On Wednesday, Finance Minister Nirmala Sitharaman moved 127 amendments in Lok Sabha. One of the amendments approved by Lok Sabha relates to the increase in the exemption limit of provident fund to Rs 5 lakh given the condition that the employer has not contributed to the PF corpus.
As per a consultant in a leading firm, this move shall affect the organization wherein the number of workers is less than 20 or the instance wherein the salary of the employee is above the threshold limit and in addition, the employer does not make any contribution.
A large chunk of lawmakers demanded a review of the aforesaid move; however, the Finance Minister opposed it saying that the aforesaid law will impact only 1 per cent of the subscribers. Of the 127 amendments, the other amendment was related to imposing a fine for non-possession of Aadhar or missing the deadline.
In the aforesaid amendment, the government fixed the default fee of Rs 1,000 for not informing about Aadhar number while Rs 5000 in a case tax return is not filed within the deadline. Nevertheless, in case the income is below Rs 5 lakh, the penalty shall be Rs 1,000.
The other amendment related to Life Insurance Corporation which is going for a public issue next year. In this public issue, the government has put forth a proposal to put a cap of 5% on equity capital other than LIC itself. Adding further, the post of chairman shall be converted to a non-executive role wherein MD and CEO shall be running the operations.
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