Scheme have also been increased. For the January-March quarter, interest will be 8.2 percent instead of 8 percent. There has been an increase of 20 basis points on this scheme. The special thing is that the government has increased Sukanya after about 6 quarters.

What is the impact on other schemes?

The Central Government has not made any change in the interest rates on other small savings schemes. For example, no changes have been made on schemes like PPF, NSC. The same interest will be given on all these schemes as for the October-December quarter. Therefore, for those investing in these schemes, the new year will also bring the same old interest rates.

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Review every three months: The government reviews the interest rates of small savings schemes every three months. Last time on September 30, interest rates were increased only on two schemes, while there was no change in other categories of schemes. In such a situation, it is expected that this time a decision on increase in remaining schemes can be taken.

There was no change in their interest rates: At present the government is running a total of 12 types of small savings schemes including Post Office Savings, PPF, Sukanya, Senior Citizen, National Certificate. Last time, the interest rates of most of these savings schemes were kept stable. Only the interest rate for the five-year recurring deposit scheme was increased from 6.5 to 6.7 per cent.

No change in PPF since last three years

Before April 1, 2020, the interest rate on PPF in the country was 7.9%. During the Corona period, the government had revised and reduced the interest rates of many savings schemes in the April-September 2020 quarter. Since then the interest rate of PPF has remained at 7.1 percent. Meanwhile, there were many amendments in interest rates but there was no change in PPF.

It is expected that this time the government may increase the interest rate of PPF after about four years. According to officials, the main reason for not much increase in PPF interest rate is that the return after tax in this scheme is high. In the case of the highest tax bracket, it reaches approximately 10.32 per cent. In view of this, the interest rate is not changed.

Finance Ministry decides

The Finance Ministry announces rates on small post office savings every quarter. Except for small savings schemes, banks decide the rates on FD in their own way based on the repo rate of the Reserve Bank. The purpose of small savings schemes is to encourage common people to save. Also, a source of regular earning is to be provided through Monthly Income Scheme and Senior Citizen Deposit Scheme.

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Giving information on Tuesday, the government said that about 20 percent of the accounts of Pradhan Mantri Jan Dhan Yojana (PMJDY) in the country are inactive. Minister of State for Finance Bhagwat K Karad said in a written reply in the Rajya Sabha that out of the total 10.34 crore inactive PMJDY accounts as of December 6, 4.93 crore are of women.

He said that according to the data received from banks, about 20 percent of the approximately 51.11 crore PMJDY accounts were inactive till December 6.

Rs 12,779 crore in inactive account

He said that the percentage of inactive PMJDY accounts is similar to the percentage of total inactive accounts in the banking sector. He said that the balance deposited in inactive PMJDY accounts is approximately Rs 12,779 crore, which is approximately 6.12 percent of the total deposited balance in PMJDY accounts.

He said that this balance continues to earn interest equal to the interest applicable on active accounts and can be claimed and withdrawn by the depositors at any time after the account is reopened. He said banks are making concerted efforts to reduce the percentage of inoperative accounts and the progress is being regularly monitored by the government.

Finance Ministry gave information

Finance Ministry bans social media platform ‘X’ But it is written that out of the total beneficiaries of this scheme, 55.5 percent are women. According to the ministry, till November 22, a total of Rs 2.10 lakh crore was deposited in these accounts. However, in the total 4.30 crore accounts opened under this scheme, only zero amount was deposited. The reason for this is that there is no obligation to keep any minimum amount in Jan Dhan accounts.

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According to the Union Finance Ministry in Parliament, India’s banking sector has formally proposed to declare all Saturdays as official holidays .  Responding to questions about the Indian Banks Association ( IBA) ‘s demand to implement a five-day working week, Minister of State for Finance Bhagwat Karad confirmed that the IBA had indeed proposed such an approach. Is.

Since 2015, there is a holiday on the second and fourth Saturday.

Since 2015, banks in India have observed public holidays on the second and last fourth Saturday of every month. Bank employees have been demanding a five-day working week for a long time. Public sector bank employees have been making this demand for a long time.

Lakhs of employees are associated with the banking sector

The IBA represents banks in India, including public and private banks, foreign banks present in India, co-operative banks, regional rural banks and all India financial institutions. The banking sector provides employment to more than 1.5 million i.e. about 15 lakh persons.

Banks will work 5 days a week

The Finance Ministry’s response did not indicate whether the proposal has been accepted or could be considered in the near future. If approved, there could be five working days in a week and the working hours of banks could increase. If this change happens then the bank employees will benefit. There will also be changes in the daily operations of the bank.

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As per clarification from India Post, 5-year post office FD opened on or after November 10, 2023 cannot be closed earlier than 4 years from the date of opening of the FD. That means, withdrawal of money from 5 year FD can be done only after 4 years. Whereas, for FDs opened till November 9, 2023, the previous rules for premature withdrawal are applicable.

New rules for premature withdrawal from post office FD 

The government has amended the premature withdrawal rules for post office FDs of different tenures. The new rules are as follows-

1. Any post office FD cannot be withdrawn before 6 months from the date of deposit. At the same time, 5 year post office FD cannot be withdrawn before completion of 4 years.
2. If a 1-year, 2-year or 3-year Post Office FD is withdrawn after 6 months but before one year from the date of deposit, the deposit will earn only Post Office Savings Account interest for that period which is significantly less. will be.
3. If a 2-year or 3-year Post Office FD is prematurely withdrawn after one year, a penalty of 2% will be deducted from the interest rate applicable on 1-year or 2-year Post Office FD.

Old rules for premature withdrawal from post office FD-

1. Old rules for premature withdrawal from post office FDs opened on or before November 9:
2. Money cannot be withdrawn from any post office FD before the expiry of 6 months from the date of deposit.
3. If 1 year, 2 years, 3 years or 5 years post office FD is withdrawn after 6 months but before one year from the date of deposit, then post office savings account interest will be given.
4. If a 2-year, 3-year or 5-year Post Office FD is broken after 1 year, a penalty of 2% will be deducted from the interest rate applicable on 1-year, 2-year or 3-year Post Office FD.

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The increased DA will be considered effective from July 1, 2023. These employees had been waiting for the government’s announcement for a long time. Because, many states including the Center had increased the dearness allowance of other employees even before Diwali. Let us understand how much this decision will benefit the employees.

DA will be 230 percent of basic pay

The Department of Public Enterprises of the Finance Ministry had taken the decision to increase dearness allowance on 16 November. According to the order, employees getting salary according to the grade pay of the 6th Pay Commission will be benefited from this. His DA will be 230 percent of the basic pay. Till now he was getting 221 percent dearness allowance. This decision will be applicable to those employees whose salaries were revised with effect from January 1, 2006 under an order issued on October 14, 2008.

how much will be the benefit

Dearness allowance is calculated on the basis of the basic pay of the employee. With this, the salary of an employee with a basic pay of Rs 40 thousand will increase by approximately Rs 7000. Employees receiving pension will also benefit from this decision.

DA of 7th Pay Commission employees was increased by 4 percent

Before Diwali, the central government had announced a 4 percent increase in DA for employees and pensioners. His DA was increased from 42 percent to 46 percent. After this, DA was increased in many states and union territories also. However, the employees taking salary and pension as per the 6th and 5th Pay Commission were still disappointed.

Why does DA increase?

The increase in DA is done to reduce the effect of inflation. The central government revises dearness allowance twice a year in January and July. DA is calculated on the basis of where the employee is posted. In this it is seen whether he is posted in a big city, small town or rural area. On that basis dearness allowance may be more or less.

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Keeping in mind the recent incident in UCO Bank, public sector banks have been asked to review the systems and processes related to their digital operations. According to sources, the Ministry has advised banks to check the strength of their cyber security and take measures to strengthen it.

Sources said banks should keep a close watch and be prepared for future cyber threats. Amidst the increasing digitalization in the financial sector, the Finance Ministry and the Reserve Bank of India (RBI) have been making banks aware about this at regular intervals. Last week, Rs 820 crore was wrongly transferred to the accounts of some people through Immediate Payment Service (IMPS) in public sector UCO Bank.

Operation is done by NPCI

The IMPS platform is operated by National Payments Corporation of India (NPCI). Money can be transferred instantly between two banks through IMPS. You do not have to wait after transferring money through IMPS.

UCO Bank is making recovery

UCO Bank has told the stock market that it took proactive steps and froze the accounts of the payees and out of Rs 820 crore, Rs 649 crore has been recovered. This is about 79 percent of the total amount sent incorrectly. However, UCO Bank has not yet clarified whether this technical glitch was due to human error or a ‘hacking’ attempt.

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The thing to note is that there has been a decline in employment in rural areas this year. According to the report published in Economic Times, while giving information on this matter, a senior official has said that there has been an increase in the expenditure of funds in NREGA. In such a situation, additional funds have been released to meet the need. After this, the Central Government will take funds from the Government in the next session of Parliament.

Increased demand for employment under MNREGA

It is noteworthy that due to poor rains in this financial year, employment crisis has been seen in rural areas. In such a situation, a senior official had told the Economic Times that this year the government had allocated a budget of Rs 60,000 crore under MNREGA, which has been utilized up to 95 percent even before the winter session. In such a situation, in view of the increasing demand for MNREGA, the government has released an additional budget of Rs 10 thousand crores.

Government has approved additional budget of Rs 24,000 crore

It is noteworthy that this year due to poor monsoon in rural areas and gradual industrial improvement, generally less migration of workers towards cities has been seen. In such a situation, the demand for work under MNREGA has increased in rural areas. In such a situation, 95 percent of the decided budget was spent even before the winter session of Parliament.

