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In terms of how they come to the investor’s aid post retirement, both Public Provident Fund (PPF) and <keyword id="173407" type="ORGANIZATION" weightage="20" keywordseo="National-Pension-Scheme">National Pension Scheme</keyword> (NPS) have their own advantages. We can say both of these are long term investment vehicles. With much in similar between them, they also differ significantly from each other. Understanding their features in detail can help make the right decision and decide which one of these two will suit your specific needs and expectations. Who is eligible for PPF and NPS All Indian residents (not NRIs) are eligible for PPF, which can be understood as a long-term retirement plan. Such demarcations are not applicable in case of NPS. All Indians including NRIs can open an NPS plan provided they are aged between 18 and 60. Minimum and maximum investment possible The lower brackets of investment is similar in both PPF and NPS. The minimum investment to be made in these schemes is Rs 6,000 per financial year with the deposits made 4 to 12 times. The minimum contribution during any given deposit is Rs 500. The upper bracket for these investments differ. The maximum limit of deposit allowed per year in case of PPF is Rs 1,00,000. Though there is no such upper limit for depositing in NPS, it is possible to get tax benefits for up to Rs 1,00,000 in NPS. The condition is that the contribution amount must be within 10% bracket of the total salary of the investor. Return on investment The high returns the pension schemes assure the investors is one of the alluring reasons why a lot of people prefer PPF or the NPS. However, when compared to the PPF, NPS can present a better scope for returns as a portion of the investment is put on equity trading which can mean higher returns. On the other hand, the PPF is all about fixed returns and there is never a scope for any added frills. Rate of return Over a specified period, PPF gives fixed returns in every way. Any changes in this are notified to the investors in advance. However, the returns you can expect on an NPS purely depends on the performance of the fund manager and the combination of the asset class. Talking of the short term benefits, NPS returns are volatile in nature. Through the NPS investment, you have the option of investing about 50% of your invested amount in equity trading and hence the emphasis in this case must be on the long-term. Compared to the PPF, only 50% of the invested amount is on a safer bet. When we talk of the returns, NPS seems to be a better option than PPF. Weighing PPF and NPS against each other Both PPF and NPS have their own unique advantages over the other. If you are looking for a risk free and safe investment option with solid returns, you must think of PPF. On the other hand, NPS comes with two significant benefits namely the safety of the principal as well as the appreciation of the invested amount. Hence the choice is clear once you specify what you expect from your investment.

Comparison between PPF and NPS which is better?

<keyword id="7723175" type="General" weightage="20" keywordseo="what-is-provident-fund" source="Orion">What is Provident fund</keyword>? PF or Provident Fund or as it is commonly known as, Employee Provident fund(EPF) is a government backed savings scheme which allows a salaried employee to invest a certain amount every month on which a fixed amount of interest is paid by the government. It is a retirement savings scheme and is amninistered by a statutory body, EPFO, Employee Provident Fund Organisation under the Ministry of Labor and Employment. <cmsannotation type="cmsannotation" annotationid="You can check your PF balance in four different ways." comment="subhead" text="You can check your PF balance in four different ways.">You can check your PF balance in four different ways.</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Check PF balance through EPFO Portal" comment="subhead" text="1. Check PF balance through EPFO Portal">1. Check PF balance through EPFO Portal</cmsannotation> To check your PF balance, the employer must have activated your Universal Account Number (UAN). This number is allotted by the EPF organization. Irrespective of the companies you change, this number will remain the same throughout your life. Step 1: Log on to the EPFO portal. Go to ‘Our Services’ and choose ‘for Employees’. Choose the option ‘Member Passbook’ under ‘Services’. Step 3: In the Login page, enter your UAN Number and Password after activating them. Now you can access your EPF account. <cmsannotation type="cmsannotation" annotationid="Check PF balance via SMS" comment="subhead" text="2. Check PF balance via SMS">2. Check PF balance via SMS</cmsannotation> If you have linked your UAN number with your KYC details like Aadhaar number or PAN number, you can access your PF balance via SMS. If this is done, you can send SMS message “EPFOHO UAN ENG” to the number 7738299899. This will send the details in English. Alternative SMS codes are available if you wish to know your PF balance in other languages like Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam, and Bengali. 3. <cmsannotation type="cmsannotation" annotationid="Check PF balance via Missed call" comment="subhead" text="Check PF balance via Missed call">Check PF balance via Missed call</cmsannotation> If you have linked your Aadhaar card or PAN number with your PF account, you can use this method to know your PF balance. Give a missed call to 011-22901406 from your registered mobile number and you will instantly get a message stating your PF balance. 4. <cmsannotation type="cmsannotation" annotationid="Check PF balance using EPFO app" comment="subhead" text="Check PF balance using EPFO app">Check PF balance using EPFO app</cmsannotation> Download the “m-sewa app of EPFO” from Google Play Store. Open the app and click on ‘Member’ and go to ‘Balance/Passbook’. The page will ask for your UAN number and registered mobile number. If the details you give match with their records, your PF balance will be displayed. <div type="Article" hostid="261" msid="88278188" title="Here’s how you can create Universal Account Number (UAN) on the EPFO portal" mstype="2" mssubtype="0"></div>

