The Lok Sabha has passed the Taxation and Other Laws (Amendment) Bill, 2026, paving the way for the government to permit banks and payment service providers to levy charges on Unified Payments Interface (UPI) transactions and other notified electronic payment systems.

The legislation amends the Payment and Settlement Systems Act, 2007, removing the legal restriction that currently prevents banks and payment service providers from charging Merchant Discount Rate (MDR) on notified digital payment modes.

What Does the New Bill Change?

The amendment authorises the Central Government to decide whether charges can be imposed on specific electronic payment modes through future notifications.

Importantly, the Bill does not immediately introduce any UPI charges. Instead, it creates the legal framework that allows the government to permit such charges at a later stage.

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Why Is the Government Making This Change?

According to the government’s approach, the objective is to create a sustainable revenue model for:

• Banks
• Payment Service Providers (PSPs)
• Digital payment infrastructure companies

The proposal seeks to ensure that the ecosystem supporting India’s rapidly growing digital payments network remains financially viable while keeping costs reasonable for consumers and small businesses.

Merchant Discount Rate (MDR) Explained

Merchant Discount Rate (MDR) is the fee paid by merchants to banks and payment service providers for processing digital transactions.

While payment systems such as:

• RTGS
• NEFT

already involve service charges, UPI transactions have remained exempt from MDR since 2020.

The amendment removes the statutory barrier that prevented the government from allowing MDR or similar charges on notified electronic payment systems.

Bill Passed by Voice Vote

The Bill was passed through a voice vote in the Lok Sabha after the House resumed proceedings at 2 PM following an earlier adjournment.

Finance Minister Nirmala Sitharaman moved the Taxation and Other Laws (Amendment) Bill, 2026, which proposes amendments to:

• Payment and Settlement Systems Act, 2007
• Income Tax Act, 2025
• Finance Act, 2026

What Happens Next?

Although the Bill has been passed by the Lok Sabha, UPI transactions will continue under the existing framework until the government issues a notification specifying:

• Which electronic payment modes may attract charges.
• Whether charges will apply only to merchants or other categories.
• The rate and scope of any future fees.

Until such notifications are issued, there is no immediate change in how UPI payments are processed.

Key Highlights

• Lok Sabha has passed the Taxation and Other Laws (Amendment) Bill, 2026.
• The Bill amends the Payment and Settlement Systems Act, 2007.
• The amendment authorises the government to permit charges on UPI and other notified electronic payment modes.
• The legal restriction preventing Merchant Discount Rate (MDR) on notified payment systems has been removed.
• The Bill does not immediately impose UPI charges.
• Future charges, if any, will depend on government notifications.
• The proposal aims to support banks, payment service providers and digital payment infrastructure companies with a sustainable revenue model.

FAQs

Has the Lok Sabha approved UPI transaction charges?

The Lok Sabha has passed a Bill that authorises the government to permit charges on UPI and other notified electronic payment modes. It does not immediately impose any charges.

Will users start paying for UPI transactions now?

No. The Bill only provides the legal framework. Any charges will require a separate government notification.

What is Merchant Discount Rate (MDR)?

Merchant Discount Rate (MDR) is a fee paid by merchants to banks and payment service providers for processing digital payments.

Why was the law amended?

The government says the amendment aims to create a sustainable financial model for banks, payment service providers and digital payment infrastructure while supporting continued growth of digital payments.

Which law has been amended?

The amendment modifies the Payment and Settlement Systems Act, 2007 as part of the Taxation and Other Laws (Amendment) Bill, 2026.

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Finance Minister Nirmala Sitharaman said that the common man, farmers and the middle class will directly benefit from the improvement in GST rates. She said this during a conversation with the Group of Ministers (GoM) of the GST Council. The government believes that more relief can be given to the people by simplifying the tax structure.

Changes in GST rates can reduce the tax burden on everyday essential items. Especially food items, agricultural machinery and common goods used by the middle class can become cheaper. This will also control inflation to some extent and there will be less pressure on people’s pockets. The government’s focus is now on creating such a tax system that will generate adequate revenue and will not put too much burden on the public. If these reforms are implemented, it will be a big relief for the common people and at the same time farmers and the middle class will also get economic benefits.

What did the Finance Minister say?

Sitharaman, in a meeting with the Groups of Ministers (GoMs) of the states formed on reforms in Goods and Services Tax (GST), said that the Center’s proposal on GST reforms is based on three pillars of structural reform, rationalization of rates and making life easier. Groups of ministers on rationalization of GST rates, taxation on insurance and compensation cess met with Sitharaman to propose comprehensive reforms in the GST system.

During the meeting, Sitharaman emphasized that this proposal of the Central Government is with a view to starting the next generation GST reforms in the country’s journey to become self-reliant. The three ministerial groups will discuss the Center’s ‘next generation’ GST reforms for two days, under which only two rates of five and 18 percent have been proposed. Apart from this, a special rate of 40 percent tax has been kept on luxury and harmful products.

Let us tell you that at present GST is levied at the rate of five, 12, 18 and 28 percent. Zero or five percent tax is levied on food and essential commodities. At the same time, luxury and harmful goods are taxed at the rate of 28 percent, on which cess is also levied. Sitharaman addressed the ministerial groups for about 20 minutes in which she discussed in detail the tax reform proposal put forward by the Center.

It proposes to reduce tax rates and reduce the compliance burden for businessmen. The ministerial group formed to rationalize the GST rate has been entrusted with the responsibility of changing the tax slabs and rates and ending the problem of duty inversion in some areas. This group will meet again on August 21.

There will be relief in the insurance sector

The Group of Ministers on Insurance is considering reducing the tax rate on health and life insurance premiums, while the group on compensation cess will decide on the future of the cess after the loan repayment period. After getting the approval of the GoM on these proposals, they will be placed in the GST Council meeting next month. The GST Council alone has the right to take policy decisions on GST related matters. Prime Minister Narendra Modi had announced the implementation of GST reforms by Diwali in his Independence Day address.

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

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

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

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

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

— Nirmala Sitharaman (@nsitharaman) April 3, 2025

How to update nominee details in PPF account?

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

Procedure for updating nominee online:

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

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The Finance Bill 2025 was passed in the Lok Sabha on Tuesday. It includes 35 government amendments. This is an important process to implement the proposals of the Union Budget 2025-26. In the debate on the Finance Bill 2025, Finance Minister Nirmala Sitharaman said that a big relief has been given to taxpayers in the Union Budget 2025-26. Its aim is to increase domestic production and increase export competitiveness.

During the discussion on the Finance Bill, the Finance Minister highlighted the changes made with the aim of making tariff rationalization and promoting domestic manufacturing. Finance Minister Sitharaman said that the process of rationalization of customs duty announced in the budget proposal for 2025-26 is progressing. To increase domestic production, the government has exempted 35 additional capital goods for EV batteries and 28 items for mobile manufacturing from customs duty.

