Such employees are known as Excluded Employees. EPF (Employee's Provident Fund) and EPS (Employee Pension Scheme) are two different pension schemes introduced by the government. EPF Scheme extends to the whole territory of India except the state of Jammu and Kashmir. Members who have withdrawn PF before the tenure are also considered excluded employees. An EPFO member who becomes fully or permanently incapacitated while serving the organisation is entitled to a monthly pension. A members family also becomes eligible for Pension benefits in case of death of the member while in service. non-excluded members) is required to become a member and make necessary contributions under the EPF Scheme. Employee Pension Scheme (EPS) came into force on 16th November 1995. Log in to your Dashboard by clicking here ! In a recent change from 2016, the Labour Ministry extended the orphan pension over 25 years if the kid has a physical or mental illness. Monthly Pay=Pension-able pay *Pensionable service / 70, You can check your EPS balance on the EPFO portal by using the Universal Account Number (UAN). The logos of the specific brands are owned by them. Download The Economic Times News App to get Daily Market Updates & Live Business News. EPS 1995: Can a member of the Employees' Provident Fund Organisation (EPFO) who has availed reduced pension at the age of 50 get his full pension after attaining 58 years of age. Both of these saving schemes are under Employee's Provident Fund and Miscellaneous Provisions Act, 1952 and are applicable for salaried employees. 1) Firstly, visit the member e-Sewa portal. Should the employee fill out two EPF forms for the new and old employer? New Delhi, Feb 27 (PTI) The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The employer should ensure that the activation of UAN is completed within 15 days of collecting the information. You can do everything from the Fi App, including p2p payments, fund transfers, bill payments, and more, with features to automate every action. The member ID for the individual's EPS account is the same as the member ID for the EPF account. Find the guide about how much contributions by Employer, Pension Scheme Calculation, Minimum Pension limit. We don't endorse these brands. Do not hesitate to share your thoughts here to help others. In that case, you can opt-out of the EPF scheme. The employees who had exercised option under the proviso to paragraph 11(3) of the 1995 scheme and continued to be in service as on 01.09.2014, will be guided by the amended provisions of paragraph 11(4) of the pension scheme. The scheme entitles the employees working in the organised sector for a pension after their retirement at the age of 58 years. If the new employee was not a member of EPFO during his past employment or was not employed before and his salary is more than Rs. Once you reach the age of 50, you will be entitled to withdraw your EPS. On 4 November 2022, the Supreme Court held that the amendment made to the Pension Scheme effective on 1 September 2014 was valid, subject to . If the individual has marked the answer in the affirmative regarding participation in any of the two schemes, some additional data points are required to be furnished: Previous PF or Provident Fund Account Number, Date of exit from previous employment in the format, Pension Payment Order (PPO) No. Should you need such advice, consult a professional financial or tax advisor. 4NRIs cannot submit Form 15G/H: What can they do to lower TDS on income from India? Under this scheme, the employee is entitled to a pension after a minimum of 10 years of service. 600 or 750? What are the pros and cons of open source software? A better score can help unlock the things you want most - like a new credit card or best loan rates in the market. EPS is a pension scheme made for the organized sector. The Supreme Court ("SC") on November 4, 2022 1 upheld the validity of the Employees' Pension (Amendment) Scheme, 2014 2 ("EPS Amendment"), which had introduced certain far-reaching changes to the Employees' Pension Scheme, 1995 ("EPS").In this alert, we examine the key takeaways from this decision and the subsequent relevant circulars of the Employees' Provident Fund . Claim forms before being sent to the EPFO should be complete in all respects from the end of the employer such as all relevant KYC information should be linked to the UAN. All employers must provide a workplace pension scheme. Some of the important terms and conditions of the Employees Pension Scheme are: An employee must complete a minimum of 10 years in service in order to avail pension through EPS. In case of deceased employees, their dependents will be entitled for the benefits. If a member is not able to remain in service for 10 years before turning 58 years old, he/she can withdraw the complete sum invested so far after turning 58 years by filling Form 10C. EPFO Higher Pension Calculation Formula 2023: Employees, who have been EPF members from before 1st September 2014, will get an option to contribute 8.33% of their actual Basic+DA payments towards EPS. . Home Loans . If the new employee was a member of the Employees Provident Fund Scheme earlier, he will continue to get benefits of the scheme but under a new Member ID. The Central Government had launched Employees Pension Scheme, 1995 in exercise of the powers conferred by Section 6A of the Employees Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952). Both employees and employers contribute 12% of their base salary and dearness allowance (DA) to the EPF. A-. PLease reply ASAP. Earlier, the Supreme Court in its order on November 4, 2022 had mandated the Employees' Provident Fund Organisation (EPFO) to provide four months to all eligible members to opt for higher pension. In case a member is not able to remain in service for 10 years before attaining the age of 58 years, he can withdraw the complete sum at the age of 58 years. 