New Income Tax Rules: While the changes in income tax rules may seem to be small, the Modi government may have succeeded in “putting more money into the hands” of many small tax payers.
The Finance Minister presented the Interim Budget in February 2019. The Interim Budget 2019 offered benefits to small farmers and the workers in the unorganised sector through interest subventions and pension coverage. It also introduced changes in income tax rules to offer relief to small taxpayers and to the owners of residential properties.
Let’s take a quick look at the key changes in the Interim Budget from a personal tax perspective, which will be effective from 1 April 2019.
Change in tax rebate
Earlier, there was a rebate available for individuals earning annual income up to Rs 3.5 lakh. The total income threshold is now increased to Rs 5 lakh p.a., resulting in an increase in the tax rebate from Rs 2,500 to Rs 12,500. As the benefit is applicable to individuals having net taxable income up to Rs 5 lakh, this would cover individuals having gross annual income of well over Rs 5 lakh, depending upon the applicable tax deductions.
For example, where the income of an individual is Rs 925,000 and after considering the eligible deductions, the net taxable income is Rs 5 lakh, there would be no tax liability. Further, as this is not an increase in the basic exemption limit, such individuals would still be required to file their tax returns.
The basic exemption limit and tax slabs applicable for individuals earning total taxable income above Rs 5 lakh remain unchanged.
Change in standard deduction limit
Standard deduction has been increased from Rs 40,000 to Rs 50,000 for salaried individuals (which was introduced in the Budget 2018 in lieu of exemption for medical reimbursement and conveyance allowance). This could perhaps be based on feedback received by, and representations made to, the government that the net benefit from these 2018 changes to salaried taxpayers was negligible. With this change, there is an additional tax saving of up to Rs 3,120 for an individual paying tax at the maximum marginal rate (with taxable income between Rs 10-50 lakh).
Dilution in the concept of deemed to be let out property
One of the changes which has been on the wishlist for many years is in the context of individuals holding more than one self-occupied house property. As per the earlier provisions, where an individual held more than one house property (which is not let out), only one house property could have been considered as self-occupied and notional rental income from other house property(ies) was considered as taxable. This resulted in an additional tax impact without any real income, and even impacted the middle class taxpayers who had to maintain families in two house properties at separate locations, e.g., due to employment or old parents.
The government took cognizance of such genuine hardships and has amended the law to provide relief to the taxpayer by allowing an option to claim NIL annual value in respect of any two houses declared as self-occupied, instead of one such house, as previously provided. It is pertinent to note that the overall permissible deduction for interest on housing loan continues to be limited to Rs 2 lakh for both the house properties.
Capital gains on sale of residential house property
As per the earlier provisions for claiming the capital gains exemption on sale of residential property, the tax benefit was only based on those proceeds from the sale which were invested in one house property. The government acknowledged the capital gains burden on many taxpayers who may sell a residential house property to purchase two smaller properties, because of family needs. Hence, the law has been amended to extend the long-term capital gains exemption benefit even where the sale proceeds of a house property are invested for the purchase of two residential houses. However, the said benefit would be available subject to the following conditions:
# the long-term capital gains from sale of such house property shall not exceed Rs 2 crore, and
# the benefit can be claimed only once in the taxpayer’s lifetime.
Increase in TDS limit on interest earned from banks
The threshold for deduction of tax at source on interest earned from banks and post office deposits has been increased from Rs 10,000 to Rs 40,000. While this is not a tax exemption for deposit-holders, this change would benefit small deposit-holders such as non-working spouses as it would do away with the hassle of claiming a refund in the tax return where an individual’s annual income is below the basic exemption limit. Further, it also obviates the need for such non-taxable individuals (earning bank interest up to this limit) to submit Form 15G in order to get the banks not to withhold TDS.
While these may seem to be small changes, the Modi government may have succeeded in “putting more money into the hands” of many small tax payers. One should also keep all the above changes in mind while computing the advance tax liability for the financial year 2019-20, the due date for which is 15 April 2019 for the first installment.
Grant of one notional increment/pension benefits to retirees those who retired on 30th June as per Madras High Court Order
Grant of one national increment/ pension benefits to retirees those who retired on 30th June as per Honorable Madras High Court Order
F, No.A-26017/16/2019-Ad IIA
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes & Customs
North Block, New Delhi,
Dated the 18th March, 2018.
