look news india
Pensioners Tax Deduction: The Union Finance Minister has given a big relief to the taxpayers by increasing the limit of standard deduction. Under the new tax system in the budget, the limit of standard deduction has been increased to Rs 75000 per annum, which was earlier Rs 50000 per annum. Along with this, the tax slab has also been changed under the new tax system. Apart from this, along with the big announcement in Budget 2024, another announcement has also been made for government pensioners.
While presenting the budget, Nirmala Sitharaman has increased the limit of tax exemption on family pension. It has been proposed to increase the exemption on family pension from Rs 15000 per annum to Rs 25000, that is, pensioners taking family pension can avail tax exemption up to Rs 25000 on the income from pension. Which is a big relief news for pensioners.
What is family pension?
The amount given by the government to a government employee for his entire life after his retirement is called pension. Similarly, family pension is the pension which is given to the family of a government employee after his death during service. On the other hand, if a retired employee dies and he continues to receive pension or allowance, then the government gives family pension.
Which member gets family pension?
As per government rules till 2004, family pension is given to the widow or widower of the deceased employee until he or she remarries. If the deceased employee has no widow or widower, it is given to the dependent children of the employee who are below 25 years of age.
How much family pension is given?
According to the pension rules, family pension is given at the rate of 30% of the basic salary of the government employee. But it cannot be less than Rs 3500 per month. Family pension of an unmarried son is given till the age of 25 years or till he gets married or starts earning.