NCERT Updates Class 9 Syllabus: Chapter on Income Tax and New Tax Regime Introduced

NCERT Class 9: The introduction of a special chapter on financial management for the Class 9 Social Science syllabus by the National Council of Educational Research and Training (NCERT) is a result of the new additions made in the textbook. Understanding Society: India and Beyond – Part 2. This has been done in accordance with NEP 2020 and NCF-SE. Calculation of income tax on the basis of slab rates in the new tax regime of India has been included in this chapter for the first time in order to help the students gain basic financial literacy and understanding of economics.

Payment of taxes has not just been highlighted as a mathematical calculation but as a civic duty which is essential to fund the infrastructure of the country and various social projects and services in the country. Income generation, budgeting, savings, borrowing and risk management through the use of health insurance schemes has also been discussed in this chapter. In order to stress upon the importance of investing at an early stage, asset classes have been introduced to the students of class 9 through FDs, government bonds, shares and mutual funds.

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NCERT Class 9 Personal Finance Curriculum: Key Highlights

Below are the key highlights of the NCERT Class 9 Personal Finance Curriculum:

NCERT Class 9: Overview of Syllabus Updates & Key Concepts

• Income Tax Calculation: The chapter provides an insight into the structure of the income tax slabs in the New Tax Regime. Through the process of practical calculations, the students understand how taxable income results in tax liability and how timely payment of tax works as a very important civic responsibility that helps run the nation and its services.  

• Budget and Saving Practice: Apart from taxation, the students get knowledge about managing their own finances through the course. The knowledge of making a budget for themselves, understanding what constitutes their needs and wants, and cultivating good saving practices is covered in this course.

• Investment Vehicles: As part of financial education, the students get exposure to various forms of financial tools such as FDs, government securities, stocks, and mutual funds.

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