Now these rules are coming into effect from April 1, 2025 with the start of the financial year. This change also includes new rules for tax deduction (TDS) and tax collection at source (TCS). Let us tell you about it in detail.

Big relief to senior citizens and homeowners

The central government had announced in the budget that the TDS deduction for senior citizens has been doubled. Earlier it was Rs 50 thousand, which has now become Rs 1 lakh. This will give them great relief. At the same time, landlords have also got a big relief. Actually, the limit of TDS deduction on rent income has been increased from Rs 2.4 lakh per financial year to Rs 6 lakh per financial year.

TCS limit on foreign transactions increased

Apart from this, the limit of TCS deduction for RBI’s Liberalised Remittance Scheme for those with transactions from abroad has also been increased. Earlier, TCS deduction was made on transactions of Rs 7 lakh from abroad, which has been increased to Rs 10 lakh.

The post New Rule From 1st April: THESE 6 rules are changing from April 1, it will directly affect your pocket first appeared on Rightsofemployees.com.

She will become the first Finance Minister to present the Budget for the 8th consecutive time. This will set a record for presenting the Budget the most times. Every section of the society including the common man, industry, farmers have high expectations from the next Budget. The reason for this is that the GDP growth rate has declined in the second quarter of this year. On the other hand, the common man is worried about inflation. Farmers are expecting an increase in money under the Pradhan Mantri Kisan Samman Nidhi. This process starts many months ago.

The work of preparing the Union Budget starts several months in advance every year. The Finance Ministry takes the opinion of NITI Aayog and various ministries in this regard. Their expenditure plan in the new financial year is discussed with them. After obtaining the expenditure estimates of various ministries, they are analyzed. Then on this basis, the total budget deficit is calculated. Budget deficit means the difference between the government’s revenue and expenditure.

Expenditure plans of various ministries

The government allocates funds to various ministries and departments by estimating its revenue and expenditure. Before this, an effort is also made to gather the opinion of the common man with representatives and experts from different sectors of the economy. Economists and trade unions also give their opinion on the budget to the Finance Minister. Usually, the Finance Minister holds pre-budget meetings for this. The views received in this act have been given important information for making the budget. After analyzing all the suggestions, feedback and demands, the Finance Minister finalizes the budget proposals. Then the approval of the Cabinet is sought on it.

Halwa Ceremony

is organized in the Ministry of Finance after the budget proposals are approved. This traditional ceremony is organized every year. This starts the printing of budget documents. Earlier, a large number of budget documents were printed. Now the circulation of budget documents is in electronic form. Therefore, not many copies of budget documents are printed.

Information about budget proposals to Parliament

The Finance Minister presents the budget in the Lok Sabha on a specific date. During this, she tells the members of the Lok Sabha about the government’s fiscal roadmap, fiscal policies, economic reforms, proposals for changes in taxes. She also explains that the policies of the government affect the life of the common man in some way or the other. She will also give information about the steps being taken by the government to help the economically weaker section of the society.

This time’s budget will be special.

This time Finance Minister Nirmala Sitharaman will present the budget on February 1. This will be the full budget for the financial year 2025-26. A close watch is being kept on this budget. The common man is expected to get relief in income tax. The Finance Minister may announce the new Direct Tax Code.

On the other hand, the industry hopes that the government will announce measures to increase economic growth in the budget. The focus of Prime Minister Narendra Modi’s central government is on increasing the income of farmers. Therefore, there may be some big announcement for farmers in this budget. The government may increase the money of the Prime Minister Kisan Samman Nidhi.

Related Articles:-

Kasmir Vande Bharat Train Launch Date & Features – Centrally heated sleeper

PM Modi Distributes 71,000 job Appointment Letters – Newly Recruited under Rozgar Mela

List of outcomes: Prime Minister’s visit to Kuwait (December 21-22, 2024)

The post Budget 2025: How is the Union Budget of the Central Government prepared? Know the complete process here first appeared on Rightsofemployees.com.

This is a pension scheme that allows parents to invest in the name of their child until the child turns 18 years old. After 18 years, the child becomes an adult. After the child becomes an adult, this scheme will become a regular NPS account. The purpose of this scheme is to create a large fund for the child in the long term. Parents have to invest a minimum of Rs 1,000 annually in this scheme. There is no limit for higher investments.

