[ad_1]
ITR For Senior Citizens: The news of relief for senior citizens is coming out in the country. The Modi government at the Center has updated today on a promise made by senior citizens in the Income Tax Return. Before the Union Budget-2023, the government changed the rules of income tax return for a category of senior citizens, which has been updated.
Finance Ministry tweeted
The Finance Ministry said in its official tweet on Thursday that senior citizens above 75 years of age, who have only bank pension account and interest on bank account as their only source of income, can now file ITR. ) don’t need to. For this, a new section Section 194-P has been included in the Income Tax Act-1961. This section is applicable from April, 2021. Some rules have been amended regarding this and banks have been informed about it.
Relief for Senior Citizens!
Section 194P inserted in IT Act, 1961 exempting senior citizens above 75 years of age, having only pension & interest income, from filing ITR. Specified banks & relevant forms notified.#PromisesDelivered pic.twitter.com/KHQOIyQabr
— Ministry of Finance (@FinMinIndia) January 5, 2023
what is amendment
According to the Central Board of Direct Taxes, this section has been operationalised. For this, a notification has been issued regarding the related forms and conditions. Along with this, necessary amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q.
what did the finance minister say
Finance Minister Nirmala Sitharaman had said that, “Now that we are in the 75th year of Independence Day of our country, we will continue our journey with enthusiasm. But we will reduce the burden of Tax Compliance. For such senior citizens whose income comes from pension and interest, we propose to exempt them from filing Income Tax Return. I will have an account, that bank will deduct the amount of tax that will be made on their income.
Read this also-
[ad_2]
Source link