Pension News: There is good news for pensioners. The Central Government has given them a new facility today. It has been announced in the general budget. Now only senior citizens above 75 years of pension income will now be exempted from filing income tax returns. Banks paying them income will deduct the required tax from their bank account.
The budget comes after 2018 when changes to the tax law were announced to provide more tax benefits to senior citizens. These included tax benefits such as the introduction of a new section 80TTB in the Income Tax Act, 1961, reduction in medical expenses in the absence of health insurance coverage, etc. Finance Minister Nirmala Sitharaman said on Monday that under Section TTB, senior citizens can claim deduction on income up to Rs 50,000, received from banks and post offices, With this, such interest income for senior citizens can be effectively tax-free up to Rs 50,000. Earlier, senior citizens were entitled to the same tax-exemption for interest income from bank and post office savings accounts, but only up to Rs 10,000 under Section 808TA. For most seniors, the deduction of Rs 50,000 was the biggest tax relief in Budget 2018, as they earn most of their income through interest from bank FDs and post office schemes. The TDS limit for bank fixed deposit interest was also increased simultaneously for senior citizens. The Finance Minister said that in 2020 the income tax return filers have also been increased from 3.31 crore to 6.48 crore. Sitharaman presented the Union Budget 2021-22 on Monday, which was approved today by the Union Cabinet headed by Prime Minister Narendra Modi. Senior citizens were entitled to the same tax-exemption for interest income from bank and post office savings accounts, but only up to Rs 10,000 under section 808TA. For most seniors, the deduction of Rs 50,000 was the biggest tax relief in Budget 2018, as they earn most of their income through interest from bank FDs and post office schemes. The TDS limit for bank fixed deposit interest was also increased simultaneously for senior citizens. The Finance Minister said that in 2020 the income tax return filers have also been increased from 3.31 crore to 6.48 crore. Sitharaman presented the Union Budget 2021-22 on Monday, which was approved today by the Union Cabinet headed by Prime Minister Narendra Modi. Senior citizens were entitled to the same tax-exemption for interest income from bank and post office savings accounts, but only up to Rs 10,000 under section 808TA. For most seniors, the deduction of Rs 50,000 was the biggest tax relief in Budget 2018, as they earn most of their income through interest from bank FDs and post office schemes. The TDS limit for bank fixed deposit interest was also increased simultaneously for senior citizens. The Finance Minister said that in 2020 the income tax return filers have also been increased from 3.31 crore to 6.48 crore. Sitharaman presented the Union Budget 2021-22 on Monday, which was approved today by the Union Cabinet headed by Prime Minister Narendra Modi. Because they earn most of their income through interest from bank FD and post office schemes. The TDS limit for bank fixed deposit interest was also increased simultaneously for senior citizens. The Finance Minister said that in 2020 the income tax return filers have also been increased from 3.31 crore to 6.48 crore. Sitharaman presented the Union Budget 2021-22 on Monday, which was approved today by the Union Cabinet headed by Prime Minister Narendra Modi. Because they earn most of their income through interest from bank FD and post office schemes. The TDS limit for bank fixed deposit interest was also increased simultaneously for senior citizens. The Finance Minister said that in 2020 the income tax return filers have also been increased from 3.31 crore to 6.48 crore. Sitharaman presented the Union Budget 2021-22 on Monday, which was approved today by the Union Cabinet headed by Prime Minister Narendra Modi.
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Employees covered in other pension or social security scheme can also avail APY
The Pension Fund Regulatory and Development Authority (PFRDA) has made people aware of the Atal Pension Scheme on Twitter. The PFRDA said that an unorganized sector employee of 18 to 40 years, who is covered in any other pension or social security scheme, can also join the Atal Pension Yojana. The Atal Pension Yojana is being run by the government to ensure social security for the people working in the unorganized sector. PFRDA said in the tweet, ‘All unorganized sector employees like – farmers, houseworkers, security guards, auto drivers, construction workers, etc., who are between 18 to 40 years of age, can join the Atal Pension Yojana , Whether they are covered in any other pension or social security scheme. The Atal Pension Yojana (Atal Pension Yojana) is operated by the Pension Fund Regulatory and Development Authority. Under this scheme you will receive 1, Can get pension ranging from Rs. 000 to Rs. 5,000. The premium of this scheme depends on how much pension you need at the time of retirement and what is your age at the time of joining the scheme. Subscribers of this scheme can submit their premium monthly, quarterly or in six months.
Contribution will have to be given every month to get pension per month
If you join APY at the age of 18, you will have to contribute Rs 42 every month for a pension of Rs 1,000 per month at the age of 60. At the same time, to get a pension of Rs 5,000 per month, you have to deposit only 210 rupees every month till the completion of 60 years. If you are 40 years of age, you will have to deposit Rs 291 for a pension of Rs 1,000 and Rs 1,454 for a pension of Rs 5 thousand per month. During the death of the subscriber during this period, the nominee will get a pension of Rs 8.5 lakh, besides the premium amount will be between Rs 126 to Rs 792 for the guaranteed return of Rs 3,000. In the event of death of the subscriber, his nominee will receive a lump sum amount of Rs 5.1 lakh. Talking about a pension of four thousand rupees per month, then the premium for people between 18 and 39 years of age can be between Rs 168 to Rs 1,054. Right there
More than 40 thousand pensioners will be verified, bank accounts will be verified
A total of 44,272 pensioners of Ghaziabad district, who have taken benefit of old age, disabled and widow pension, will be verified. So that it can be ensured that no pensioner is taking the benefit of pension by putting wrong documents. If such a case comes to light during the verification campaign, the pensioner’s name will be removed from the scheme, action will be taken against him. In order to avail the benefits of old age, disabled and widow pension, applicants often put wrong documents. Many such cases are caught in the primary investigation itself, Due to which they are not registered for the scheme but there are some people who are not able to get caught in the initial phase. In such a situation, verification of pensioners is done by the department by running a verification drive twice a year. During this time it is also ascertained that there is no case in which the pensioner has died and the pension is going to his bank account. Sometimes after the death of the pensioner their relatives do not inform the department about it. Therefore, the employees of the department will now go door to door and verify the pension holders. Information will also be received from the people of his neighborhood.
Last year, 300 such cases came to light in the verification drive of pensioners, in which ineligible were being given pension. Many pensioners had also died in these. The department had taken action to withdraw the amount of pension sent to the accounts. District Probation Officer, Vikas Chandra says that a campaign will be launched to verify all the beneficiaries who are availing pension in the district. Department employees will verify each pensioner’s home.
Supreme court issued notice to UP government on pension ordinance
The Supreme Court has issued a notice to the state government seeking a reply on a petition challenging the Uttar Pradesh Pension Ordinance 2020. The court has also issued a notice demanding an interim stay on the ordinance. The ordinance has been challenged in the Supreme Court by 12 employees who have been permanent with the WorkCharge service. The petition has also demanded repeal of the ordinance. There has also been a demand to implement the Supreme Court’s September 2, 2019 decision to include service rendered as a workcharged employee in the total service period for pension.