1000 as per pre-defined formula for calculation of pension. This is regardless of the fact whether he is still in service or superannuated. Opening a bank account online is now as easy as shopping online. The term International workers include two sets of individuals . EPF is a welfare scheme brought into force to secure a better future for employees. This will alert our moderators to take action. Tired of your bank calling you for promotions? 1. This is called 'automatic enrolment'. In the larger scheme of things, its part of EPS or Employee Pension Scheme, where a portion of your income is given to this scheme to help build a corpus by the time you retire. Recommended for you 1 Bajaj gets Sebi nod to start mutual fund business Computational complexity of computing homotopy groups of spheres, Prove a collinearity equivalence (Euclidean geometry), Prove the for $a,b,c,d>0$ $(a+b)(a+c)(a+d)(b+c)(b+d)(c+d)\geq 4abcd(a+b+c+d)^2$, [Solved] CORB while getting a click event through Jquery. Minimum Pension Under EPS to be Made Permanent: Minister. Latest News: The RSS-affiliate trade union Bhartiya Mazdoor Sangh has urged the government to increase the minimum pension under the Employees Pension Scheme, 1995 to Rs 5,000 a month and link the Ayushman Bharat medical schemes to all EPS-95 pensioners while exempting senior citizens from income tax. The PF pension amount is calculated by the member's pension contributions and the duration of years of service. Earlier, an employee had to fill Form 13 for transferring PF to the new EPF account. Copyright 2023, THG PUBLISHING PVT LTD. or its affiliated companies. Each international worker (who is eligible) needs to be registered in the scheme from his job start date in India. It is a statutory benefit available to the employees post retirement or when they leave the services. The children's pension will be paid in addition to the widow's monthly annuity. While the employee contributes entirely to EPF, the employer contributes 8.33% to EPS. The employer signs the form and puts his stamp on the form. What are stock candlesticks? Planning for your retirement can sound overwhelming, but it doesn't have to be. of service. All rights reserved. How to read them? For availing the pension benefits under the EPS 95 Pension scheme the employee must serve a minimum of 10 years in service. He/She has left employment at 48 yrs. Centre of Indian Trade Unions (CITU) general secretary Tapan Sen has written a letter to Central Provident Fund Commissioner Neelam Shami Rao demanding her immediate intervention to resolve the problems in uploading the higher pension option application on the EPFO website. The employee's entire contribution goes to EPF while the 12 per cent contribution by the employer is split as 3.67 per cent to EPF and 8.33 per cent to EPS. . FORM->20 BACK 18. whether earlier a member of the employees' provident fund scheme, 1952 ? Note: In case of any details and query, the EPFO members can login to the official website of EPFO at www.epfindia.gov.in. Click on that option. It is further certified that an amount at 8.33% of the statutory ceiling amount i.e. What's your credit score? An EPS member becomes eligible for pension once they retire at the age of 58 years. Any Aon pension actuaries who could help my friend understand the hierarchy of titles? click here! The EPS, 1995 came into force on 19.11.1995. Review and revision of schemes is an ongoing process. Hi, You are already have a Credit Report with us. At present, both employees and employers contribute 12 per cent of the employee's basic salary, dearness allowance and retaining allowance, if any, to the employee provident fund or EPF. - (1) This Scheme may be called The [Employees' Pension] Scheme, 1995. Executive Summary. The employer should seed the KYC details (PAN, Aadhaar and bank account details) of the EPF members in a month from the date of the UAN receipt generated. The retirement fund body also issued guidelines to enable subscribers and their employers to jointly apply for higher pension under EPS. Given the current set of benefits, there is an ongoing actuarial deficit. EPF Form 11 is a self-declaration form that needs to be filled by the employee at the time of joining an organization which is covered under the Employees Provident Fund (EPF) scheme as per the EPF Act, 1952. The calculations 1). Next, log in to the page using your UAN credentials. EPF or Employees Provident Fund is a social security scheme implemented by the Government of India to help people generate savings while earning. After working for more than 10 years, you are eligible for EPS pension, which starts . 