In such a situation, in view of the shortage of funds, the Ministry of Rural Development has talked about provision of additional budget of Rs 28,000 crore in the fixed fund. Now the government has also released funds worth Rs 10,000 crore from this.

Budget cuts in FY24

It is worth noting that in the financial year 2024, the Central Government had made a big cut in the budget allocated under MNREGA, reducing it from Rs 88,000 crore to Rs 60,000 crore, although it had also announced that if needed. The government will make provision for more funds.

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Under the order issued by the Finance Ministry, dearness allowance of employees following the scale on CDA pattern of CPSEs has been increased by four features.

They will also be paid 3 months arrears amount. In such a situation, an increase of up to Rs 27000 in the salary of the employees following the CDA pattern pay scale is considered certain. An annual increase of Rs 27,000 will be seen in his salary. Their salary may increase up to Rs 50,000.

The order clarified that the payment of dearness allowance in fractions of 50 paise or more can be rounded off to the next higher rupee.The 50 paise portion of the work can be ignored. This rate is applicable in case of CPSEs CDA employees whose pay was revised as per DPE OM dated 17 August 2017 and was made effective from 1 January 2016.

It has been instructed in the order letter that all the administrative ministry departments are requested to pay the increased dearness allowance and arrear amount to the employees working in the Central Public Sector Industries under administrative control.

Earlier, the dearness allowance of central employees receiving the seventh pay scale was increased by 4%. Its orders were issued by the Finance Ministry, while Railways has also issued orders to increase the dearness allowance of its employees by four percent. Lakhs of pensioners including employees will benefit from this. The Defense Ministry has also taken important decisions in the interest of employees and pensioners and has issued orders for increase in dearness allowance.

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There has been no change in the interest rates of Sukanya Samriddhi Yojana included in the small savings scheme. The Finance Ministry has kept the interest rates stable at 8 percent for the October-December quarter. Let us tell you that the government did not increase interest rates even for the July-September quarter.

However, for the first quarter of the new financial year i.e. April June, the interest rates increased from 7.60 percent to 8 percent. All the useful things related to Sukanya Scheme – From birth to 10 years of age, parents or legal guardians can open an account for the girl child under the scheme.

Sukanya Samriddhi Yojana accounts can be opened in post offices and banks. The minimum deposit amount can be Rs 250 annually and the maximum amount can be invested annually in the name of the daughter. Only one Sukanya Samriddhi Yojana account can be opened in the name of the girl child by the parents or legal guardian. If the minimum deposit amount of Rs 250 is not deposited in a financial year, a penalty of Rs 50 per year will be imposed on default.

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Employees Provident Fund Organization members and Employees Pension Fund (EPF) account holders will not face any problem in withdrawing PF money, because now EPF offices will not be able to easily reject the claim. A new guideline has been issued in this regard.

EPFO members have been given relief from the problems they face in withdrawing PF money and the problem of repeated claim rejections. The Finance Ministry has said that the claims of EPFO ​​subscribers should not be rejected more than once and the claims should be settled within the stipulated time.

It was said that cases of delay in payment and harassment are coming to the fore. It has been observed in many cases that claims were rejected for a particular reason and when it was resubmitted after correction, it was again rejected for other/different reasons. All responsible officers associated with EPFO ​​should ensure that no claim is rejected.

When can members withdraw EPF money?

The amount deposited in EPF account can be withdrawn partially or completely. PF funds can be withdrawn when the employee retires or remains unemployed for more than 2 months continuously. At the same time, some part of the amount can be withdrawn in circumstances like medical emergency, marriage, home loan payment etc.

Online way to withdraw PF

1. First of all, EPFO ​​members log in to the UAN member portal with their UAN and password.
2. Now click on Online Services tab from the top menu bar and select Claim (Form-31, 19 & 10C) from the drop down menu.
3. After this your information will be shown on the screen. Enter the last 4 digits of your bank account and click on Verify.
4. Now click on Yes to sign the undertaking certificate and proceed.
5. Now select the Proceed for Online Claim option.
6. Select PF Advance (Form 31) to withdraw your PF funds online.
7. After this, a new section of the form will open, in which you will have to fill the Purpose for which advance is required and select the required amount and the address of the employee. Keep in mind that all the purposes of withdrawing money will be mentioned in red colour.
8. Now tick on verification and submit your application.
9. Depending on the purpose for which you have filled the form, you may be required to submit scanned documents.
10. Your company will have to accept your withdrawal request, after which the money will be withdrawn from your EPF account and credited to the bank account details you entered while filling the withdrawal form.
11. An SMS will be sent to your mobile number registered with EPFO. Once the claim is processed, the amount will be transferred to your bank account. This money usually arrives within 15-20 days.

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According to the notification, those who have not submitted Aadhaar and PAN while opening the account, it is mandatory for them to do this by 30 September 2023. However, if documents are given then they will not have to be submitted.

Who is required to submit PAN and Aadhaar?

According to the new notification, if the depositor of Small Saving Schemes has opened an account and has not submitted Aadhaar, PAN documents, then it will be mandatory for him to submit these documents by 30th September.

Who is not required to give Aadhaar PAN

According to the website of Canara Bank, PAN has been made mandatory for new users investing in Small Savings Scheme from April 1. This means that if you have opened an account after April 1, 2023, then it is not mandatory for you to submit Aadhaar and PAN by September 30.

What will happen if not linked?

If Aadhaar and PAN are not linked to the account, the account may be suspended till 30 September 2023 until PAN and Aadhaar are deposited in the branch. Account suspension means you will not be able to transact money.

It is noteworthy that the post office schemes include FD, RD, Post Office Monthly Income Scheme, Sukanya Samriddhi Yojana, TD, Mahila Samman Savings Certificate, PPF, Senior Citizen Savings Scheme and Kisan Vikas Patra (KVP).

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Deadline for filing audit report extended by one month

The Central Board of Indirect Taxes (CBDT) on September 18 announced extension of the deadline for filing audit reports for trusts, educational institutions and hospitals for the financial year 2022-23 to October 30 from the earlier September 30. CBDT said in its circular that the due date for submission of audit report in Form 10B/Form 10BB for the financial year 2022-23, which is 30 September 2023, has now been extended to 31 October 2023.

Trusts and institutions got relief

Form 10B pertains to charitable institutions and religious trusts operating under section 12AB of the Income Tax Act, while Form 10BB is required to be filled by educational institutions and medical institutions operating under section 10(23C) of the law.

Last date for submitting ITR-7 extended till 30th November

CBDT has also extended the due date for filing return of income in Form ITR-7 for assessment year 2023-24 from 30 October to 30 November 2023. Let us tell you that ITR-7 form is filled by charitable and religious trusts, political parties, scientific research institutions, universities, colleges or other institutions.

Nearly 7 crore taxpayers have filed ITR

According to the Income Tax Department, till September, about 6.98 crore taxpayers have filed ITR. Out of these, refund has also been issued to about 3 crore taxpayers. Taxpayers who have not been able to file ITR by July 31 have been given the opportunity to file belated ITR till December.

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The country’s Finance Ministry has released a special report on Monday regarding the 2000 rupee note. According to this report, the notes of Rs 2000 in circulation in the country have remained less than 25 percent. The time to deposit these rupees is still till 30th September.

By the way, in the month of August, there are going to be 14 bank holidays including different states of the country, but most of these are from the bank holiday state. Pan India holiday is very less. Even after that, those who have 2000 rupee notes in the country, without wasting time, the ministry is asking them to make deposits. Let us also tell you that what kind of report has been released by the ministry regarding Rs 2000 notes.

Finance Ministry released these figures

Releasing its report, the Finance Ministry said that about 77 per cent of the notes of Rs 2,000 value have been deposited in the banks. According to the Finance Ministry, the number of Rs 2,000 notes in circulation declined by volume to 418 million on June 30 from 1.77 billion on May 19. The ministry said that the value of these notes in circulation declined from Rs 3.56 trillion on May 19 to Rs 84,000 crore on June 30. People have time till September 30 to deposit the remaining money.

Will the deadline be extended?

Now the biggest question is whether the Finance Ministry will extend this deadline. So the government has already answered this question in the monsoon session. Minister of State for Finance Pankaj Chowdhary had made it clear in the Parliament that the government has kept September 30 as the deadline for depositing Rs 2000 notes.

Before that all people will have to deposit Rs 2000 notes. Its deadline will not be extended. So far no decision has been taken on this. In response to another question, he said that the government has no intention of demonetizing any other note right now.

RBI had announced in May

On May 19, the RBI decided to withdraw Rs 2,000 banknotes from circulation while retaining them as legal tender. On the other hand, the RBI advised banks to stop issuing such banknotes immediately and said that all Rs 2,000 notes should be replaced before September 30, 2023.

The Rs 2,000 banknote was issued in November 2016 under section 24(1) of the RBI Act, 1934. In 2016, Rs 2,000 notes were introduced to meet the currency requirements of the economy after the erstwhile Rs 500 and Rs 1,000 banknotes were scrapped as legal tender.

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Today is the last date for filing Income Tax Return (ITR Filing). According to the update released by the Income Tax Department, till the morning of 31 July, 6.13 crore people have filed ITR. There is a continuous demand on social media to extend the last date for filing ITR. Some people believe that its date will be extended by the Finance Ministry. But the government has given a clear refusal for this. But hardly you know that under a rule of Income Tax, penalty will not have to be paid even after filing ITR after 31st July.

