X users had posted that “I humbly request you to consider giving some relief to the middle class. I understand the challenges involved, but this is just a heartfelt request.”

Modi government pays attention to the concerns of the people: Nirmala Sitharaman
Reacting to this, Nirmala Sitharaman said that the government led by Prime Minister Narendra Modi listens to the voices of the people and gives importance to their suggestions. Describing the user’s suggestions as valuable, she said that the government seriously considers the concerns of the people.

Nirmala Sitharaman replied to the users on Instagram and said, “Prime Minister Narendra Modi’s government is a responsible government. It listens to the voice of the people and pays attention to it. Thank you once again for your understanding. Your suggestion is valuable. I understand your concern and respect your point of view.”

Tax burden on middle class has decreased in last 10 years

During the 10-year tenure of the government led by Prime Minister Narendra Modi, the tax burden on the middle class i.e. individuals earning less than Rs 20 lakh per annum has decreased. According to government data, the percentage of income tax collection from taxpayers earning less than Rs 10 lakh has come down to 6.22 percent in 2024 from 10.17 percent in 2014.

Thank you for your kind words and your understanding. I recognise and appreciate your concern.
PM @narendramodi ‘s government is a responsive government. Listens and attends to people’s voices. Thanks once again for your understanding. Your input is valuable. https://t.co/0C2wzaQtYx

— Nirmala Sitharaman (@nsitharaman) November 17, 2024

Government’s stance on giving tax exemption

It is clear from the statement of Finance Minister Nirmala Sitharaman that the government is aware of the problems of the middle class. However, the government has not yet taken any concrete decision on this issue. It is expected that in the upcoming budget, the government will consider giving some relief to the middle class.

At the same time, experts believe that the government should take some steps to provide relief to the middle class. This may include changes in the income tax slab, increase in standard deduction and reduction in GST on some essential commodities.

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Congress created a lot of ruckus over this new scheme of the central government. Union Finance Minister Nirmala Sitharaman’s answer has come on the questions raised by Congress on UPS.

UPS is a completely new plan

Nirmala Sitharaman accused the Congress of spreading misinformation and said that the recently introduced Unified Pension Scheme (UPS) is a new scheme and has not been brought in place of the National Pension Scheme (NPS). She said, “This is not a U-turn. It is different from OPS (Old Pension Scheme) and NPS (National Pension System). This is clearly a new package.”

Many benefits for employees in UPS

The Union Finance Minister said that the recently announced UPS is a good pension scheme and most government employees will be satisfied with it. Sitharaman said that UPS has been designed in such a way that it fits in every calculation and does not put much burden on the government. She expressed hope that most states will adopt UPS as it has many benefits for the employees.

Also Read: BSNL has brought a new plan, you will get 160 days validity for this…

The government has not made a U-turn on the pension scheme but has made improvements

On Congress’s allegation that the government has taken a U-turn on the pension scheme, the Finance Minister said that the government has reformed the pension scheme and this is not a U-turn. He said that nowadays Congress makes comments without extensive study, which was not the case earlier. Defending his previous decision – steps to restore indexation benefits on long-term capital gains tax, he said that this is not a U-turn but a change.

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In her budget speech, she announced to increase the loan limit under the Pradhan Mantri Mudra Yojana launched to promote self-employment in the country. Now a loan of up to Rs 20 lakh will be given under this scheme. Earlier the maximum loan limit was Rs 10 lakh.

The central government launched the Mudra scheme in April 2015. In the last 9 years, more than 40 crore people have taken advantage of this scheme. Loans ranging from Rs 50,000 to Rs 10 lakh have been given under the Mudra scheme to those who want to start their own business or expand their business. Now, loans up to Rs 20 lakh will be given under this scheme.

Also Read: Income Tax Slab: Standard deduction increased from Rs 50,000 to Rs 75,000- check details

Who can take a Mudra loan?

This scheme, started in 2015, aims to provide guarantee-free funds to small businessmen and street vendors to expand their business. Under the Pradhan Mantri Mudra Loan Yojana, loans can be taken through any bank, microfinance company or NBFC. Any Indian who is doing business or wants to start his own business can take a Mudra loan.

Loan is available in three categories

Under Pradhan Mantri Mudra Yojana, loan is given in three categories. The first category is Shishu loan. In this, a guarantee free loan of Rs 50,000 is available. In the Kishore category, loan is given from Rs 50,000 to Rs 5 lakh. In the Tarun category, the government gives loan from Rs 5 lakh to Rs 10 lakh. Now this limit has been increased to 20 lakhs. That is, in the Tarun category, loan from Rs 5 lakh to Rs 20 lakh will be available.

The post Budget 2024: Mudra Loans Limit Raised To Rs 20 Lakh From Rs 10 Lakh- know everything first appeared on Rightsofemployees.com.

At the same time, the Finance Minister has increased the long term capital gain tax and short term capital gain tax on all financial and non-financial assets. Now LTCG will be taxed at the rate of 12.5%. Additionally, the exemption limit for capital gains will be fixed at Rs 1.25 lakh per annum. At the same time, STCG will be taxed at the rate of 20 percent.

