In this budget, the Modi government is in the mood to make the biggest announcement for the middle class

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- Old pension scheme will worsen financial position of states: RBI

New Delhi, Dated 18 January 2023, Wednesday

The central government is likely to change the existing tax slabs. According to sources, the final decision in this regard will be taken by the Prime Minister's Office. According to Chartered Accountant Vimal Jain, under the Voluntary Income Tax Framework, the current annual income of Rs. Income up to 2.5 lakhs is fully tax free. After various deductions per annum Rs. Income up to five lakhs is tax free.

In the upcoming budget, the government will spend Rs. Annual income up to five lakhs can be completely tax free. Taxpayers will also not need to show any investment or tax exempt expenditure to avail this exemption. If the annual income of a taxpayer is Rs. 6 lakhs, then as per the slab he only paid Rs. Tax has to be paid on one lakh only. Currently those whose annual income is between 5 to 7.50 lakh have to pay 10 percent income tax under the new scheme. The new scheme is not popular as there is no deduction on rent and insurance premium.

There are two main reasons for this. This will be the last budget of the Center before the next general elections. The government wants to give a big relief to the common tax payers and another reason is to have a strategy to put more money in the pockets of the common people to increase the demand in the domestic economy amidst the global challenges.

The Reserve Bank has warned state governments against implementing old pension schemes. The RBI has said that implementation of OPS can seriously damage the financial position of the states in the long term. The governments of Rajasthan, Chhattisgarh and Jharkhand have informed the central government and the Pension Fund Regulatory and Development Authority (PFRDA) about their decision to resume old pension schemes for their employees. After the decision of these governments, after the central government, now RBI has alerted the states.


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