In FY 2023, the new tax regime became the default for all taxpayers. This means that unless you choose to opt-out, you will file your income tax return (ITR) under the new regime. The main benefit of the new regime is lower tax rates, but it does not allow several deductions available under the old …
The Union Cabinet has approved the formation of the 8th Pay Commission to revise the pay structure for over 50 lakh Central government employees just before the Union Budget 2025. This includes salary revisions and adjustments to the Dearness Allowance. Salary Increase Under the 8th Pay Commission The exact percentage of the salary hike under …
The Employees’ Provident Fund Organization (EPFO) has introduced several updates to simplify processes for members. These changes include an improved joint declaration process, a Centralized Pension Payment System (CPPS), clarifications on pension for higher wages, an easier way to update member profiles, and hassle-free PF transfers. Here’s a breakdown of these updates: Simplified Joint Declaration …
Investing is not just about selecting the right stocks or funds; it is also about understanding how long it will take for your money to grow. The Rule of 144 is a handy formula that estimates the time required for an investment to quadruple based on the power of compounding. Understanding the Rule 144 The …
Prime Minister Narendra Modi recently approved the formation of the 8th Pay Commission to revise the salaries of nearly 50 lakh central government employees and allowances of 65 lakh pensioners. Here’s a brief overview of the previous seven Pay Commissions. 1st Pay Commission (May 1946 – May 1947) Chairman: Srinivasa Varadacharia Focused on adjusting the …
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) yojana was launched to bolster the income of the Small and Marginal Farmers (SMFs). Effective on December 01, 2018, the PM-KISAN yojana aims to fuel the financial needs of the SMFs in procuring various inputs to ensure proper crop health and appropriate yields, commensurate with the anticipated farm …
Are you looking to increase your savings, start investing, or build wealth in 2025? The key to achieving your financial goals lies in understanding money management, and there’s no better way to do that than by reading books. Whether you’re just starting your financial journey or struggling with certain aspects of managing money, books provide …
As the formation of the 8th Pay Commission is under process, it’s important to reflect on the approach taken by the 7th Pay Commission to determine salary structures. This panel’s method aimed to ensure fairness, keeping in mind the cost of living and the welfare of central government employees. Let’s explore how it worked. How Did the …
The Public Provident Fund (PPF) is a reliable savings scheme backed by the Indian government, available through post offices and banks. It’s a favourite among risk-averse investors seeking long-term wealth creation. With its tax-free returns, guaranteed safety, and compounding benefits, PPF stands out as a top choice for securing your financial future. By using the …
On January 16, 2025, Union Minister Ashwini Vaishnaw announced that Prime Minister Narendra Modi approved the establishment of the 8th Central Pay Commission, tasked with reviewing the salary and benefits of central government employees. This development has drawn attention to the ongoing evolution of pay scales in India, especially considering the major changes introduced by …
