EPFO reviews interest rates based on the income earned from investments in debt and equity. In the last quarter of every financial year, CBT recommends interest rates. This interest rate is almost fixed which is sent to the Center for approval. It is not necessary that every time the recommendation is made to increase the interest rate. This recommendation can also be to not make any change or to reduce the interest rate.

Attention EPF Members

The rate of interest for the Financial Year 2023-24 @ 8.25% for EPF members has been notified by the government in May of 2024. @LabourMinistry @mygovindia @MIB_India @PIB_India #EPFO #IntrestRate #EPFO #HumHainNaa #EPFOwithYou #ईपीएफओ

— EPFO (@socialepfo) July 11, 2024

EPFO has given this information through a tweet on the social media platform X. The tweet reads, “EPF members please note. The interest rate of 8.25 per cent for the financial year 2023-24 has been notified by the Central Government from May 2024.”

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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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“The company plans to close 50 cinema screens in the next six months,” PVR-Inox said in a filing to investors for the financial year ending March 31, 2023.

Why is the company shutting down this cinema screen

These cinema halls are either in loss or are in shopping malls where their life span is nearing its end. There is little hope of bringing them back on track. PVR-Inox Limited came into existence after the merger of two leading cinema brands PVR Limited and Inox Leisure. The merger became effective on February 6, 2023.

The merged entity operates 361 cinema halls across 115 cities in India and Sri Lanka with 1,698 screens. Karan Turani, senior vice-president, Elara Capital, said, “The closure of 50 screens will impact earnings before tax (EBITDA) of Rs 10 crore.”

The company also plans to open 150 to 175 screens.

These screens are in big and medium cities. PVR Inox also said that it plans to open 150 to 175 screens in the current financial year 2023-24. According to the company, “Out of this, nine screens have been opened so far. In case of 15 screens, license is awaited for commercial operations. Work on 152 screens is in various stages.”

How were the quarterly results of PVR Inox Limited

PVR Inox Limited (formerly known as PVR Limited) reported a consolidated net loss of Rs 333.99 crore for the fourth quarter ended March 31, 2023. PVR Inox gave this information in a regulatory filing. The company had reported a net loss of Rs 105.49 crore in the January-March period a year ago.

Know the figures of the company’s quarterly results

During the quarter under review, the company’s operating income stood at Rs 1,143.17 crore, as against Rs 536.17 crore in the year-ago period. During the quarter ending March 2023, two leading cinema exhibitors PVR Limited and Inox Leisure merged to form a new identity PVR INOX Limited. The information states that the merger was effective from February 6, 2023, so the results are not comparable. The total expenses of PVR Inox stood at Rs 1,364.11 crore in the fourth quarter of FY 2022-23. Its total income in the March quarter stood at Rs 1,164.92 crore.

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Giving good news to the people investing in Senior Citizen Saving Schemes, the Finance Ministry has announced an increase in its interest rates (SCSS Rate of Interest Increases). These rates have been implemented for the first quarter of the financial year 2023-24 i.e. from April to June. Earlier, giving good news to senior citizens in Budget 2023, the government had doubled the investment limit of Senior Citizen Saving Scheme. Now from April 1, 2023, senior citizens will be able to invest more in this scheme.

Investment limit doubled

Even though the regular income stops after retirement, the household expenses remain the same. In such a situation, senior citizens (SCSS Benefits) are looking for such a scheme in which they can get strong returns along with safe investment option. In such a situation, the Senior Citizen Savings Scheme is a small savings scheme run by the government, in which the government has doubled the investment limit.

Earlier the investment limit in this scheme was Rs 15 lakh, which has now been increased to Rs 30 lakh. In such a situation, after increasing the investment limit, investors will now get the benefit of higher returns on higher amount.

increased interest rates

In order to control inflation in the country, the Reserve Bank has increased a total of 250 basis points in the last financial year 2022-23. This has affected the deposit rates of banks. In such a situation, to make small savings schemes attractive, the government has decided to increase the interest rates of small savings schemes.

After this, the interest rates of Senior Citizen Savings Scheme have increased to 8.20 per cent in the first quarter of the financial year 2023-24. Whereas in the last quarter of the last financial year 2022-23 it was 8.00 percent. In such a situation, its interest rates have increased by 20 basis points.

Special features of SCSS-

1. The minimum age to invest in Senior Citizen Savings Scheme is 60 years.
2. You can invest in this scheme for a total of 5 years.
3. By investing in this scheme, you get a rebate of Rs 1.5 lakh under Section 80C of Income Tax.
4. By investing in this scheme, you get the benefit of regular income.
5. Under this scheme, apart from banks, you can also open an account in the post office.

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If the income is less than seven lakhs, then no TDS

Salaried people are going to be benefitted under the new tax regime from April. For such people, now TDS deduction can be reduced. Such taxpayers, whose taxable income is less than seven lakh rupees and they opt for the new tax regime, then they will not be charged any TDS. For this additional exemption has been given under section 87A of the Income Tax Act.

Only capital gain up to Rs 10 crore is exempt

The benefits available under Section 54 and 54F of the Income Tax Act will be reduced from the new financial year. From April 1, only capital gains up to Rs 10 crore will be exempt under these Acts. Capital gain above this will be taxed at the rate of 20 per cent with the benefit of indexation.

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From April 1, more capital gains tax will have to be paid on the profit made from the sale of the property. Along with this, short-term capital gains tax will now be levied on capital gains arising from transfer, redemption or maturity of market, liquid debentures. The new tax system of income tax will be the default tax system for the financial year 2023-24.

If the annual insurance premium exceeds five lakhs, then tax on its income
If the annual premium of a new life insurance policy issued on or after April 1 is more than five lakh rupees, tax will have to be paid on the income received from it. This rule will not apply to policies issued till March 1.

Only six digit hallmark jewelry will be sold

After March 31, jewelery bearing the four-digit Hallmark Unique Identification (HUID) will not be sold as Hallmark. From April 1, only hallmarked jewelery with six digits will be sold. Apart from this, there is sure to be a change in the price of LPG cylinder from April 1.

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

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

Suggestion to reduce tax on electric vehicles

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

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

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

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

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