To,
All Pr. Chief Commissioners/Chief Commissioner of GST & Central
Excise/Customs/Directors General under CBIC.
Subject:- Representation for grant of one notional increment/pension benefits to retirees those who retired on 30th June as per Hon’ble Madras High Court Order in WP No.15732 of 2017 in the case of Shri P. Iyyamperumal ys UOI and the Order of Hon’ble Supreme Court in SLP No.22283/2018 dated 23.07.2018 – regarding.
Sir/Madam,
I am directed to say that the above matter has been examined in the Board and after dismissal of SLP Dy. No.22283/2018 dated 23.07.2018, the matter was referred to DoP&T for their advice. DoP&T has advised to refer the matter to Department of Legal Affairs (DoLA) to explore the possibilities of review of the Hon’ble Supreme Court Order dated 23.07.2018 in the said SLP Dy. No.22238/2018. Hence, the matter has not attained finality as yet.
It is, therefore, informed that the final decision taken in the matter would be intimated in due Course as and when the matter attains finality.
Yours faithfully,
(Nagendra Kumar)
Under Secretary to the Government of India
Copy with enclosure to:-
DG. of System & Data Management – for uploading on the website of CBEC.
Expected DA from July 2019 – AICPIN for February 2019
Expected DA from July 2019 – AICPIN for February 2019
All India Consumer Price Index for Industrial Workers (CPI-IW) – Feb 2019
Expected Dearness Allowance Calculation from July 2019
No.5/1/2019-CPI
GOVERNMENT OF INDIA
MINISTRY OF LABOUR & EMPLOYMENT
LABOUR BUREAU
‘CLEREMONT’, SHIMLA-171004
DATED: 29th March, 2019
Press Release
Consumer Price Index for Industrial Workers (CPI-IW) – February, 2019 The All-India CPI-IW for February, 2019 remained stationary at 307 (three hundred seven). On 1-month percentage change, it remained static between January, 2019 and February, 2019 when compared with the decrease of (-) 0.35 per cent for the corresponding months of last year.
The maximum upward pressure to the change in current index came from Miscellaneous and Food groups contributing (+) 0.26 and (+) 0.17 percentage points respectively to the total change. At item level, Rice, Wheat, Wheat Atta, Goat Meat, Apple, Coconut, Gourd, Electricity Charges, Doctor’s Fee, Medicine (Allopathic), Private Tuition Fee, Petrol, etc. are responsible for the increase in index. However, this increase was checked by Jowar, Poultry (Chicken), Onion, Tamarind, Carrot, Methi, Grapes, Potato, Tomato, etc., putting downward pressure on the index.
The year-on-year inflation based on CPI-IW stood at 6.97 per cent for February, 2019 as compared to 6.60 per cent for the previous month and 4.74 per cent during the corresponding month of the previous year. Similarly, the Food inflation stood at (+) 2.63 per cent against (+) 0.97 per cent of the previous month and (+) 2.36 per cent during the corresponding month of the previous year.
At centre level Siliguri reported the maximum increase of 7 points followed by Amritsar (6 points) and Srinagar and Chhindwara (5 points each). Among others, 4 points increase was observed in 5 centres, 3 points in 4 centres, 2 points in 10 centres and 1 point in 14 centres. On the contrary, Salem and Quilon recorded a maximum decrease of 5 points each followed by Raniganj and . Coimbatore (4 points each). Among others, 2 points decrease was observed in 7 centres and 1 point in 11 centres. Rest of the 19 centres’ indices remained stationary.
The indices of 35 centres are above All-India Index and 42 centres’ indices are below national average. The index of Mercara centre remained at par with All-India Index.
The next issue of CPI-IW for the month of March, 2019 will be released on Tuesday, 30th April, 2019. The same will also be available on the office website www.labourbureaunew.gov.in.
SB Order 02/2019: Revision of interest rates for Small Savings Schemes
SB Order 02/2019: Revision of interest rates for Small Savings Schemes : Rate of interest on various small savings schemes for the first quarter of financial year 2019-20 starting 1st April, 2019 shall remain unchanged from those notified for the fourth quarter of financial year 2018-19
Amendment in NPS Fund Investment Guidelines - PFRDA Circular
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan,
Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016.