New Income Tax Bill to be introduced in Monsoon Session

Now that the budget has been approved by the Lok Sabha, it will be put up for discussion in the Rajya Sabha. However, the Upper House does not have the right to vote on the budget and cannot reject any proposal. Apart from this, the Finance Minister said that the new Income Tax Bill will be introduced in the next session of Parliament i.e. Monsoon Session and it will replace the Income Tax Act 1961.

The target of fiscal deficit in the financial year 2025-26 is 4.4 percent.

The Finance Minister further said that in the general budget, the target of fiscal deficit in the financial year 2025-26 has been set at 4.4 percent, which was 4.8 percent in the financial year 2024-25. In the Union Budget 2025-26, income tax exemption has been increased to Rs 12 lakh per annum to increase consumption. This will save more money in the hands of the middle class than before.

Total expenditure is estimated to be Rs 50.65 lakh crore

Net market borrowing has been fixed at Rs 11.54 lakh crore in the budget. The remaining fund will come from small savings scheme. The budget proposes gross tax revenue collection of Rs 42.70 lakh crore and gross borrowing of Rs 14.01 lakh crore. The total expenditure in the Union Budget 2025-26 is estimated to be Rs 50.65 lakh crore, which is 7.4 percent more than the current financial year.

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New update from the government regarding the 8th Pay Commission

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Ever since the 8th Pay Commission was announced by the Central Government, expectations have been rising regarding the salaries of the employees. Central Government employees are expecting a significant increase in their basic salary. Union Minister Ashwini Vaishnav had confirmed the announcement of the 8th Pay Commission in January and Prime Minister Narendra Modi had also confirmed the formation of the 8th Central Pay Commission in the same month. Now Finance Minister Nirmala Sitharaman has made a big statement regarding the 8th Pay Commission.

Finance Minister Nirmala Sitharaman said that the implementation of the 8th Pay Commission will prove beneficial for over 36 lakh Central Government employees and pensioners or their families as well as Defence personnel and their pensioners. The estimated number of Central Government employees and pensioners/family pensioners is Rs 36.57 lakh (up to March 1, 2025) and Rs 33.91 lakh (up to December 31, 2024) respectively.

The decision was taken after an inquiry,

Sitharaman said, adding that the Centre has made progress towards its formation. The government has also considered inputs from stakeholders like the Finance Minister, Defence Ministry, Home Ministry, Department of Personnel and Training and state governments. Apart from this, the financial impact of the recommendations of the 8th Pay Commission, which includes inflation-related revisions in pay and pension, allowances and benefits, will be provided after all these recommendations are submitted and accepted. The Pay Commission is constituted after every 10 years.

In how many days will the report come?

The government has approved the formation of the 8th Pay Commission, but the big question on everyone’s mind is in how many days will the commission submit its report. When the Finance Minister was asked about this, he said that the government has decided to constitute the 8th Central Pay Commission (CPC). How long will it take to submit the report to the government, will be decided in due course. It has been learned that the 8th pay recommendations are to be implemented from January 1, 2025.

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Taxpayers who want to update their income tax returns of previous years can file updated returns before March 31. Although you can file updated returns anytime but it should be within two years of the end of the respective assessment year. This means that those who want to update their returns for assessment year 2022-23 or financial year 2021-22 will have to file updated returns before March 31, 2025. The provision of filing updated returns was introduced in the Finance Act 2022 when Finance Minister Nirmala Sitharaman announced the facility of updated returns, in which taxpayers can file updated returns to correct errors or omissions. Apart from this, it was introduced on payment of tax.

Why updated returns are necessary

The two major reasons for introducing updated returns were to avoid litigation and encourage voluntary taxation. When tax officials detect tax evasion, the matter goes through a lengthy process of litigation. To prevent this, the Finance Ministry allowed taxpayers to file an updated return by paying the additional tax that they failed to pay when it was due. When it was launched in 2022, the maximum time limit was 2 years. In Budget 2025, this time limit has been extended to 48 months.

Which deadlines are expiring on 31st March?

Taxpayers can file updated returns for any previous year such as FY 2021-22 and 2022-23, but for FY 2021-22, the last date is March 31, 2025. It can be filed by any taxpayer in any case except in certain exceptional circumstances. A person can file an updated return even if he has previously filed a return of loss under section 139(3) for the relevant assessment year, but the updated return cannot be a tax return of loss.

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The Finance Minister said in her budget speech – It is proposed to extend the tax benefit available for the National Pension Scheme (NPS) under sub-section (1B) of section 80CCD of the Income Tax Act, 1961 to the contribution made to NPS Vatsalya accounts. A deduction of a maximum of Rs 50,000 will be allowed from the total income of the parent / guardian, the amount paid or deposited in the account of any minor under NPS.

About the scheme

All minor citizens up to the age of 18 years are eligible to open an account under the NPS Vatsalya scheme. The account is opened in the name of the minor and is managed by their guardian until the child attains majority, ensuring that the minor remains the sole beneficiary throughout the entire process. The scheme aims to create a fund for their children in the long term. Parents or guardians can contribute a minimum of Rs 1,000 annually without any maximum investment limit.

Relief to taxpayers

Let us tell you that today in Budget 2025, Finance Minister Nirmala Sitharaman has given a big relief to the taxpayers. The Finance Minister has proposed new tax slabs in her 2025-26 budget, under which people with income up to Rs 12 lakh will not have to pay any tax. Keeping in mind the standard deduction of Rs 75,000 for the salaried class, this limit will be Rs 12.75 lakh. Under the new tax system, people earning Rs 12 lakh annually in the next financial year 2025-26 will save Rs 80,000. On the other hand, people whose annual income is Rs 24 lakh or more. They can save Rs 1.10 lakh in income tax. Finance Minister Nirmala Sitharaman announced on Saturday in her budget to exempt individuals with annual income up to Rs 12 lakh from income tax and to change the tax slabs under the new tax system.

According to this change, as per government calculations, people with an annual income of Rs 13 lakh will save Rs 25,000 on tax liability. Similarly, people with an annual income of Rs 14 lakh will save Rs 30,000, those earning Rs 15 lakh will save Rs 35,000, those earning Rs 16 lakh will save Rs 50,000 and those earning Rs 17 lakh will save Rs 60,000. On the other hand, if the annual income is Rs 18 lakh, the savings will be Rs 70,000, Rs 80,000 on Rs 19 lakh, Rs 90,000 on Rs 20 lakh, Rs 95,000 on Rs 21 lakh, Rs 1 lakh on Rs 22 lakh, Rs 1.05 lakh on Rs 23 lakh. Those earning more than Rs 24 lakh will get a tax benefit of Rs 1.10 lakh.

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Under this, now no tax will have to be paid on taxable income up to Rs 12 lakh. Under the new tax system, there will be no tax on standard deduction of Rs 75,000. That is, salaried people will not have to pay any tax on taxable income up to Rs 12.75 lakh. Till now there is no tax on income up to Rs 7 lakh. After including the standard deduction, this amount becomes Rs 7.75 lakh.

