Income Tax News: The Modi government had made many promises in the last budget, which the government has fulfilled even before a year. Before the budget 2023, the central government has given a big gift.
The government has made a big change in the ITR rules. From now on, certain people will not have to file income tax returns. Finance Minister Nirmala Sitharaman had announced this in the budget.
The Finance Ministry has announced that from now onwards such senior citizens above 75 years of age will not have to file income tax returns. Let us tell you that those senior citizens who have only pension or interest from the bank, then they will not have to file ITR. The Finance Ministry has given information about this by tweeting.
Under which act will you get the benefit?
The government has told that a new section Section 194P has been added to the Income Tax Act, 1961, under which senior citizens will get this benefit.
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
CBDT has given the information While giving the information, the Central Board of Direct Taxes has told that a notification has been issued regarding this. Apart from this, amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q and this sector has been operationalized.
The last date to start manufacturing has been extended by 1 year for full tax benefits as promised . Now its last date has been made 31 March 2024. The Income Tax Act provides many concessions and exemptions along with making provisions for tax on the income of the citizens. Tax payers also get a lot of relief from these concessions and exemptions. Keeping this in mind, an important decision was taken by the Modi government in the budget of 2018.