Ph: 011-26517501, 26517503, 26133730
Fax: 011-26517507
Website : www.pfrda.org.in
CIRCULAR
PFRDA/2019/8/SUP-PF/2 Date: 25.03.2019
Subject: Amendment to the investment Guidelines (Applicable to Scheme CG, Scheme SG, Corporate CG and NPS Lite schemes of NPS and Atal Pension Yojana)
Reference is invited to the Investment Guidelines for NPS Schemes (Scheme CG, Scheme SG, Corporate CG and NPS Lite schemes of NPS and Atal Pension Yojana) dated 3rd June 2015 issued vide circular no. PERDA/2015/16/PFM/7, the Change in Investment guidelines for NPS schemes W.r.t. Investment in equity Mutual funds vide circular no. PERDA/2018/56/PF/2 dated 20th August 2018 and Revised rating criteria for investments under NPS Schemes vide circular No. PERDA/2018/02/PF/02 dated 08.05.2018. The changes hereunder shall apply only to Scheme CG, Scheme SG, Corporate CG and NPS Lite schemes of NPS and Atal Pension Yojana.
In order to provide flexibility to the Pension Funds to improve the scheme performance depending upon the market conditions, it has been decided to increase the cap on Government Securities & related investments and Short term debt instruments & related investments by 5% each.
The asset class wise revised caps on the various asset classes are as under:
Asset Class
Caps on Investments for composite schemes
Government Securities & related investments
Upto 55%
Debt Instruments & related investments
Upto 45%
Equity ‘& related investments
Upto 15%
Asset backed, trust structured etc.
Upto 5%
Short term debt instruments & related investments
Upto 10%
4.The other terms and conditions as mentioned in the circular PERDA/2015/16/PFM/7 dated 03.06.2015, circular no. PERDA/2018/56/PF/2 dated 20th August 2018 and circular No. PFRDA/2018/02/PF/02 dated 08.05.2018 shall remain the same.
This circular is issued in exercise of powers of the Authority under sub-clause (b) of the sub-section (2) of section 14 of Pension Fund Regulatory and Development Authority Act, 2013 read with regulation 14 and 43 of PFRDA (Pension Fund) Regulation, 2015.
Govt decides to file review petition before Hon’ble Supreme Court in the case of granting one notional increment to Pensioners retiring on 30th June – i.e Completed one year of Service but retiring without getting annual increment
Earlier Hon’ble Supreme Court upheld High Court’s Judgement to grant one additional / notional increment to Central Government Pensioners retiring on 30th June considering completion of one year of service without increment
F. No.A-26017/16/2019-Ad IIA Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs
North Block, New Delhi, Dated the 18th March, 2018.
To,
All Pr. Chief Commissioners/Chief Commissioner of GST & Central Excise/Customs/ Directors General under CBIC.
Subject:-Representation for grant of one notional increment/pension benefits to retirees those who retired on 30th June as per Hon’ble Madras High Court Order in WP No.15732 of 2017 in the case of Shri P. Iyyamperumal vs UOI and the Order of Hon’ble Supreme Court in SLP No.22283/2018 dated 23.07.2018 — regarding.
Sir/Madam,
I am directed to say that the above matter has been examined in the Board and after dismissal of SLP Dy. No.22283/2018 dated 23.07.2018, the matter was referred to DoP&T for their advice. DoP&T has advised to refer the matter to Department of Legal Affairs (DoLA) to explore the possibilities of review of the Hon’ble Supreme Court Order dated 23.07.2018 in the said SLP Dy. No.22238/2018. Hence, the matter has not attained finality as yet.
2. It is, therefore, informed that the final decision taken in the matter would be intimated in due Course as and when the matter attains finality.
Yours faithfully,
(Nagendra Kumar) Under Secretary to the Government of India
Copy with enclosure to:-
1. DG. of System & Data Management — for uploading on the website of CBEC.
(1.1) Which rules govern pension and gratuity to the employees retiring from Central Government Civil Departments.
Pension and gratuity of the employees retiring from Central Government Departments is regulated by the Central Civil Services (Pension) Rules, 1972. There are separate rules regarding pension and gratuity of Railway employees and Defence personnel.
(1.2) Is the date of voluntary retirement treated as duty?
Yes, the date of voluntary retirement is treated as duty (Rule 5).