In her speech, the Finance Minister said, ‘I am now happy to announce that there will be no income tax on income up to Rs 12 lakh. Now there will be zero tax on zero to four lakh rupees, 5% on 4 to 8 lakh rupees, 10% on eight to 12 lakh rupees, 15% on 12 to 16 lakh rupees, 20% on 16 to 20 lakh rupees, 25% on 20 to 24 lakh rupees and 30% tax on income above 24 lakh rupees. Tax exemption under section 87A is given under both the old and new tax regimes.

What do experts say

Manoranjan Sharma, Chief Economist of Infomerics Ratings, said that in the budget, the Finance Minister had announced tax exemption on income up to Rs 12 lakh. This was expected. The middle class is suffering from inflation and its disposable income was shrinking. The country’s GDP was showing sluggishness for the last few quarters. The biggest reason for this was that consumption was decreasing in urban areas. This is the reason why there was a demand for giving more income tax exemption to the middle class. With the increase in disposable income of the middle class, more money will come in their pockets and this will give a boost to the economy.

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It is being said that the government may announce some exemptions in the new tax regime. Experts are demanding to increase HRA, Section 80C tax deduction and standard deduction of Rs 1 lakh in Budget 2025.

Standard Deduction Limit

A new tax system was introduced in the Union Budget 2020, which aims to simplify the tax infrastructure. However, no exemption is given in this. Only standard deduction is available. The benefit of standard deduction is also given under the old tax system. Currently, the standard deduction in the new tax system is Rs 75 thousand, which can be increased to Rs 1 lakh. At the same time, the standard deduction in the old tax system is Rs 50 thousand. This can also be increased to Rs 1 lakh.

Limit of Section 80C

Under Section 80C of the Income Tax Act, 1961, taxpayers are given tax exemption on investment up to Rs 1.5 lakh. In such a situation, now there is a demand to increase its limit, which has not changed for a long time. There is a demand to increase it to Rs 2 lakh. Currently, investors can claim exemption by investing in places like PPF, LIC, PF and home loan.

Home loan

individuals are eligible to claim deduction on payments made towards the principal amount of the home loan under section 80EE. The deduction for home loan interest payment can be up to Rs 50,000 per financial year. There is a demand to increase this in the budget as well.

HRA exemption

is also a common demand of taxpayers that HRA exemption should be included in the new tax system. Currently, this benefit is applicable only under the old tax system, which leads to tax saving. Experts believe that the inclusion of this exemption will be of great help to people.

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The post Budget 2025: HRA, 80C and standard deduction…These big announcements can be made in the budget first appeared on Rightsofemployees.com.

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

1. Announcement of new tax slab

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

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

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

2. Increase in standard deduction

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

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

3. Deduction in NPS

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

4. Changes in capital gains tax

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

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

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

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

5. TCS on luxury goods

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

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According to sources, Union Finance Minister Nirmala Sitharaman may announce the implementation of these labor codes in a phased manner, which will not only affect the employees but will also affect the businessmen. These new labor codes will be implemented in three phases, creating new challenges and opportunities for both employees and companies.

Phased implementation of Labor Codes

The aim of these new labor codes is to streamline the workplace and strengthen the social security of employees. This change will affect all types of businesses, small and large. In the first phase, large companies with more than 500 employees will be required to follow these codes. In the second phase, medium-sized companies with 100-500 employees will be brought under its purview. In the third phase, these codes will be implemented on small companies with less than 100 employees.

Small businesses will be given about two years to implement these rules. Considering that MSMEs (micro, small and medium-sized enterprises) account for 85% of India’s business structure, their transition will be particularly important.

Impact on working hours and salaries

These new rules may also include a policy of working four days a week and resting for three days. Its purpose is to create a work-life balance for employees. However, the four-day working rule may lead to an increase in working hours, and provident fund (PF) deductions may increase, which may reduce the salary of employees.

Phased implementation of Labor Codes

The aim of these new labor codes is to streamline the workplace and strengthen the social security of employees. This change will affect all types of businesses, small and large. In the first phase, large companies with more than 500 employees will be required to follow these codes. In the second phase, medium-sized companies with 100-500 employees will be brought under its purview. In the third phase, these codes will be implemented on small companies with less than 100 employees.

Small businesses will be given about two years to implement these rules. Considering that MSMEs (micro, small and medium-sized enterprises) account for 85% of India’s business structure, their transition will be particularly important.

Impact on working hours and salaries

These new rules may also include a policy of working four days a week and resting for three days. Its purpose is to create a work-life balance for employees. However, the four-day working rule may lead to an increase in working hours, and provident fund (PF) deductions may increase, which may reduce the salary of employees.

Negotiations with States and the Framework for Regulations

The labour ministry is in talks with various states, such as West Bengal and Delhi, to implement these codes, where draft regulations are being finalised. The government hopes to implement the Wages and Social Security Code by March 2025, while rules for the rest of the codes are being framed with the remaining states.

What are Labor Codes?

The Government of India has consolidated 29 central labour laws into four major labour codes that aim to strengthen businesses and enhance social security of employees. These codes include:

1. Code on Wedges
2. social security code
3. Industrial Relations Code
4. Occupational Safety, Health and Working Conditions Code

These improvements aim to improve the workplace environment as well as provide better safety to employees.

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

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

Crores of salaried class got benefit

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

What is the New Tax Regime?

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

What is the old tax regime?

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

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The post Finance Minister made a big announcement for taxpayers! Hearing which taxpayers were overjoyed – check details first appeared on Rightsofemployees.com.

Former Infosys CFO Mohandas Pai has also appealed to Prime Minister Narendra Modi and the Finance Minister to provide relief to the middle class. He has demanded changes in the tax slab and reduction of the increasing burden on taxpayers.

Demand for change in tax slab

Mohandas Pai says that the current tax slab is becoming a burden on the middle class. He has suggested that it needs to be reduced and adjusted. He has given some advice regarding this.

There should be no tax on income up to Rs 5 lakh.

• 10% tax on income up to Rs 5-10 lakh.
• 20% tax on income up to Rs 10-20 lakh.
• 30% tax on income above Rs 20 lakh.
• Surcharge on income above Rs 50 lakh.

Apart from this, it has been said to give exemption on income up to Rs 7.5 lakh to citizens above 60 years of age and Rs 10 lakh to citizens above 70 years of age.

Tax burden on the middle class

Mohandas Pai says that the middle class has the highest tax burden. Personal tax collection has increased by 114% in the last three years, but no relief has been given to the income and savings of the middle class. After inflation, rising school-college fees and essential expenses, the middle class does not have money left for other expenses.

Demand for relief on housing loan

He said that the deduction on housing loan benefits only those people who take the loan. This service is available to only 1.2 crore out of 3.5 crore taxpayers. He suggested that such schemes should be brought in the budget so that the middle class has more money to spend.

