Government Housing Schemes

According to the recent budget, if taxpayers apply for the new tax regime, their income will be taxed as per the recent tax slabs. An individual whose yearly income is above Rs.2.5 lakh is subjected to pay income tax to the Government of India. Those eligible to pay tax should file income tax return regularly to report about their yearly revenue. Filing tax returns has become simpler. E-filing income tax has not only made paying tax and reporting it easier, but it also helps one to avail a few benefits, such as – One of the primary benefits an individual can avail from filing tax returns regularly is that they can avoid paying any penalties.     An individual who regularly files their tax return can avail a hassle-free approval on their visa application.     One can apply for a tax refund by the regular filing of income tax returns.       Other than applying for tax refunds, an individual can also claim tax exemption...

The Pradhan Mantri Awas Yojana (PMAY) policy promotes the idea of ‘housing for all,’ aiming to provide affordable housing solutions in the form of subsidies on home loan interests for Indian citizens. Here is a brief overview of the PM Awas Yojana discussing some critical elements of the policy. Sections of PMAY The PMAY scheme was initially introduced to support the Economically Backward Section (EWS) and Lower Income Group (LIG) of the society. However, in 2017, the policy was extended to the Middle Income Group (MIG I & II), under the Credit-Linked Subsidy Scheme (CLSS.) This introduced two new subsidies on home loans that can be availed by individuals with a higher annual income. As a result, PMAY was divided into two sections – PMAY Gramin. PMAY Urban.  Benefits PMAY benefits are determined on the annual income of individuals applying for the loan. Such categories include – EWS & LIG  Income between Rs.3 lakh to Rs.6 lakh p.a. Loan amou...