(1.3) Who is eligible for pension?
A Govt. servant appointed in a pensionable establishment on or before 31.12.2003 and retires from Government service with a qualifying service of 10 years or more is eligible for
pension (Rule 2, 49).
(1.4) How is pension calculated?
W.e.f. 1.1.2006, pension is calculated @ 50% of emoluments (last pay) or average emoluments (for last 10 months), whichever is more beneficial to the retiring Govt. servant. (Rule 49).
(1.5) What happens to the departmental proceedings instituted against a Govt. servant during service and pending at the time of retirement? Can pension/gratuity be paid to a retiring, Govt. servant if Departmental/Judicial proceeding are pending against him at the time of retirement?
Department proceedings pending at the time of retirement are deemed to be the proceedings under Rule 9 and shall be continued and concluded by the same disciplinary authority and in the same manner. Thereafter, authority will submit a report recording its finding to the President. In such cases, only provisional pension is paid and gratuity is withheld till the conclusion of departmental proceedings and issue of final orders thereon
by the competent authority.
(1.6) Can Departmental proceedings be instituted after retirement?
Departmental proceeding can be instituted after retirement subject to following conditions:-
(a) Sanction of the President shall be obtained before instituting such proceedings;
(b) The proceedings shall not be in respect of any event which took place more than 4 years such institution;
(c) Proceedings shall be conducted by such authority and in such place or the President may direct and in accordance with rules applicable to departmental proceedings in which an order of dismissal from service could be made in relation to the Govt. servant during his service.
(1.7 ) When is departmental or judicial proceeding deemed to be instituted?
(a) Departmental proceedings shall be deemed to be instituted on the date on which the statement of charges is issued to the Government servant or pensioner, or is the Government servant has been placed under suspension from an earlier dated, on such date;
(b) Judicial proceedings shall be deemed to be instituted-
(i) In the case of criminal proceedings, on the date on which the complaint or report of a Police Officer, of which the Magistrate takes contingence, is made, and
(ii) In the case of civil proceedings, on the date the plaint is presented in the
court.
(1.8) Can the pension/gratuity be withheld on conclusion of departmental/judicial proceedings?
The President reserves to himself the right of withholding a pension or gratuity, or both, either in full or in part, or withdrawing a pension in full or in part, whether permanently or for a specified period, and of ordering recovery from a pension or gratuity of the whole or part of any pecuniary loss caused to the Government, if, in any departmental or judicial proceedings, the pensioner is found guilty of grave misconduct or negligence during the period of service, including service rendered upon re-employment after retirement. Power to withhold/withdraw pension/gratuity is with President and UPSC is required to the consulted before any final orders are passed.
(1.9) Which pay is reckoned as emoluments for pension and gratuity?
The basic pay as defined in FR 9 (21) (a) (i) is reckoned as emoluments for pension. However, Non- Practicing Allowance granted to Medical Officers is also included in emoluments. For the purpose of Retirement/ Death gratuity, Dearness Allowance admissible on the date of retirement/death is also treated as emoluments.
(1.10) Which pay is reckoned as emoluments for pension if the Government servant is on leave, suspension or deputation at the time of retirement?
(a) If a Government servant immediately before his retirement or death while in service had been absent from duty on leave for which leave salary is payable or having been suspended had been reinstated without forfeiture of service, the emoluments which he would have drawn had he not been absent from duty or suspended shall be the emoluments for the purposes of this rule. However, increase in pay (other than the increment) which is not actually drawn shall not form part of his emoluments.
(b) If a Government servant immediately before his retirement or death while in service had been absent from duty on extraordinary leave or had been under suspension, the period whereof does not count as service, the emoluments which he drew immediately before proceeding on such leave or being placed under suspension shall be the emoluments for the purposes of this rule.
(c) If a Government servant immediately before his retirement of death while in service, was on earned leave, and earned an increment which was not withheld, such increment, though not actually drawn, shall form part of his emoluments. However, such increment should have been earned during the currency of the earned leave not exceeding one hundred and twenty days, or during the first one hundred and twenty days of earned leave where such leave was for more than one hundred and twenty days.
(d) Pay drawn by a Government servant while on foreign service shall not be treated as emoluments, but the pay which he would have drawn under the Government had he not been on foreign service shall alone be treated as emoluments.
