These rules are going to change from new financial year!
Some important changes are going to happen from the first date of next month i.e. financial year 2025-26. There will be many regulatory and major financial changes in this, including increasing the limit of UPS, MSME and income tax slab, which will increase social security and speed up consumption in the country.
Under the new tax system in the income tax slab, now income up to Rs 12 lakh will be tax free. That is, till now you will be able to save on annual income of Rs 83,200. This is a big relief for the middle class. Under the new tax system, the new slab of income tax has been revised to increase the basic exemption limit from Rs 3 lakh to Rs 4 lakh. Along with this, to give relief to the middle class, the scope of exemption under section 87A has also been increased as compared to earlier.
UPS i.e. Integrated Pension Scheme was approved by the central government in august last year and is going to be implemented from the new financial year i.e. april 1. There is a provision in this that those who retire after 25 years of service will get pension equal to half of the average salary of the 12 months before retirement.
Apart from this, work is also being done on the implementation of UPS for the members of the National Pension Scheme, i.e. Pension Fund Regulatory and Development Authority, PFRDA. This will include retirees and newly joining employees. Also, people who do not have a life partner will also be eligible for it.
However, a confusion regarding this is that it is possible that initially this scheme may seem good only to the employees of the central government, because only a few states including Delhi, Maharashtra, Madhya Pradesh, odisha are showing interest in it.
click and follow Indiaherald WhatsApp channel