Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
The number of fresh formal jobs generated in a month increased to a seven-month high in April, signalling a recovery in the formal labour market in the country, according to the latest monthly payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday. In April, the number of new monthly subscribers under the Employees' Provident Fund (EPF) sequentially increased by 18.77 per cent to 887,438 from 747,146 in March.
The Maharashtra cabinet on Thursday cleared a proposal that offers an option of availing the Old Pension Scheme (OPS) to the state government employees who joined the service after November 2005.
A retirement fund can be helpful for all age groups, but ideally one should start investing early to beat market swings and gain from compounding.
"The amount of both the family pensions will now be restricted to Rs 1,25,000 per month, which is over two and half times higher than the earlier limit," said Singh, the Minister of State for Personnel.
States like Uttar Pradesh, Uttarakhand, Gujarat, Odisha, Madhya Pradesh and Chhattisgarh had on Friday announced similar incentives.
Te Congress slammed the Centre's order, alleging that Prime Minister Narendra Modi wants to politicise employees on an ideological basis.
Building your Retirement Nidhi is your Karmayoga, ensuring a Golden Yug where you can truly enjoy the fruits of your labour, says Vatsal Ramaiya as he explains how Rs 15,000 per month can help build a Rs 7 crore corpus.
The Union Budget 2021-22 has made it easier for sovereign wealth funds and pension funds to invest in Indian infrastructure projects, but some of the new rules may need more clarity, experts said. The proposed regime requiring investments through holding companies may have adverse tax implications for such funds and may create an arbitrage between the new and old projects, they said. Besides, the ownership structure of holding companies through which investments are to be made requires further clarification, they added.
"In view of the crisis arising out of Covid-19, it has been decided that additional instalment of dearness allowance payable to central government employees and dearness relief (DR) to central government pensioners due from January 1, 2020, shall not be paid. "The additional instalment of DA and DR due from July 1, 2020, and January 1, 2021, shall also not be paid," the department of expenditure said in an office memorandum.
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Using the Mahabharat reference as a leitmotif, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday claimed that an atmosphere of fear prevails all around with a group of six trapping the entire country in a 'chakravyuh' he promised would be broken by the INDIA bloc.
Signalling both change and continuity, India's new government, headed by Prime Minister Narendra Modi for a third consecutive term, got into work gear on Tuesday with cabinet ministers and ministers of state filing into their respective offices to assume charge.
'Barring a temporary blip where stocks fell on verdict day, we are back to all-time highs.'
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
With a large number of Indian youth aspiring to work in the railways, delays in filling up railway job vacancies were a point of criticism against the BJP in the run-up to the elections.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
All pre-election opinion polls indicate a strong majority for the Opposition Labour Party, forcing the incumbent Sunak-led Conservatives on the back foot to caution voters against handing a "supermajority" to the Keir Starmer-led Labour.
24 hours before campaigning ends in Thiruvanathapuram, Archana Masih/Rediff.com discovers Shashi Tharoor and his BJP rival Rajeev Chandrasekhar are busy getting their message across to voters.
Here is the complete list of ministers in Modi 3.0 and their portfolios:
The idea of retirement planning with a pension plan assures regular income to the policyholder in the form of pension or annuity.
'The lack of a majority isn't the issue. He has enough in 240, especially as none of his allies can pull down his coalition.' 'That's why he's started as if this were just another, normal term. That pretence is vital for him.' 'The change for Modi 3.0 comes not from numbers, but from the new environment of contestation,' points out Shekhar Gupta.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
'Arithmetic could decide the Haryana election given the presence of multi-cornered contests.'
Jannayak Janta Party chief Ajay Singh Chautala on Wednesday said his party worked with full honesty to fulfil the 'gathbandhan dharma' over the last four and half years of the alliance and his party was never power hungry.
The Rajya Sabha chairman asked him to authenticate his assertions and refused to accept newspaper clippings that the Congress leader showed to buttress his points.
The Bill envisages an authority to promote old-age income security by establishing, developing and regulating pension funds, to protect the interest of subscribers of pension funds.
Short-term government bonds fell behind longer-dated securities in demand this month so far due to a liquidity crunch in the banking system and expectations of a delay in a rate cut, said market participants. Investors have favoured longer-tenure government bonds, or g-secs, with insurance companies and pension funds leading the charge by stocking up on those with maturities of 30 years and more. Preference for longer-term securities was strengthened by the conclusion of the borrowing programme, which compelled institutional investors to fulfil their requirements in the secondary market.
The proposal is currently with the finance department and is expected to be placed before the Cabinet in the coming days.
Lok Sabha Speaker Om Birla recognised Rahul Gandhi as the leader of opposition on Wednesday, a day after the Congress communicated its decision to name him for the position to the Lok Sabha Secretariat.
The Union ministers and farmer leaders had met earlier on February 8, 12 and 15 but the talks remained inconclusive.
The Pension Fund Regulatory and Development Authority Bill, 2011, provides for market based returns and wide coverage based on several investment options in the pension sector with an aim to building confidence in the subscribers.
The remark came at an event in Lucknow where he accused Narendra Modi of being a monarch and not a prime minister, calling him a front for 'two-three financiers'.
The Ministry of Personnel, Public Grievances and Pensions has received representations from various quarters to do away with the condition of applying for family pension through 'Form 14' as it was causing inconvenience to widows, who find it difficult and 'embarrassing' to present themselves before two gazetted officers or persons of repute for attestation.
According to official statistics, half of India's GDP comes from as many as 420 million workers in the unorganised sector including street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, among others. This massive workforce remains outside the purview of the formal banking and insurance industries.
Former Indian Air Force chief Air Chief Marshal R K S Bhadauria (retired) joined the Bharatiya Janata Party on Sunday and praised Prime Minister Narendra Modi's leadership and the steps taken by his government to modernise and strengthen the armed forces
The report mentioned that the government spends 2.2 per cent of the GDP on pension bill.
The Centre had told the apex court that the entitlement of former MPs to get pension and other benefits was "justified" as their dignity has to be maintained.
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