In a respite to the senior citizens who are aged 75 and above and sustain their livelihood only on interest income and pension are no longer required to file income tax returns. Though if they tend to have any other source of income such as dividend income and they remain liable to file their income tax returns. In order to avoid any discrepancies and in order to be transparent enough the government has further bought to notice that the interest income and the pension income will be credited only to the Savings bank account of the respective banks.
Many of the individuals who use online platforms in order to provide services to the customers had to take self-employed jobs. Now as a major respite to them these tax paying individuals will be covered under the Employees State Insurance Scheme, Employees Provident Fund, and wage rule. Women will be permitted to work in all the categories as men and they will be allowed in the night shifts too.
Any individual who makes a payment of more than Rs 2.5 lakh towards the Provident Fund in a year will not be taxable of the interest amount. The Unit Linked Insurance Plans will not be liable to capital gains tax at maturity if your premium exceeds Rs 2.5 Lakh per year. These measures have been taken in order to curb the racket and make the rich pay the tax on these investments that they had initially made in order to avoid paying tax.
In order to give a major boost to the infrastructure sector, the retail investors will only now be able to attract funds by issuing tax-efficient zero-coupon bonds. The timeframe for reopening the cases under the income tax returns will go down to three years from the current six years. Serious tax evasion cases would only include cases where there is an income shelter of Rs 50 lakh or more in a year. The reassessment can be reopened in 10 years in such cases. This would further lessen the burden on the tax authorities and taxpayers and further lead to a faster resolution of cases.