Which rules did EPFO ​​change?

EPFO has now divided the PF interest into two parts in Form 13 – taxable part and tax free part. This will now ensure that TDS i.e. tax deduction is done correctly and there will be no error. It will now be easy for PF members to understand how much tax is being deducted from their interest.

PF transfer is now even faster

EPFO has made the process of PF transfer very easy. Now your PF balance will be transferred quickly when you change jobs. Every year about Rs 90,000 crore is transferred. About 1.25 crore people will benefit from this.

UAN can be generated even without Aadhaar

Now in some special cases, companies can generate UAN i.e. Universal Account Number even without Aadhaar. This facility is for those members whose PF trust has been closed or against whom any legal proceedings are going on. Companies will be able to create UAN in bulk with the old member ID and other information.

Security is tight even on UAN without Aadhaar

If someone’s UAN is made without Aadhaar, then that account will remain frozen until Aadhaar is linked. This will prevent any misuse and the safety of PF money will be maintained.

PF transfer claim will now be faster

Earlier, approval was required from both the offices for PF transfer, which caused delay. Now this process will be completed from a single office and your money will reach your new PF account quickly. All these changes of EPFO ​​have been brought for the convenience, safety and transparency of the members so that every work related to PF can be easy and tension-free.

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

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

Why should the limit be increased?

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

Also Read: RBI imposed a fine of ₹ 1.31 crore on PNB, cancelled the license of one bank

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

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

What needs to be done to make a claim?

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

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

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Currently, individual taxpayers have the option to choose between the new and old tax regime. The option to switch between the two is also open for him. Many taxpayers are unable to decide which of the new and old regimes is beneficial for them.

Benefits of old tax regime

The new and old tax regimes have their own advantages and disadvantages. Tax rates are lower in the new tax regime. But, deductions are not available under different sections of income tax. The most prominent among these are deduction under section 80C, deduction under section 80D and deduction under section 24B.

Section 80C relates to deduction on life insurance policies, PPF, ELSS and children’s tuition fees. 80D is related to the deduction available on health policy. Section 24B relates to deduction on interest payment on home loan.

Who benefits from the new tax regime?

Deduction facility is not available on Section 80C, Section 80D and 24B in the new tax regime. Experts say that the new tax regime is beneficial for those taxpayers who do not claim any deduction. If a person has taken a home loan and claims deduction on home loan interest every financial year, then his tax liability reduces significantly. Similarly, tax liability is reduced due to deduction on premium of life insurance policy and health policy.

Deductions in the new tax regime

Finance Minister Nirmala Sitharaman had also allowed two types of deductions under the new tax regime in the Union Budget presented in 2023. In this, the first annual standard deduction is Rs 50,000. The second section is the deduction available on employer’s contribution to NPS under section 80CCD(2). Pensioners can also avail the benefit of standard deduction. They can claim either Rs 15,000 or 33.33 per cent of their pension, whichever is less.

These benefits also in the new tax regime

One thing that is important to keep in mind is that pensioners can claim standard deduction only if the pension is taxable as salary income. If a taxpayer selects pension under other income then he will not get the benefit of standard deduction. In the new tax regime, exemptions are available on voluntary retirement, gratuity and leave encashment. In the new regime, disabled people also get deduction on transport allowance.

Atal Pension Yojana: If APY subscriber dies before 60, what will happen to the deposited amount?

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

Will the standard deduction increase to Rs 90,000?

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

What is standard deduction?

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

This is the history of standard deduction

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

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

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If you are planning to invest your money in a scheme from the point of view of savings and investment, then Post Office schemes can prove to be much better for you. Many different schemes are being run by the post office for the common citizens. In which you get many benefits like better returns with excellent interest, benefit of government security and tax deduction. In such a situation, let us know about those post office schemes where you are getting returns of more than 8% per annum along with the benefit of tax deduction.

Sukanya Samriddhi Yojana (SSY)

Post Office’s Sukanya Samriddhi Yojana (Post Office SSY) is being run especially keeping the daughters in mind. This is one of the highest interest offering schemes of the post office. At present, by investing in this scheme, you will get the benefit of compound interest at the rate of 8 percent per annum.

Under this scheme, your account can be opened with just Rs 250. The maturity period is of 21 years. You can deposit up to a maximum of Rs 1,50,000 under the scheme. Sukanya Samriddhi Yojana gives the benefit of tax deduction under section 80-C of the Income Tax Act.

Senior Citizens Savings Scheme (SCSS)

Post Office Senior Citizens Savings Scheme (Post Office SCSS) has been started especially keeping in mind the senior citizens. In this scheme, senior citizens up to 55-60 years who have retired can deposit their money in this scheme. An account can be opened in the Senior Citizens Savings Scheme with as little as Rs 1000.