Tax disputes should be resolved

Mohandas Pai also demanded an end to tax disputes. He said that the disputed tax amount was Rs 4.5 lakh crore in 2014, which has increased to Rs 12.5 lakh crore by 2025. This is the failure of the Income Tax Department and the government. He appealed to declare 2025-26 as the tax dispute resolution year.

The middle class should not be ignored

He said that the government spends more than Rs 9 lakh crore on subsidies for the poor section, but the problems of the middle class are not paid attention to. He stressed the need to provide relief to the middle class and remove their resentment. The middle class has a lot of expectations from Budget 2025. Now it remains to be seen what steps the government takes for the middle class in this budget and how much it solves their problems.

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The post Budget 2025: Middle class will get relief! There is no tax up to Rs 5 lakh in the old tax regime first appeared on Rightsofemployees.com.

However, these are just budget expectations that crores of taxpayers of the country are expecting. This step can prove to be a big good news for crores of taxpayers. Currently, taxpayers who choose the old tax regime take advantage of saving tax under this limit, whereas this facility is not available under the new tax regime.

When was the last time the 80C limit was increased?

The Section 80C limit was last increased in 2014, when then Finance Minister Arun Jaitley raised it from Rs 1 lakh to Rs 1.5 lakh. This change was a major part of the government’s first budget. However, it has remained unchanged for the last decade. Taxpayers have been hoping for a long time that the 80C limit will be increased to provide relief according to their rising costs and income.

What is the benefit of Section 80C?

Under Section 80C, taxpayers get the benefit of tax deduction up to Rs 1.5 lakh. Under this, taxpayers can save tax on investments and expenses like various saving schemes like PPF, ELSS, life insurance, NSC and children’s tuition fees. This deduction is available only for individuals and Hindu Undivided Families (HUF).

Why should the 80C limit be increased?

Changing the limit of Section 80C reduces the taxable income of taxpayers, thereby benefiting them directly. Despite rising costs and increasing salaries over the years, there has been no change in the limit of 80C. This makes many taxpayers feel the need to save their taxes by utilising the entire limit.

What are the expectations from Budget 2025?

The Finance Minister will present the Union Budget on 1 February 2025. Taxpayers are hoping that the 80C limit will be increased to Rs 3 lakh, which will give them more exemption in their investments and savings. If this happens, this move will prove to be a big relief for taxpayers from the government.

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

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

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

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

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

There will be no relief in the old regime!

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

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

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The post Standard Deduction: Good news! Govt prepares to increase standard deduction to so many lakhs! first appeared on Rightsofemployees.com.

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

What is special in UPS?

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

This is the big difference between NPS-UPS

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

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

Calculation of pension

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

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

Pension will be made in this way in UPS

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

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

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Is there scope for changes in the old tax?

In the budget, everyone wants that some changes should be made in the old income tax regime. According to the new tax regime, the taxable income limit should be increased to Rs 7 lakh. The government’s focus is that taxpayers choose the new tax regime, so there is less scope for changes in the old tax regime. The government also would not like to reduce the income from income tax. So the government will have to maintain a balance on both sides.

The expectations of taxpayers are that the limit in the old tax regime should be increased, but the chances of this happening are less. Most of the taxpayers are hoping that the government increases its limit to Rs 7 lakh.

There should be discount on home loan

To boost the real estate sector and fulfill people’s dream of owning their own home, the government needs to increase the rebate on home loans. The government needs to increase the rebate on home loan interest to Rs 5 lakh. This will also give a boost to the real estate sector. Also, people will be more motivated to buy their house.

Some changes are needed in the new tax regime

Salary class home loan takers are reluctant to migrate from the old tax regime to the new tax regime. In such a situation, what should the government do to target the salary class? On this he said that the government should include exemption for home loan taxpayers in the new tax regime. More people would like to move towards the new tax regime.

The post Budget 2024: Can home loan buyers get exemption in the new tax regime? first appeared on Rightsofemployees.com.

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

What is going to happen for the employed?

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

Preparation to increase the scope of tax exemption in HRA

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

Non salaried people can get gift

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

How to get Income Tax deduction in HRA?

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

The post Budget 2024 Expectation: Finance minister may hike employees HRA tax exemption limit, here is what you need to know first appeared on Rightsofemployees.com.

The government can announce the introduction of labor laws in the budget. The government has been planning to implement the labor law across the country for a long time, but due to lack of consensus among the states, there is a delay in implementing the law. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can make some special announcements for its vote bank.

Holidays given to employees may increase

Earned leave holidays of employees may increase from 240 to 300. Modi government can decide to increase the earned leave of employees. There was a lot of discussion regarding the labor law regarding the rules of the Labor Code and the Labor Ministry, Labor Union and representatives of the industry. In this, there was a demand to increase the earned leave of employees from 240 to 300. However, the government has not yet made any announcement on this.

Government can make this announcement regarding employees

A decision was also to be taken on the demand raised by labor unions to increase the limit of PF and earned leave. People associated with the union want the limit of earned leave to be increased from 240 to 300 days. New laws related to labor reforms were passed by the Parliament in September 2020.

Now the Central Government is trying to implement these as soon as possible. The rules of Labor Code also include basic salary being 50% or more of the total salary etc. This will change the salary structure of most employees. If basic salary increases, the amount deducted in PF and gratuity will increase. This will reduce the salary in hand. This can increase the PF fund received on retirement.

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Budget 2024: Use of electric vehicles is increasing rapidly. The government is also emphasizing on increasing the use of electric vehicles. This will reduce the demand for petrol and diesel. Very little crude oil is produced in the country. Therefore the government has to import more than 80 percent of crude oil. A lot of foreign exchange is spent on this. Also, pollution increases due to the use of petrol and diesel. In September this year, the number of registered electric vehicles (EV) in the country was a little more than 27 lakh. EV sales in the third quarter this year stood at 3,71,214 units. This is 40 percent more than the same period a year ago. Finance Minister Nirmala Sitharaman introduced EVs inUnion Budget on February 1, 2023 Many steps were taken to promote

There will be benefit from the production of EV batteries in the country

Sitharaman had doubled the budget of FAME Scheme-2. It was announced to continue the concession on duty on EV batteries. FAME means Faster Adoption and Manufacturing of Hybrid and Electric Vehicles. The Finance Minister had reduced the custom duty on lithium-ion batteries from 21 percent to 13 percent. This brought a lot of relief to battery manufacturing companies. Besides, this has strengthened the efforts to increase the production of EV batteries in the country. Earlier, the government had also announced to bring EV batteries manufacturing under the PLI scheme. Experts believe that if batteries for electric vehicles are produced in India, their cost will reduce. This will affect the prices of EV. Currently, the share of battery in the price of EV is very high.

EV sales will increase by reducing tax on EV spare parts

The government had taken major steps to promote electric vehicles in Budget 2023. But, experts believe that the issue of GST rate on EV spare parts has not been resolved yet. The GST rate on electric vehicles is 5 percent. But, EV spare parts (except batteries) currently attract 28 percent tax. Experts believe that the government needs to reduce it soon. Reducing this will reduce the maintenance charges of EV. This will increase people’s interest in buying electric vehicles.