The purpose of parents saving for their children

If we talk about NPS , since its launch in 2009 (for private sector), this retirement scheme has given good returns. Its equity scheme has given a return (yield) of 14 percent, corporate debt 9.1 percent and government securities 8.8 percent. Now the question is that since NPS is a retirement scheme, do parents need to plan for their child’s retirement? The second question is that parents have many responsibilities including children’s higher education and marriage, so should they (parents) first think about fulfilling these responsibilities or about retirement planning for the child?

Terms and Conditions of NPS Vatsalya

It is true that after completion of three years of NPS account, 25% of the contribution amount is allowed to be withdrawn. In this manner, money can be withdrawn three times till the child turns 18 years old. When the child becomes an adult i.e. 18 years old, a lump sum withdrawal of 20% amount is allowed. The remaining amount will have to be used to buy annuity. The second option is that after the child turns 18, NPS Vatsalya can be continued like a normal NPS scheme.

How beneficial is investment in NPS Vatsalya

In a normal or regular NPS account, the subscriber is allowed to withdraw 60% of the money in lump sum when he turns 60. The remaining 40% of the fund has to be used to buy an annuity. With this annuity, the subscriber gets regular pension after the age of 60. Now the question is that if we talk about the first option, when the child turns 18, he will get 20% of the money in lump sum, the rest will have to be used to buy annuity. This does not seem to help much in meeting the needs related to the child’s education or marriage. If we talk about the second option, then the meaning of retirement investment before the child starts a job is not understood.

Are PPF and Sukanya Samriddhi good options?

The question is, will it be better to invest in PPF or Sukanya Samriddhi for the child’s future as compared to NPS Vatsalya? Experts say that if seen in terms of the responsibilities related to the child’s higher education and marriage, then Sukanya Samriddhi and PPF are better options. However, there is no option of investing in shares in both of these. But, PPF matures in 15 years. Sukanya Samriddhi matures in 21 years. In such a situation, if parents invest in these two schemes, then when the child grows up, they have a good fund to fulfill the responsibilities related to higher education or marriage.

Related Articles:-

Weather Forecast: IMD announced the date, rain alert in these states due to storm

CBDT has issued Revised Guidelines for Compounding of offences. Details here

Election Commission has banned funding of Ladli Behan Yojana; know the reason

The post NPS Vatsalya: What is the government’s NPS Vatsalya scheme, should you invest in it? first appeared on Rightsofemployees.com.

She reduced the long term capital gains tax from 20 percent to 12.5 percent. But, the benefit of indexation was abolished. The real estate sector was disappointed with this change.

Taxpayers will get the option of indexation

The government said on August 6 that now taxpayers will have the option to choose between 12.5% ​​and 20% tax rate of long term capital gains tax. If a taxpayer wants indexation benefit, he will have to pay 20% long term capital gains tax. If someone does not want to take indexation benefit, he will have to pay 12.5% ​​tax on long term capital gains. Taxpayers will get this option only in case of property sold before July 23.

Realty companies were disappointed due to the abolition of indexation benefit in the budget

Real estate companies were disappointed when the government abolished the benefit of indexation on long term capital gains tax on property in the Union Budget. Industry representatives had met the officials of the Finance Ministry in this regard and expressed their concerns. It is believed that after this the government has decided to give relief to taxpayers. The government has amended the Finance Bill, 2024 for this.

Also Read: Bangladesh Crisis: Air India, Vistara, IndiGo to operate scheduled flights to Dhaka today

Finance bill may be presented in Lok Sabha on 7 August

Finance Minister Nirmala Sitharaman may introduce the Finance Bill, 2024 in the Lok Sabha on August 7. When there is a change in the tax rules, the government has to get it passed in the Parliament. It is said that in the Finance Bill, the government has also amended the customs and excise duty on some things.

Relief only for those who sell property before 23 July

Real estate companies will get relief due to the government’s relaxation in the rules of long term capital gains tax on property. This will also benefit many property owners who have made long term capital gains by selling their property before July 23. Now they will have the option of calculating their long term capital gains with or without indexation. They will choose either of the two as per their benefit.