You can deposit up to a maximum of Rs 30 lakh in it. At present, the scheme is getting the benefit of interest rate of 8.2 per cent. The Post Office Senior Citizens Savings Scheme offers tax deduction benefits under Section 80-C of the Income Tax Act.

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From April 1, 2023, 7.5 percent interest is being received annually on the Post Office Time Deposit Account of 5 years. In this scheme, interest rates are paid on an annual basis. However, the interest is compounded on a quarterly basis. In the 5-year term deposit scheme of the post office, the account holder also gets the benefit of tax deduction up to 1.5 lakhs under section 80C of income tax.

Apart from 5 years, you can invest in post office term deposits with maturity of 1, 2 and 3 years. In this scheme, after maturity, the deposit option is available again for the same period.

Post Office: Guaranteed 10 lakhs on lump sum deposit of 5 lakhs

The customer is getting 7.5 percent interest from April 1, 2023, on 5-year FD in the post office. According to the Post Office FD Calculator 2023, if a deposit of Rs 5 lakh is made, then the regular customer will get Rs 7,24,974 on maturity. In this, Rs 2,24,974 will be earned from interest. After maturity, this scheme can be extended for five more years. In this way, a lump sum deposit of Rs 5 lakh will grow to Rs 10,51,175 in 10 years. In this, there will be an income of Rs 5,51,175 from interest. That is, in 10 years, your investment here is guaranteed to double.

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Post Office TD: Review of interest rates every quarter

Single account and joint account are also opened under post office time deposit. A maximum of 3 adults can be included in a joint account. This account can be opened with a minimum of Rs 1000. After this you can invest in it in multiples of Rs.100. There is no investment limit in Post Office TD. The Finance Ministry reviews the interest rates on small savings every quarter.

Post Office TD: Benefit of tax deduction

The benefit of tax exemption is available on 5 years FD in the post office. Tax deduction can be claimed on investment up to Rs 1.5 lakh under section 80C of income tax. Keep in mind here that the amount received on maturity in FD is taxable. Post Office TD is getting 6.8 percent interest for 1 year, 6.9 percent for 2 years and 7.0 percent for 3 years. In this scheme, the interest rates are calculated on a quarterly basis, but the payment is done on an annual basis.

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Many such provisions have been made, under which a taxpayer in the country can get tax exemption on his earnings. And now after the new income tax regime has become the default, the employee has to manually choose under which tax regime he will pay his tax. Deduction is available in both old and new tax regime, but there is a big difference between the two.

Also, many such deductions are not available in the new tax regime, which are available in the old regime. In such a situation, you should know which deduction you can claim on choosing which regime, so here we are telling what are the options available for claiming tax deduction with the salaried employee.

Rebate under 80C, 80CCC and 80CCD(1)

Section 80C of the Income Tax Act is one of the most popular tools for tax exemption. Under this section, you can get a discount of up to 1.5 lakh. If you have bought life insurance premium, invest in provident fund, pension scheme or have invested money in annuity plan of LIC or any other insurance company, then you can claim deduction under this section. You can get this discount only in the old regime.

Deduction under section 80CCD(2)

This is such a tax deduction, which you can claim in both old and new tax regime. In this section, you can get exemption on investment in Government Pension Scheme i.e. National Pension System. Employees coming under the Central and State Government can claim a deduction of 14% of their salary and 10% of the salary of other employees.

House Rent Allowance (HRA Tax Deduction)

If you live on a rented house and pay rent, you can claim deduction on house rent under section 10(13A) while filing tax under old tax regime. HRA is calculated on the basis of your salary structure, rent, city and HRA received from the company.

Exemption will be available under section 24(b)

The government gives you tax exemption even considering the interest paid on the home loan. If you are paying interest on home loan for the property you are currently living in, you can claim interest deduction while filing ITR in the old tax regime. On the other hand, in the new tax regime, you get a deduction on the home loan of such property, which you have given on rent. Under this section, the interest paid on the home loan is deducted from the rental income, thereby reducing the tax on your rental income.

Standard deduction benefits

The benefit of standard deduction is available in both the regimes. Under this, you can take a discount of 50,000.

87A exemption

This is another tax deduction that you can claim on both the old and the new. In the old regime, you get tax rebate on income up to 5 lakhs, while in the new regime it has been increased to 7 lakhs. In the old regime, you get a rebate of Rs 12,500, while in the new regime it is Rs 25,000.

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As the new year 2023 begins, it is the right time for senior citizens to plan their investments and choose tax saving FDs to make the most of the rising interest rates on deposits. Lending may become more expensive in the coming times and banks may want to entice investors to keep their money with them to increase their cash flows.