Relief on income less than exemption limit

According to Income Tax Expert, under Section 234F (234F) of Income Tax, if your total income (Total Income in FY) is less than the basic exemption limit during a person’s financial year, then filing late ITR will not make any difference. In simple language, it can be said that if your total income in 2022-23 is Rs 2.5 lakh or less as per the old regime, then this rule will apply to you. Under this rule, you will not have to pay penalty for filing income tax after 31st July. The ITR filed on your behalf will be called Zero (0) ITR.

Penalty will have to be paid on late filing, apart from this, if you come under income tax and you miss filing ITR, then you can file belated ITR. However, on this they will have to pay a penalty for late filing. If a taxpayer files ITR after the last date, he will be fined a maximum of Rs 5,000. However, the maximum penalty for late ITR filing is Rs 1,000 for individuals whose total income during the entire financial year does not exceed Rs 5 lakh.

If the taxpayer does not file his ITR, then he will not be able to carry forward the loss incurred in the current assessment year. Apart from this, if they willfully fail to file their returns even after receiving notice from the Income Tax Department, they may face prosecution.

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Now the Finance Ministry has said a big thing about currency notes in the Lok Sabha. So you also know whether the government is now taking a decision to withdraw the Rs 500 note from circulation…? The Ministry of Finance has given a big update on the notes of 500, 1000, 2000 rupees in the Lok Sabha.

September 30 is the last date

According to the information received from the Reserve Bank, till September 30, 2023, you can exchange the 2000 rupee note. The Finance Ministry told the Lok Sabha that the deadline to exchange Rs 2000 notes in banks is till September 30, 2023, and the government is not considering any proposal to extend it further.

Will 500 note also be banned?

Let us tell you that the media has asked the Finance Ministry whether the government will also stop the Rs 500 note to curb black money…? Let us tell you that the government is closing the big notes to stop black money. At present, Rs 500 denomination note is the biggest in the market, so can the Rs 500 note also be banned in the coming days? At present, the Finance Ministry has said that no such scheme has been considered.

Demonetisation happened for the first time in 2016

Modi government had taken the decision of demonetisation for the first time in the year 2016, in which it was decided to close the notes of 500 and 1000 rupees, after which the general public had to face a lot of trouble. Now recently, the government has decided to take out the Rs 2000 note from circulation, after which the question is coming up whether the government can once again bring back the Rs 1000 note. On this too, the Finance Ministry has said that at present no such scheme has been considered.

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The Ministry of Finance has announced a change in the interest rates of small savings schemes for the July-September quarter. Under this change, Recurring Deposit of 5 years has been made more attractive. The government increased its interest rates by a whopping 30 basis points. Now instead of 6.2 percent interest will be given on the recurring deposit of the post office at 6.5 percent. Apart from this, the interest rate has also been increased by 10 basis points on time deposits of 1 year, 2 years.

New interest rate effective from 1 July 2023

The new interest rate on Post Office Recurring Deposit is effective from 1 July 2023, which will remain till 30 September 2023. This is a scheme which is meant for medium term investors. 6.5 percent interest is available annually, but the calculation is done on the basis of quarterly compound. A minimum of Rs.100 and thereafter any amount in multiples of Rs.100 can be deposited. Let us tell you that the recurring deposit of the post office other than the bank is only for 5 years. Later it can be extended again for 5 years. During the extension, only the old interest rates will be available.

By depositing 10 thousand you will get 7.10 lakh

According to the Post Office RD Calculator, if an investor deposits 10 thousand rupees every month, then after five years he will get 7 lakh 10 thousand rupees. His total deposit capital will be Rs 6 lakh and the interest component will be around Rs 1 lakh 10 thousand.

By which date it is necessary to submit the installment

If you also want to open a Recurring Deposit account in the post office, then tell that if the account is opened between 1-15th, then it will have to be deposited by 15th of every month. If the account is opened in a month after 15th, then the installment will have to be deposited by the end of every month.

Haste of 1 day will cause big loss

Loan facility is also available after depositing 12 installments. The rate of interest will be 2 percent more than the RD account interest rate. If the account is closed even 1 day before 5 years, then the benefit of only savings account interest will be available. Right now the interest rate on savings account is 4 percent.

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There is big news for those who pay Income Tax. The Finance Ministry has given great news to the middle class before 31st July. Let us tell you that this time the last date for filing ITR is July 31, so before that the government has told you another good news. Modi Government is giving many types of tax benefits to the middle class. Now people earning 7.27 lakhs every year will also not have to pay any kind of tax. All sections of the country are getting the benefit of tax exemption from the government.

What the government thought

There were many questions in the minds of the people that what will happen to the people earning more than Rs 7 lakh. Later on this decision was considered by the government and we found out at what level you pay tax for every additional 1 rupee. For example for Rs 7.27 lakh, you do not pay any tax now. The break even comes only at Rs 27,000. After this you start paying tax.

Will get a standard deduction of Rs 50,000

Finance Minister Nirmala Sitharaman informed that you currently have a standard deduction of up to Rs 50,000. At the same time, earlier people were complaining that people would not get the benefit of deduction under the new tax regime, but now you are getting it. Speaking about the achievements of the government, he said that the total budget for Micro, Small and Medium Enterprises (MSME) has increased to Rs 22,138 crore for 2023-24 as compared to Rs 3,185 crore in 2013-14.

Apart from

this, let us tell you that if you file your tax on or before July 31, then you can avoid heavy fines. If you do not file ITR on time, then you will have to pay a fine of Rs 5000 to Rs 10,000. Apart from this, you may also have to pay interest on the tax due on delay in ITR filing.

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Recently, a news is becoming increasingly viral on social media that three rural banks of UP are being merged. Since the arrival of this news, there is an atmosphere of uncertainty among the customers of the bank. The banks whose merger news is viral on social media are Baroda Uttar Pradesh Bank, Aryavart Bank and Prathama Uttar Pradesh Gramin Bank.

Finance Ministry issued notification?

It is worth noting that for some time now a notification of the Ministry of Finance is viral on social media, in which it is being claimed that three big rural banks of Uttar Pradesh like Pratham Uttar Pradesh Gramin Bank, Aryavart Bank and Baroda Uttar Pradesh Banks will be merged. Used to be. After this notification went viral, the Finance Ministry has taken cognizance of this matter. After this DFS has informed that this notification is completely wrong and the government has not issued any such notification.

A notification has been circulating claiming that the @DFS_India, under the @FinMinIndia, has issued a notification regarding the merger of three RRBs in Uttar Pradesh; Baroda Bank, Aryavart Bank, and Prathama Gramin Bank.

Note that this notification is fake. pic.twitter.com/gHfZ7VhEkT

— DFS (@DFS_India) July 17, 2023

Finance Ministry said this

The Department of Financial Services of the Ministry of Finance has categorically denied the news going viral and said that the Finance Ministry has not issued any kind of notification on the merger of three big rural banks of Uttar Pradesh. Along with this, the government has not issued any notification on the merger of banks. In such a situation, it is completely wrong and there is no need to believe it.

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There will be an increase only after talking to the organizations

According to the official, the Finance Ministry has asked the banking association to complete the negotiations on the increase in salary on time. So that the salary of the employees can be increased on time. The banking association also reaches the result of increase in salary on the basis of the consent made after talks with the employees’ organizations of various banks. The official says that for the change in salary, the ministry has emphasized on fairness and equality. The government is trying to ensure that the salary structure remains competitive with the rest of the units in the banking industry.

Trying to implement salary hike on time

PTI quoted officials as saying that the initial pay hike will help improve working conditions and encourage employees in the banking sector. Apart from this, the Finance Ministry has urged the IBA to ensure that all future wage negotiations are completed before the start of the next period, so that wage revision can be implemented from the due date.

Salary hike for Public Sector Bank employees is a complex issue. The IBA has said that it is committed to reaching an agreement with the unions that is fair to both the banks and the employees. The unions have said that they expect the IBA to be able to offer a reasonable wage hike.

Good condition of public sector banks

According to the official, wage settlement for banks has always been a difficult and time-consuming process, with bank managements and employee unions represented by IBA engaged in strenuous negotiations. The government has decided to increase the salary of the employees at a time when the financial condition of public sector banks is good. His net worth has almost tripled to Rs 1.04 lakh crore in FY2023, from Rs 36,270 crore in FY2014.

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Right now the rate of TCS is 5 percent. From October 1, it will increase to 20 percent. This means that if you buy a foreign travel package from an Indian operator, the operator will collect an additional 20% tax on the cost of the package from you.

Explaining the TCS rule, Abhishek Aneja, an expert in matters related to income tax and personal finance, says, “Suppose you buy a package of Rs 20 lakh to go to Dubai. To book this package, you will have to pay an additional Rs 40,000. The reason for this is the 20 per cent TCS levied on tour packages.

👉 Important changes w.r.t. Liberalised Remittance Scheme #LRS and Tax Collected at Source #TCS

👉 No change in rate of #TCS for all purposes under #LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to ₹7 lakh per individual per annum

👉… pic.twitter.com/PCQlwavHZT

— Ministry of Finance (@FinMinIndia) June 28, 2023

At the present rate, TCS of only Rs 10,000 will be levied on this foreign tour package. Apart from foreign tour packages, if you buy foreign currency from a forex dealer under the Liberalized Remittance Scheme (LRS), then you will also have to pay 20% TCS.

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Great news related to EPF account is coming for the employed. Soon the Finance Ministry can announce it. For the financial year 2022-23, the interest of Provident Fund can be finalized. A decision on this can be taken by the end of June.

According to sources related to EPFO, a draft has been prepared by the Labor Ministry and sent to the Finance Ministry. Now approval is yet to be received from the Finance Ministry. As soon as approval is received, it will be notified. This process is expected to be completed by July. Let us tell you, the Labor Ministry has fixed 8.15 percent on EPF for the financial year 2022-23.

