The central administration of Narendra Modi plans to deliver another large present to the employed people after reducing income taxes. In fact, during its February 28th Central Board of Trustees (CBT) meeting, the Employees Provident Fund Organization (EPFO) may decide to alter the interest rate on 2024-25 provident fund deposits. According to sources, the committee could keep the interest rate on PF deposits above 8% for 2024–25, up from the 8.25% declared last year. First, the EPFO suggests an interest rate on PF deposits for a certain year, and then the CBT approves it. Before notification, the Finance Ministry must approve it. Following this, the subscribers’ EPFO accounts will receive the interest payment.
Over sixty-five million members
The EPFO has over 65 million subscribers, which we thought you might find interesting. The Umang app lets workers view their PF balance on their cell phones. Your name may appear in the UAN database. If you want to know more, leave a message at 011-22901406 from your registered phone. Verify that your UAN displays your full name, address, date of birth, Aadhaar number, and PAN. If EPFO has registered your UAN, you can obtain PF details by SMSing 7738299899.
Income relief is also important.
Aiming to speed up the sluggish economic growth, Finance Minister Nirmala Sitharaman provided substantial income tax relief to the middle class on February 1. With this, a yearly income of Rs 12 lakh will no longer be subject to taxes. Sitharaman declared comprehensive income tax exemptions on annual income up to Rs 12 lakh, providing significant relief to the salaried and middle class. You won’t have to pay income tax if you choose the new tax system. Tax is now exempt up to 12.75 lakh rupees for salaried taxpayers, thanks to a statutory deduction of 75,000 rupees. She has also altered the tax slab. For individuals earning up to Rs 25 lakh per annum, this will result in a tax savings of Rs 1.1 lakh.
