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known facts of HRA tax exemption

Chandan Tiwari — Sat, 25 Feb 2023 13:47:56 +0000

The majority of paid workers in the organised sector receive a house rent allowance, which is equivalent to about 50% of their base pay. A person who rents a place to live may be able to get a refund of the rent they paid, but only under particular circumstances. The following three exemptions are, in...

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Chandan Tiwari — Mon, 20 Feb 2023 13:28:22 +0000

EPFO issues guidelines for higher pension from EPS Employees Provident Fund Organisation (EPFO) has issued guidelines dated February 20, 2023, giving procedure for eligible employees to apply for higher pension under the Employees Pension Scheme (EPS). Even employees who had not earlier applied for higher pension but were entitled to do so can now do...

Answers to all your inquiries about the new income tax regime system

Chandan Tiwari — Fri, 03 Feb 2023 06:30:44 +0000

In Budget 2023, a new personal income tax regime system for individual taxpayers was unveiled. Taxpayers will be able to select between the current/old tax regime and the new tax regime starting in FY 2020–21. By choosing the previous tax system, the taxpayer can continue to take use of current tax benefits such house rent...

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Features of Budget 2023-2024

Chandan Tiwari — Wed, 01 Feb 2023 10:59:28 +0000

Speech of Nirmala Sitharaman (Finance Minister of India) Hon’ble Speaker, I present the Budget for 2023-24. This is the first Budget in Amrit Kaal. Introduction of Budget 2023-24 Resilience amidst multiple crises 4. Our focus on wide-ranging reforms and sound policies, implemented through Sabka Prayas resulting in Jan Bhagidari and targeted support to those...

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What is the deadline for completing investments that save taxes for FY 2022-23?

Chandan Tiwari — Sat, 28 Jan 2023 06:13:38 +0000

The deadline to complete your tax-saving exercise for the financial year 2022–2023 is March 31, 2023, so move quickly if you haven’t already. Keep in mind that if you don’t make the tax-saving investments and purchases, your tax liability will be higher than normal for the current financial year (2022–2023). Please be aware that beginning...

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How to activate inoperative PPF account

Chandan Tiwari — Sat, 21 Jan 2023 07:30:21 +0000

Every quarter, the Public Provident Fund (PPF) announces its predetermined rate of return, which is now 7.1%. PPF investments worth up to Rs 1.5 lakh per year are exempt from taxation under Section 80C of the Income Tax Act. Both the yearly interest and the maturity sum are tax-free. The account has a 15-year validity...

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16.26 lakh net new members join EPFO in November 2022.

Chandan Tiwari — Sat, 21 Jan 2023 06:37:06 +0000

The Employees’ Provident Fund Organization (EPFO) today revealed its provisional payroll statistics, which shows that in the month of November 2022, EPFO attracted 16.26 lakh net members. The information shows that in October 2022, there were 25.67% more net additions than in the previous month. When comparing payroll statistics from one year to the next,...

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How to withdraw from EPF corpus for repayment of home loan

Chandan Tiwari — Wed, 18 Jan 2023 12:12:36 +0000

According to the regulations of the EPF plan, you are permitted to withdraw funds from your Employee’s Provident Fund (EPF) account for a number of reasons. You are permitted to take withdrawals from your EPF account beginning at age 55 in order to fund your retirement. know about withdraw from EPF corpus for repayment of...

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Big News: Changes to the income tax slab! The income tax slab rate will vary, and the taxpayer will learn more information here.

Chandan Tiwari — Sun, 15 Jan 2023 08:34:54 +0000

Income Tax Slab Modification: Indians are always interested to see what the government will do for them in the Union Budget. The final full budget of the federal government will be Budget 2023 (Budget 2022). Therefore, it is anticipated that Nirmala Sitharaman, the finance minister, will present the populace with numerous gifts this time. If...

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For FY23, gross direct tax collection increased by 24.58 percent to Rs 14.71 lakh crore.

Chandan Tiwari — Sat, 14 Jan 2023 09:50:49 +0000

According to government figures released on Wednesday, India’s gross direct tax collections increased by 24.58% to? 14.71 lakh crore as of January 10 this financial year, helped by an increase in personal income tax receipts. Net direct tax revenues after accounting for refunds were 12.31 lakh crore, up 19.55 percent from the same time in...

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