Many rules related to income tax are also going to change in the new financial year, which is important to know. These changes were proposed in the Union Budget 2023 presented in February. So let’s know what things are going to change for common taxpayers in the next few days…

Reduction in TDS of salaried-

From next month, the salaried people are going to benefit under the new tax regime. For such people, now TDS deduction can be reduced. Such taxpayers, whose taxable income is less than Rs 7 lakh and they opt for the new tax regime, will not be charged any TDS. For this, additional exemption has been given under section 87A of the Income Tax Act.

TDS on Listed Debentures-

Section 193 of the Income Tax Act exempts TDS on interest paid in respect of certain securities. If the security is in dematerialized form and is listed on a recognized stock exchange, TDS will not be deducted on the interest paid in such cases. Except this, 10 percent TDS will be deducted on all other payments.

Tax on online games

If you also play online games and win money, then now you will have to pay heavy tax on it. Under the new section 115 BBJ of the Income Tax Act, 30% tax will be levied on such winnings. This tax will be deducted as TDS.

Here you will get less benefit-

The benefits available under Section 54 and 54F of the Income Tax Act will be reduced from the new financial year. From April 01, only capital gain up to Rs 10 crore will be exempted under these sections. Capital gain above this will be taxed at the rate of 20 per cent with the benefit of indexation.

Higher tax on capital gains

From April 1, 2023, higher capital gains tax will have to be paid on the profit made from the sale of the property. Now the interest claimed under section 24 will not be included in the cost of buying or repairing. With this, capital gains arising from transfer, redemption or maturity of market-linked debentures will now attract short-term capital gains tax.

These changes regarding gold-

If you convert physical gold into EGR or electronic gold receipt into physical gold from the month of April, then you will not have to pay any capital gains tax on it. However, to take advantage of this, you will have to get the conversion done from a SEBI registered vault manager.

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The investment limit has been increased in both the schemes. A new scheme has been introduced for women. Its name is Mahila Samman Savings Certificates ( MSSC ). Finance Minister Nirmala Sitharaman announced this in the Union Budget on 1 February. Another scheme already exists for senior citizens. Its name is Pradhan Mantri Vaya Vandana Yojana ( PMVVY ).

All the schemes belong to the government

An elderly couple investing Rs 1.1 crore in these schemes can earn a monthly income of around Rs 70,500 per month. The special thing is that all these schemes belong to the government. That’s why there is no risk of sinking money in them. If a senior citizen wants regular income after retirement, then he can invest in them and lead a worry-free life.

The maximum limit for investment in SCSS has been increased to Rs 30 lakh. Earlier it was Rs 15 lakh. This means that now an elderly couple can invest up to Rs 60 lakh in this scheme. This scheme is available in India Post Office and Banks. Its duration is 5 years. After maturity, you can extend it for another three years. The government reviews its interest rate every quarter. Right now the interest rate in this scheme is 8 percent. Its payment is done every quarter.

The investment limit in POMIS has been increased to Rs 9 lakh. Earlier it was Rs 4.5 lakh. This means that an elderly couple can invest Rs 18 lakh in this scheme. Its interest rate is 7.1 percent per annum. Its payment is done every month. This scheme is also for five years. The special thing is that even such people who are not senior citizens can invest in this scheme.

MSSC is new scheme. This is for girls and women. Maximum Rs 2 lakh can be invested in this for 2 years. This scheme will mature in March 2025. Its interest rate is 7.5 percent. The details of this scheme are still awaited.

Now let’s talk about PMVVY. Up to Rs 15 lakh can be invested in this scheme. This is for senior citizens. LIC manages this scheme with a duration of 10 years. Its interest rate is 7.4 percent. An elderly couple can invest Rs 30 lakh together in this scheme.

In the above mentioned schemes the elderly couple will have to invest a total of Rs 1.1 crore.

Understand calculation like this

You will get a tax-deduction under Section 80C of the Income Tax Act for investing Rs 1.5 lakh in SCSS in a financial year. Debt Corporate Trainer Joydeep Sen said, “Small savings schemes are very easy to understand. Hence there is no scope for misselling.” Interest is paid quarterly in SCSS. The frequency of interest payment of MSSC has not been disclosed yet. In this calculation, we have assumed that the current interest rates will remain the same.