When will I get the interest money?

Like every year, the Central Board of Trustees (CBT) of EPFO ​​decides the interest for the previous financial year. Usually this meeting takes place in March. In this, considering the earnings of the whole year, it is decided that how much interest should be given. For the last year, it was decided in the meeting held in March 2023.

The board increased the interest rates. After this, it is the job of the Labor Ministry to prepare its draft. The Labor Ministry sends it to the Finance Ministry for approval. It is notified only after the approval of the Finance Ministry. It is expected that soon approval can be received from the Ministry of Finance on the interest for the financial year 2022-23. If everything goes well then by November-December this year it will be credited after completing all the formalities.

How much increased interest on EPF?

If sources in the Labor Ministry are to be believed, the draft has been prepared and sent in May itself. Usually by the end of June, approval is received from the Ministry of Finance. The EPF interest rate has been fixed for the financial year 2022-23. It was increased by 5 basis points as compared to the previous financial year. However, before that it was 8.50 percent. Let us tell you, 12 percent of the basic salary of the employed person is deposited in the EPF account. The same share is also from the side of the employer.

How is it decided how much interest will be received?

The interest rates for the financial year 2022-23 were fixed in the CBT meeting held on 25 and 26 March. Interest rates are decided every year during the board meeting in March. Last year has been very good for EPFO ​​in terms of earnings. Earnings have increased. This was the reason that the interest rates were increased, albeit marginally. Employees Provident Fund Organization invests your money in many places. He gets a return on this. Interest is received on the investment only through this earning.

Where is the money deposited in EPFO ​​put?

Employees’ Provident Fund Organization (EPFO) invests your money deposited in Provident Fund accounts (EPF account) in many places. A part of the earnings from this investment is given to you in the form of interest. EPFO invests 85% of the total deposits in debt options. These include government securities and bonds. There is a total investment of more than Rs 36,000 crore in this. The remaining 15% is invested in ETFs (Nifty & Sensex). PF interest is decided on the basis of earnings from debt and equity.

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However, now the Finance Ministry has issued a clarification in this matter. The Finance Ministry said that the committee constituted on the new pension scheme is currently in its deliberation phase and has not yet reached any conclusion.

In a tweet, the Finance Ministry said that several news reports stated that the government has made a proposal to fix a certain percentage of pension for employees. The Finance Ministry said, “These news reports are false.”

During the budget session, Union Finance Minister Nirmala Sitharaman had announced setting up of a committee headed by the Finance Secretary on pension issues. The statement said that this committee is currently in the process of deliberations and consultations with stakeholders. The committee has not yet reached any conclusion.

Earlier, news agency Reuters had said in a report quoting two sources that the government is considering a change in the rules of the New Pension Scheme (NPS). This change will be in such a way that the employees can get 40-45 percent of their last salary as pension for sure.

Explain that under the new pension scheme or National Pension Scheme (NPS), the employees have to contribute 10 percent of their basic salary and 14 percent to the government. The final payment to the employees depends on the returns that pension fund gets from the market. Pension funds invest mostly in debt schemes.

In contrast, in the old pension scheme, the employee did not have to make any contribution during his job and he was guaranteed 50 per cent of his last salary as pension after retirement.

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The committee constituted to review the existing pension system ‘NPS’ for government employees is currently in the process of consultation with the stakeholders and its report has not been finalized yet. The Finance Ministry had constituted the committee in April under the chairmanship of Finance Secretary TV Somanathan to review the pension scheme for government employees and suggest necessary changes in the existing design and structure of the National Pension System (NPS).

Finance Ministry

Now the ministry said in a tweet, “The Somanathan Committee is in the process of consultation with the relevant stakeholders and has not yet arrived at any conclusion.” As per the terms of formation, this committee will be constituted for government employees covered under NPS. Will suggest the measures needed to improve the pension benefits of the These suggestions will be given keeping in view the fiscal impact and impact on overall budgetary provisions so that fiscal strength is maintained.

The old pension scheme headed by the Finance Secretary, includes Secretary, Department of Personnel and Training, Special Secretary, Department of Expenditure and Chairman, Pension Fund Regulatory and Development Authority (PFRDA) as members. In the last few months, several state governments ruled by the opposition have decided to implement the ‘Old Pension Scheme’ (OPS). Enthused by this, employee organizations in some other states have also raised their demand.

OPS

The State Governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh have informed the Central Government about their decision to implement OPS and have requested it to return the amount deposited under NPS. As far as the demand for implementation of OPS at the Central Government level is concerned, the Finance Ministry has completely denied this possibility. It was informed by the Ministry in Parliament that no proposal is under consideration to implement OPS in respect of Central Government employees recruited after January 1, 2004.

Government employees retiring under Pension OPS used to get 50 per cent of their last drawn pay as monthly pension. This amount keeps increasing with the increase in the rates of dearness allowance. NPS has been made applicable to all government employees except Armed Forces employees joining the Central Government after January, 2004. Most of the state and union territory governments have also adopted NPS as a pension system for their new employees.

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Advance Tax Payment: Taxpayers are constantly being made aware by the government for advance tax payment. Its effect has also started to be seen. Yes, in the current financial year till June 17, the net direct tax collection of the country has increased by 11.18 percent to Rs 3.80 lakh crore. This increase was due to Advance Tax Payment. Information about this was given by the Ministry of Finance. This is another good news given by the tax payers during the tenure of Finance Minister Nirmala Sitharaman.

Earlier in the financial year 2021-22, those who paid income tax had deposited record tax. Advance tax collection in the April-June quarter of the current financial year stood at Rs 1,16,776 lakh crore till June 17. This is 13.70 percent more than the same period last year. The ministry said in a statement that the net direct tax collection till June 17 stood at Rs 3,79,760 crore, including Rs 1,56,949 crore of corporate tax (CIT).

Personal Income Tax of Rs 2,22,196 crores

Rs 2,22,196 crores were collected as personal income tax including Securities Transaction Tax (STT). On a gross basis, the collection before adjusting refunds was Rs 4.19 lakh crore. This amount shows an increase of 12.73 percent on an annual basis. This includes Rs 1.87 lakh crore in corporate tax and Rs 2.31 lakh crore in personal income tax including securities transaction tax. The refund amount stood at Rs 39,578 crore till June 17, which is 30 per cent more than the same period last year.

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Government in preparation to stamp

According to a media report, that the central government is seriously considering the demand of 5 working days week of bank employees. The Finance Ministry is preparing to seal this old demand of bank employees, after which a notification can be issued regarding this and the change can be brought into effect.

Now every Saturday is not a holiday

If this happens then bank employees will now have to work only 5 days every week. In the current system, bank employees get a holiday on every Sunday of the month, but there is no holiday in banks on every Saturday. Banks are open on the first, third and fifth Saturdays of every month, while the second and fourth Saturdays of the month are holidays for bank employees.

IBA has sent the proposal

The employees of the banks have been demanding for a long time that the system of 5 working days week should be implemented for them. The Indian Banks Association had also given a proposal to the government in this regard. Quoting sources in the news, it has been claimed that the government is moving ahead positively on the proposal of the Indian Bank Association and a notification may be issued soon with the wage board revision.

Long standing demand

The demand for five working days first arose after the Corona epidemic. However, the Indian Banks’ Association then rejected this demand and instead offered a 19 per cent pay hike. Later, the demand for a five-day week kept gaining momentum. Under the leadership of the United Forum of Bank Unions, the bank employees also went on strike for two days in January this year for this demand.

Working hours will increase

According to a news of Times of India, the Indian Bank Association has agreed to the demand of 5 days week after the working hours will be increased. The Indian Banks’ Association had agreed in February 2023 that it would look into the demand for a 5-day week. With this, he had added the condition of increasing the working hours by 40 minutes every day. If this happens then the bank employees will have to work from 09:45 in the morning to 05:30 in the evening.

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A commemorative coin of Rs 75 will be minted on this occasion. To mark the occasion of the inauguration of the Parliament House, the Ministry of Finance has issued a notification in this regard. The coin will have the image of the Parliament complex and the new Parliament building. According to the statement from the Ministry of Finance, the coin of Rs 75 will be circular with a diameter of 44 mm.

Coin will be made of four metals

The coin will be made of four metals. It will contain 50 percent silver, 40 percent copper, 5 percent nickel and 5 percent zinc. The year ‘2023’ will be inscribed below the image of the Parliament complex. PM Modi will inaugurate the new Parliament House. At least 25 parties are expected to participate in the opening ceremony. 20 opposition parties have decided to boycott the programme.

These parties will be involved in the ceremony

Apart from 18 members of the ruling NDA, seven non-NDA parties including BJP will attend the ceremony. Let us tell you that BSP, Shiromani Akali Dal, Janata Dal (Secular), Lok Janshakti Party (Ram Vilas), YSR Congress, BJD and TDP are such non-NDA parties, which are expected to be present in this function.

Opposition parties targeted PM Modi

Opposition parties targeted PM Modi for the inauguration of the new Parliament House, saying that the arrogance of his government has destroyed the parliamentary system. Congress President Mallikarjun Kharge tweeted alleging that Modi ji, Parliament is the temple of democracy established by the people. The office of the President is the first part of the Parliament. The arrogance of your government has destroyed the parliamentary system.

75 rupees coin will be like this

The 75 rupees coin to be issued on the occasion of the inauguration of the Parliament House will be of 35 grams. It will contain 50% silver, 40% copper, 5% zinc and 5% nickel. Talking about its design, Ashoka Pillar will be made on one side of the coin and Rs 75 will be written on the bottom side.