Finance Minister Nirmala Sitharaman has announced a better review of the Income Tax Act 1961. She said that this will reduce disputes and litigation, she said that it is proposed to complete it in 6 months.

Also Read: Property Tips: House or land, whose registration costs more money?

New Tax Slab in Budget 2024-25

• 0-3 lakh rupees: 0
• Rs 3-7 lakh: 5%
• 7-10 lakhs: 10%
• Rs 10-12 lakh: 15%
• Rs 12-15 lakh: 20%
• Above Rs.15 lakh: 30%

The post Income Tax Slab: Standard deduction increased from Rs 50,000 to Rs 75,000- check details first appeared on Rightsofemployees.com.

Like every time, in this budget too, the eyes of taxpayers and working people will be on the changes in the income tax slab, increase in standard deduction and more relief in housing loan interest and section 80C. However, where and how much relief will Finance Minister Nirmala Sitharaman give. It will be clear after 11 o’clock. It is expected that the government can make taxpayers happy by changing the income tax slab, as well as increase the standard deduction.

Increase in income tax limit possible: There is a possibility that under the new tax system, the basic exemption limit can be increased from Rs 3 lakh to Rs 5 lakh. This decision will provide great relief to low-income group taxpayers.

Changes in the new tax regime: The government can make further changes in the new tax system to make it more attractive. This can include adjustments in the tax slabs or additional deductions.

Also Read: Budget Expectation: Finance Minister can make this announcement for railway passengers

Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.

Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.

Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.

Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.

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More tax exemption on home loan interest: Under Section 24(b) of the Income Tax Act, tax exemption can be claimed on interest up to Rs 2 lakh on home loan. However, there is a demand to increase this deduction to Rs 4 lakh. At the same time, some real estate experts have demanded to increase this limit to Rs 5 lakh. This will improve the property market as well as the common man.

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Atal Pension Yojana: Under the Atal Pension Yojana, there is a provision to get a payout of Rs 1000 to Rs 5000 per month. In the coming time, its limit can be increased to Rs 10000 by the government.

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Now the Central Government has made a plan to take forward the disinvestment. Giving information, the Finance Ministry (FM Nirmala Sitharaman) has told that it is engaged in completing all the works going on in the pipeline soon. With this, by March 31, 2024, the government can complete the privatization of the bank. At this time the government is focusing on the privatization of IDBI Bank. This can be completed soon.

This information received from DIPAM

The Department of Investment and Public Asset Management (Dipam) has told that the government can complete the disinvestment process of IDBI Bank by March 31, 2024. According to media reports, while giving information, the Finance Ministry official has told that our focus is now on completing the works going on in the pipeline. At present, no plan is being made to further the privatization of any new public sector institutions.

How much will be left?

Deepam had invited bids in October 2022 to sell 30.24 per cent stake of LIC along with 30.48 per cent stake in IDBI Bank. The government and LIC jointly hold 94.72 per cent stake in IDBI Bank, which will come down to 34 per cent after the strategic sale.

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Privatization of the first 2 banks was announced

Finance Minister Nirmala Sitharaman had announced in her budget speech in the year 2021 that she would hand over 2 government banks to private hands, but the situation changed due to the Corona epidemic and due to which the banks Privatization could not be taken forward. At present, according to the information being received by quoting the sources, it is not possible before the general elections.

Let us tell you who is involved in the race to buy IDBI Bank.

Carlyle Group, Fairfax Financial Holdings and DCB Bank are showing great interest in buying this bank. In the midst of this news, a strong rise was seen in the shares of the bank on Wednesday. According to information received from sources, all of them can bid for about 10 percent stake in IDBI Bank.

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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 –

At present the rate of recovery from written off accounts is less than 15 percent. 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.’

There will be a meeting with the officials of the government bank –

Sources said that it seems that after writing off the bad loans, the banks become 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-

As per the guidelines of the Reserve Bank of India (RBI) and the policy approved by the boards of directors of banks, non-performing assets (NPAs) have been written off from the books of the respective banks by writing them off. It also includes NPAs for which full provisioning was made.

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The Finance Minister has taken care of everything from job professionals to farmers and women in the budget. Along with this, the government has also provided relief to the pensioners. For the first time in the country, family pensioners will get the benefit of Standard Deduction. Family pension is the pension which is received by the dependent of an employee after his death.

Finance Minister Nirmala Sitharaman announced in her budget speech today that pensioners getting family pension will also be able to avail standard deduction of Rs 15,000. Except those getting family pension, first other pensioners and salaried employees are getting the benefit of standard deduction. Under this, they can get a discount of up to Rs 50,000.

How much benefit will the family pensioners get?

In the budget, the Finance Minister for the first time announced the benefit of standard deduction on family pension as well. This means that now the taxable income of the person receiving family pension will also be calculated after deducting Rs 15,000 from the total income.