Be mindful of taxes and lock-in

Amol Joshi, Founder, Plan Rupi Investment Services, said that these schemes are good for those who want assured returns with safety of money. However, one thing needs to be kept in mind that you will have to pay tax on the income from these. Secondly, since investing in these schemes, your money gets locked till the maturity of the scheme. Therefore, you should have an emergency fund to meet the money requirement in between.

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Senior citizens can file their Income Tax Returns under Old Tax Regime or New Tax Regime. Both the options will be available when they go to file ITR for assessment year 2023-24. There is no change in this regard. However, the new tax regime will appear as the default regime on the e-filing website. Senior citizens will also have the option of going for the old tax regime.

Which tax slab and rate will be applicable?

If you are filing ITR this year (for Assessment Year 2023-24 or Financial Year 2022-23), then the applicable tax slab and return filing rates will be the same as last year.

Tax slabs and rates for senior citizens-

New Tax Regime Slabs and Rates for ITR Filing in AY2023-24 (FY 2022-23) Rs
0 to
Rs 2.5 Lakh – Rs 0 to Rs 2.5 Lakh – 5% Above Rs 2.5 Lakh Rs
5 Lakh to Rs 7.5 Lakh – 12,500 Rs.5 lakh + 10% above
Rs.7.5 lakh to Rs.10 lakh – Rs.37,500 + 15% above Rs.7.5
lakh Rs.10 lakh to Rs.12.5 lakh – Rs.75,000 + 20% above Rs.10 lakh from
Rs.12.5 lakh 15 Above Rs.15 lakhs – Rs.1,25,000 + 25% above
Rs.12.5 lakhs Above Rs.15 lakhs – Rs.1,87,500 + 30% above Rs.15 lakhs

Old Tax Regime Slabs and Rates for ITR Filing in AY2023-24 (FY2022-23) Rs.3 Lakh-
0 Rs.3-5 Lakh-
5% Above Rs.3 Lakh Rs.5-10 Lakh- Above
Rs.10,000 + Rs.5 Lakh 20%
above Rs 10 lakh – Rs 1,10,000 + 30% above Rs 10 lakh

New Tax Regime Slabs and Rates for ITR Filing in AY2024-25 (FY 2023-24)- Rs
0-3 Lakh- 0
Rs 3-6 Lakh- 5%
Rs 6-9 Lakh- 10% Rs
9-12 Lakh- 15%
Rs 12-15 lakh – 20% Above
Rs 15 lakh – 30%

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Now it is clear that the focus of the government will be on the new regime of income tax. You should not be surprised if the government announces the closure of the old regime in the next few years. Apart from increasing the exemption limit, the Finance Minister has reduced the number of slabs. Income tax rates have been reduced. Not only this, he has also announced standard deduction for the people working in the new regime.

The Finance Minister has said that salaried people whose annual income is Rs 15.5 lakh or more will get a standard deduction of Rs 52,500 annually under the new tax regime. Earlier, no standard deduction was available in the new tax regime. Only people employed in the old tax regime get the benefit of standard deduction. It is Rs 50,000 per annum.

The standard deduction was introduced by the government in the Union Budget 2018. However, the transport allowance and medical reimbursement were withdrawn by the government instead. Till the financial year 2017-18, a taxpayer could claim Rs 19,200 as transport allowance.

He could also claim medical reimbursement of Rs 15,000 annually. For this, the working people had to submit the medical bill to the finance department of the company. Earlier the standard deduction was only Rs 40,000. Then in the interim budget 2019, it was increased to Rs 50,000. The concept of standard deduction is not new. The government used to give this deduction to the salaried class in the financial year 2004-05. Then it was scrapped.

On February 1, Finance Minister Nirmala Sitharaman has announced to give the benefit of standard deduction in the new income tax regime. Its purpose is to attract taxpayers towards the new tax regime. The government wants more and more taxpayers to use the new tax system instead of the old tax system. That is why the Finance Minister has said that now the new tax regime will be the default tax regime.