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The ministry said in a notification that these 22 companies will now be able to verify the identity of customers and details of beneficial owners using their Aadhaar numbers. In such a situation, the process of verification with Aadhaar will be a little easier.

People have many important documents. Through these documents, many tasks of the people become easy. At the same time, an Aadhaar card is also included in these important documents. Aadhaar card is a very important document in India. Aadhaar card is very important for many government and non-government works.

Verification of people can also be done through Aadhaar card because many types of information are included in Aadhaar card. In such a situation, now important information regarding Aadhaar card has come to the fore. This is going to affect the people of the country as well.

Aadhaar Card

In fact, the Finance Ministry has allowed 22 financial companies, including Amazon Pay (India) and Hero Fincorp, to verify customers through Aadhaar numbers. The ministry said in a notification that these 22 companies will now be able to verify the identity of customers and details of beneficial owners using their Aadhaar numbers. In such a situation, the process of verification with Aadhaar will be a little easier.

Banking sector

In the banking sector, people can be verified through Aadhaar. In such a situation, now an important step has also been taken by the government, due to which the process of Aadhaar verification will become much easier. These 22 finance companies include Godrej Finance, Amazon Pay (India) Private Limited, Aditya Birla Housing Finance, Tata Motors Finance Solutions, IIFL Finance and Mahindra Rural Housing Finance Limited.

Aadhaar verification

Nangia Andersen LLP Partner Sandeep Jhunjhunwala said that banking companies will now be able to verify customers through Aadhaar authentication. “Notified a list of 22 financial institutions, which are permitted to use Aadhaar authentication to verify the identity of customers/beneficiaries,” he said.

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In a notification of the Ministry of Finance on May 3, the scope of the Anti Money Laundering Act has been extended. According to the PMLA notification issued by the Ministry of Finance, CA, CS, ICWA will come under the purview of the Prevention of Money Laundering Act (PMLA) if they do select financial deals for a client. The most important thing is that these professionals will come under the ambit of PMLA on forming, opening, running companies, limited liability partnerships or trusts.

Sale and purchase of immovable properties will come under PMLA

According to the notification, the PMLA law will also be applicable on the purchase and sale of immovable properties for the client, taking care of the client’s money, property and securities. Operations of bank and securities accounts, raising money for the functioning of companies will also come under the ambit of PMLA. However, in the amendment, lawyers have been kept out of it. The concern of chartered accountants, company secretaries and cost accountants who open companies for their clients has increased. These will now come under the purview of the Anti Money Laundering Act PMLA.

Government worried about shell companies

The government is worried about the increasing functioning of shell companies. The purpose of opening thousands of companies without any functioning is to convert black money into white. Due to the multilayering of ownership in such companies, the agencies have to struggle a lot to reach the real owner. In recent years, the role of such professionals had come to the fore in many cases in the action of the investigating agencies. After which the government has taken this step.

Correct information on financial status and ownership

CA, CS, ICWA must ascertain the correct financial status and ownership details of their clients before dealing with them. Like what is the source of the fund and is it reasonable or not. What is the purpose of the transaction. The Financial Intelligence Unit can also impose a penalty if it deliberately ignores a deal made with funds from an illegal source. Must maintain record of all transactions done for the client. Along with this, its reporting will also have to be done by the director of the Financial Intelligence Unit.

This is the concern of professionals

The concern of the professionals is that the record of proving the guilt of the agencies in the PMLA law has been very weak. In such a situation, the way can be difficult for them if they get caught in the affair of the investigating agencies. The argument is also that for all the three professionals, there is already an institution formed under the law passed by the Parliament. who supervises the work. In such a situation, why there was a need to bring it under the ambit of PMLA law.

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The Finance Ministry has expressed concern over the low rate of recovery from written-off accounts. The ministry said that public sector banks should increase it to 40 per cent, sources have informed.

The rate of recovery is 15 percent

Presently the recovery rate from written off accounts is less than 15 per cent. Public Sector Banks (PSUs) have been able to recover only 14 per cent of the amount written off in the last five years ending March 2022. During this, a total of Rs 7.34 lakh crore has been written off. Out of this, PSBs recovered Rs 1.03 lakh crore.

The meeting will be held with the officials of the government bank.

Sources said that it seems that after writing off the bad loans, the banks get complacent about the recovery from those non-performing assets (NPAs). He said that this level of recovery is not acceptable. Also more recovery from written off accounts directly increases their profits and improves capital. Sources said the Department of Financial Services would soon hold a meeting with senior officials of public sector banks to review the position on the issue.

What is NPA?

NPA means Non Performing Asset means stuck debt. In simple words, you can say that after taking the loan, when the lender is not able to repay the installment, then the money of the banks gets stuck. First an attempt is made to deposit this amount towards the bank but later it is declared as NPA.

RBI informed that as per the guidelines of the Reserve Bank of India (RBI) and the policy approved by the Boards of Directors of the banks, Non-Performing Assets (NPAs) have been written off from the books of the concerned banks by writing them off. It also includes NPAs for which full provisioning was made.

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From April 1, 2023, the new investment made in this scheme will get an interest rate of 7.4% per annum. The interest rate has been increased by 0.30% which was earlier 7.1%.

The Finance Ministry has increased the investment limit in the Post Office Monthly Income Scheme (POMIS). According to the notification issued by the Ministry of Finance on March 31, 2023, a person can now invest a maximum of Rs 9 lakh in a single account of POMIS and Rs 15 lakh in a joint account. Earlier the time limit for investment in single and joint accounts was Rs 4.5 lakh and Rs 9 lakh respectively. The increase in investment limit under PO MIS was announced in Budget 2023.

This scheme is used as a way of safe investment of monthly income. Senior citizens can also invest in this scheme to get higher monthly interest.

Does it quarterly. The government has announced a hike in the interest rate for the April to June 2023 quarter. From April 1, 2023, the new investment made in this scheme will get an interest rate of 7.4% per annum. The interest rate has been increased by 0.30% which was earlier 7.1%.

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Senior officials of the Department of Animal Husbandry, Department of Fisheries, Ministry of Housing and Urban Affairs and Ministry of Agriculture and Farmers Welfare also participated in the review meeting.

A three-month campaign was also launched

The finance ministry said in a statement that Joshi called upon public sector banks to achieve the targets allocated under various schemes for financial inclusion in a listed manner. The ministry has also launched a three-month campaign to meet the target of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).

Banks were advised to leverage their banking correspondent network to reach out and engage potential beneficiaries, according to the statement . The Financial Services Secretary also requested the banks to conduct awareness campaigns about these schemes in regional or local languages. Let us tell you that continuous efforts are being made by the government to double the income of the farmers.

In view of this, orders have been given by the Finance Ministry to the banks to provide economic facilities to the farmers.

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Now the DA of the employees will be increased in the month of July, but this time the government can change the DA calculation. At present, the employees are getting dearness allowance at the rate of 42 per cent. The government has increased the DA by 4 percent in the month of March itself, but now there is going to be a big change in the DA (Dearness allowance) calculation in the month of July.

Information is obtained from AICPI Index

According to the information received from the AICPI Index, an increase of 3 percent can be seen in the dearness allowance. Experts believe that in the upcoming figures, it will be clear that there can be an increase of up to 4 percent in DA.

There is improvement in the standard of living

Let us tell you that dearness allowance is given to the employees by the central and state government. Due to rising inflation across the country, the government revises DA twice a year. This also improves the standard of living of the employees. Dearness Allowance (DA) is given to the employees and dearness relief to the pensioners.

How is dearness allowance calculated on salary

Under the Seventh Pay Commission, dearness allowance will be calculated on the basic salary of salary employees. Explain that if the minimum basic salary of any employee is Rs 25,000, then his dearness allowance will be 34 percent of Rs 25,000. Means it will be around 8500 rupees. Please tell that this is just an example.

Changes are made by the Ministry of Labor

According to the information received from the Ministry of Labor, the formula for DA calculation was changed by the government. The Ministry of Labor changed the base year of Dearness Allowance in 2016 and released a new series of Wage Rate Index (WRI-Wage Rate Index). The Ministry of Labor said that the new series of WRI with base year 2016=100 replaced the old series of base year 1963-65.

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No change has been made in the interest rates only regarding the Public Provident Fund. According to the information available on the website of India Post, now the interest rate on Time Deposits of 5 years has increased to 7.5 percent. The new interest rate is applicable from 1 April. Earlier only 7 percent interest was being received on this scheme.

Interest paid annually

Interest is paid on an annual basis in the post office time deposit account, while the interest is calculated on a quarterly basis. At least 1000 rupees can be invested in this. There is no maximum investment limit. If an investor deposits 5 lakh rupees for 5 years, then know how much interest he will get.

Will get interest of Rs 2.25 lakh in 5 years

According to the post office time deposit calculator, a total of Rs 2 lakh 24 thousand 974 will be received as interest at the current rate (7.5 percent) in 5 years on a lump sum investment of Rs 5 lakh. On maturity, the principal amount of 5 lakh will also be returned.

18 thousand rupees more interest than before

For the first 5 years time deposit was getting 7% interest. At this rate, the total amount of interest in five years was 2 lakh 7 thousand rupees. After the increase in the interest rate, now about 18 thousand rupees more will be available.

Features of Post office time deposit accounts

Talking about the features of Post office time deposit accounts, it can be opened for 1 year, 2 years, 3 years and 5 years. The interest rate on these has increased to 6.8 per cent, 6.9 per cent, 7 per cent and 7.5 per cent. Interest will be paid on annual basis. After the maturity of the account, it can be extended for the same time period.