What is indexation benefit?

Due to indexation benefit, the purchase price of the property increases. Actually, under indexation, the purchase price of the property is adjusted with inflation. This can be understood with an example. Suppose you bought a property 15 years ago for Rs 10,00,000. You sold it on July 1 this year for Rs 20,00,000. In this way, your capital gain comes to Rs 10,00,000. But, your purchase price of Rs 10,00,000 increases to Rs 14,000 due to indexation benefit. This reduces your capital gain to just Rs 6 lakh.

The post Government gave relief in long term capital gains tax on property, know how you will benefit first appeared on Rightsofemployees.com.

Union Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday (July 23) that one per cent TDS (Tax deducted at source) will be levied on the sale of immovable property worth Rs 50 lakh or more, even if the transaction involves multiple buyers and sellers.

Amid cases of misinterpretation of tax provisions, the Finance Minister tried to clarify the situation in this regard in her budget speech.

The government said that TDS at the rate of one per cent will be applicable for transfer of immovable property worth more than Rs 50 lakh involving multiple sellers or buyers. The Finance Minister mentioned the provision of TDS on sale of immovable property in his budget speech. According to the budget document, section 194-IA of the Act provides for tax deduction on payment made for transfer of immovable property other than agricultural land.

This section will be amended to make it clear. The amendments made in this regard will be effective from October 1. According to PTI, Sitharaman said, “It is proposed to clarify that in case there is more than one seller or buyer in respect of an immovable property, the payment will be the aggregate of the amount paid to all the sellers.”

Also Read: HDFC Bank has increased the interest rates on FDs for this period. Details

As per legal provisions, a buyer is responsible to deduct TDS on the amount paid to a seller for the transfer of immovable property. In the Budget document, the government has proposed to amend sub-section (2) of section 194-IA to clarify that if there is more than one buyer or seller of an immovable property, the aggregate amount paid for the transfer of the immovable property shall be deemed to be its value.

Relief will be given on buying property in the name of women

Finance Minister Nirmala Sitharaman said the government will consider reducing the fee on women purchasing residential properties and making it a mandatory component of urban development schemes. Presenting the budget for the financial year 2024-25, Sitharaman said the government will encourage states to reduce the fee for properties bought by women.

In his budget speech, he said, “We will encourage states that continue to charge high stamp duty to reduce the rates for all and also consider further reducing the duty for properties bought by women. This reform will be made a mandatory component of urban development plans.” Along with this, the Finance Minister also proposed to stop mentioning Aadhaar enrollment identity in place of Aadhaar number for taxation purposes.

The post Union Budget: 1% TDS will be levied on selling property worth more than Rs 50 lakh, new rule announced first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman was appointed as India’s first full-time woman Finance Minister after the Bharatiya Janata Party (BJP) won the second consecutive general election in 2019. Despite being the first woman finance minister to hold the full-time role, Sitharaman is only the second woman to present the budget.

First woman to present the Union Budget

Former Prime Minister Indira Gandhi was the first woman to present the Union Budget of India for 1970–71. He took over the role after the resignation of the then Finance Minister Moraji Desai. During this period, Gandhiji was the Prime Minister and she also achieved the title of the first woman Finance Minister of India. However, she held the post for a short period until Yashwantrao Chavan took over the finance portfolio in March 1971.

Nirmala Sitharaman is India’s first full-time woman finance minister.

When ministers had to step down, prime ministers took over the finance portfolio. It began with Jawaharlal Nehru, the first Prime Minister of India, who read the Union Budget of 1948 after T.T. Krishnamachari was found guilty on corruption charges. Now Nirmala Sitharaman is the first full-time woman Finance Minister of India.

He presented India’s first budget

The first Indian budget was presented on 7 April 1860 by James Wilson, a Scottish economist of the East India Company. RK Shanmukham Chetty presented the first budget of independent India on November 26, 1947.

How long was the longest budget speech?

Finance Minister Nirmala Sitharaman holds the record for the longest speech for the Union Budget 2020, which lasted 2 hours and 42 minutes. His budget speech for FY23 lasted for about 1.5 hours. For the interim Budget 2024, the Finance Minister has already warned not to expect any major announcement.