(1.11) Can a pension be withheld/withdrawn on grounds of misconduct after retirement?
Future good conduct is the implied condition for grant/continuance of pension. The appointing authority may, by order in writing, withhold or withdraw a pension or a part thereof, whether permanently or for a specified period, if the pensioner is convicted of a serious crime or is found guilty of grave misconduct.
(1.12) Can a pension, once authorized, be revised to the disadvantage of pensioner on grounds other than misconduct under Rule 8 and 9.
Except under Rule 8 and 9, pension once authorized after final assessment shall not be revised to the disadvantage of the Government servant, unless such revision becomes necessary on account of detection of a clerical error subsequently. No revision of pension to the disadvantage of the pensioner shall be ordered by the Head of Office without the concurrence of the Department of Pension and Pensioners’ Welfare if the clerical error is detected after a period of two years from the date of authorization of pension. The question whether it is a case of clerical error or not would be decided by the administrative Ministry.
(1.13) What is the formula for revision of pension of pre-2006 pensioner/family pensioner?
In terms of para 4.1 of OM No.38/37/08-P&PW(A) dated 1.9.2008, the pension/family pension will be consolidated w.e.f. 1.1.2006 by adding together (i) The existing pension/family pension,(ii) Dearness Pension, where applicable, (iii)Dearness Relief @24% of basic Pension/Basic Family Pension plus dearness pension as admissible vide OM No.42/2/2006-P&PW(G) dated 5.4.2006 and (iv) Fitment weightage @40% of the existing pension/family pension. Where the existing pension at (i) includes the effect of merger of 50% of DR w.e.f. 1.4.2004, the existing pension for the purpose of fitment weightage will be re-calculated after excluding the merged DR of 50% from the pension. The amount so arrived at will be regarded as consolidated pension/family pension w.e.f. 1.1.2006. The fixation of pension will be subject to the provision that the revised pension, in no case shall be lower than 50% of the minimum of the pay in the pay band plus the grade pay corresponding to the pre-revised pay scale from which the Govt. servant retired. The minimum of pay is the pay band/pay scale is to be reckoned in accordance with DoPPW OM No. 38/37/08-P&PW dated 30.07.2015.
(1.14) Whether all pre-2006 pensioners/family pensioners would get benefit under Department of Pension and Pensioners’ Welfare O.M. NO.38/37/08- P&PW (A) dated 28.1.2013 (now OM dated 30.07.2015)?
There will be no change in the pension of those pre-2006 pensioners whose pension (as revised with effect from 1.1.2006) is already equal to or more than this minimum limit mentioned in the OM dated 28.01.2013 and 30.07.2015. In the case of family pensioner also the minimum family pension as mentioned in Col.10 of the Annexure to the OM dated 28.1.2013 shall be payable if the amount of family pension (w.e.f. 01.01.2006) is equal to or more than this minimum family pension, the same family pension shall continue to be paid.
(1.15) What are the provisions regarding revision of pension of pre-2016 pensioners after 7th CPC?
Orders were issued vide OM No. 38/37/2016-P&PW(A) dated 04.08.2016 for revision of pension of pre-2016 pensioners by multiplying the pre-revised pension by a facor of 2.57. This was to be done by the Pension Disbursing Authorities/ Banks. Further orders were issued vide OM No. 38/37/2016-P&PW(A) dated 12.05.2017. As per this OM, the revised pension/family pension w.e.f 01.01.2016 of all Central Civil Pensioners/ family pensioners, including CAPF’s, who retired/died prior to 01.01.2016, shall be revised by notionally fixing their pay in the pay matrix recommended by the 7th CPC in the level corresponding to the pay in the pay scale/ pay band and grade pay at which they retired/ died. This will be done by notional pay fixation under each intervening Pay Commission based on the Formula for revision of pay. While fixing pay on notional basis, the pay fixation formulate approved by the Government and other relevant instructions on the subject in force at the relevant time shall be strictly followed. 50% of the notional pay as on 01.01.2016 shall be the revised pension and 30% of this notional pay shall be the revised family pension w.e.f. 01.01.2016 as per the first Formulation. In this case of family pensioners who were entitled to family pension at enhanced rate, the revised family pension shall be 50% of the notional pay as on 01.01.2016 and shall be payable till the period up to which family pension at enhanced rate is admissible as per rules. The amount of revised pension/family pension so arrived at shall be rounded off to next higher rupee. The pension/ family pension already revised in accordance with this Department’s OM No. 38/37/2016-P&PW(A) (ii) dated 04.08.2016 or the revised pension/ family pension as worked out in accordance with OM dated 12.05.2017 shall be granted to pre-2016 central civil pensioners as revised pension/ family pension w.e.f. 01.01.2016. In cases where pension/ family pension being paid w.e.f. 01.01.2016 in accordance with this Department’s OM No. 38/37/2016-P&PW(A) (ii) dated 04.08.2016 happens to be more than pension/ family pension as worked out in accordance with para 4 above, the pension/ family pension already paid shall be treated as revised pension/ family pension w.e.f. 01.01.2016.
