Income Tax Slab: Finance Minister Nirmala Sitharaman will present the general budget on February 1. Everyone’s eyes will be on whether Nirmala Sitharaman will give any tax relief to the employed people or not.
But before the budget, the Finance Minister has given a big gift to the senior citizens. The rules have been amended for this. Fulfilling the promise made to senior citizens, the Finance Ministry has given information about this by tweeting.
what was said in the tweet
According to the tweet, senior citizens above 75 years of age, who have only pension and bank interest as their source of income, will get relief. Apart from this, there will be no need for them to file income tax. The round of discussions is going on before the budget 2022 regarding relief in income tax. Employed people are waiting for relief in the income tax slab. But before that good news has come for the elderly.
As announced in Budget FY 2022-23, senior citizens above 75 years of age, having only pension and interest income, are now exempted from filing Income Tax Return. #PromisesDelivered pic.twitter.com/iuyIzyQPnJ
— NSitharamanOffice (@nsitharamanoffc) January 5, 2023
Will get tax exemption
In the tweet, the Finance Ministry said that tax exemption has been given to elders above 75 years of age. Relief will be given to those people whose income is pension or interest from banks. For this, the government has added a new section in the Income Tax Act. In order to benefit citizens above 75 years of age, a new section section 194-P has been added by amending the rules of the Income Tax Act, 1961. Banks have also been informed about this amendment.
The Central Board of Direct Taxes has said that notification has been issued for the forms and conditions related to it. Along with this, necessary changes have also been made in Rule 31, Rule 31A, Form 16 and 24Q of the tax. The Finance Minister had also announced about this in the 2022 budget. Now the bank in which the elderly will have an account, the same bank will deduct whatever tax is made on their income. For exemption in tax return, senior citizens will have to fill Form 12BBA and submit it to the bank.