The post Budget 2024: Nirmala Sitharaman had made these big announcements for electric vehicles in Budget 2023. first appeared on Rightsofemployees.com.

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

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

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

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

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.

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.

The post Bank Account Holders! Finance Ministry issued new guidelines regarding banks, you also have an account in a government bank, then know…! first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman has made major changes in the new tax regime in this budget, after which taxpayers are getting the benefit of huge rebate while paying taxes. Today we will tell you how you can take advantage of more exemption while paying tax and which tax regime is best for you.

Which tax regime to choose?

At this time, you have the option to choose the tax regime, whether you select the new tax regime or choose the old tax regime. In the new tax regime, you will get the benefit of exemption up to 7 lakhs. The new tax regime was launched by the government in the year 2020 and in this year’s budget, the Finance Minister has defaulted this tax system, after which you will have to be very careful while paying taxes.

These people will not have to pay tax in the new tax regime

Talking about the new tax regime, there will be no tax on income up to Rs 3 lakh. Along with this, those earning up to 7 lakhs will get the benefit of tax rebate, after which even those people will not have to pay tax. Along with this, the tax slab has also been reduced.

How many slabs are there in the new tax regime?

0 to ₹3 lakh = 0
₹3 lakh to ₹6 lakh = 5 per cent
₹6 lakh to ₹9 lakh = 10 per cent
₹9 lakh to ₹12 lakh = 15%
₹12 lakh to ₹15 lakh = 20 per cent
Above ₹15 lakh = 30%

Old tax regime Apart from this, if we talk about the old tax system, then those with income up to 2.5 lakh get the benefit of exemption. Apart from this, those with income between 2.5 to 5 lakh have to pay 5% tax, but these people also get the benefit of exemption of up to Rs 12,500. In this, you have to pay tax up to 5%, 20% and 30%. Let us tell you that in the old tax regime, you get the benefit of exemption under section 80C, in which you can save tax.

Tax slabs of old tax regime-

Old tax regime (for individual taxpayers below 60 years)

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

Find out how much tax will have to be paid from the tax calculator

If you also want to know where you will have to pay less tax while choosing the tax regime, then for this you can take the help of tax calculator. Let us tell you that the Income Tax Department has made the new tax regime the default, after which a calculator has also been released, so that taxpayers do not face any problem in calculation. With this, you can find out that in which tax regime, how much tax you will have to pay. Let us tell you that you will also find this calculator on the official website of Income Tax.

The post Finance Minister announced! Good news for taxpayers! Now getting this discount in new and old tax regime! first appeared on Rightsofemployees.com.

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

Got information about 3 crore people

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

TDS code increased from 36 to 65

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

asked to finalize the proceedings

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

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

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

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

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

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.

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

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

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

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

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.

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.

The post Bank Update: Finance Ministry gave these instructions to banks regarding loans first appeared on Rightsofemployees.com.

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

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

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

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

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.

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

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

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

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

The post Finance Minister issued a new statement! Big news for the customers of SBI-HDFC-ICICI Bank first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman in her budget speech had talked about giving the benefit of standard deduction to the employees adopting the new tax regime. 

He had said that now employees earning more than 15.5 lakhs will get a total tax benefit of Rs 52,500 (standard deduction Rs 50,000). Confusion had arisen because of Sitharaman’s statement that employees earning less than 15.5 lakhs would not get standard deduction? Now the Central Board of Direct Taxes (CBDT) has issued a clarification on this. CBDT said that the benefit of standard deduction will be available to all employees adopting the new tax regime, irrespective of their income.

Employees and pensioners adopting the old tax regime were already being given the benefit of standard deduction. At the same time, in the budget 2023, the Finance Minister had announced to give its benefits to the employees adopting the new tax system and also to the family pensioners. Employees will get a deduction of up to Rs 50,000, while family pensioners will be given a tax deduction of Rs 15,000 as standard deduction.

CBDT clarified the situation

CBDT Chairman Nitin Gupta told news agency PTI in the post-budget clarification that all salaried taxpayers will be given the benefit of standard deduction in the new system. Gupta said that in the budget speech, the Finance Minister had mentioned the income of 15.5 lakhs just to explain how much benefit would be available to those with this much income. This does not mean that only those earning above fifteen lakhs will get the benefit of standard deduction.

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. 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. No paper has to be given to get this discount.

When will the new rule be applicable?

Under the new tax regime, the standard deduction benefit will be applicable from assessment year 2024-25, i.e. it can be availed after filing income tax returns after FY 2023-24.

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

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

Proposal to make the new tax regime a default

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

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

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

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

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

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

What is NPS

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

The budget session is starting from January 31.

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

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

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

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

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

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He has been demanding from the Finance Minister for a long time to increase the limit of exemption available under 80C. If tax experts are to be believed, then they are expecting that the government can make big announcements in this budget. Lok Sabha elections are going to be held in the year 2024 and this is the last budget before the Lok Sabha elections.

In such a situation, the government can make populist announcements in this budget. There can be such announcements in this budget in which the income of the common people will increase and there will be more discount on savings. Finance Minister Nirmala Sitharaman may increase the limit of 80C in the budget to be presented on February 1, 2023, increase the limit of investment in PPF, increase the limit of taxable income to Rs 5 lakh.

Increased limit of exemption available under 80C

All the employed employees are giving this suggestion to Finance Minister Nirmala Sitharaman for the budget that the government should increase the limit of exemption under 80C. The government has not made any specific announcement for 80C for many years. All taxpayers and salaried individuals invest in tax saving options to get Rs 1.50 off in tax under 80C. Employed people are demanding to increase this limit from Rs 1.50 lakh to Rs 2 lakh.

Tax free income should be increased

If tax experts are to be believed, then income up to Rs 2.50 lakh is tax free for salaried taxpayers. The government should increase this limit to Rs 5 lakh. After Kovid, the need for savings has increased the most. By doing this the disposable income of the government will increase and this will only benefit the economy.

Maximum tax slab should be reduced

The maximum tax slab in income tax should be reduced to 25 per cent as at present the highest tax slab is 42.74 per cent including surcharge and cess. The government also needs to reduce the maximum tax slab. All taxpayers are expecting that the government will make big announcements for common taxpayers on 1st February.

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Special announcements can be made in the government budget to increase the salary of government employees. Only a few days are left for the presentation of India’s Budget 2023. Government employees, common people, middle class and taxpayers have a lot of expectations from Finance Minister Nirmala Sitharaman’s Union Budget 2023.

Central employees have the highest expectations from this budget as the Lok Sabha elections are going to be held in the year 2024 and this is the last full budget of the Modi government before the Lok Sabha elections. In such a situation, the government can make populist announcements in this budget. Such announcements can be made in this budget which will increase the salary of government employees.

