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Parliament passes Finance Bill; Limit for tax exemption raised on interest earned on PF contribution from 2.5 lakh to 5 lakh rupees per annum

Parliament has passed the Finance Bill, 2021 with the Rajya Sabha returning it to Lok Sabha today. With this, Parliament has completed all the budgetary exercise. Replying to a discussion on the Finance Bill, 2021, Finance Minister Nirmala Sitharaman said the NDA rule has provided corruption free governance and brought Indian economy out of policy paralysis and fragile five. She alleged that the economy was mismanaged under UPA rule and the Narendra Modi government had got a legacy of high inflation which has been checked. Mrs Sitharaman also said NPA has brought down to around 8 lakh 99 thousand crore rupees by March 2020.
Talking about GST, the Minister said GST compensation due to states prior to COVID has all been paid. She informed that 30 thousand crore rupees of GST compensation will be released to states this month. She also elaborated  several measures taken to provide relief to the common man during the COVI-19 pandemic.

When the Finance Minister alleged that the West Bengal government has deprived farmers of benefits under the central government’s PM Kisan Samman Nidhi scheme, the  House witnessed heated arguments between the treasury bench and TMC members.

Government has raised the limit for tax exemption on interest earned on provident fund contributions by employees to 5 lakh per annum in specified cases as against 2.5 lakh rupees proposed in the Budget.

Replying to a discussion on the Finance Bill 2021 in Lok Sabha yesterday, Finance Minister Nirmala Sitharaman made this announcement. She said the tax-free limit is now being amended to a maximum of 5 lakh rupees per annum. This exemption, however, is subject to the condition that up to Rs 5 lakh contribution does not include employer’s contribution beyond the statutory limit of up to 12 per cent of the basic pay.

 

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