Let us tell you that the interest rate on PF deposits for any year is first suggested by the EPFO and then authorized by the CBT. Before notifying it, approval by the Finance Ministry is necessary.
After the relief on income tax, the Narendra Modi government at the Center is going to give another big gift to the employed people. In fact, the Employees Provident Fund Organization (EPFO) may change the interest rate on provident fund deposits for 2024-25 in its Central Board of Trustees (CBT) meeting on February 28. According to sources, the interest rate on PF deposits for 2024-25 can be retained at more than 8% and close to 8.25% announced for last year in the meeting. Let us tell you that the interest rate on PF deposits for any year is first suggested by the EPFO and then authorized by the CBT. Approval by the Finance Ministry is necessary before notifying it. After this, the interest amount is later deposited in the accounts of EPFO subscribers.
Over 65 million subscribers
Let us tell you that EPFO has over 65 million subscribers. Employees can use the Umang app on their smartphones to check their PF balance. If you are registered on the UAN site. You can get information by giving a missed call to 011-22901406 from your registered mobile number. Make sure that your bank account information, Aadhaar and PAN are included in your UAN. If your UAN is registered with EPFO then you can get information about PF by sending an SMS to 7738299899.
Relief on income too
On February 1, Finance Minister Nirmala Sitharaman gave a big relief on income tax to the middle class with the aim of accelerating the slowing economic growth. Under this, tax exemption was announced on annual income of Rs 12 lakh. Giving a big relief to the employed and middle class, Sitharaman announced complete exemption from income tax on annual income up to Rs 12 lakh. Income tax exemption will be given to taxpayers who opt for the new tax system. With a standard deduction of Rs 75,000 for salaried taxpayers, now there will be no tax up to Rs 12.75 lakh. She has also changed the tax slab. This will save Rs 1.1 lakh in tax for those earning up to Rs 25 lakh annually.