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Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

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However, by opting for the old tax regime, investors will get the benefit of tax saving as before. Investment experts are looking at investing in FDs as a better option, because banks have increased the interest rates on FDs to a great extent, which have crossed even 9 per cent. The trend of investors in FD is also increasing because there is no risk of sinking the amount invested in it and guaranteed returns are available.

Interest rate up to 9.01 percent on Fincare Small Finance Bank FD

Fincare Small Finance Bank is giving investors the opportunity to invest in FDs of tenure ranging from 7 days to 66 months. According to the bank, the bank is giving 8.11 percent interest rate to ordinary citizens on FDs maturing in 750 days. At the same time, 8.71 percent interest rate is being given to seniors on FD of 750 days.

Similarly, Fincare Small Finance Bank is giving an interest rate of 8.41% to ordinary citizens on FDs maturing in 1000 days. Whereas, the highest interest rate of 9.01 per cent has been offered to senior citizens on the same tenure. The bank’s FD interest rates have been made effective from 24 March.

9.50 percent interest rate on Unity Small Finance Bank FD

Unity Small Finance Bank is offering FD of tenure ranging from 7 days to 10 years to its customers. The bank has increased the interest rates on FDs of all tenures from 15 February. Unity Small Finance Bank is paying 9.25% interest to senior citizens and 8.75% to general customers on 181-201 days and 501 days fixed deposits.

Small Finance Bank is giving 9.00 percent interest rate to general customers on investment for 1001 days, while on the same tenure it has offered 9.50 percent interest rate to senior citizens. The interest rates of the bank were revised on 15 February.

Investing in small banks will not harm your money

Small Finance Banks (SFBs) are offering the highest interest rates ranging from 8 per cent to 9 per cent on Fixed Deposits (FD) to common citizens. At the same time, for seniors, these interest rates are being given up to 9.50 percent, which is the maximum.

Remember that deposits under small finance banks are also covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance. This means that your FD deposit amount up to Rs 5 lakh is covered under the insurance scheme. If the Small Finance Bank collapses or is placed under moratorium, then your money is not lost.

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The ministry has said this in view of the global financial situation arising after the failure of some banks in America and Europe. According to sources, there is a need for integrated market data on pledged securities to take timely action.

Finance Ministry said this

Besides, in a recent meeting with Finance Minister Nirmala Sitharaman, heads of public sector banks were asked to manage loans given to companies, including pledged shares. Sources said that the finance ministry also said that it would be prudent to increase the stress-testing of loan accounts of large companies.

Banks should also pay attention to small deposits – Ministry of Finance

Public sector banks were also advised to focus on small deposits instead of large and corporate deposits and stay away from the discretionary pricing system. The Finance Minister last week reviewed public sector banks on the basis of various financial parameters. He urged banks to remain vigilant about interest rate risks and stress test the situation regularly.

Recently held a meeting

On Saturday, Finance Minister Nirmala Sitharaman had a big meeting with the heads of public sector banks. The Finance Minister had told all the public sector banks that they should take preventive measures against any anticipated shock. Even after the meeting, the Finance Ministry had said that all major financial parameters indicate stable and flexible public sector banks. At the same time, banks had also assured Finance Minister Nirmala Sitharaman that the Indian banking system is strong and there is nothing to worry about at the moment.

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No tax up to Rs 7,00,000

Explaining the provision, the Finance Ministry said that under the new tax regime, if a taxpayer has an annual income of Rs 7,00,000, he does not have to pay any tax, but if the income is Rs 7,00,100, then 25,010 Have to pay tax of Rs. Due to this additional income of Rs 100, the taxpayers have to pay tax of Rs 25,010. Therefore, a marginal relief has been proposed, so that the tax payable by the person should not exceed the increased income from the tax free income of Rs.7,00,000. In the above case, the income in excess of Rs.7,00,000 is Rs.100, so the same amount should be charged to tax.

Finance Bill amended to provide relief to taxpayers

Sandeep Jhunjhunwala, partner at Nangia Andersen LLP, said the amendment in the Finance Bill has been made to provide some relief to individual taxpayers whose income is marginally higher than the tax free income. In the budget for the financial year 2023-24, it was announced that the taxpayers adopting the new tax regime, whose annual income is up to Rs 7,00,000, will not have to pay tax. Experts believe that this step was taken to motivate the salaried class taxpayers to adopt the new tax regime. No exemption is given on investment in the new tax regime.

Who will get relief

Now the government has made up its mind to give some more relief to these taxpayers through amendment in the Finance Bill. However, the government has not mentioned to what extent taxpayers having income above Rs 7,00,000 would be eligible for this relief. Tax experts have calculated that individual taxpayers whose income is up to Rs 7,27,777 can get the benefit of this provision.

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Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

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A formula has been agreed upon for this purpose. Although it has not been announced yet. Dearness Allowance for employees and pensioners is calculated on the basis of the Consumer Price Index for Industrial Workers (CPI-IW) released by the Labor Bureau every month. The Labor Bureau is a part of the Ministry of Labor.

Dearness Allowance may increase to 42 percent

Shiv Gopal Mishra, general secretary of the All India Railwaymen’s Federation, said the CPI-IW for December 2022 was released on January 31, 2023. The increase in dearness allowance works out to 4.23 percent. But the government does not take decimals into DA. In such a situation, there can be an increase of four percentage points in DA.

It can be increased from 38 percent to 42 percent. He told that the Expenditure Department of the Finance Ministry will make a proposal to increase DA. In this, its revenue effect will also be told. This proposal will be placed before the Union Cabinet for approval. The increase in dearness allowance will be applicable from January 1, 2023.

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It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

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It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

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Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

The post Big relief to income tax payers, new order issued, tax exemption announced! first appeared on Rightsofemployees.com.

The Finance Ministry has given this information. Last week, the Union Cabinet approved an incentive scheme of Rs 2,600 crore for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current financial year.

Incentive to Government banks as a percentage of the value of RuPay Debit Card transactions and low value BHIM-UPI transactions up to Rs 2,000 under the Incentive Scheme for Promotion of RuPay Debit Card Rupay Debit Card and low value BHIM-UPI transactions pays the amount. The Payment and Settlement Systems Act, 2007 prohibits banks and system providers from accepting or making payments to anyone through RuPay Debit Cards or BHIM.

Let us tell you that UPI has created a record of 782.9 crore digital payment transactions worth Rs 12.82 lakh crore in December alone. At the same time, in a circular sent to the Chief Commissioners of GST, the Ministry said that the incentive is directly related to the subsidy linked to the value of the service. It does not form part of the taxable value of the transaction under the provisions of the Central GST Act, 2017.

GST rate It added, “As recommended by the Council, it is clarified that the rates given by the Ministry of Electronics and Information Technology (MeitY) to promote RuPay Debit Card and low value BHIM-UPI transactions GST will not be applicable on the incentives given. Such transaction is in the form of subsidy and will not be taxed.

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Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Rules Change: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Whether this will happen or not will be known only on February 1, but before that the Government of India has given a big relief to the taxpayers. On behalf of Finance Minister Nirmala Sitharaman, this relief has been given to senior citizens above 75 years.

The Finance Ministry has tweeted from its official Twitter handle that citizens above 75 years of age who have only pension and bank interest as their source of income do not need to file income tax returns. This is expected to bring great relief to senior citizens. Actually, it becomes difficult for them to file taxes and returns. In view of this, this step of the government was very important.

Added new section

The government has added a new section in the Income Tax Act to give this exemption. In order to give relief to citizens above 75 years of age in income tax return, the Income Tax 1961 rule has been amended and a new section, Section 194-P, has been added to it. Banks have been informed about this change made by the government.

Finance Minister had announced

Finance Minister Nirmala Sitharaman had announced this last year. The Central Board of Direct Taxes (CBDT) has said that a notification regarding the new rules has been issued. Necessary changes have been made in Rule 31, Rule 31A, Form 16 and 24Q of Income Tax. As per the changes, it is not necessary for citizens above 75 years of age to file ITR. The bank in which he will have his account, that bank will automatically deduct the tax on income and file the return. For this, citizens will have to fill 12 BBA forms and submit them to their bank.

Who is getting tax exemption

now? At present, the government gives tax exemption on annual income up to Rs 2.5 lakh. However, it is also necessary for them to file income tax returns. Through this, he can claim refund on the TDS taken from him. Please tell that tax is definitely made on the income of 2.5 to 5 lakhs, but it is so less that it gets adjusted within the rebate itself.

The post Income Tax: Good news for taxpayers! Government’s gift to senior citizens before the budget, returns will not have to be filed! first appeared on Rightsofemployees.com.

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

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

Relief for Senior Citizens!

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

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

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

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

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

The post ITR Filing Rules Change: Big News! These people will not have to file ITR, Check details Instantly first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

The post Big relief to income tax payers, new order issued, tax exemption announced! first appeared on Rightsofemployees.com.

According to the information given by the Finance Ministry, this rate is valid from January 1, 2023 to March 31, 2023.This rate is effective from January 1, 2023.

What is GPF: Government employees are eligible in the General Provident Fund ie GPF. Under this, employees are allowed to contribute a certain percentage of their salary to GPF. Whereas, the total amount accumulated during the employment period will be paid to the employees at the time of their retirement. The contribution made to GPF is also exempt under section 80C of income tax.

Explain that the government revises the interest rate on GPF every quarter. This interest rate is also applicable to All India Services Provident Fund, Armed Forces Personnel Provident Fund, State Railway Provident Fund and other government-run provident funds.

When to decide on allowance: The central government can take a decision on dearness allowance or dearness relief of its employees in March. This decision will be effective from 1 January 2023.It is estimated that the government may increase the interest rate by up to 4 per cent for the first half.