5. At present, the deadline to apply for higher pension under EPS is March 3, 2023. Check your detailed credit report here. 2. The benefits are offered to existing and new EPF members; however, the employee must have worked for the company for at least ten years to avail of the scheme's benefits. 4. The members of the scheme, who did not exercise option, as contemplated in the proviso to paragraph 11(3) of the . What is the maximum pension under EPS 1995? Any individual taking up employment in an organization in which the Employees Provident Fund and Family Pension Scheme are in force has to fill this form as a mandate. Choose For Employees option from the drop-down menu. If a person is unable to continue working for 10 years before reaching 58 years, they may withdraw the entire amount at that time by completing Form 10C. In the case of more than one widow, the eldest widow is entitled to get the benefit.. 15,000 (earlier Rs. If the members do not have an Aadhar card, the employer should submit the Aadhaar Acknowledgement Slip within a month from the date of the UAN receipt generated. Indias general insurers are looking to set up a larger marine insurance pool to cover the risks of transporting crude oil, edible oil, project machinery and fertiliser from the war-torn Russia-Ukraine region. Experience Your Economic Times Newspaper, The Digital Way! However, no pension is payable before the age of. of age and 8 yrs. Every employee who becomes the member of EPF is required to submit a nomination in the prescribed form to the employer. However, they have to keep the following points in mind: Q1. Yes, EPF Form 11 must mandatorily be filled by all the employees joining a new organization as a declaration for EPF and EPS. Form 11 contains the EPF history of the employee and can also be used to transfer the PF account automatically. Both the 1995 and 2008 Sections of the 1995/2008 Scheme will close on 31 March 2022 - but . Eligible employees who missed higher EPS pension option earlier can still apply: Latest EPFO circular. It may not display this or other websites correctly. Comments have to be in English, and in full sentences. Thus, the EPFO should come out with detailed statements on what are the arrangements made to ensure that all those who are eligible according to the Supreme Court judgment would be able to submit applications, he demanded. 1) Firstly, visit the member e-Sewa portal. What is the process of EPF Form 11 online submission? EPFO issues guidelines for employees, pensioners to opt for higher pension, The Hindu Centre for Politics and Public Policy, British Navy seizes Iran missiles, parts likely Yemen bound, Heated exchange in Supreme Court over allotment of land for lawyers chambers, Green initiatives in Andhra Pradesh attract the attention of Bill Gates, Hindi-speaking people in T.N. FORM 31 BACK 20. Employee Provident Fund Form 11 can be downloaded from the EPF website. Questions labeled as solved may be solved or may not be solved depending on the type of question and the date posted for some posts may be scheduled to be deleted periodically. Many employees may be wondering if they were members of Employees' Pension Scheme (EPS) on September 1, 2014 to apply for higher pension. 6500 per month from the effective date respectively as per the Hon'ble Supreme Court's order in SLP No.33032-33033 of 2015 - Regarding. The employer should ensure that the relevant KYC details are linked with the UAN before sending a claim form to the EPFO. employee benefits Do not hesitate to share your response here to help other visitors like you. Rs. 5,000/ from 16/11/1995 to 31/05/2001 and Rs. You also get a Fi Debit card, spends insights and tools to grow your investment and earn rewards. Tears from smokeless cooking gas as consumers continue to bear price hikes on top of subsidy cuts. Panel led by former SC judge to include NaBFID chair KV Kamath and Infys Nandan Nilekani. The EPF Form 11 filled by the employee will be further filled by the employer and submitted on the UAN portal. Check for FREE. Obviously the employees and ex-employees do not have such document because they never had an opportunity to record their option for higher pension when they joined the scheme, he said. In this case, the pension amount will be decreased by 4% for each year.. Copyright All rights reserved. if issued. At the time of the employee's retirement or resignation, the accumulated amount of the fund is paid to him. An employee can start receiving pension under EPS only after rendering a minimum service of 10 years and attaining the age of 58 or 50 years. Updated: 25 Feb 2023, 10:27 PM IST Vipul Das. What are the terms and conditions of the employees pension scheme? ( Image Source : Getty ), India An Important Partner, Close Friend Of Australia: PM Albanese Ahead Of Maiden India VisitFromMarch8, Breaking News Live: Samples From Poultry In Ranchi Sent For Testing After H5N1 Detected In Dead Chickens, Tripura Election Results: TIPRA Motha Emerges As Second Largest Party But Sustaining The Momentum A Challenge, EPF Higher Pension: Check Steps