New Delhi. Finance Minister Arun Jaitley can give great relief to bank depositors in the Budget to be presented in February. Under this, the limit of Rs 10 thousand can be extended by the government. At present, the account holders have to pay income tax on depositing money in the bank with interest of more than Rs 10,000. According to sources, the finance minister can increase this limit, which was fixed almost 20 years ago. So that a large class can get relief.
How to get relief?
According to the existing Income Tax rules, any bank account holders have to pay income tax on interest of more than Rs 10,000. Calculation of ten thousand rupees is done by adding interest amount to all types of accounts. That is if a person has a separate account such as a savings account, FD, RD in the bank, the calculation of interest is done by making the interest on all the accounts totaled. If this amount is more than Rs. 10,000 in the financial year then the extra amount is considered as an account holder's income. According to sources, in the budget to be presented in February, the government can increase this limit.
Banks have kept demand
According to information received from Finance Ministry, banks in this regard have asked the government to increase the limit. This is because the limit of tax exemption limit to Rs 10,000 was fixed in 1997. Which should now be extended. This is because, in view of inflation and interest rates in 20 years, it should be stepped up. Bankers have also sought separate exemptions for senior citizens and pensioners. So that a large section can get relief.
For those who have Rs 1.61 lakh, the tax also has to be paid
According to the existing provision, if any person has a bank of 1.61 lakh rupees for one year, then the interest of more than ten thousand rupees becomes interested. In such a way, the income tax on them becomes the liability. Normally, any account holders in the middle-class family have a savings account with a savings account of Rs. 2 lakhs. This makes it easy to make tax liability.
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