Starting a tax-saving FD teaches a very important lesson, that is to save more. Saving a penny is earning money. This is a general rule, and it works well for senior citizens as well. Here are some of the key features of the tax saving senior citizen FD.

1. Fixed Returns: Many financial instruments show volatility when it comes to returns. Moreover, investors have to wait for an average of three to five years for their investments to grow. On the other hand, FD gives you fixed returns risk free. There is no risk to your money, and you get assured returns.
2. Flexibility in tenure: FD comes with flexibility of tenure and amount. You can choose any tenure and amount you want to invest. However, for tax saving FDs, you must have a lock-in period of at least five years. Longer tenure helps you deposit more amount with interest. Many people opt for longer tenure and higher maturity amount for tax saving.
3. Zero Maintenance Cost: Unlike mutual funds and stocks, when you invest your money in FDs you don’t really need to track the market and ups and downs. This is a one time activity, and you can get your maturity once your FD tenure is over. There is no cost to anything. You put a fixed amount in the FD account, and you get a lump sum when your FD matures.
4. Liquidity: Despite the lock-in period in case of tax saving senior citizens FD, you can still liquidate your investment if you need funds due to an emergency. The lock-in terms and conditions are not very stringent as compared to other financial instruments. However, you must check with the bank for deductions and penalties when you opt for early withdrawal.
5. Safety: Your money remains completely safe in the FD account until your bank defaults. Despite this, you are eligible to claim a maximum of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) with effect from 4 February 2020. This makes FD a very safe investment option for senior citizens.
6. Tax Saving: Tax deduction of up to Rs 1.5 lakh is allowed under Section 80C, when you invest in a tax-saver FD with a minimum lock-in period of five years.

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It is a reliable pension source. It is best suited for customers who are unable to generate regular income from their retirement funds. However, many investors put money in it only for tax deduction of ₹50,000. This method is not correct.

If you are investing in it with the intention of earning long term gains, then it is important that your asset allocation is also strong so that you can earn maximum profits. To do the right asset allocation in NPS account, you have to pay attention to some things, which you will read further in this article. Let us first understand NPS.

Mode of Investment in NPS and Funds There are two modes of investment in NPS. The first active choice in which you allocate your investments yourself. In this, you can put 75 percent of your investment in equity. However, you can do this only for 50 years, after that every year the maximum limit for investing money in equity will decrease by 2.5%. The second option is Auto Choice, in which you do not take any decision regarding asset allocation.

Now let’s talk about different types of funds. The first one is the Aggressive Life Cycle Fund. In this, you can put 75 percent of your total investment in equity for 35 years. Second is Moderate Life Cycle Fund. In this, for 35 years, you can put 50 percent of your investment in equity. The third is the Conservative Life Cycle Fund. In this, for 35 years, you can put 25 percent of your investment in equity.

How to Include NPS in Asset Allocation

People up to the age of 40 should invest aggressively. Invest maximum money in equity. Include NPS in various investment options. People above the age of 40 should invest most of their money in debt (EPF+PPF). Invest maximum money in NPS in equity. On the other hand, if you do not have a huge PF fund and you have already invested most of the money in equity, then keep the investment approach safe in NPS.

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According to the interest fixed by the Reserve Bank, the State Bank gives returns on this scheme. This scheme has been made in such a way that the needs of the child related to education, marriage and employment can be met. This plan is very easy to take and the risk is very less due to which it is quite popular.

In the absence of the father or the person who has started this FD plan in the name of his child, the insurance company pays the entire premium. An investment of Rs 10,000 per month in this scheme yields Rs 1 crore without any tax deduction. Under Section 80C of Income Tax, Rs 46,800 can be saved.

1. Earning from Interest

Without any risk, this scheme gives the right earning of interest in the name of the depositor. Guaranteed returns are available on the deposit amount as per the fixed interest rate. That is, the return should be given according to the interest already fixed. For this, the base point is fixed by the Reserve Bank and on the basis of that the return is received from the bank. The money deposited by the depositor gets the benefit of compound interest.

2. Financial facilities to the nominee

There is a facility to link the name of the nominee with the depositor in the fixed deposit scheme of SBI. In case of untimely death of the depositor, the nominee gets the full benefit of the FD. The nominee can claim the FD money. The depositor can nominate wife or husband or child as a nominee.

3. Calculate the Interest Rate

The interest on this plan is subject to change. It completely depends on the interest rate of the Reserve Bank. The rate fixed by the Reserve Bank is applicable only on FD. The interest rate also depends on the age, gender of the depositor and the premium amount. Children, youth and minors get the most attractive interest rate in SBI Child Plan Fixed Deposit Scheme.