To Submit Application On EPFO Portal, Updated at: Thu, March 2,2023, 1:36 pm (IST), Published at: Thu, Mar 2,2023, 1:35 pm (IST), Irdai Asks General Insurers, Health Insurers To Cover Mental Illness, HIV & PwDs. / Which income tax regime professional under presumptive taxation scheme should choose? Seed KYC details (PAN, Aadhaar and bank account details) of such members within a month of the receipt of UAN. There will be a list of different Member IDs on the next page. A members family becomes eligible for the pension benefits in the following cases: 1) In case of death of the member while in service and the employer has deposited funds in his EPS account for at least one month 2) In case the member has completed 10 years of service and dies before attaining 58 years of age 3) In case of death of the member after the commencement of the monthly pension. Please try again later. An Indian employee currently working or having worked in another country with whom India has signed an agreement with respect to Social Security benefits known as SSA or. In spite of this, errors may creep in. Under EPF Scheme, an employee and employer have to pay certain percentage of equal contribution in the provident fund account and on retirement, an employee gets a lump sum amount of contribution made by employer and employee with interest on both. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. 5How individuals can get GST refund on cancellation of home construction, insurance policy: A step by step guide, Choose your reason below and click on the Report button. Here are the ways to check your EPS number. A+. . Whether earlier a member of Employees' Pension Scheme, 1995 (Yes/No) 11. This scheme offers employees a pension after they reach the age of 58. SolveForum.com may not be responsible for the answers or solutions given to any question asked by the users. The blog posts/articles on our website are purely the author's personal opinion. EMPLOYEES' PENSION SCHEME FORM->10C PF employer contribution and whoever is not cover with 10 year service BACK 17. The government contributes 1.16 per cent to an employee's pension, while employees do not contribute to the pension scheme. How to derive magnetic moment for integrated circuit level? After 2014 it became easily accessible through EPFO website portal. There is some technical issue. [Solved] Build Radio Button in QGIS Edit Widget Properties. 15,000 p.m. in the new employment, he can opt not to contribute for EPF/EPS. It is mandatory for every employee drawing a basic pay of up to Rs. https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form11Revised.pdf, EPF Transfer Process When You Switch Jobs, Top 10 Government Girl Child Schemes India, Self-declaration of employees basic EPF details and automatic transfer of PF to a new account. The employees and pensioners should give joint consent with the employer to the EPFO for adjustment from Provident Fund to Pension Fund and for any re-deposit to the fund. While the entire share of the employee is contributed towards EPF, 8.33% of the employers share goes towards EPS. (2) (a) This Scheme shall come into force on 16th day of November, 1995; (b) Subject to the provisions of this Scheme the employees have an option to become the members of the Scheme with effect from the 1st April, 1993. He/she shall remain in that statustill the time he/she avails the benefits under a social security program covered under SSA. 15,000 and above. Any individual who is not an Indian and is working in India with an establishment which is covered under the scope of Employees Provident Funds & Miscellaneous Provisions Act, 1952. In order to submit a comment to this post, please write this code along with your comment: 4c96c19d43a63c8a0bbd53f7672f014e. What is the minimum pension under EPS 1995? The EPFO issued a circular on February 20 stating that "a facility will be provided for which URL (unique resource location) will be informed shortly. How to get EPF Form 11 in word format? Get your daily dose of business updates on WhatsApp. Prove the for $a,b,c,d>0$ $$(a+b)(a+c)(a+d)(b+c)(b+d)(c+d)\geq 4abcd(a+b+c+d)^2$$. Theme Blog Forever by. The EPS, which comprises the basic and dearness reimbursements, is funded by the employer at a rate of 8.33% of the employee's salary. How To Use Tickertape Mutual Fund Screener To Pick the Best Fund? Credit Cards. 4. Employees with a minimum of 10 service years are eligible for the scheme. Pension to Family Members of Deceased Contributor, If an applicant passes away during their service or after retirement, their family members are eligible to receive the pension benefit., However, the following eligibility criteria need to be fulfiled for the same.. Q2. Earlier, there were two different forms but now any employee joining a new organization has to fill only EPF Form 11. All deposits to the Employees Pension Scheme account are made by the company. If a member passes away and their spouse has also passed away, their children are eligible for a monthly orphan pension. SolveForum.com may not be responsible for the answers or solutions given to any question asked by the users. In this article, lets discuss EPF Form 11 in detail with the employers responsibilities. Employee Pension Scheme.1995 was created by a special provision in respect of international workers as mentioned in para 43-A. