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7th Pay Commission News: The central government had increased the last dearness allowance for the financial year 2023 by 4 percent to 42 percent, after which the salary of the employees was increased. Now the government is planning to bring a new formula for DA calculation. According to media reports, this formula of DA calculation can be changed in July this year. At present, 42 per cent dearness allowance is being given to central employees.
After the change in DA calculation, an increase in dearness allowance can be announced in July. Looking at the AICPI Index figures, the government can give a gift of 3 percent hike to the central employees. Although it is being said in some reports that the government can increase the dearness allowance by 4 percent.
What was the last change in Dearness Allowance (DA)
To give more benefits of dearness allowance for employees and dearness relief for pensioners, the government has changed its calculation many times. Last time, a new series of base year and wage rate index was issued by the Ministry of Labor in the dearness allowance formula. It has been said in the media report that once again there can be a change in it.
How is dearness allowance calculated?
Calculation of dearness allowance The amount of dearness allowance is calculated on the basis of multiplying the current rate of DA and basic salary. Suppose your basic salary is 29 thousand rupees and DA is 42 percent, then your DA formula will be (42 x 29200) / 100. Similarly, dearness relief is also calculated for pensioners.
Tax has to be paid on dearness allowance
According to the rules of the Income Tax Department, tax has to be paid on the dearness allowance. While filing ITR, people have to give complete information after dearness allowance.
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