(1.16) Is any ready reckoner available for revision of pension of pre-2016 pensioners by notional pay fixation method?
A Concordance Table for fixation of notional pay of pension/ family pension of employee who retired/ died in various grades of Vth/ VIth CPC period has been prepared and circulated on 06.07.2017. These Concordance Tables are available on the website of this Department, i.e. http://doppw.gov.in/ and http://pensionersportal.gov.in
(1.17) Is there any online calculator available for fixation/ revision of pension?
A calculator for calculation/ revision of pension/ gratuity is available on the website of this Department, i.e. http://doppw.gov.in/ and http://pensionersportal.gov.in/
(1.18) What is the amount of minimum and maximum pension after Seventh CPC?
The pension shall not be less than Rs.9000/- (excluding the element of additional pension to old pensioners) and shall not be more than 50% of the highest pay in Government i.e Rs 1,25,000/- w.e.f. 01.01.2016.
(1.19) From where can we download the pension /nomination Forms ?
All forms are available at the website of Department of Pension & Pensioners Welfare.
(1.20) When can a Government servant apply for voluntary retirement?
Under Rule 48, a Government servant can apply for voluntary retirement after completion of 30 years of qualifying service. Under Rule 48-A, he can apply for voluntary retirement after completion of qualifying service of 20 years. Under FR 56 (k) he can apply for voluntary retirement an attaining the age of 50 years (for Gr. A & B) and 55 years (in other cases).
(1.21) Whether older pensioners will get higher rate of pension?
Yes, from 1.1.2006, the quantum of pension/family pension available to old
pensioners/family pensioners has been increased as follows:-
O.M.No. 38/37/08- P&PW(A) dated 2.9.2008 .
Age of pensioner/ family pensioner
Additional quantum of pension
From 80 years to less than 85 years
20% of revised basic pension/ family pension
From 85 years to less than 90 years
30% of revised basic pension/ family pension
From 90 years to less than 95 years
40% of revised basic pension/ family pension
From 95 years to less than 100 years
50% of revised basic pension/ family pension
100 years or more
100% of revised basic pension/ family pension
(1.22) Is additional pension admissible to old family pensioners also?
Yes, the rates related to additional pension as applicable in the case of old pensioners hold good for family pensioners, as well.
(1.23) Whether the provision of added years in qualifying service for computation of pension is still in force?
The benefit of added years of qualifying service for computation of pension/related benefits has been withdrawn w.e.f. 01.01.2006.
(1.24) Whether the provision of added years in qualifying service has been withdrawn for calculating gratuity also?
Yes, w.e.f. 01.01.2006.
(1.25) Whether the additional pension/family pension available to old pensioners would be payable from the date of attaining age of 80 years or above or from the first day of the month in which the date of birth falls?
The additional quantum of pension/family pension, on attaining the age of 80 years and above, would be admissible from the 1st day of month in which his date of birth falls. For example, if a pensioner/family pensioner completes age of 80 years in the month of August, 2008, he will be entitled to additional pension/family pension w.e.f. 1.8.2008. Those pensioners/family pensioners whose date of birth is 1st August, will also be entitled to additional pension/family pension w.e.f. 1.8.2008 on attaining the age of 80 years and above.
New Income Tax Rules: While the changes in income tax rules may seem to be small, the Modi government may have succeeded in “putting more money into the hands” of many small tax payers.
The basic exemption limit and tax slabs applicable for individuals earning total taxable income above Rs 5 lakh remain unchanged.
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