New Government with New Hope
With the massive majority under the leadership of Prime Minister Narendra Modi, the National Democratic Alliance (NDA), which has returned to the center, can give many concessions to the common people and the middle class with tax rebates and cheap insurance.
Also, many changes can be seen in the pension rules. The new government will present a full budget in July, in which several tax reforms may be announced. Tax experts believe, that after introducing the interim budget before the Lok Sabha elections. Then Finance Minister, Piyush Goyal had said that when full budget is presented in July. The middle income group and new middle class will be kept in it. It is thus expected that in the general budget to be presented in July. Various concessions will be given to the middle class. The Finance Ministry has started negotiations with the industry and economists on the full budget.
An option for pension
At present, the Pension Development Authority (PFRDA) and the Employees Provident Fund Organization (EPFO) is the accounting body of the pension. This is the preparation of a phone for this. Also, the National Pension System (NP) and Employees Provident Fund (EPF) can be allowed permit from each other.
Discount on Insurance and Home Loan Subsidy
At present, the government is giving subsidy upto 2.67 lakhs on home loan. Sources say the new government can announce it to continue for the next five years in full budget. Secure Now Managing Director Abhishek Bondia said that the home insurance is very clear due to GST.) If the government gives such a concession, then 20% will be cheaper.
Tax reform exercises fast
The current tax law is 58 years old. In September 2017, Prime Minister Modi had said that the existing tax law is very old and needs a lot of improvement. In view of this, a task force was formed to suggest changes in the Direct Tax Act. The deadline for reporting the task force is 31 July 2019.
Preference of tax rebate
In February this year, the government presented an interim budget, in which tax deduction was offered on income up to five lakh rupees. Besides, a standard deduction of 40 thousand rupees was also given. Sources say that the government can continue this exemption even in the full budget. Also, there can be several concessions given by Finance Minister Piyush Goyal in the interim budget.
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Reference
We have published this article based upon the local news agencies, like Times of India, Hindustan Times, Aaj Tak and msn.com