As from 1st April, Many things will be changed and affect the comon person in many ways. EPF contribution, LTC vouchers, gratuity on ITR filing and more.
As per the government’s new plan for improvement a new wage bill 2021 will be applicable from 1st April.
1. Your contribution to PF will increase this year
This i likely to change as presently 12% of the basic salary goes to the PF. This will be changed.
2. Change is Gratuity rule
Gratuity rules have been changed in the labor laws and presently employees are entitled to gratuity after 5 years of work in the company but now it has changed. The worker will get the gratuity even after completing one year
3. Change in the salary structure
According to the new wage code implementation the share of the basic salary in your CTC is likely to increase. New rule will have addition for house rent, overtime, conveyance and much more.
4. Income Tax for senior citizen
People who are above the age of 75 year and whose Pension and interest comes from fixed deposit they need not file income tax return.
5. EPFO Contribution
In the Speech made by our finance minister in the budget 2021, it was said that interest on employee contribution to PF above Rs. 2.5 lakhs per annum will be taxable.
Credit: zeebusiness