The government may announce the fitment factor in the Union Budget 2023. If this happens then a big hike can be seen in the basic salary of government employees. Presenting the budget on February 1, Finance Minister Nirmala Sitharaman may announce a salary hike for central employees.

Will the salary increase in the budget on February 1, 2023?

The budget session of Parliament will begin on January 31 and Finance Minister Nirmala Sitharaman is to present the Union Budget on February 1, 2023 . It is expected that the Finance Minister may announce an increase in the fitment factor in Budget 2023. Special announcements can be made in the government budget to increase the salary of government employees. Central employees have been demanding a change in the fitment factor for a long time.

Demands have been placed before the government several times

The employees association has held several meetings with the government to increase the fitment factor. If media reports are to be believed, the government wants to implement it as soon as possible. So that, government employees can be wooed at the time of elections. Lok Sabha elections are to be held in the middle of the year 2024. If the government announces to increase the fitment factor in the budget, then if this happens, then there can be a big increase in the salary of the employees.

The salary of government employees will increase by this much

Currently the fitment factor is 2.57 per cent. This means that if someone gets a basic pay of Rs 15,500 in 4200 grade pay, then his total pay will be Rs 15,500×2.57 i.e. Rs 39,835. The increase in the fitment factor from 2.57 per cent to 3.68 per cent will increase the basic salary and the allowances attached to it. The minimum basic salary of the employees will increase from Rs 18,000 to Rs 26,000. This step of the government will benefit about 48 lakh central government employees.

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

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

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

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

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At present, income up to Rs 2.5 lakh is tax free, but it can be increased to Rs 3 lakh. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) can give a big gift from the general public to the middle class.

According to media report, the tax free limit can be 3 lakhs , this time the taxpayers can get many big gifts in the budget, but the biggest relief is that this time the government can increase the tax free limit. Is. It is expected that the government can increase it from 2.5 lakh to 3 lakh, which means you will have to pay less tax than before.

The limit was increased 9 years ago.

The last increase in this limit was in the year 2014. At that time, the government had increased this limit from Rs 2 lakh to Rs 2.5 lakh. There has been no change in this limit for the last 9 years. This is the last full budget of the second term of the Modi government, so this time the government can make many big announcements.

The limit is 3 lakh for senior citizens.

Let us tell you that now you do not have to pay tax on salary up to Rs 2.5 lakh and in this budget, the government can increase your relief by Rs 50,000 more. On the other hand, if we talk about senior citizens, then for those people this limit is 3 lakh rupees.

How much is the income tax slab now

>> Rs 2.5 lakh annual income – tax free
>> 2.5 to 5 lakh annual income – 5% tax
>> 5 to 10 lakh annual income – 20% tax
>> 10 Annual income more than lakh – 30% tax

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But the Modi government can also give a big gift to the central employees after the budget. It is expected that there may be a change in the fitment factor of the salary of government employees. Actually the fitment factor is a common value, which is multiplied by the basic pay of the employees. This is how their salary is calculated. With this increase, the minimum salary of the employees will increase from Rs 18 thousand to Rs 26 thousand.

At present, the common fitment factor is 2.57 percent. That is, if an employee is getting Rs 15,500 as basic pay, then his salary will be Rs 15,500*2.57 or Rs 39,835. The Sixth CPC has advocated for the fitment ratio to remain at 1.86 per cent.

It was said in the reports, there is a demand from the government of the employees that the fitment factor should be increased to 3.68 percent. With this, the salary of the employees will increase from Rs 18,000 to Rs 26,000. For many years, the employee unions have been demanding an increase in the fitment factor from the government. He argues that even after the increase in DA, there should be an increase in the basic salary because the salary increases on this basis.

Government changed these rules

Recently, the Finance Ministry had changed the rules related to HRA i.e. House Rent Allowance of central employees. It was said in the new rules that in some cases government employees will not get HRA. In the first rule, it was said that if the employee shares the government accommodation given to another employee, then he will not get HRA.

Even if someone has allotted a house to the family members of the employee i.e. parents, son-daughter, then also this facility cannot be availed. This includes Central and State Government, LIC, Nationalized Bank, Public Sector Undertaking, Semi-Government Organization.

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Earlier, Finance Minister Nirmala Sitharaman has handed over more than 33,000 loan sanction letters totaling more than Rs 1,550 crore under various schemes of the central government during the credit outreach program in Rajasthan’s Kota on Sunday.

The schemes under which approval letters have been issued during this budget include Mudra, KCC, PMEGP, KCC (Crops), KCC (AHD and Fisheries), Stand Up India and PMSNidhi. The Finance Minister said that more than 2300 vendors will get loans under the PM Swanidhi scheme. The Finance Minister said that loans are being provided to the poor, women, farmers and animal herders at low interest rates with guarantees, which will make it easier to run businesses even in small towns.

Budget 2023

The Finance Minister said that banks have been instructed to go to every panchayat to provide benefits of banking schemes and in the last three months bank employees have identified people by going to villages. He asked women to form Farmer Producer Organizations (FPOs) in small villages. The Finance Minister said that a big revolution is taking place in the country through startups.

Union Budget 2023

On this occasion, the Union Minister flagged off half a dozen mobile vans. Union Finance Minister along with Lok Sabha Speaker Om Birla gave four mobile vans to Rajasthan Marudhara Gramin Bank and one mobile van to Kota Nagrik Sahakari Bank. Lok Sabha Speaker Om Birla said in the program that the poor are becoming self-reliant through PM Swanidhi. He said that the common man is also becoming an employer through Mudra Bank.

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But before the budget, the Finance Minister has given a big gift to the senior citizens. The rules have been amended for this. Fulfilling the promise made to senior citizens, the Finance Ministry has given information about this by tweeting.

what was said in the tweet

According to the tweet, senior citizens above 75 years of age, who have only pension and bank interest as their source of income, will get relief. Apart from this, there will be no need for them to file income tax. The round of discussions is going on before the budget 2022 regarding relief in income tax. Employed people are waiting for relief in the income tax slab. But before that good news has come for the elderly.

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

— NSitharamanOffice (@nsitharamanoffc) January 5, 2023

Will get tax exemption

In the tweet, the Finance Ministry said that tax exemption has been given to elders above 75 years of age. Relief will be given to those people whose income is pension or interest from banks. For this, the government has added a new section in the Income Tax Act. In order to benefit citizens above 75 years of age, a new section section 194-P has been added by amending the rules of the Income Tax Act, 1961. Banks have also been informed about this amendment.

The Central Board of Direct Taxes has said that notification has been issued for the forms and conditions related to it. Along with this, necessary changes have also been made in Rule 31, Rule 31A, Form 16 and 24Q of the tax. The Finance Minister had also announced about this in the 2022 budget. Now the bank in which the elderly will have an account, the same bank will deduct whatever tax is made on their income. For exemption in tax return, senior citizens will have to fill Form 12BBA and submit it to the bank.