How to check Pf (Provident Fund) balance in India

The Indian government was thinking to reset the interest rates on small savings schemes for the upcoming quarter, but because of several protests from individuals who depend on PPFs and post office deposits to meet their financial needs, the decision has been put on a hold. 
 The government had moved to rates linked to the market for small savings products like <keyword id="76579" type="CITY" weightage="100" keywordseo="PPF">PPF</keyword>, KVPs and Senior Citizens Savings Scheme, so that the returns can be linked to government bonds in order to avoid these instruments eating into the bank deposit base. 
 
RBI had also demanded this, so that it could help lenders cut rates when deposit rates were lowered. This is why the centre decided to reset interest rates every quarter, which were earlier done annually. 
 The ongoing quarter has seen the average yield on government securities coming down to around 7.5%; this would have resulted in <keyword id="3248275" type="UNKNOWN" weightage="100" keywordseo="PPF-rates">PPF rates</keyword> falling to less than 8% as against the present 8.1%. 
 
However, as of now, the government has decided not to change these rates, because inflation is already troubling Indian customers. 
 
<a href="http://financialtribune.com/sites/default/files/field/image/06_Brief_0.jpg">Image source</a>

Interest rates for PPF might stay unchanged in the next quarter

In spite of major concessions announced by way of an ordinance in October 2019, the Indian economy continued to dwindle in the backdrop of the global economic meltdown. The current economic situation necessitated bold steps from our Hon’ble Finance Minister (‘FM’) to present a simplified budget that would result in a quick economic turnaround. However, whether such a ‘Simplified’ budget really unlocked potential for an economic turnaround, remains a question. Some key amendments coupled with their challenges are listed below: Some key amendments: Personal Tax Regime (‘PTR’): In line with the Concessional Tax Regime (‘CTR’) introduced by the Hon’ble FM in October 2019 which focused solely on corporates, a PTR has been introduced which focuses on providing alternative lower tax rates to individuals/HUF. The aforesaid concessional tax rate is applicable subject to the following conditions: <ol><li>The Individuals and HUFs having various incomes would not be allowed to claim any deductions/incentives, them being - <ul><li>Certain business <keyword id="891931" type="PERSON" weightage="20" keywordseo="deductions">deductions</keyword> and deductions from other incomes</li><li>House property deduction</li><li>Salary deductions including standard deduction and professional tax</li><li>Major deductions under Chapter VI-A (i.e. deductions under section 80C, 80D, etc) and</li><li>Set-off/carry forward of losses in relation to the above </li></ul></li></ol><ol><li>Further, <keyword id="1064766" type="ORGANIZATION" weightage="20" keywordseo="alternative-minimum-tax">Alternative Minimum Tax</keyword> (‘AMT’) shall not be applicable to an individual/HUF opting for PTR. Consequently, carry forward and set off of AMT credit shall not be allowed.</li></ol>In view of the above amendments, an individual having salary income as a major source of income and making investments in various schemes/instruments (For example, LIC premiums, PPF, ELSS, etc.) may not consider opting for PTR. It needs to be seen whether such a scheme is welcomed by the taxpayers at large or not. Dividend Distribution Tax (‘DDT’) Abolition: The Finance Bill proposes to abolish DDT in the hands of domestic companies and tax the same in the hands of the recipient. Accordingly, domestic companies declaring dividends shall be required to deduct TDS @ 10% on dividends exceeding INR 5,000 per shareholder. Further, it has been proposed to provide a deduction of interest expense of upto 20% of dividend income received in the hands of the shareholders under income from other sources. Lastly, in order to remove the cascading effect of taxes, dividend distributed by companies for a particular