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Only 23 days after the presentation of the budget, Russia attacked Ukraine and the war that started between the two countries is still going on. But this war put the whole world in trouble. There was a huge jump in the prices of all other commodities including crude oil. The prices of food and drink skyrocketed, especially wheat and edible oil. And its effect was also seen in India.

In April 2022, the retail inflation rate reached 7.79 percent. And after that remained above 7 percent for several months.  From petrol diesel to cooking gas and PNG-CNG became expensive. After the rise in the inflation rate, the Reserve Bank of India started making loans expensive, then the EMI of the people became expensive. Firstly, the common man was troubled by inflation, on top of that the banks made the EMI expensive 5-6 times. Due to which the budget of every household has deteriorated.

In such a situation, the eyes of the taxpayers are on the fifth budget of the second term of the Modi government. The question arises whether the Modi government will give relief to the taxpayers by reducing the tax rate.

There is no benefit of tax rebate on income above 5 lakhs.

During the meeting with the stakeholders regarding the budget, the stakeholders have demanded the Finance Minister to reduce the tax burden on common taxpayers and rationalize it. At present, no tax has to be paid on income up to Rs 2.50 lakh. But 5% tax has to be paid on income from Rs 2.50 to Rs 5 lakh.

Those whose income is less than Rs 5 lakh, the government gives tax rebate of up to Rs 12,500 under rule 87A. That is, those with taxable income less than Rs 5 lakh do not have to pay any tax. But if the taxable income of a taxpayer is more than Rs 5 lakh and less than Rs 10 lakh, then he has to pay 20% tax directly. Such people do not even get the benefit of Rs 12,500 tax rebate under 87A. And 20 percent tax has to be paid on income above 5 lakhs and 30 percent tax on income above 10 lakhs.

Relief to corporate, burden on taxpayers!

For example, if a taxpayer’s taxable income is Rs 7 lakh, then he has to pay tax of Rs 52,500, and if someone’s taxable income is Rs 12 lakh, he has to pay tax of Rs 1,72,500. Actually taxpayers have to pay 20% tax directly after 5%. There is no middle tax slab of 10 per cent. That’s why there is a demand to rationalize the tax slabs. The government has reduced the corporate rates in 2019 but has not given any relief to the common taxpayers. While taxpayers have had to face inflation since the Corona period in the last few years.

Chances of reduction in tax slab rate!

In such a situation, taxpayers want the government to change the tax slab rate. It is not at all fair to collect 20% income tax directly after 5%. Tax experts are demanding to increase the income tax exemption limit from Rs 2.50 lakh to Rs 5 lakh and to impose 10% tax on income between Rs 5 to 10 lakh. Anyway, this is the last full budget of the Modi government before the Lok Sabha elections, in such a way taxpayers hope that the Modi government will not disappoint them.

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Finance Minister Nirmala Sitharaman can make a new announcement in this budget to increase the salary of the employees. According to the information received from the sources, it has been almost 8 years since the Seventh Pay Commission was implemented. In such a situation, there are hopes of getting a lot in the budget to woo them. The question is whether the 7th Pay Commission will end? Or will the formation of a new pay commission be announced? Or can a new formula be invented?

7th Pay Commission will end!

This year or the next year both are special from the point of view of central employees. This year, something special can come out of the budget for them. At the same time, the general elections of the country are to be held next year. In such a situation, the government will leave no stone unturned to woo them.

Experts believe that the government will make an announcement to increase the salary of central employees in the full budget before the 2024 elections. It has been almost 8 years since the 7th Pay Commission was implemented and the year 2024 is the time for the new Pay Commission to be constituted. But, the government does not want this.

She wants to abolish the Pay Commission and create a new system for the employees. With this, the basic pay structure of the employees can be revised every year. In such a situation, a new formula can be announced to increase the salary in the budget.

Will the next pay commission come after the 7th pay commission?

There is discussion in the corridors of the organization that the government will have to bring the next pay commission. Because, in the 7th Pay Commission, the employees got very less salary hike. In such a situation, it is very important to revise his salary. But, the government has made it clear that at present they do not have any proposal regarding the formation of a new pay commission.