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The new year can bring many great news for government employees. While on the one hand there is talk of sealing many big decisions related to salary, on the other hand there are chances of increase in pension and maternity benefits. Actually, Finance Minister Nirmala Sitharaman will present the budget for the next financial year (Union Budget 2023) on February 1, 2023. Along with this, the preparations for the budget are also going on at a fast pace. Meanwhile, big economists have demanded to increase pension under social security and make adequate provision for maternity benefits before the budget of the next financial year.

Demand to increase pension

In fact, economists have demanded the Finance Minister to increase pension under social security and make adequate provision for maternity benefits. For this, he has written a letter to the Finance Minister. Those who have signed the letter include Jean Dreze, Professor Emeritus at Delhi School of Economics, Pranab Bardhan, Professor Emeritus at University of California Berkeley, R Nagaraj, Professor of Economics at Indira Gandhi Institute of Development Research (IIDR), Mumbai, IIT Delhi Professor of Economics Ritika Khera, Honorary Professor of JNU Sukhdev Thorat and others are included. The economists who signed the letter have also demanded full implementation of maternity rights under NFSA norms in the budget for the financial year 2023-24. Let us tell you that at least Rs 8,000 crore will be required for this.

A letter was also written to the former Finance Minister

According to the information given by the news agency language, economists have told in this letter that they had earlier written letters to former Finance Minister Arun Jaitley on December 20, 2017 and December 21, 2018. He has written in this letter, ‘We are reminding you again through the letter. We have tried to identify 2 priorities for the next Union Budget. In this, first, there is a provision for increase in pension for social security and second, adequate maternity benefits.

It has also been written in the letter that the central government’s contribution to the pension of the elderly under the National Old Age Pension Scheme (NOAPS) has remained stagnant at just Rs 200 per month since 2006. While this is not correct. The central government’s contribution should be increased immediately to at least Rs 500 (if possible more). In fact, in view of the rising inflation, this demand has been raised earlier also from the pensioners.

Discussion on widow pension is also possible

The letter states, “Based on the existing 2.1 crore pensioners, an additional provision of around Rs 7,560 crore is required for this. Similarly, the pension for widows should be increased from Rs.300 per month to Rs.500 per month. It has been told that the pension item for widows will cost Rs 1,560 crore.

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

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

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

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

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At the same time, many people are also saying that the income tax rates and slabs which were applicable in the assessment year 2022-23, can remain applicable in the new assessment year (AY 2023-24) as well.

Let us tell you that at present two tax systems are in force in the country. You can choose any of these according to your convenience. Now it has to be seen what changes will happen next year.

Income Tax Slabs and Rates 2023 (New Regime)

On annual income up to Rs 2.5 lakh: Zero On annual income
up to Rs 2.5-5 lakh: 5% On
annual income up to Rs 5-7.5 lakh: 10%
7.50-10 lakh Annual income up to Rs.15 lakhs: 15%
Annual income up to Rs.10-12.5 lakhs: 20%
Annual income up to Rs.12.5-15 lakhs: 25% Annual income up to Rs.15-20 lakhs
: 30%
20 lakhs On annual income above Rs.: 30%

Income Tax Slabs and Rates 2023 (Old Regime)

On annual income up to Rs 2.5 lakh: Zero On annual income
up to Rs 2.5-5 lakh: 5% On
annual income up to Rs 5-10 lakh: 20%
10-20 lakh Annual income up to Rs. 30%
Annual income above Rs. 20 lakhs: 30%

Changes in income tax rates and slabs expected in Budget 2023

Several tax experts and industry bodies have urged the government to revise income tax rates in certain slabs to provide relief to taxpayers. The tax rate for individuals has not been changed since FY 2017-18 (new tax regime in FY 2020-21). Experts are expecting that to give some relief to the employed taxpayers, the top tax rate of 30 per cent should be reduced to 25 per cent and the top tax limit should be increased from Rs 10 lakh to Rs 20 lakh.

Tapti Ghosh, partner, Deloitte India, expects from the budget:

Income Tax Rates (Old Regime)
Annual income up to Rs 2.5 lakh: Nil Annual income
up to Rs 2.5-5 lakh: 5% Annual income
up to Rs 5-10 lakh: 20%
Annual income up to Rs 10-20 lakh: 20%
Annual income above Rs 20 lakh: 25%

Income Tax Rates 2023 (New Regime)

Annual income up to Rs 2.5 lakh: Nil Annual income
up to Rs 2.5-5 lakh: 5% Annual income up to Rs 5-7.5 lakh
: 10%
Annual income up to Rs 7.50-10 lakh : 15%
Annual income up to Rs 10-12.5 lakhs: 20% Annual income
up to Rs 12.5-15 lakhs: 20% Annual income
up to Rs 15-20 lakhs: 20%
Annual income above Rs 20 lakhs: 25%

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

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

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

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

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

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

Expectation of relief in income tax

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

Demand for changes in tax slabs When

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

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Discussion will be held regarding the budget Finance Minister Nirmala Sitharaman will hold a meeting with the finance ministers of the states on Friday. In this meeting the budget will be discussed and suggestions will also be taken.

The budget will be presented on February 1.

This meeting is being called by the government for prior suggestions, on the basis of which the budget for the next year i.e. the financial year 2023-24 will be presented. This time also the government will present the budget on 1 February.

Meeting will be held with state finance ministers on 25th tomorrow i.e. on 25th November Nirmala Sitharaman will hold a pre-budget meeting with state finance ministers. On Monday too, Sitharaman held a meeting with industry heads, infrastructure and climate change experts regarding the budget.

The meeting will be online on Tuesday Along with this, the Finance Minister will hold an ‘online’ meeting on Tuesday with representatives of agro processing industry, financial and capital market sectors to further agriculture. On November 24 i.e. today, apart from service sector and business organizations, experts related to education, health, water and sanitation sectors will be met.

This will be Sitharaman’s fifth budget

This is Finance Minister Sitharaman’s fifth and last full budget before the general elections to be held in April-May in 2024. To overcome the problem of inflation and to further the employment, the government can take many new decisions. Along with this, there is a possibility of more than 8 percent economic growth in the economy and special steps will be taken for this.

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Finance Minister Nirmala Sitharaman said that the money deposited in the National Pension Scheme (NPS) belongs to the persons contributing to it. State governments cannot take it under the law. Speaking to the media, Sitharaman said in response to questions related to the restoration of the old pension system, that the governments of Rajasthan and Chhattisgarh are asking the Center to return the money, it cannot be done under the law.

The Center cannot keep the money of the employees, the Chief Ministers of both the states have asked the Center to return the money deposited under NPS to start the old pension system. Both the Congress-ruled states have notified to re-implement the old pension system (OPS) for government employees. They say that the center cannot keep the money of the employees. The Congress has promised to revive the system in Himachal Pradesh as well, and it has become a major election issue in the state assembly elections.