The post Big decision on PF came before DA, government employees will be affected first appeared on Rightsofemployees.com.

After two days i.e. on Friday, December 30, 2022, the central government can announce an increase in the interest rates of small savings schemes. On December 30, after reviewing the interest rates of these schemes, the Finance Ministry can announce to increase it.

The Finance Ministry will review the interest rates of small savings schemes for the fourth quarter of 2022-23 from January to March, in which it is believed that on savings schemes like PPF and Sukanya Samriddhi Yojana (NSC) An increase in interest rates can be announced. Interest rates can also increase on other savings schemes of the post office including these savings schemes.

It is believed that the Finance Ministry may announce an increase in interest rates by 0.50 percent on all schemes of small savings schemes. The government’s 10-year bond yield has gone up from 6.04 per cent to above 7.25 per cent in 12 months. According to this formula, the interest rate on PPF, Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme can be increased by 50 basis points from the current level.

Why interest rates can increase

RBI has announced the increase in the repo rate for the fifth consecutive time on December 8, 2022. In 2022, the repo rate has been increased from 4 percent to 6.25 percent. But the government has not increased the interest rates of many small savings schemes. There has been no change in the interest rates of PPF, Sukanya Samriddhi Yojana and NSC. 7.1 percent on Public Provident Fund, 6.8 percent on NSC i.e.

National Savings Certificate, 7.6 percent interest on Sukanya Samriddhi Yojana remains the same. After increasing the repo rate by 2.25 percent, the interest rates of these schemes can be increased by the government. Considering these savings schemes as safe, the urban rural common Indian invests. These are the people who rely on investing in these schemes while staying away from the ups and downs of the stock market.

Interest rates were increased on these small savings schemes

In the third quarter only the interest rate of Kisan Vikas Patra was increased from 6.9 per cent to 7 per cent but the maturity period was reduced from 124 months to 123 months. The interest rate on Senior Citizen Savings Scheme was increased from 7.4 per cent to 7.6 per cent.

Instead of 6.6 per cent on Monthly Income Account Scheme, 6.7 per cent instead of 5.5 per cent on post office two-year fixed deposit scheme, 5.7 per cent instead of 5.5 per cent on 3-year fixed deposit scheme was made 5.8 per cent. But there was no change in the interest rates of PPF, Sukanya Samriddhi Yojana and NSC.

The post Sukanya Samriddhi Yojana Rate Increased: Government may increase interest rates on Sukanya Samriddhi Yojana, know its details first appeared on Rightsofemployees.com.

How will taxpayers get benefit?

Changes have been made in Section 37A of the Central Goods and Services Tax (CGST) Rules to give effect to this new provision. The ministry said that if a registered taxpayer has claimed input tax credit. But if the supplier has not deposited the tax due for that period by 30th September, then that input tax credit will have to be reversed by 30th November.

Rajat Mohan, senior partner, AMRG & Associates, said the change would only benefit select cases. Explaining the reason for this, Mohan said that firstly, this is a possible change, due to which no benefit will be available till the financial year 2021-22. Secondly, very few cases will be able to satisfy the conditions laid down in these rules.

On this change, Saurabh Agarwal, tax partner of EV, said that GSTR-1 will contain details of supplies made by the seller to multiple buyers. But it would be very difficult for the buyer to ascertain whether the tax has been deposited by the seller or not.

Let us tell you that GST is an indirect tax. It was implemented in 2017 to replace Variety of Previous Indirect Tax (VAT), Purchase Tax, Excise Duty and many previous indirect taxes. The registration limit for GST in India was earlier Rs 20 lakh. Now it has been increased to Rs 40 lakh. Now it is necessary for all the businesses having turnover of more than Rs.40 lakhs to get GST registration done.

To register under GST 2017, the turnover should be Rs 10 lakh for North-Eastern states including Himachal Pradesh, Uttarakhand, Jammu and Kashmir. In most states, restaurants with a revenue of more than Rs 20 lakh have to register for GST.

The post Taxpayers! Big news! The government changed in this rule related to GST, taxpayers will get benefit first appeared on Rightsofemployees.com.

It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

The post Big relief to income tax payers, new order issued, tax exemption announced! first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment New Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

The statement said that the DA was frozen due to the increasing pressure on government finances due to the Kovid-19 epidemic.

7th Pay Commission: Lakhs of Central Government employees are waiting for their 18 months Dearness Allowance (DA) i.e. DA arrears. Finance Ministry has issued a statement on DA arrears of 18 months. The statement said that the DA was frozen due to the increasing pressure on government finances due to the Kovid-19 pandemic. It is coming in many media reports that the central government may soon pay the DA arrears of 18 months.

DA is stuck for 18 months

In response to a question in Rajya Sabha, Minister of State for Finance Pankaj Chowdhary said that with effect from January 1, 2020, July 1, 2020 and January 1, 2021, three installments of DA of central government employees and DR of pensioners were frozen. The decision to freeze these three installments was taken due to COVID-19. Due to Kovid-19, there was pressure on the exchequer of the government.

Increased burden on the government due to Covid-19

He also said that in 2020 the financial burden had started increasing due to the pandemic. The pressure started increasing in the financial year 2020-21 to raise money for government schemes. This is the reason why DA and DR were not issued then. States have again increased surveillance to avoid possible danger amid the spread of coronavirus in China. The Central Government on Wednesday held a meeting to review the status of COVID-19 in the country.

Association is demanding

In response, Choudhary said that several government employees’ and pensioners’ associations received applications for release of 18 months’ DA and DR arrears to central government employees and pensioners. These associations include National Council (JCM), National Federation of Indian Railway Men (NFIR), All India Railway Men’s Federation (AIRF), All India Retired Railway Men’s Federation (AIRRF), JCOs/OR Veterans Association (JOVA), Indian Railway Employees etc. are included. Apart from this, applications were also received from Indian Pension Forum, National Ex-Servicemen Coordination Committee and Veteran Association.

Increased financial burden on the government

In August last year, in a written reply to a question in the Rajya Sabha, Finance Minister Nirmala Sitharaman had said that around Rs 34,402 crore was saved by withholding DA and DR. The moratorium was lifted in July 2021 and since then DA and DR allowances have increased four times.

The post 7th Pay Commission: Government gave this statement on DA arrears of 18 months, said- because of this dearness allowance was not increased first appeared on Rightsofemployees.com.

After such cases came to the fore, a letter has been written by the Finance Ministry. The Finance Ministry has directed heads of public sector banks to put in place a robust mechanism to curb ‘unethical practices’ in the sale of insurance policies to customers.

Complaints received by the Department of Financial Services

Such cases are continuously coming to the notice of the Ministry of Finance that customers are not given correct information for sale of insurance products. In view of this, this step has been taken by the Finance Ministry. In a letter to the Chairman and Managing Directors of public sector banks, it has been said that the Department of Financial Services has received complaints that fraudulent and unethical methods are being adopted by banks and life insurance companies for sale of policies to bank customers .

More cases of Tier-2 and Tier-3 cities have also come to the fore, where life insurance policies have been sold to customers above the age of 75 years in Tier-2 and Tier-3 cities. Generally, the products of their associate insurance companies are promoted by the banks.

If the customers refuse to take the policy, then the branch officials explain with great enthusiasm that they are under pressure from above. When customers go to take any kind of loan or buy fixed deposits, they are asked to take insurance etc.

A letter in this regard has already been issued by the department. In this, it was advised that no bank should force customers to take insurance from a particular company. It is also reported that the Central Vigilance Commission (CVC) has objected that incentives for selling insurance products not only put pressure on the field staff but also affect the core business of the banks.

In such a situation, due to the greed of the employees for commission and incentives, the quality of the loan can be ‘compromised’.

The post Bank account: Big news! New update for crores of bank account holders, Finance Minister issued this order first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post FREE UPI service: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Reconsidered the existing rules

The Department of Expenditure under the Ministry of Finance said in the Office Memorandum that this step is being taken keeping in mind the reduction of pollution levels, passenger safety and fuel efficiency. The memorandum said that considering the broad objectives of the government’s reform, the existing rules regarding vehicles that are 15 years old or not worth ‘servicing’ were reconsidered in consultation with NITI Aayog and the Ministry of Road Transport.

15 year old vehicles will be converted into scrap, said the official memorandum. After this it was decided that the vehicles of the ministries/departments which are 15 years old or not fit for ‘servicing’ will be converted into scrap. It said that such vehicles will be disposed of at the registered vehicle scrap center only. Vehicles that are 15 years old will not be auctioned. The Department of Expenditure said that detailed information about the process of converting such vehicles into scrap will be given separately by the Ministry of Road Transport.

Information was also given through social media.

Earlier, in the draft prepared by the Ministry of Road Transport and Highways, it was decided that government departments would not be able to renew the registration of 15-year-old vehicles from April 1, 2022. This includes vehicles of Central, State Government, Union Territories, PSUs and Municipal Board etc. This information was also given by the Ministry of Road Transport and Highways through social media posts.

Earlier, in the budget of the financial year 2021-22, it was announced by the government to bring voluntary vehicle scrapping policy. Under this policy, it will be necessary to conduct an automated fitness test after 20 years for personal vehicles and after 15 years for commercial vehicles. Heavy fine will be imposed on the vehicle owner for driving vehicles that do not pass this test. Apart from this, there is also a provision to seize such vehicles.

The post Vehicle Scrappage Policy: Finance Minister issued new order! Big update on 15 year old government vehicles first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Giving information about the new rules, the Income Tax Department has said that from now on, taxpayers have got relief in adjusting refund against outstanding tax. In such cases, the tax authorities will have to take a decision within 21 days. Due to this decision taken by the officials of the department, there will be a lot of reduction in litigation.