What is standard deduction?

Standard Deduction is the deduction that is deducted from the income of the income tax payer and after that tax is calculated on the remaining income. Salaried Employees and Pensioners are already getting the facility of getting tax exemption through standard deduction. Suppose the annual income of a person doing a job is Rs 8 lakh. In such a situation, if the benefit of standard deduction up to Rs 50,000 is available in the total package, then their tax will be calculated on Rs 7,50,000 instead of Rs 8 lakh.

In India, before the year 2005, there was a provision of standard deduction for salaried individuals, but it was discontinued in the 2005 budget. In the budget of the year 2018, the standard deduction was again implemented and the exemption available in the form of transport allowance and medical reimbursement was abolished.

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Tax is necessary for everyone from middle class to upper class, if someone’s income is high then he will have to pay more tax and if income is less then he will have to pay less tax. In which Finance Minister Nirmala Sitharaman can make a big change this time. If you also pay tax or come in the tax slab, then it is important for you to know what kind of changes the Central Government is going to make in the tax slab this time.

The government will present the budget (Budget 2023) on February 1 in 2023. Means the budget is going to come after two days. Let us tell you what is the government’s plan regarding tax this time-

Tax limit may increase

At present, no income tax is levied on income up to Rs 5 lakh, but Finance Minister Nirmala Sitharaman is planning to increase this limit in this budget.

Finance Minister Sitharaman had asked for suggestions

According to the information received from sources, Finance Minister Nirmala Sitharaman had asked for suggestions regarding tax, how much scope is there for improvement in the new tax regime. There is also a discussion about this, so it is believed that the government can make changes in both the new and old tax system. Right now there is no benefit of any kind in the new tax regime.

The last major change was in 2014.

Let us tell you that before this, the income tax limit was changed for the last time in the year 2014. This time again it is expected that the government can give great news before the Lok Sabha elections. It is expected that the government is considering increasing the personal tax exemption limit.

Elections will be held after 13 months

Modi government will present the full budget of its second term in 2023. Next year, after about 13 months of the budget, the general elections will be held, so it is believed that this time the government is preparing to give a big relief to the general public.

The post Income Tax Slab Change: Income tax payers got lottery! Now they will not have to pay tax, Announcement of the Finance Minister! first appeared on Rightsofemployees.com.

If you also pay tax or come in the tax slab, then it is important for you to know what kind of changes the Central Government is going to make in the tax slab this time. The government will present the budget (Budget 2023) on February 1 in 2023. Let us tell you what is the government’s plan regarding tax this time-

Tax limit may increase At present, there is no tax on income up to Rs 2.50 lakh, but in this budget, Finance Minister Nirmala Sitharaman is planning to increase this limit to Rs 5 lakh. That is, after this change, if your income is Rs 5 lakh, then you will not have to pay any kind of tax.

The last major change was in 2014.

Let us tell you that before this, the income tax limit was changed for the last time in the year 2014. At that time this limit was 2 lakhs, which was increased to 2.5 lakhs. This time again it is expected that the government can give great news before the Lok Sabha elections. It is expected that the government is considering increasing the personal tax exemption limit.

Elections will be held after 13 months

Modi government will present the full budget of its second term in 2023. Next year, after about 13 months of the budget, the general elections will be held, so it is believed that this time the government is preparing to give a big relief to the general public.

Finance Minister Sitharaman asked for suggestions

According to the information received from sources, Finance Minister Nirmala Sitharaman had asked for suggestions regarding tax, how much scope is there for improvement in the new tax regime. There is also a discussion about this, so it is believed that the government can make changes in both the new and old tax system. Right now there is no benefit of any kind in the new tax regime.

The post Income Tax Slab Change: Good news for Taxpayer! now these people will not have to pay tax, Finance Minister will announce on this day! first appeared on Rightsofemployees.com.

Let us tell you that the last date for filing ITR for FY2021-22 was 31 July 2022, but under the new order issued by the government, you can still file your ITR till 31st.

Penalty is imposed on Late ITR

If you have also missed to file Afna ITI, then the income tax return filed now will be called belated ITR and for this you will have to pay penalty as well. A fine is imposed on this by the government.

1000 rupees penalty will have to be paid Under Section 234F of the Income Tax Act, 1961, any taxpayer who does tax filing late has to pay a penalty, but if your income is 5 lakh rupees or less, then you will have to pay only 1000 rupees. Or you will have to pay less penalty than that.

There is still 25 days time, let us tell you that the last date for filing belated ITR is 31 December 2022, that means you still have about 25 days to file your ITR, so file your tax immediately. If you are not able to file your income tax even till this deadline, then a notice will be sent to you by the department.

When will the fine be imposed?

The concept of delayed ITR filing is applicable across the country from the year 2017-18. If any person has filed ITR after 31st July then a penalty of Rs 5,000 will be applicable. However, if belated ITR is filed between January 1 and March 31, then a penalty of Rs 10,000 will be applicable.

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