This gesture is in some other direction. The intention of the government is to give good increment to the government employees on the lines of private employees. If sources are to be believed, a committee of the government is considering this. In such a situation, it is being argued that the government can make any announcement related to this in the budget.

Salary will increase every year instead of 10 years

For the last several decades, the Pay Commission has been formed for the central employees. In this, according to the recommendations, their basic salary was increased on the basis of fitment factor. But, while implementing the 7th Pay Commission, the government made its intention clear. The then Finance Minister Arun Jaitley believed that there was discrimination against the employees.

The officer class gets a lot of benefit in salary revision. At the same time, the hands of low level employees do not feel anything. The minimum salary was increased in the 7th Pay Commission. Let us tell you, on the basis of fitment factor, revision is done in basic salary i.e. minimum salary. That’s why Arun Jaitley argued that now instead of 10 years, the benefit of salary increment should be given to the employees every year.

Dearness allowance is a big advantage

Under the 7th Pay Commission, employees get many big benefits in the salary component. The most important and big role in this is that of dearness allowance. Dearness allowance is revised every 6 months. For the last several years, good salary has increased every time in the review of dearness allowance.

That’s why the government will keep the dearness allowance applicable even after making a new system. It is certain that the dearness allowance will continue to be revised in the same way as it has been happening now. Now the employees are waiting for the budget. It will be clear only after the budget that how much and how his salary will be increased.

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Where the youth will look forward to the budget presented by the Narendra Modi government for employment and government jobs with hopeful eyes, on the other hand, the elderly section is once again pinning hopes on the government that rail fares will be provided to senior citizens as before. Will get discount.

Senior citizens are no longer exempted from train fare

Senior citizens are no longer given concession in rail fare. It was closed during the Corona period and now the government is not in the mood to implement it. But the upcoming Lok Sabha elections are in 2024 and in this budget to be presented before that, crores of elderly people who have taken advantage of the concession under this category will expect from the government that they will again get exemption in rail fare.

Railway Minister gave a statement

During the Corona period, when many conditions were implemented in the Railways, then the service of discount on tickets for senior citizens was also stopped. According to media reports, Railway Minister Ashwini Vaishnav, while answering a question, told through a letter that there is no idea of ​​giving exemption to senior citizens at the moment. This increases the burden on the government exchequer.

once again its demand started rising

At the same time, its demand has started rising once again. Many elders told that they are now in this era of age where some more money is required to be saved. From medicine to other things, the expenditure becomes more. If there was a discount on train tickets, then it would have been convenient to travel somewhere. At the same time, it is expected that this class will be able to get this gift again, but with some different conditions.

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Government employees have been demanding for a long time to bring the 8th Pay Commission. There are 4 days left for the budget to be presented. The most discussed among the government employees is whether the government will announce the introduction of the 8th Pay Commission in the budget 2023 .

Government can bring 8th pay commission in the budget

Central employees are expecting an announcement regarding the 8th Pay Commission in the budget. If the government announces this, then there will be a big increase in the salary of government employees. If this happens, the salary of government officials from the bottom level to the top level will increase.

How will the employees benefit

The salary, pay scale and allowances of the employees are fixed on the basis of pay commission. Right now the 7th Pay Commission is going on in the country and salaries are being received on the basis of that. If the government brings the 8th Pay Commission, then there will be a significant increase in the salary of the government employees. The fitment factor will also increase smoothly. Due to its increase, the increase in salary is automatically fixed.

Pay commission comes in 10 years

Pay commission for the employees is implemented after every ten years. So far this pattern has been seen in the implementation of 5th, 6th and 7th Pay Commission. The employees had earlier estimated that the 8th Pay Commission would be set up in the year 2023 and its recommendations could be implemented in 2026.

Government will make populist announcements

Being the last full budget of the Modi government, people of all sections are expecting it to be special. General elections are due in mid-2024. In such a situation, this budget is being expected to be populist. This time in the general budget, government announcements can be made for every section and salary class. Central employees are also placing their old demands in front of the Finance Minister, which they hope will be fulfilled in this budget.