year (subject to conditions) shall be allowed as a deduction from dividend income. The benefit of deduction has also been extended to companies opting for CTR. However, the amendment leaves certain areas which need to be addressed: <ul><li>No scientific mechanism exists to allow deduction of expenses to the shareholders and only an ad-hoc deduction of interest expense capped at 20% of dividend income is allowed</li><li>In view of the above, the Company vs LLP structure needs to be re-evaluated</li><li>In case of banks and NBFCs where dividend income is a major source of business income, no separate provisions have been carved out</li></ul>Though the above is in line with the longstanding demand of the corporate world, only time will be able to tell whether the objective of earning higher taxes is achieved by these amendments. The above amendments also open-up the question of selection of an offshore jurisdiction for investing in Indian companies. Other Key Amendments A. Start-ups – Rationalising tax provisions and ESOP Taxation With a view to rationalise the tax deduction provisions for start-ups, the following amendments are proposed: <ul><li>100% profit deduction for an eligible start-up for any 3 consecutive years out of 10 years; and </li><li>Threshold of turnover for an entity, to be eligible as a start-up, has been increased to INR 100 Crores </li></ul> Further, in order to ease the burden of tax payment for employees of eligible start-ups, it is proposed to defer the timing of taxation of ESOPs perquisites. The amendment proposes to tax ESOP at the earliest of the following event: <ul><li>Expiry of 5 tears from the end of the relevant financial year; or</li><li>Date of sale by individual taxpayer; or</li><li>Date of cessation of employment</li></ul>These are welcome steps that would go a long way in providing ease of doing business for start-ups. Existing companies in the technology space must evaluate the possibility of obtaining necessary approval to claim exemption. B. Tax withholding on e-commerce transactions TDS @ 1% shall be made applicable on payments by e-commerce operators (who own/operate a digital e-commerce platform) to e-commerce participants (who sell goods/providing services/both). Further, exception is provided for payments to such a participant who is an individual/HUF if the transaction value during a particular AY is less than INR 500,000 This amendment will not only add compliance obligation on the e-commerce platforms but would also bring larger population of service providers and goods suppliers under the tax net. C. Increasing Tax Audit Turnover Threshold The FM proposes to increase the turnover threshold for tax audit applicability to INR 5 Crores, provided that the aggregate cash receipts/cash payments by such taxpayer do not exceed 5% of the total receipts/payments respectively during the financial year. This move is again intended with a view to move towards a cashless economy. D. Stay by the Hon’ble Income-tax Appellate Tribunal (‘ITAT’) ITAT may grant a stay of demand for upto a maximum of 365 days on a condition that the taxpayer deposits not less than 20% of the amount of tax, interest, fee, penalty, etc. Though the law seems to have been proposed, it would need to be seen whether condition can be applied to the judicial power of adjudicating authority. Since taxpayers at various levels are now being provided alternative tax regimes, the same may lead to complication of the tax regime with minimal benefits. TDS levied on dividend payments to shareholders/payments by e-commerce operators shall only increase the TDS compliance burden of large companies and e-commerce MNCs respectively. The impact of such complications and compliances on ease of doing business need to be evaluated. 
 <div type="image" title="Pranay Bhatia" msid="73984955" hostid="261"></div> Disclaimer: This article is written by Pranay Bhatia, a Partner and Leader of Tax &amp; <keyword id="344310" type="COMPANY" weightage="20" keywordseo="Regulatory-Services">Regulatory Services</keyword> at BDO India. The opinions expressed are entirely that of the author.