The post Who is the first woman to present the budget in India? first appeared on Rightsofemployees.com.

Sikkim was merged with India on the condition that its old laws and special status would remain intact. Because of which the state followed its own Sikkim Income Tax Manual 1948, which had been governing the tax laws since 1975. Under this rule, no resident of Sikkim had to pay tax to the Centre.

Exemption to 94 percent people

In the year 2008, the tax laws of Sikkim were cancelled. The residents of the state were exempted from tax by adding Section 10 (26AAA) in the Union Budget of that year. A clause in the Act protected the special status accorded to Sikkim and “Sikkim” was added as per Article 371(f).

In 2008, the central government gave income tax exemption to more than 94 percent of Sikkimese people, but left out 500 families. Who refused to give up his Indian citizenship. Under Section 10 (26AAA), the people of Sikkim were exempted from income earned in the state or by way of dividend or interest on securities.

PAN card is also not required

Apart from this, the market regulator SEBI also exempted the residents of Sikkim from the mandatory PAN requirement for investing in the Indian securities market and mutual funds. Meanwhile, the Supreme Court of India held that the benefit of tax exemption provided in Section 10(26AAA) would be extended to all Sikkimese, including those permanently settled in the state prior to Sikkim’s merger with India.

The Supreme Court gave the decision

Prior to the SC ruling, the income tax exemption did not cover Sikkimese Sikkimese Indians who had permanently settled in the state prior to 1975, when Sikkim merged with India. The Supreme Court’s decision was in response to a petition filed by the Association of Old Settlers of Sikkim (AOSS) in 2013, seeking to exclude from IT exemption those who were not Sikkimese by origin, but migrated after their merger with India or Then they were living there before merging with India.

This rule is for these people

The court directed the state to incorporate a clause section 10 (26AAA) to extend income tax exemption to all Indian citizens residing in Sikkim on or before April 26, 1975. Further, the apex court has excluded a Sikkimese woman who married a non-Sikkimese man after April 1, 2008, from the exempted category under Articles 14, 15 and 21 of the Constitution of India.

The post No Income Tax: Big news! Income tax is not to be paid in this state of the country, PAN card is also not required first appeared on Rightsofemployees.com.

There is a possibility that she can make a new announcement in this budget to increase the salary of the employees. The last time the 7th Pay Commission came 8 years ago. In such a situation, will the government announce the 8th Pay Commission or will it make a new arrangement in its place. There can be a big announcement on this too.

What will be the announcement of 8th Pay Commission?

According to political analysts, there are general elections for Parliament in the country next year. In these elections, the stand of central employees matters a lot. Therefore, the government will leave no stone unturned to woo this class. It is believed that before the next parliamentary elections, the government will definitely make some big announcement related to increasing the salary of central employees.

New system can be made for salary hike

At the same time, the employees’ organizations are demanding the announcement of the 8th Pay Commission for themselves. He says that in the last 7th Pay Commission, the employees got very less salary hike. However, instead of this, the government is considering making such an automatic system for the employees, so that the salary of the employees is automatically revised every year. For this, the government can make a big announcement in the upcoming budget.

The government has made its intention clear

The intention of the government is that instead of announcing the 8th Pay Commission for government employees, they should be given good increments like private sector employees. For this, a committee of the government is also considering it. The government has also made it clear that no proposal related to setting up a new pay commission is currently under consideration with it. In such a situation, the possibility of setting up a new pay commission seems less likely at present.

What will be the stand of the government on dearness allowance

Employees were given many benefits in the 7th Pay Commission, which came into force about 8 years ago. Under this, the dearness allowance of the employees gets revised every 6 months. Because of this, the salary of the employees has been increasing automatically accordingly. Now the eyes of the workers are on the fact that even after the implementation of the new system, the automatic revision of dearness allowance will continue as before or some kind of change will be made in it. Everyone’s eyes are now on this issue.

The post Employees Salary Increased: Will the 8th Pay Commission be announced in the Union Budget? Salary of lakhs of government employees will increase first appeared on Rightsofemployees.com.