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The most expected from the budget are job professionals and farmers. Apart from this, the Income Tax Deptt keeps on changing the rules from time to time for the convenience of taxpayers. Now the department has given exemption from income tax on the amount received by the taxpayers for treatment.

Announcement to set up a committee for redressal of complaints

Apart from this, tax exemption has also been given on the amount of assistance received by the Income Tax Department on the death of any family member during Corona. It has also been announced to form local committees for early redressal of any kind of complaints from the department. Apart from this, many types of service and related forms have been digitized by the Income Tax Department for the purpose of promoting digitization and convenience of the people. Now you will not need to go round the office for all kinds of work.

More than 123 forms will be available online

Let us tell you that more than 123 forms will be made available online by the department to ease the work related to income tax. Apart from this, the department has also announced tax exemption on the amount received for treatment during the Corona period in the years 2020 and 2021. In fact, during the Covid period, all the families had received assistance for the treatment of Covid. Till now there was provision of income tax on it. But now there will be relief from this.

Apart from this, SOP has also been issued to provide video conferencing. Grievance portal ‘Samadhan’ has been started to redress the grievances of tax payers.

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However, before this, Aham is going to tell you a special thing about the budget. Income tax Whoever’s income is taxable, he has to file income tax in the country. There are currently two tax systems in the country. The name of one is Old Tax Regime, while the name of the other is New Tax Regime. In both the tax systems, different taxes are paid on different incomes. At the same time, a special thing is also hidden in both these income tax slabs.

Income Tax Slab

Under the financial year 2022-23, many slabs have been given in the New Tax Regime in the country. There are 5 percent, 10 percent, 15 percent, 20 percent, 25 percent and 30 percent slabs on the basis of income. Income tax is filed on different income according to different slabs. If tax is filed under this slab, then no exemption is also available.

On the other hand, on the basis of tax slabs for the financial year 2022-23, if the Old Tax Regime is seen, then the difference will be seen in it. In Old Tax Regime, tax is collected at the rate of 5%, 20% and 30%. In such a situation, it is to be noted that there is no slab of 10% in the Old Tax Regime. In this, after 5%, income tax is collected directly at the rate of 20%.

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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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This has raised the expectations of taxpayers. Experts say that this budget will be the last full budget of the Modi government before the Lok Sabha elections next year. That’s why the Finance Minister can take measures to give relief in the matter of tax to the middle class people.

Finance Minister Nirmala Sitharaman will present the Union Budget on 1 February . Currently, if an investor’s profit from shares or equity mutual funds is less than Rs 1 lakh in a financial year, then he does not have to pay any tax. He has to pay 10% tax on profit above Rs 1 lakh. Tax experts say that this limit is too low. Keeping in mind the inflation, increasing income, it needs to be increased to Rs 2.5 lakh. This will also increase the interest of investors in schemes of shares and equity mutual funds.

Basic Exemption and 80C limit should be increased

After the formation of Narendra Modi’s government at the center, the basic exemption limit for a person up to 60 years of age was increased to Rs 2.5 lakh in the budget 2014. After that, the government has not made any changes in it, while due to inflation, the real income of the people has been greatly affected. So the government needs to increase it in the Union Budget 2023.

The limit under Section 80C of the Income Tax Act has also remained at Rs 1.5 lakh since then. Experts say that there is a need to increase this limit to provide relief to the middle class people. Apart from this, the benefit of tax deduction on medical expenses also needs to be given to all types of taxpayers. Again companies are laying off their employees. This is especially seen in the technology sector.

In such a situation, the standard deduction is expected to increase for young taxpayers. Currently, the standard deduction is Rs 50,000 in a financial year. It needs to be increased. Young taxpayers are also expecting a reduction in tax rates from the government.

Relief from capital gains on investment in debt

Investors say that the government should reduce the tax rates on capital gains from investing in debt. Long term capital gains in debt funds are currently taxed at 20 per cent. Short term capital gains are taxed as per the tax slab of the investor. Finance MinisterUnion Budget 2023 may announce a reduction in capital gains tax rates for debt investments.