A top tax expert decodes the new Income Tax regime changes announced in the Budget

Currently, one-third of India's population reside in cities and it is estimated to go up to 50 per cent by 2030. There is a steady rise in the number of households with a shift towards nuclear families and increased urbanisation. The 66 per cent young population - below 35 years of age, are emerging as young millennial borrowers of home-loans. It is also true that home-loans market is driven by young borrowers within the age group of 26-35 years - about 25 per cent and also by people in the age group of 36-45 years - about 28 per cent. These are all active home-loan audience and jointly account for 53 per cent of annual originations. The average ticket size of a home-loan of young borrowers has continued to increase over the last 5 years, with a CAGR of 6.2 per cent. The ticket size continues to increase more for women than men. The cumulative active home-loan base of these borrowers has seen continuous growth over the last 3 years at a CAGR of 3.5 per cent. These young borrowers have been the reason for change in the home-loan market. Within the affordable segment, volume growth in home-loans of Rs 15-35 lakh, over the last 4-5 years, indicate shifting preferences of buyers towards higher ticket sizes. Rural Housing demand for mid-range and higher ticket sizes has continued to increase over the last 5 years too. Share of annual originations (volume) of Rs 35-75 lakh ticket size has increased by 4 per cent in the last 5 years. Share of annual originations of Rs 75 lakh plus ticket size has increased from 0.37 per cent to 0.87 per cent in the last 5 years. Share of annual originations of Rs 15 lakh ticket size has declined over the last 5 years, largely due to falling demand for very small ticket size segment of Rs 2 lakh. The dearth of disposable income has been a deterrent factor for salaried class towards taking home-loan and buying real-estate. Since the input cost in real-estate has increased the rates, the salaried class is left with no other option but to approach for home-loans from financial institutions. Interestingly, the tenure of repayment of home-loan is fluctuating between 11-30 years. There is also a deterrent factor for salaried class in home-loans and EMIs. The EMIs are no more supportive since the financial institutions first draw larger part of interest in the EMIs and principal component is kept less in more than first 50 per cent of the EMIs. As the EMIs near completion, the interest component becomes negligible and principal component is much higher. Even if the buyer has the provision of pre-payment of home-loan, he ends up paying the larger portion of principal amount rather than saving on the interest. Further, the financial institutions also levy heavy fees on pre-closure of loans. In case the buyer opts for higher tenure for loan repayment, it then makes it difficult for the buyer to invest in second property. One question that has been asked frequently is - "If the principal and interest amount are predefined, why the EMIs can't have equal amount throughout the tenure." Coming to tax benefit, repayment of principal amount in a home-loan qualifies for deduction under section 80C, which has an upper limit of Rs 1.50 lakh per annum. Since the same section - 80C, accounts a number of other investments including PF, PPF and life insurance policies etc, it becomes impossible for a buyer to take advantage of any benefit out of this section. Buyers are looking forward to increase in this limit in Union Budget-2022 since this limit has not been increased in last many years. On the tax benefit for interest payment, since under section 20(b) of the Income Tax Act, there is a cap of Rs 2 lakh per annum on the interest part of the home-loan, home-loans being larger in size, the buyers are unable to take much benefit of the same too. To extend tax benefit to the buyers the government has also added few sub-sections 80EE, 80EEA under the Income Tax Act but the volume of loan is not allowing buyers to gain desired additional benefits out of these sub-sections. What perhaps needed in the Union <keyword id="10547300" type="General" weightage="20" keywordseo="Budget-2022" source="Orion">Budget 2022</keyword> is to bring dynamic changes in the income-tax slabs and increase the rebates under section 80C, 80EE, 80EEA and 24(b) of the Income Tax Act. One of the greatest philanthropists <keyword id="310500" type="General" weightage="20" keywordseo="andrew-carnegie" source="Orion">Andrew Carnegie</keyword> said - "Ninety percent of all millionaires become so through owning real-estate." Andrew Carnegie is one of the five people who built America, the other four being Cornelius Vanderbilt, John D. Rockefeller, J.P. Morgan, and <keyword id="6629386" type="General" weightage="20" keywordseo="henry-ford" source="Orion">Henry Ford</keyword>. Harv Eker, an author and businessman, known for his theories on wealth and motivation said - "Don't wait to buy 'real-estate', buy real-estate and wait". These two statements said all about owning real-estate and what it could mean to a buyer. Globally, investment in real-estate is directly related to the future of a buyer and also growth of the economy, and so be in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/budget-2022-could-consider-levying-tds/tcs-on-crypto-trading-make-it-reportable-in-sft/articleshow/88943733.cms">Budget 2022 could consider levying TDS/TCS on crypto trading, make it reportable in SFT</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/570-job-openings-at-indian-oil-corporation-for-freshers-who-havent-graduated-yet/articleshow/88948126.cms">There are 570 job openings at Indian Oil Corporation for freshers who haven’t graduated yet</a>

