The general budget will be presented by Finance Minister Nirmala Sitharaman on February 1. Everyone would be watching to see if Nirmala Sitharaman will grant employed people any tax break or not. However, the Finance Minister gave a sizable gift to the elderly before the budget. For this, the income tax regulations have been altered. The Finance Ministry tweeted information about this in order to keep their pledge to older persons.
what was said in the tweet
The tweet claims that seniors over 75 who only have a pension and bank interest as their only sources of income will receive assistance. They won’t need to file income taxes in addition to this. Before the budget of 2022, there are debates about income tax relief. People who are employed are looking forward to an income tax rate reduction. However, there has already been positive news for the aged.
receive a tax exemption
The Finance Ministry stated in a tweet that seniors over 75 have been granted a tax exemption. People who rely on pensions or bank interest will receive assistance. The government has amended the Income Tax Act to include a new section for this. By changing the rules of the Income Tax Act, of 1961, a new part section 194-P has been established to help residents over 75. This modification has also been communicated to the banks.
According to the Central Board of Direct Taxes,
a notification regarding the application forms and terms has been released. Along with this, the tax’s Rule 31, Rule 31A, Form 16, and 24Q have all undergone the appropriate adjustments. This was also mentioned in the 2022 budget statement by the Finance Minister. The bank where the elderly will hold an account will now take out any taxes levied on their income. Senior citizens must complete Form 12BBA and submit it to the bank in order to receive an exemption from tax reporting.
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