Elections are to be held in Himachal Pradesh on November 12. There are 1.75 lakh government employees in the state. Elections in Himachal Pradesh are to be held on November 12. Sitharaman told reporters in Shimla, “Under the law, the money deposited in the central head under NPS cannot go to the states. It will go to only those employees who are contributing to it. Can we change the law? This is the employees’ money deposited with the Centre. This money will go only to the beneficiary employees and not to any one authority or entity.

Center is not returning the money of the employees: Bhupesh Baghel said, ‘I am not talking about politics here. I am only talking about the law. Chhattisgarh Chief Minister Bhupesh Baghel has said that the Center has refused to return Rs 17,000 crore to the state government employees registered under NPS. He said that the Center cannot keep the money for long and the state government has sought legal opinion in this regard and can go to court.

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Addressing students at the John Hopkins School of Advanced International Studies, Sitharaman said, “There was a time when India looked at global standards, global ideals and we used to say that we have to reach that level, learn how to do it.” . Even today there are many such areas where we have to learn a lot and work according to the standards.

He further said, ‘But looking at the digital side, whether it is payment, identity, health, education, modalities of compliance requirements, India has actually set standards in these. We have really set standards in terms of digital economy, its systems and platforms and this is a confidence booster for India.

The Finance Minister said, ‘Our economy is performing well, so it is because of the confidence that we have got from what happened in the last two years, probably people believe so. That’s why I think the economic revival continues unabated. He said that the emphasis placed on digitization between 2014 and 2019 helped in battling the economic crisis after Kovid-19 and due to this, help and relief could be given immediately during the lockdown.

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Today i.e. on June 30, with the end of the first quarter of the financial year 2022-23, 3 big rules related to income tax will be implemented from July 1 , 2022 . Let us inform that Union Finance Minister Nirmala Sitharaman had announced in the Budget 2022-23 regarding these three rules to be implemented from July 1. One of the 3 rules is such, which will affect every common man of the country. Whereas the second rule will affect people investing in cryptocurrencies. At the same time, the third rule is for doctors and social media influencers. Let us know about the three rules that will come into force from tomorrow, which are going to have a direct impact on the common man as well as crypto investors, doctors and social media influencers.

Delay in linking PAN-Aadhaar will have to pay double fine

According to the rules, the last date for linking PAN and Aadhar card is June 30, 2022. If a person does not link his PAN and Aadhaar by June 30, then he will have to pay a fine of Rs 1000 instead of Rs 500. It simply means to say that you have only today to link PAN and Aadhaar. If you do not link your PAN and Aadhaar today, then tomorrow i.e. from July 1, 2022, you will have to pay double the fine. 

Additional TDS of 1% to be deducted on cryptocurrency transactions

The Government of India had implemented the rule of 30 percent income tax on transactions done in cryptocurrencies with effect from April 1, 2022. But the government is going to give new tension to the investors transacting in cryptocurrencies from July 1. Yes, the government is going to introduce the rule of 1 percent extra TDS on transactions done through cryptocurrency from July 1. The point to be noted here is that TDS will be deducted for all, be it profit or loss for those transacting in crypto. However, those who suffer losses in crypto transactions will be able to claim a refund. Experts advise for investors trading in cryptocurrencies that they should file ITR without delay if they enter this world.

10% TDS will be deducted on profit of more than 20 thousand in a year

Presenting the Budget 2022-23 in Parliament, the Finance Minister introduced section 194R in the Income Tax Act 1961. This is a completely new rule in the income tax rules, under which TDS of 10 percent will have to be paid on the benefits received by doctors and social media influencers. However, this rule will be applicable only to those doctors and social media influencers, whose annual profit will be more than 20 thousand rupees.

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It is mandatory for almost every person earning income to file ITR. However, in some cases the government has given its exemption. Filing of ITR is not mandatory for many senior citizens. But who are these senior citizens who are exempted from filing ITR? Actually, senior citizens are not required to file ITR after the age of 75 years.

However, this is possible only if the source of their income is pension and interest from hard earned money deposited in the bank. The government had given this exemption to people above the age of 75 years in 2021 under a new rule. A new section 194P was inserted in the Income Tax Act, 1961 under the Finance Act 2021, under which senior citizens above 75 years of age, who receive pension and interest from bank deposits, are exempted from filing ITR. Finance Minister announced this Nirmala Sitharaman was did.

What are the other conditions

To get exemption from filing ITR, a citizen who is above 75 years has to fill Form 12BBA and submit it to the bank. In this form, you will have to give details of earning from pension and interest on FD. The tax mentioned in the form has to be deposited in the bank. On submission of tax, ITR will be deemed to have been filled and no separate ITR will be required to be filed. However, there is also a big condition here that the FD account and pension account of the citizen should be in the same bank, only then he will get this exemption. Apart from this, even if the interest on FD is taxable, you will not get exemption from returns. If you are above 75 years of age but do not fulfill the above conditions then you have to file ITR. Failure to do so may result in fines.

31st July is the last date to file ITR

The last date for filing ITR for the financial year 2021-22 and the year under review is July 31, 2022. This date for those people whose annual income from business, job or any other source is up to Rs 50 lakh. There itself. If audit is necessary for a business, then the last date for filing ITR for its owner is 31 October 2022.

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Whereas the second rule will affect people investing in cryptocurrencies. At the same time, the third rule is for doctors and social media influencers. Let us know about the three rules that will come into force from tomorrow, which are going to have a direct impact on the common man as well as crypto investors, doctors and social media influencers.

Delay in linking PAN-Aadhaar will have to pay double fine

According to the rules, the last date for linking PAN and Aadhar card is June 30, 2022. If a person does not link his PAN and Aadhaar by June 30, then he will have to pay a fine of Rs 1000 instead of Rs 500. It simply means to say that you have only today to link PAN and Aadhaar. If you do not link your PAN and Aadhaar today, then tomorrow i.e. from July 1, 2022, you will have to pay double the fine. Click here to know the easy way to link PAN and Aadhaar .

Additional TDS of 1% to be deducted on cryptocurrency transactions

The Government of India had implemented the rule of 30 percent income tax on cryptocurrency transactions with effect from April 1, 2022. But the government is going to give new tension to the investors transacting in cryptocurrencies from July 1. Yes, the government is going to introduce the rule of 1 percent extra TDS on transactions done through cryptocurrency from July 1. The point to be noted here is that TDS will be deducted for all, be it profit or loss for those transacting in crypto. However, those who suffer losses in crypto transactions will be able to claim a refund. Experts advise for investors trading in cryptocurrencies that they should file ITR without delay if they enter this world.

10% TDS will be deducted on profit of more than 20 thousand in a year

Presenting the Budget 2022-23 in the Parliament, the Finance Minister introduced section 194R in the Income Tax Act 1961. This is a completely new rule in the income tax rules, under which TDS of 10 percent will have to be paid on the benefits received by doctors and social media influencers. However, this rule will be applicable only to those doctors and social media influencers, whose annual profit will be more than 20 thousand rupees.

The post Income Tax Rules: Big change in these rules of income tax from today, see here immediately first appeared on Rightsofemployees.com.