Budget 2022: Expectations for hike in tax deduction on home loans

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ3UO7TJ4&amp;SMLS=1&amp;RW=1440&amp;RH=720#/SearchResult&amp;VBID=2C0BXZ3UO7TJ4&amp;SMLS=1&amp;RW=1440&amp;RH=720&amp;POPUPPN=32&amp;POPUPIID=2C0FQE3RRQQX">Action Images via Reuters / Paul Childs</a>Good luck getting out of that one.</div></div></div>It looks like future Tata Steel pensioners will likely face a cut to their payouts regardless of what happens to the struggling steel business.Members of the underfunded scheme are facing two options:<ul><li>Move from being pegged to the retail price index (RPI) to the consumer price index (CPI), which is typically 1% lower than RPI, and face slower growth of their pension pots.</li><li>See the scheme fall into the arms of the state-backed "pensions lifeboat," which recently took on BHS' scheme. This option would mean future retirees receive just 90% of their promised payouts.</li></ul>Both are disappointing for the 50,000 British Steel workers who have not yet retired. In total, there are 130,000 members of the scheme, <a href="http://www.thetimes.co.uk/edition/business/plan-to-cut-tata-steel-pensions-could-cost-savers-200bn-nq00d3p7g">according to the Times</a>, but it is unlikely that those already retired will be affected. Under the PPF scheme, existing pensions continue to receive their full pension allowances.The government appears to be moving towards the first option. Indian conglomerate Tata <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">put its whole UK steel business up for sale in March, saying it would close it if a buyer could not be found</a>. Would-be buyers have been <a href="http://uk.businessinsider.com/uk-government-incentives-for-buying-tata-steel-plants-2016-4">put off by the expensive pension scheme.</a> The £15 billion ($21.9 billion) plan has an <a href="http://uk.businessinsider.com/uk-government-looking-to-ringfence-tata-steels-15-billion-pension-plan-2016-5">estimated funding deficit of £485 million.</a>Rather than simply see it fold and go into the Pension Protection Fund (PPF), Business Secretary Sajid Javid has been trying to negotiate a softer settlement and is currently considering the shift from CPI to RPI if Tata promises to kick in an extra few million for the deficit. This solution would ultimately be better for pensioners. Although they would face lower payments, they would not be as bad as the PPF's 10% haircut.The only problem is that Javid's plan is currently illegal.In order to switch from CPI to RPI he would have to change the 1995 Pensions Act and critics are saying this could open a Pandora's Box of other schemes who would then want to make the same change to lessen their liabilities.Jon Hatchett, partner and head of corporate consulting at Hymans Robertson, <a href="http://www.thetimes.co.uk/edition/business/plan-to-cut-tata-steel-pensions-could-cost-savers-200bn-nq00d3p7g">told the Times</a>:Any company with a substantial deficit and pension increases currently tied to RPI might want to do this. The risk is that this opens the door to other companies. Across the whole of the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> we could be talking about £200 billion [cost of downgrading from CPI ot RPI].Former Pensions Minister Steve Webb warned in his submission to Parliament on the BHS inquiry that there are <a href="http://uk.businessinsider.com/bhs-inquiry-hundreds-of-zombie-pension-schemes-in-the-uk-2016-5">hundreds of "zombie" schemes across the UK like BHS and Tata Steel</a>.These schemes are in deficit but low interest rates and a difficult business environment means the deficit is growing faster than they can invest in the schemes, which are drifting towards the PPF. <div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ3UO8HZU&amp;SMLS=1&amp;RW=1440&amp;RH=676#/SearchResult&amp;VBID=2C0BXZ3UO8HZU&amp;SMLS=1&amp;RW=1440&amp;RH=676&amp;POPUPPN=28&amp;POPUPIID=2C0FQEBYQOZ3">REUTERS/Neil Hal</a>Steel workers take part in a demonstration asking for government help for the British steel industry in London, Britain May 25, 2016.</div></div></div>Tom McPhail, from stockbroker Hargreaves Lansdown, <a href="http://www.thetimes.co.uk/edition/business/plan-to-cut-tata-steel-pensions-could-cost-savers-200bn-nq00d3p7g">told the Times</a> that the Tata Steel pensions move "could rip a hole in one of the most fundamental principles of pension provision. It is well established that pension benefits, once granted, cannot be taken away." It's unclear whether the plans being considered would affect existing pensioners.However, Webb was more sanguine on the plan. Webb, who was Pensions Minister from 2010 to 2015, told BI earlier this month: "As long as its prospective, depending on future service, they'd probably get away with it I think. If there's any element of retrospective then you'd have to change primary registration and you'd have EU human rights legislation to think about."Webb also told BI that, from the government's perspective, switching from CPI to RPI could actually be a "win-win". He said:"[Tata] doesn't look as badly underfunded [as some schemes]. From what one can gather, it's not a million miles away from PPF levels. That's why I think there's this interest in saying if they could get Tata to put some money in, maybe do something on the liabilities side with talk about CPI and all the rest of it."Some package that could enable the members to get better than PPF benefits and potentially keep their jobs too. You can see why that looks a bit like a win-win from a place where you wouldn't want to start."<a href="http://www.thetimes.co.uk/edition/business/plan-to-cut-tata-steel-pensions-could-cost-savers-200bn-nq00d3p7g">The Times quotes the Department of Work and Pensions as saying:</a> "We are not... considering extending the proposal beyond the BSPS [British Steel Pensions Scheme] as a specific scheme." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/yanis-varoufakis-dealt-stress-during-greek-default-2016-5">FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Znb2JtMzE6i918oifewTuusBpkFQvgTa" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Tata Steel's 50,000 future pensioners are stuck between a rock and a hard place