Pension income should be tax-free

There has been a demand for making pension income tax-free for a long time. Life insurance companies and PFRDA also believe that a large number of people will be benefited by keeping pension income out of the purview of income tax. At present, pension income and annuity of retired people are taxed. Annuity purchased through the pension policy of the National Pension Scheme and life insurance comes under the ambit of income tax.

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This package will be given under Special Assistance for Capital Investing Scheme. The government had mentioned the Special Assistance Scheme for Capital Investing to the states during the 2022-23 budget. An allocation of Rs 1.05 lakh crore was made under this scheme. Under this scheme, interest-free loans are given to state governments for capital projects for 50 years.

What did the government announce regarding the scam?

Now the central government has given an additional package of 2000 crores under this, so that the states move forward in the direction of scrapping the vehicles. Along with this, if a person scraps his vehicle which is 15 years old, then he will also be exempted from tax. Explain that the Finance Ministry had written in its letter that the road transport sector has been identified for giving incentives, after which this decision has come to the fore.

Rs 41,118 crore released to states

As an incentive to road transport, old vehicles have been added for scrapping and the state has announced a package of 2,000 crores. A package of Rs 1.05 lakh crore was also announced under the scheme presented in the budget for road transport, which has been later increased to Rs 1.07 lakh crore.

So far, the government has sanctioned Rs 77,110 crore under the scheme, out of which Rs 41,118 crore has been released to the states. The objective of the scheme is to encourage states to undertake capital expenditure and Rs 80,000 crore has been earmarked for this. Huh.

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After the Union Budget 2023, the fitment factor of the salary of government employees is expected to change. The fitment factor is a common value, which is calculated by multiplying the basic pay of the employees by their total salary. After this increase, the minimum wage of the employees will increase from Rs 18,000 to Rs 26,000.

How much will be the salary?

The common fitment factor currently stands at 2.57 per cent. This means that if a person gets a basic pay of Rs 15,500, then his total salary will be Rs 15,500*2.57 or Rs 39,835. The 6th CPC has recommended the fitment ratio to remain at 1.86 per cent.

Now according to reports, the employees are demanding the government to increase the fitment factor to 3.68 per cent. With this, the minimum pay for central government employees will increase from Rs 18,000 to Rs 26,000. Unions and employee associations have been demanding an increase in the fitment factor for many years. They say that despite the increase in DA, an increase in basic salary is necessary because the salary increases on this basis.

The government also changed these rules

Let us tell you that the Finance Ministry has recently changed the rules related to House Rent Allowance (HRA) for central government employees. According to the new rules, government employees will not be eligible for HRA in certain cases. The first rule is that if the employee shares the Government accommodation allotted to another Government employee, he will not be eligible for the same.

Apart from this, if the parent, son or daughter of the employee has been allotted a house by any of them and he is living in it. These include Central or State Government, Public Sector Undertaking and Semi-Government Organization like Municipal Corporation, Port Trust, Nationalized Bank, LIC etc.

Apart from this, if the spouse of the government employee has been given a house by any of the units mentioned above. And even if he is living in that house or living on a separate rental, he will not qualify. At the same time, central employees are expecting an increase in DA. The decision to increase the DA for the second half has not yet been taken, whereas as a rule it should happen.

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The most expected from the budget are job professionals and farmers. Apart from this, the Income Tax Deptt keeps on changing the rules from time to time for the convenience of taxpayers. Now the department has given exemption from income tax on the amount received by the taxpayers for treatment.

Announcement to set up a committee for redressal of complaints

Apart from this, tax exemption has also been given on the amount of assistance received by the Income Tax Department on the death of any family member during Corona. It has also been announced to form local committees for early redressal of any kind of complaints from the department. Apart from this, many types of service and related forms have been digitized by the Income Tax Department for the purpose of promoting digitization and convenience of the people. Now you will not need to go round the office for all kinds of work.

More than 123 forms will be available online

Let us tell you that more than 123 forms will be made available online by the department to ease the work related to income tax. Apart from this, the department has also announced tax exemption on the amount received for treatment during the Corona period in the years 2020 and 2021. In fact, during the Covid period, all the families had received assistance for the treatment of Covid. Till now there was provision of income tax on it. But now there will be relief from this.

