Today, in his budget speech, Union Finance Minister Nirmala Sitharaman made an important announcement in the favor of the employees who get salary.
Employers who delay in depositing employee’s contribution to pension, gratuity will not get the benefit of deduction for this. The purpose of this decision is to timely deposit PF contributions of employees from companies that do not. “We have seen that some employers deduct contributions from employees’ salaries for PF and other social security schemes, but do not submit it on time.”
Employee problems
Finance Minister Nirmala Sitharaman referred to the problems that employees have to bear. To ensure that the contribution is deposited on time, the Finance Minister said that the contribution of PF etc. will not benefit the deduction to the employer on late deposit. Employees lose interest and earnings due to delay on behalf of the employer. Employer problems with employee delay.
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Nothing for a job
This is the first time in the budget that no announcement has been made for the working class. At the same time, this was the first such budget in the last decade in which there has been no change in direct tax. Last year, a new tax system was announced in the budget. In this, income up to Rs 2.5 lakh was tax-free, while 5 per cent on income of Rs 2.5 to 5 lakh and 20 per cent tax on Rs 5 to 7.5 lakh was declared.
Relief for those above 75 years of income
In the budget presented for the financial year 2021-22, Union Finance Minister Nirmala Sitharaman has given a big tax related relief for senior citizens. Senior citizens above 75 years of age will not be required to file any income tax return. However, this benefit will only be available to senior citizens who earn income only from pension and interest income. Paying banks will deduct tax on their behalf.
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