New Delhi, Oct. 1 -- The National Council of Educational Research and Training (NCERT) has introduced personal income tax in the Class 9 curriculum, linking the topic to the civic responsibility of paying taxes honestly and on time.
The new textbook, Understanding Society India and Beyond - Part 2, was released on Tuesday, six months after the start of the new academic session. Its first part was released in June.
NCERT Director Dinesh Prasad Saklani said the book allows Class 9 students to learn how income tax is calculated under the slab system of the new tax regime. The textbook describes paying taxes "honestly and on time" as an "important responsibility of every citizen" and explains that tax revenue contributes to the country's development.
The chapter, "Managing Your Personal Finances", says financial management begins in childhood. It covers decisions involving spending, saving, investing, insurance, borrowing and taxation, noting that such choices can affect an individual's financial stability.
A table in the chapter lists the income tax slabs under the new regime, followed by a step-by-step explanation of how to calculate tax liability. The old tax regime is not discussed.
Introduced in the Union Budget in February 2020, the new regime took effect from the financial year 2020-21. It provides lower tax rates while limiting most exemptions and deductions. It became the default tax regime from April 1, 2023, unless taxpayers choose the old system.
The chapter also explains five pillars of personal finance: income, budgeting, saving, investing, and protection and risk management. Under early investment options, it lists fixed deposits, bonds, stocks and mutual funds.
Published by HT Digital Content Services with permission from Millennium Post.