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual . Scheme 1952. All new employees who are already a member of EPF and have a basic salary + DA of Rs. They cannot be abusive or personal. Fi is a neobank aka online banking platform, that attempts to re-imagine the banking experience in India. The applicant should be a member of EPFO. EPF (Employees' Provident Fund Scheme 1952) and EPS (Employees' Pension Scheme 1995) are the two different retirement saving schemes under Employees' Provident Funds and Miscellaneous Provisions Act, 1952, meant for salaried employees. The employer will provide an EPF account monthly to contribute to the pension scheme. While shifting from one company to another, youll get a new EPF account under the same UAN. You are using an out of date browser. All employees who are eligible for the EPF scheme are be eligible for EPS however, the benefits of the EPS can be availed only if the employee has been in service for at least 10 years (this does not have to be continuous service). May wife expired in 2021. Contribution in EPS 95 account is 8.33% of the salary. The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. Scheme, 1952 (Provident Fund Scheme) and Employees' Pension Scheme, 1995 (Pension Scheme) in India and the circular issued by the Employees' Provident Fund Organisation (EPFO) dated 20 February 2023. Suppose you were not a member of EPFO (Employees Provident Fund Organisation) during the past employment or were not employed before, and your salary is more than Rs. . Such an employee is known as an. Users can access their older comments by logging into their accounts on Vuukle. How to invest in National Pension Scheme online, No, we dont charge you for a cool looking debit card. 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What is Aadhaar e-KYC: How to Verify KYC Online? Disclaimer: Every effort has been made to avoid errors or omissions in this material. Eligibility Criteria: He should be a member of EPFO. In such a way, it is programmed eventually to deny the benefits of the Supreme Court judgment to the eligible pensioners. 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Employees' Pension Scheme 1995 or EPS-95 is a social security scheme which was introduced in November 19, 1995 by the EPFO. When was the employees pension scheme launched? Both the employee and the employer contribute 12 per cent of the employees basic salary and Dearness Allowance (DA) to the EPF. EPFO has certain benefits, which are payable to orphans as per the EPS 95 scheme as mentioned below in brief. The Employee's Pension Scheme (EPS) was established in 1995 with the main goal of assisting . When an employee quits, the organisation transfers the pension to the nominee. When the EPS-95 was started, obviously, no one had opted for higher pension benefits while joining the scheme, since there was no such amenable provision for the employees to independently opt for higher pension, without concurrence of the employers and the employers were not generally concurring owing to higher payment obligation, Mr. Sen said in the letter. 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The benefits and entitlements to the members under the old scheme remain protected and continued under the new Employees' Pension Scheme-95. The former Rajya Sabha member said pensioners were facing practical problems while opting for higher pension. However, at present, the pensionable salary is considered to be only 15 thousand rupees. 4/49 (ix) "Member" means an employee who becomes a member ofthe Employees' Pension Fund in accordance with the provisionsof this Scheme. 1Which income tax regime professional under presumptive taxation scheme should choose? 3. / In cases where the members do not possess an Aadhaar card, the employer should get the Aadhaar Acknowledgement Slip submitted within a month from the time of receipt of UAN. Can I hold more than one EPF account at the same time? | File Photo KYC details, including bank account number, driving licence, etc. Earlier, the EPFO members with less than six months left in service were allowed to withdraw the accumulations in their Employees Provident Fund (EPF) account only. The Employee Pension Scheme (EPS) is a pension scheme for the employees of organisations that employ 20 or more people. THE EMPLOYEE'S PENSION SCHEME, 1995 ARRANGEMENT OF PARAGRAPHS1.Short title, commencement and application 2.Definitions 3.Employees' Pension Fund 4.Payment of contribution 5.Recovery of damages for default in payment of any contributions 6.Membership of the Employees' Pension Scheme 6ARetention of membership 7.Option for joining the scheme 8 . Pension amount is 75 per cent of monthly widow pension, with minimum of Rs 750 per month, each for two orphans at a time The pension will be paid till 25 years of age 3. Both employees and employers contribute 12% of their base salary and dearness allowance (DA) to the EPF. Employee is a member of Employees' Pension Scheme. 3Don't get confused with Budget 2023 proposals; These are income tax slabs to save tax for current FY 2022-23.