This time, a special news can come out for lakhs of central government employees in the budget. Actually, the Central Government can announce the 8th Pay Commission during the Union Budget 2023-24. Union Finance Minister Nirmala Sitharaman will present the budget on 1 February. The demand to replace the rules of the 7th Pay Commission with the 8th Pay Commission is being raised from many places for some time now.

According to the latest reports, there is increasing discussion among the Central Government employees that the Central Government may announce the arrival of the 8th Pay Commission in the budget.

Expectations are increasing among central employees regarding this big announcement. If the government announces the 8th Pay Commission, it will bring a substantial increase in the pay scale of the central employees from the lowest to the highest level. Moving towards the new pay commission, there will be an increase in the basic pay, pay scale as well as allowances of the employees.

They will also be eligible to get the fitment factor boost in future. Pay commission rules for central government employees are usually upgraded every 10 years as per the pattern seen in the recent three announcements of 5th, 6th and 7th pay commission pay commission. It is estimated that the government may announce the 8th Pay Commission in 2023 and implement its recommendations by 2026.

The post 8th Pay Commission: Big update regarding 8th Pay Commission, people will get this benefit first appeared on Rightsofemployees.com.

The Finance Ministry has given this information. Last week, the Union Cabinet approved an incentive scheme of Rs 2,600 crore for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current financial year.

Incentive to Government banks as a percentage of the value of RuPay Debit Card transactions and low value BHIM-UPI transactions up to Rs 2,000 under the Incentive Scheme for Promotion of RuPay Debit Card Rupay Debit Card and low value BHIM-UPI transactions pays the amount. The Payment and Settlement Systems Act, 2007 prohibits banks and system providers from accepting or making payments to anyone through RuPay Debit Cards or BHIM.

Let us tell you that UPI has created a record of 782.9 crore digital payment transactions worth Rs 12.82 lakh crore in December alone. At the same time, in a circular sent to the Chief Commissioners of GST, the Ministry said that the incentive is directly related to the subsidy linked to the value of the service. It does not form part of the taxable value of the transaction under the provisions of the Central GST Act, 2017.

GST rate It added, “As recommended by the Council, it is clarified that the rates given by the Ministry of Electronics and Information Technology (MeitY) to promote RuPay Debit Card and low value BHIM-UPI transactions GST will not be applicable on the incentives given. Such transaction is in the form of subsidy and will not be taxed.

The post GST Rate: Finance Ministry gave good news before the budget, tax waived on this item first appeared on Rightsofemployees.com.

Therefore, this time it is expected that Finance Minister Nirmala Sitharaman will give many gifts to the people this time. If sources are to be believed, there is a possibility of change in the current income tax slab in this year’s budget. Income tax payers also hope that in the budget, the government will try to woo the middle class by increasing the income tax limit.

Even in the last budget, it was expected that the government would give tax relief to the middle class. But, this was not done. Reviewing Budget 2022, TV Mohandas Pai, chairman of Aerin Capital Partners and renowned financial expert, said that Finance Minister Nirmala Sitharaman has turned the budget into a ‘transformational budget’ by not giving tax relief to the middle class. It is expected that this time the Finance Minister will not let this opportunity pass.

If the income tax limit is increased by changing the income tax slab, then the middle class will be benefited the most. The middle class faced the biggest problem in Kovid-19. Most of the jobs in this category went during the Corona period. This class also spent the most on health.

Now the Indian economy has recovered to a great extent from the effect of Corona. The income of the government is increasing. This has raised hopes that this time the government will definitely give tax relief.

In March 2022, Finance Minister Nirmala Sitharaman had told that a total of 8,13,22,263 people have filed income tax in the assessment year 2020-21 i.e. 2019-20 financial year. If we consider only four members in the family of an income tax payer, then there are 32 crore people, whom we can call middle class.

The middle class is the engine of consumption in the Indian economy. This is the population that buys cars and takes home loans. They are the main taxpayers of India and also the consumers.

Experts say that if the government increases the income tax limit by changing the income tax slab in the budget, then more money will come in the hands of the middle class of the country. This will also increase consumption. This will not only benefit the country’s economy, but BJP can also get political advantage in the general elections to be held in the year 2024.