Apart from this, SOP has also been issued to provide video conferencing. Grievance portal ‘Samadhan’ has been started to redress the grievances of tax payers.

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Especially the central employees hope that in the budget of the financial year 2023-24, the government can take some decision on the outstanding dearness allowance of 18 months. Amidst the apprehensions of a new wave of Corona coming, the expectation of central employees has increased considerably. Now the question arises whether the Finance Minister will announce the release of funds for the payment of the outstanding Dearness Allowance (DA) of the central employees?

Decision expected on fitment factor

According to media reports, it is expected that in the Union Budget 2023, a decision may be taken on the payment of the outstanding dearness allowance for 18 months. Although no announcement is made regarding the salary of government employees in the budget, but in the last complete final budget of the Modi government, the central employees are hopeful that the government can include the expenditure of 18 months’ outstanding dearness allowance in its budget. Huh.

How is the remaining 18 months DA left?

Let us tell that the increase in dearness allowance is announced twice a year by the central government for its employees. Since February 2020, when the whole world was devastated by the Corona epidemic and all economic activities came to a standstill, the central government did not increase the dearness allowance from January 2020 to June 2021. After this, on July 1, 2021, the government had increased the dearness allowance by 11 percent.

Before that the government did not increase the dearness allowance three times. Although, before January 2020, the dearness allowance of government employees was 17 per cent, but after increasing the DA by 11 per cent in July 2021, it reached 28 per cent. At the same time, the central employees are expecting payment of DA arrears of 18 months.

Government has refused

However, the government has refused to pay dearness allowance for 18 months to the central employees. According to media reports, Rajya Sabha MP Naran Bhai J Rathwa had asked a question in the Parliament whether the government will pay 18 months’ arrears of dearness allowance to central employees?

In response to this, Minister of State for Finance Pankaj Chowdhary had said that many applications have come in relation to giving dearness allowance and dearness relief for 18 months to central government employees and pensioners, but the government is not yet considering giving DA and dearness relief. Is.

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On the other hand, many important announcements were made by the Modi government in the last budget, regarding which the government has given information about the further progress of those announcements. Under this, tax relief has also been given to many people.

Income tax In fact, in the budget 2021-22, some provisions were made regarding tax and NRIs and relief was also provided to NRIs. Giving information about this, a tweet has also been done on behalf of PIB and information has been given about further progress.

एनआरआई को टैक्स में राहत!

आयकर अधिनियम, 1961 की धारा 89ए एनआरआई करदाताओं को सेवानिवृत्ति लाभ खातों से उनकी आय के संदर्भ में राहत प्रदान करती है। नियम 21AAA अधिसूचित। अधिसूचित देश कनाडा, यूनाइटेड किंगडम और संयुक्त राज्य अमेरिका हैं।#UnionBudget #PromisesDelivered@nsitharaman pic.twitter.com/KU7v0JnX12

— PIB in Uttar Pradesh (@PibLucknow) January 5, 2023

Tax exemption

PIB in Uttar Pradesh tweeted, ‘Tax relief for NRIs! Section 89A of the Income Tax Act, 1961 provides relief to NRI taxpayers in respect of their income from retirement benefit accounts. Rule 21AAA notified. Notified countries are Canada, the United Kingdom and the United States. This tweet has also been retweeted through Income Tax India.

वरिष्ठ नागरिकों के लिए राहत!

आयकर अधिनियम, 1961 में धारा 194पी शामिल की गई, जो 75 वर्ष से अधिक आयु के उन वरिष्ठ नागरिकों को आईटीआर दाखिल करने से छूट देती है, जिनके पास केवल पेंशन और ब्याज से अर्जित आय है। निर्दिष्ट बैंकों और प्रासंगिक प्रपत्रों को अधिसूचित किया गया।#UnionBudget pic.twitter.com/baWHIJJEZu

— PIB in Uttar Pradesh (@PibLucknow) January 5, 2023

Along with giving relief to income tax return

NRIs, relief has also been given to senior citizens. Giving information in another tweet, PIB in Uttar Pradesh said, ‘Relief for senior citizens! Section 194P was inserted in the Income Tax Act, 1961, which exempts senior citizens above 75 years of age from filing ITR, who have only pension and interest earned income. Designated banks and relevant forms notified.

