New Delhi: Budget 2023 is coming in the coming days. This budget is going to prove to be very important for Finance Minister Nirmala Sitharaman. There are general elections next year in 2024, so this will be the last full budget of the current government. Common people also have a lot of expectations from the government in this budget. Meanwhile, the government has fulfilled its promise. Even before the budget, the Modi government has given a big relief to the senior citizens. In fact, in the budget of the year 2022, the government talked about giving a big relief to the elderly in filing income tax returns. The government has amended the ITR rules to implement this provision. From now on people above 75 years of age will not need to file income tax return.
Ministry of Finance tweeted
The Ministry of Finance has informed about this change by tweeting about this. The Finance Ministry has said in a tweet that henceforth senior citizens above 75 years of age will not have to file returns. Under the government’s announcement, senior citizens who have only pension or interest from banks as their source of income will not need to file ITR from this year.
Relief will be available under this law
A new section Section 194P has been added to the Income Tax Act, 1961 regarding new rules. This section will come into effect from April, 2021. Some rules have been amended in this regard and banks have been informed about it. According to the information received from the Central Board of Direct Taxes, this department has been operationalized. For this, a notification regarding the relevant forms and conditions has been issued. Along with this, necessary changes have also been made in Rule 31, Rule 31A, Form 16 and 24Q. Under the Income Tax Act, all people with income above a specified limit have to file a return.
The finance minister made the announcement in the budget speech last year
Finance Minister Nirmala Sitharaman in her budget speech for 2021-22 said that on the occasion of the 75th anniversary of Independence, the government will reduce the burden on senior citizens aged 75 years and above. The finance minister said that for senior citizens who have only pension and interest income. I exempt them from filing income tax returns. I propose to give