The post Income Tax Slab Change: Big News! Income tax slab rate will change, tax payer will know full details here first appeared on Rightsofemployees.com.

According to these tax slabs, people have to pay tax on their income. On the other hand, after a few weeks, the budget is also going to be presented by the central government. Every year taxpayers expect that the government should give concession regarding income tax in the budget. However, now before the budget, it is very important for the tax payers to know one important thing. The Union Budget is presented through the Finance Minister.

Tax Actually, for the financial year 2021-22, tax is being collected by the government according to two slabs. There is a New Tax Regime and the other is the Old Tax Regime. The rate of tax charged on income in both the slabs is different. In such a situation, 20 percent income tax is also collected by the government on different incomes. Here we are going to tell you that on how much income 20% tax is charged in New Tax Regime and on how much tax is charged in Old Tax Regime.

20 percent tax 

Tell that if income tax is to be filed according to the New Tax Regime, then if there is an income of Rs 10 lakh to Rs 12.5 lakh annually, then 20 percent tax has to be paid on it. However, if income tax is to be filed according to the Old Tax Regime, then 20% tax will have to be paid on income from Rs 5 lakh per annum to Rs 10 lakh per annum.

The post Income Tax Slab: Big News! Heavy tax of 20% will have to be paid on this much income first appeared on Rightsofemployees.com.

But before this, the Finance Minister is being informed about their demands on behalf of different sectors. Along with this, the Union Finance Minister is being demanded to give relief in the upcoming budget.

Modi government’s last budget

Sources also claim that the government is thinking of giving relief to both farmers and employed people in this budget. Actually, this will be the last budget of the Modi government before the 2024 Lok Sabha elections. In the Union Budget, the limit of savings under section 80C is expected to be increased from Rs 1.5 lakh to Rs 2.5 lakh. In the Pre-Budget Memorandum 2023 from ICAI, the common man has been asked to save more.

Demand for relief for a long time There is a demand from the common man to give relief under 80C for a long time. ICAI has also demanded to increase the investment limit in Public Provident Fund (PPF). At present this limit is 1.5 lakh, which is being demanded to be increased to 3 lakh. ICAI’s argument behind the demand for increasing the PPF limit is that it is a safe investment option for businessmen and job professionals.

Due to the accumulation of PF of the employed, there is not much scope for investment under it. In such a situation, he has limited options for tax saving. For the last several years, there is a demand to increase the limit of Rs 1.5 lakh under 80C. Apart from this, ICAI has also requested the Finance Ministry to increase the limit of expenditure under 80DDB.

The post Big news for PPF account holders! know when the Finance Minister will make this big announcement? first appeared on Rightsofemployees.com.

In the case of individuals, if someone’s income exceeds the minimum limit, then tax is levied according to the slab system. Indian Income Tax taxes individual taxpayers on the basis of a slab system. The slab system means that different tax rates are prescribed for different categories of income. This means that with the increase in the income of the taxpayer, the tax rates of the tax go on increasing.

Tax Regime

This type of taxation enables a progressive and fair tax system in the country. Such income tax slabs undergo changes during every budget. These slab rates are different for different categories of taxpayers. At the same time, there are currently two tax regimes in the country, according to which tax is collected. These are known as New Tax Regime and Old Tax Regime.

The Union Budget is going to be presented by the Finance Minister in a few days. On the other hand, if we look at the New Tax Regime and the Old Tax Regime for FY 2021-22, then a lot of difference will be seen. In these tax slabs, tax is charged at different rates for income up to Rs 10 lakh.

5 percent difference

In the New Tax Regime for FY 2021-22, tax has to be paid at the rate of 15 percent on annual income of Rs. 7.5 lakh to Rs. 10 lakh. Whereas it is not so in Old Tax Regime. In the Old Tax Regime, individual taxpayers below 60 years of age will have to pay 20 per cent tax on annual income between Rs 5 lakh and Rs 10 lakh. In such a situation, there is a difference of 5% in both the tax regimes for FY 2021-22 on an annual income of up to Rs 10 lakh.

The post Income Tax Rate: Now this much income tax will be levied on Rs 10 lakh, a huge difference of 5% first appeared on Rightsofemployees.com.