Senior Citizen: Senior citizens got a big gift, now tax exemption is doubled..

Senior citizen news: The central government has provided great financial relief to senior citizens by changing the tax slab. The government has doubled the income tax exemption limit for these people, which will give them great relief in paying taxes. This will not only reduce the tax responsibility of the elderly (senior citizen tax benefits), but they will also be able to save more from their income than before. Also, the government has increased the tax limit on rental income for senior citizens.

With this, senior citizens will now get the benefit of double tax exemption. This move of the government will especially provide great financial help to senior citizens and they will be able to handle their expenses better. This initiative will help in making their financial life easier.

There will be no tax on this much income -

Union Finance Minister Nirmala Sitharaman has given a big relief to senior citizens as well as middle-class people in the 2025-26 budget (union budget 2025), in which now there will be no tax on income up to Rs 12 lakh. Apart from this, the limit of tax exemption for the elderly (senior citizen's new tax rule) has also been increased from Rs 50,000 to Rs 1 lakh. This step has been taken by the Finance Minister to reduce the tax burden and give relief to senior citizens.

Changes related to TDS limit -

The Finance Minister has announced some important changes related to the limit of TDS (new tax slab for senior citizens) so that the tax process can be made simple and uniform. The limit for tax exemption to the elderly has been increased from Rs 50 thousand to Rs 1 lakh. At the same time, the annual limit of TDS exemption on income from rent is Rs 6 lakh. Tax will be higher in non-PAN-related cases. Apart from this, if a person wants to update his income tax return (senior citizen new tax update), then now he will get up to 4 years, which was only 2 years earlier. These changes are aimed at making the tax process more accessible.

Exemption on this much annual income from rent -

Under the new proposal, the limit for paying rent has been increased. In the budget, the limit of TDS (TDS limit for senior citizens) has been increased to Rs 6 lakh, which was earlier Rs 2.4 lakh. This will benefit small tenants because now only those whose rent is Rs 6 lakh or more will be deducted TDS (tax deduction at source). With this, small taxpayers will not have to worry about TDS (TDS rules for senior citizens) being deducted on payment of less amount.

This change will give them relief in financial processes and will save them from the hassles of low taxes. This step will ease both tenants and landlords. This means that now those who pay more rent will not have to deduct TDS, which will make the financial process simple and easy. This change will also ease small-scale transactions and more people will get relief.

This is the new tax slab-

According to the new tax slab, now no tax will have to be paid on earning Rs 4 lakh in a year (tax slabs 2025). Apart from this, a 5 percent tax will have to be paid on Rs 4 to 8 lakh, 10 percent tax will have to be paid on earning Rs 8 to 12 lakh. People will have to pay 15 percent tax on annual income of Rs 12 lakh to 16 lakh, 20 percent on Rs 16 to 20 lakh, 25 percent on Rs 20 lakh to Rs 24 lakh, and 30 percent tax on annual income above Rs 24 lakh.

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