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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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After Kovid and now amidst the apprehensions of a new wave coming, everyone is expecting the government to come up with such a budget which will increase the disposable income which will help people to increase savings and investment. The only question in the mind of government employees is whether the salary of central employees will be increased in the budget this time. Will the finance minister give green signal to the fitment factor in the budget?

There may be a decision in the fitment factor in the budget

It is expected that a decision on the fitment factor may be taken in Budget 2023. This time it is expected that after getting approval from the cabinet, the fitment factor will be included in the expenditure of the budget. If the central government increases the fitment factor, then there can be a big increase in the salary of government employees. The salary coming in the hands of central employees will increase.

The fitment factor decides the salary of government employees.

The fitment factor serves to decide the basic salary for all central government employees. The Modi government last increased the fitment factor in the year 2016. Then the government had increased the minimum basic salary of the employees from Rs 6,000 to Rs 18,000. If the fitment factor is increased again, then the minimum basic salary can be Rs 26,000. At present the minimum basic pay ie salary is Rs 18,000, which will increase to Rs 26,000.

All these allowances will increase due to increase in basic pay (Dearness Allowance – DA)

If the basic pay increases from Rs 18,000 to Rs 26,000, then the allowances on the basic pay will also increase. Dearness Allowance (DA) is equal to 38% of the basic pay. The calculation of DA is calculated at 38% of the basic salary. That is, with the increase in the basic salary, the dearness allowance will also automatically increase. The government can do a bumper increase in salary in the budget.

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

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

Relief for Senior Citizens!

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

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

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

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

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

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The most expected from the budget are job professionals and farmers. Apart from this, the Income Tax Deptt keeps on changing the rules from time to time for the convenience of taxpayers. Now the department has given exemption from income tax on the amount received by the taxpayers for treatment.

Announcement to set up a committee for redressal of complaints

Apart from this, tax exemption has also been given on the amount of assistance received by the Income Tax Department on the death of any family member during Corona. It has also been announced to form local committees for early redressal of any kind of complaints from the department. Apart from this, many types of service and related forms have been digitized by the Income Tax Department for the purpose of promoting digitization and convenience of the people. Now you will not need to go round the office for all kinds of work.

More than 123 forms will be available online

Let us tell you that more than 123 forms will be made available online by the department to ease the work related to income tax. Apart from this, the department has also announced tax exemption on the amount received for treatment during the Corona period in the years 2020 and 2021. In fact, during the Covid period, all the families had received assistance for the treatment of Covid. Till now there was provision of income tax on it. But now there will be relief from this.

Apart from this, SOP has also been issued to provide video conferencing. Grievance portal ‘Samadhan’ has been started to redress the grievances of tax payers.

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The most expected from the budget are job professionals and farmers. Apart from this, the Income Tax Deptt keeps on changing the rules from time to time for the convenience of taxpayers. Now the department has given exemption from income tax on the amount received by the taxpayers for treatment.

Announcement to set up a committee for redressal of complaints

Apart from this, tax exemption has also been given on the amount of assistance received by the Income Tax Department on the death of any family member during Corona. It has also been announced to form local committees for early redressal of any kind of complaints from the department. Apart from this, many types of service and related forms have been digitized by the Income Tax Department for the purpose of promoting digitization and convenience of the people. Now you will not need to go round the office for all kinds of work.

More than 123 forms will be available online

Let us tell you that more than 123 forms will be made available online by the department to ease the work related to income tax. Apart from this, the department has also announced tax exemption on the amount received for treatment during the Corona period in the years 2020 and 2021. In fact, during the Covid period, all the families had received assistance for the treatment of Covid. Till now there was provision of income tax on it. But now there will be relief from this.

Apart from this, SOP has also been issued to provide video conferencing. Grievance portal ‘Samadhan’ has been started to redress the grievances of tax payers.

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The new year can bring many great news for government employees. While on 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 needed for this.

A letter was also written to the former Finance Minister

According to the information given by the news agency language, the economists have told in the 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 also

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 Rs 1,560 crore will be spent on pension for widows.

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