For administering the country, the government generates money through different channels. India follows a system of charging taxes on the income earned by individuals. <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income tax</keyword> is one of the chief revenue sources of a country’s governance. Hence, income tax is the most common topic of every citizen in the country. Here we discuss how income tax is calculated in India. Income tax slabs To know how income tax is calculated in India, you must first know about the income tax slabs. Income Tax Slab is the kind of parameter applied by the Income Tax Department in India to decide how taxes are levied to different individuals and non-individuals. Year on year, the tax slab whether revised or continued is announced as part of the Union Budget. Tax Slabs Overview for individuals (male and female) <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income Range </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rate of Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income up to 2,50,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Nil. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 2,50,001 to Rs. 5,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">5% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 5,00,001 to Rs. 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 12,500 + 20% of the income that exceeds Rs. 500,000. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs. 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 1,12,500 + 30% of Income that exceeds Rs. 10,00,000. </td></tr></tbody></table> Tax Slabs Overview for senior citizens in the age group 60 to 80 <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income Range </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rate of Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income up to 3,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Nil. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 3,00,001 to Rs. 5,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">5% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 5,00,001 to Rs. 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 10,000 + 20% of the income that exceeds Rs. 500,000. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs. 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 1,10,000 + 30% of Income that exceeds Rs. 10,00,000. </td></tr></tbody></table> Tax Slabs Overview for senior citizens in the age group above 80 <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income Range </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rate of Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income up to 5,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Nil. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 5,00,001 to Rs. 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">20% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs. 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs. 1,00,000 + 30% of Income that exceeds Rs. 10,00,000. </td></tr></tbody></table> New changes The Union Budget 2019 – 20 has announced a revision that allows a full tax rebate for income that is up to Rs. 5 lacs under Section 87 A. This change lifts up the existing tax slab. Calculation of income tax Taxable income of individuals is worked out based on several factors including tax slab of the individual or entity, the different kinds of deductions applicable to the concerned tax payer, the taxes already paid including advance tax and tax deducted at source (TDS). How to know the income tax payable? In the first slab, know your income tax slab. Work out all the deductions applicable in your case. For example, deduction can be claimed for investment in life insurance for premiums up to Rs. 1.5 lacs. Under Section 80C, you can also claim deduction for investments in PPF (Public Provident Fund), NSC (National Savings Certificate) and other instruments like home loan principal repayment. Section 80 D enables a deduction for investments in health insurance plans up to Rs. 25,000 for the individual and his or her family and up to Rs. 25,000 for parents aged above 60 years. Section 24 enables deduction on home loan interest up to Rs. 2 lac. These deductions can help lower the overall tax outgo. Filing <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> For individuals making less than Rs. 2.5 lacs per annum, it is not compulsory to file income tax returns. However, if you have a PAN number, experts advise you to file income tax returns even when you have an income below the taxable threshold. In this case, you can file a Nil return.

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