Earlier the time limit was 30 days

Directorate of Income Tax has said that earlier this time limit was 30 days, but now it has been decided to reduce it to 21 days. According to the information received from the officer, if the tax payer does not completely agree to make the adjustment, then in such a situation the matter will go to the assessing officer and he will settle it within 21 days and give his opinion.

Incorrect adjustment of refund.

Apart from this, in some cases, for issuing information under section 245, it was also replied on the demand portal that any kind of wrong demand has been stopped by the accessing authorities. Along with this, many times wrong adjustment of refund has been done against the demands, due to which there have been complaints many times.

The post Tax Refund rules Change: Big News! Finance Ministry issued new rules regarding tax refund first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

There is great news for the central employees, soon a huge amount may come in their account. The outstanding arrears of 18 months from the government (DA Arrears) can be transferred soon. After several meetings of the Finance Ministry regarding this, it is expected that soon an amount of more than 2 lakh will be transferred to the employees’ account. According to media reports, the government can take a decision on this soon.

It has been said many times by the Finance Ministry that between January 2020 and June 30, 2021, DA (Dearness Allowance) has not been paid. The DA arrears have been discussed many times between the Finance Ministry and the National Council of Joint Consultative Machinery. As of now, no decision has been taken and no notification has been issued.

Giving information last year, the Finance Ministry had said that the DA of 18 months has been frozen and it will not be paid, but due to the demand of the employees, it is being expected again and again. That the government can give money. Along with this, several meetings have been held on behalf of the cabinet as well.

How much arrears can come?

If the central government takes a decision on the stuck dearness allowance, then there is a possibility of getting Rs 2 lakh directly in the account of the employees. Explain that Level 1 employees can get DA arrears ranging from Rs 11,880 to Rs 37,554. On the other hand, if we talk about Level-14 employees, then their account can come from Rs 1,44,200 to Rs 2,18,200.

How is DA calculated?

Let us tell you that the DA of the employees is increased twice in a year. The government increases the dearness allowance once in January and second time in July. DA is calculated by multiplying the current rate of DA with the basic salary.

There was an increase of 4 percent

Apart from government employees, public sector employees and pensioners get the benefit of DA. Recently, the government has increased the DA by 4 percent, after which the dearness allowance has increased to 38 percent. At the same time, it is expected to increase by 4 percent in the month of January as well, so it is believed that after January, the employees will get DA at the rate of 41 percent.

The post 18 Months DA Arrears Big Update: Lottery of central employees before the new year, 2 lakh rupees will come in the account on this day! first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

It’s free so far, but is there a plan to charge for payment now? Is the government and RBI making such preparations? This news is in headlines after a review paper of RBI (Reserve Bank of India) came to the fore. A lot of reactions are also coming on this. Many people were also surprised that this is one more difficult thing for the common man. At the same time, the central government has now clarified the situation regarding this.

The Union Finance Ministry said that there is no plan from the Central Government to levy charges on payments through UPI. Whoever is providing the service of UPI will have to consider some other way to recover their cost. The Finance Ministry said that payment through UPI is very convenient for the people. The economy benefits from digital payments. That’s why the government is not making any such preparation.

There was talk of charge in RBI’s review paper-

Let us tell you that this news caught a lot of momentum then released a review paper on Payment System Charges. It is being told that this review paper was issued by the Reserve Bank. According to reports, it said whether a special charge Merchant Discount Rate should be levied on online payments? How to implement it.

Suggestions were sought that the same type of charge should be levied on every online payment or the fee should be charged according to the amount of money transferred. A similar thing was also said about debit card transactions. It is believed from the review paper of RBI that the preparation to levy charge on online payments is going on in a big way and seriously. At the same time, at present the government has refused any such plan and preparation.

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Actually, there has been a demand to increase the pension of PF subscribers for a long time. But the Finance Ministry has rejected the Labor Ministry’s proposal in this regard.

Proposal to increase the pension from Rs 1000 per month The proposal to increase
the existing pension of PF subscribers from the existing Rs 1,000 per month was given by the Ministry of Labor. The parliamentary committee will seek clarification from the Finance Ministry in this regard. However, it could not be found that how much pension has been proposed by the Ministry of Labor?

Top officials of the Ministry of Labor and EPFO ​​informed the Parliamentary Standing Committee on Labor, headed by BJD MP Bhartrihari Mahtab, about the operation of the EPF Pension Scheme and the management of its funds. Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension.

The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

The post EPFO Pension Big News: Government rejected the proposal to increase pension, now it will happen first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Finance Ministry gave information

The Finance Ministry said in a statement on Friday that the increase was mainly due to the better performance of personal income tax collection. Net direct tax collection after adjustment for refunds stood at Rs 8.71 lakh crore. This includes personal and corporate taxes. This is 61.31 percent of the target fixed for the whole year in the general budget.

The government issued so much refund

The statement said that between April 1 and November 10, refunds worth Rs 1.83 lakh crore have been issued. The ministry said, “The direct tax collection till November 10, 2022 shows that the gross collection is Rs 10.54 lakh crore. This is 30.69 per cent more than the gross collection of the corresponding period last year. There has been an increase of 22.03 per cent and 40.64 per cent in gross corporate tax and personal income tax collection, respectively.

This is how you can check the status of the return

To check the status of your income tax refund, first you have to visit www.incometaxindiaefiling.gov.in . After this, you have to login there by filling the details of PAN card details, password and captcha code.

In the second step, you have to click on Review Return Forms. Then select ‘Income Tax Returns’ from the drop down menu. Here you have to select the assessment year for which you want to check the IT refund status.

In the third step, you have to click on your acknowledgment number ie hyperlink. Now a pop-up will appear on the screen, which will show the timeline of return filing. For example, when was your ITR filed and verified, date of completion of processing, date of refund issue, etc. Apart from this, it will also show the assessment year, status, reason for failure and mode of payment.

The post Income Tax Refund: Big news ! Government issued refund of Rs 1.83 lakh crore, status will be able to be checked like this first appeared on Rightsofemployees.com.

However, it has to be kept in mind that you will get the benefit of the new income tax rates only when you do not take advantage of any kind of deduction and tax exemption. Taxpayers who want the benefit of deduction and tax exemption can continue in the old tax regime. Let us know what has changed in the tax rates.

No change in tax rate on such income.

Income of Rs 2.5 lakh will not be taxed. This discount was already there. No changes have been made to this. Income from Rs 2.5 lakh to Rs 5 lakh will also attract 5 per cent tax as before. People with income above Rs 5 lakh have got a big relief.

Tax rate reduced on income above Rs 5 lakh, now income of Rs 5 lakh to Rs 7.5 lakh will attract 10 per cent tax. Income from Rs 7.5 lakh to Rs 10 will now attract 15 per cent tax. Income between Rs 10 lakh and Rs 12.5 lakh will now attract 20 per cent tax. Income between Rs 12.5 lakh and Rs 15 lakh will now attract 25% tax. Those earning more than Rs 15 lakh will be taxed at 30 per cent as before.

After filing the income tax return, if you become a tax liability, then you have to pay tax to the central government. If you are filing Income Tax Return (ITR) on your own, then you should know how much tax the government charges on the annual income.

It is necessary for every person earning income from job, business or profession in India to pay income tax. The condition for this is that your income should exceed the general limit of tax exemption of Rs 2.5 lakh.

In this case, relief is available only to those people whose income is less than the basic exemption limit. Let us know about the slab set by the government for tax exemption or tax liability.

Tax exemption on investment of 1.5 lakhs, if you invest in tax saving investment options under section 80C, then through this, you can get tax exemption on investments up to Rs 1.5 lakhs.

National Pension System (NPS), Voluntary Provident Fund (VPF) and Section 80D of the Income Tax Act along with Section 24, you can save tax separately on certain expenses.

Income tax is levied on the income of an individual in a phased manner. As your earnings increase, so will the tax rate. In fact, the tax rates are decided according to the income slab. The government reviews the income tax slab rate every year in the Union Budget.

If the first slab 5%

taxable income is between Rs 2.5 lakh and Rs 5 lakh, then 5% tax will have to be paid on it. Keep in mind that the taxable income is calculated after deducting the amount of tax benefits on investments and expenses etc. made to save tax from the total income.

The second slab of income tax of 20 percent, on the same lines, you had to pay income tax at the rate of 20% on income of five to ten lakh rupees.

Third slab of 30 percent

The third income tax slab for the common taxpayer was 30%. For this, your annual taxable income should be more than Rs 10 lakh.

The post Income Tax Rules: Big News ! Government issued some instructions for tax payers, check details first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

For those whose accounts are required to be audited, the last date for filing income tax returns was October 31, 2022. Which has now been extended till November 7, 2022. While issuing a notification, the Central Board of Direct Taxes said that last month it had extended the deadline for filing audit reports, now it has been decided to extend the date of filing of income tax returns.

CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued.https://t.co/x9yhpL0d1T pic.twitter.com/T4LbT9Qy4K

— Income Tax India (@IncomeTaxIndia) October 26, 2022

According to the CBDT, the due date for filing income tax returns for the assessment year 2022-23 was October 31, 2022, which has been extended to November 7, 2022.

The last date for filing income tax returns for domestic companies for the financial year 2021-22 and assessment year 2022-23 was October 31, 2022. The last date for filing income tax returns of companies under transfer pricing norms is November 30, 2022. It is believed that keeping in mind the festive season, the deadline has been extended, this will give a big relief to the taxpayers.

The post Taxpayers beware: Big News! Only 2 days left to file income tax return, check details first appeared on Rightsofemployees.com.