4. Renewal of Deposit Period

SBI provides automatic facility to renew the deposit tenure. You have to apply for auto renewal at the time when this scheme has been started in the bank. Once the policy matures, its money will be fixed for the next term. This will give an opportunity to increase the deposited capital.

5. Tax Benefits

Tax facility is available on child plan and senior citizen plan. There is a limit fixed below which income is not taxed. By taking advantage of this scheme, tax can be saved and accumulated capital can be increased. One should get to know about the tax benefits before investing in the scheme.

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1. LIC premium, PF, PPF, Pension Scheme 

You get all the tax exemptions under Section 80C of Income Tax. For example, if you have taken a policy of LIC, then you can claim its premium. You can get tax exemption under 80C on the principal of provident fund, PPF, children’s tuition fee, national savings certificate, home loan. If you have purchased an annuity plan (pension plan) of LIC or any other insurance company under section 80CCC, then you can claim tax exemption. If you have bought a pension scheme of the Central Government under section 80 CCD (1), then you can claim it. Remember that taking all these together the tax exemption cannot exceed Rs 1.5 lakh.

2. Claim on Principal Amount of Home Loan

You can avail tax exemption under section 80C on the principal payment of the home loan. However, this limit cannot exceed 1.5 lakhs. So, if your remaining deductions under 80C are less than 1.5 lakhs, then you can claim tax deduction by meeting this limit from the principal amount of the home loan.

3. Tax Deduction on Home Loan Interest 

If you have taken a home loan, you get tax exemption on the interest paid under section 24(b) of Income Tax. According to Income Tax rules, you can get tax exemption on interest payment up to 2 lakhs. This tax exemption will be available only if the property is ‘self-occupied’.

4. Central Government Pension Scheme 

If you invest in the National Payment System (NPS), a central government pension scheme, then you get an additional exemption of Rs 50,000 under section 80 CCD (1B). This exemption
is on top of the tax exemption of Rs 1.5 lakh availed under section 80 (C). The contribution made by the employer to the pension scheme of the Central Government can be claimed under section 80 CCD2. It has two conditions. First, whether the employer is a Public Sector Unit (PSU), state government or any other, the deduction limit is 10 percent of the salary. If the employer is the Central Government, then the deduction limit will be 14% of the salary.

5. Health Insurance Premium

If you have taken any health insurance or get regular health checkup, then you can claim the premium under section 80D. Although its limit is fixed. If you have taken a health insurance policy for yourself, spouse, children and parents, you can claim a premium of up to Rs 25,000. In this case the age of the parents is less than 60 years. If your parents are senior citizens, then the tax exemption limit will be Rs 50,000. Health checkup of Rs 5000 is also available in this. However, the tax deduction cannot exceed the premium of health insurance.

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1.83 lakh interest on 5 lakh deposit

According to the FD calculator, if you deposit a lump sum deposit of Rs 5 lakh in SBI for 5 years, then on maturity you will get Rs 6,57,033. In this, interest of Rs 1,57,033 will be earned. On the other hand, if you are a senior citizen, then on an FD of Rs 5 lakh, you will get Rs 6,83,450 on maturity. In this, there will be an income of Rs 1,83,450 from interest.

SBI Wecare Deposit for Senior Citizen

SBI is running SBI Wecare Scheme for Senior Citizens in Retail Term Deposit / Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent ie 0.80 percent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. The bank has extended this scheme till 30 September 2022.

Interest rates of banks

Apart from SBI, Punjab National Bank (PNB) is offering 5.25 per cent annual interest to common customers and 5.75 per cent per annum to senior citizens on its 5-year tax saver FDs. At the same time, HDFC Bank is paying 5.45 percent annual interest to the common customer and 5.95 percent to the senior citizens for FDs above 5 years. Apart from this, if we talk about the tax saver FD of ICICI Bank of the private sector, it is paying 5.45 percent annual interest to common customers and 5.95 percent to senior citizens.

Tax saving on FD up to 1.5 lakhs

Fixed Deposit / Term Deposit of banks is considered safe. This is a good option for risk-averse investors. Tax benefit of tax exemption is available in section 80C on 5 years tax saving FD. You can save tax up to Rs 1.5 lakh in banks. It has a lock-in period of 5 years. However, keep in mind that the return on maturity of the tax saving FD is taxable.

The post Good News Income Tax Payer : Income Tax Payer is getting benefit of Rs 3.5 lakh, know details immediately first appeared on Rightsofemployees.com.

The government has changed the rules of income tax. If the income from Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) of an individual exceeds Rs 25,000 in a financial year, then filing of return has been made mandatory for him. According to the new rule, if the income of an individual is less than the exemption limit of 2.5 lakh, but TDS and TCS income is 25 thousand or more, then it is necessary to file a return for that.

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